A global energy crisis triggered by the Middle East conflict has severely disrupted Bangladesh’s industrial sector, with gas, electricity, and fuel shortages putting immense pressure on production. Export earnings have fallen for eight consecutive months, marking an unprecedented decline in the country’s history. In March 2026, export income dropped by over 18 percent year-on-year to 3.48 billion dollars, compared to 4.25 billion dollars in March 2025.

Business leaders and economists attribute the downturn to reduced production capacity, rising costs, and shipment delays that have eroded foreign buyers’ confidence. The ready-made garment sector, which accounts for over 80 percent of export earnings, saw a 5.51 percent decline in the first nine months of the fiscal year. Vietnam has overtaken Bangladesh as the world’s second-largest apparel exporter, earning 82 million dollars more in 2025.

Industry associations report that many factories in Gazipur, Savar, Ashulia, and Narayanganj have lost up to 30 percent of production capacity due to power and fuel shortages. Economists warn that unless the energy crisis eases soon, Bangladesh’s export-dependent economy could face deeper challenges.

U.S. low-cost carrier Spirit Airlines announced an immediate shutdown of its global operations on Saturday after last-minute talks with lenders and the White House collapsed. The airline canceled all flights and suspended customer service, citing a severe financial crisis driven by rising fuel costs and other business pressures. American Airlines, Delta, United, and JetBlue quickly launched rescue efforts, offering discounted fares and additional flights to accommodate stranded passengers. Some airlines also began assisting and recruiting Spirit’s employees.

Spirit, which had about 7,500 employees by the end of last year, had faced multiple bankruptcy proceedings since 2024. The company promised refunds to affected passengers. U.S. Transportation Secretary Sean Duffy said President Donald Trump made every effort to keep the airline afloat but noted that the outcome depended on lenders’ decisions. Labor unions criticized the shutdown, warning that the burden would fall on pilots, cabin crew, and mechanics.

Analysts said the airline’s collapse could reshape the U.S. low-cost travel market, as rising jet fuel prices following Middle East tensions delivered the final blow to an already weakened carrier.

After a 14-year hiatus, Iraq has resumed crude oil exports through Syria via the Al-Yarubiyah border crossing. A convoy of 70 oil tankers entered Syrian territory en route to the Baniyas refinery on the Mediterranean coast, according to Syria’s state news agency SANA. Syrian border official Feras Rustam described the reopening as a strategic step to strengthen economic ties between Iraq and Syria.

Rustam added that the decision is expected to make trade and energy supply more efficient and foster long-term partnership between the two nations. The move comes as the Strait of Hormuz remains closed due to the ongoing Israel-United States conflict with Iran, prompting Iraq to seek alternative export routes.

The Al-Yarubiyah crossing, known as Rabia on the Iraqi side, was closed in 2011 following the outbreak of the Syrian civil war and later seized by ISIS in 2014. It was reopened after Kurdish forces regained control of the area, restoring a key link between the two countries.

Bangladesh’s economy is increasingly pressured by global energy market volatility and internal structural weaknesses, according to experts speaking at a webinar titled “Economy Trapped in Energy Crisis,” organized by the Power and Participation Research Centre (PPRC) on Saturday. Participants said rising fuel prices, a prolonged dollar shortage, and import dependence are affecting production, agriculture, transport, and daily life. They questioned whether the situation is a temporary shock or a sign of a deeper energy trap.

Speakers including former energy secretary A.K.M. Zafar Ullah Khan, former Bangladesh Agricultural University vice-chancellor Sattar Mandal, and industry leaders discussed the severity of the crisis and possible solutions. They noted that supply constraints, panic buying, and limited storage capacity have worsened the situation. Khan emphasized the need for uninterrupted supply despite price fluctuations, while Mandal highlighted growing diesel demand in agriculture. Trade Services International chairman Syed Mahmudul Haque warned of rising national financial pressure from global oil price hikes.

Participants suggested expanding renewable energy use and accelerating gas exploration. PPRC executive chairman Hossain Zillur Rahman cautioned that bureaucratic delays could hinder timely policy action.

More than three million people in the United States have lost access to food assistance following the enforcement of stricter federal rules. According to The Wall Street Journal, citing federal data, participation in the Supplemental Nutrition Assistance Program (SNAP) has dropped by about 3.5 million since the new conditions took effect in July last year.

The revised policy requires able-bodied adults aged 18 to 64 without children under 14 to work, volunteer, or attend approved training for at least 80 hours per month to remain eligible. Previously, the work requirement applied only up to age 54, and adults with children under 18 were exempt. The new rules also exclude some legally residing non-citizens who were previously eligible, in addition to undocumented immigrants who were already barred.

