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Oil prices recover from 6-month lows after drop in US stockpiles

Oil prices rose on Wednesday, recovering from six-month lows hit the previous day, as a larger-than-expected drop in US oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession. Brent crude futures rose 13 cents, or 0.1%, to $92.47 a barrel by 0035 GMT. West Texas Intermediate (WTI) crude futures climbed ...

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Why fuel price hike without public hearing should not be declared illegal: HC

The High Court on Tuesday issued a rule asking the government to explain as to why raising fuel price through a gazette notification instead of holding a public hearing should not be declared illegal. The HC bench of Justice Md Mojibur Rahman Mia and Justice Kazi Md Ejarul Haque Akondo issued the rule after hearing a writ petition challenging the ...

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Oil prices extend losses in Asia, equities rise

Oil prices extended losses Tuesday after weak US and Chinese data reinforced recession expectations, though equities won support from hopes the figures will allow central banks to temper their pace of interest rate hikes. Stock traders tracked a Wall Street advance led by tech firms thanks to an increase in bets that the Federal Reserve will not lift borrowing costs ...

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Oil prices tumble on possible Iran deal, stuttering China economy

Oil prices slumped more than five percent Monday on the rising prospects of a return of Iranian oil to the market and data showing China’s economic recovery stuttering under Covid-19 restrictions and a slumping property sector. Stock markets drifted lower and the dollar traded mixed as investors welcomed signs of cooling US inflation, which nevertheless remains at the highest level ...

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Pathao, Obhai raise fares

Pathao, a popular bike ride service, has raised its fares as much as 18 percent following a hike in fuel prices. Obhai, another ride hailing service, has not raised the fares on its CNG-powered autorickshaws, but has increased the fares for car rides ‘slightly’. Pathao operates in the city areas of Dhaka, Chattogram and Sylhet, while Obhai only provides service ...

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OMS rice to be available at Tk 15 per kg from Sep 1

The government will start open market sale (OMS) of rice at Tk 15 per kg from September 1 for 4 crore people of 50 lakh families across the country, said Food Minister Sadhan Chandra Majumder on Sunday. “This programme will run simultaneously in district towns, municipalities and city areas under the Food Friendly Program of the government,” he said while ...

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Tk 73000cr being laundered from Bangladesh every year: BAJUS

Bangladesh Jewellers’ Association (BAJUS) on Saturday said that around Tk73000 crore is being laundered from Bangladesh every year through gold smuggling. They have sought the government’s tough action and cooperation of intelligence agencies and law enforcers to stop gold smuggling through Bangladesh, reports UNB. BAJUS leaders said this at a press conference held at the association’s office in Bashundhara city ...

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UK economy closes in on recession

Britain’s economy shrank in the second quarter, official data showed Friday, as the country heads towards recession under a new prime minister. UK gross domestic product dropped 0.1 percent in the April-June period after a rise of 0.8 percent in the first quarter, the Office for National Statistics said in a statement. The Bank of England (BoE) expects the economy ...

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Johnson & Johnson to stop selling baby powder globally in 2023

Johnson & Johnson said it plans to stop selling its legacy talc-based baby-powder products globally in 2023, a move that comes amid continued legal battles and years after the company discontinued the product in the US and Canada. J&J said Thursday that it had made the “commercial decision” to transition all its baby powder products to use cornstarch instead of ...

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Trader stabbed dead by snatcher in ATM booth

A tarder was stabbed to death by a snatcher while he was withdrawing money from an ATM booth of Dutch-Bangla Bank in Dhaka’s Uttara on Friday. The deceased was identified as M Sharif Ullah, 44. Locals detained snatcher Abdus Samad, 38, and handed over him to the police after the incident, said Uttara West Police Station OC Mohammad Mohsin. The ...

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