Qazi Saleemul Huq, director of GQ Ball Pen Industries, has announced plans to gift company shares worth Tk10.50 crore to his sister, Shermin Huq, a general shareholder, marking a transfer of ownership within the family.

According to a disclosure filed with the stock exchanges today (5 March), Saleemul Huq – who currently holds 23.44 lakh shares – will transfer 2 lakh shares, representing ar 2.24% stake in the company, as a gift outside the trading system of the exchanges.

The transfer is expected to be completed within 30 working days starting from 3 March.

After eight consecutive years of losses and steadily declining sales, the company's shares have surged significantly in recent months. Despite weak business fundamentals – including low sales and continued losses – the company's market capitalisation has climbed to about Tk474 crore, even though its annual sales are only around Tk2 crore.

According to data from the Dhaka Stock Exchange, GQ Ball Pen's share price closed at Tk525.10 each today.

The company manufactures various types of ballpoint pens and distributes them to stationery shops through its distributor network as well as to institutional buyers through sales personnel.

GQ Ball Pen has a paid-up capital of Tk8.93 crore, divided into 89.28 lakh shares, with about 60% of the shares held by general investors.

China has told its largest oil refiners to suspend exports of diesel and gasoline, Bloomberg News reported Thursday, citing unidentified sources, as the war in the Middle East risks an energy supply crunch.

China is a net importer of oil and is one of several major Asian economies that depend on the vital Strait of Hormuz for energy. Traffic through the strait is currently blocked.

The Middle East was the source of 57 percent of China’s direct seaborne crude imports in 2025, according to analytics firm Kpler.

Officials from China’s top economic planner, the National Development and Reform Commission, met refinery representatives “and verbally called for a temporary suspension of refined product shipments that would begin immediately”, Bloomberg said Thursday, citing unidentified people familiar with the matter.

“The refiners were asked to stop signing new contracts and to negotiate the cancellation of already-agreed shipments,” it said.

A spokesperson for China’s foreign ministry denied knowledge of the suspension when asked about it at a regular news conference.

PetroChina, Sinopec, CNOOC, Sinochem Group and private refiner Zhejiang Petrochemical regularly obtain fuel export quotas from the government, Bloomberg said.

The companies did not respond to AFP’s requests for comment.

Bangladesh’s top economists have suggested forming an inter-ministerial crisis committee to address public panic over the potential economic shock from the Middle East crisis.

They recommended that the committee provide regular briefings to prevent unnecessary alarm. The proposal came during a meeting between the Bangladesh Bank governor and eight leading economists at the central bank headquarters today.

Deputy governors, members of the Monetary Policy Committee, and the chief economist of Bangladesh Bank also attended the meeting.

Md Mostaqur Rahman, the new governor of Bangladesh Bank, convened the discussion in light of the ongoing Middle East crisis.

Central bank officials said the economists advised against using foreign exchange reserves under any circumstances. Since reserves are limited, alternative methods of paying for oil imports must be explored.

“If necessary, agreements should be reached with exporting countries such as Saudi Arabia. Opportunities for deferred payment should be sought, or loans could be taken from the Asian Development Bank or other sources to settle fuel import bills,” they said.

The meeting also emphasized the need to encourage remittances during this period. Incentives may be offered to motivate expatriates to send money through formal channels.

Cutting the policy rate should not be considered at this time, given the current situation.

Among those present were Mustafizur Rahman, distinguished fellow of the Centre for Policy Dialogue (CPD); Fahmida Khatun, executive director of CPD; former chief economist of Bangladesh Bank Mustafa K Mujeri; Mohammad Abdur Razzaque, chairman of Research and Policy Integration for Development (RAPID); Selim Raihan, executive director of the South Asian Network on Economic Modeling (SANEM); Masrur Reaz, chairman of Policy Exchange Bangladesh; AK Enamul Haque, director general of the Bangladesh Institute of Development Studies (BIDS); and Nazmus Sadat Khan, senior economist at the World Bank’s Dhaka office.

The Dhaka Stock Exchange fell for the third day in a row as cautious investors today offloaded shares in response to escalating geopolitical tensions in the Middle East and a volatile global energy market.

The benchmark DSEX index plunged 82 points, or 1.54%, to settle at 5,241, bringing the total losses over the last three sessions to 293 points

Blue-chip stocks were not spared, with the DS30 index dropping 34 points, or 1.65%, to settle at 2,012, while the shariah-based DSES index slipped slightly by 14 points to close at 1,049.

Market breadth remained sharply negative, as 308 issues declined compared to only 52 advancing, with 33 stocks unchanged. Turnover fell 21.13% to Tk459 crore from Tk582 crore in the previous session, while the bourse's total market capitalisation shrank by Tk3,096 crore, settling at Tk6,97,952 crore in a single session.

Market insiders highlighted that the sell-off is closely linked to both international and domestic economic uncertainties. The ongoing Middle East conflict, particularly involving Iran, has driven up global crude oil and LNG prices, creating fears of energy supply disruptions for import-dependent economies like Bangladesh.

The international benchmark Brent crude oil surged from around $70 to $80-$84 per barrel, marking a 10-15% increase, while the Asian LNG benchmark Japan Korea Marker (JKM) jumped from $13-$14/MMBtu to $24-$25/MMBtu, an extraordinary 70-80% rise.

Insiders said these higher energy costs will directly affect Bangladesh by increasing fuel import bills, raising electricity generation costs, and potentially forcing the government to adjust tariffs or increase subsidies.

Against this backdrop of uncertainty, investors opted for caution, triggering broad-based selling. Analysts warned that continued geopolitical developments and fluctuations in global energy markets could prolong market volatility in the coming sessions.

Among the top gainers, International Leasing and Financial Services Limited led with a 10% rise, followed by FAS Finance & Investment Limited and Fareast Finance & Investment Limited, each up 9.09%. On the losing side, First Finance Limited suffered the biggest drop at 10%, followed by Prime Finance & Investment Limited, down 8%, and ICB Islamic Bank Limited, which fell 7.89%.

Trading activity remained concentrated in a few high-volume stocks, with Orion Infusion, City Bank, and Khan Brothers PP Woven Bag Industries emerging as the most actively traded shares, demonstrating significant participation by large investors despite overall market weakness.

