United News of Bangladesh

European stocks and Wall Street futures rebounded Wednesday as investors watched diplomatic efforts to end Russia's attack on Ukraine, while Asian markets sank after Chinese inflation accelerated. Already high oil prices added more than $1 per barrel following President Joe Biden's ban on imports of Russian crude. London and Frankfurt opened higher. Shanghai, Tokyo and Hong Kong declined amid enduring unease about the war's global impact. Read:Asian shares extend losses as oil prices push higher Futures for Wall Street's S&P 500 index and Dow Jones Industrial Average were up 1% after the market slid Tuesday. “Financial markets seem calmer” as Ukrainian and Russian diplomats prepare to meet in Turkey, Chris Turner and Francesco Pesole of ING said in a report. “Yet energy prices look set to stay high as the West weans itself off Russian exports." In early trading, the FTSE 100 in London jumped 2.1% to 7,107.28. Frankfurt's DAX surged 3.7% to 13,302.51 and CAC 40 in Paris jumped 3.5% to 6,174.29. On Wall Street, the S&P 500 sank 0.7% on Tuesday for its fourth straight daily decline. It is now 13.1% below its latest record high. The Dow lost 0.6% and the Nasdaq composite retreated 0.3%. On Monday, it closed 20% below its record high. In Asia, the Shanghai Composite Index tumbled 1.1% to 3,256.39 after China’s government reported consumer prices rose 0.6% in February over the previous month, picking up from January's 0.4% gain. The Nikkei 225 in Tokyo slid 0.3% to 24,717.53. The Hang Seng in Hong Kong lost 0.7% to 20,627.71 after being down 2.2% at one point. “Inflation will pick up” as prices of oil and other commodities rise due to the Ukraine war, Julian Evans-Pritchard of Capital Economics said in a report. That “will have a much more pronounced impact on the March figures.” Sydney’s S&P-ASX 200 climbed 1% to 7,053.00 and India's Sensex advanced 2.3% to 54.684.42. New Zealand and Southeast Asian markets rose. South Korean markets were closed for a presidential election. Benchmark U.S. crude rose $1.86 to $125.56 per barrel in electronic trading on the New York Mercantile Exchange. The contract jumped $4.30 on Tuesday to $123.70. Brent crude, the basis for international oil prices, gained $2.42 to $130.40 per barrel in London. It advanced $4.77 the previous session to $127.98. Commodities markets have been roiled because Russia is the No. 2 oil exporter and the No. 3 supplier of nickel, which is used in electric car batteries, stainless steel and other products. Russia and Ukraine also are among the biggest global sellers of wheat. Read:Oil prices jump, shares sink as Ukraine conflict deepens Nickel prices doubled Tuesday to more than $100,000 per metric ton, prompting the London Metal Exchange to suspend trading. The exchange said it did not expect to resume trading before Friday and was considering imposing limits on price fluctuations when it does. A major Chinese producer of nickel and stainless steel, Tsingshan Group, faces potential losses of billions of dollars on futures contracts, The Asian Wall Street Journal and Bloomberg News reported. A woman who answered the phone at Tsingshan's headquarters hung up when told a reporter was calling. On Tuesday, Biden announced the United States would block imports of Russian crude to punish Putin for attacking Ukraine. Biden said he acted in consultation with European allies but acknowledged they are more dependent on Russian oil and gas and might not be able to make similar moves immediately. Biden said he hopes to limit the pain for Americans but acknowledged the ban will push up gasoline prices. “Defending freedom is going to cost us as well,” he said. Before the invasion of Ukraine, financial markets already were uneasy about the global outlook as the Federal Reserve and other central banks prepare to try to cool inflation by withdrawing ultra-low interest rates and other stimulus. In currency markets, the dollar advanced to 115.79 yen from Tuesday's 115.74 yen. The euro gained to $1.0951 from $1.0908.

