United News of Bangladesh

Brent crude oil prices climbed sharply to around $123 a barrel on Thursday as worries over the Iran war and stalled U.S.-Iran talks fuelled concerns about global supply disruptions and the continued closure of the Strait of Hormuz. Brent crude for June delivery rose 4.1% to $122.88 after briefly crossing $125 per barrel, while July contracts gained 2.5% to $113.17. U.S. crude also increased 2% to $109.05 a barrel. Before the conflict began in late February, Brent was trading near $70. The war has blocked a clear path to peace, with continued U.S. restrictions on Iranian ports and the Strait of Hormuz remaining shut, keeping oil markets under pressure. New reports suggesting possible further escalation by U.S. President Donald Trump also weakened hopes for a quick resolution. Analysts said the breakdown in talks has dampened expectations of a restart in oil flows. “The breakdown of talks between the U.S. and Iran, along with President Trump reportedly rejecting Iran’s proposal for a reopening of the Strait of Hormuz, has the market losing hope for any quick resumption in oil flows,” ING Bank strategists Warren Patterson and Ewa Manthey said in a note. Oil prices have also moved close to their highest levels since 2008, when Brent hit $147.50 a barrel during the global financial crisis. In currency markets, the U.S. dollar strengthened further, reaching 160.61 Japanese yen, its highest level in nearly two years. It later closed at 160.44 yen. The euro slipped slightly to $1.1671. The dollar has benefited from its safe-haven status during global uncertainty and from relatively high U.S. interest rates. The Federal Reserve’s decision to keep rates unchanged on Wednesday also supported the currency. Analysts said Japanese authorities could step in if the yen weakens further. Global stock markets also declined. In Asia, Japan’s Nikkei 225 fell 1% to 59,284.92, South Korea’s Kospi dropped 1.4% to 6,598.87, and Hong Kong’s Hang Seng lost 1.1% to 25,816.80. Shanghai’s Composite index edged up 0.2% to 4,113.88. Australia’s S&P/ASX 200 slipped 0.2%, while Taiwan’s Taiex and India’s Sensex each fell about 1%. On Wall Street, U.S. futures and shares were mostly lower after a mixed session on Wednesday. The S&P 500 edged down less than 0.1%, the Dow Jones Industrial Average fell 0.6%, while the Nasdaq posted a slight gain. Despite the broader weakness, some companies posted strong gains, with Starbucks rising 8.4% and Visa up 8.3% after better-than-expected earnings.

Commerce Minister Khandakar Abdul Muktadir on Wednesday called for bringing the gold trade under the formal economy, asserting that the jewellery sector holds untapped export potential worth billions of dollars for Bangladesh. “People think the gold business is part of a black economy. I will not get into the black-and-white debate; what we want is the entire sector to become part of the visible economy,” he said while speaking at a consultative committee meeting of the National Board of Revenue (NBR) held at a city hotel. Muktadir talks tough against artificial crisis, market manipulation Pointing to India's $52 billion annual earnings from gold jewellery exports, Muktadir said Bangladesh possesses craftsmen of comparable skills, yet the country has little to show for it. “Bangladesh should be earning at least $12-14 billion from this sector, but that is simply not happening.” To unlock the sector's potential and generate export revenue, he stressed the need to upgrade laboratory facilities, modernise jewellery designs, and overhaul government policies to align with contemporary market demands. The minister also identified the energy crisis and high interest rates on bank loans as major impediments to doing business, cautioning that failure to improve the tax-to-GDP ratio will significantly constrain the country's economic momentum. He called on the business community to shift their mindset towards tax compliance and contribute meaningfully to national development. Earlier in the meeting, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) proposed raising the tax-free income ceiling to Tk 5 lakh for general taxpayers and Tk 5.5 lakh for women in the upcoming budget, while also recommending capping the highest tax rate at 25 percent. The apex trade body further demanded an increase in the Export Development Fund (EDF) beyond its current $7 billion limit and sought budgetary support for the implementation of the ‘One District, One Product (ODOP)’ programme.

Global gold demand, including over-the-counter trading, rose 2 percent year on year to 1,231 tonnes in the first quarter of 2026, an industry report said Wednesday. Global demand for gold bars and coins increased 42 percent year on year to 474 tonnes, marking the second-highest quarter on record, with Asian investors hoovering up gold investment products, according to the report released by the World Gold Council. According to the report, jewelry consumption stood at 300 tonnes, down 23 percent, but the levels of spending increased 31 percent, signalling continued positive sentiment toward gold jewelry. Central banks continued to purchase gold, with global gold reserves rising by 244 tonnes in the first quarter of the year, according to the council. Demand for gold used in technology edged 1 percent higher to 82 tonnes, fuelled largely by the continued growth in AI infrastructure, according to the report. During this quarter, the supply of gold increased 2 percent to 1,231 tonnes, said the report, attributing the increase to a modest growth in mine production together with a 5 percent uptick in recycling. 

