United News of Bangladesh

Shares of American Eagle Outfitters fell sharply before the opening bell on Wednesday after the retailer withdrew its financial outlook for 2025, citing “macro uncertainty,” and announced $75 million write-down in spring and summer merchandise. The Pittsburgh-based apparel retailer said late Tuesday that it expects first-quarter revenue to decline by five per cent, dropping below $1 billion. Same-store sales—a key indicator of retail performance—are projected to decrease by approximately three per cent, reports AP. The company anticipates an adjusted operating loss of about $68 million for the first quarter, driven by the inventory write-down and increased promotional spending. “Our merchandising strategies did not drive the results we anticipated, leading to higher promotions and excess inventory,” said CEO and Executive Chairman Jay Schottenstein. “As a result, we have taken an inventory write down on spring and summer goods.” Shares of American Eagle tumbled six per cent at the market open on Wednesday following the announcement. US-China deal to slash tariffs also eases burden on cheap packages Schottenstein acknowledged the company's first-quarter performance fell short of expectations and said that American Eagle is working to improve going forward. “Our teams continue to work with urgency to strengthen product performance, while improving our buying principles,” he added. American Eagle is among a growing number of companies across various sectors that have withdrawn their financial guidance this year amid ongoing economic and geopolitical uncertainty. A shifting US trade policy, including tariff-related concerns, has contributed to unpredictability around costs for imported goods and impacted consumer confidence.

Introducing accountability-based operations significantly improved passenger services at the Hazrat Shahjalal International airport, outgoing executive director of the airport Group Captain Kamrul Islam said on Wednesday. “We focused on ensuring accountability during my tenure. As a result, over 85 percent of baggage is now delivered to passengers within the standard time, monitored through automated tracking systems,” he said. Captain Kamrul was addressing a farewell and welcoming ceremony organised by the Aviation and Tourism Journalists’ Forum of Bangladesh (ATJFB) at the Civil Aviation Authority headquarters in the capital. New Executive Director of HSIA Group Captain SM Ragib Samad was also formally welcomed at the event.   ATJFB President Tanzim Anwar presided over the programme, while General Secretary Baten Biplob moderated the event. Islam noted that around 90 percent of passenger complaints are resolved through a dedicated hotline system, helping strengthen service delivery. He expressed optimism that the recent reduction in domestic jet fuel prices would help lower airfares, boosting the domestic aviation market. Islam projected that the aviation sector's contribution to Bangladesh’s GDP could reach 5–6 percent within the next five years if current growth trends continue, up from less than 1 percent at present. The outgoing executive director also expressed hope that the long-anticipated third terminal would become operational this year, significantly expanding HSIA’s handling capacity and facilitating broader economic gains. He thanked the media for their constructive reporting on the aviation sector, especially in light of HSIA’s status as a key point installation (KPI), and urged continued responsible journalism. Newly appointed Executive Director Group Captain Samad pledged to prioritise international-standard services for both passengers and cargo, with transparency and professionalism. “An airport is the first impression of a country. It must reflect the highest standards,” he said. Despite political volatility last year, passenger traffic through HSIA increased by around 7 percent, driven largely by the continued outbound flow of migrant workers. According to official airport data, HSIA handled nearly 12.5 million passengers—both domestic and international—in 2024, compared to 11.7 million in 2023. International passenger movement alone rose by 8 percent.

