Islami Bank Bangladesh PLC has launched a month-long campaign titled 'Customer Service Month' under the slogan 'Building Tomorrow’s Bangladesh through Welfare-Oriented Banking.' The program was inaugurated on July 1, 2026, at Islami Bank Tower by Acting Managing Director Md. Altaf Hossain as the chief guest. Additional Managing Director Engineer Mohammad Jamal Uddin Majumder attended as special guest, while the event was presided over by Additional Managing Director Dr. M. Kamal Uddin Jasim. Senior executives, including deputy managing directors and zonal heads, joined the event both in person and virtually.

During his remarks, Md. Altaf Hossain stated that all branches, sub-branches, agent outlets, and digital banking services of Islami Bank are operating normally. He noted that remittance customers are receiving uninterrupted services and that many clients who had previously closed their accounts have returned, reflecting renewed trust in the institution. He described Islami Bank as a strong and stable financial organization committed to transparency, accountability, good governance, and professionalism.

The campaign aims to enhance customer engagement and reinforce confidence in the bank’s welfare-based financial services.

The National Board of Revenue (NBR) announced that its e-VAT system will remain unavailable until 5 PM on Friday, July 3, due to ongoing system upgrade work. According to a notice issued by the NBR’s e-VAT unit on Thursday, the upgrade process began at 6 AM Thursday and will continue until Friday evening. During this period, users will not be able to upload any data to the system.

The upgrade aims to introduce several key improvements, including enhancements to the Mushak-9.1 form and the addition of a new option in Note 15 for entering ‘reverse charge’ inputs under Section 20(2). The name of BOE data will be changed to “Input Against Bill of Entry,” and the system’s title will shift from iVAT to eVAT. Additionally, the DDO function and master data list function are being improved, incorporating updated VAT office jurisdiction mapping and revised search criteria for issue and expiry dates.

For users submitting returns through APL, the return submission process and BOE data processing within VAT software are also being upgraded to improve performance and accuracy.

Iran has accelerated its oil exports following a temporary easing of US sanctions, gaining a 60‑day window to secure new buyers and generate vital revenue. According to Bloomberg, more than 20 million barrels of Iranian crude have been floating in Asian waters for at least a week, an 18 percent increase from the previous week. Data from Vortexa and Bloomberg show that since the sanctions were lifted last week, Iran’s total seaborne oil volume has reached between 58 and 68 million barrels, including both in‑transit and waiting cargoes.

About 90 percent of these floating cargoes have no confirmed destination, with many ships awaiting orders or listing Singapore as a placeholder port, a tactic often used for ship‑to‑ship transfers near the Malacca Strait. The sanctions relief came as part of an interim peace agreement, with Washington lifting restrictions on Iranian oil and ports in June. Tehran now has until mid‑August to finalize new buyers.

Iran reported that since the US naval blockade was lifted, it has shipped over 40 million barrels of oil to various countries, potentially strengthening its economic position and leverage in ongoing talks with Washington.

Bangladesh Bank has approved the introduction of forward rate contracts to mitigate interest rate fluctuation risks in import trade. The facility will apply to usance imports under suppliers’ and buyers’ credit arrangements. A circular issued on Thursday stated that authorized dealer banks may enter into forward rate contracts with importers borrowing in foreign currency to protect them from international benchmark rate volatility, particularly the Secured Overnight Financing Rate (SOFR).

According to the circular, the contracts must be used solely for risk management and linked to genuine import transactions, prohibiting speculation or uncovered positions. Banks must fully offset any exposure through same-day reverse transactions, ensuring no market risk on their own accounts. The central bank capped banks’ pricing margin at 10 basis points and limited total forward rate contracts to 25 percent of the average monthly foreign currency inflow over the past 12 months.

The directive also requires adherence to international contract standards, daily mark-to-market valuation, effective internal risk management, and proper documentation. Industry participants believe the measure will help importers manage interest rate uncertainty and foster the development of a regulated financial derivatives market in Bangladesh.

Myanmar’s new government plans to complete the long-stalled Myitsone dam project within eight years, according to a Reuters report citing official sources. The $3.6 billion hydropower project, located in Kachin State in northern Myanmar, is being revived with Chinese support following President Min Aung Hlaing’s recent visit to China. The dam, originally suspended in 2011 after widespread local protests, had been a source of tension between the two countries.

Government officials said the project could supply more than half of Myanmar’s required 10 gigawatts of electricity, addressing the country’s severe power shortages. Presidential spokesperson Khaing Khaing Soe stated that authorities are considering local concerns about flooding and displacement. Lawmakers from Kachin State confirmed that preparations for restarting construction are underway.