Asian stock markets mostly moved higher on Wednesday, even as Wall Street slipped, while oil prices dropped after the United Arab Emirates announced it will leave OPEC, dealing a blow to the influential oil group. U.S. futures showed slight gains, while markets in Japan remained closed for a public holiday. In Asia, South Korea’s Kospi rose 0.3% to 6,657.40. Hong Kong’s Hang Seng index climbed 1.4% to 26,029.02, and China’s Shanghai Composite index gained 0.3% to 4,091.01. Australia’s S&P/ASX 200 edged down 0.3% to 8,689.50. Taiwan’s Taiex fell 0.6%, while India’s Sensex added 0.4%. Oil prices declined in early trading. Brent crude for June delivery fell 0.5% to $110.71 per barrel, while July contracts dropped 0.6% to $103.74. Before the war began in late February, Brent was trading near $70 per barrel. U.S. benchmark crude also slipped 0.6% to $99.32 per barrel. The UAE is set to leave OPEC on Friday, a move closely watched by global oil markets. The group produces about 40% of the world’s oil, and the UAE is one of its biggest producers. In recent years, the country has pushed back against OPEC’s output limits, seeking to increase its oil exports. Analysts at ING said the UAE’s exit could boost oil supply, noting the country has long been frustrated by production caps that limit its full capacity. However, analysts say short-term oil price movements will depend more on whether the Strait of Hormuz reopens. The key shipping route, which previously handled about one-fifth of global oil supply, remains largely closed amid stalled U.S.-Iran talks. Before the Iran war, the UAE was the third-largest producer in OPEC. ING said its departure could weaken the group’s ability to control global oil supply. Investors are also watching for progress in U.S.-Iran negotiations. Iran has offered to reopen the Strait of Hormuz if the U.S. lifts its blockade on Iranian ports, but Washington appears unwilling to reach a deal that excludes Tehran’s nuclear programme. The U.S. Federal Reserve is expected to announce its latest interest rate decision later on Wednesday. On Wall Street, stocks pulled back from recent record highs on Tuesday. The S&P 500 fell 0.5% to 7,138.80, while the Dow Jones Industrial Average slipped 0.1% to 49,141.93. The Nasdaq composite dropped 0.9% to 24,663.80, led by losses in technology and artificial intelligence-related stocks. Chipmaker Broadcom fell 4.4%, Nvidia lost 1.6% and Micron Technology dropped 3.9%. Major tech companies including Alphabet, Amazon, Microsoft and Meta Platforms are set to release their earnings later Wednesday. In currency trading, the U.S. dollar edged up to 159.63 Japanese yen from 159.62 yen. The euro weakened slightly to $1.1708. The yield on the U.S. 10-year Treasury remained steady at 4.35%.

Japan’s central bank on Tuesday kept its key interest rate unchanged at 0.75%, citing concerns that the ongoing Iran war could drive up oil and energy prices further. The decision by the Bank of Japan was widely expected, although the vote by its monetary policy board was split 6-3, indicating some disagreement among members. The central bank has been under pressure to slowly raise rates after maintaining near-zero levels for years to tackle deflation. The BOJ said the economy is still expanding at a moderate pace but warned that growth could slow in the coming months. “There are various risks to the outlook,” the bank said in a statement, adding that developments in the Middle East will need close monitoring. The ongoing conflict has effectively shut down the Strait of Hormuz, a vital route through which about one-fifth of the world’s traded oil and natural gas passes. With limited shipping, global energy supplies are tightening, pushing up prices of fuel, including gasoline and jet fuel, while shortages of cooking gas and other energy products are emerging in some regions. Japan, which relies heavily on Middle Eastern oil, is particularly vulnerable to such disruptions. Meanwhile, the U.S. Federal Reserve and several European central banks are also set to announce their interest rate decisions later this week. Following the BOJ’s announcement, Tokyo’s benchmark Nikkei 225 index fell by more than 1%.

