Allegations of corruption and irregularities have surfaced at the Cumilla Rice Research Institute, where a modern rice harvester has reportedly been left unused under the open sky for a year. Despite having access to advanced machinery, the institute has been hiring laborers at inflated wages to harvest rice, leading to significant financial losses for the government. Reports also claim that a large portion of the rice produced at the institute is being divided among officers and employees instead of being used for research purposes.

A field visit to the Shashongacha area of Cumilla Sadar Upazila revealed that workers from Thakurgaon were harvesting rice manually, earning Tk 900–1,000 per day, which exceeds the local market rate. Sources indicated that this practice has caused unnecessary expenditure of public funds. Additionally, the institute’s harvester remains idle despite its potential to harvest large areas efficiently.

Farm manager Zahidul Haque Shamim stated that the institute’s harvester has been out of order for about a year, forcing them to rely on manual labor. He added that waterlogged fields have further complicated the use of machinery.

Prime Minister Tarique Rahman chaired a meeting of the Executive Committee of the National Economic Council (ECNEC) on Tuesday morning, June 8, at the Cabinet Division’s Public Administration Conference Room in the Secretariat. The meeting was confirmed by Deputy Press Secretary Sujan Mahmud.

The session discussed several development projects, including a new Chinese Economic and Industrial Zone in Anwara, Chattogram. The proposed project, covering 800 acres, is expected to create 100,000 jobs and attract $500 million in foreign investment. The total cost is estimated at Tk 4,190 crore, with Tk 1,722 crore from the government and Tk 2,467 crore in project assistance from China. Implementation is planned from January 2027 to December 2031.

The meeting follows the earlier cancellation of the Indian Economic Zone project in Mirsarai, which had been halted by the interim government in February after the public uprising. The new proposal aims to revive industrial growth and foreign investment momentum in the region.

The National Board of Revenue (NBR) is considering launching a new Withholding Identification Number (WIN) system to strengthen monitoring of tax deductions at source. The proposal may be presented in the national budget speech on June 11. Under current law, institutions deduct 5 percent tax from house rent payments and deposit it into the government treasury, but there is no effective mechanism to verify whether the deductions are properly made or deposited. The WIN system aims to ensure transparency and accuracy in withholding tax collection.

According to NBR officials, the new system would help increase revenue and reduce tax evasion by tracking how much tax each institution deducts and from whom. Certificates issued against deducted taxes would assist taxpayers in claiming adjustments or refunds during annual income tax returns, while deducting authorities could prove compliance with government rules. Institutions involved in salary payments, product or service transactions, and financial institutions deducting tax on interest income would be required to register for a WIN.

The NBR is also dropping plans to reintroduce wealth tax and to allow whitening of undisclosed money in the upcoming budget, while 67 top taxpayers will receive awards to encourage compliance.

Naser Ezaz Bijoy has resigned from his position as Chief Executive Officer (CEO) of Standard Chartered Bangladesh. The bank officially informed Bangladesh Bank about his resignation, according to a press release issued on Monday by its Corporate Affairs, Brand and Marketing Department. Bijoy is stepping down after nearly nine years in the role, subject to regulatory approval, but will continue his over 33-year career with Standard Chartered globally.

The statement added that Enamul Haque, currently the Country Chief Risk Officer and Senior Credit Officer, will assume the role of interim CEO until a new appointment is made. Bijoy had been serving as CEO since November 2017, having previously led the bank’s Global Banking division. Over his long career, he has held key positions in corporate banking, risk, and audit across Asia, the Middle East, and Africa.

Under Bijoy’s leadership, Standard Chartered Bangladesh achieved a record net profit of Tk 3,300 crore in 2024, marking the highest annual profit by any bank in the country’s history.

Bangladesh’s Expatriates’ Welfare and Overseas Employment Minister Ariful Haque Chowdhury told parliament that the government is working to reopen Malaysia’s labor market for Bangladeshi workers. Responding to a question on Monday, he said the process is expected to be completed soon. From July 1, 2025, to May 31, 2026, about 933,815 workers have been employed abroad, and the government aims to send 1.4 million workers in the next fiscal year.

The minister said diplomatic discussions are ongoing with Malaysia, Oman, the UAE, and Bahrain to reopen or expand labor markets. Bangladesh currently sends workers to Saudi Arabia, Kuwait, Qatar, Romania, Seychelles, and Portugal, and has signed memorandums of understanding with 18 countries. The state minister also reported rising fraud through fake demand letters and said stricter embassy monitoring is needed. He added that licenses of three recruiting agencies were suspended for sending workers to Russia who were later forced into war involvement.