Revised cost estimates suggest the project could now reach $11.5 billion, more than triple the original budget. The renewed push comes amid heightened safety worries following a 7.7-magnitude earthquake in central Myanmar in March that killed thousands. Forty-nine civil society groups have recently called for the project’s complete cancellation.

A major wildfire broke out on Wednesday in southern France, prompting the evacuation of numerous residents, according to emergency services. Hundreds of firefighters were deployed across the Aude and Hérault departments to contain the blaze, which spread rapidly due to drought and strong winds. By Wednesday night, around 800 hectares had been burned, and officials said the fire was not yet fully under control.

The incident follows last year’s large wildfire in the Corbières region and comes just days after a deadly heatwave across Europe. Weather forecasts warned of another heatwave, raising concerns about worsening conditions. Firefighters faced difficulties accessing mountainous terrain and used aircraft to drop water on the flames. Temperatures around 30 degrees Celsius, gusty winds, and dry vegetation contributed to the rapid spread.

Authorities reported that about 200 residents from the communes of Pujol-Minervois and Mailhac were either evacuated or instructed to stay indoors. Two smaller fires were also reported near Marseille, in Rognac and Lançon-Provence.

The International Monetary Fund (IMF) has reduced Israel’s projected economic growth for 2026 to 3.5 percent, down from its earlier forecast of 4.8 percent. The revision, published on Wednesday, attributes the downgrade to ongoing tensions and geopolitical uncertainty across the Middle East. The IMF report highlights that wars in Gaza, Lebanon, and Iran are exerting negative pressure on Israel’s economy, though it has shown resilience so far.

According to the IMF, persistent regional instability and long-standing structural issues are expected to weigh on Israel’s growth in the near term. The report warns that renewed escalation of regional tensions could pose significant risks to the economy. It also notes that rising energy prices and supply constraints may push inflation higher, even as the Israeli shekel has reached its strongest level against the U.S. dollar in over three decades.

The IMF projects that Israel’s growth could rebound to 4.4 percent in 2027, with inflation stabilizing around 2 percent in both 2026 and 2027. The forecast is based on data available up to June 10.

At least 59 people have died in floods across Ivory Coast since the beginning of this year, according to a government spokesperson on Wednesday. The announcement came after a cabinet meeting in the capital, Abidjan, where spokesperson Amadou Coulibaly described the situation as deeply concerning. He did not specify how many deaths occurred in the most recent flooding.

Earlier this week, continuous heavy rainfall caused severe flooding and landslides in both Ghana and Ivory Coast, killing at least 24 people and leaving many missing. In Ghana’s capital Accra and the nearby city of Tema, roads and buildings were submerged, cutting off transport links. In Ivory Coast, Minister of National Solidarity Myss Belmonde Dogo said most of the deaths occurred in Abidjan’s Attecoube and Yopougon districts. Coulibaly urged citizens to follow safety guidelines and avoid high-risk areas identified by the government.

The World Meteorological Organization noted that Africa remains one of the world’s most vulnerable regions to extreme weather events, which are increasing due to climate change, despite the continent’s minimal contribution to global greenhouse gas emissions.

Turkey’s defense and aerospace exports rose sharply between June 1, 2025, and May 31, 2026, reaching 10.9 billion dollars, a 47.1 percent increase compared to the previous year’s 7.4 billion dollars. The growth was driven largely by higher demand from NATO member countries, where exports totaled 6.2 billion dollars, accounting for 57.3 percent of Turkey’s total defense and aerospace exports.

During this period, Turkey exported defense and aerospace products to 178 countries. The top three destinations were NATO allies, reflecting Turkey’s expanding defense industry cooperation within the alliance. The increase was attributed to international outreach, bilateral meetings, and defense industry diplomacy coordinated by Turkey’s Defense Industry Secretariat.

Turkey has strengthened its position not only as a supplier of defense products but also as a developer of technology, a promoter of joint production models, and a long-term partner to its allies, according to the report.

Bangladesh Bank has directed 37 banks not to classify City Group as a loan defaulter until September 30, 2026, following requests from the company and the Association of Bankers Bangladesh (ABB). The decision aims to provide temporary relief to one of the country’s largest industrial conglomerates, which owes over Tk 24,000 crore to 47 domestic and foreign banks and financial institutions. City Group cited severe financial pressure caused by global and domestic crises, currency depreciation, and rising interest rates as reasons for seeking policy support.

In its appeal, City Group stated that it has never defaulted in its 50-year history but is now struggling due to increased production costs, foreign exchange losses, and delayed gas connections at its Hosendi Economic Zone factories. The group requested seven forms of policy assistance, including loan reclassification suspension, extended working capital, and relaxed single borrower limits. ABB supported the request, warning that disruption to City Group’s operations could affect national food supply.

