Global oil prices declined following reports that the ceasefire agreement between Israel and Lebanon had strengthened. Investors interpreted the development as a sign of renewed diplomatic momentum toward resolving the broader conflict involving the United States, Israel, and Iran.

As of 12:15 a.m. GMT on Wednesday, Brent crude futures dropped by 67 cents, or 0.69 percent, to trade at 97.14 dollars per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures fell by 62 cents, or 0.65 percent, to 95.40 dollars per barrel. The decline reflected market optimism about reduced geopolitical risks in the Middle East.

The ceasefire understanding was reached after talks in Washington mediated by the United States. Both Israel and Lebanon agreed to implement the truce, though they emphasized that Hezbollah must completely halt its attacks for the agreement to hold.

Bangladesh’s leather industry is undergoing a major downturn despite strong global demand. The sector has been hit by poor management, lack of environmental compliance, and absence of international certification such as the Leather Working Group (LWG) standard, which has discouraged major global brands from purchasing Bangladeshi leather. Production and exports have fallen sharply, forcing local businesses to rely on imported leather. Large companies like Bata and Apex have reduced direct leather purchases, while many entrepreneurs cannot export despite having government-allotted plots.

The crisis deepened after tanneries were relocated from Hazaribagh to Savar in 2017, where the central effluent treatment plant (CETP) remains only partially functional. Business leaders and officials acknowledge that mismanagement, substandard equipment, and corruption have crippled the CETP, driving away European and Korean buyers. Export earnings reached USD 1.145 billion in 2024–25, far below the sector’s potential in the USD 440 billion global market.

Industry associations urge urgent modernization of the CETP, enforcement of environmental standards, and acquisition of LWG certification. They also call for action against misuse of government plots and for joint public-private investment to restore competitiveness.

The Bangladesh Energy Regulatory Commission (BERC) has announced a record electricity price hike of nearly 20 percent at the consumer level, effective from June 2026 and payable in July. Wholesale rates will rise by 19.85 percent, while retail prices for middle-income households in the fourth usage tier will increase by 19.95 percent. The average increase for low-tension users is 18.21 percent. BERC Chairman Jalal Ahmed announced the decision at a press conference, stating that the adjustment was made after reviewing current conditions. The government will still provide Tk 41,000 crore in subsidies to the power sector.

The decision follows public hearings held on May 19 and 20, where consumer groups strongly opposed the proposal. Despite earlier assurances from the energy minister that prices would not rise for two years, the commission approved the increase within four working days of the hearings. Consumers fear the hike will severely affect nearly 49.8 million users, raising living costs and impacting small industries, businesses, and households.

The new rates also affect irrigation, religious institutions, and battery charging, with higher peak-hour tariffs. Critics argue that corruption and inefficiency in the power sector, rather than subsidies, are driving the need for such increases.

A global survey by the human resources and workforce management AI platform UKG has warned that the upcoming football World Cup, starting on June 11, could cause a productivity loss of about $170 billion worldwide. The study found that employers across multiple countries are concerned about keeping employees focused and present during the tournament. The projected loss equals roughly 20.8 trillion Bangladeshi taka. The United States is expected to face the highest loss at around $117 billion, followed by Germany with an estimated $13.4 billion.

According to the survey, 37 percent of employees plan to adjust their work schedules to match match timings, while 27 percent admitted they might arrive late, leave early, or skip work entirely. About 14 percent said they would secretly stream matches or highlights at their desks, and 11 percent planned to work under the influence after watching late-night games. Even managers are not exempt, with 42 percent planning to take leave and 45 percent intending to modify their work hours.

The UKG study covered eight major countries—Australia, Canada, France, Germany, Mexico, the Netherlands, the United Kingdom, and the United States—based on responses from around 8,000 employees.

The Bangladesh Energy Regulatory Commission (BERC) has announced another increase in electricity prices, prompting strong criticism from Khelafat Majlis. According to a statement issued by the party’s Amir Maulana Abdul Basit Azad and Secretary General Dr. Ahmad Abdul Kader, BERC raised wholesale electricity rates by 19.85 percent and retail rates by 15 to 19.94 percent. The transmission charge was also increased by 23.96 percent.

Khelafat Majlis said the new price hike would make public life more difficult and lead to another round of commodity price increases. The party accused the government of shifting the burden of corruption, mismanagement, poor planning, and waste within the power sector onto ordinary consumers. It strongly protested the decision and demanded an immediate reduction in electricity and fuel prices, as well as measures to bring essential goods within consumers’ purchasing power.

The statement reflects growing political opposition to recent energy price adjustments and calls for urgent government action to ease public hardship.