The ministry is also focusing on migrant welfare, including hotline services, safe homes for female workers, and plans to expand collateral-free loans for migrants.

Bangladesh’s Power Minister Iqbal Hasan Mahmud has directed the preparation of a working paper to make the existing power system safer, smarter, and more modern as the country prepares to enter the nuclear electricity era. The instruction came during a review meeting held Monday morning at the ministry with chairmen and managing directors of transmission and distribution agencies. The meeting discussed the nation’s current power transmission and distribution capacity, weaknesses, and the challenges of launching a nuclear power system.

The minister emphasized identifying potential challenges early and taking immediate steps to address them. He highlighted the importance of establishing a National Research Center to ensure safety and technical readiness before nuclear power generation begins. The Power Grid Company of Bangladesh (PGCB) was tasked with conducting studies and preparing a concept paper, which will later be reviewed by foreign consultants experienced in nuclear power. Based on their advice, necessary upgrades to the transmission and distribution systems will be completed before nuclear power integration.

The minister also noted that unnecessary projects in the power sector have been identified and will be investigated, urging all stakeholders to work together for national development.

The Bangladesh Securities and Exchange Commission (BSEC) has withdrawn the floor prices for Beximco and Islami Bank shares, according to an order signed by BSEC Chairman Masud Khan on Monday. The decision will take effect from Tuesday, and both the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) have been instructed to implement the directive. Following the withdrawal, the share prices of the two companies will now be determined by market forces.

This move comes on the fifth day of Masud Khan’s tenure as BSEC chairman. After his appointment on June 4, he had announced plans to remove floor prices for listed companies and stated that such measures would not be imposed again in the future. Floor prices had previously been used to artificially maintain share values, with Beximco’s floor set at 100.10 taka and Islami Bank’s at 32.60 taka.

The BSEC stated that the decision aims to support capital market development and protect investor interests. It also reaffirmed that all listed securities will now follow the circuit breaker limits set by the June 17, 2021 directive, allowing daily price movements of up to 10 percent.

Bangladesh Bank Governor Mostakur Rahman has emphasized the need to keep the country’s banking sector free from political influence. Speaking on Monday at the central bank’s headquarters during a courtesy meeting with editors of national newspapers, he said that ensuring professionalism, accountability, and good governance in bank management and loan distribution is the main goal of current reform efforts. Deputy governors of Bangladesh Bank were also present at the meeting.

During the discussion, the central bank presented its ongoing initiatives to reduce non-performing loans, strengthen weak banks, advance digital transformation, and maintain financial stability. The governor stated that the restructuring and merger process of weak banks is underway, with administrative and managerial changes already implemented. He added that the process will accelerate once improvements to core banking systems are completed.

Rahman further noted that amendments to the Money Loan Court Act are being pursued to expedite loan default cases, and a new law is being drafted to manage uncollectible loans. He also mentioned that assets worth 25 million dollars have been seized in the United Kingdom and efforts are ongoing to repatriate the funds.

Independent Member of Parliament Rumin Farhana alleged that around 8 billion US dollars are being laundered abroad each year under the guise of import and export transactions. She made the allegation on Monday during a supplementary question to the Commerce Minister in the National Parliament session, asking what steps the ministry could take to prevent such illicit transfers and whether any government initiatives were underway.

In response, Commerce Minister Khandaker Abdul Muktadir said that identifying specific products involved in money laundering within Bangladesh’s approximately 130 billion dollar trade economy is a complex matter. He described the alleged 8 billion dollar figure as a perceived amount and noted that many imports are subject to tariffs and pre-shipment inspection clauses. The minister emphasized that any weaknesses allowing excessive laundering would require detailed study and research.

He added that the government remains aware of the issue and is conducting studies. If any concrete evidence of laundering emerges, the ministry will take appropriate action.

Bangladesh and Mauritius have agreed to reopen the Mauritian labor market for Bangladeshi workers, which had been closed for some time. The two countries reached this understanding to sign a memorandum of understanding (MoU) on manpower export soon. According to a press release issued on Monday by the Ministry of Expatriates’ Welfare and Overseas Employment, a draft of the MoU will be sent to the Bangladesh government shortly.

The decision came after a bilateral meeting between Bangladesh’s Minister of Labour and Employment and Expatriates’ Welfare and Overseas Employment, Ariful Haque Chowdhury, and Mauritius’s Minister of Labour, Muhammad Reza Kassam Utim. The meeting took place at the United Nations office in Geneva on the sidelines of the 114th International Labour Conference 2026. Discussions covered the current status of Bangladeshi workers in Mauritius, reopening of the market, and future cooperation.