Senior bankers and Bangladesh Bank officials noted that the relief is temporary and that sustainable recovery will depend on restoring production and restructuring loans. A committee of lending banks is currently working on a recovery plan.

Russia has started importing petrol from India by sea to ease a worsening fuel shortage triggered by ongoing Ukrainian attacks on its energy infrastructure. Two industry sources confirmed the move on Wednesday, noting that at least 60,000 metric tons of petrol have already been shipped in two tankers carrying 30,000 to 40,000 tons each. Fuel rationing, long queues, and record-high prices have been reported across Russia’s 11 time zones.

The Kremlin said on Tuesday that Russia is in talks with several countries to secure fuel imports at acceptable prices, though neither the Russian Energy Ministry nor India’s Oil Ministry commented. A third source indicated Russia plans to import about 400,000 tons of petrol monthly from multiple countries, including Belarus, which has already increased its rail shipments. President Vladimir Putin acknowledged that Ukrainian drone strikes on refineries have caused regional shortages but insisted the situation is under control.

Russia’s parliament recently approved tax amendments to subsidize fuel imports in line with Indian supply costs. Meanwhile, data from LSEG and Kpler showed India’s crude oil imports from Russia hit record highs in June.

Iran’s Deputy Foreign Minister Kazem Gharibabadi said the country will use its frozen funds held in Qatar to purchase essential goods. The move follows an agreement between Iran and the United States aimed at halting hostilities, under which Washington has agreed to allow Tehran access to its previously seized or restricted assets. This step is described as part of the broader implementation of that understanding.

In an interview with Iran’s state news agency IRNA, Gharibabadi explained that discussions were held with Qatari officials, including the central bank, on how to spend an initial portion of six billion dollars. He stated that the funds will be used to buy goods according to Iran’s domestic needs, which will then be delivered to the country.

However, the exact mechanism and timeline for releasing and utilizing the funds remain unclear, as no details have been provided on when the process will take effect.

Valuable trees from the social forest of Lohani Para Union in Badarganj, Rangpur, are reportedly being felled and smuggled nightly to sawmills in Badarganj and Mithapukur. Local sources allege that timber traders are purchasing the trees through dishonest forest officials, while seized wood worth millions of taka has been sold illegally.

Forest Beat Officer Mojibur Rahman has been accused of colluding with forest protection committee leaders to sell confiscated timber and of facilitating the disappearance of seized logs. Committee members claimed that despite their requests, officials ignored illegal tree cutting incidents. Senior forest officials redirected inquiries to other offices, while Mojibur Rahman cited manpower shortages as a reason for failing to prevent thefts.

Badarganj Upazila Executive Officer Anjuman Sultana stated that action would be taken if evidence of involvement in such activities is found.

Thousands of residents across ten villages in Phulpur upazila of Mymensingh are facing severe hardship due to the collapse of a bamboo bridge over the Kharia River in Payari Union. The bridge, built with local funds between Garpayari and Guptargaon villages, has long served as the only crossing point. With part of the structure now broken, small vehicles can no longer pass, worsening daily struggles for the community.

According to local sources, villagers had replaced an old ferry service with the bamboo bridge about 15 years ago, using bamboo poles and split trunks of chaul trees. The fragile structure frequently collapses, forcing residents to repair it several times a year at their own expense. Guptargaon, a major producer of vegetables and other crops, suffers most as farmers must travel an extra five kilometers to reach markets.

Upazila engineer Jahangir Alam stated that a proposal has been submitted to build a 95-meter permanent bridge over the Kharia River and improve the connecting road. He dismissed claims that previously allocated funds were diverted elsewhere.

A community-based safe water supply project under the Department of Public Health Engineering in Madhupur, Tangail, remains incomplete after four years, amid allegations of corruption and irregularities. The project, launched in the 2021–22 fiscal year to install submersible pumps, deep tube wells, and pipelines across nine unions and one municipality, received an allocation of about 14.8 million taka. Despite this, contractors were paid 60 percent of the bill before completing the work and have since gone missing.

Field visits revealed that only partial work was done, with many deep tube wells lying unused and several pumps and tanks either broken or never installed. In some areas, water connections were diverted to mosques and shrines instead of households. Locals reported paying money and submitting documents years ago but still lack access to clean water. Officials admitted that political influence and contractor negligence hindered progress, though letters were sent urging completion.

The project’s stagnation has left residents frustrated and raised concerns about the misuse of nearly 15 million taka in public funds.