MK Footwear PLC has signed a major export agreement with China-based Jinjiang Akia Sports Co Ltd aiming to boost its international business with an estimated annual export value of up to $10 million.

In a disclosure filed with the Dhaka Stock Exchange today (24 March), the SME-listed company said it entered into a manufacturing and supply agreement with the Chinese firm on 24 March. Under the deal, Jinjiang Akia Sports has committed to placing a minimum annual order of 1 million pairs of footwear, subject to mutually agreed designs and specifications.

The company expects the agreement to generate between $8 million and $10 million in export revenue annually, to be executed through regular purchase orders each contract year.

To meet the anticipated demand, MK Footwear will allocate dedicated production capacity for the buyer. The agreement also includes standard provisions covering quality assurance, production timelines, payment terms, and other commercial conditions.

Company officials said the deal is expected to significantly strengthen its export pipeline and support future business growth, provided that purchase orders are executed successfully and contractual obligations are met.

Following the announcement, MK Footwear's share price rose by 2% to Tk85.90 on the SME platform, reflecting positive investor sentiment.

The development comes amid improving financial performance for the company. In the fiscal year 2024–25, MK Footwear reported revenue of Tk78.79 crore, while net profit surged 116% to Tk8.76 crore.

However, a significant portion of the profit growth was driven by gains from stock market investments. The company earned Tk6.37 crore by selling shares of Legacy Footwear, which it had acquired earlier at a lower cost.

Earlier, MK Footwear declared a 12% cash dividend for shareholders other than sponsors and directors for the year ended 30 June 2025.

The pre-Eid optimism at the Dhaka Stock Exchange (DSE) proved short-lived as the market witnessed a sharp downturn today, with investors rattled by rising global geopolitical tensions and their potential economic fallout at home.

Trading resumed after the weeklong holidays with heavy selling pressure dominating the session, as concerns over inflation, possible fuel price hikes, and energy supply disruptions linked to the ongoing Middle East crisis dampened sentiment.

The uncertainty triggered a broad-based decline across sectors, wiping out nearly Tk9,000 crore in market capitalisation in a single day – an indication of weakening investor confidence.

The benchmark DSEX index fell by 68 points, or 1.28%, to close at 5,284. The decline was even steeper among blue-chip stocks, with the DS30 index shedding 39 points, or 1.91%, to settle at 2,011. Market breadth remained decisively negative, with 243 issues declining against 121 gainers, while 27 stocks remained unchanged.

Despite the significant drop, trading activity was subdued. Daily turnover stood at Tk492 crore, reflecting a cautious stance among investors who appear to be adopting a wait-and-see approach amid persistent uncertainties.

Market analysts attributed the bearish trend largely to macroeconomic concerns exacerbated by global developments.

Analysts say the market's near-term direction will largely depend on developments in global energy markets and the government's ability to manage domestic inflationary pressures. Until greater clarity emerges, investors are likely to remain cautious, limiting fresh capital inflows into an already volatile market.

According to EBL Securities, the market slipped into negative territory from the opening bell as the initial festive enthusiasm quickly faded. The brokerage noted that fears of energy shortages and inflationary pressures stemming from the Middle East tensions overshadowed any positive sentiment.

Although the market attempted a modest recovery during mid-session trading, it failed to sustain momentum, closing firmly in the red.

A more detailed assessment by BRAC EPL Stock Brokerage highlighted the potential sectoral impact of escalating tensions involving the United States, Israel, and Iran. The report suggested that manufacturing, cement, and power sectors are likely to face immediate pressure due to their heavy reliance on imported fuel and raw materials.

These sectors are confronting a dual challenge. Rising global prices of furnace oil and liquefied natural gas (LNG) are expected to squeeze profit margins, while the risk of industrial load-shedding and higher transportation costs – driven by a so-called "Gulf risk premium" – could disrupt production cycles.

Gulf risk premium refers to extra cost added to oil prices or shipping and insurance rates due to geopolitical tensions in the Gulf region. It reflects perceived risk of supply disruption from major producers such as Saudi Arabia, Iran, Iraq and Kuwait.

The BRAC EPL analysis also pointed out that export-oriented readymade garment (RMG) companies with strong financial positions may benefit marginally if they can position themselves as reliable suppliers amid global uncertainty. However, this advantage will depend on their ability to absorb higher freight and insurance costs without losing competitiveness.

In contrast, the banking and telecommunications sectors were identified as relatively resilient. Banks may benefit from increased trade finance activities and higher interest income, while telecom companies are often considered defensive investments during periods of restricted mobility. Nonetheless, these sectors were among the major contributors to Tuesday's decline.

Key index draggers included BRAC Bank, Robi Axiata, Grameenphone, Square Pharmaceuticals, Walton Hi-Tech Industries, and Islami Bank Bangladesh, all of which weighed heavily on the indices.

Sector-wise, the banking sector led turnover with a 15.5% share, followed by pharmaceuticals at 12.8% and engineering at 11.5%. Among individual stocks, ACME Pesticides Limited topped the turnover chart, alongside City Bank PLC and Sea Pearl Beach Resort and Spa Limited.

All major sectors ended in negative territory. The banking and telecommunications sectors recorded the steepest declines, each falling by 2.45%. Non-bank financial institutions dropped 1.88%, followed by food and allied at 1.18% and fuel and power at 1.14%.

Amid the widespread losses, the mutual fund sector emerged as a rare bright spot, posting a 6.55% gain. Several funds delivered strong returns, offering some relief to investors.