Shares fell in Asia on Tuesday after Wall Street logged its biggest drop in more than a year as markets were jolted by another surge in oil prices. Benchmarks declined in Tokyo, Sydney, Hong Kong, Seoul and Shanghai following a 3% tumble for the S&P 500. The surge in the price of oil past $130 per barrel on Monday was triggered by the possibility the U.S. might bar crude imports from Russia. Oil prices steadied later in the day and were moderately higher early Tuesday. Read:Oil prices jump, shares sink as Ukraine conflict deepens A third round of peace talks between Ukraine and Russia failed to produce major results. A top Ukrainian official said there was minor, unspecified progress toward establishing safe corridors to allow civilians to escape the fighting. But Russian forces continued their shelling as food, water, heat and medicine grew increasingly scarce in Ukraine. Surging prices for oil and other vital commodities are rattling global markets and the situation remains uncertain as investors search for safe havens from expanding sanctions against Russia. Analysts expect the war in Ukraine to top the agenda for some time to come and say the full impact of the conflict is yet to be fully taken into account. “Disruptions to energy markets and the possibility of a geopolitical paradigm shift make for a highly unpredictable environment," Stephen Innes of SPI Asset Management said in a commentary. However, he added, “we should reach a point at which equities start to price in a light at the end of the tunnel." Japan's benchmark Nikkei 225 shed 0.9% to 24,994.98. Australia's S&P/ASX 200 sank 0.2% to 7,023.20. South Korea's Kospi slipped 0.5% to 2,637.61. Hong Kong's Hang Seng lost 0.3% to 20,990.05, while the Shanghai Composite fell 2% to 3,305.83. On Monday on Wall Street, the S&P 500 fell 122.78 points to 4,201.09. The Dow Jones Industrial Average fell 2.4% to 32,817.38. The tech-heavy Nasdaq composite slid 3.6% to 12,830.96 and is now 20.1% below its record set in November. That means the index is in what Wall Street calls a bear market. The S&P 500 is down 12.4% from the peak it set in early January. Gold — a measure of nervousness on Wall Street — also rose, though not by quite as much as when oil prices hit their peak. The price of gold briefly touched $2,007.50 per ounce. Early Tuesday it was at $1,990.00, down 0.3%. Benchmark U.S. crude advanced $1.76 to $121.16 a barrel in electronic trading on the New York Mercantile Exchange. It settled at $119.40 per barrel on Monday, up 3.2%, after earlier touching $130.50. Brent crude, the international pricing standard, added $2.68 to $125.89 a barrel. It had settled at $123.21 per barrel, up 4.3%, after earlier topping $139. Worries are growing that Russia’s invasion of Ukraine will upend already tight supplies of oil. Russia is one of the world’s largest energy producers, and oil prices already were high before the attack because the global economy is demanding more fuel following its coronavirus-caused shutdown. A U.S. ban on imports of Russian oil and other energy products, if taken, would be a major step for the U.S. government, though the White House has said it hopes to limit disruptions to oil markets and limit price jumps at the gasoline pump. Reports also said U.S. officials may be considering easing sanctions against Venezuela. That potentially could free up more crude oil and ease concerns about reduced supplies from Russia. A gallon of regular already costs an average of $4.065 across the country after breaching the $4 barrier on Sunday for the first time since 2008. A month ago, a gallon averaged $3.441, according to AAA. Read:Brent crude up $10, shares sink as Ukraine conflict deepens The war puts extra pressure on central banks around the world, with the U.S. Federal Reserve on course to raise interest rates later this month for the first time since 2018. Higher rates slow the economy, which hopefully will help rein in high inflation. But if the Fed raises rates too quickly, it risks forcing the economy into a recession. “Their reaction to geopolitics can't really be measured, so there's uncertainty around that,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. Beyond sanctions brought on Russia by governments because of its invasion of Ukraine, companies are also levying their own punishments. The list of companies exiting Russia has grown to include Mastercard, Visa and American Express, as well as Netflix. On Wall Street, shares of Bed Bath & Beyond soared 34.2% to $21.71 after the investment firm of billionaire Ryan Cohen took a nearly 10% stake in the company and recommended big changes. Cohen is the co-founder of Chewy, and he's amassed somewhat of a cult following after he took a stake in GameStop, the struggling video game chain that eventually named him board chairman. Treasury yields climbed, with the 10-year rising to 1.78% from 1.72% late Friday. In currency trading, the U.S. dollar rose to 115.43 Japanese yen from 115.32 yen. The euro cost $1.0868, up from $1.0853.

