Gold edged higher on Wednesday on safe-haven demand and as ‌a retreat in oil prices calmed inflation worries, reviving expectations for potential Federal Reserve rate cuts this year as investors awaited US CPI data that may offer more cues.

Spot gold was up 0.1 percent at $5,198.29 ​per ounce, as of 0641 GMT. US gold futures for April delivery fell 0.7 percent ​to $5,206.40.

Oil prices dropped below $90 per barrel amid reports that the International Energy Agency proposed the largest release of oil reserves in its history to curb surging prices.

“With ​these (inflation) concerns having eased... hedging and safe-haven attributes (of gold) have once again come to the fore. So, ​I think from current levels we remain optimistic,” said Nikos Kavalis, Singapore managing director of Metals Focus.

The US and Israel pounded Iran with what the Pentagon and the Iranians on the ground called the most intense ​airstrikes of the war, despite global markets betting that Trump will seek to end ​the conflict soon.

The war has effectively shut the Strait of Hormuz, a chokepoint for a fifth of global ‌oil and liquefied natural gas, stranding tankers for more than a week and forcing producers to halt output as storage fills, driving energy prices soaring.

Bullion, traditionally viewed as a safe-haven asset, has risen more than 20 percent so far this year, notching successive record highs amid heightened geopolitical and ​economic uncertainty.

“I think it’s ​very likely that ⁠we’ll see gold get to over $6,000 an ounce by the third or fourth quarter this year, probably even higher early next year,” Kavalis ​said.

Markets are now awaiting the US consumer price index for February, ​due later ⁠in the day, and the Personal Consumption Expenditures (PCE) index - the Fed’s preferred inflation gauge - on Friday.

Investors expect the Fed to keep rates steady at the end of its two-day meeting on March ⁠18 ​but still see at least two rate cuts this year, ​per CME Group’s FedWatch tool.

The government has asked the National Board of Revenue (NBR) to outline plans for increasing revenue collection during the remaining months of the current fiscal year.

According to the government's plan, in order to raise the tax-to-GDP ratio to 8% in the current FY2025-26, revenue collection must increase by around Tk1.25 lakh crore compared to the previous fiscal year.

This means revenue collection needs to grow by about 34% from last fiscal year, although growth in revenue collection during the seven months from July to January has been less than 13%.

Prime Minister's Adviser on Finance and Planning Dr Rashed Al Mahmud Titumir has instructed the NBR to explain what measures it will take to boost revenue collection during the remaining four months of the fiscal year, from March to June, and from which sectors revenue will be increased.

He gave the instruction during a meeting with senior officials at the NBR headquarters in Agargaon, Dhaka, today (11 March), several officials present at the meeting told The Business Standard.

However, speaking on condition of anonymity, a VAT division official who attended the meeting told TBS, "According to the government's target, the opportunity to increase revenue collection significantly in the remaining months of the fiscal year is limited. Some increase in revenue may come through special drives to recover arrears."

Explaining the reasons, the official said, "Due to both domestic and global factors, there is currently little dynamism in the country's economy. Development project implementation is slow. Import and export activities are also sluggish. So how will such a huge amount of revenue come?"

The official also said there is little scope to increase taxes midway through the fiscal year. As a result, regardless of the outcome in the current fiscal year, some measures may be taken in the next budget to ensure better progress in revenue collection in FY2026-27.

In FY2024-25, the tax-to-GDP ratio dropped to 6.6%, which is far below the target set by the International Monetary Fund (IMF) for Bangladesh. Ahead of the national election, the BNP government also pledged to increase the tax-to-GDP ratio or domestic revenue collection.

In line with that commitment, pressure has been mounting on the NBR since the government assumed responsibility to increase revenue collection.

Sources at the NBR said the authority currently has nearly Tk1 lakh crore in outstanding revenue, a large portion of which is undisputed while the rest is tied up in legal cases. NBR officials believe that if a major drive is launched to recover these arrears in the remaining months of the fiscal year, a significant amount of revenue could be collected. Beyond that, opportunities to increase revenue to meet the target remain limited.

Analysis of NBR revenue collection statistics also shows that the pace of revenue growth has slowed over the past three months. The growth rate seen at the beginning of the fiscal year has gradually declined. In such a situation, officials believe maintaining normal revenue growth in the coming months will be a major challenge for the NBR.

Inflow of remittances witnessed a year-on-year growth of 51.7 percent reaching US$1,738 million in the first ten days of March, according to the latest data of Bangladesh Bank (BB) issued today (Wednesday).

Last year, during the same period, the country's remittance inflow was $1,145 million, BSS reports.

During the July to March 10, 2026 of the current fiscal year, expatriates sent remittances of $24,191 million, which was $19,635 million during the same period of the previous fiscal year.

US liquefied natural gas (LNG) companies are projected to earn more than $1 billion per week in additional profits as global energy prices surge amid the ongoing conflict involving Iran, according to new data from energy research firm EnergyFlux.

The crisis escalated after a US–Israel coalition launched strikes in Iran on 28 February, destabilising global energy markets. The situation intensified when Qatar shut down its Ras Laffan LNG facility, which accounts for about 20% of global LNG supply, triggering a worldwide supply shortage.

EnergyFlux data shows that profits from a single LNG cargo shipped from the United States to Europe have doubled from around $25 million last week to more than $50 million as of 2 March.

Analysts estimate that if the Ras Laffan plant remains closed for a month, US LNG exporters could earn up to $4 billion in extra profits. If disruptions continue through the summer, the figure could rise to around $20 billion per month.