The bearish sentiment extended to the Chittagong Stock Exchange, where the CSCX index declined by 47 points to 9,118 and the CASPI fell by 75 points to 14,954. Turnover at the port city bourse remained modest at Tk18.79 crore.

Bangladesh's ambitions to enter the electric vehicle (EV) manufacturing space took a step forward as Runner Automobiles partnered with the Chinese BYD Company on a potential local production venture.

Shanat Datta, chief financial officer of Runner Automobiles, told The Business Standard that an agreement was signed on Tuesday (24 March) between the two companies in China. Under the agreement, Runner will conduct a feasibility study for the local production of all BYD EV and non-EV vehicles.

Earlier, the decision was approved at a Runner board meeting on 20 March, where the company authorised signing a master supply and manufacturing agreement with the Shenzhen-based EV giant. The collaboration is expected to pave the way for local vehicle production, technology transfer, and increased industrial capacity in Bangladesh.

Company officials said the initiative is still at an early stage. CFO Datta said a comprehensive feasibility study will determine key aspects such as investment size, funding sources, plant construction, implementation timeline, and partnership structure. A detailed plan is expected by April.

"Our main goal is to manufacture BYD-branded cars in the country," he said, adding that the company will design and develop the necessary factory infrastructure to support production, following the rules and regulations.

The move comes as Bangladesh maintains high import duties on vehicles, making locally assembled or manufactured cars significantly more competitive. Recent policy support has further strengthened the case for localisation.

In the 2025-26 fiscal year budget, the National Board of Revenue reduced the duty and tax burden to around 33% for locally produced electric or hybrid vehicles meeting certain investment and value-addition thresholds. In contrast, imported electric and plug-in hybrid cars currently face duties as high as 89%.

The government has also been actively promoting EV adoption, targeting a 30% electric vehicle market share by 2030. Incentives for battery technologies, including lithium and graphene, have been introduced to support this transition.

BYD is one of China's leading clean energy firms, known for EVs, batteries, and renewable solutions. Founded in 1994, it has grown into a global EV powerhouse, competing with companies like Tesla. BYD produces cars, buses, and trucks, while also manufacturing advanced lithium batteries.

The company is expanding rapidly across Asia, Europe, and Latin America, playing a key role in the global transition to sustainable transportation.

The announcement by Runner had an immediate impact on the stock market, with its share price rising 9.97% to Tk37.50 on the Dhaka Stock Exchange.

Industry insiders say Runner has been preparing for such a venture. In May 2025, the company acquired land in Sreepur, Magura, and near its existing facility in Bhaluka, Mymensingh, with plans to establish a vehicle manufacturing plant in collaboration with a foreign partner.

Runner already has experience in automotive production, having invested around Tk300 crore to manufacture Bajaj three-wheelers. It also markets a range of international brands, including Eicher trucks and buses, KTM motorcycles, and Vespa scooters, alongside its own two-wheeler line-up.

Despite its diversified portfolio, the company has faced profitability challenges. It reported a loss of Tk1.41 crore in the second quarter (October-December) of the current fiscal year, although overall first-half profits stood at Tk2.93 crore. Revenue during the July-December period rose 31% year-on-year to Tk592.18 crore, driven by strong growth in truck, pickup, and tractor sales.

Filling stations across the country received far less supplies than required as prolonged bank closures during Eid-ul-Fitr disrupted fuel distribution from depots, leaving motorists grappling with long queues and intermittent shortages.

Officials from Bangladesh Petroleum Corporation (BPC) and pump owners say the seven-day banking holiday from 17 to 23 March created a critical bottleneck in the fuel supply chain.

During the period, filling station owners were unable to issue pay orders – a prerequisite for lifting fuel from depots – effectively halting regular distribution.

Without access to banking services, dealers found themselves unable to procure fuel even as demand surged ahead of and during the Eid holidays.

While the government maintained that there was no actual shortage of fuel, pump owners said they were getting inadequate supplies, exposing them to chaotic scenes and even threats from frustrated customers.

Reports from major cities indicated that pumps were facing acute supply shortage of octane–- primarily used by cars and bikes.

BPC officials said supply disruptions were linked to delays in issuing pay orders, noting that in previous long holiday periods, authorities had instructed selected bank branches to remain open to facilitate emergency transactions for fuel dealers.

This time, however, the absence of such arrangements worsened the situation.

Compounding the problem, global supply uncertainties – particularly disruptions in the Strait of Hormuz over the Middle East war – have also affected external fuel sourcing.

Bangladesh meets its entire petrol demand from local processing of condensate, a gas by-product, while around 60-65% of octane demand is met domestically, with the remainder dependent on imports. The external disruptions prompted BPC to adopt a cautious approach in releasing fuel.

Despite the visible strain at retail points, Power, Energy and Mineral Resources Minister Iqbal Hasan Mahmud Tuku dismissed concerns of an actual shortage, attributing the current situation to panic buying.

"There is no shortage of fuel in the country," the minister said while speaking to reporters at the Secretariat in Dhaka yesterday. "However, people have started purchasing more than they actually need, causing filling stations to run out of stock earlier than usual."

However, pump owners paint a different picture, pointing to reduced allocations and logistical challenges. Nazmul Hoque, president of the Bangladesh Petrol Pump Owners Association, told TBS that many stations are receiving significantly less fuel than required.

"I am receiving half of what I demand. Panic buying and supply constraints have made the whole situation messy," said Nazmul, who operates Ramna Petrol Pump, adding that the bank closures further deepened the crisis by preventing the timely issuance of pay orders.