Oil prices jumped and shares were sharply lower Monday as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia. Brent crude oil briefly surged above $130 a barrel but was trading around $125 a barrel later Monday. Benchmark U.S. crude also bounced, gaining $10 and then giving up some of that advance. European markets opened lower and U.S. futures were down 1.7%. The price of gold surged above $2,000 an ounce as investors bought the precious metal viewed as a safe haven in times of crisis. Russian forces were pummeling some Ukrainian cities with rockets even after Moscow announced another cease-fire and proposed a handful of humanitarian corridors to allow civilians to flee Ukraine starting Monday. Also read: Asian stocks rise after Fed chair supports smaller rate hike A similar temporary cease-fire in two Ukrainian cities failed over the weekend — and both sides blamed each other. U.S. House of Representatives Speaker Nancy Pelosi said the House was exploring legislation to further isolate Russia from the global economy, including banning the import of its oil and energy products into the U.S. Oil prices came under additional pressure after Libya’s national oil company said an armed group had shut down two crucial oil fields. The move caused the country’s daily oil output to drop by 330,000. But reports said U.S. officials may be considering easing sanctions against Venezuela. That potentially could free up more crude oil and ease concerns about reduced supplies from Russia.   U.S. crude jumped $6.92 to $122.60 a barrel in electronic trading on the New York Mercantile Exchange. The all-time high was marked in July 2008, when the price per barrel of U.S. crude climbed to $145.29. That pushed the average price for gasoline in the U.S. above $4 a gallon, a milestone already reached again. The price of regular gasoline rose almost 41 cents, breaking $4 per gallon (3.8 liters) on average across the U.S. on Sunday for the first time since 2008, according to the AAA motor club. Brent crude, the international pricing standard, hit $139.13 per barrel before falling back Monday. It was trading up $6.57 at $124.68 a barrel in London. In early European trading, France’s CAC 40 dipped 3% to 5,879.70, while Germany’s DAX lost 3.2% to 12,675.43. Britain’s FTSE 100 dropped 1.4% to 6,890.71. U.S. shares were set to start the week lower, with the futures for both the Dow Jones Industrial Average and the S&P 500 down 1.8%. Higher fuel costs are devastating for Japan, which imports almost all its energy. Japan’s benchmark Nikkei 225 lost 2.9% to 25,221.41. Also read: Ruble dives, stocks sink as West tightens Russia sanctions Hong Kong’s Hang Seng dropped 3.9% to 21,057.63, while South Korea’s Kospi slipped 2.3% to 2,651.31. Australia’s S&P/ASX 200 shed 1.0% to 7,038.60. while the Shanghai Composite lost 2.2% to 3,372.86. “The Ukraine-Russia conflict will continue to dominate market sentiments and no signs of conflict resolution thus far may likely put a cap on risk sentiments into the new week,” said Yeap Jun Rong, market strategist at IG in Singapore. “It should be clear by now that economic sanctions will not deter any aggression from the Russians, but will serve more as a punitive measure at the expense of implication on global economic growth. Elevated oil prices may pose a threat to firms’ margins and consumer spending outlook,” Yeap said. China reported Monday that its exports rose by double digits in January and February before Russia’s attack on Ukraine roiled the global economy. Customs data show exports grew by 16.3% over a year earlier in a sign global demand was recovering before President Vladimir Putin’s Feb. 24 invasion. Imports advanced 15.5% despite a Chinese economic slowdown that the war threatens to worsen. China’s No. 2 leader, Premier Li Keqiang, warned Saturday global conditions are “volatile, grave and uncertain” and achieving Beijing’s economic goals will require “arduous efforts.” Markets worldwide have swung wildly recently on worries about how high prices for oil, wheat and other commodities produced in the region will go because of Russia’s invasion, inflaming the world’s already high inflation. The list of companies exiting Russia has grown to include Mastercard, Visa and American Express, as well as Netflix. The conflict in Ukraine also threatens the food supply in some regions, including Europe, Africa and Asia, which rely on the vast, fertile farmlands of the Black Sea region, known as the “breadbasket of the world.” Wall Street finished last week with shares falling despite a much stronger report on U.S. jobs than economists expected. The S&P 500 fell 0.8% to 4,328.87, posting its third weekly loss in the last four. It is now down just under 10% from its record set early this year. In currency trading, the U.S. dollar edged up to 115.08 Japanese yen from 114.86 yen. The euro cost $1.0830, down from $1.0926.

Export-import activities between Bangladesh and India through Benapole land port resumed on Monday after two days of suspension following a strike called by several port users’ organizations. The protesters withdrew their indefinite strike, which was enforced on Saturday, after a fruitful meeting with the customs authorities. The workers of five port users’ organisations joined their work around 9 am on Monday. Read: 2 killed in separate city road accidents On March 2,  customs officials seized huge Indian contraband goods including phensidyl, explosives, cigarette, current nets, and cloths worth Tk 50 lakh from two Indian trucks. They also suspended the liscenses of two organizations including Shimul Trading Agency and IDS Group. A complaint was lodged with Benapole port in this connection. Protesting the customs officials’ move, five port users’ organisations went on an indefinite strike from Saturday and threatened to continue it until restoration of licenses of two C&F agents. Enamul Haque Lata, general secretary of Benapole C&F Agent Association, said the customs authorities assured us of meeting our demands within one week.  