During the meeting, Bangladesh highlighted its capacity to supply skilled professionals across various sectors, while Mauritius expressed strong interest in hiring Bangladeshi workers, particularly for its one-stop textile industry.

The Bangladesh Shop Owners Association has formally requested permission from the Prime Minister to keep all shops, markets, and shopping malls open until 10 p.m. nationwide. The association submitted its appeal on Sunday, citing that the current operating hours are negatively affecting retail trade, employment, and overall economic activity. Association president Nazmul Hasan Mahmud confirmed the submission of the appeal.

According to the association, the retail sector is a vital part of the national economy, supporting around seven million shop owners, employees, and their families. Rising costs for rent, electricity, bank loan repayments, and wages have increased financial pressure on entrepreneurs. Many customers prefer shopping in the evening due to work schedules, but early closing hours are reducing potential sales.

The association argued that extending business hours until 10 p.m. would boost sales, protect jobs, and enhance economic momentum, potentially increasing government revenue. The government had earlier reinstated a 7 p.m. closing time from June 1 to conserve electricity, with a temporary extension during Eid-ul-Azha. No final government decision on the new request has yet been announced.

The Bangladesh Steel Manufacturers Association (BSMA) has warned that the recent electricity price hike has severely increased production costs, putting the domestic steel industry at risk. At a press conference held on Monday at the National Press Club in Dhaka, BSMA President Mohammad Jahangir Alam said the new tariff will add about Tk 1,785 per metric ton to production costs, which could rise to Tk 3,560 when other expenses such as VAT, fuel, and transport are included. The association demanded immediate withdrawal of the increased tariff.

BSMA leaders said the industry was already struggling due to low demand in the construction sector, high interest rates, currency depreciation, dollar shortages, and gas supply constraints. The sector comprises around 40 modern steel mills and over 150 re-rolling mills with a combined annual capacity of 12.2 million metric tons, though national demand is only about 5 million tons. They argued that the higher electricity cost will also raise expenses for government infrastructure projects, as about 60 percent of domestic steel is used in public development works.

The association urged the government and the Bangladesh Energy Regulatory Commission to reconsider the decision and restore the previous tariff to protect investment, employment, and industrial growth.

Chattogram Water Supply and Sewerage Authority (WASA) has initiated a plan to bring water from the Bhandaljhuri treatment plant across the Karnaphuli River into the city using the utility duct of the Karnaphuli Tunnel. The project, built during the Awami League government without prior survey, cost nearly Tk 1,994 crore and has a daily production capacity of 60 million liters. However, due to lack of customers, the plant has been operating at only 2.5 million liters per day, leaving 95 percent of its capacity unused.

The Bhandaljhuri project was originally designed to serve residential areas in Boalkhali, Patiya, Anwara, and Karnaphuli, as well as 13 major industrial clients. Most of these clients, except CUFL, did not opt for WASA’s water supply. Under new Managing Director Engineer Selim Mohammad Zane Alam, WASA has sought permission from the Roads, Bridges, and Local Government ministries to install pipelines through the tunnel duct.

If approved, the plan could supply an additional 30 million liters of water daily to Patenga, helping meet the area’s 90 million-liter demand and significantly easing water shortages within a year.

Oil prices in Asian markets increased following retaliatory attacks between Iran and Israel. On Monday morning, Brent crude rose by 2.6 percent to reach 95.50 dollars per barrel, while U.S. crude climbed 2.5 percent to 92.75 dollars per barrel. The escalation has added pressure to global energy markets already facing instability.

Since the ceasefire agreement in April, energy prices have shown significant fluctuations. Over the past week, crude oil has hovered around 95 dollars per barrel, reflecting ongoing uncertainty in supply and demand conditions. Traders and investors are closely monitoring the situation to assess the potential long-term effects of the conflict on global energy supply chains and fuel flows.

Market participants remain cautious as the duration and intensity of the conflict could determine future price movements and supply stability across regions.

OPEC Plus has decided to increase its oil production quota by 188,000 barrels per day for July, amid ongoing conflict in the Middle East and disruptions to crude transport through the Strait of Hormuz. The decision was approved during a virtual meeting attended by energy ministers from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, according to an official statement from the group.

OPEC Plus stated that the move aims to maintain stability in the global oil market and accelerate compensatory production adjustments among member states during a period of high oil prices. However, analysts at Rystad Energy, including Jorge Leon, noted that the production increase may have limited real impact due to the continuing crisis in the Strait of Hormuz, which restricts actual oil supply.

Experts warned that if instability in the Strait persists, global energy markets could face further pressure, keeping oil prices elevated for an extended period.