The situation appears particularly acute in Chattogram, where multiple filling stations reported sharp declines in supply, especially of octane.

At the Shamanta CNG filling station in the Chandgaon Bahir Signal area, monthly allocations dropped drastically. The station, which previously received eight fuel tankers per month from Jamuna Oil Company Limited, is now getting only one tanker per week.

"Our main crisis is the lack of normal oil supply from Jamuna," said station manager Hasan Tarek. "We are currently unable to supply octane. The stock we received before Eid ran out quickly, and supply has been suspended for three consecutive days."

Similar complaints were echoed at various other petrol pumps in the port city.

Meanwhile, the impact on commuters and drivers was severe. "No octane" signs were common at many stations, while others were rationing fuel.

Absar Hossain, a motorist waiting near the Gani Bakery area, described his ordeal: "I have been searching since last evening but couldn't find octane anywhere. Even when I did, they wouldn't give more than a small amount."

Ride-share driver Abdur Rahman said the shortage has directly affected his income during what should have been a peak earning period. "I had to stand in line for more than half an hour, and still couldn't get enough fuel to operate properly," he said.

A widespread shortage of petrol and octane disrupted fuel supply across the country. Reports from Rajshahi, Dinajpur, Bogura, Savar, and Ashulia revealed that most pumps remained closed.

Security fears

Meanwhile, the Bangladesh Petrol Pump Owners Association on Sunday warned that fuel stations across the country may shut down due to mounting security concerns and an ongoing fuel supply shortage.

The association said petrol pumps nationwide are facing a "critical situation" as the daily fuel allocation from companies is insufficient to meet growing consumer demand.

The organisation alleged that the issue of security in fuel marketing has been largely overlooked by the government and local administration, leading to increasing disorder at pump stations.

Citing recent incidents, the association said that despite having around 10,500 litres of petrol and an equal amount of octane at one pump ahead of Eid, and about 8,000 litres at another, the stock was depleted within a short period due to excessive pressure and chaotic situations.

Describing the situation as a form of "looting," the association claimed that some individuals are purchasing fuel multiple times a day and reselling it at higher prices.

In some cases, motorcyclists were reportedly refuelling up to 10 times daily, while others repeatedly returned with partially filled tanks, depriving genuine customers.

The association also alleged that organised groups have been forcibly opening pumps at night and taking fuel.

Referring to an incident in Thakurgaon, it said miscreants armed with sticks looted fuel during supply operations.

Gold prices steadied on Tuesday after ​falling nearly 2 percent earlier in the session, as investors weighed conflicting signals on ‌a potential de-escalation in the US-Israeli war on Iran, and its impact on the outlook for inflation and interest rates.

Spot gold was up 0.1 percent at $4,411.28 per ounce as of 1104 GMT, after falling to $4,097.99 per ​ounce in the previous session, its lowest since November 24.

US gold futures for April ​delivery added 0.1 percent to $4,412.70.

SOME STABILITY FOR NOW

“The market is in a wait-and-see position. Considering that oil prices are a bit lower, this is reducing these rate hike ​expectations somehow and that’s giving some stability to the gold price now,” said UBS analyst ​Giovanni Staunovo.

International Brent crude prices plunged 13 percent on Monday after Trump ordered a five-day delay to attacks on Iran’s power plants, but traded moderately higher on Tuesday as Iran denied it had talks with the ​United States to end the war in the Gulf.

The rise in energy prices caused by ​the war has increased inflation concerns and made higher interest rates globally more likely. While gold is ‌considered an inflation hedge, high interest rates reduce the non-yielding asset’s appeal, and the metal has fallen around 18 percent since the war began.

Iran launched waves of missiles at Israel on Tuesday, the Israeli military said.

San Francisco Federal Reserve Bank President Mary Daly said on Monday that unless the Iran ​conflict is resolved quickly ​and the Fed can “look through” a temporary increase in oil prices, it is unclear what the central bank’s next move on interest rates will need to ​be.

However, analysts say there are broader factors that should still support gold ​prices this year.

“Structural drivers for the gold rally over the recent years, debt issues, political pressure on the Fed to cut rates, high inflation, low interest rates, and a weaker dollar, these factors are still ​there. Nothing has changed on that side,” Staunovo added.

Elsewhere, spot silver rose 0.9 percent to $69.77 per ounce. Spot platinum added 1.3 percent to $1,906.80 and palladium lost 1 percent to $1,419.25.

Stocks opened on a negative note today (24 March) after a five-day Eid holiday, as investor sentiment remained cautious amid macroeconomic concerns.

In early trading up to 10:20am, the benchmark DSEX index fell 59 points to 5,294, while the blue-chip DS30 index dropped 29 points to 2,021.

Market breadth was broadly negative, with 247 issues declining, 48 advancing and 56 remaining unchanged.

Market insiders attributed the downturn to mounting concerns over inflationary pressures. Fears of potential fuel price hikes and supply disruptions, linked to ongoing tensions in the Middle East, have further dampened investor confidence.

Agrani Insurance Company has recommended no dividend for shareholders for the year ended 31 December 2025, following a sharp drop in earnings compared with the previous year. In 2024, the company paid shareholders a 6% cash and 6% stock dividend.

Announcing the annual disclosure today (16 March), the company's share closed at Tk21.20 on the Dhaka Stock Exchange. According to a price-sensitive statement, consolidated earnings per share (EPS) fell to Tk0.18 in 2025 from Tk1.45 in 2024, a decline that appears to have influenced the board's decision to withhold dividends.

