Rio de Janeiro, Brazil – British multinational oil and gas company BP has announced the discovery of the largest oil and gas field off the Brazilian coast in the past 25 years. Located 404 kilometers from Rio de Janeiro and 2,372 meters below sea level, this marks BP’s tenth discovery this year.

Following the announcement, BP’s shares rose by over 1% on the London Stock Exchange. The company plans to drill around 40 wells globally over the next three years, including up to 15 in 2025 alone. BP has set an ambitious target of producing between 2.3 and 2.5 million barrels of oil per day by 2030.

Dhaka, Bangladesh – Finance Advisor Dr. Salehuddin Ahmed has pledged to continue reforming Bangladesh’s financial sector as long as the current administration remains in power. Speaking at the national tree plantation campaign launch at the Krishi Bank Staff College in Mirpur, he said, “The scale of money laundering and banking sector looting in Bangladesh is unparalleled globally.”

Dr. Salehuddin noted that, compared to other banks, the state-run Krishi Bank remains in relatively good shape and has played a major role in the country’s agricultural revolution. He emphasized the need for ongoing reform to restore stability and public trust in the financial system.

Brac Bank has introduced a collateral-free loan facility at a market-lowest 13.75% interest rate for entrepreneurs in the Cottage, Micro, Small, and Medium Enterprise (CMSME) sector. The offer is valid from August 1 to September 30 under the “SME Means Brac Bank” campaign. Two new solutions—“Probrton” for online entrepreneurs and “BizPay” for large transactions—have also been launched. With over 2 million SME clients and BDT 2 trillion disbursed, Brac Bank reaffirms its leadership in SME financing in Bangladesh.

Bangladesh’s demand for dollars has dropped despite improved supply, largely due to a sharp decline in capital machinery imports. LC openings rose by only 0.18% in FY 2024-25, with June hitting a 4.5-year low. Economists link this to reduced investment, economic stagnation, and falling consumption. Remittance and exports have surged, stabilizing the exchange rate. The central bank is now buying dollars to build reserves. Experts say boosting imports and ensuring political stability are essential to revive economic momentum and meet long-term growth needs.

India’s suspension of visas for Bangladeshis since August 2024 has severely impacted Kolkata’s tourism-dependent economy. Areas like New Market and Free School Street—popular among Bangladeshi visitors—have suffered most. Businesses in these zones report over ₹5,000 crore in combined losses. Hotels, restaurants, transport, and currency exchanges face closures and layoffs. Informal workers are also struggling. The visa halt followed the fall of Bangladesh’s previous government and rising diplomatic tensions. Local businesses now hope for renewed bilateral ties and quick resolution.

Chowdhury Ashiq Mahmud Bin Harun, Executive Chairman of BIDA and BEZA, has stated that the government is committed to positioning Bangladesh as a regional hub for halal products by fostering an enabling environment for the halal economy. Highlighting the $7 trillion global halal market, he pointed out that most halal products are currently produced by non-Muslim countries, which presents both a challenge and an opportunity for Bangladesh. The government is working on improving infrastructure and attracting investment in this sector, and Mahmud emphasized the need for strong public-private partnerships to realize the full potential of the halal economy.

Adviser Sakhawat Hossain has acknowledged that Bangladesh's export sector remains narrowly focused and lacks diversification. Speaking at an event, he highlighted the country’s missed opportunities in sectors like shipbuilding, which holds great potential as an export industry.

"We still haven’t made significant progress in this sector. Many industrialists prioritize their own interests over the welfare of workers. Without ensuring workers’ rights and benefits, our dreams of industrial development will remain unfulfilled," he said.

Hossain also criticized past labor ministry leadership, citing conflicts of interest that undermined labor rights. He pointed out increasing international pressure from the European Union and the United States due to labor rights concerns.

He urged trade union leaders to act responsibly and avoid inciting unnecessary unrest that could harm industries. "A balance must be maintained between workers' rights and industrial stability," he concluded.

