Business

The United States launched fresh strikes on Iran Friday after Tehran-backed Houthi rebels attacked oil tankers in the Red Sea, marking an escalation that pushed crude prices past $100 a barrel. The US military insisted that the Strait of Hormuz — through which one fifth of the world’s oil passed before the war — was “open for transit” after Iran ...

Millionaires including former footballer Gary Lineker and music producer Brian Eno have written to new prime minister Andy Burnham asking to be taxed more. In an open letter, 120 well-off Britons told Burnham: “We can afford it. We’re not talking about higher taxes on those who get up and go to work for their income every day, but on the ...

The demand for quick access to funds has increased significantly in India. Whether it is a medical expense, a home repair, higher education expenses, or an urgent family commitment, many people prefer a borrowing process that does not involve lengthy paperwork or repeated trips to the branch. Digital lending has responded to this need by making applications faster and more ...

The gold prices jumped again in the local market on Tuesday. The Bangladesh Jewellers Association (BAJUS) has raised the price of 22-carat gold by Tk1,633 per bhori (11.664 grams), setting the new rate at Tk221,441 per bhori, inclusive of VAT. The association issued a press release in this regard this morning. The new prices came into effect at 10am the ...

A worsening gas shortage, caused by reduced liquefied natural gas (LNG) supply and ageing infrastructure, has disrupted household cooking, slowed industrial production and created long queues at CNG filling stations across the country. In many parts of Dhaka, residents reported having no gas, while elsewhere pressure remained too low for cooking. Industry leaders said production in the ceramic, steel and ...

The government has suspended the acceptance and consideration of new applications for licences to set up autogas refuelling stations until further notice, citing the need for necessary measures by relevant authorities. The Energy and Mineral Resources Division under the Ministry of Power, Energy and Mineral Resources issued a directive in this regard on July 15 through its Operation-3 branch. The ...

Bangladesh is set to implement a new five-year action plan aimed at strengthening the country’s trade capacity, improving the investment climate and enhancing competitiveness in global markets as it prepares for graduation from the Least Developed Country (LDC) category. The initiative will be implemented through the Country Programme Document (CPD) prepared for the third phase of the Enhanced Integrated Framework ...

Andy Burnham has been urged to stick to Labour’s manifesto and block further drilling in the North Sea amid reports he is considering backing new oil and gas projects. Allies of the new Labour leader have said he intends to make a “dynamic” start to his premiership on Monday, when he formally takes over from Sir Keir Starmer. In a ...

Chinese company Huarun Tex Co Ltd plans to invest US$30 million to establish a textile plant at the Bangladesh Export Processing Zones Authority (BEPZA) Economic Zone in Mirsharai, Chattogram, a BEPZA press release said. The factory will occupy 36,000 square metres and, once fully operational, will produce 24,000 tonnes of yarn and 20 million metres of grey woven fabric annually. ...

China has hit out at the nationalisation of British Steel, saying it “firmly opposes and is strongly dissatisfied with the British government’s decision”. On Thursday, the UK government said that taking the loss-making firm into public hands would protect jobs and safeguard a “vital national capability”. The UK took control of British Steel’s operations in Scunthorpe last year, though it ...