All major large-cap sectors recorded losses, highlighting widespread selling pressure. Food & Allied was the worst performer, down 2.44%, followed by Banking at 2.36%, and Non-Bank Financial Institutions at 2.29%. Other sectors also declined: Engineering fell 1.36%, Fuel & Power down 1.20%, Pharmaceuticals dropped 0.99%, and Telecommunication slipped 0.23%. Block trades contributed 4.7% of total turnover, reflecting ongoing institutional participation.

The Chittagong Stock Exchange also ended lower, with the CASPI index falling 192 points to 14,825, while the CSCX index declined 115 points to 9,061, signalling negative sentiment across both major bourses.

The auditor of National Feed Mills, a listed company on the stock exchanges, has flagged several non-compliances, including understated purchases, overstated profits, lower reported finance expenses, unpaid workers' participation fund contributions, and a deficit in the unclaimed dividend account.

The auditor's qualified opinion for the year ended 30 June was published on the stock exchanges' website on Thursday (5 March).

The auditor pointed out that National Feed Mills reported Tk7.83 crore in material purchases, while its VAT return showed Tk10 crore.

The auditor's report said there is a possibility that the company's management understated purchases by Tk2.26 crore and overstated the net profit for the year, which could significantly affect the company's earnings per share (EPS).

"Also, we did not find a ledger, vouchers or other supporting evidence for material purchases during the year," the auditor said.

The audit report also said National Feed reported Tk4.40 crore as interest charges in the statement of financial position and Tk2.44 crore as financial expenses for interest on term loans.

"Therefore, the management of the company understated financial expenses by Tk1.96 crore and overstated profit, which could significantly affect EPS," it said.

Moreover, the auditor said it did not find the interest expense ledger, the loan statement of Tk25.78 crore from Bank Asia, or supporting evidence of loan repayment or adjustment amounting to Tk1.96 crore during the period.

The company has Tk2.48 crore in the workers' profit participation fund, but the amount has remained unpaid for several years.

Deficit in unclaimed dividend account

According to the auditor, the company showed Tk3.15 lakh in the unclaimed dividend account, which has remained unclaimed for more than three years.

The fund is supposed to be transferred to the Capital Market Stabilisation Fund (CMSF), but the company's management did not transfer the amount to the fund.

The auditor said the closing balance in the unclaimed dividend account was Tk77,020. Therefore, there is a shortage of Tk2.38 lakh in the dividend bank account.

Inventory items unverified

In its financial statement, National Feed reported Tk55.31 crore in inventory at the end of June 2025.

The auditor said it did not find a slow-moving items list, a damaged items list, a net realisable value (NRV) test, an inventory valuation report, counting sheets, or other supporting evidence.

The NRV test is an accounting procedure used to ensure inventory is not overstated on the balance sheet and is valued at the lower of cost or market value.

"No physical inventory verification was conducted by us due to management unawareness," the auditor said.

When asked about the non-compliances in the financial statements, Md Jahidul Islam, acting company secretary of National Feed Mills, declined to comment and asked to be contacted next Sunday.

Gold rose on Friday after softer US payrolls data kept hopes of a Federal ‌Reserve rate cut alive, but remained on track for its first weekly decline in five weeks as a stronger dollar kept gains in check.

Spot gold was up 1.4 percent at $5,149.14 per ounce as of 01:31 p.m. ET (1831 GMT), ​but was down 2.4 percent this week. US gold futures for April delivery settled 1.6 percent higher at $5,158.70.

“An alarmingly ​weak payrolls report that saw heavy private sector job losses along with higher wages whispers stagflation; let’s see if this is enough to help gold recover from what ​has been a disappointing week,” said Tai Wong, an independent metals trader.

Data showed that nonfarm payrolls decreased ​by 92,000 jobs last month, compared with economists’ expectations for a 59,000 gain, while the unemployment rate rose to 4.4 percent.

Kuwait said it had implemented a ​precautionary reduction in crude ‌oil production and refining throughput following the ​ongoing attacks by ​Iran against Kuwait and "Iranian threats ⁠to safe passage ​of ships through the ​Strait of Hormuz," Kuwait Petroleum Corporation (KPC) said in a ​statement on Saturday.

The ​state oil company said the ‌move ⁠was part of its "risk management and business continuity strategy."

It said ​the adjustment ​was ⁠strictly precautionary and would be ​reviewed as the ​situation ⁠develops, and it remained ready to restore ⁠production ​levels once conditions ​allow.

A comprehensive policy is in the making to strengthen internal resource mobilisation through a broader framework for non-tax revenue collection and management and plugging systemic holes, officials said.

Titled 'Policy for Non-Tax Revenue (NTR) and Other Tax Revenue Collection and Proper Management 2026,' the draft policy proposes a series of reforms aimed at reducing reliance on foreign loans and grants by diversifying revenue sources.

The proposed framework places strong emphasis on environmental taxation, digital revenue systems, and stricter financial discipline for state-owned enterprises (SOEs), according to officials familiar with the move.

The initiative is part of a wider effort to improve the country's fiscal capacity and enhance transparency in public revenue collection.

As part of a shift toward environmentally aligned fiscal measures, the policy proposes the introduction of several "green" levies or fees.

A carbon tax is planned for large polluting entities, initially targeting industries emitting more than 25,000 tonnes of carbon dioxide (CO?) annually, says a source concerned.

The draft also proposes pollution-related fees covering waste management, plastic use, and broader environmental contamination.

In addition, private vehicles that are not environmentally friendly could face higher carbon-emission charges, the source adds.

The policy also proposes the introduction of Electronic Road Pricing (ERP) systems in metropolitan areas and major highways to manage traffic congestion and raise additional revenue.

Under the proposed system, vehicles would be charged automatically through electronic transponders when passing designated ERP gates.

Charges could vary depending on traffic conditions, with higher fees during peak hours intended to discourage congestion and encourage the use of public transport.

To strengthen transparency and prevent revenue leakage, the draft policy emphasises a transition to a fully digitised revenue-collection system.

The officials say the policy proposes the creation of a centralised integrated database that will allow real-time monitoring of revenue collection across ministries and agencies.

All government payments will also be required to use automated challan systems developed by the government.

The policy further requires strict adherence to the Treasury Single Account (TSA) system so that all collected revenues are deposited directly into the government treasury.

Under the proposed rules, government offices would not be allowed to hold revenue in private bank accounts without prior approval from the authorities.

