Regional & International Economy

The price for May 2022 futures contracts for Brent oil increased 5.83% on London’s ICE, to $111.09 per barrel as of 05:46 Moscow time on Wednesday. As of 05:52 Moscow time, the growth slowed down to 5.77%, to $111.03 per barrel. The last time Brent crude price exceeded $111 per …

Realtors and related backward linkage businesses have proposed that the government should reduce duty on import of raw materials to lower the construction product prices on the local market. At a pre-budget discussion with the National Board of Revenue in the capital, Dhaka, on March 2, they also sought several …

Global payments messaging network SWIFT has asked Bangladesh’s banks to suspend transactions with seven Russian lenders since they are facing sanctions from the United States and the European Union over Moscow’s invasion of Ukraine. The Bangladesh Bank yesterday also asked banks to remain cautious in their dealing with their Russian …

Bangladesh will again urge India to withdraw the anti-dumping duty (ADD) on locally produced jute and jute goods during a commerce secretary-level meeting between Dhaka and New Delhi today. The export of jute and jute goods has been performing poorly over the past few years since the Indian government imposed …

The Asian Development Bank (ADB) and the government of Bangladesh today signed a loan agreement for $157 million to mitigate flood and riverbank erosion risks in Bangladesh. The funding will also strengthen climate resilience through structural and nonstructural interventions, and promote knowledge-based solutions along the Jamuna, Padma, and Ganges rivers …

Remittances declined 16 per cent year-on-year to $1.49 billion in February, the lowest in the past 22 months, creating a further risk of widening the trade imbalance in the face of surging import bills. The incoming remittance in February also fell 12 per cent compared to the previous month, according …

Crude oil prices and safe havens surged Monday while the ruble and European equities sank after world powers imposed fresh sanctions on Russia over its invasion of Ukraine, fanning fears about a possible global energy crisis that could further stoke inflation. Brent crude again topped $100 per barrel and Europe’s …

Two Bangladeshi power companies — United Group, Confidence Group— have shown interest in investing in Nepalese hydropower as the government has opened up to electricity import from the Himalayan country. “We have sought current payment security and fluctuation security on power tariff initially,” a top official of one of the …

The government is likely to approve a Tk 2.07-trillion revised annual development programme (RADP) for the current fiscal year (FY) tomorrow (Wednesday), trimming down 7.89 per cent fund from the original outlay, officials said on Monday. The National Economic Council (NEC) will sit tomorrow to approve the RADP for the …

US payment card firms Visa Inc and Mastercard Inc have blocked multiple Russian financial institutions from their network, complying with government sanctions imposed over Moscow’s invasion of Ukraine. Visa said on Monday it was taking prompt action to ensure compliance with applicable sanctions, adding that it will donate $2 million …