Business

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 ...

Bangladesh’s long-term economic growth could slow if the government delays key economic and institutional reforms, Fitch Ratings has cautioned, saying such delays would also leave the economy more vulnerable to external shocks. The global credit rating agency said weak reform momentum was one of the main reasons it revised the Outlook on Bangladesh’s “B+” Long-Term Foreign-Currency Issuer Default Rating (IDR) ...

State Minister for Foreign Affairs Shama Obaid Islam has said that the government will purchase both Boeing and Airbus aircraft for the national flag carrier, Biman Bangladesh Airlines. This initiative is being taken with the aim of building a sustainable mixed fleet while safeguarding national interests. Talking to reporters at the Foreign Ministry on Thursday afternoon (July 16), he said, ...

Rapid advances in artificial intelligence (AI), automation and technology-driven production could put nearly 1.22 million jobs in Bangladesh’s ready-made garment (RMG) industry at risk, with women expected to bear the brunt of the disruption, according to a new report by the Centre for Policy Dialogue (CPD). Released on Wednesday, the report warns that unless Bangladesh adopts comprehensive policy measures, technological ...

The government has undertaken a comprehensive initiative to raise the country’s strategic fuel storage capacity to 90 days for further strengthening energy security and safeguarding the economy against global geopolitical and market uncertainties. “The government has undertaken the move to ensure uninterrupted industrial production and sustain economic growth even during disruptions in the international energy market,” Bangladesh Petroleum Corporation (BPC) ...

The Bangladesh Financial Intelligence Unit (BFIU) has frozen assets worth about Tk 76,000 crore linked to the Hasina family and 10 widely discussed business groups as part of its anti-money laundering drive. Of the total amount, Tk 57,000 crore has been frozen in Bangladesh, while the rest has been blocked overseas. The information was disclosed on Wednesday by BFIU chief ...

Global crude oil prices have surged past $80 per barrel due to prolonging US-Iran military tension. President Donald Trump has put a sanction on Iranian sea ports while Iran launched fresh strikes on US military infrastructures around the Middle East. On Wednesday (July 15), Brent crude, the international benchmark, rose by $1.46 or 1.72 per cent. It reached $86.19 per ...

State Minister for Foreign Affairs Shama Obaed Islam today reaffirmed the government’s commitment to signing trade agreements with high-potential countries to expand Bangladesh’s bilateral trade and investment. “The government is actively working to conclude trade agreements that will help strengthen economic ties with African countries and other promising markets,” she said. The state minister made the remarks during a courtesy ...