The policy also proposes stronger financial discipline for state-owned enterprises.

The SOEs would be required to deposit at least 30 per cent of their net profit after tax into the government treasury as mandatory dividends.

The government agencies receiving loans from the state would also be required to follow strict repayment schedules.

Failure to comply could result in the imposition of penalty interest, the officials say.

The policy outlines changes to the management of government-owned or khas land, aiming to move away from the traditional model of perpetual ownership.

Instead, the government plans to promote long-term leasing arrangements to improve utilisation of public land.

The draft also proposes establishing a land- bank system to manage unused government land and facilitate its use through public-private partnership (PPP) arrangements.

To implement the policy, the government plans to establish two key oversight bodies.

A high-level task force, chaired by the finance secretary, would review and approve revenue-related fee structures across ministries.

Meanwhile, fee revision committees would evaluate government service fees every three years using a full-cost -analysis approach.

By formalising the collection of fees, fines, dividends and environmental levies, the government expects to create additional fiscal space for development spending.

"Successful implementation of this policy will directly increase the revenue-GDP ratio, a vital indicator of economic self-sufficiency," the draft document notes.Economic emergency law

If approved, the policy will provide a structured framework for managing non-tax revenue sources and strengthening public financial management across government institutions, the senior official added.

Upon the effective date of the draft policy, the 'Non-Tax Revenue and Non-NBR Tax Revenue Management Guidelines 2024' will be deemed to be repealed.

Turmoil in the Middle East has sent investors scrambling for safety once more, reigniting a debate over which assets truly offer protection in times of stress.

The choice is complicated, as traditional refuges behave unpredictably. Gold has swung sharply and the dollar - which has ​been out of favour in the past year - has bounced back.

Here is a look at how some of the favourites stack up:

Greenback passes a test

The dollar has arguably performed ‌the best among safe havens this week.

The dollar index, which tracks the US currency against six others, is up 1.5%. The dollar has even gained against the Swiss franc and yen, which both typically outperform at times of market stress.

That is particularly notable as the dollar weakened when stocks fell following last April's tariff turmoil, raising question marks about its safe-haven status.

It is short-term dollar cash that is in demand, not other dollar assets, flow data shows.

Of course, the US is a net ​energy exporter, so a crisis like this that sends benchmark Brent crude oil above $80 a barrel should help.

"The dollar has some safe-haven characteristics, but it is context specific," said Morgan Stanley ​head of FX strategy James Lord.

And that will not always be the case, he said, because US policy uncertainty has eroded the currency's safe-haven characteristics.

No safety ⁠in sovereigns

Government bonds have struggled to attract the kind of safe-haven flows typically seen during geopolitical shocks, with investors trading them primarily on the inflation outlook rather than on their defensive qualities.

Fiscal considerations, such ​as Germany's relaxation of its debt brake, to broader worries about heavier government borrowing have also outweighed the haven appeal.

Yields on Germany's 10-year Bunds, the euro zone benchmark, have jumped 14 basis points so far this ​week.

"Germany is a flight-to-quality kind of investment, but you don't really want to be playing around at the long end of the bull market if they're raising more debt," Bryn Jones, head of fixed income for Rathbones, said.

Gold's safe-haven street cred is solid

Gold's safe-haven credibility is strong, judging by its 240% surge so far this decade.

Yes, it is proving volatile too, falling sharply on Tuesday. Analysts reckon that was partly because investors sold top-performing assets to make up for losses elsewhere, ​as concern about the Middle East conflict whacked market sentiment.

But this should not detract from gold's safe-haven status, which remains intact, given worries about inflation, geopolitics and high debt, they add.

State Street said gold ​remained under-owned in portfolio terms, with gold exchange-traded fund allocations still under 1% of global fund assets, below the 5-10% range it cites as a strategic allocation range.

"As a base case, $6,000 is more likely than $4,000 this year, and ‌we're just ⁠above $5,000," said Aakash Doshi, head of gold strategy at State Street Investment Management. "That's a clear point to make."

Classic FX refuges put to the test

The Swiss franc and the Japanese yen, long regarded as currency havens, have slipped 1.2% and 0.8% so far this week.

"The one that looks relatively attractive from a valuation perspective is still probably the Japanese yen. It stands out to me as one that can provide protection in this environment," said Justin Onuekwusi, chief investment officer at St James's Place.

But political uncertainty has added a layer of risk to the outlook for the yen after reports that Japanese Prime Minister Sanae Takaichi ​has voiced reservations about further rate hikes.

Meanwhile, analysts ​caution that the franc's upside may be constrained, ⁠given the Swiss National Bank's warning that it stands ready to step in to curb excessive strength.

"Elevated SNB intervention risks would likely diminish its haven attributes during the current shock," Goldman Sachs strategist Teresa Alves said.

Defensive stocks are not helping

Stocks often perform poorly at times of market stress, though some so-called defensive sectors, ​for example, utilities or consumer staples, typically see smaller declines.

But that has not happened this time.

The S&P utilities and consumer staples sectors are down 1% ​and 2.8%, respectively, this week, ⁠while the S&P 500 is flat. In Europe, utilities are down 3% and consumer staples are down 4.5% compared to a 3% fall for the STOXX 600.

This is partly because they had already been doing well. One big investment theme, until the war began at least, was buying "hard assets" like infrastructure and industrials.

More broadly, defensive value stocks have been outperforming growth stocks, and some have done very well.

"When you're investing in the classically defensive ⁠sectors at the ​level of current interest rates, you have to be much more disciplined about relative prices," said James Bristow, portfolio manager ​at Templeton Global Investments.

"I own shares in Pepsi, for example, ... [it] isn't the highest quality company, but the starting point was very low ... that's a different margin of safety from if you're buying shares in, say, Nestle."

Asia stocks fell on Friday (6 March) and were headed for their sharpest weekly drop in six years, ​while oil prices were poised for their biggest jump in four years in a turbulent week for global markets as the conflict in the Middle East ‌showed few signs of easing.

Investors sought the safety of cash as they sobered up to the fact that the US-Israel war on Iran could drag on longer than initially anticipated.

They also moved to price in more hawkish rate expectations from major central banks, spooked by the prospect of a resurgence in inflation if the spike in energy prices persists.

Yields on US Treasuries have shot up some 18 basis points ​this week, their most in nearly a year, while the dollar was set for its largest weekly gain in 16 months.