Shares of major US LNG exporters have already surged. Venture Global and Cheniere Energy saw their share prices rise by about 23% and 11%, respectively, following the market shift. Venture Global has also been reported to have close ties to former US President Donald Trump.

The increase in LNG profits comes alongside a broader spike in energy prices. Since the conflict escalated, Brent crude oil prices have risen about 14%, European natural gas prices have jumped 75%, and Asian LNG spot prices have climbed roughly 47%.

With Middle Eastern supply disrupted, Europe and Asia are increasingly turning to alternative suppliers, particularly the United States. Rapid expansion of liquefaction facilities over the past decade has made the US the world's largest LNG exporter, accounting for around 25% of global exports in 2025.

Europe remains the primary destination for US LNG, especially after the region reduced reliance on Russian pipeline gas following the 2022 invasion of Ukraine. Countries such as Spain, Germany, Italy, the Netherlands and the United Kingdom have expanded or are expected to increase imports from the United States.

Asian countries including China, Japan, South Korea, Bangladesh and India may also increase LNG imports from the US if the Iran crisis continues, as many of them depend heavily on LNG for electricity generation and industrial use.

Energy experts say the situation highlights how LNG has become both a commercial commodity and a geopolitical tool, while also underscoring the importance of diversifying energy sources and accelerating the shift toward renewable energy.

Bangladesh Bank (BB) has identified six major business groups as primary targets in its first phase of strategic efforts to recover laundered loan assets from abroad.

Due to strategic reasons, the central bank has not yet disclosed the names of these groups, UNB reports.

However, sources confirmed that they were selected based on the volume of their defaulted loans, allegations of money laundering, and specific intelligence reports.

According to central bank officials, there is strong evidence that these groups laundered a significant portion of the massive loans they secured from the banking sector. To expedite results, the most "high-risk" and discussed groups have been prioritized.

Under this initiative, affected banks are preparing to initiate civil proceedings in foreign courts with the assistance of international asset recovery agencies and litigation funders. These experts will track the money trail, locate offshore assets, and determine legal strategies for recovery.

Bangladesh Bank Governor Md. Mostaqur Rahman has directed banks to intensify their efforts, emphasizing that the laundered money belongs to depositors.

Presiding over a meeting titled ‘Update of Civil Asset Recovery Status’ on Tuesday, the Governor, who also chairs the Stolen Asset Recovery Taskforce (SARTF), assured banks of full support.

"This is a national priority. If any bank faces political pressure while pursuing these cases, they should contact me directly. I will take the responsibility of handling such pressure," he stated.Politics

The recovery process is being conducted through two channels. One is through criminal proceedings, managed on a Government-to-Government (G2G) basis involving state agencies and law enforcement. The other is through civil proceedings, led by the affected banks, who hire international firms to sue for damages and asset repatriation in foreign jurisdictions.

The meeting revealed that 10 banks have already signed 36 Non-Disclosure Agreements (NDAs) with various international asset recovery firms. While private banks are moving swiftly, state-owned commercial banks were urged to accelerate their information-sharing and NDA processes.

Following the first phase involving these six groups, the central bank plans to expand the scope significantly. Preparation is already underway to bring over 100 potential cases under the civil asset recovery framework in the second phase.

Central bank officials believe that successful legal action against these first six groups will set a crucial precedent and send a stern warning to other large-scale loan defaulters.

Bangladesh’s processed food exports to key Middle Eastern markets have come to a standstill as disruptions in the Strait of Hormuz caused by the US-Israeli war on Iran have halted shipments, leaving containers stranded and exporters fearing mounting financial losses.

Containers loaded with snacks, spices and other food products are either stranded or unable to be shipped. Companies warn that prolonged disruptions could affect cash flow, inventory management and profitability.

Bangladesh exports a wide range of products to the Middle East, industry insiders say, including beverage items, spices, biscuits, puffed rice, chanachur (Bombay mix), noodles, mustard oil, and other snacks.

The companies’ major markets in the region include Saudi Arabia, the United Arab Emirates, Oman, Qatar, Kuwait and Bahrain.

Exports of Square Food & Beverage Ltd to the Middle East have been disrupted since the conflict began, leaving several containers stranded and causing financial losses, said Md Parvez Saiful Islam, chief executive officer (CEO) of the company.

“The crisis in the Middle East started on February 28. From March 1, all the containers that we had handed over to freight forwarders for shipment got stuck,” Islam told The Daily Star.

According to him, around 11 containers of the company’s products are currently unable to be shipped.

“If the containers cannot be shipped, we may eventually have to bring the goods back. Since the products are already packed and loaded, storage and other charges will keep increasing,” he said.

The company is now in discussions with shipping lines to determine whether the containers will be shipped or returned.

The inability to fulfil export orders is the main problem, he said.

Square Food & Beverage exports products such as spices, chanachur and mustard oil to Middle Eastern markets.

The stranded consignments alone are worth about $800,000, he added.

Some export shipments of Pran-RFL Group to Middle Eastern markets have been caught in transit, while others could not be shipped due to uncertainty surrounding maritime routes, said Kamruzzaman Kamal, marketing director of the company.

According to him, some of the company’s goods are currently at Chattogram port, while others have already reached a Sri Lankan transhipment port from where they were supposed to move through the Strait towards Gulf markets.

“Our feeder vessels carry the containers to those ports, and from there the cargo is loaded onto mother vessels for onward shipment,” Kamal said.

However, shipments moving through that route are now facing uncertainty. “So those goods have not yet moved forward,” he added. Kamal cautioned that the disruption could lead to business losses if it continues for long.

