United News of Bangladesh

Petrobangla (Bangladesh Oil, Gas & Mineral Corporation) on Sunday issued a public warning regarding a fraudulent scheme circulating fake job offer letters using the corporation's name, address, and fabricated memo numbers and signatures. The state-owned corporation announced that these deceptive letters, printed on plain paper, are an attempt by an unscrupulous group to defraud individuals. Petrobangla has clarified that all its recruitment processes are conducted online. Currently, the central recruitment process for Petrobangla and its subsidiary companies is underway, with the selection of initially recommended candidates being finalized. Once this process is complete, final appointment letters will be issued and candidates will be notified via official announcements on Petrobangla's website (www.petrobangla.org.bd) and through SMS to their registered mobile numbers. The corporation strongly advises everyone to be vigilant and refrain from engaging in any financial transactions in response to these fraudulent recruitment offers. For any information related to recruitment, the public is urged to refer to the official Petrobangla website or contact their head office directly, according to a press release.

President Donald Trump on Saturday unveiled plans to impose 30% tariffs on imports from the European Union and Mexico starting August 1, escalating tensions with two of the United States' most important trading partners. In letters posted to his social media account, Trump justified the move as part of his broader campaign to “rebuild” the U.S. economy, arguing that the country has long been exploited in global trade. He claimed the tariffs are necessary to correct trade imbalances and protect national security. Addressing Mexican President Claudia Sheinbaum, Trump acknowledged Mexico’s cooperation on border security and drug trafficking but insisted it hadn’t done enough to prevent the U.S. from becoming a “Narco-Trafficking Playground.” In his letter to the EU, Trump accused the bloc of maintaining unfair trade policies and persistent trade deficits, calling the relationship “far from reciprocal.” The announcement follows Trump’s previous decision to pause tariffs for 90 days to allow for negotiations. With that grace period ending this week, Trump is now moving forward, though implementation has been slightly delayed. Trump plans to hike tariffs on Canadian goods to 35% The response from Europe and Mexico was swift and critical. European Commission President Ursula von der Leyen said the EU remains committed to negotiations but warned of “proportionate countermeasures” if needed. French President Emmanuel Macron emphasized the EU’s unity, while Swedish and Danish leaders condemned the tariffs as short-sighted and harmful to global stability. Italy’s Prime Minister’s Office said triggering a transatlantic trade war “makes no sense,” and trade ministers from EU nations are set to meet Monday to coordinate a response. Mexico expressed disappointment, calling the move “unfair treatment” and emphasizing the need for “cool-headed” diplomacy. President Sheinbaum voiced hope for better terms through ongoing discussions. If implemented, the tariffs could affect nearly every sector of transatlantic and North American trade. In 2024, trade between the U.S. and EU totaled $2 trillion, with key European exports including pharmaceuticals, automobiles, aircraft, and wine. Critics say Trump’s moves threaten decades-old global trade rules and could isolate the U.S. from key economic partners. Source: Agency 