"The range of plausible outcomes [of ​the war] has expanded to include both the possibility of an exceptionally constructive resolution and a highly destructive one," said Daleep Singh, ⁠chief global economist at PGIM Fixed Income.

"Markets are being asked to price a much fatter set of tails with very little reliable information about the likelihood of each, ​or the path in between."

The war has thus far had the biggest impact on oil prices, with Brent crude futures now trading around $83 per barrel, having been as low ​as $69 just about a week ago. US crude shot up to a 20-month high earlier this week.

Both are set to clock a rise of more than 15% for the week, their largest since February 2022.

"The most market-relevant risk lies in severe escalation or direct infrastructure damage across key Gulf producers, which would likely produce sustained upward pressure on oil, feed into higher headline inflation, tighten global ​liquidity and materially raise recession risks," said Klay Group's senior investment team.

High-flying stocks tumble

MSCI's broadest index of Asia-Pacific shares outside Japan last traded 0.4% lower and was set ​to fall 6.6% for the week, which would mark its steepest weekly drop since March 2020.

Japan's Nikkei was down 0.5% and on track for a 6.5% weekly loss, while South Korea's Kospi was also ⁠headed for its largest weekly fall in six years with a 10.5% slide.

The market rout this week sent even high-flying technology stocks and indexes such as the Kospi tumbling, as investors scrambled to book profits to cover losses elsewhere.

"When the dollar rallies and US yields rise, funding conditions are tightening, which will often exacerbate broader moves, particularly if there's leverage involved," said Ben Bennett, head of Asia investment strategy at L&G Asset Management.

US stock futures were steady in Asia on Friday, while EUROSTOXX 50 futures rose 0.6% ​and DAX futures added 0.5%.

Dollar is king

The ​dollar has emerged as one of ⁠the few winners this week in volatile sessions that have dragged stocks, bonds and, at times, even safe-haven precious metals lower.

The rally in the dollar hit pause on Friday, but it was still on track for a 1.4% weekly gain, bolstered by safe-haven demand and ​reduced US rate-easing expectations.

The euro, which remains vulnerable to a spike in energy prices, was set to fall 1.7% for ​the week, while sterling ⁠was similarly headed for a 0.95% weekly drop.

Investors are now pricing in about 40 basis points worth of easing from the Federal Reserve this year, down from 56 bps a week ago, while odds for a rate cut from the Bank of England this month have fallen to 23% from a near certainty just last week.

The European Central Bank is seen ⁠hiking rates ​by year-end.

The shifting rate expectations have, in turn, pushed up global bond yields, and in Asia on ​Friday, the yield on the benchmark 10-year US Treasury was steady at 4.1421%, having risen some 18 bps this week.

The two-year yield has jumped 20 bps for the week.

Elsewhere, spot gold was steady at $5,078.88 an ounce, ​though it was headed for a 3.7% weekly fall as rising yields and a stronger dollar eclipsed the yellow metal's safe-haven appeal.

Four vessels carrying about 247,000 tonnes of liquefied natural gas (LNG) and two ships transporting nearly 35,000 tonnes of liquefied petroleum gas (LPG) are heading to Chattogram Port.

The vessels had already crossed the strategic Strait of Hormuz before tensions escalated in the Middle East, and thus, easing concerns over any immediate gas supply disruption when the country is going through a panic of fuel shortage.

Confirming the matter, Md Nurul Alam, senior deputy general manager of Uni Global Business Limited, the local representative of the LNG carriers, said the arrival of the four vessels is almost certain.

However, another LNG carrier named Libretha is currently waiting inside the Strait of Hormuz after loading cargo and has yet to pass through the waterway.

"If the situation deteriorates further, future LNG shipments may face uncertainty," he said.

Port and shipping sources say the vessels had already passed through the Strait of Hormuz and the Gulf of Oman days before the conflict intensified following joint strikes by the United States and Israel on Iran on 28 February.

Altogether, 15 vessels carrying LNG, LPG and cement raw materials are now arriving at Chattogram.

Of them, 12 have already reached the port while three more are expected within this week. The ships are carrying nearly 750,000 tonnes of cargo in total.

LNG shipments from Qatar

Two LNG carriers, Al Zor and Al Jasasiya, have already arrived at Chattogram carrying about 126,000 tonnes of LNG from Ras Laffan Port in Qatar.

Two more vessels, Lusail and Al Galaiel, are scheduled to reach the port's outer anchorage on Monday and Wednesday respectively.

Together, the four ships are bringing roughly 247,000 tonnes of LNG to Bangladesh.

Shipping data show the vessels crossed the Strait of Hormuz between two and seven days before the conflict escalated.

Government agencies have also purchased two additional LNG cargoes from the spot market at higher prices to avoid potential supply shortages, though those vessels have not yet arrived.

LPG cargo for Meghna Group

An LPG carrier named Sevan is scheduled to arrive at Chattogram on Sunday carrying 22,172 tonnes of LPG from Sohar Port in Oman.

Another vessel, GYMM, carrying 19,316 tonnes of LPG from the same port had already reached the port before the conflict escalated.

The two ships together are delivering nearly 35,000 tonnes of LPG for Meghna Fresh LPG, a concern of Meghna Group of Industries.

Apart from energy shipments, several vessels carrying clinker and other raw materials for the cement industry have also reached Chattogram from Gulf ports.

These include clinker, gypsum, limestone and stone, with around 515,000 tonnes of such materials arriving from the region.

Officials say Bangladesh imported goods worth nearly $6 billion from Gulf countries through the Strait of Hormuz during the 2024-25 fiscal year.

However, if tensions persist around the waterway, fresh shipments could face disruptions in the coming weeks.

Sean Robinson, a 54-year-old schoolteacher in the US capital Washington, did not realize how high gas prices had gotten until he arrived at the pump on Friday.

“That is a sizeable jump,” he told AFP, pointing to a neon sign showing $3.27 for a gallon of regular gasoline.

Robinson is among US consumers feeling the sting of a cost surge sparked by the US-Israel war on Iran, which sent oil prices soaring as Tehran effectively blocked the Strait of Hormuz after being attacked.

But the price hike comes at a politically sensitive time for President Donald Trump as midterm elections approach, hitting voters hard.

Expensive gasoline could also prompt the independent central bank to put the brakes on the world’s largest economy as it battles stubborn inflation.

