Business

Oil rose on Tuesday as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline. Brent crude futures advanced 93 cents, or 1%, to $97.41 a barrel by 0328 GMT, after a choppy session on Monday when they dropped by more than $4 ...

Fuel Oil traders in Khulna have been observing a 12-hour work abstention since Monday morning to press home their three-point demands. Following the work abstention, fuel oil extraction and supply to Padma, Meghna and Jamuna oil depots has been suspended from 6am. Bangladesh Tank lorry Owners Association, Bangladesh Fuel Oil Distributors’ Association and four other organisations enforced the strike. Murad ...

diesel-run power plants will be resumed to increase the power generation. As part of an austerity measure, the government suspended the operation of the diesel-fired power plants from July 19 and introduced area-wise load shedding to reduce diesel imports and save foreign currency. Although area-based load-shedding was scheduled for one hour, it continued for three hours at a time in ...

Oil prices steadied on Friday, but fell for the week on a stronger US dollar and fears that an economic slowdown would weaken crude demand. Brent crude futures settled at $96.72 a barrel, gaining 13 cents. US West Texas Intermediate crude ended 27 cents higher at $90.77. Both benchmarks fell about 1.5% on the week, reports Reuters. Oil briefly jumped ...

The Asian Development Bank (ADB) has signed an agreement with five leading global insurers which will mobilise up to US$1 billion of cofinancing capacity to support lending to Financial Institutions (FIs) in Asia and the Pacific. The Master Framework Programme for Financial Institutions will allow the ADB to increase its lending to both commercial banks and non-bank financial institutions in ...

The Chattogram seaport has became the 64th busiest port among the top 100 container ports across the world. The ranks have been detected in terms of annual container handling in 2021, according to Lloyd’s List, one of oldest shipping journals in the world. In 2020, the port held the 67th place in the list. The latest edition of Lloyd’s List ...

The Embassy of the Republic of Indonesia in Dhaka has celebrated the 77th Independence Day of the Republic of Indonesia amid festivities. The day’s events began with a flag hoisting ceremony in the morning at the premises of the embassy on Wednesday, followed by a live broadcasting of the national Independence Day ceremony at Merdeka Palace from the capital Jakarta. ...

Oil prices eased on Thursday, reversing course from the previous session, as rising output from Russia and worries about a potential global recession weighed on futures. Brent crude futures fell 33 cents, or 0.4%, to $93.32 a barrel. US crude futures fell 40 cents, or 0.5%, to $87.71 a barrel. Prices rose more than 1% during the previous session, although ...

Jewellers lowered the price of gold by Tk 2,274 to Tk 82,056 a bhori (11.664 gram) as price of pure gold fell in the local market. The price of 22-carat gold is now Tk 7,035 per gram while it is Tk 6,715 for 21-carat gold, according to a press release of Bangladesh Jeweller’s Association (BAJUS) issued on Wednesday. The price ...

Country’s money changers will not be able to make profit beyond Tk 1.50 against each US dollar, said Bangladesh Bank on Wednesday. The decision was taken at a meeting between Bangladesh Bank and Money Changers Association, said BB spokesman and executive director Md Serajul Islam. Deputy Governor Ahmed Jamal represented the central bank at the meeting. Earlier, a decision was ...