The U.S. Department of Agriculture reported that an average of 42.1 million people received SNAP benefits last fiscal year, costing about $101.7 billion. Since the implementation of President Donald Trump’s tax and spending law in July, participation has steadily declined, reaching 38.5 million by January, an 8 percent drop in six months.

Kuwait exported no crude oil in April 2026, marking the first such occurrence in more than 30 years, according to a report by TankerTrackers.com cited by Al Jazeera. The last time Kuwait experienced zero crude exports was in 1991 during the aftermath of the Gulf War.

Despite the halt in crude exports, Kuwait continues oil production. Part of the produced oil is being stored, while the rest is refined into various petroleum products for export. The report attributes the suspension of crude exports to a blockade in the Strait of Hormuz, one of the world’s most critical oil transport routes.

Analysts warn that if the blockade persists, it could have significant repercussions for the global energy market, given Kuwait’s role as a major oil producer in the Gulf region.

Saudi Arabia is confronting a severe challenge following the United Arab Emirates’ sudden withdrawal from OPEC, as the ongoing Iran war disrupts crude exports across the Persian Gulf. The conflict has prevented Saudi Arabia and other OPEC members from using their spare production capacity, worsening the supply crisis. Crown Prince and Energy Minister Abdulaziz bin Salman now faces pressure to stabilize the market while managing internal divisions within the oil alliance.

The UAE, previously OPEC’s fourth-largest producer and second in spare capacity after Saudi Arabia, had long expressed dissatisfaction with its production quota. Analysts note that the country’s departure exposes deeper rifts within OPEC, especially as Saudi Arabia’s decision-making has shifted from consensus-driven diplomacy to more unilateral actions. The geopolitical rivalry between Riyadh and Abu Dhabi, intensified by conflicts in Yemen, has further strained cooperation.

Experts suggest that despite the current turmoil, the crisis could eventually strengthen OPEC’s unity and streamline its decision-making process once regional oil flows normalize.

The government is increasing its support fund for farmers severely affected in the Haor regions, Agriculture and Fisheries and Livestock Minister Mohammad Aminur Rashid said on May 2, 2026, in Cumilla. He stated that the government is continuously collecting information from district administrations and the Department of Agriculture about those impacted. The initiative aims to expand financial assistance for the most affected farmers.

Speaking to journalists after inaugurating the district-level phase of the Nobo Kurri Sports-2026 at the Dhirendranath Dutta Stadium gymnasium, the minister added that the government will purchase paddy directly from farmers at fair prices through announcements at the union level. This measure is expected to increase farmers’ profits by up to thirty percent. Additionally, a three-month food assistance program will be implemented for the most affected Haor farmers, and other affected groups will also be included under new support projects.

Earlier, at a separate event at Cumilla Victoria Government College, the minister emphasized that agriculture is the main driving force of Bangladesh’s economy and that enhancing farmers’ dignity strengthens the nation’s overall standing.

City Bank PLC, one of Bangladesh’s leading private banks, recorded a 162% year-on-year increase in net profit for the first quarter of 2026, ending on March 31. The bank’s post-tax profit rose to Tk 2.41 billion from Tk 920 million in the same period of 2025, while earnings per share increased from Tk 0.6 to Tk 1.6. Managing Director and CEO Mashrur Arefin noted that despite the strong profit growth, he was concerned about the slowdown in credit growth across the sector.

The bank’s strong performance was driven mainly by higher core banking income. Interest income from loans rose 14% to Tk 13.06 billion, while investment income surged from Tk 6.03 billion to Tk 10.14 billion, accounting for 32% of total operating income. Fee and commission income also grew by 27% due to higher foreign exchange earnings, card-related fees, and trade commissions.

Total income increased by 38% to Tk 13.38 billion, while expenses were contained at Tk 5.95 billion, improving the cost-to-income ratio from 52% to 44%. Operating profit rose 61% to Tk 7.43 billion, supported by improved asset quality and reduced provisioning requirements.

Continuous storms and heavy rains over recent days have caused extensive damage to vegetable cultivation in Naogaon district, leading to a sharp rise in prices across local markets. Retail prices of most vegetables have increased by 10 to 20 taka per kilogram, with eggplant and pointed gourd selling for 70–80 taka, and other vegetables such as papaya, yardlong bean, bitter gourd, ridge gourd, okra, and taro priced between 50 and 60 taka. Imported drumsticks from India are selling for around 200 taka per kilogram. In contrast, potato prices remain stable at 25–30 taka per kilogram, offering some relief to middle- and lower-income families.