Since last week, US average domestic fuel prices have risen 11 percent, according to the AAA’s fuel price gauge.

It is the kind of move that Robinson said will have him cutting down on all but the essentials.

“It just determines what I’m going to do on a day-to-day basis,” he said. “Pretty much start thinking about (watching) Netflix, staying in the house instead of burning gas.”

Others at the gas station agreed.

“It impacts all areas of life,” said Toloria Washington, 39. “We are in a state of survival mode.”

Washington, who works in finance, said fuel expenses are non-negotiable for her. With prices rising at the pump, she had to make cuts elsewhere.

That, she said, is a problem for people already battered by years of high prices post-pandemic. “That’s the key thing, it’s tapping into everybody’s basics,” she added. “It’s the basics. Daily survival of food, water, housing.”

US inflation hit a peak of 9.1 percent during the pandemic. While it has cooled since then, analysts warn of risks of another pick-up.

“Inflation showed signs of accelerating prior to the jump in energy prices,” said KPMG chief economist Diane Swonk.

“That has left consumers in a sour mood,” she added.

Swonk warned that rising fuel prices added “insult to injury” for low-income Americans, who are already seeing higher healthcare costs and a tightening of welfare benefits under Trump.

Trump, who has bragged about oil prices falling during his term, sought to address the political fallout on Friday, telling CNN he expected prices to come down quickly.

His Republican party holds only a slim majority in both the House and Senate.

With midterm elections due in November, he will be hoping that voters do not let tightening household budgets weaken his political position.

Trump could see further complications if inflation from gasoline price hikes pushes the Fed to respond by keeping interest rates at a higher level.

The central bank has a dual mandate of maintaining stable prices and maximum employment, but has one main tool to do so -- adjusting interest rates.

Raising them generally cools economic activity and reduces inflation while lowering them can spur activity, boosting the weakening employment market.

The prospect of more inflation due to oil prices raises the specter of what some analysts call a nightmare scenario.

“This could not come at a worse time for the Federal Reserve,” said KPMG’s Swonk. “It now has a dueling mandate with the risk that inflation not only lingers but accelerates.”

Fed policymakers remain cautious.

Addressing higher domestic energy prices on Friday, Federal Reserve governor Christopher Waller told Bloomberg TV he considered them “unlikely to cause sustained inflation.” But this is scant consolation for many Americans hit by even a temporary bout of price increases.

“One thing after another, it’s chaos, you know, every day,” said Lucas Tamaren, 32, at a gas pump in Los Angeles.

“Living in America feels unpredictable and chaotic and it’s hard.”

Robinson, the schoolteacher, said he will be watching gas prices every day now. He expects price pressures will be reflected at the voting booth in November.

“The more you pay higher gas, higher groceries (costs),” he said, voters will “start to see” that the middle class is shrinking.

As escalating geopolitical tensions in the Middle East create uncertainty over global economic stability, Bangladesh's top eight economists have advised the central bank to preserve foreign currency reserves, hold off on cutting the policy interest rate for now, and closely monitor unusual fluctuations in the dollar market.

These recommendations were made during a meeting at Bangladesh Bank today (7 March) with Governor Mostaqur Rahman, confirmed by spokesperson and executive director Arif Hossain Khan.

The economists noted that the full impact of the Iran-US standoff remains unclear, but warned that if the crisis continues, it could disrupt fuel supplies, affect remittance inflows, and place additional pressure on the dollar market, underscoring the need for a cautious approach.

They insisted that the central bank should protect foreign currency reserves and avoid unnecessary expenditure, particularly on import financing.

To mitigate potential risks in fuel supply, they suggested reducing reliance on the Middle East and exploring alternative sources, including examining the possibility of importing fuel from Brunei, Singapore, and other countries if necessary.

Even with rising global fuel prices, they recommended refraining from immediately passing these costs to consumers, cautioning that such action could worsen inflation and destabilise the broader economy.

With inflation already high, the economists said lowering the policy interest rate now would not likely stimulate investment, and any reduction should be considered only after global conditions stabilise to encourage growth.

The group also urged accelerating disbursement of loans pledged by the World Bank and other development partners and exploring additional financing from the Islamic Development Bank to support fuel imports.

They highlighted that rising tensions in the Middle East could disrupt remittance flows if workers face travel restrictions, stressing that processes should be streamlined to ensure those willing to send money home can do so efficiently.

Acknowledging that global shocks may be unavoidable, the economists advised policymakers to focus on minimising potential economic damage.

Governor Mostaqur Rahman, according to multiple sources, pledged to act with integrity, make decisions free from political influence, and encourage banks to do the same.

They also recommended forming a special committee to monitor economic developments, analyse trends, and advise policymakers, reducing the risk of panic-driven market reactions.

A source present at the meeting, speaking to The Business Standard on condition of anonymity, said the economists emphasised three core points: foreign reserves should not be depleted because substantial dollars are needed for importing essential goods beyond fuel; the policy interest rate should not be reduced under current conditions, as businesses are unlikely to invest; and the central bank should remain vigilant to prevent abnormal spikes in the dollar rate.

The meeting follows Governor Mostaqur Rahman's initial move to lower the policy rate after taking office on 26 February, which was postponed following the resignation of a Monetary Policy Committee member and objections from economists.

The ongoing US-Iran confrontation has created fresh uncertainty over global fuel supply and pricing, prompting the central bank to convene leading economists to assess potential economic impacts.

Officials present from the Bangladesh Bank included the governor, four deputy governors, and senior officials.

Economists attending the meeting were Mustafizur Rahman, fellow at CPD; Fahmida Khatun, executive director at CPD; former cenbank chief economist Mustafa K Mujeri; Mohammad Abdur Razzak, chairman of RAPID; Selim Raihan, executive director of Sanem; Masrur Riaz, chairman of Policy Exchange Bangladesh; AK Enamul Haq, director of Bids; and Najmus Sadat Khan, senior economist at the World Bank Dhaka office.

US retail gasoline and diesel prices are soaring as the US-Israel war with Iran constrains oil and fuel exports, which could be a political test for President Donald Trump's Republican Party ahead ​of midterm elections in November.

Fuel prices jumped more than 10% this week as oil rose above $90 a barrel, its highest in years, adding pain at the ‌pump for consumers already strained by inflation. Trump on Thursday shrugged off higher gasoline prices in an interview with Reuters, opens new tab, saying "if they rise, they rise."