Despite lower earnings, cash flow performance improved. Consolidated net operating cash flow per share rose to Tk0.96 in 2025 from Tk0.58 in 2024, indicating stronger cash generation from core operations. However, the company's net asset value per share dipped slightly to Tk19.42 from Tk20.10 at year-end 2024.

Agrani Insurance will hold its annual general meeting (AGM) on 14 May 2026, virtually. The record date for shareholder eligibility is 15 April 2026.

Previously, in September 2024, the company withdrew its rights share application submitted in March 2024 due to unavoidable circumstances. In June 2021, the BSEC rejected an earlier rights share offer for failing to submit a Credit Information Bureau report.

Finance and Planning Minister Amir Khasru Mahmud Chowdhury today (22 March) said the ongoing conflict in the Middle East is creating pressure on Bangladesh's economy, urging people to remain patient and cooperative during the challenging period.

"Global instability has pushed up pressure on the fuel market, which is directly affecting import-dependent Bangladesh. We cannot control the impact of the conflict, but the government is making every effort to tackle its effects," he told journalists at his residence in Chattogram's Mehedibag.

The minister noted that finding alternative sources of fuel and maintaining regular supply remain the government's primary challenges. "Managing the situation will be difficult without public cooperation."

He claimed, "Despite the pressure, the government has been able to maintain fuel supply. There was no fuel shortage anywhere during the Eid travel period, and the transport system is functioning normally."

Khasru also said the early payment of wages and allowances to ready-made garment (RMG) workers ahead of Ramadan and Eid helped avoid major labour unrest, calling it a positive sign for the economy.

Referring to ongoing social safety-net programmes, the minister said family cards for low-income people, farmers' cards, loan waivers and allowances for religious figures are continuing.

He urged the public to stay united with patience, restraint and mutual support to deal with the impact of the global crisis.

In just two months, shares of Bangladesh Industrial Finance Company (BIFC), a non-bank financial institution (NBFI), skyrocketed by over 600%, according to data from the Dhaka Stock Exchange.

Starting from Tk0.9 on 14 January, its share price rose to Tk6.6 on 17 March – the last trading day before the Eid vacation – marking a surge of 633%.

Following the recent surge, BIFC's share price has returned to the level seen nine months ago. Earlier, in mid-last year, the stock was traded in the Tk6-7 range, the data showed.

With a view to reviving the weak and scam-hit NBFIs, the Bangladesh Bank has planned to liquidate nine NBFIs to protect the depositors' interest.

With the initial discussion begun in mid-2025, the weak NBFIs stocks saw continuous sell-offs amid growing investor fears.

That is why the price of BIFC's shares saw a sharp fall amid heavy sell-offs, putting its shares below Tk1 each, the first time in the history of the capital market.

It eventually fell to as low as Tk0.9. Later, after the central bank decided to allow the institution three months to improve its financial condition, the price began to rise.

The stock then recorded gains for nearly 22 consecutive trading days, climbing from Tk0.9 to Tk3.9 each.

After a one-day correction, the share price resumed its upward trend. In the second phase of the rally, it rose to Tk7.2.

Subsequently, the stock corrected again, dropping to Tk5.9. It then rebounded to Tk7.2 before closing at Tk6.6 on 17 March.

Auditor opinion

The auditor of BIFC said it has been experiencing losses for several years, accumulating a total loss of Tk1,425.45 crore as of December 2024.

As of the same date, its total liabilities exceeded its total assets by Tk1,269.68 crore.

These conditions or events indicate that a material uncertainty exists on the company's ability to continue its operation in the foreseeable future unless arrangements are made to increase capital or to improve liquidity position by means of facilitating equity support/long-term loan, the auditor said.

The auditor also said it should maintain a cash reserve ratio at a rate of 1.5% on term or fixed deposits (except from banks and financial institutions), but it could not maintain such provision, noncomplying with the above regulation.

With a view to ensuring sustainable business and reducing carbon emissions, Paramount Textile, a company listed on the stock exchanges, has decided to install a 9.81MW rooftop solar power plant at its factory in Gazipur.

In this regard, Paramount Textile PLC will enter into a power purchase agreement (PPA) with Paramount Solar Limited, according to a disclosure published on the stock exchanges yesterday.

Paramount Solar is a firm in which 99.99% of the total paid-up capital is held by Paramount Textile.

Under the agreement, Paramount Solar will design, build, operate and manage the rooftop solar project under the OPEX model at a fixed tariff of Tk8.20 per kilowatt-hour, excluding VAT and AIT. The facility will be installed at the company's factory premises in Sreepur, Gazipur.

The solar power generator will supply electricity generated from the project for 20 years from the date the photovoltaic system is commissioned and becomes operational.

The company said its board of directors discussed and approved the decision at a meeting held on Sunday for signing the PPA between Paramount Textile and Paramount Solar.

At the beginning of the agenda, the textile company's Managing Director Shakhawat Hossain informed the board that the management had decided to install the rooftop solar facility at the factory premises to ensure sustainable business operations and reduce carbon emissions.

Paramount Textile reported that its consolidated profit fell 19% year-on-year in the second quarter of the current fiscal year due to a decline in revenue.

During the October-December period, the company posted a consolidated profit of Tk20.77 crore, with earnings per share (EPS) of Tk1.16.