Farmers in Manda, Badalgachhi, and Sadar upazilas reported severe crop losses, reducing supply to local and national wholesale markets. Vegetable farmer Ataur Rahman said his crops were heavily damaged, while wholesalers confirmed adequate potato stocks of both local and hybrid varieties. The Department of Agricultural Extension reported that 21,970 hectares were cultivated with potatoes this season, producing about 435,620 metric tons.

Officials expect vegetable fields to recover quickly if weather conditions improve, which could stabilize supply and lower prices in the coming weeks.

Indian Assistant High Commissioner Manoj Kumar visited the Burimari land port in Lalmonirhat on Saturday afternoon. During the visit, he met customs, port, and immigration officials, and held a meeting with local traders. The visit included discussions on bilateral trade activities and overall improvement of cross-border commerce between Bangladesh and India.

Manoj Kumar stated that he discussed existing complexities in import and export operations at the Burimari land port with business representatives. He mentioned that work would be undertaken to address restrictions on certain goods that are allowed through other ports but not through Burimari. He also assured that steps would be taken to resolve issues related to business and other types of visas.

Later, he visited the zero line of the Burimari land port check post to observe the activities of the Border Guard Bangladesh (BGB) and the Border Security Force (BSF) and discussed operational matters with their officials.

Agriculture, Fisheries and Livestock Minister Aminur Rashid Yasin said that farmers are the main strength of Bangladesh and that the country will become more self-reliant and stronger through agricultural development and the enhancement of farmers’ dignity. He made the remarks on Saturday afternoon while addressing the prize distribution ceremony of an inter-department debate competition at Comilla Victoria Government College.

The minister stated that he is proud to be both a farmer’s son and a farmer himself, noting that social attitudes toward farming have changed as people now take pride in their agricultural roots. He emphasized that logical reasoning and knowledge are essential tools for progress, urging students to practice healthy debate and intellectual engagement. He also highlighted the importance of ensuring a livable and secure world for future generations.

Discussing farmer welfare, Yasin explained that the introduction of the Farmer Card aims to help producers receive fair prices by aligning production with regional demand. He expressed hope that technology-based, planned agriculture would strengthen Bangladesh’s food security in the future.

U.S. low-cost carrier Spirit Airlines has announced the closure of its operations after a White House rescue proposal failed. The company said in a statement early Saturday that rising oil prices and other pressures had significantly affected its future prospects. All flights have been canceled, and passengers were advised not to go to airports.

The airline cited the global oil price surge and fuel shortages following the outbreak of the Iran war as key reasons for its financial collapse. The sharp increase in jet fuel costs led Spirit to bankruptcy for the second time in less than two years. The company stated that with no additional funding available, winding down operations was its only option.

The Trump administration had proposed a $500 million rescue plan that would have given the government a major ownership stake in the airline, but the plan faced criticism and ultimately failed.

Prime Minister Tarique Rahman announced that the government is considering constructing a double rail line on the Dhaka-Sylhet route as part of a broader plan to enhance railway connectivity across Bangladesh. He explained that building new roads could lead to the loss of agricultural land, so the government is prioritizing rail expansion instead. The announcement was made on Saturday during a civic gathering organized by the Sylhet City Corporation.

The Prime Minister also stated that the government has undertaken canal excavation programs to prevent waterlogging and ensure proper water management. These initiatives aim to reduce flooding during heavy rainfall and retain water during the dry season. The remarks highlight the administration’s focus on sustainable infrastructure development and environmental management.

The proposed double rail line project, if implemented, is expected to improve transportation efficiency between Dhaka and Sylhet while minimizing environmental and agricultural impacts.

An event marking May Day and International Workers’ Day was held in Dhaka, calling for the establishment of workers’ rights and a corruption-free administration to ensure sustainable national development. The discussion, organized by Citizens Against Corruption (CAC) at the Dhaka Reporters Unity auditorium, gathered representatives from various professions under the theme “Workers’ Rights, End of Corruption: Transparent Campaign for a Prosperous Future.”

Former secretary and ex-BTRC chairman Syed Margub Morshed stated that sustainable progress is impossible without worker-friendly policies and a corruption-free administration, emphasizing coordination and accountability among the state, employers, and workers. CAC chairman Yusuf Hossain highlighted that workers remain deprived of fair wages, safe workplaces, and social dignity, urging effective labor policy implementation. He also stressed the need for safety, healthcare, and social protection for workers in key sectors such as garments, construction, and transport.

Economist Dr. Mostafizur Rahman described workers’ rights as both a moral duty and an economic necessity, while other speakers, including cultural and political figures, called for a social movement against corruption alongside labor rights protection.