The president had vowed to lower energy prices and unleash US oil and gas drilling during his second term, but much of his tenure has been marked by volatility and uncertainty amid shifts in policies like tariffs and geopolitical turmoil. The US is the world's largest oil producer. It is a major exporter ​but also imports millions of barrels a day since it is the world's largest oil consumer.

As of Friday, the national average prices for regular gasoline stood at $3.32 a ​gallon, up 11% from a week ago and the highest since September 2024, according to data from the motorists association AAA. Diesel was at $4.33, ⁠up 15% from a week ago, surging to the highest since November 2023.

MIDWEST, SOUTH FEEL THE PINCH

US motorists in parts of the Midwest and the South, including states that supported Trump, have ​seen some of the steepest increases in fuel costs since the conflict in Iran started.

In Georgia, a swing state, average retail gasoline prices rose 40.1 cents a gallon over the past week, ​according to fuel tracking site GasBuddy.

Andrenna McDaniel, a healthcare insurance worker in South Fulton, Georgia, said she was surprised to see prices skyrocket overnight.

"They jumped up so quickly," she said on Friday, adding that she does not agree with the war at all.

McDaniel, a Democrat, said that for now she is only driving for the most important things, and feels lucky that she works from home so she does not have to drive as ​much as other people do.

Georgia voted for Donald Trump in the 2024 election.

Trump voter Richard Soule, 69, a US Air Force veteran and a retired firefighter, said a little pain at the pump ​is worth Trump's efforts to protect America.

"When President Trump went in there and bombed out their nuclear, and they just thumbed their nose at it, I believe he did the right thing at the right ‌time," Soule said ⁠on Friday as he filled up his Ford F-150 truck in Marietta, Georgia.

Other states, including Indiana and West Virginia have seen prices rise by 44.3 cents and 43.9 cents, respectively.

PRICES MAY RISE FURTHER

More pain may be on the way, analysts said, as oil prices continue to trend upward. On Friday, US oil futures settled at $90.90 a barrel, up nearly $10 and the biggest single-day rise since April 2020.

"Given current market conditions, the national average price of gasoline could climb toward $3.50 to $3.70 per gallon in the coming days if oil continues rising and supply disruptions persist," GasBuddy analyst Patrick De ​Haan said.

The disruptions in the Middle East and ​the Strait of Hormuz, a key trade ⁠conduit, have boosted demand for US oil abroad, which in turn has driven up prices for domestic refiners too.

"The US has weaned itself off of its dependence on Middle Eastern crude, but obviously Asian refineries, and to a lesser extent, European refineries have not," Denton Cinquegrana, chief oil ​analyst with OPIS. "That's what you're seeing happen in the spot market, because the demand for US exports rise, and so the price rise."

Seasonal ​factors could add further ⁠pressure. Gasoline prices typically go up in the spring and peak in the summer due to higher gasoline demand and production of summer-blend gasoline, which is more costly to produce.

Diesel fuel saw an even more aggressive jump since Iran began retaliating against US and Israeli strikes, significantly disrupting shipping in the Strait of Hormuz.

Global diesel inventories have remained in tight supply due to heavy demand for heating and power generation ⁠during a ​prolonged winter in the US and other parts of the world and a structural tightness of refining capacity.

Sticker prices ​of everything from food to furniture go up when the cost of diesel goes up, as the fuel is mainly used in freight transportation, manufacturing, agriculture, and global shipping, analysts said.

"In a world where buzzword seems to be 'affordability', that is ​certainly not going to help," Cinquegrana said.

Authorities have shut five of the country’s six urea fertiliser factories as a precaution amid fears of gas supply disruptions caused by the widening war in the Middle East and Iran’s closure of the Hormuz Strait, a key global energy route.

From Wednesday, gas supplies to the urea plants, including one privately owned unit, were suspended as part of an energy rationing, said officials at the state-run Bangladesh Chemical Industries Corporation (BCIC).

The corporation runs seven fertiliser factories, including four producing urea.

The factories affected are Ghorashal Polash Fertiliser Public Ltd Company, Chittagong Urea Fertiliser Factory Ltd (CUFL), Jamuna Fertiliser Company Ltd, Ashuganj Fertiliser & Chemical Company Ltd, and the privately run Karnaphuli Fertiliser Company Limited (KAFCO). Of these, production has remained suspended in the Ashuganj factory for months.

Officials say that now only the Shahjalal Fertiliser Factory remains operational, though even this may not continue for long.

However, two state-owned non-urea factories that do not rely on gas remain open.

The country meets nearly 30 percent of its gas demand, equivalent to 2,650 million cubic feet per day (mmcfd), through imported liquefied natural gas (LNG) as domestic output continues to fall short.

Officials said about 197 million cubic feet of gas per day are required to run the five urea factories at full capacity. The factories were already suffering from an inconsistent gas supply before the shutdown.

The suspension of urea output comes at a critical time for farmers planting Boro, the main dry season rice crop, which accounts for more than half of Bangladesh’s annual 40 million tonnes of grain.

Bangladesh requires more than 26 lakh tonnes of urea each year. Around 40 percent is produced locally, while the remainder is imported from Middle Eastern countries including Saudi Arabia, the UAE and Qatar.

Two-thirds of the annual urea demand falls between November and March, mainly for Boro rice cultivation.

Contacted, Md Moniruzzaman, director of production and research at BCIC, said the corporation currently holds 468,000 tonnes of urea in stock, enough to cover demand for the rest of the Boro season.

“So, there will be no shortage of the fertiliser during the current Boro rice cultivation season,” he said.

The BCIC officials said they were asked to keep production shut for 15 days. The closed factories together have a total daily capacity of around 7,100 tonnes. This means more than 1 lakh tonnes of urea production will be affected.

Although the target for fertiliser output in the 2025-26 fiscal year was 10 lakh tonnes, only 550,000 tonnes have been produced in the eight months to February, according to officials.

One of them expressed doubts about meeting the target in the remaining four months.

Engineer Syed Abu Naser Md Saleh, general manager of the engineering services division at Karnaphuli Gas Distribution Company, said that gas supply to the two fertiliser plants has been suspended since Wednesday in line with government instructions.

“Around 70-80 million cubic feet of gas used to be supplied to the two plants,” he said.