Bangladesh’s capital markets witnessed yet another day of decline on Wednesday, as both the Dhaka Stock Exchange (DSE) and the Chattogram Stock Exchange (CSE) continued to fall, with all key indices ending lower and the majority of listed shares losing value. This marks the third consecutive day of downward momentum, following losses in the previous two sessions. At the DSE, the benchmark index DSEX shed 38 points, while the Shariah-based DSES fell by 10 points. The DS30 index, which tracks blue-chip stocks, lost 7 points. Out of the 399 companies traded during the session, 292 saw price declines. Only 61 registered gains, while prices of 46 issues remained unchanged. The downtrend was observed across all categories of shares – A, B, and Z. In the A-category, which consists of fundamentally strong dividend-paying stocks, 153 out of 218 companies closed lower, while 39 gained and 26 remained unchanged. Mutual funds also faced pressure, with 21 out of 36 declining. Only 3 funds saw an uptick, while 12 remained unchanged. Bangladesh signs deal to receive $1.3 billion IMF loan: BB Governor Block market transactions involved 22 companies with a total turnover of Tk 16 crore. Renata Limited led the segment with shares worth Tk 4.96 crore traded. Turnover at the DSE also dropped, amounting to Tk 294 crore for the day – down from Tk 343 crore in the previous session. City General Insurance topped the gainers’ list with a 9.91 percent rise, while NRB Bank ended at the bottom, losing over 6.77 percent. Decline in Chattogram as Well The bearish trend extended to the Chattogram Stock Exchange (CSE), where the overall index dipped by 71 points at the close of trading. Out of 196 traded companies, 127 declined, 44 advanced and 25 remained unchanged. Turnover at the CSE stood at Tk 11.12 crore, a notable rise from Tk 7.67 crore in the previous session. Sonali Life Insurance emerged as the top gainer at the CSE with a 10 percent price increase, while KDS Accessories Limited saw the sharpest fall, shedding over 9.82 percent. Both bourses now await a possible reversal amid cautious investor sentiment and a challenging economic backdrop.

Online shoppers in the U.S. will see a price break on their purchases valued at less than $800 and shipped from China after the Trump administration reached a truce with Beijing over sky-high tariffs. An executive order Monday from President Donald Trump said the tariffs on low-value parcels originating from China and coming through the U.S. Postal Service will be lowered to 54%, down from 120%. It also says a per-package flat rate — as an alternative to the value-based tariff — will be kept at $100, rather than being raised to $200 on June 1 as previously decreed. Packages shipped by commercial carriers are subject to the general tariff, which also has been cut. The new rules go into effect Wednesday. They are part of a broader agreement by the Trump administration to drastically lower import taxes on all Chinese goods from 145% to 30% following weekend talks in Switzerland with Chinese officials. China issued a public notice on Tuesday lowering its own tariffs on U.S. goods to 10%, down from 125%. China's exports rose a higher than expected 8% in April as new US tariffs took effect However, the reductions are temporary, allowing the two sides to negotiate a longer-term deal in the next 90 days. Izzy Rosenzweig, founder and CEO of the logistic company Portless, said U.S. brands are “very excited” about the broader tariff cut. The import tax is still high, but not as prohibitive as when it was 145%, which amounted to a trade embargo. On the low-value shipments, online purchases had been coming into the U.S. duty-free for several years under the de minimis rule, which exempted them from the import tax. Popular shopping sites such as Shein and Temu that offer ultra-low prices took advantage of the duty-free rule by shipping directly from China to U.S. buyers, bypassing more cumbersome customs paperwork. President Donald Trump terminated the exemption on such parcels originating from China and Hong Kong on May 2, following criticism that it not only resulted in lost tariff revenue but also allowed illicit drugs and unsafe products to flow into the U.S. without adequate scrutiny. U.S. Customs and Border Protection said as many as 4 million low-value parcels were coming into the U.S. every day — many of which originated from China. Shortly before the exemption ended on May 2, prices on many items sold by Shein rose. Temu apparently halted shipments from China and tapped its existing inventory in the U.S. The Bank of England is expected to cut interest rates in the face of US tariffs threat John Lash, group vice president of product strategy at the supply chain platform e2open, said he expected the volume of low-value packages would now rise but not back to previous levels. The $100 flat rate, he said, means that higher-value packages could get less of a hit, because the effective duty rate could be as low as 13%. Neither Shein nor Temu immediately responded to requests for comment Tuesday about the lower tariffs.