In the same period of the previous fiscal year, the company reported a profit of Tk25.79 crore and EPS of Tk1.44, according to its financial statements.

For the first half of the 2025-26 financial year, profit declined 4.23% year-on-year to Tk42.27 crore, while EPS stood at Tk2.36. In the first half of FY25, the company reported a profit of Tk44.06 crore and EPS of Tk2.46.

In January this year, the company said Paramount Textile PLC and Paramount Holdings Limited, both part of the Paramount Group, planned to invest $268 million – around Tk3,275 crore – in four solar power plants with a combined capacity of 295 megawatts through a joint venture.

The Bangladesh Power Development Board awarded the Notification of Award (NOA) to the joint venture on 29 December last year for the development of the projects under the Public Procurement Rules, 2008.

The war in the Middle East could see the world face its worst energy crisis in decades, International Energy Agency chief Fatih Birol warned on Monday (23 March), describing the situation as "very severe".

"Many of us remember the two consecutive oil crises in the 1970s... at that time, in each of the crises, the world has lost about five million barrels per day, both of them together, 10 million barrels per day," Birol told the National Press Club in Australia's capital.

"As of today, we lost 11 million barrels per day, so more than two major oil shocks put together," he said.

Oil prices fell by 7% today (23 March) after US President Donald Trump said he would postpone any military strikes against Iranian power plants for five days after constructive talks, hours ahead of a deadline that threatened further escalation in the conflict now in its fourth week.

Brent crude futures were down 9.72% at $101.28 a barrel at 1254 GMT after sliding as much as 14.5% to a session low of $96. US West Texas Intermediate was down almost 8.9% at $89.49 after losing 14.2% to a session low of $84.37.

Prices gradually pared some losses after the steep initial slide after Iran's Tasnim ⁠news agency reported that no talks were under way between the US and Iran.

The US President had warned on Saturday that Iranian power plants would be destroyed if Tehran failed to "fully open" the Strait of Hormuz to all shipping within 48 hours, setting a deadline of around 7:44 p.m. EDT (2344 GMT) on Monday.

His comments sparked threats of retaliation from Iran's Revolutionary Guards, which said they would attack Israel's power plants and those supplying US bases across the Gulf region if Trump followed through with his threat to "obliterate" Iran's power network.

The war has damaged major energy facilities in the Gulf and nearly halted shipping through the Strait of Hormuz, which handles about 20% of global oil and liquefied natural gas flows.

Analysts have estimated a loss of 7 million to 10 million barrels per day of Middle East oil production.

The crisis in the Middle East is worse than ‌the two ⁠oil shocks of the 1970s put together, Fatih Birol, executive director of the International Energy Agency, said on Monday.

"Oil sentiment may lurch on threats and rhetoric in the near term, but its more durable direction will continue to be shaped by the state of Middle East oil flows," said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Iraq has declared force majeure on all oilfields developed by foreign oil companies, three energy officials said, while oil production at ⁠Basra Oil Company has been cut to 900,000 bpd from 3.3 million bpd, Iraqi Oil Minister Hayan Abdel-Ghani said in a ministry statement.

The supply crunch has led to a temporary waiving of US sanctions on Russian and Iranian oil already at sea. Indian refiners plan to resume buying Iranian oil while refiners elsewhere in ⁠Asia are examining such a move, traders told Reuters.

Meanwhile, Russia's Baltic Sea port of Ust-Luga resumed oil loadings after a drone attack alert was lifted, industry sources said, while neighbouring Primorsk remained shut after air strikes, adding to global shortages.

Libya's El Feel oilfield has been in shutdown since ⁠Thursday after state oil company National Oil Corporation (NOC) used its pipeline to transport crude from the Sharara field after its pipeline was damaged by fire, two El Feel engineers said.

Production is expected to resume in a week to 10 days, one of the engineers said.

The US Treasury on Friday temporarily lifted sanctions on Iranian oil already loaded onto vessels, in Washington's latest step to stem a supply crisis over the Middle East war.

The authorization allows for the delivery and sale of Iranian crude oil and other petroleum products loaded onto ships before March 20, and will last through April 19, the Treasury said in a statement.

The move by the Office of Foreign Assets Control, which Treasury Secretary Scott Bessent had said Thursday was under consideration, follows a similar lifting of sanctions on Russian oil at sea.

Iran's de facto blockade of the Strait of Hormuz, through which 20 percent of the world's oil and gas normally flows, and the numerous attacks on energy infrastructure in the Middle East, have sent crude oil prices soaring.

Bessent described the move in a statement Friday as a narrowly tailored, short-term authorization that follows President Donald Trump's intention to "maximize the flow of energy to the world" and ensure market stability.

"At present, sanctioned Iranian oil is being hoarded by China on the cheap," Bessent said in a statement.

"By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran."

Tehran, however, said Friday it had no surplus crude oil to offer to international markets.

"Currently, Iran basically has no surplus crude oil left on the water or for supply in other international markets, and the US treasury secretary's statement is solely aimed at giving hope to buyers," Iranian oil ministry spokesman Saman Ghoddoosi wrote on X.

The Treasury's authorization on Friday does not apply to deliveries of oil to Cuba, North Korea or Russian-occupied areas of Ukraine.

Oil markets ended higher Friday, although they remained below the $120-per-barrel threshold which has been approached multiple times since the conflict began three weeks ago.

A barrel of North Sea Brent crude gained 3.26 percent to $112.19. Its US counterpart, the traditionally cheaper West Texas Intermediate (WTI), rose 2.27 percent to $98.32.