Asian stock markets rebounded Thursday and oil prices climbed higher after the head of the Federal Reserve said he supports a smaller rise in interest rates than some expected. Shanghai, Tokyo, Hong Kong and Sydney advanced even as Russian forces whose attack on Ukraine has roiled financial markets bombarded the country's second-largest city and besieged two ports. Wall Street's benchmark S&P 500 index rose 1.9% on Wednesday, recovering this week's losses after Fed Chair Jerome Powell said the U.S. central bank is set to raise its key interest rate for the first time since 2018. He said he supports a traditional rate hike of 0.25 percentage points instead of the bigger rise recommended by some policymakers. Read: Ruble dives, stocks sink as West tightens Russia sanctions Powell said the impact on the U.S. economy of Russia's attack is “highly uncertain.” “Markets have reacted positively to the remarks, which is a debatable interpretation of Powell’s nuanced comments,” ING economists said in a report. “Volatility is the key here, and uncertainty. This isn’t going to go away any time soon.” The Nikkei 225 in Tokyo rose 0.8% to 26,608.21 and the Hang Seng in Hong Kong gained 0.6% to 22,469.66. The Shanghai Composite Index advanced 0.1% to 3,487.78. The Kospi in Seoul added 1.6% to 2,745.45 and Sydney's S&P-ASX 200 was 0.8% higher at 7,171.10. New Zealand and Southeast Asian markets also advanced. Share prices have swung widely as investors try to figure out how the Russian attack will affect supplies of oil, wheat and other commodities and the global recovery from the coronavirus pandemic. Traders already were uneasy about plans by the Fed and other central banks to fight inflation by withdrawing ultra-low interest rates that boosted stock markets. The S&P 500 rose to 4,386.54. The Dow Jones Industrial Average gained 1.8% to 33,891.35. The Nasdaq composite advanced 1.6% to 13,752.02. More than 90% of stocks in the S&P 500 rose. Tech, finance and health care companies accounted for a big share of the rally. Energy stocks also helped lift the index as they rode higher oil prices. Ford Motor Co. jumped 8.4% after it said it was accelerating its transformation into an electric-vehicle company and separated its EV and internal combustion operations. The yield on the 10-year Treasury bond, or the difference between its market price and the payout at maturity, rose to 1.89% from Tuesday's 1.72%. However, yields still were below where they were before Russia's invasion. In energy markets, benchmark U.S. crude rose another $2.68 to $113.28 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price basis for international oils, added $3.61 to $116.54 per barrel in London. Both gains were smaller than Wednesday's surge of more than $7 per barrel but still unusually wide margins for a daily change. Leaders of OPEC and other major oil exporters decided Wednesday to stick to plans to gradually increase production. The coalition, made up of OPEC members led by Saudi Arabia and non-cartel members led by Russia, chose to increase production by 400,000 barrels per day in April. Read:Stocks slump, oil surges over Ukraine conflict Also this week, the United States and other major oil consumers in the International Energy Agency agreed to release 60 million barrels from strategic reserves to boost supplies. But that has had little impact on market prices. In currency markets, Russia's ruble gained 3.4% against the U.S. dollar but still was near a record low value of less than 1 cent. It has fallen nearly 25% since the attack after Western governments imposed sanctions that cut off much of Russia's access to the global financial system. The dollar gained to 115.63 yen from Wednesday's 115.58 yen. The euro declined to $1.1097 from $1.1126.