Although trading began positively on Tuesday, both the Dhaka and Chattogram stock markets ended the day with most company shares losing value. At the Dhaka Stock Exchange (DSE), the benchmark index DSEX fell by 46 points. The Shariah-based DSES declined by 12 points, while the blue-chip index DS30 dropped by 16 points. Out of the 398 companies traded on the DSE, prices fell for most. Only 54 companies saw an increase in share price, while 309 declined and 35 remained unchanged. Share prices declined across all three categories — A, B, and Z. In the A category, which comprises fundamentally strong companies with regular dividend history, 32 out of 220 companies saw price appreciation, while 178 experienced a fall and 10 remained unchanged. Dhaka, Chattogram share markets open with gains in key indices Among the 36 mutual funds traded, prices fell for the majority. Only 2 mutual funds registered gains, 32 declined, and 2 remained unchanged. In the DSE block market, shares of 22 companies were traded for a total value of Tk 9.14 crore. SEML Lecture Equity Management Fund topped the block trades with sales worth Tk 2.44 crore. Alongside the index drop, the daily turnover also declined in the Dhaka market. Total turnover stood at Tk 343 crore, down from Tk 364 crore in the previous session. First Bangladesh Fixed Income Fund was the top gainer on the DSE with an 8.11 percent price increase. On the other hand, Midas Financing suffered the biggest loss, with a price drop of over 16 percent. Fall in Chattogram as Well The Chattogram Stock Exchange (CSE) also experienced a decline, mirroring the trend in Dhaka. The overall index at the CSE dropped by 36 points during the day's trading. Out of 201 companies traded, 55 gained in price, 113 fell, and 33 remained unchanged. Total turnover at the CSE stood at Tk 7.67 crore, slightly up from the previous session’s Tk 7.29 crore. ICB Second Mutual Fund topped the gainers’ list on the CSE with a 10 percent rise in price. Meanwhile, Midas Financing also recorded the highest loss at the CSE, with its share price falling by over 13 percent, similar to its performance on the DSE.

Japanese technology company SoftBank Group posted its first profit in four years Tuesday, as it raked in gains from its investment portfolios. SoftBank warned of major uncertainties ahead because of President Donald Trump’s tariff policies, tensions between the US and China, and other global conflicts, reports AP. Tokyo-based Softbank’s profit for the fiscal year through March totaled 1.15 trillion yen ($7.8 billion), a reversal from the 227.6 billion yen loss it racked up the previous year. Annual sales climbed 7% to 7.2 trillion yen ($49 billion). SoftBank has a wide-ranging partnership with OpenAI, the US artificial intelligence research organisation behind ChatGPT. It said it remains focused on promoting technology related to artificial intelligence. UN chief urges nations to pay peacekeeping dues The company said it will continue to aggressively invest in new AI companies like Glean and Helion, both US companies. SoftBank also recently decided to acquire the total equity of Ampere, a US cloud-and AI-focused semiconductor design company, for $6.5 billion. It expects to complete the transaction in the second half of this year. Its investments include stakes in Chinese e-commerce giant Alibaba and T-Mobile, a European mobile communications outfit. Both gained value over the latest period. Also helping its bottom line were strong results and royalties at Arm, a British semiconductor and software design company in which SoftBank is a major investor. The company also logged gains from its SoftBank Vision Funds. SoftBank invests in various companies, including ByteDance, the Chinese multinational that’s behind TikTok, and PayPay, a popular Japanese mobile payment application. SoftBank said it was planning an IPO for PayPay. Launched in 2018, PayPay is now used by more than 68 million people, according to SoftBank. Japan's population is about 125 million.