Indian Prime Minister Narendra Modi has called on citizens to prioritize domestic products and safeguard national economic interests amidst global instability. This comes after former U.S. President Donald Trump imposed a 25% tariff on Indian exports—reportedly the highest among South Asian nations. Modi appealed especially to traders and retailers, urging them to commit to selling only Indian-made goods. This statement follows growing U.S. pressure, including warnings of increased tariffs if India continues purchasing oil from Russia.

If Bangladesh can withstand increased tariffs, it stands to gain significantly, with potential order shifts from China and Vietnam. The U.S. has imposed nearly equal tariffs on Bangladesh and its competitors except China, preserving Bangladesh’s global competitiveness. Industry leaders thank the U.S. for a fair tariff system and urge local entrepreneurs to enhance skills and educate buyers about cost impacts. Despite possible price rises and order fluctuations, strong negotiation remains key. Success could lead to a long-term boost in garment exports.

Anwar-ul-Alam Chowdhury Parvez, President of the Bangladesh Chamber of Industries (BCI), expressed concern over the proposed 20% tariff on exports to the U.S. While it may sustain competitiveness on paper, he warned that demand for Bangladeshi goods could drop by 30–35%, citing research from American analysts.

He also criticized the lack of internal cost-reduction measures and unexpected port charge hikes. “Instead of finding solutions, we are facing rising shipping costs due to mismanagement and reduced container traffic,” Parvez lamented.

Following US President Donald Trump’s decision to slash tariffs on Bangladeshi textile products from 35% to 20%, shares of several major Indian textile companies plummeted. The move is expected to make Bangladesh even more competitive in the US market. According to Upstox, KPR Mills fell by 5%, Welspun Living by 2%, Alok Industries by 0.8%, Pearl Global by 3.7%, Gokaldas Exports by 2.6%, Kitex Garments by 3.21%, and Bardhaman Textiles by 2.8%. The new tariff structure has caused concern among Indian exporters, especially in labor-intensive sectors such as textiles and electronics, with the US being India’s largest export destination.

Kashmir’s pencil industry is on the brink of collapse as widespread felling of poplar trees has caused a severe shortage of raw materials. The Lasipora industrial area in Pulwama district supplies wood to major Indian brands like Hindustan Pencils, which produces Nataraj and Apsara pencils. Despite a 2020 court suspension on tree felling, cutting continues while new planting declines. Experts warn this trend threatens both production and the environment in the region.

The government fell short of its revised revenue target by Tk 92,626 crore in FY 2024-25, collecting Tk 3,70,874 crore against the target of Tk 4,63,500 crore. Unrest within the National Board of Revenue (NBR) during May and June significantly disrupted collections, especially in customs and VAT sectors. Growth over the previous fiscal year was just 2.23%. The NBR cited large-scale tax evasion in the cigarette sector as a major reason for the loss and vowed recovery efforts.

Chattogram Port Authority is reducing the number of approved vessels to enhance operational efficiency, citing increased waiting times at outer anchorage due to excess traffic. Currently, 118 approved ships are causing delays of up to 10 days, especially for gearless vessels. Businesses argue the root problems lie in customs delays, outdated infrastructure, and poor coordination among agencies. Industry leaders call for digitalization and management reforms instead of limiting vessel numbers, warning that the current approach may raise shipping costs and hurt trade competitiveness.

India’s state-owned oil refineries have stopped purchasing Russian crude following a reduction in price discounts and stern warnings from Donald Trump. Reuters reported that Indian companies made no purchases from Russia in the past week, turning instead to alternatives like Murban oil from the UAE and West African crude. However, private firms like Reliance Industries and Nayara Energy—partly owned by Russian entities—continue sourcing under annual contracts. On July 14, Trump warned of a 100% tariff on countries buying oil from Russia if no major peace deal is reached with Ukraine.