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.

Pakistan has opened a land trade corridor to Iran while the country faces a blockade on its ports and ongoing conflict with the United States and Israel. The new routes connect Pakistan’s Karachi, Port Qasim, and Gwadar ports with Iran’s Gabd and Taftan border crossings. Officials said the Gwadar-Gabd corridor is the shortest, reducing travel time to two to three hours compared to 16 to 18 hours from Karachi, and cutting transport costs by up to 55 percent.

Analysts noted that this corridor could reduce Pakistan’s dependence on Afghanistan, whose relations with Islamabad have deteriorated since October last year due to border clashes. Security analyst Iftikhar Firdaus said the route allows Pakistan to bypass Afghanistan entirely for westward trade, positioning it as a key entry point for China-backed trade routes into West Asia. However, experts also warned of potential security risks along the border.

Observers believe the move could help sustain trade between the two countries despite regional instability, though questions remain about its impact on U.S. pressure tactics against Tehran and ongoing mediation efforts by Islamabad.

A mobile court in Porsha upazila of Naogaon fined Nahar Filling Station Tk 20,000 for selling diesel below the correct weight. The inspection took place around 11:30 a.m. on Friday at the Sarai Gachhi Bazar station, where the court found that customers were receiving 110 grams less diesel per five liters. The discrepancy amounted to a value shortfall of about Tk 12.50 per five liters.

The mobile court, led by Upazila Nirbahi Officer and Executive Magistrate Rakibul Islam, imposed the fine under the Consumer Rights Protection Act. After the penalty was collected, the fuel measurement system was recalibrated, and the station was allowed to resume sales.

The action highlights local enforcement of consumer protection laws aimed at ensuring fair trade practices in fuel distribution within the region.

The Barapukuria thermal power plant’s Unit 1 in Parbatipur, Dinajpur, resumed electricity generation early Friday after remaining closed for six days. The 125-megawatt unit returned to production at 4:22 a.m. following repairs, currently generating about 55 to 60 megawatts for the national grid. Officials expect the restart to slightly increase overall power supply.

According to the plant’s chief engineer, the unit had been shut down on April 25 due to a burst boiler pipe. Repairs were completed before the unit was brought back online. Meanwhile, overhauling work continues on Unit 3, which a Chinese contractor expects to complete by May 15. Once operational, the unit is expected to further stabilize electricity supply.

The Barapukuria plant has three units, two of which were already out of operation. The latest shutdown occurred when stones mixed with coal damaged boiler tubes, temporarily halting production across the facility.

Chittagong Port Authority has achieved a new operational milestone as the New Mooring Container Terminal (NCT) recorded its highest-ever single-day container handling. On April 30, under the management of the port authority and terminal operator Chittagong Drydock Limited, a total of 5,709 TEUs (twenty-foot equivalent units) were handled within 24 hours. This surpassed the previous record of 5,484 TEUs set on April 11 at the same terminal, marking a rapid improvement in port performance.

Across all terminals, Chittagong Port handled a total of 10,162 TEUs during the same 24-hour period, which officials described as a significant indicator of the port’s growing capacity and efficiency. Port Secretary Syed Refayet Hamim said the achievement would play an important role in expanding maritime trade and enhancing the port’s overall capability.

He credited the success to the tireless efforts of workers who continued operations despite intense heat and adverse weather, and extended congratulations to all officials, employees, and stakeholders involved.

The United States announced sanctions on three Iranian foreign exchange companies—Opal Exchange, Radin Exchange, and Tahayori Guarantee Society—on May 2, 2026. According to the U.S. Department of the Treasury, these firms allegedly helped convert proceeds from Iranian oil sales into currencies that could be more easily used by Iran’s military forces. The sanctions include asset freezes within the United States and prohibit American individuals and businesses from conducting transactions with the targeted entities.

U.S. Treasury Secretary Scott Besant stated that the move reflects Washington’s commitment to disrupting Iran’s financial networks. He emphasized that the United States would continue to target the Iranian government’s ability to raise, transfer, and repatriate funds. The announcement underscores ongoing U.S. efforts to limit Iran’s access to international financial systems.

The sanctions are expected to further strain Iran’s financial operations and restrict its military funding channels, though the broader economic impact remains to be seen.

After a year-long suspension, border trade between Bangladesh and Myanmar has resumed through the Teknaf land port in Cox’s Bazar. On Friday morning, a boat carrying timber from Myanmar’s Maungdaw area, controlled by the Arakan Army, docked at the Teknaf jetty. The port’s operating company, United Land Port Limited, confirmed the arrival of the cargo vessel.

Omar Faruk, owner of Messrs FRB International Limited, said that one cargo boat has anchored at the port and that five to six more boats carrying goods such as ginger, dried fish, and betel nuts are on their way. The trade had been halted in April 2025 after tensions arose over extortion demands, prompting Myanmar’s junta government to suspend cross-border commerce, causing financial losses for many traders.

Local Member of Parliament Shahjahan Chowdhury stated that the Teknaf land port has reopened and that a livestock corridor at Shahparir Dwip will also be launched soon.