The ruble plunged to a record low of less than 1 U.S. cent and most global stock markets declined Monday after Western nations moved to block some Russian banks from a global payments system. Russia’s invasion of Ukraine has caused markets to swing wildly, given the potential impact on inflation, energy supplies and other economic repercussions. Putin's order that Russian nuclear weapons stand at increased readiness to launch ratcheted up tensions with Europe and the United States and revived dormant fears from the Cold War era. The Russian central bank raised its key rate to 20% from 9.5% in a desperate attempt to shore up the plummeting ruble and prevent a run on banks. That brought a temporary reprieve for the Russian currency, which bounced back to the level it was at last week, but only briefly. Also read: Asian shares, US futures fall as Ukraine conflict deepens The ruble has plunged more than 30% after the move to block Russian banks from the SWIFT payments system. The sanctions include restrictions meant to crimp the Russian central bank’s access to over $600 billion in reserves and hinder its ability to support the ruble. A weaker ruble is expected to cause inflation to surge, potentially angering Russians whose budgets will be stretched by soaring prices. It will also add to strains across Russia's financial systems. Germany's DAX fell 2.1% to 14,263.95 and the CAC 40 in Paris lost 2.3% to 6,595.83. Britain's FTSE 100 shed 1.7% to 7,365.29. In New York, the future for the S&P 500 was 1.6% lower and that for the Dow industrials declined 1.3%. Also read: World shares up, US futures sink as Russia moves toward Kyiv On Friday, the S&P 500 climbed 2.2%, notching its first weekly gain in three weeks. The Dow Jones Industrial Average rose 2.5% and the Nasdaq composite gained 1.6%. The Russell 2000 index rose 2.3%. The end of the month usually brings a raft of economic data, but for now the conflict is eclipsing other issues. “It’s all about the Russia-Ukraine situation and evolutions in that situation will drive market sentiment and direction,” Jeffrey Halley of Oanda said in a commentary. “President Putin will now have to accept that the ‘Western’ powers are prepared to accept quite a bit of economic pain now to punish Russia,” he said. Markets in Asia appeared to take the latest developments more calmly. Japan's Nikkei 225 index recovered from earlier losses to edge 0.2% higher to 26,526.82. The Hang Seng in Hong Kong lost 0.2% to 22,713.02. The Shanghai Composite index gained 0.3% to 3,462.31. The Kospi in Seoul climbed 0.8% to 2,699.18, while in Sydney the S&P/ASX 200 gained 0.7% to 7,049.10. Although Asia is unlikely to suffer direct damage from the war in Ukraine, higher energy prices are an unwelcome burden for oil-importing nations like Japan, especially while they are still struggling to recover from the pandemic. Underscoring deepening rifts due to the conflict, BP said Sunday it was exiting its 19.75% share in Rosneft, a state-controlled Russian oil and gas company, which it has held since 2013. That stake is currently valued at $14 billion. Oil prices surged Monday, with U.S. benchmark crude up $4.33, or 4.7%, at $95.92 per barrel in electronic trading on the New York Mercantile Exchange. It lost $1.22 to 91.59 per barrel on Friday. Brent crude gained $4.20 to $98.32 per barrel, up 4.5% and approaching the $100 per barrel level it breached last week. The Ukraine conflict has heaped uncertainty atop other worries over interest rates and inflation. The U.S. Federal Reserve has suggested it will raise short-term interest rates next month by double its usual increase, the first rate increase since 2018. Higher U.S. rates tend to put downward pressure on all kinds of investments, and can have global repercussions. In currency trading, the U.S. dollar inched down to 115.61 Japanese yen from 115.77 yen. The euro rose to $1.1165 from $1.1157.

Asian shares slipped Monday after Western nations moved to tighten sanctions against Russia and President Vladimir Putin escalated tensions by ordering Russian nuclear forces be put on high alert. U.S. futures fell, with the contract for the S&P 500 down 2.5% and that for the Dow industrials 1.6% lower. Tokyo, Hong Kong and Shanghai declined while Sydney was higher. Read:Putin puts nuclear forces on high alert, escalating tensions Russian’s invasion of Ukraine has caused markets to swing wildly, given the potential impact on inflation, energy supplies and other repercussions. The end of the month usually brings a raft of economic data, but for now the conflict is eclipsing other issues. “It’s all about the Russia-Ukraine situation and evolutions in that situation will drive market sentiment and direction," Jeffrey Halley of Oanda said in a commentary. “President Putin will now have to accept that the ‘Western' powers are prepared to accept quite a bit of economic pain now to punish Russia," he said. The Russian ruble has weakened sharply in the past week but was steady early Monday at 83.86 to the dollar. Putin ordered Russian nuclear weapons prepared for increased readiness to launch on Sunday ratcheting up tensions with Europe and the United States in a move that unearthed dormant fears from the Cold War era. Japan joined moves by the U.S. and other western nations to impose sanctions against Russia, including blocking some Russian banks from the SWIFT global payment system. The central bank restrictions target access to the more than $600 billion in reserves that the Kremlin has at its disposal, and are meant to block Russia’s ability to support the ruble as it plunges in value. Sanctions announced earlier have taken its currency to its lowest