Bombay Sweets has also halted exports to its main Middle Eastern markets since tensions first emerged, said Khurshid Ahmad Farhad, general manager of the company.

“We have not been able to export goods worth even a single taka this month,” Farhad told The Daily Star.

“We halted shipments on the very first day the tensions started. None of our containers remains stuck because we did not release them from the factory.”

However, he said many exporters who had already shipped goods are now facing difficulties at Chattogram port.

“Some containers are stuck at the port. In some cases, shipping lines are charging demurrage. In other cases, goods are being stored at depots and accumulating additional charges,” he added.

Farhad said those who shipped goods without calculating the risks are now facing the biggest problems.

Referring to export data from the Export Promotion Bureau, he estimated Bangladesh’s processed food exports to the Middle East at $40 million to $45 million annually. The entire agriculture sector fetched around $65.24 million in the last fiscal year.

Farhad also noted the large value difference between products.

“For example, a container of spices may be worth about $100,000, while a container of chips may be worth only around $5,000,” he said.

Quamrul Hassan, chief business officer of ACI Consumer Brands, said the disruption in the Strait of Hormuz has effectively halted exports to several Gulf markets.

“If the Strait of Hormuz is closed, it naturally affects markets like Dubai, Qatar and Kuwait. Most shipments to those countries pass through that route,” Hassan told The Daily Star.

ACI exports products such as biscuits, puffed rice and flattened rice to the region, which sell well during Ramadan.

“Right now, no one is able to send shipments,” he said.

Exports to the region are usually based on advance orders placed by importers.

“When exports stop, sales stop. And when sales stop, losses increase,” Hassan added.

He said exporters are also facing pressure on inventory, cash flow and profitability as goods prepared for export cannot be shipped.

The US dollar exchange rate against the taka held almost flat through late February before beginning a slow, gradual climb into March.

The shift in the curve comes as taka started to weaken with the beginning of the US-Israel’s war against Iran in March and the subsequent conflicts across the Middle East, mainly because cautious banks began trading the greenback among themselves at higher rates.

This latest fall of taka has revived memories of the 2022-23 currency stress.

At that period, heavy import bills, rising global commodity prices amid the Russia-Ukraine war, and slower remittance inflows and export earnings coincided with a rapidly depleting foreign currency reserve.

This time, however, the forex reserve stands at a much more comfortable level and dollar flow to the local market remains almost normal. But banks have shifted into a cautious mode triggered by the war in the Middle East.

The commercial lenders fear a prolonged war could again push up import bills, while a large share of expatriate Bangladeshis in the Gulf might send less money home.

“Many banks have taken a cautious approach due to the uncertainty ahead,” said Mati ul Hasan, managing director of Mercantile Bank. “However, the real impact will be understood after about a week.”

Yesterday, the weighted average interbank exchange rate stood at Tk 122.69 per dollar, up from Tk 122.58 a day earlier, according to the Bangladesh Bank (BB).

The rate was Tk 122.49 on Monday and Tk 122.43 on Sunday, according to BB data.

A top official of an import-dependent industrial group based in Chattogram told The Daily Star that banks have not yet faced a real shortage of US dollars, but some are “trying to create an artificial crisis”.

He said banks are demanding between Tk 122.90 and Tk 123 per dollar when opening letters of credit (LCs). The rate is even higher in the case of forward sales, he added.

A forward dollar sale is a binding contract to sell dollars at a fixed price on a future date, regardless of the market rate at that time.

Yesterday, state-run Sonali Bank quoted Tk 122.75 per dollar for spot selling, while its spot buying rate ranged between Tk 121.68 and Tk 121.80. Private commercial BRAC Bank quoted Tk 122.95 per dollar for selling and Tk 121.95 for buying.

Dhaka Bank quoted Tk 122.99 per dollar for bills for collection selling and Tk 121.50 for buying yesterday. Mercantile Bank offered the dollar at Tk 122.90 for selling and Tk 121.60 for buying.

Mercantile Bank MD Hasan said that since the flow of dollars had been strong for quite some time and the market remained liquid, banks had not worried much about making payments.

However, they now need to plan ahead because of rising uncertainty, he said, adding that dollar inflows are not evenly distributed across banks, which may prompt some lenders to slightly raise their rates.

“Still, the situation has not become very unstable yet. Conditions could deteriorate if the war continues for long,” said Hasan.

Meanwhile, BB officials said the central bank has stopped intervening in the market, meaning it is no longer supplying dollars from its stocks to support the taka. As a result, the currency has started to weaken.

They also noted that fuel prices in the international market have risen sharply, which could push up import costs and lead to volatility in the foreign exchange market in the coming days.

Considering that potential impact, BB has also stopped purchasing US dollars from the market, they added.

The central bank bought more than $5 billion from the foreign exchange market in FY26 as of March 2. The purchases helped lift the country’s foreign exchange reserve.

Forex reserve stood at $34 billion as of Sunday, according to BB. However, the reserve stood at $29.38 billion based on the IMF calculation.

Between FY21 and FY25, BB sold more than $25 billion from its reserve to meet import payments for fuel, fertiliser and food.

After the war broke out, the new BB governor hinted that the regulator could provide dollar support from the reserve to import fuel if needed, officials said. But leading economists at a meeting last week advised the governor to remain cautious about spending from the reserve as tensions in the Middle East could trigger fresh economic shocks.

They said rising global fuel prices linked to the crisis could increase the country’s import bill and eventually put pressure on the foreign exchange reserve.