National Citizen Party (NCP) member secretary and Rangpur-4 MP Akhtar Hossain warned that allowing individuals accused of embezzling billions from banks to regain ownership would endanger the economy and severely affect workers. Speaking at a May Day rally organized by Jatiya Sramik Shakti in Dhaka’s Shahbagh on Friday, he said the economy was already on the brink and that such decisions would collapse financial flows, reduce employment, and lower wages.

Hossain added that most workers still live below the minimum wage, with their children deprived of education and opportunities, trapping families in generational labor. He argued that returning ownership to those who once looted banks would further weaken the national economy.

At the same event, NCP senior joint coordinator and Noakhali-6 MP Hannan Masud said the economy survives on remittances from expatriates, while corrupt elites misuse those funds. He criticized the appointment of a garments businessman as Bangladesh Bank governor, claiming the sector is linked to major money laundering. NCP joint convener Ali Ahsan Junaed called for fair wages, safety, and representation for workers.

Experts have warned that the Iran war’s impact on global oil markets could inflict lasting harm on the US economy. The International Energy Agency (IEA) described the situation as one of the worst oil supply crises in history, triggering what economists call “demand destruction,” where soaring prices force consumers to permanently change spending habits. Rising fuel costs are already draining Americans’ savings and tax refunds, hitting low-income households hardest.

RSM US chief economist Joe Brusuelas said the US economy faces a chain reaction: higher energy prices act like an extra tax on families and businesses, eroding confidence, halting major purchases, reducing profits, and prompting layoffs. The Federal Reserve may raise interest rates, worsening the downturn. With the Strait of Hormuz closed, fertilizer and industrial raw material supplies are also disrupted, raising fears of further food price increases in coming months. Michigan State University’s David Ortega noted that food price shocks may take six months or more to fully appear.

Oxford Economics’ Nancy Vanden Houten said a ceasefire and partial oil price stabilization may have prevented a total collapse, though conditions remain volatile.

Singapore’s Prime Minister Lawrence Wong has warned that the country faces a potential economic collapse due to the prolonged closure of the Hormuz Strait caused by the ongoing Iran war. Speaking on May 1 during a May Day address, he said the conflict shows no sign of ending soon and that supply chains could face further disruption in the coming months.

Wong noted that Asian economies are heavily dependent on energy and essential goods from the Gulf region, making them particularly vulnerable to the crisis. He cautioned that global inflation will rise, pushing up prices of fuel, food, and other necessities, while many countries could slip into recession. Singapore, he said, will directly feel the impact as growth slows and inflation pressures businesses, workers, and families.

The prime minister added that even if the Hormuz Strait reopens soon, recovery will take time due to damaged ports and energy infrastructure and the need to clear naval mines. He described the Middle East conflict as casting a dark shadow over the global economy.

Global trade patterns have shifted sharply after the closure of the strategic Hormuz Strait due to the ongoing Iran war. According to an AFP report, ships can no longer reach Gulf destinations such as Bahrain, Kuwait, and Sharjah directly, forcing shipowners and importers to rely on alternative land routes. The Red Sea port of Jeddah in Saudi Arabia has emerged as a new commercial hub, with major shipping companies including MSC, CMA CGM, Maersk, and COSCO unloading cargo there before trucking goods across desert highways to Gulf states.

The surge in freight traffic has caused severe congestion at Jeddah port, which was not designed to handle such large volumes of imports. Shipping firms are also planning to use ports outside the Hormuz Strait, including Sohar in Oman and Khor Fakkan and Fujairah in the UAE. Additionally, Jordan’s Aqaba port is being used as a base for shipments to Baghdad and Basra, while a Turkish corridor is facilitating transport to northern Iraq.

These rerouted logistics networks indicate a major regional adjustment in maritime and land trade flows across the Middle East.

A discussion meeting was held in Moulvibazar to ensure the proper implementation of the 2026 Boro paddy and rice procurement program. The meeting, organized by the District Food Department, took place on Thursday afternoon at the conference room of the Deputy Commissioner, who also presided over the session. Officials discussed various aspects of the procurement activities planned for the Boro season.

During the meeting, it was informed that the targets for collecting parboiled and non-parboiled rice have not yet been set. Paddy will be purchased directly from farmers through an app, and selected farmers must complete online registration. Rice will be procured from millers through contracts. To ensure fair prices for farmers, the price per kilogram of paddy has been fixed at 36 taka.

The procurement drive will run from May 30 to August 31. Participants were instructed to maintain transparency and accountability throughout the process. Representatives from the agriculture and food departments, mill owners’ association, and related committees attended and emphasized coordination in implementation.

The United States has remained in a state of 'permanent war' for the past 25 years, leading to soaring defense expenditures. Dan Grazier, a senior fellow at the Washington-based Stimson Center, told Al Jazeera that many American companies and national security officials have become accustomed to high defense budgets, making it difficult to reverse the trend.

Grazier explained that maintaining elevated defense spending often depends on engaging in new conflicts. He cited the ongoing Iran war, noting that the missiles and bombs currently being used will need to be replaced, creating lucrative opportunities for major weapons producers such as Lockheed Martin and RTX. This cycle of sustained military spending has become a significant source of income for the U.S. arms industry.

According to the report, the entrenched pattern of high defense budgets continues to benefit American defense contractors, reinforcing the economic incentives tied to prolonged military engagements.