level against the dollar in history and gave its stock market its worst week on record. Japan's Nikkei 225 index lost 0.4% to 26,366.60 and the Hang Seng in Hong Kong lost 1.4% to 22,445.66. The Shanghai Composite index was 0.1% lower at 3,446.44. The Kospi in Seoul was nearly unchanged at 2,678.17, while in Sydney the S&P/ASX 200 gained 0.4% to 7,023.70. Although Asia is unlikely to suffer direct damage from the war in Ukraine, higher energy prices are an unwelcome burden for oil-importing nations like Japan, especially while they are still struggling to recover from the pandemic. Underscoring the deepening rifts due to the conflict, BP said Sunday it was exiting its 19.75% share in Rosneft, a state-controlled Russian oil and gas company, which it has held since 2013. That stake is currently valued at $14 billion. Read:Ukraine, Russia diplomats to meet on Belarus border Oil prices surged Monday, with U.S. benchmark crude up $4.95, or 5.4%, at $96.54 per barrel. Brent crude gained $4.68 to $98.80 per barrel, up 4.9% and approaching the $100 per barrel level it breached last week. On Friday, the S&P 500 climbed 2.2%, notching its first weekly gain in three weeks to close at 4,384.65. The Dow Jones Industrial Average rose 2.5% to 34,058.75. The Nasdaq composite gained 1.6% to 13,694.62 after swinging between modest gains and losses. The Russell 2000 index rose 2.3%, to 2,040.923. The Ukraine conflict has heaped uncertainty atop other worries over interest rates and inflation. The U.S. Federal Reserve has suggested it will raise short-term interest rates next month by double its usual increase, the first rate increase since 2018. Higher U.S. rates tend to put downward pressure on all kinds of investments, and can have global repercussions. In currency trading, the U.S. dollar inched down to 115.46 Japanese yen from 115.77 yen. The euro was barely changed, at $1.1155, down from $1.1157.

The Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) is going to establish UAE- Bangladesh Joint Business Council in Dubai to tap the business and investment potentials in the Middle East countries, Africa and Europe. The Business council will be inaugurated during the visit of the Prime Minister of Bangladesh to Dubai next month. The council will be co-chaired by the president of the FBCCI and the Chairman of the Federation of UAE Chambers of Commerce and Industry. Read: BB relaxes ICRRS to facilitate businesses’ loan A preparatory meeting held at FBCCI on Saturday ahead of the launch of the business council disclosed this information. At the meeting, FBCCI President Md. Jashim Uddin said that the establishment of the Business Council with the Federation of UAE Chambers of Commerce and Industry would make it easier to capture the export market of the Middle East and Africa. Jashim Uddin said this initiative of FBCCI will create an opportunity to explore new markets for Bangladesh in the Post-LDC period. Read FBCCI: Tourism must grow enabling Bangladesh to achieve SDGs Naser Ezaz Bijoy, president of the Foreign Investors Chamber of Commerce and Industry (FICCI) recommended that five sectors be included in the FBCCI's presentation at the opening ceremony of the council. The sectors include agricultural and halal food products, light engineering especially car parts, financial sector, petrochemical, and port management. Syed Muntasir Mamun, DG of the International Trade and Investment wing of the Ministry of Foreign Affairs recommended seeking UAE investment in ICT, ITES, artificial intelligence, private equity, aviation, shipping, and value-added agro services. Read Any rise in power, gas tariff to be suicidal: FBCCI FBCCI Director Abul Kasem Khan highlighted the potential for investment in the tourism hospitality sector and in the private port sector. He also demanded that Bangladeshis be given the opportunity to invest in Dubai. CPD's research director and FBCCI's panel advisor Dr. Khandaker Golam Moazzem said the UAE is currently looking for a global strategic partner for development. As part of that, the country has recently signed a free trade agreement with India. Bangladesh should also do FTA with UAE, he added. Read: BRAC continues emergency services for Rohingyas, locals amid Covid-19 pandemic: BRAC Global ED Channel I Head of News and FBCCI's panel advisor, Shykh Siraj said there is a huge demand for Bangladeshi vegetables and seeds in the UAE. To take advantage of this potential, joint initiatives can be taken in the field of nursery and food processing, he added. He said that the two countries should also work together to train skilled manpower and halal food certificates. Read FBCCI President urges Canadian companies to invest in Bangladesh’s waste management The other FBCCI panel advisor and BIDS senior research fellow, Dr. Kazi Iqbal said the Joint Business Council should be used to develop the image of Bangladesh as the growth narrative of Bangladesh has changed in the last few years. The development of Bangladesh is no longer dependent only on readymade garments and remittances, he said. He mentioned that the country has created opportunities for foreign investment in numerous sectors including electronics and plastics. Read Self-reliance in seed production essential for food security: FBCCI He stressed the need to present Bangladesh properly by informing the global entrepreneurs about these issues. Also present at the meeting were FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md. Habib Ullah Dawn, M.A. Razzak Khan Raj, Director Syed Almas Kabir, Dr. Nadia Binte Amin, DCCI President Rizwan Rahman, BPGMEA President Shamim Ahmed, and Secretary-General of FBCCI Mohammad Mahfuzul Hoque.