Riaz Uddin Ahmed, executive secretary of the Bangladesh Fertiliser Association, said the urea factory closures are unlikely to affect the current Boro season.

Planned imports of non-urea fertiliser for this fiscal year have already been completed, he added.

“So, I see no problem until June-July of this year. We have to be ready for the later months. If the crisis [in the Middle East] lingers, there will be a problem,” he said. “We should start exploring alternative sources to avoid any risk.”

Unilever Consumer Care Limited has recommended a 420% cash dividend for its shareholders for the year ended 31 December 2025, according to a price-sensitive disclosure approved on 5 March.

The company had declared a higher 520% cash dividend for the previous year. The proposed dividend will be placed for approval at the annual general meeting scheduled for 18 May, while the record date to determine eligible shareholders has been fixed for 6 April.

The healthcare and consumer products manufacturer reported improved profitability during the year. Earnings per share rose 19% year-on-year to Tk41.21. However, the net asset value per share declined by 8.30% to Tk116.30.

Despite higher profits, the company posted a negative net operating cash flow per share of Tk21.54, compared to a positive Tk25.62 in the previous year.

In its disclosure, the company said profit growth was mainly driven by strong revenue performance and improved operational efficiency. It also benefited from a one-off gain arising from the reassessment of prior obligations related to technology and trademark royalty payments. Additionally, efficient investment of surplus cash contributed to significantly higher net finance income during the year.

The decline in net asset value per share was attributed to the higher dividend payout in the 2025 financial year compared to the earnings generated during the same period.

Explaining the sharp change in operating cash flow, the company said that although profit increased, net operating cash flow per share dropped significantly due to the settlement of all outstanding Usance Payable at Sight (UPAS) letters of credit during the year, without availing any new UPAS facilities.

As a result, the company experienced a substantial cash outflow during the period compared to the operating profit generated.

UPAS is a widely used trade finance instrument structured as a letter of credit that allows importers to defer payment while exporters receive immediate payment.

Under this arrangement, banks bridge the payment timing gap by financing the transaction, enabling buyers to pay later while ensuring sellers are paid at sight.

Unilever Consumer Care shares closed 0.37% down at Tk2,153 each on Thursday at the Dhaka Stock Exchange (DSE).

According to the shareholding report for January, sponsors and directors hold 92.80% shares in the company, while institutional investors have 3.58%, foreign investors have 0.11% and the remaining 3.51% are held by public shareholders.

Deposit growth in banks hit a five-year high at the end of December 2025 -- owing to a gradual recovery in confidence among savers.

Banks in the country recorded Tk 21 lakh crore in savings at the end of last year, which was 11.51 percent higher year-on-year, according to quarterly statistics of scheduled banks published by the Bangladesh Bank (BB).

With this growth, deposits in 61 banks crossed the Tk 20 lakh crore mark, the highest so far.

“It appears that people’s confidence in banks is gradually being restored,” said Md Mahiul Islam, deputy managing director at BRAC Bank.

But not all banks registered an increased flow of savings. The deposit surge is limited to some seven to eight banks, he said.

The BB data showed that private banks, including Islamic banks, accounted for 69.52 percent of the total deposits, followed by state banks and foreign banks.

In 2024, the growth of deposits in the banking sector slowed due to a confidence crisis centring on some banks that suffered from high loan irregularities and faced problems returning money to savers on demand, even though most banks offered high interest on savings.

The BB had to inject funds into those weak banks to help them overcome a liquidity crisis.

A top banker at a private bank said a number of banks still face challenges in attracting savers.

The Bangladesh Bank Quarterly -- another report by the central bank -- said, “A gradual easing of inflationary pressure apparently halted dissaving by households and businesses, leading to strong inflows into time and savings deposits.”

It said the robust expansion of bank deposits reflects increased savings and a higher public propensity to hold financial assets in the formal banking sector.

“This trend was further supported by heightened public confidence in the banking industry, likely resulting from recent political developments that fostered greater stability and trust,” it said.

Despite deposit expansion, banks recorded the slowest growth in loans and advances in 2025 amid muted investment demand from the private sector due to rising interest rates and banks’ cautious lending to avoid a buildup of default loans.

Banks gave Tk 17.77 lakh crore in loans and advances, up 5.6 percent from a year ago.

The BB in its quarterly said advance growth remained steady, reflecting banks’ cautious lending amid high NPLs and tighter monetary policy.

The US-Israeli war with Iran could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even if the week-old conflict ends quickly, as suppliers grapple with damaged facilities, disrupted logistics, and elevated risks to shipping.

The outlook poses a global economic threat and a political vulnerability for US President Donald Trump leading into the midterm elections, with voters sensitive to energy bills and unfavorable to foreign entanglements.

"The market is shifting from pricing pure geopolitical risk to grappling with tangible operational disruption, as refinery shutdowns and export constraints begin to impair crude processing and regional supply flows," JP Morgan analysts said in a research note on Friday.

The conflict has already led to the suspension of around a fifth of global crude and natural gas supply, as Tehran targets ships in the vital Strait of Hormuz between its shores and Oman, and attacks energy infrastructure across the region.

Global oil prices have surged more than 25% since the start of the war, driving up fuel prices for consumers worldwide.

A nearly complete shutdown of the Strait means the region's giant oil producers - Saudi Arabia, the United Arab Emirates, Iraq and Kuwait - have had to suspend shipments of as much as 140 million barrels of oil - equal to about 1.4 days of global demand - to global refiners.

As a result, oil and gas storage at facilities in the Middle East Gulf are rapidly filling, forcing oil fields in Iraq and Kuwait to cut oil production, with the United Arab Emirates likely to cut next, analysts, traders and sources said.

"At some point soon, everyone will also shut in if vessels do not come," said a ⁠source with a state oil company in the region, who asked not to be named.

Oilfields forced to shut in across the Middle East as a result of the shipping disruptions could take a while to return to normal, said Amir Zaman, head of the Americas commercial team at Rystad Energy.

"The conflict could be ended, but it could take days or weeks or months, depending on the types of fields, age of the field, the type of shut-in that they've had to do before you can get production back up to what it once was," he said.

Iranian forces, meanwhile, are targeting regional energy infrastructure - including refineries and terminals - forcing them to shut down too, with some of those operations badly damaged by attacks and in need of repairs.