Prime Bank FinTech Limited, a subsidiary of Prime Bank PLC., has been awarded a license to operate Mobile Financial Services (MFS) in the country.

This enables Prime Bank FinTech Ltd. to formally launch its own brand of MFS services in Bangladesh.

With this regulatory approval, Prime Bank FinTech Limited is set to reshape the country's digital financial ecosystem by addressing the vast untapped spaces. The goal is to move beyond traditional competition and foster a collaborative market environment that prioritises financial literacy and inclusive growth. By acting as a digital guardian for users, this will aim to bridge the gap for the unbanked and empower every individual to navigate the cashless economy with confidence and security.

Prime Bank FinTech Limited will operate its Mobile Financial Services under a dedicated brand identity. The brand will work closely with regulators, partners and stakeholders to ensure compliance, operational excellence and a seamless customer experience as it prepares for its formal launch.

The Bangladesh Securities and Exchange Commission (BSEC) has launched investigations into four capital market intermediaries over allegations of serious irregularities, in a move aimed at protecting investors and ensuring market stability.

Through separate orders, the regulator has initiated formal enquiries into NRBC Bank Securities Limited, Premier Leasing Securities Limited, Green Delta Securities Limited, and LankaBangla Investments Limited, operating as a merchant bank.

Four enquiry committees were formed on 11 March to conduct the investigations.

BSEC director and spokesperson Abul Kalam told TBS that the Commission had identified multiple inconsistencies in the operations of these firms, particularly relating to negative equity, margin lending practices, financial reporting, and corporate governance.

He said such irregularities could increase market risks and harm general investors, prompting the regulator to take action. The Commission will take legal measures after reviewing the enquiry findings, he added.

Separate officials have been assigned to each investigation. The probe into NRBC Bank Securities will be led by Deputy Director Md Rafiqunnabi and Assistant Director Muhammad Sadequr Rahman Bhuiyan.

Additional Director Md Ohidul Islam and Assistant Director Md Maruf Hassan will investigate Premier Leasing Securities, while Additional Director (Legal) Muhammad Ziaur Rahman and Assistant Director Amit Kumar Saha will examine LankaBangla Investments.

Additional Director Umme Salma and Assistant Director Md Motiur Rahman have been tasked with investigating Green Delta Securities.

The commission has directed that all enquiry reports be submitted within 60 working days.

The allegations

One of the key focus areas of the investigations is whether any of the firms declared or facilitated cash dividends despite having negative equity or unrealised losses.

Under market rules, such actions may mislead investors and conceal a company's true financial condition.

In particular, NRBC Bank Securities and LankaBangla Investments will be examined to determine whether they made or supported such dividend decisions.

The BSEC has also raised concerns that some firms may have misreported or concealed negative equity data in regulatory filings. In the case of NRBC Bank Securities, allegations of systematic misreporting and data manipulation are under scrutiny.

Premier Leasing Securities is accused of classifying receivables from clients as assets without maintaining adequate provisioning, potentially understating financial risks in its disclosures.

A common allegation against all four firms is the failure to maintain sufficient provisions against negative equity and unrealised losses within prescribed timelines, raising concerns over their financial stability.

In the case of Green Delta Securities, the Commission will closely examine the methodology used in calculating negative equity. Issues include capitalising prior-year interest into principal, mismatches between principal and interest figures, and the absence of necessary provisions.

Wafi Shafique Menhaz Khan, CEO of Green Delta Securities, said the matter is a routine issue from the regulator.

"We have received the letter and are cooperating with the Bangladesh Securities and Exchange Commission in the investigation," he told The Business Standard. "The violations identified by the Commission regarding negative equity are very minor in nature. The Commission has also conducted a similar enquiry earlier," he added.

The investigations will also examine margin lending practices across the firms, including whether loans exceeded permissible exposure limits and whether margin discipline was bypassed.

There are allegations that cash accounts were converted into margin or negative equity accounts without proper authorisation. In some cases, margin accounts may have been opened without client consent or formal agreements.

The BSEC has further alleged that certain firms conducted transactions involving highly speculative shares through negative equity accounts, as well as illegal block and bulk transactions in violation of regulatory rules.

Such activities – particularly in NRBC Bank Securities and Premier Leasing Securities – will be examined to determine whether they were used to create artificial demand or manipulate share prices.

In LankaBangla's case, it faces additional scrutiny over specific financial reporting issues, including the use of "interest suspense" accounting and whether such figures were properly reflected in its financial statements.

The firm is also accused of failing to recognise around Tk109.73 crore in interest payable to LankaBangla Finance Limited, which may have led to an overstatement of profits and retained earnings.

Iftekhar Alam, CEO of LankaBangla Investments, did not respond to phone calls and messages regarding the matter.

Another key aspect of the investigations will be to assess the role and intent of senior management, including chief executives, managing directors, and board members, in relation to the alleged irregularities.

According to the BSEC, weaknesses in corporate governance may have allowed such practices to persist.

Market insiders said the investigations could play an important role in restoring discipline in the capital market, where concerns over negative equity, margin lending practices, and weak enforcement have persisted.

The move is widely seen as a strong signal from the regulator against non-compliance and governance failures in the market.

Mamun Agro Industries, currently listed on the SME platform on the Dhaka Stock Exchange, has formally sought enlistment on the main board of the bourse, citing compliance with regulatory criteria, including paid-up capital exceeding Tk50 crore and more than three years of trading history.