World shares advanced Friday but U.S. futures were lower as Russian troops pressed toward the capital of Ukraine. Market benchmarks rose in London, Paris, Tokyo and Shanghai but fell in Hong Kong. Russian shares gained 15%, rebounding after a nosedive on Thursday as the invasion of Ukraine began. The price of oil hovered just below $100 per barrel and prices of most other commodities fell after surging the day before. Despite uncertainty about the Ukraine and worries over inflation and the pandemic, an overnight turnaround on Wall Street seemed to buoy Asian and European shares. Investors appeared relieved that sanctions against Russia were not as severe as they might have been, even as Ukraine’s president pleaded for international help to fend off an attack that could topple his democratically elected government, cause massive casualties and ripple out damage to the global economy. France's CAC 40 edged up 0.6% in early trading to 6,562.96, while Germany's DAX rose 0.2% to 14,083.92. Britain's FTSE 100 gained 1.2% to 7,295.52. Read: Ukraine's capital under threat as Russia presses invasion But U.S. futures augured a less upbeat start for New York markets, with the future for the benchmark S&P 500 down 1.2% while the contract for the Dow industrials was 1% lower. Russia was pressing its invasion of Ukraine to the outskirts of the capital Friday after unleashing airstrikes on cities and military bases and sending in troops and tanks from three sides in what amounts to the largest ground war in Europe since World War II. Market players might be betting that the crisis could slow moves by central banks to cool inflation by raising interest rates and unwinding other support for pandemic-burdened economies, said Ipek Ozkardeskaya of Swissquote Bank SA. “But in reality, it’s about volatility, high volatility that results from a high-voltage environment," Ozkardeskaya wrote in a commentary. “This morning, the US equity futures are again in the red. It’s impossible to tell what direction the market will take in the next five minutes. The only certainty is uncertainty, and this is how it will be for the next couple of sessions unfortunately." The Russian invasion of Ukraine caused a barrage of new, targeted financial sanctions meant to isolate, punish and impoverish Russia in the long term. But U.S. and European officials have held back on one key financial measure, choosing for now not to boot Russia off SWIFT, the dominant system for global financial transactions. Japan on Friday announced new sanctions on Russia, including freezing the assets of Russian groups, banks and individuals and suspending exports of semiconductors and other sensitive goods to military-linked organizations in Russia. Earlier in the week, Tokyo suspended new issuances and distribution of Russian government bonds in Japan, to reduce financing opportunities for Russia. It also banned trade with the two Ukrainian separatist regions. Read:Explosions heard in Kyiv early Friday as Russia presses Ukraine assault But while most nations in Asia rallied to support Ukraine, China denounced sanctions against Russia, blaming the United States and its allies for provoking Moscow. In Asian trading, Japan's benchmark Nikkei 225 surged 2.0% to finish at 26,476.50. Australia's S&P/ASX 200 lost some of its earlier gains to close 0.1% higher at 6,997.80. South Korea's Kospi jumped 1.1% to 2,676.76. Hong Kong's Hang Seng lost 0.6% to 22,767.18, while the Shanghai Composite rose 0.6% to 3,451.41. Russia and Ukraine are major producers of both energy and grains and other commodities and the conflict pushed prices of many higher, adding to inflationary headaches for central banks. Asian economies already reeling from the pandemic are particularly vulnerable to rising energy costs. Japan imports almost all its energy, although its purchases from Russia are limited. On Friday, benchmark U.S. crude was up 59 cents at $93.40 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the basis for international oil prices, added $1.08 to $96.50 a barrel. Prices for energy have surged more in Europe than in the U.S. because its economy is more closely tied to Russia and Ukraine. The spot price in Europe for natural gas has jumped more than 50%. Higher energy and food prices are amplifying worries about inflation, which in January was at its hottest level in the United States in a couple generations, and about what the Federal Reserve will do to rein it in. The U.S. Fed looks certain to raise rates beginning next month for the first time since 2018. Although it sometimes has delayed big policy decisions in times of geopolitical uncertainty, such as the Kosovo war and the U.S. invasion of Iraq, economists say they still expect it to act to tamp down inflation. A major concern is whether it can do that without choking the economy into recession. In currency trading, the U.S. dollar inched down to 115.25 Japanese yen from 115.48 yen. The euro cost $1.1189, up from $1.1204. The Russian ruble was down 1.5% at 83.75 to the dollar.