Dhaka Mass Transit Company Limited (DMTCL) reported that the metro rail transported an average of 151,877 passengers per day between May 25 and May 31, excluding Eid day. The company released this information in a statement on Wednesday, noting that 140 scheduled trips were operated daily during the period.

To manage the increased passenger demand around Eid, DMTCL kept 10 additional trains on standby for possible deployment. The metro rail played a significant role in facilitating travel for people leaving Dhaka for their hometowns before Eid and returning to their workplaces afterward.

According to DMTCL, officials and employees worked during public holidays to maintain operations. Cleaning activities were also carried out at metro stations and surrounding areas. The company expressed gratitude to passengers and stakeholders for their cooperation in ensuring smooth, safe, and uninterrupted metro services during the Eid holidays.

Saiful Haque, General Secretary of the Revolutionary Workers Party of Bangladesh, has strongly criticized the government’s decision to raise electricity prices again ahead of the national budget. In a statement to the media on Wednesday, he said ordinary citizens should not be punished for theft, corruption, waste, and mismanagement in the power sector. He warned that the new price hike would worsen the suffering of low-income people already struggling with rising living costs.

Haque described the government’s move as arbitrary and accused the Bangladesh Energy Regulatory Commission (BERC) of failing to justify the increase at both wholesale and consumer levels. He argued that reducing corruption and inefficiency in the energy and power sectors would eliminate the need for such hikes. He also criticized BERC’s public hearings as a mere formality to legitimize government decisions.

He demanded the immediate withdrawal of the price hike decision and called for amendments to BERC’s existing law so that it can recommend price reductions. Haque further urged the government to include adequate allocations and a comprehensive plan for the energy and power sectors in the upcoming national budget.

The government has withdrawn the additional monthly charge on prepaid electricity meters, according to an announcement shared by the Bangladesh Nationalist Party (BNP) media cell on Wednesday. The BNP stated on its official Facebook page that the decision was part of the party’s first 100 days in government, aimed at reducing public hardship and ensuring financial relief for ordinary citizens.

Earlier, on March 29, the Minister of Power, Energy and Mineral Resources, Iqbal Hasan Mahmud Tuku, had announced that the monthly rent or meter charge for prepaid electricity meters would be withdrawn. Previously, consumers were paying a monthly demand charge of 42 taka per kilowatt and a single-phase meter rent of 40 taka, along with an additional 5 percent VAT. These charges had caused widespread dissatisfaction among users.

The withdrawal of the extra charges is expected to provide immediate financial relief to electricity consumers who had long expressed frustration over the additional costs associated with prepaid meters.

Canada and Mexico on Tuesday called for renewing the United States–Mexico–Canada Agreement (USMCA) for another 16 years. Canadian Trade Minister Dominic LeBlanc made the proposal in a letter to U.S. Trade Representative Jamison Greer and Mexican Finance Minister Marcelo Ebrard, emphasizing that the agreement binds the three countries under a unified trade framework. LeBlanc later described a meeting in Washington on the pact’s future as positive and said discussions would continue in the coming days and weeks.

The USMCA is vital for both Canada and Mexico, as the United States is their main trading partner, accounting for roughly 75 and 80 percent of their exports respectively. The countries must inform by July 1 whether they wish to renew the agreement or renegotiate its terms. Although President Donald Trump signed the USMCA during his first term, he has recently questioned its relevance, imposed tariffs on key Canadian sectors, and made controversial remarks about Canada’s economic dependence on the U.S.

U.S. and Mexican officials recently concluded initial talks on possible amendments to the pact. Greer indicated support for retaining parts of the current agreement, while LeBlanc noted that trade among the three nations has grown 32 percent since the USMCA took effect in 2020.

A delegation from Japan’s major trading and investment company Mitsui & Co. met with Prime Minister Tarique Rahman at the Prime Minister’s Office in the Cabinet Division on Wednesday. The meeting focused on exploring and expanding investment opportunities in sectors such as food, agriculture, energy, and ICT.

During the discussion, the Bangladesh government informed the delegation that it is pursuing investment-friendly policies and will provide maximum cooperation to attract and expand foreign investment. The government also highlighted its initiative to bring various agency services under a ‘one-stop service’ system to simplify business operations and approval processes, ensuring faster and smoother investment activities.

Finance and Planning Minister Amir Khasru Mahmud Chowdhury, the Prime Minister’s Economic and Planning Adviser Rashed Al Mahmud Titumir, Special Assistant Dr. Shakirul Islam Khan, and Finance Secretary Md. Khairuzzaman Mozumder were present. The Mitsui delegation was led by Makato Sato, CEO and Executive Vice President for the Asia-Pacific region.