UnitedHealth CEO Andrew Witty is stepping down for personal reasons and the nation's largest health insurer suspended its full-year financial outlook due to higher-than-expected medical costs. Chairman Stephen Hemsley will become CEO, effective immediately, the Minnesota company said. Hemsley was UnitedHealth Group CEO from 2006 to 2017. He will remain chairman of the company’s board. Witty will serve as a senior adviser to Hemsley, AP reports. “Leading the people of UnitedHealth Group has been a tremendous honor as they work every day to improve the health system, and they will continue to inspire me,” Witty said. Witty joined the company in 2018 after serving about nine years as CEO of the British drugmaker GlaxoSmithKline. He was named UnitedHealth’s CEO in February 2021, replacing Dave Wichmann. UnitedHealth became one of the nation's largest companies under Witty’s leadership. Total revenue topped $400 billion last year, a 55% increase from the $257 billion UnitedHealth brought in the year before Witty became CEO. UN chief urges nations to pay peacekeeping dues Shares of UnitedHealth rocketed higher under Witty, up 60.5% since he took the company's top job. Yet in the past five months, that stock performance reversed sharply, coinciding with the fatal shooting of company executive Brian Thompson in front of a New York City hotel late last year. The company has wrestled with the media attention focused on Luigi Mangione, who was indicted last month on a federal murder charge in the killing of Thompson. The case has captured the American imagination, setting off a cascade of resentment and online vitriol toward US health insurers while rattling corporate executives concerned about security. UnitedHealth cut its 2025 forecast last month following its first quarterly earnings miss in more than a decade. Shares of UnitedHealth, which have plummeted 38% since the deadly December 4 ambush of Thompson in midtown Manhattan, fell 9% before the opening bell on Tuesday. UnitedHealth said Tuesday that it suspended its 2025 outlook as medical costs of many Medicare Advantage beneficiaries new to UnitedHealthcare were higher than expected.

Trading in both the Dhaka and Chattogram stock exchanges began with gains in all major indices on Tuesday, the second working day of the week. At the Dhaka Stock Exchange (DSE), the benchmark index DSEX rose by 12 points. The Shariah-based index DSES increased by 4 points, while the blue-chip index DS30 edged up by 1 point. In the first hour of trading in Dhaka, share prices of 157 companies advanced, while 132 declined and 90 remained unchanged. Overall, the DSE recorded a turnover exceeding Tk 90 crore in the opening hour, with transactions involving shares and mutual fund units. Similarly, the Chattogram Stock Exchange (CSE) also witnessed a positive start, with its overall index climbing by 26 points. DSE to operate on two Saturdays ahead of Eid vacation Out of 75 companies that took part in trading on the CSE, 39 saw price increases, 23 experienced declines and 13 remained unchanged. The total turnover in Chattogram during the first hour of trading crossed Tk 2 crore.

China is moving to strengthen its alliances with other countries as a counterweight to President Donald Trump’s trade war, presenting a united front with Latin American leaders at an event Tuesday in Beijing. China's leaders have positioned the world's second-largest economy as a reliable trade and development partner, in contrast to the uncertainty and instability from Trump’s tariff hikes and other policies. On Monday, Beijing and Washington announced a breakthrough on tariffs after weekend talks in Geneva, Switzerland, where they agreed to cut sky-high tariffs on both sides for 90 days to allow for negotiations. Having moved to defuse antagonisms with the U.S., Chinese President Xi Jinping said China stands ready to “join hands” with Latin countries “in the face of seething undercurrents of pure political and bloc confrontation and the surging tide of unilateralism and protectionism.” “There are no winners in tariff wars or trade wars,” Xi said, reiterating a phrase China has used repeatedly when referring to Trump's policies. He was speaking to the China-CELAC, or Community of Latin American and Caribbean States, Forum, which began in 2015. The presidents of Brazil, Chile and Colombia were among the Latin American and Caribbean officials attending. Xi announced five programs, focused on political exchanges, economic development, cultural and academic exchanges and global security to build closer ties between China and Latin American nations. He promised to boost imports from the region and to encourage Chinese companies to increase their investments there. He announced a new 66 billion yuan ($9.2 billion) credit line to support Latin American and Caribbean financing. China also plans to expand cooperation in clean energy, 5G telecommunications, the digital economy, artificial intelligence and global security. US and China agree to 90-day pause in tariff dispute China’s trade with the region has been growing rapidly, exceeding $500 billion for the first time last year. Much of that growth has come from increased Chinese imports of farm goods including soybeans and beef, and energy imports such as crude oil, iron ore and critical minerals. Beijing’s investments in the region through Xi's Belt and Road Initiative, or BRI, have included installing 5G networks and building ports and hydropower plants. Colombian President Gustavo Petro announced Monday that his country would formally join the BRI – in a vote of confidence after several Chinese projects in Latin America hit snags in recent months. In February, Panama became the first Latin American country to quit the initiative under pressure from the U.S. And earlier this month, Chinese electric vehicle maker BYD and stainless steel producer Tsingshan announced they were abandoning plans to build lithium cathode plants in Chile due to falling lithium prices. In other pledges, Beijing plans to invite 300 members from Latin American political parties to China annually for the next three years and facilitate 3,500 government scholarships and various other types of exchanges. US, China agree to slash tariffs for 90 days Five Latin American countries will receive visa exemptions for travel to China, with more to follow, Xi said. It was not immediately clear which countries would become visa exempt.