The economists urged the central bank to explore alternative funding sources to settle fuel import payments instead of depending on the reserve.

M Masrur Reaz, chairman and chief executive officer of Policy Exchange Bangladesh, a private sector economic and investment advisory platform, was among the economists who met the governor.

He told The Daily Star yesterday that the situation could deteriorate sharply if the Middle East war lasts for a month.

Liquefied natural gas (LNG) and fuel prices have already increased significantly, he said, adding that this will push up import costs in the coming days.

“Due to this possibility, the price of the US dollar is also rising. It may increase further in the future because higher import costs will put additional pressure on foreign currency.”

Reaz said the current fuel rationing should continue. Besides, the government needs to estimate how much fuel will be required and what the cost will be over the next six months and one year, he said.

Based on that assessment, loans could be sought from the Asian Development Bank (ADB) or other multilateral lenders, said the economist. “The borrowed funds should be used to import fuel. In addition, projects that are currently stalled should be restarted quickly so that foreign funding can flow into the country.”

Iranian crude oil has continued to flow through the Strait of Hormuz at a near-normal pace even as Tehran-linked attacks on ships in the narrow waterway have decimated exports from other Gulf countries, a Reuters ‌review of tanker tracking data showed.

Iran has exported about 13.7 million barrels of crude oil since Israel and the US launched attacks on the country on 28 February, according to analysis from TankerTrackers.com, a maritime intelligence company that specializes in tracking the so-called shadow fleet, a network of vessels used to transport oil and gas from countries under Western sanctions.

Vessel tracking service Kpler pegged Iranian exports in the first 11 days of March even higher at about 16.5 million barrels.

Iran's retaliation to the Israeli and US attacks has included strikes on ships in the Strait of Hormuz and energy infrastructure across the Middle East, bringing non-Iranian vessel transits through the main gateway for ⁠much of Middle Eastern oil exports to a near standstill and forcing producers in the region to cut output.

Ran's ability to keep exporting oil without any reported interceptions contrasts sharply with what happened during the US military campaign in Venezuela, which involved a naval blockade of the Latin American nation and seizures of vessels attempting to enter or exit Venezuelan waters.

"I'm surprised, given their successful seizures of Venezuela-related vessels this past December, that the US did not initiate a similar campaign prior to starting this conflict, or has not done so at this time," said David Tannenbaum, a director at consulting firm Blackstone Compliance Services.

However, US efforts to stop Iran-linked tankers could unleash more attacks on vessels passing the Strait of Hormuz, Next Barrel oil and shipping analyst Matias Togni said.

So long as Iran is moving its vessels through the region, Iran has an incentive to keep the Strait of Hormuz open at least to some degree, said James Lightbourn, shipping financier and founder of Cavalier Shipping, maritime investing and advisory business.

"If the US were seizing tankers, it would give Iran less ‌to lose ⁠by shutting the strait entirely (such as with mines)," Lightbourn said.

US President Donald Trump's White House did not immediately reply to a request for comment on whether Washington plans any actions against Iranian oil exports.

Iranian exports at pace similar to last year

The TankerTracker.com and Kpler data indicate Iran's crude oil exports equate to between 1.1 million barrels per day and 1.5 million bpd from 28 February through 11 March. The country's average exports last year were 1.69 million bpd, according to Kpler records.

The pace could pick up In the days ahead. Multiple very large crude carriers, the largest oil vessels in service, ⁠are still loading oil at Iran's Kharg Island export hub, according to satellite imagery reviewed by TankerTrackers.com.

Prior to the February 28 strikes, Iran had ramped up exports to about 2.17 million bpd in February in anticipation of Israeli-US military action, Kpler data showed. Record oil exports from Iran were about 3.79 million bpd in the week of February 16, the data showed.

Six crude oil tankers have left ⁠Iran since 28 February, including the US-sanctioned vessel Cuma, which sailed this week, according to analysis from Kpler and Lloyd's List Intelligence. Two liquefied petroleum gas tankers, also under US sanctions, sailed out of Iranon Friday after loading cargoes, Reuters earlier reported.

At least 11 million barrels of crude oil have been shipped out of Iran, with four supertankers that left Iran ⁠carrying 8 million barrels arriving in waters around Singapore, a separate analysis showed.

The vessels follow the same pattern of sailing within Iran's exclusive economic zone, which extends up to 24 miles and beyond local territorial limits of 12 nautical miles.

This is seen as providing the vessels with a measure of protection by keeping them within Iran's waters, shipping sources said.

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

During the October-December period, its consolidated profit declined to Tk20.77 with an earnings per share (EPS) of Tk1.16.

At the same time of the previous fiscal years, its profit was Tk25.79 crore and an EPS of Tk1.44, according to its disclosures published on the stock exchanges website today (11 March).

Following the disclosures, Paramount Textile's shares dropped by 3.95% to Tk51.10 each at the Dhaka Stock Exchange.

In an explanation about declining profit, it said revenue decrease in this period in comparison with the corresponding period of last year."

How much revenue declined, it was not confirmed as it yet to publish its financials statements.

Meanwhile, in the first half of 2025-26 fiscal year, its profit declined by 4.23% to Tk42.27 crore, and EPS stood at Tk2.36.

In H1 of FY25, its profit was Tk4.06 crore and EPS was Tk2.46, its disclosure said.

The consolidated net operating cash flow per share for H1 declined to Tk3.26 as against Tk5.03 for the July-December of the previous fiscal year.

While its consolidated net asset value per share stood at Tk45.06 as of 31 December.