U.S. markets pointed toward a sharply lower open, following a global plunge in stocks and a surge in oil prices Thursday after Russian President Vladimir Putin launched military action in Ukraine, prompting Washington and Europe to vow sanctions on Moscow that may roil the global economy. Oil prices jumped by more than $7 per barrel and futures for Wall Street’s benchmark S&P 500 index and the Dow Jones Industrial Average were off by more than 2.5%. Market benchmarks in Europe and Asia fell as much as 5% as traders tried to figure out how large Putin's incursion would be and the scale of Western retaliation. Energy prices surged, fueling inflation fears. The spot price in Europe for natural gas, for which the continent relies on Russia to supply, jumped as much as 31%. Brent crude oil jumped above $100 per barrel in London for the first time since 2014 on unease about possible disruption of supplies from Russia, the No. 3 producer. Benchmark U.S. crude was close behind at $99 per barrel. Prices of wheat and corn also jumped. Also read: Asian stocks rebound after Wall St falls on Ukraine tensions The ruble sank as much as 7.5% against the dollar overnight but recovered slightly, down about 5% in the morning. Financial markets are in a “flight to safety and may have to price in slower growth" due to high energy costs, Chris Turner and Francesco Pesole of ING said in a report. In Brussels, the president of the European Commission said Thursday the 27-nation European Union planned “massive and targeted sanctions” on Russia. “We will hold President Putin accountable,” Ursula von der Leyen said. The FTSE 100 in London fell 3.3% after Europe awakened to news of explosions in the Ukrainian capital of Kyiv, the major city of Kharkiv and other areas. The DAX in Frankfurt plunged 5.4% and the CAC in Paris lost 4.9%. Moscow’s stock exchange briefly suspended trading on all its markets on Thursday morning. After trading resumed, the ruble-denominated MOEX stock index tumbled more than 20% and the dollar-denominated RTS index plunged by more than a third. That was on top of Wednesday's 1.8% slide for the S&P 500 to an eight-month low after the Kremlin said rebels in eastern Ukraine had asked for military assistance. Moscow had sent soldiers to some rebel-held areas after recognizing them as independent. Some analysts expect the conflict to push investors out of many tech stocks, with the exception of the cybersecurity sector. Also read: Stocks slump, oil surges over Ukraine conflict “Growing concern that massive cyber warfare could be on the near-term horizon which would certainly catalyze an increase in spending around preventing sophisticated Russian-based cyber attacks,” analysts with Wedbush Securities wrote in a note to clients. Putin said Russia had to protect civilians in eastern Ukraine, a claim Washington had predicted he would make to justify an invasion. President Joe Biden denounced the attack as “unprovoked and unjustified" and said Moscow would be held accountable, which many took to mean Washington and its allies would impose additional sanctions. Putin accused them of ignoring Russia’s demand to prevent Ukraine from joining NATO and to offer Moscow security guarantees.   Washington, Britain, Japan and the EU earlier imposed sanctions on Russian banks, officials and business leaders. Additional options include barring Russia from the global system for bank transactions. The price for oil on international markets rose to $101.27, while West Texas Intermediate soared $7.65 to $99.75 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 25 cents to $92.10 on Wednesday. In Asia, the Nikkei 225 in Tokyo fell 1.8% to 25,970.82 and the Hang Seng in Hong Kong lost 3.2% to 22,901.56. The Shanghai Composite Index shed 1.7% to 3,429.96. Asian economies face lower risks than Europe does, but those that need imported oil might be hit by higher prices if Russian supplies are disrupted, forecasters say. The Kospi in Seoul lost 2.6% to 2,648.80 and Sydney's S&P-ASX 200 fell 3% to 6,990.60. India's Sensex fell 4.7% to 54,529.91. New Zealand lost 3.3% and Southeast Asian markets also fell. Investors already were uneasy about the possible impact of the Federal Reserve's plans to try to cool inflation by withdrawing ultra-low interest rates and other stimulus that boosted share prices. The dollar weakened to 114.69 yen from Wednesday's 114.98 yen. The euro fell to $1.1168 from $1.1306.