Confirming the development, Company Secretary Muhammad Imdadul Haque told TBS that the firm had completed all necessary requirements before submitting its application to the bourse recently.

The company's move follows an earlier decision by its management and board in April last year to pursue an upgrade. Subsequently, shareholders approved the plan at an extraordinary general meeting held in mid-June, in line with regulatory provisions.

A DSE official said the exchange would now review the company's application and supporting documents, adding that a final decision on the transfer to the main board would be taken by its board upon completion of the evaluation.

Under the Qualified Investor Offer rules for small-cap firms, companies must apply for main board listing once their paid-up capital reaches at least Tk50 crore and they have been listed on the SME platform for a minimum of three years. Mamun Agro meets these conditions, with its paid-up capital standing at Tk52.50 crore against an authorised capital of Tk100 crore.

Operating in the pharmaceutical and chemical segment, the company manufactures and imports agro-products, including insecticides, fungicides, herbicides, fertilisers, pesticides and seeds for the domestic market. It raised Tk10 crore from the capital market before its SME listing in 2022.

According to its latest financial report up to June 2025, the company's total assets stood at Tk111.17 crore, largely comprising current assets such as trade receivables of Tk28 crore, inventories and advances. Non-current assets amounted to Tk38 crore, including Tk36 crore in property, plant and equipment.

Its current liabilities totalled Tk25.57 crore, of which Tk16.96 crore were short-term loans.

In the 2024-25 fiscal year, Mamun Agro reported a modest rise in revenue to Tk57.35 crore and a profit of Tk6.05 crore. Revenue from seeds increased to Tk26.69 crore from Tk25.04 crore a year earlier, while pesticide sales declined to Tk30.65 crore from Tk31.88 crore.

The company's board recommended a 10% dividend for general shareholders – comprising 5% cash and 5% stock – alongside a 5% bonus share for sponsor-directors for FY25. However, the stock dividend remains subject to approval from the Bangladesh Securities and Exchange Commission.

The company was supposed to pay Tk1.75 crore as a dividend to its general shareholders.

The BSEC allowed the issuance of the stock dividend, but due to the non-holding of the annual general meeting, the dividend has yet to be disbursed.

Firstly, it declared AGM for 31 December last year, later, it fixed AGM for 25 February.

On 25 February, through a disclosure, it postponed the AGM as it had not received permission yet from the High Court for non-compliance of Companies Act, 1994.

The firm said it is in the process of obtaining the necessary court approval and will announce a revised AGM date once clearance is received.

Remittance inflows rose sharply in the first two weeks of March ahead of the Eid-ul-Fitr, despite tensions in the Middle East stemming from the US-Israel war on Iran.

Expatriates sent home $2.2 billion in the first 14 days of March, up 36 percent from $1.62 billion during the same period last year, according to Bangladesh Bank (BB) data.

Bankers expect remittances to exceed $3 billion by the end of the month, as expatriates typically send more money home during Eid. Full data for the month will be available after the Eid holidays.

In February, remittances stood at $3.02 billion.

In the current fiscal year, inflows have remained strong.

Between July and March 14, remittances reached $24.65 billion, marking a 22.6 percent year-on-year growth.

However, industry insiders and economists warn that inflows may slow in the coming months due to the Middle East crisis.

A BB quarterly report also projected a possible slowdown in remittances amid migration disruptions and economic uncertainty in the region.

The escalating tensions in the Gulf have already driven up prices of oil, liquefied natural gas, fertiliser and sulphur, as Iran controls the Strait of Hormuz, a key route for about one-fifth of global oil exports and nearly one-third of fertiliser shipments.

During March 1-14, Islami Bank Bangladesh handled the highest inflow at $395 million, followed by BRAC Bank with $228 million, state-run Agrani Bank with $165 million, and Trust Bank with $163 million.

The steady rise in remittances is helping ease pressure on the balance of payments and stabilise the foreign exchange market.

Under the International Monetary Fund’s calculation method, reserves were $29.64 billion, up from $19.74 billion in the same period last year.

However, signs of volatility have emerged in the foreign exchange market after more than a year, with the taka weakening against the US dollar since early March amid rising uncertainty over the war in the Middle East.

Bangladesh is seeking billions in external financing to secure fuel and liquefied natural gas imports, as the new government led by Prime Minister Tarique Rahman moves to stabilise the economy amid a worsening global energy outlook due to the Iran war.

The nation of 175 million relies on imports for about 95% of its energy needs, and state-run agencies have increasingly turned to the volatile market to plug the gap. The government has been rationing fuel, though the restrictions were eased for the Eid al-Fitr festival.

Rashed Al Mahmud Titumir, the prime minister's adviser on finance and planning, said on Friday that Dhaka was in talks with major development lenders — including the Asian Development Bank, the World Bank, the International Islamic Trade Finance Corporation and Asian Infrastructure Investment Bank — to mobilise fresh funding.

"There are positive indications that we'll receive funds from the multilateral agencies to support oil and energy, which will help accelerate economic growth," Titumir told Reuters.

He said he expected about $1.3 billion from the International Monetary Fund under an existing programme, along with an additional $250 million to $500 million on top of roughly $500 million in budgetary support from the ADB.

"An IMF team is visiting... they were waiting for an elected government. We will request them to release the funds now, instead of July, so we receive them within the current fiscal year," he said.

The urgency has grown amid an escalating conflict in the Middle East that has roiled global energy markets, pushed up prices and increased concerns about supply routes.

