Employment Bank inaugurated its 289th branch in Tongibari, Munshiganj, on Friday at the Institute of Marine Technology conference hall. The event was chaired by the bank’s chairman and former secretary Dr. A.F.M. Matiur Rahman, with Prime Minister’s Principal Secretary A.B.M. Abdus Sattar attending as chief guest. Other guests included the secretaries of the Ministry of Religious Affairs and the Financial Institutions Division, and local MP Abdus Salam Azad, who officially opened the branch.

In his remarks, Abdus Sattar praised the bank’s strong position in the national banking sector and urged continued efforts toward financial inclusion and job creation. Dr. Matiur Rahman described the new branch as a milestone, encouraging youth, women entrepreneurs, and small business owners to pursue self-employment. MP Abdus Salam Azad highlighted Tongibari’s potential in agriculture, fisheries, and small enterprises, while Secretary Nazma Mobarek noted that the new branch would create employment opportunities, especially for women.

At the end of the ceremony, guests handed over loan checks to local entrepreneurs, marking the branch’s operational launch.

At a press conference held at the Economic Reporters Forum in Dhaka on Saturday, owners of 26 export-oriented garment factories accused Premier Bank’s Narayanganj branch of creating around Tk 10,500 crore in fake loans using forged sales contracts, falsified back-to-back letters of credit, and illegal foreign currency transactions. The owners alleged that former chairman HBM Iqbal and several bank officials misappropriated funds through these irregularities, which were not detected in previous audits or Bangladesh Bank inspections.

The affected business owners said that since 2017, some bank officials used fake IDs to open multiple back-to-back LCs without importing raw materials, later showing the liabilities as loans under the companies’ names. They claimed that forced and demand loans were created without consent, violating Bangladesh Bank’s foreign exchange guidelines. Many factories have since shut down, and the owners demanded an independent forensic audit and intervention from Bangladesh Bank and the finance ministry.

Premier Bank’s current chairman, Arifur Rahman, stated that a forensic audit is underway and nearing completion, after which the actual liabilities and responsible parties will be identified.

Prime Minister’s Economic and Planning Adviser Professor Dr. Rashed Al Mahmud Titumir has rejected claims that the government is printing money, calling such allegations baseless. Speaking on Saturday at a pre-budget shadow parliament at FDC focused on inflation control, he said the government is prioritizing investment and employment and has taken special initiatives to reopen closed factories.

Titumir stated that during the previous administration, income levels fell sharply, pushing many lower-middle-class families below the poverty line and causing social fragmentation. He accused the former government of borrowing heavily under the guise of infrastructure development and engaging in corruption, while manipulating data to portray false progress. He added that the current administration will ensure transparency by making all Bureau of Statistics data publicly accessible.

He emphasized that the government aims to democratize the economy and avoid handing over sectors to syndicates. At the same event, Debate for Democracy Chairman Hasan Ahmed Chowdhury Kiron said the government is moving toward a universal social protection program to improve the lives of marginalized groups.

Bangladesh’s Minister of Textiles and Jute, Khandaker Abdul Muktadir, emphasized that sustaining the long-term competitiveness of the country’s ready-made garment and textile industry requires prioritizing sustainable production, innovation, research, and product diversification. Speaking as chief guest at the inauguration of the Textile Innovation Exchange held at Le Méridien in Dhaka on Saturday, he said sustainability is no longer a slogan but a necessity for the industry’s survival and future.

The minister noted that Bangladesh’s natural resources are limited, making efficient use of energy, water, and raw materials essential through circular production and effective management. He warned that the country’s export base remains narrow and must expand into high-value segments such as sportswear, man-made fiber apparel, and technical textiles to remain globally competitive. He also highlighted the need for research, design development, skill enhancement, and modern technology adoption.

Muktadir added that the government will repurpose closed factories through industrial parks, public-private partnerships, or leasing to attract new investment. He said other promising sectors like leather, light engineering, and shipbuilding will be revitalized through technology, skills, and international collaboration.

Iraq announced that it exported around 10 million barrels of oil through the Strait of Hormuz in April, according to Oil Minister Bassem Mohammed. The report highlights that despite recent war-related tensions and concerns over maritime security in the region, oil shipments through this vital route have continued without disruption.

The Strait of Hormuz remains one of the world’s most critical energy transport corridors. Analysts noted that even amid ongoing instability in the Middle East, the strait continues to serve as a stable and indispensable route for global energy supply. Iraq’s oil minister also indicated that the country is in discussions with OPEC to increase both production and exports.

The continued flow of oil through the strait suggests resilience in global energy logistics despite regional security challenges, reinforcing the strategic importance of this maritime passage for international trade.

Finance Minister Amir Khosru Mahmud Chowdhury stated that it will take another two years to restore Bangladesh’s fragile economy, which was left in a deteriorated state by previous governments. He made the remarks on Saturday morning while inaugurating a new building of the Mother and Child Hospital in Agrabad, Chattogram.