It said cash flow significantly lower because of lower revenue collection compare to the same period of the last year.

The board of directors of Safko Spinning Mills has decided to sell the loss-making company, citing operational challenges, and plans to transfer its shareholdings to interested investors.

The move aims to ensure business continuity and protect the interests of existing shareholders, the company said in a disclosure to the Dhaka and Chittagong stock exchanges today (11 March).

The share transfer process is currently underway, with steps being taken to facilitate potential ownership changes. The initiative is expected to attract new investors who may acquire the stakes currently held by sponsor-directors, including SAKM Salim, SABM Humayun, Syed Saqeb Ahmed, SFAM Shahjahan, and Syeda Momena Begum.

Following the announcement, Safko's share price rose 9.35% to Tk15.20 on the Dhaka Stock Exchange today.

A team from the DSE had visited the company's factory on 3 February 2025 and found operations closed; production resumed on 31 August last year. The company's auditor issued a qualified opinion, noting significant financial stress.

Safko has accumulated losses of Tk97.81 crore and unpaid bank loans of Tk142.24 crore. Inventory has been sold at nominal prices, and operations were temporarily halted, raising doubts about the company's ability to continue as a going concern.

In the July-December period of the current fiscal year, the company generated revenue of Tk57 lakh after resuming production, with a net loss after tax of Tk6.19 crore, compared with a loss of Tk15.89 crore in the same period last year. Loss per share improved to Tk2.07 from Tk5.30.

Market analysts noted that ownership restructuring is common among listed companies when sponsors seek strategic investors, address financial challenges, or restructure operations. Depending on incoming investors, such transfers may lead to changes in management or business strategy.

Safko confirmed that all regulatory procedures will comply with the Bangladesh Securities and Exchange Commission and stock exchange listing rules. Shareholders will receive updates as the process progresses and approvals are secured.

Paramount Insurance Company, a non-life insurer listed on the stock exchanges, has recommended a 10% cash dividend for 2025, despite a marginal decline in profit.

According to disclosures made today (11 March), the company posted a net profit of Tk8.90 crore for 2025, down 1.87% from Tk9.07 crore in 2024. Earnings per share (EPS) fell slightly to Tk2.19 from Tk2.23 last year. The company had also paid a 10% cash dividend in 2024.

The insurer's shares were last quoted at Tk51.30 each. Data from the Dhaka Stock Exchange (DSE) showed that Paramount shares had risen sharply in recent trading sessions, from an average of Tk41 to Tk58 by mid-February. Following sell-offs amid the Middle East conflict, the price dropped to Tk46 on 8 March but has since rebounded to around Tk51 over the past three trading sessions.

At the end of 2025, the company's net asset value (NAV) per share increased to Tk28.16 from Tk27.26 in 2024, while net operating cash flow per share declined to Tk1.79 from Tk2.91.

Paramount Insurance has scheduled its annual general meeting for 18 May through a digital platform, with 21 April set as the record date for shareholders.

Listed in 2007, Paramount Insurance has a paid-up capital of Tk40.66 crore. As of February, sponsor-directors held 48.48% of shares, institutional investors 18.52%, foreign investors 0.04%, and the general public 32.96%, according to DSE data.

Thailand and Vietnam are urging public employees and businesses to adopt remote work as well as energy-saving habits, as the US-Israel war on Iran in the Middle East disrupts oil supplies and causes fuel price volatility.

Authorities in Thailand stated that government staff should transition to remote work when possible and requested that state offices maintain air conditioning at 26°C to save energy, reports Al Jazeera.

They also advised officials to cancel non-essential overseas travel.

In neighbouring Vietnam, the government has eliminated duties on various imported petroleum products to prevent shortages and stabilise the local market.

Furthermore, the Vietnamese government encouraged companies to permit remote work whenever feasible to reduce fuel demand.

It also recommended that citizens limit the use of private vehicles in favour of public transportation, cycling or carpooling.

India's private carriers Air India and its subsidiary Air India Express on Tuesday announced they will start levying a fuel surcharge on each domestic flight ticket from 12 March and also for flights to SAARC countries due to a hike in jet fuel prices amid the Middle East conflict.

The two carriers will hike the charge for bookings for other international destinations and the new fuel surcharges will be implemented in a phased manner, said a statement from the airlines.

"Air India group announced a phased expansion of a fuel surcharge on its domestic and international routes, necessitated by the steep rise in jet fuel prices arising from the geopolitical situation in the Gulf region," the statement reads.

In the first phase, a fuel surcharge of Rs 399 per domestic flight ticket would be imposed from 12 March and the same will also be applicable for SAARC flights, the statement said.

For West Asia flights, the fuel surcharge will be $10 and hiked by $30 to $90 for Africa flights and by $20 to $60 for Southeast Asia services.

All these changes will be effective from 12 March, including for flights to and from Singapore.

Currently, there is no fuel surcharge for the Singapore services.

Around Tk49 crore worth of shares of Olympic Industries Limited changed hands in the block market of the Dhaka Stock Exchange (DSE) today (10 March), signalling a strategic transaction involving the company's sponsor director.

A total of 35 lakh shares were traded in the block market at Tk140 per share during the session. In contrast, the stock closed at Tk151 apiece in the public market, marking a 2.93% increase from the previous trading day.

Earlier, on 23 February, around Tk72 crore worth of shares of Olympic Industries changed hands in the block market. A total of 50 lakh shares were traded at Tk144 per share during that session.