Qatar declared force majeure on its huge volumes of gas exports on Wednesday after Iranian drone attacks and it may take at least a month to return to normal production ‌levels, sources told Reuters. Qatar supplies 20% of global LNG.

Saudi Aramco’s mammoth Ras Tanura refinery and crude export terminal, meanwhile, has also closed due to attacks, with no details on damage.

The White House has justified the attack on Iran, saying the country posed an imminent threat to the United States, although it has not provided details. Trump has also said he was concerned about Iran's efforts to obtain a nuclear weapon.

DANGER IN THE STRAIT

A quick end to the war would soothe markets. But a return to pre-war supply and pricing could take weeks or months, depending on the extent of the damage to infrastructure and shipping.

"Considering physical damage due to Iranian strikes, so far we have not seen anything that would be considered structural, although the risk remains as long as the war continues," said Joel Hancock, energy analyst, Natixis CIB.

The biggest question for energy supplies is how and when the Strait of Hormuz will become safe for shipping again. Trump has offered naval escorts to oil tankers and promised US insurance support to vessels in the region.

But safety in the waterway may be elusive, as Iran has the capacity to sustain drone attacks on shipping for months, intelligence and military sources have said.

The conflict could also encourage countries to top up their strategic petroleum reserves in the weeks and months after the conflict ends, by exposing the dangers of thin inventories. That would increase demand for oil and support prices.

GLOBAL ECONOMIC, POLITICAL RISK

In the meantime, the disruption in energy shipments is reverberating through supply chains and economies in import-reliant Asia, which sources 60% of its crude oil from the Middle East.

In India, state-run Mangalore Refinery and Petrochemicals MRPL.NS declared force majeure on gasoline export cargoes, sources said this week, joining a growing number of refineries in the region unable to fulfill sales contracts due to lack of supply.

At least two refineries in China have cut runs. China, a big supplier to the region, has asked refineries to suspend fuel exports. Thailand has also suspended fuel exports, while Vietnam has suspended crude shipments.

Disruption has given Russia a boost. Prices for Russian crude cargoes have risen as the US has given Indian refiners a 30-day waiver to buy Russian crude to substitute for lost Middle East supply. Washington had pressured India to cut Russian oil imports under the threat of tariffs.

In Japan, the No. 2 global LNG importer, baseload power futures for Tokyo for the fiscal year starting in April jumped more than a third this week on the EEX in anticipation of higher fuel prices. And in Seoul, drivers queued up at petrol stations in anticipation of rising pump prices.

For European consumers, the crisis in gas supplies and the higher prices are a double whammy. The region was hit the hardest by the disruption to gas supplies due to sanctions on Russian energy imports after Russia invaded Ukraine in 2022.

Europe turned to LNG imports to substitute for Russian pipeline gas. And Europe now needs to buy 180 more LNG cargoes than it did last year to fill gas storage to the levels needed before next winter.

The supply risks to the United States are fewer, as the country has grown in recent years into the world’s largest oil and gas producer. But US crude and fuel prices rise in tandem with international crude markets, so pump prices for gasoline and diesel are affected even if domestic supply is plentiful.

US average retail gasoline, for example, hit $3.32 a gallon nationally on Friday, up 34 cents over last week, according to AAA. Diesel prices, meanwhile, hit $4.33 a gallon, up from $3.76 a gallon a week ago.

Higher prices at the pump mark a major risk for Trump and his fellow Republicans as they head into midterm elections in November.

"Gasoline prices are psychologically powerful," said Mark Malek, chief investment officer at Siebert Financial. "They are the inflation number that consumers see every single day."

Adeline Beauty Technology (Bangladesh) Co Ltd, a Chinese company, will invest $22 million to establish a fashion and beauty products manufacturing factory at the Bepza Economic Zone in Mirsharai, Chattogram.

The investment will create employment opportunities for approximately 4,170 Bangladeshi nationals.

The company will manufacture a wide range of fashion, hair and beauty products, including wigs, eyelashes and cosmetic nails, primarily for export to major international markets such as the US, Canada, the UK, Germany, France, Spain, Italy, the UAE, Russia and Mexico, among other destinations.

Md Tanvir Hossain, executive director (investment promotion) of Bangladesh Export Processing Zones Authority (Bepza), and Hang Sun, managing director of Adeline Beauty Technology (Bangladesh) Co Ltd, signed a land lease agreement in this regard at the Bepza Complex in Dhaka yesterday, according to a press release.

Major General Mohammad Moazzem Hossain, executive chairman of Bepza, attended the signing ceremony.

Speaking on the occasion, he reaffirmed the authority’s commitment to providing a secure, compliant and business-friendly environment for investors.

He also encouraged further Chinese investment in diversified and value-added sectors.

Abdullah Al Mamun, member (engineering); ANM Foyzul Haque, member (finance); Samir Biswas, executive director (administration); Md Khorshid Alam, executive director (enterprise services); and ASM Anwar Parvez, executive director (public relations), along with senior officials of Bepza and representatives of the company, were also present.

After several rounds of rises, gold prices in Bangladesh fell, with the rate of 22-carat gold dropping by Tk9,214 per bhori.

The new rate sets the price of 22-carat gold at Tk2,68,214 per bhori (11.664 grams), according to a statement issued this morning (4 March) by the Bangladesh Jewellers Association (Bajus).

Bajus said the decision was taken considering the overall market situation, particularly a decline in the price of pure gold (tejabi gold) in the local market.

The revised rates have come into effect immediately.
Gold prices hiked by Tk3,324 per bhori

Under the new pricing structure, 21-carat gold now costs Tk2,56,025 per bhori while 18-carat gold is priced at Tk2,19,258 per bhori.

The price of traditional-method gold has been set at Tk1,79,159 per bhori.

The last adjustment was made on 3 March, when Bajus increased the price of 22-carat gold by Tk3,324 per bhori to Tk2,77,428.

So far in 2026, gold prices have been adjusted 37 times in the domestic market, with rates increased 24 times and reduced 13 times.

Alongside gold, silver prices have also been reduced.

The price of 22-carat silver has been cut by Tk641 per bhori to Tk6,532.

The price of 21-carat silver now stands at Tk6,240 per bhori, 18-carat silver at Tk5,365 per bhori, and traditional-method silver at Tk4,024 per bhori.

In 2026, silver prices have been adjusted 22 times so far, including 14 increases and eight reductions.