The minister explained that the current government faced a major global crisis immediately after taking office due to the war in the Middle East. He said the energy sector alone required Tk 40,000 crore in the upcoming fiscal year, while an additional Tk 50,000 crore was spent within two months on the power sector and foreign loan repayments. He acknowledged that the national economy remains in a difficult position.

Amir Khosru also criticized past administrations for misusing health sector allocations and pledged that the current government would ensure proper monitoring of funds. He emphasized that the government would not interfere in medical colleges or other professional institutions to preserve their integrity and educational standards.

The Bangladesh government authorized 12 foreign companies to supply diesel, octane, and crude oil under the Direct Purchase Method (DPM) to address a fuel shortage caused by the Iran war. However, none of the companies had delivered oil by mid-May 2026. Only two firms provided performance guarantees, while one pledged to do so. The companies are based in the United States, Dubai, the Netherlands, Hong Kong, Kazakhstan, Malaysia, and Japan. The energy minister said the move aimed to prevent panic buying and ensure adequate reserves.

Bangladesh Petroleum Corporation (BPC) officials said the DPM initiative was temporary and launched after several cargoes were deferred due to force majeure declarations. BPC Chairman Md. Rezanur Rahman explained that final prices would be determined using the Platts Arab Gulf rate around the loading date. He confirmed that three companies were proceeding properly, while others declined or failed to meet requirements. The government has since returned to open tendering for June–August to maintain a 90-day reserve.

Transparency International Bangladesh acknowledged the government’s authority to bypass tenders in emergencies but emphasized the need for transparency and accountability in supplier selection and contract execution.

Qatar’s energy sector has suffered severe damage following Iran’s retaliatory attacks on Israel and U.S.-linked sites in the Middle East, as well as Tehran’s blockade of the Strait of Hormuz. According to a New York Times report published Thursday, the disruptions have left the Gulf nation’s liquefied natural gas (LNG) exports paralyzed, with tankers stranded and billions of dollars in revenue lost. The LNG carrier Rashida, circling near the Gulf for over two months, has become a symbol of the global energy gridlock.

Qatar, one of the world’s largest LNG exporters, saw major infrastructure damage in March when Iranian drones and missiles struck its Ras Laffan production complex. Two heavily damaged units accounted for about 17 percent of total output. QatarEnergy estimates that restoring full capacity could take three to five years. Even if the Strait of Hormuz reopens, shipping companies remain wary due to security risks, leaving around 1,600 vessels trapped in the area.

Industry observers cited in the report believe the crisis may permanently alter regional energy routes, as support grows for infrastructure projects bypassing the Hormuz Strait.

The Bangladesh Jewellers Association (BAJUS) has announced another major reduction in gold prices across the country within 24 hours. According to a notice issued on Saturday morning, the price of 22-carat gold has been reduced by up to Tk 4,374 per bhori, bringing it down to Tk 238,121. The new rates took effect from 10 a.m. on May 16, 2026. On the previous day, May 15, the same quality gold was priced at Tk 242,495 per bhori.

BAJUS stated that the price adjustment was made due to a fall in the international market price of pure (tejaabi) gold. Under the revised structure, 21-carat gold now costs Tk 227,331 per bhori, 18-carat gold Tk 194,847, and traditional gold Tk 158,689. The association also announced a decrease in silver prices, with 22-carat silver now priced at Tk 5,657 per bhori.

The latest price revision reflects BAJUS’s ongoing adjustments to align domestic gold and silver rates with global market trends.

Canada has made significant progress toward building a new pipeline aimed at expanding crude oil exports to Asian markets. On Friday, Prime Minister Mark Carney and Alberta Premier Danielle Smith signed an industrial carbon pricing agreement that removed a major obstacle to the project. The deal introduces a phased carbon tax on large emitters, setting a fee of 130 Canadian dollars per ton of carbon dioxide by 2040, lower than the 170 dollars proposed by the previous Trudeau government. Carney said the final pipeline plan will be submitted to the government’s Major Projects Office by July 1.

The initiative is part of Carney’s strategy to reduce Canada’s economic dependence on the United States and strengthen energy trade with Asia. However, the project has sparked environmental controversy and opposition from several Indigenous and First Nations groups who vowed to resist any pipeline construction from Alberta to the Pacific coast. Left-wing New Democratic Party leader Avi Lewis criticized the move as a surrender to the oil and gas lobby.

The announcement comes at a politically sensitive time, as separatist sentiment in Alberta grows, with Carney emphasizing that Alberta’s prosperity depends on a united Canada.

Stone imports through the Sonamasjid land port in Chapainawabganj have been suspended for 13 consecutive days since May 2, 2026, following a dispute over increased assessment value for customs purposes. The shutdown has brought operations at one of the country’s key land ports to a standstill, depriving the government of revenue and leaving around 8,000 port workers without work. The port’s managing authority, Panama Sonamasjid Port Link Limited, confirmed the ongoing halt in imports.