In the block market, transactions are executed between pre-arranged buyers and sellers at mutually agreed prices. Shares worth below Tk5 lakh are not permitted in this segment, and the standard 10% upper and lower circuit breaker limits apply.

Market insiders said the block trade was executed by the company's chairman and sponsor director, Aziz Mohammad Bhai, as part of his earlier plan to increase his stake. The shares were reportedly purchased from foreign investors.

Earlier, on 19 February, Aziz Mohammad Bhai disclosed his intention to buy one crore shares of Olympic Industries through the block market within the next 30 working days at the prevailing market price.

At present, foreign investors hold 30.26% of the company's shares, while institutional investors own 21.96%. The general public holds 12.90%, and the remaining shares are held by sponsors and directors.

Olympic Industries is the country's largest branded biscuit manufacturer and a leading fast-moving consumer goods company, producing a wide range of biscuits, confectionery and bakery products for both domestic and export markets.

For the July–December period of 2025, the company reported revenue of Tk1,548 crore, up from Tk1,490 crore in the same period a year earlier. Earnings per share stood at Tk5.99, compared with Tk5.82 previously, while net asset value per share reached Tk65.34 as of December 2025.

United Finance PLC has received in-principle approval from Bangladesh Bank to open an Islamic finance window, allowing the company to offer Shariah-compliant financial services alongside its existing conventional operations.

The central bank granted the approval through a letter dated 8 March, according to a price-sensitive disclosure filed with the Dhaka Stock Exchange (DSE).

The approval is subject to several conditions, including amendments to relevant clauses in the company's memorandum and articles of association.

Once the required changes are made and other regulatory conditions are met, the company will be able to conduct Shariah-compliant financing activities through the dedicated Islamic finance window.

Following the disclosure, United Finance shares rose 3.17% on the Dhaka bourse to close at Tk13, reflecting positive investor sentiment about the company's expansion into Islamic financial services.

The move comes as demand for Shariah-based financial products continues to grow in Bangladesh's financial sector. By introducing the Islamic finance, United Finance aims to diversify its product offerings and reach a wider customer base seeking Shariah-compliant financing options, the company said.

United Finance has reported modest financial performance in recent periods. For the July-September quarter of 2025, earnings per share (EPS) stood at Tk0.05, unchanged from the same period a year earlier.

For the January-September period of 2025, EPS rose slightly to Tk0.23 from Tk0.22 in the corresponding period of 2024. Net operating cash flow per share (NOCFPS) improved significantly to Tk0.81 during the nine-month period, compared with negative Tk1.43 in the same period a year earlier.

The company's net asset value per share stood at Tk17.07 as of 30 September 2025, slightly lower than Tk17.84 recorded at the end of December 2024.

In 2024, United Finance declared a 10% cash dividend for its shareholders. For the year ended 31 December 2024, the non-bank financial institution reported EPS of Tk1.12, NAV per share of Tk17.84 and NOCFPS of Tk4.27, compared with Tk0.76, Tk17.32 and Tk0.76 respectively in 2023.

Saudi Arabia's Aramco, the world's top oil exporter, said on Tuesday there would be "catastrophic consequences" for the world's oil ​markets if the Iran war continues to disrupt shipping in the Strait of Hormuz.

Oil shipments have been largely blocked from using the shipping artery, where normally ‌roughly 20% of the world's oil would pass through daily. Iran's Revolutionary Guards said on Tuesday they would not allow "one litre of oil" to be shipped from the Middle East if US and Israeli attacks continue.

"There would be catastrophic consequences for the world's oil markets and the longer the disruption goes on ... the more drastic the consequences for the global economy," Aramco CEO Amin Nasser told reporters on an earnings call.

"While ​we have faced disruptions in the past, this one by far is the biggest crisis the region's oil and gas industry has faced."

Wide range of sectors may ​be hit

The crisis has not only upended the shipping and insurance sectors, but it also promises to have drastic domino effects on aviation, ⁠agriculture, automotive and other industries, he added.

Global crude benchmark Brent , which rocketed to a more than three-year high of nearly $120 a barrel on Monday, was trading around $92 on Tuesday ​following comments by US President Donald Trump predicting the war could end soon.

Trump, however, warned that the US would hit Iran much harder if it blocked exports from the vital energy-producing region.

He has ​also said the US Navy could escort ships in the Gulf to guarantee safe passage. But the Navy's capacity to do that is unclear, with some vessels already engaged in strikes against Iran and shooting down its missiles.

Asked about US Navy escorts and whether they were possible on the scale required, Nasser said there are sizable volumes involved, adding that Aramco's customers assume the risk of delivery.

"Of course, we would ​support any actions or measures that would help to deliver our products to our customers, to the global market," he said.

Another top Gulf energy official, however, expressed skepticism over ​the idea, saying that stopping the war was the only solution to reopen the strait for oil and gas exports.

No exports from the gulf

Nasser noted global inventories of oil were at a five-year low ‌and said ⁠the crisis will lead to drawdowns at a faster rate, adding that it was critical that shipping in the strait resumed.

"Unfortunately, for global markets, most of the spare capacity is in this region," Nasser told analysts on a call, noting that incremental demand throughout the year will keep the market tightly balanced.

At present, Aramco is not exporting oil from the Gulf as ships cannot load cargoes there. But the company, which does not disclose its exact crude output, is meeting the majority of its customers' needs, he said, partly by tapping into ​global inventories.

"Now, that cannot be used - that inventory - ​for an extended period of time, ⁠but for the time being, we are capitalising on it," he said.

