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.

A fire broke out at the substation of the 350-megawatt Electricity Generation Company of Bangladesh (EGCB) power plant in Siddhirganj, Narayanganj, on Friday around 5:30 p.m. The incident was confirmed by Miron Mia, station master of the Adamjee Fire Service. Witnesses reported hearing a loud noise from inside the substation before thick smoke appeared and flames spread to part of a transformer. Panic spread in the surrounding area as plant staff took safety measures and alerted the fire service.

Two units from the Adamjee EPZ Fire Service arrived promptly and managed to bring the fire under control within a short time, preventing a major accident or explosion. Authorities said security was tightened around the power plant and substation after the incident. The exact cause and extent of damage were not immediately known, though initial assessments suggested a technical fault or overheating in the transformer.

Fire service officials stated that about 100,000 liters of oil were stored in the transformer, and quick action helped save equipment worth around Tk 300 crore. The situation has since returned to normal.

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.

Continuous heavy rainfall and flash floods have submerged large areas of ripe Boro paddy in the haor regions of Nabiganj upazila in Habiganj district. Farmers in villages such as Fatehpur have seen their nearly harvested crops go underwater as embankments broke under the pressure of rising water. Many farmers, including Haralal Baishnab and Jamal Mia, expressed despair as they could not harvest their crops due to a shortage of laborers and boats.

According to the Department of Agricultural Extension in Nabiganj, around 400 hectares of ripe Boro paddy have been submerged, with 27,355 hectares cultivated in haor areas this season. About 67 percent of the haor paddy had been harvested before the floods. Private sources reported that 40 percent of the total crop had been cut, but 15 percent of that is at risk of rotting due to lack of sunlight. The affected unions include Bara Bhakoir (West and East), Dighalbak, Kargaon, Bausa, and Paniunda.

Farmers who cultivated paddy with loans fear they will be unable to repay their debts, as the sudden floods have destroyed their expected yields.

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.

Supreme Court senior lawyer and Jamaat-e-Islami central working committee member Mohammad Shishir Monir has criticized the construction of unplanned embankments in the haor areas of Sunamganj. Speaking live on Facebook from Chhaya Haor in Shalla on Friday morning, he said hundreds of crores of taka are spent every year on embankments that lack proper water drainage systems. He emphasized that canals and wetlands are not being excavated and called for immediate dredging of haor canals, rivers, and wetlands to ensure water flow.

Monir stated that heavy rainfall has submerged boro paddy fields in Sunamganj, causing the crops to rot and resulting in widespread distress among farmers. He described the situation as a humanitarian disaster, with people struggling to find food for themselves and their cattle. He urged the government to declare Sunamganj an environmentally affected area and to stand beside the farmers.

He also mentioned that the government has announced three months of financial assistance but questioned how many people would actually receive the support.

The Fire Service and Civil Defence of Bangladesh has launched an e-Fire License system aimed at simplifying public service access. The initiative was inaugurated on Thursday at the EOC building in Mirpur-10 by Director General Brigadier General Muhammad Zahed Kamal. From May 1, all activities related to new fire license issuance, renewal, and reassessment will be conducted online, ending the manual process. Applicants can now complete all steps—from application to license receipt—digitally from home.

During the inauguration, officials emphasized that the manual method of issuing fire licenses has officially ended. The event was attended by senior officials including the Director (Operations and Maintenance) Lieutenant Colonel Md. Mahmudul Hasan, who led the e-Fire License implementation team. Participants joining online, including directors and deputy directors from various divisions, praised the initiative.

Representatives from Perky Rabbit Corporation Limited, the implementing partner, were also present. The Fire Service requested cooperation from all concerned to ensure smooth implementation of the new online system.

A breach in the embankment of the 20th PIC under the Kailani sub-project in Madhyanagar upazila of Sunamganj has been brought under control through joint efforts. The embankment began to overflow on Thursday night, leading to gradual erosion. In response, local administration, Water Development Board officials, political leaders, and farmers rushed to the site early Friday morning and began repair work using geo-bags, bamboo, and other materials. As of Friday afternoon, repair operations were still ongoing.

PIC president Md. Lal Mia said continuous rainfall caused soil erosion, lowering the embankment, and he stayed on-site overnight to oversee protection efforts. Upazila BNP joint convener Abul Bashar stated that the embankment was now somewhat stabilized due to collective action. According to agricultural sub-assistant officer Kabir Hossain, around 300 hectares of land in Shaldigha Haor were affected, with 30 hectares submerged before harvest and 160 hectares of paddy already reaped.

Acting Upazila Executive Officer Sanjay Ghosh said authorities responded immediately after receiving reports of water intrusion and expressed hope that the embankment would soon be fully stabilized.

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.

In Sunamganj, two days of sunshine followed five days of heavy rain and flash floods, offering brief relief to farmers drying their soaked paddy. However, much of the crop has already rotted, leaving the haor region unusually quiet and lifeless this harvest season. Farmers are seen cutting paddy in knee- to chest-deep water, with many reporting severe losses and exhaustion.

Local farmers described extensive damage, with large portions of their fields submerged and much of the harvested paddy spoiled before drying. Some hope for government financial assistance to recover. According to the Department of Agricultural Extension, 2047 hectares of land across 137 haors have been affected out of 223,511 hectares of Boro cultivation, with an estimated production target of 1.4 million metric tons worth about Tk 5,000 crore. Officials are coordinating with mill owners to use dryers for wet paddy.

The Water Development Board reported a slight drop in water levels but warned that further rainfall could strain embankments. The district administration extended a ban on sand extraction until May 5 to address labor shortages in the haor areas.

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.

In Madarganj upazila of Jamalpur, continuous rain and strong winds have caused extensive damage to boro paddy, jute, maize, and other crops. Fields are submerged, and half-ripe paddy is rotting as farmers face both yield losses and difficulties in harvesting. According to the local agriculture office, 560 hectares of boro paddy, 350 hectares of jute, 120 hectares of maize, 50 hectares of vegetables, and several banana fields have been affected, with some areas completely destroyed.

Farmers in several low-lying areas, including Tartapara, Jorkhali, and Gabergram Jhalupara, are struggling to harvest crops in knee- to waist-deep water. Many are cutting half-ripe paddy to prevent further losses, while others are tying fallen stalks to keep them upright. Local farmers described severe waterlogging and crop damage, saying they were forced to harvest early to avoid total loss.

Upazila Agriculture Officer Habibur Rahman said officials are assessing the damage and advising farmers to drain water quickly, harvest fallen paddy, and tie up unripe plants to reduce further losses.