Stock markets across Asia fell on Tuesday while oil prices climbed, as efforts to end the Iran war appeared to lose momentum again. Despite a fragile ceasefire, the Strait of Hormuz remains largely closed, disrupting a key route for global oil supplies. Many Asian economies, especially resource-dependent Japan, rely heavily on this passage for energy imports. Japan’s benchmark Nikkei 225 dropped 1.1% to 59,884.12 after the central bank kept its key interest rate unchanged at 0.75%. The Bank of Japan said the economy continues to grow at a moderate pace but warned of a likely slowdown as rising oil and commodity prices linked to the war increase costs. The decision by its policy board was split 6-3, reflecting differing views among members. Pressure has been building for Japan to gradually raise interest rates after years of keeping them near zero to tackle deflation. “There are various risks to the outlook,” the central bank said, noting that developments in the Middle East remain a key concern. Elsewhere in the region, South Korea’s Kospi rose 1% to 6,683.10. Hong Kong’s Hang Seng fell 0.7% to 25,751.04, while China’s Shanghai Composite declined 0.2% to 4,078.77. Australia’s S&P/ASX 200 lost 0.6% to 8,717.80. Oil prices continued to rise. Brent crude for June delivery increased by $1.11 to $109.34 per barrel. The more actively traded July contract rose $1.08 to $102.77. Before the war, Brent was trading near $70 per barrel but has at times surged close to $120. U.S. benchmark crude also rose 96 cents to $97.33 per barrel. Investors are now awaiting interest rate decisions from the U.S. Federal Reserve, the European Central Bank and the Bank of England later this week. On Monday, U.S. markets showed modest gains. The S&P 500 edged up 0.1% to a record high of 7,137.91, following weeks of strong performance driven by solid corporate earnings and hopes that the global economy can withstand the impact of the war. The Dow Jones Industrial Average slipped 0.1% to 49,167.79, while the Nasdaq composite rose 0.2%. Market attention is also focused on upcoming earnings reports from major tech companies, including Alphabet, Amazon, Meta Platforms, Microsoft and Apple. In the bond market, U.S. Treasury yields rose slightly alongside oil prices. The yield on the 10-year Treasury increased to 4.33% from 4.31% late Friday. In currency trading, the U.S. dollar weakened slightly to 159.04 Japanese yen from 159.42 yen, while the euro dipped to $1.1716 from $1.1720.

Asian stock markets showed mixed performance on Monday, while oil prices jumped sharply as uncertainty continued over talks to end tensions involving Iran. Japan’s benchmark Nikkei 225 hit a new record, rising 1.4% to close at 60,481.21 after touching an intraday high. South Korea’s Kospi also gained 2%. However, markets in Hong Kong and mainland China were less upbeat. Hong Kong’s Hang Seng fell 0.3%, while the Shanghai Composite edged up slightly. Australia’s S&P/ASX 200 slipped 0.3%. Taiwan’s Taiex jumped 1.8%, supported by strong demand for technology stocks driven by the growth of artificial intelligence. India’s Sensex also rose 0.4%. Oil prices surged as negotiations related to Iran faced setbacks. The White House canceled plans to send officials for further talks, with U.S. President Donald Trump saying discussions could continue remotely instead. Brent crude increased by $2 to $101.13 per barrel, while U.S. crude rose to $96.24. Investors are also watching closely as major central banks, including the Federal Reserve, European Central Bank, Bank of Japan and Bank of England, prepare to announce interest rate decisions this week. On Wall Street, markets ended last week on a strong note. The S&P 500 rose 0.8% to a record close, while the Nasdaq Composite jumped 1.6% to a new high, helped by gains in technology shares. The Dow Jones Industrial Average slipped slightly. A survey by the University of Michigan showed consumer confidence weakened in April, though it improved slightly after a ceasefire in the Iran conflict was announced earlier. Despite hopes for stability, tensions between the U.S. and Iran continue to disrupt oil shipments through the Strait of Hormuz, raising concerns in global markets. Meanwhile, tech giant Intel saw its shares surge after strong earnings, driven by rising demand for AI-related products. In currency trading, the U.S. dollar weakened slightly against the Japanese yen, while the euro gained ground.

Japanese giant Mitsubishi Corporation (MC) has officially entered Bangladesh's manufacturing landscape by acquiring a 25% strategic equity stake in RANCON Auto Industries Limited (RAIL). The partnership, announced Wednesday night in the capital, represents the largest Japanese Foreign Direct Investment (FDI) to date in Bangladesh’s four-wheeler transport industry, said a press release. The investment transitions the relationship between the two entities from a distribution and assembly agreement to a joint ownership structure. The primary objectives of this alliance include scaling up production capacity, fortifying distribution networks, and enhancing after-sales service for local consumers, with a long-term vision to expand into regional markets. Finance Minister Amir Khosru Mahmud Chowdhury, who attended the event as the chief guest, hailed the agreement as a significant milestone under the current government. “This agreement marks the first major foreign direct investment under the current government, which will send a positive message to international investors,” the Minister said. Established in 2017, RAIL has been a key player in vehicle assembly. In June last year, the company began local production of the Mitsubishi Xpander, which has since become the top-selling family SUV in the country. The strategic infusion of capital and expertise from MC is expected to improve supply chain resilience and modernise sales and marketing functions by leveraging Mitsubishi’s global market access. Romo Rouf Chowdhury, Group Managing Director of RANCON Holdings Limited, described the alliance as a "pivotal" moment for the industry. “This landmark strategic alliance — the first of its kind in the country’s automotive sector — underscores the strength of Bangladesh–Japan trade relations,” he said. He added that the investment would facilitate technology transfer, develop a highly skilled local workforce, and increase government revenue through VAT and taxes. Hiroyuki Egami, Senior Vice President and Division COO of Mitsubishi Corporation, reaffirmed the Japanese firm’s commitment to bringing its extensive global automotive experience to the joint venture. The event was also attended by State Minister for Civil Aviation and Tourism M. Rashiduzzaman Millat and the Japanese Ambassador to Bangladesh, Saida Shinichi. Industry experts anticipate that this partnership will also improve consumer access to affordable vehicle financing and ensure the steady availability of spare parts across a strengthened nationwide network.