The East-West pipeline is, meanwhile, being used to transport mostly Arab Light and some Arab Extra Light crude grades to the Red Sea port of Yanbu. The pipeline, which has more than doubled its initial ​capacity, is expected to reach its full capacity of 7 million barrels per day in the next couple of days as customers ​re-route, Nasser said.

"Even with ⁠our ability to export through the western region, you're talking about close to 350 million barrels of disruptions that will come off the market," he said.

In addition to the pipeline, Aramco is also able to direct crude towards domestic demand, he noted. Close to 2 million bpd of the pipeline's 7 million bpd capacity is going to western domestic refineries, which are net exporters ⁠of products, Nasser ​added.

A small fire from an attack last week on Aramco's Ras Tanura refinery, its largest domestically, was quickly ​extinguished and brought under control, Nasser said, adding that the refinery was in the process of being restarted.

Aramco reported a 12% drop in annual profit on Tuesday mainly due to lower crude prices. It also announced it would ​repurchase up to $3 billion worth of shares in its first-ever buyback.

The Dhaka Stock Exchange (DSE) will remain closed for seven consecutive days from March 17 to March 23 in observance of Eid-ul-Fitr and Shab-e-Qadr.

The extended closure follows a government decision declaring March 18, 2026, an additional public holiday to facilitate the Eid vacation.

According to DSE sources, all trading activities and official operations of the stock exchange will remain suspended during this period. As a result, share trading, market monitoring, and other routine activities of the exchange will not take place throughout the holiday break.

The government recently announced 18 March as a public holiday as part of the extended Eid-ul-Fitr vacation. Combined with weekly holidays and religious observances, the decision has created a seven-day break for the country's premier stock exchange.

During this period, investors will not be able to buy or sell shares, as the bourse will remain fully closed.

DSE authorities said that after the end of the holy month of Ramadan and the Eid holidays, the exchange will return to its regular operational schedule. All activities of the stock exchange will resume on 24 March.

Under the regular schedule, the office hours of the DSE will be from 9am to 5pm, during which administrative and other official work is carried out.

Trading on the exchange normally begins at 10am. and continues until 2:20pm. This period is known as the continuous trading session, when investors can buy and sell shares under normal market conditions.

After that, a post-closing session takes place from 2:20pm to 2:30pm, during which the day's transactions are finalised and the market is formally closed.

Market insiders said such extended closures during major religious festivals are part of the routine holiday calendar of the capital market. Brokerage houses, merchant banks, and other market intermediaries usually align their operations with the exchange's holiday schedule.

The Bangladeshi taka weakened further against the US dollar today (10 March), marking its third consecutive day of depreciation, with the exchange rate rising to a maximum of Tk122.95 per dollar from Tk122.70 yesterday (9 March). Market analysts attributed the decline to growing tensions over the escalating war in the Middle East, which has heightened demand for foreign currency to pay energy bills.

Bangladesh Bank allowed commercial banks to trade dollars at a higher rate to manage the pressure in the foreign exchange market, according to insiders. Senior officials from several leading business conglomerates said that banks were charging an extra 20 to 25 paisa for Letter of Credit (LC) settlements yesterday.

Yesterday, LC settlement rates ranged between Tk122.90 and Tk122.95 for major business groups. A senior official noted that when contacting banks yesterday morning, they were quoted Tk122.80 to Tk122.95, compared to Tk122.57–Tk122.72 yesterday.

Last week, LC settlement rates were around Tk122.3–Tk122.35. An official from a private company said the rising dollar rate was creating challenges for businesses, warning that higher dollar prices lead to higher prices for other goods and could trigger further instability.

A deputy managing director of a private bank said the dollar market had remained stable for more than 18 months without artificial shortages. Still, a senior official noted that remittance purchases today at Tk122.70–Tk122.72 contributed to the recent rise.

Economists recently met with the central bank governor, emphasising the importance of maintaining foreign exchange reserves, which some market participants interpreted as a signal that the central bank might conserve reserves and refrain from selling dollars, even amid shortages.

While Bangladesh Bank has so far kept the market relatively stable, bankers cautioned that continued volatility could affect multiple sectors, underlining the need for timely central bank interventions to prevent a potential dollar crisis.

India has set up a committee to examine supply issues after a sudden shortage of commercial LPG cylinders, caused by the West Asia war, alarmed the hospitality sector.

Restaurant associations have warned that many eateries could be forced to shut down within days if supply chains are not immediately restored.

In response to the situation, India's Oil Ministry yesterday (8 March) announced the formation of a committee to examine supply issues affecting non-domestic LPG users.

"In light of current geopolitical disruptions to fuel supply and constraints on LPG availability, the ministry has directed oil refineries to increase LPG production and prioritise domestic consumption," the ministry said in a post on X.

Authorities have prioritised LPG supply for households and introduced a 25-day inter-booking period for domestic cylinders to curb hoarding and prevent black marketing.

However, the move has further tightened supply for commercial users such as restaurants and hotels.

Industry sources said the disruption has already begun affecting operations in major cities including Mumbai and Bengaluru.

Vijay Shetty, President of the India Hotels and Restaurant Association, said the shortage is spreading rapidly and could soon paralyse the sector.

"For LPG supply to non-domestic sectors, a committee of three Executive Directors (EDs) of Oil Marketing Companies (OMCs) have been constituted to review the representations for LPG supply to restaurants/hotels/other industries," the ministry said.

India consumes about 31.3 million tonnes of LPG annually. As much as 87 per cent of this is in the domestic sector that is household kitchens, and the rest in commercial establishments such as hotels and restaurants.