"Our financing flow for oil and energy must not be disrupted under any circumstances," Titumir said. "We will ensure financing is available and diversify our sources of oil and energy."

He said Bangladesh was exploring procuring additional supply from the United States, Southeast Asia, Nigeria and producers in the Middle East, to avoid over‑reliance on a single source.

Despite rising global prices, Dhaka does not plan to pass the burden on to consumers, he said.

"We are not increasing fuel prices. We will provide the necessary financing so there is no contraction in the economy," Titumir said, stressing that the government aims to rely on multilateral support rather than private‑sector borrowing.

Bangladesh adjusts government‑set fuel prices each month, based on a global pricing formula.

Remittance inflows to Bangladesh reached $2.2 billion in the first two weeks of March 2026, according to data from Bangladesh Bank.

The total includes inflows through state-owned, specialised, private and foreign commercial banks.

State-owned commercial banks brought in $372.49 million, with Agrani Bank leading the group at $164.52 million. Janata Bank followed with $129.92 million, while Sonali Bank contributed $63.08 million.

Specialised banks received $272.88 million, entirely through Bangladesh Krishi Bank.

Private commercial banks accounted for the largest share, bringing in $1.55 billion. Islami Bank Bangladesh topped the list with $395.29 million, followed by BRAC Bank with $228.24 million and Trust Bank with $162.53 million.

Foreign commercial banks contributed the least, with a total of $4.54 million. Standard Chartered Bank led this category, bringing in $3.37 million.

The UN Committee for Development Policy (UN CDP) is preparing a "crisis assessment" report, evaluating Bangladesh's request to delay graduation from the Least Developed Country category by three years, which is expected to be released within March, according to officials from the Economic Relations Division (ERD).

The officials said the committee will examine whether Bangladesh is facing an actual economic or structural crisis. If the CDP finds evidence of such a crisis, it may recommend extending the country's LDC graduation by three years. The recommendation would then be forwarded to the UN Economic and Social Council for consideration.

Proposals of this nature are usually approved through consensus within the economic council. However, if any member state vetoes, the matter could be put to a vote. Officials in the economic relations said the government has already asked the foreign ministry to begin diplomatic outreach and lobbying efforts to secure support from UN member states for the proposed delay.

A CDP delegation may visit Bangladesh in April and they are expected to present the findings of a readiness study conducted earlier at Bangladesh's request. However, officials said the visit will not directly influence the final decision, as the crisis assessment report will be the main factor.

The final decision could come in September during the UN General Assembly session. If the proposal is approved at that stage, Bangladesh will get three more years before formally graduating from the LDC.

For now, policymakers keep an eye on the upcoming assessment report, as its recommendations will determine the next steps.

However, a high-level meeting of the government on LDCs is scheduled to be held on 5 April, with the finance minister in the chair, where the "Crisis Assessment" report will be evaluated.

Under the current schedule, Bangladesh is set to graduate from the LDC group on 24 November this year. The third and final review process ahead of graduation is already underway.

Soon after taking power, on 18 February, the government sent a letter to CDP Chair José Antonio Ocampo seeking a three-year deferral of the graduation until November 24, 2029.

In the letter, Bangladesh noted that although it continues to meet the three graduation criteria – gross national income per capita, the Human Assets Index, and the Economic and Environmental Vulnerability Index — the five-year preparatory period has been severely disrupted by a series of global and domestic shocks.

The government cited the lingering impacts of the COVID-19 pandemic, the Russia-Ukraine war, tensions in the Middle East, tight global financial conditions, and the slow recovery of international trade.

On the domestic front, it highlighted irregularities in the financial sector, the change in government following the July 2024 uprising, and the ongoing pressure of hosting displaced Myanmar nationals.

According to the letter, these shocks have led to macroeconomic instability, slower GDP growth, high inflation, and a decline in both public and private investment. It also pointed to mounting pressure on foreign exchange reserves, reduced imports of capital machinery and raw materials, and slower job creation due to weakened investment.

Against this backdrop, the government said its policy focus had shifted toward short-term stabilisation and crisis management, preventing effective utilisation of the preparatory period.

The letter also raised concerns about post-graduation trade risks, including the potential loss of preferential market access for ready-made garment exports to the European Union and the risk of possible countervailing duties from the United States.

Considering the crisis, Bangladesh has requested a three-year extension to stabilise the economy and complete priority actions under its Smooth Transition Strategy.

Officials added that beyond the issues mentioned in the letter, the ongoing conflict across the Middle East could pose additional risks for Bangladesh. Rising military tensions involving the United States, Israel, and Iran have heightened instability in the region.

A prolonged conflict could fuel inflation and disrupt macroeconomic stability, further strengthening the case for deferring LDC graduation by three years.

Stakeholders warn that extended tensions among the US, Israel, and Iran could exert multidimensional pressure on Bangladesh's economy. There are concerns over rising energy import costs, given the country's heavy reliance on oil and gas imports from the Middle East. Escalating conflict could drive up global energy prices, increasing electricity generation and transportation costs.

Additionally, a large number of Bangladeshi workers are employed in countries such as Saudi Arabia, Qatar, Oman, and the United Arab Emirates. Heightened regional instability could shrink labour markets and create income uncertainty.

There are also fears of increased transportation costs for exports. Rising tensions in the Red Sea or the Strait of Hormuz could push up marine insurance and shipping costs, affecting key export sectors, including ready-made garments. Higher energy and import costs would also increase demand for US dollars, putting further pressure on foreign exchange reserves, experts say.