Importers stated that they had long imported stones at an assessment value of USD 13 per ton, which determined customs duties. Recently, Indian customs authorities raised this value to USD 15 per ton. Importers argue that 20–30 percent of the imported stones are of low quality, and the higher valuation would cause heavy financial losses. They have decided not to resume imports until the increased rate is withdrawn.

The suspension has severely affected daily wage laborers who depend on stone handling for income. Port officials warned that unless the valuation issue is resolved soon through discussions between importers and authorities, both government revenue and workers’ livelihoods will continue to suffer.

The government’s introduction of a digital fuel card system has significantly improved fuel supply management and revenue collection in Nilphamari district. Implemented to curb fuel wastage, illegal hoarding, and manipulation, the system has generated about 15 million taka in revenue over two months. The Bangladesh Road Transport Authority (BRTA) office in Nilphamari reported that the system ensures each vehicle receives its allocated fuel, monitored through a central server, reducing black-market activities and improving accountability.

The initiative has also streamlined fuel collection at pumps, reducing waiting times and cash handling risks through digital payments. Initially, vehicle owners were required to have valid registration, driving licenses, fitness certificates, and tax payments to obtain fuel cards. After some conditions were relaxed, applications increased sharply. Between March 1 and April 30, 784 motorcycles were registered and 7,400 learner licenses issued, generating over 13.5 million taka in revenue. BRTA officials noted that more vehicle owners are now updating legal documents, reducing unregistered vehicles on roads.

Officials and transport stakeholders believe the system is fostering discipline and modernization in the transport sector, with long-term benefits for governance and energy efficiency.

The Dhaka Metro Passenger and Goods Transport Committee has approved route permits for 690 new air-conditioned buses to operate across various routes in the capital. The decision, confirmed by multiple committee members on Friday, allows eight transport companies to introduce modern and comfortable buses aimed at improving passenger experience. The companies include Shapla Paribahan, Chitra Paribahan Limited, Time Bird Express, Sprint Shuttle Private Limited, Iqbal Enterprise, New Dhaka Paribahan, Trust Transport Services, and Dhaka Transport Line, each assigned specific routes and bus numbers.

According to the committee’s decision, all buses must feature automatic doors and e-ticketing systems, operate under a counter-based service instead of contract systems, display route numbers and company names, and maintain uniform colors for each company’s fleet. The committee, chaired by the Dhaka Metropolitan Police chief, oversees route permits and transport operations in the city.

Transport experts emphasized the need for demand assessment, designated stops, and scheduling before launching the new buses. They also urged a scientific approach to route permits for sustainable solutions to Dhaka’s public transport challenges.

Bangladesh’s universal pension scheme is facing a severe trust crisis, with declining public interest and irregular contributions from existing members. The National Pension Authority met with Finance Minister Amir Khosru Mahmud Chowdhury to discuss ways to restore confidence and revitalize the program. The meeting emphasized stronger public outreach, cybersecurity, professional staffing, and a goal to include at least one member from each of four crore families by 2030. The minister also supported proposals for Shariah-based schemes and lifelong pension benefits for nominees.

The scheme, launched in August 2023 under the previous government, was designed to cover private and informal sector workers through four programs—Prabash, Suraksha, Pragati, and Samata. However, allegations of corruption under the former administration and the controversial, later-cancelled Pratyay scheme eroded public confidence. As of April 2026, only 377,554 people were enrolled, with 40–45 percent irregular in payments.

The new leadership of the National Pension Authority plans to make the schemes more attractive through reforms, awareness campaigns, and potential Shariah-compliant options. Officials hope renewed government support will help overcome skepticism and expand participation nationwide.

The Bangladesh government has taken major steps to begin oil, gas, and mineral exploration in the deep waters of the Bay of Bengal. Officials from the Ministry of Power, Energy and Mineral Resources confirmed that international tenders will be invited within days, following approval of the 'Bangladesh Offshore Model Production Sharing Contract (PSC) 2026' by the Cabinet Committee on Economic Affairs on May 7. Energy Minister Iqbal Hasan Mahmud Tuku said the initiative aims to reduce dependence on imported fuel and increase domestic production.

Officials noted that despite resolving maritime boundary disputes with India and Myanmar years ago, Bangladesh has failed to capitalize on its marine resources due to weak policies and technical limitations. Previous exploration efforts by international companies such as ConocoPhillips, ONGC, Santos, and POSCO Daewoo were discontinued for various reasons. Experts said the country’s gas reserves could be exhausted within 12 years if no new fields are discovered.

Petrobangla and government policymakers expressed optimism that the new exploration drive will end two decades of stagnation in offshore energy development and help Bangladesh achieve energy self-sufficiency.