Of this total requirement, as much as 62 per cent is met through imports. The US and Israel attacks on Iran and Tehran's retaliation has shut the Strait of Hormuz, through which India got 85-90 per cent of its LPG imports from countries like Saudi Arabia.

The country’s heavy reliance on imported energy from the Middle East, especially liquefied natural gas (LNG) and crude oil, has left the economy exposed to global price shocks and supply disruptions as the US-Israel’s war on Iran intensifies, according to the Centre for Policy Dialogue (CPD).

The think tank said the next national budget by the new government is being developed under these economic challenges. It urged the government to prioritise energy security in the new budget and gradually move towards greater domestic self-sufficiency.

Speaking at a media briefing at its Dhaka office on recommendations for the national budget for fiscal year 2026-2027, CPD urged policymakers to focus on restoring macroeconomic stability, stimulating investment and strengthening revenue mobilisation.

“The economy faces multiple pressures, including high inflation, low revenue collection, slow budget execution, a heavy debt burden, low investment, declining employment, a weak financial sector and declining export growth,” said Fahmida Khatun, executive director of CPD.

While presenting the paper, she said that rising global energy prices driven by instability in the Middle East are clouding Bangladesh’s inflation outlook further. Higher fuel costs are also pushing up prices of essential commodities such as edible oil, wheat and sugar.

Prof Mustafizur Rahman, a distinguished fellow of CPD, pointed to another vulnerability. He said Bangladesh does not have permanent strategic reserves of fuel oil, unlike several neighbouring countries.

Rahman urged the government to develop such reserves under a medium-term plan to reassure markets and prevent panic buying during periods of global volatility.

At the programme, CPD also highlighted deep financial strain in the energy sector, where mounting losses and heavy dependence on imported LNG are weakening fiscal stability.

Fahmida said the FY27 budget must combine targeted short-term measures while also laying the foundation for medium-term reforms to stabilise the economy.

REVENUE MOBILISATION REMAINS WEAK

CPD identified major shortcomings in revenue collection and said that the government is unlikely to meet its targets for the current fiscal year.

“In the case of tax collected by NBR [National Board of Revenue], revenue mobilisation growth remained at only 12.9 percent during July-January of FY26,” said Fahmida.

The annual growth target for FY26 was set at 34.5 percent. To reach that goal, tax collection would need to rise by 59.4 percent during the February-June period, a pace that appears highly unlikely given the current trend.

Professor Rahman said the government should focus on reducing revenue leakage. He called for greater digitalisation of tax administration and a strict stance against tax evasion.

To strengthen fiscal capacity, CPD proposed a series of reforms to increase domestic resource mobilisation.

The CPD paper said Bangladesh’s tax-to-GDP ratio remains among the lowest in comparable economies.

The Bangladesh Nationalist Party (BNP) has set a target of raising the ratio to 15 percent by 2035 from 6.8 percent in FY25. To achieve that target, the think tank suggested exploring new tax bases.

“Meaningful taxation of wealth and property and taxes on the expanding digital economy should be considered,” suggested Fahmida.

The think tank also advised the government to phase out ad-hoc tax incentives and improve mechanisms for resolving tax disputes.

BUDGET EXECUTION SLOWS SHARPLY

CPD also pointed to weaknesses in public spending, especially in the implementation of the annual development programme (ADP).

During the July-January period of FY26, the ADP implementation rate reached only 20.3 percent, the lowest level in fifteen years, it said.

CPD added the slowdown may reflect “poor project management, institutional inefficiency and the government’s deliberate attempt to curtail overcapitalised development projects.”

At the same time, the government has relied increasingly on bank borrowing to finance the fiscal deficit, a trend that could crowd out private sector credit.

CPD expressed concern about falling investment, saying that the trend threatens job creation and long-term economic growth.

Private investment dropped to 22.03 percent of GDP in the last fiscal year, the lowest level in a decade. Foreign direct investment has also remained very low.

The decline suggests that the economy is not creating enough jobs at a time when large numbers of young people enter the labour market each year.

INFLATION CONTINUES TO STRAIN HOUSEHOLDS

Inflation remains another pressing challenge for policymakers. During the first eight months of FY26, general inflation largely stayed between 8 percent and 9 percent across national, rural and urban levels.

Stubbornly high prices are placing additional pressure on middle-income households.

CPD said the upcoming budget will require more realistic fiscal targets. “The targets set for the macroeconomic framework in recent budgets appeared to be overly optimistic,” said Fahmida.

The think tank said the experience of the current fiscal year highlights the need for more credible projections and better alignment between targets and implementation capacity.

RETHINKING SPENDING PRIORITIES

CPD also urged the government to reassess spending priorities.

It recommended allocating greater resources to sectors that directly support vulnerable groups, including food production, social protection, agriculture subsidies, health and education.

At the same time, unproductive projects should continue to be removed from the development budget, it said.

The think tank called for reforms to improve the business climate and support employment. It also recommended building a digital platform that simplifies procedures for businesses.

“The government should establish an integrated digital one-stop service platform for business registration, licensing, taxation and regulatory compliance,” CPD said.

CPD also proposed tax relief for small and medium enterprises. It suggested abolishing Advance Income Tax and Advance VAT on imports of capital machinery and raw materials used by SMEs.

According to CPD, the FY27 budget offers the new government an opportunity to demonstrate leadership in fiscal management.

Restoring macroeconomic stability must remain the central objective, it added.

Khondaker Golam Moazzem, research director of CPD, was also present at the briefing.