Global stock markets moved higher on Tuesday, with Wall Street also set to open stronger, while oil prices remained mostly unchanged amid ongoing uncertainty over talks between the United States and Iran. Futures for the S&P 500 rose 0.4% before trading began, while Dow Jones futures gained 0.6%. Nasdaq futures also edged up 0.4%. In the oil market, US benchmark crude slipped 14 cents to $87.28 per barrel. Brent crude, the international standard, fell 47 cents to $95.01 per barrel. The conflict involving Iran has disrupted oil shipments through the Strait of Hormuz, a key route that carries about one-fifth of the world’s oil supply daily, pushing energy prices higher in recent weeks. US President Donald Trump has called on Iran to allow safe passage through the strait and has imposed a blockade on Iranian ports. However, Iran has taken a firm stance, refusing to negotiate under pressure. Iran’s chief negotiator and parliamentary speaker, Mohammed Bagher Qalibaf, said in a social media post that Tehran would not engage in talks “under the shadow of threats.” Despite this, Trump said he still plans to send a delegation led by Vice President JD Vance to Islamabad for discussions. However, Iran has indicated it will not participate unless the US softens its position. Trump also signalled that extending the current ceasefire, which expires Wednesday, is “highly unlikely.” Analysts say the situation remains fragile, with both sides facing pressure to reach an agreement before the truce ends. Even so, oil prices remain below earlier highs, when Brent crude had surged to $119 per barrel at the peak of tensions. The S&P 500 is also still trading above its pre-conflict level. In corporate news, Apple shares were little changed after the company announced that CEO Tim Cook will step down on Sept. 1, handing over the role to John Ternus. Cook will continue as executive chairman after leading the company for 15 years. Shares of UnitedHealth Group jumped more than 7% in premarket trading after the company reported better-than-expected first-quarter earnings and raised its full-year profit forecast. Investors are also watching developments in Washington, where Kevin Warsh, Trump’s nominee for Federal Reserve chair, is set to appear before the Senate Banking Committee. He is expected to face tough questions, particularly from Democrats over his financial disclosures. In Europe, Germany’s DAX rose 0.6%, while France’s CAC 40 added 0.2%. Britain’s FTSE 100 remained unchanged. Asian markets also closed higher. Japan’s Nikkei 225 climbed 0.9%, supported by gains in technology stocks. South Korea’s Kospi surged 2.7%, while Taiwan’s Taiex rose 1.8%. Hong Kong’s Hang Seng index gained 0.5% and Shanghai’s Composite index edged up 0.1%. However, Australia’s S&P/ASX 200 slipped slightly by less than 0.1%.

The Trump administration has officially launched a digital refund portal to return approximately $166 billion in import tariffs, following a landmark U.S. Supreme Court ruling that declared the duties unlawful. The new platform, titled Consolidated Administration and Processing of Entries (CAPE), was activated on April 20, 2026. It serves as the primary mechanism for U.S. importers and companies to reclaim duties paid on millions of shipments.  The move comes after the Supreme Court ruled in February that the International Emergency Economic Powers Act (IEEPA) did not grant the President the authority to impose these specific tariffs. According to court filings, more than 330,000 importers were affected, having paid the now-invalidated duties on over 53 million shipments.  The initial phase of the CAPE system launched today covers roughly $127 billion of the total $166 billion. This phase specifically targets recent or "unliquidated" entries that the U.S. Customs and Border Protection (CBP) can process through automated systems. Officials expect payments for these straightforward cases to be dispersed in phases over the next 60 to 90 days. The CBP has issued a directive stating that once a CAPE Declaration is filed and accepted, it cannot be amended. If a company identifies additional eligible entries or realizes an omission after their initial submission, they must file an entirely new declaration rather than modifying the existing one. While thousands of businesses and direct importers are set to receive significant financial relief, the refund program is strictly limited to those who directly paid the duties to the government. Individual consumers who may have faced higher prices as a result of the tariffs are not eligible to file claims through the CAPE platform. The ruling and subsequent refund process are expected to have a major impact on global trade dynamics, particularly for major exporting nations involved in U.S. supply chains.