Finance Minister Amir Khosru Mahmud Chowdhury announced that the upcoming national budget will be designed with every citizen in mind. Speaking to reporters at the Secretariat on Wednesday, June 3, after a meeting with the Prime Minister, he said the government aims to present a good budget despite the current economic challenges. He emphasized that the budget will reflect efforts to include all citizens in the economic process.

Chowdhury stated that the economy is in a difficult state, but the government has taken responsibility to ensure that the benefits of economic activities reach every person in Bangladesh. The minister explained that the budget formulation process has been guided by the goal of ensuring broad participation and equitable distribution of economic gains.

He expressed optimism that, compared to previous governments, this initiative would mark a positive beginning and help the country move forward more effectively.

Customers under the banner of the Conscious Customer Forum held a rally and protest march in Dhaka demanding the removal of Islami Bank’s newly appointed chairman, Khurshid Alam. The demonstration began at 11 a.m. in front of the bank’s head office and concluded at the National Press Club. Protesters alleged that Alam had previously been dismissed from Bangladesh Bank after the July Movement due to involvement in financial irregularities, and they warned that his leadership could endanger the bank’s stability.

Forum president Nurun Nabi Manik stated that Islami Bank is the largest in Southeast Asia and that its collapse could severely impact the national economy. He urged the government to ensure proper management and to appoint those who had contributed to the bank’s earlier success. The group emphasized that their movement was lawful and aimed at protecting customer interests.

The protest followed earlier demonstrations and human chains held on Monday and Tuesday. On Monday, the bank’s scheduled board meeting was disrupted by protests and later held virtually under Alam’s chairmanship, where the resignation of Managing Director Omar Faruk Khan was accepted.

Bangladesh Petroleum Corporation (BPC) has initiated steps to relocate its headquarters from Chattogram to Dhaka, with plans to purchase three floors of the 20-storey Jamuna Oil Company building in Karwan Bazar. The process has advanced significantly, receiving approval from Jamuna’s board and a positive response from the government. A committee has been formed to determine the fair value of the floors, and BPC intends to finalize the purchase after Eid. However, the transfer appears to breach company law, which requires approval from the annual general meeting (AGM) for asset transfers.

Jamuna Oil, a listed company with BPC holding 60 percent of its shares, built the Dhaka building to generate rental income. Critics say the transfer decision bypassed shareholder approval and was driven by top-level pressure. BPC’s move comes even as it recently completed a new headquarters building in Chattogram’s Joypahar area, where 90 percent of its operations are based.

Energy sector experts and transparency advocates warn that relocating the headquarters could undermine administrative decentralization, create bureaucratic delays, and contradict the government’s policy of moving institutions outside Dhaka.

After Eid-ul-Azha, bottle gourd prices have sharply fallen in Durgapur upazila of Rajshahi, with each gourd selling for only five taka at local roadside markets. Farmers report that before Eid, they sold each gourd for 35 to 40 taka, but within a few days the price dropped so low that production costs can no longer be recovered. Meanwhile, traders are buying directly from farmers at these low prices and reselling the gourds in other districts at nearly ten times the cost.

Field visits across several villages in Durgapur revealed abundant harvests, with traders loading gourds onto trucks bound for Dhaka, Gazipur, Narayanganj, Khulna, Barishal, Sylhet, and Chattogram. Farmers blame the post-Eid market slump and transport shortages, while traders cite driver holidays and increased delivery costs. The Rajshahi Department of Agricultural Extension confirmed that bottle gourd cultivation reached a record 666 hectares this season, up from 521 hectares last year.

Officials acknowledged that large price gaps between rural and urban markets often result from syndicate control, and they have reported the issue to the government for review.

Bangladesh is preparing to announce a record budget of about Tk 9.38 trillion for the 2026–27 fiscal year amid mounting economic pressures. The government plans to present the budget in parliament on June 11, marking a nearly 19 percent increase from the current year’s Tk 7.9 trillion. Economists identify growing foreign debt repayments and persistent inflation as the biggest challenges to implementing the new government’s first budget.

According to the Economic Relations Division, Bangladesh paid USD 3.802 billion in foreign loan installments and interest during July–April of the current fiscal year, up 8.41 percent from the same period last year. Meanwhile, new loan commitments and disbursements have declined sharply. The government expects to spend around Tk 460 billion on foreign debt servicing next year, which could strain allocations for development and social protection.

Inflation remains another major concern, with April’s rate rising to 9.04 percent from 8.71 percent in March. Analysts warn that without effective control measures, higher living costs could undermine welfare initiatives and increase pressure on low- and middle-income households.