Asian markets moved higher on Tuesday after China and the United States agreed to a 90-day pause in their ongoing trade conflict. However, the momentum was limited by lingering uncertainty, as analysts cautioned that President Donald Trump’s policies could still shift unexpectedly. In a joint announcement, both countries said they would lower tariffs — the U.S. reducing duties on Chinese imports to 30% from a peak of 145%, while China would drop its tariffs on American goods to 10% from 125%. The temporary truce allows additional time for continued negotiations following recent talks in Geneva, Switzerland, which the U.S. described as having made "substantial progress." “The result exceeded most expectations and offered reassurance to investors,” said Stephen Innes of SPI Asset Management. “Make no mistake, this was highly stage-managed diplomacy. But the optics are good and the implications real. It signals that even this administration recognizes the economic drag of unrelenting tariffs,” he said in a commentary. Tokyo’s Nikkei 225 jumped 1.8% to 38,326.37. Automakers were among the big gainers, with Toyota Motor Corp. up 3.7% and Suzuki Motor Corp. 4.6% higher. Nissan Motor Co. added 3.2% after Japan’s national broadcaster NHK said it plans to lay off more than 10,000 of its workers, raising the total to 20,000, as part of its restructuring efforts. The company was due to announce its financial results for the last fiscal year later Tuesday. The Kospi in South Korea gained 0.2% to 2,612.30. Gold price reduced by Tk3137 per bhori, effective from Tuesday  Hong Kong’s Hang Seng, which gained 3% a day earlier after Chinese and U.S. officials announced the agreement to pause tariffs and reduce them, fell 0.7% to 23,374.06 on heavy selling of technology shares. The Shanghai Composite index edged 0.2% higher to 3,374.93. Taiwan’s Taiex jumped 1.9%. Australia’s S&P/ASX 200 climbed 0.6% to 8,281.40. On Monday, the world’s two largest economies agreed to take down temporarily most of their tariffs against each other. The S&P 500 shot up 3.3% to pull back within 5% of its all-time high set in February. It’s been roaring higher since falling nearly 20% below the mark last month on hopes that President Donald Trump will lower his tariffs after reaching trade deals with other countries. Closing at 5,844.19, the index at the heart of many 401(k) accounts is back above where it was on April 2, Trump’s “Liberation Day,” when he announced stiff worldwide tariffs that ignited worries about a potentially self-inflicted recession. The Dow Jones Industrial Average jumped 1,160 points, or 2.8%, to 42,410.10. The Nasdaq composite surged 4.3% to 18,708.34. A global economy less burdened by tariffs will likely burn more fuel, so the agreement to scale back tariffs by more than what many investors expected also boosted oil prices. But early Tuesday, they fell back. U.S. benchmark crude oil lost 6 cents to $61.89 per barrel. Brent crude, the international standard, shed 8 cents to $64.88 per barrel. The value of the U.S. dollar strengthened against everything from the euro to the Japanese yen to the Swiss franc. And Treasury yields jumped on expectations that the Federal Reserve won’t have to cut interest rates as deeply this year as earlier expected. Early Tuesday, the dollar was trading at 147.98 Japanese yen, down from 148.47 yen. But it gained against the euro, climbing to $1.1101 from $1.088. The move announced Monday could add 0.4 percentage points to the U.S. economy’s growth this year, according to Jonathan Pingle, U.S. chief economist at UBS. The U.S. economy shrank at a 0.3% annual rate in the first three months of the year.