U.S. stocks dipped on Friday, pulling the S&P 500 back from its all-time high as the Trump administration ramped up tariff threats against Canada. The S&P 500 was down 0.3% in midday trading, a day after reaching a record. The benchmark index is on track for its first weekly loss in three weeks. The Dow Jones Industrial Average fell 331 points, or 0.7%, and the Nasdaq composite slipped 0.1%, both also poised to end the week lower. Bond yields rose, with the 10-year Treasury yield increasing to 4.41% from 4.34% late Thursday. In a letter to Canadian Prime Minister Mark Carney on Thursday, President Donald Trump announced a sharp increase in tariffs on Canadian imports, raising rates to 35%, up from the previous 25%. The move further strained trade relations with Canada, a historically close ally. The White House’s strategy aims to pressure countries into trade deals through tariff threats. Although Wednesday was set as the original deadline, the negotiation window has been extended to August 1. So far, only the UK and Vietnam have reached deals with the U.S. Trump also floated the possibility of 200% tariffs on pharmaceutical imports and imposed a 50% tariff on copper, aligning it with steel and aluminum duties. Despite earlier market disruptions caused by tariff policies, recent market reactions have been relatively calm. “Markets appear to believe that Trump will again back down,” said Paul Ashworth, chief North America economist at Capital Economics. “We are not so sure.” Asian markets mixed as Trump administration pushes new tariff deadlines Attention is now shifting to corporate earnings. Levi Strauss rose 9.2% after strong earnings and an improved outlook. PriceSmart climbed 4.6% following solid Q3 results and potential expansion plans in Chile. Next week, major banks including JPMorgan Chase, Wells Fargo, and Citigroup will report earnings, with S&P 500 companies expected to post 5% earnings growth for Q2— the slowest pace since Q4 of 2023. Financials, health care, and communication services weighed on markets Friday. Visa fell 2.4%, Gilead Sciences lost 3.7%, and Meta declined 1%. Nvidia, however, gained 1.2%. Airline stocks dipped despite strong earnings from Delta Air Lines: Delta dropped 1.9%, United 4.2%, and American 4.2%. T-Mobile shares slipped 0.7% after the U.S. Justice Department allowed its $4.4 billion acquisition of U.S. Cellular to proceed. U.S. Cellular gained 3.2%. Red Cat Holdings surged 19.8% following orders from Defense Secretary Pete Hegseth to ramp up drone production. European markets also traded lower after mostly down sessions in Asia. Meanwhile, bitcoin hit a new all-time high Friday, briefly surpassing $118,000 before settling near $116,683. The rally coincides with Nvidia reaching a $4 trillion valuation and anticipation ahead of U.S. Congress’ Crypto Week beginning July 14.

Despite Friday being a weekend, Benapole Customs House opened to ensure uninterrupted import-export operations as per directive from the National Board of Revenue (NBR). The move comes following a directive from the NBR, which instructed customs houses to remain operational over the weekends to clear backlogs caused by slow performance of the ASYCUDA World System. Benapole Customs House Additional Commissioner HM Shariful Islam said although the office is open businesses were comparatively low due to the weekend. It will also stay open on Saturday. On Thursday, NBR issued a circular stating that import and export processes had been disrupted in recent days due to system slowdowns. To mitigate the impact, customs services were instructed to continue through the weekly holidays. Benapole port resumes trade, cargo operations as NBR shutdown ends Benapole Port Deputy Director Mamun Kabir Tarafdar said the port remained open on Friday, and imported goods were being unloaded from Indian trucks. “Any importer willing to release their goods will be facilitated accordingly,” he added.

U.S. Secretary of State Marco Rubio is set to hold a crucial meeting with Chinese Foreign Minister Wang Yi on Friday, as tensions continue to escalate between Washington and Beijing over trade, regional security, and China’s support for Russia’s war in Ukraine. The high-level meeting, confirmed by the U.S. State Department, comes as Rubio concludes his two-day visit to Malaysia for the Association of Southeast Asian Nations (ASEAN) security summit — his first official trip to Asia as secretary of state. It will mark his first face-to-face meeting with Wang. Rubio's meeting with Wang follows a separate discussion in Kuala Lumpur with Russian Foreign Minister Sergey Lavrov, during which both sides explored options to revive peace talks on the Ukraine conflict. This diplomatic activity unfolds against growing global concern over U.S. trade policies under President Donald Trump, particularly the threat of sweeping tariffs that could impact both adversaries and allies, including many ASEAN members. While Southeast Asian leaders voiced frustration over the tariffs, Rubio said regional counterparts were more focused on security concerns and their fears of increasing Chinese assertiveness. “Of course, [tariffs] were raised. It’s an issue,” he told reporters Thursday. “But I wouldn’t say it solely defines our relationship. There’s strong enthusiasm for U.S. engagement.” Business leaders stress Bangladesh-Thailand FTA to unlock regional trade potential Rubio echoed Trump’s stance that China poses a major challenge to the U.S., particularly in trade and technology. He also reiterated Washington’s concerns over China’s indirect support for Russia’s war efforts. “The Chinese clearly have been supportive of the Russian effort — as much as they can without getting caught,” he said, hinting the issue would be raised with Wang. Rubio and Wang have used the ASEAN summit to highlight their competing visions for the Indo-Pacific. While the U.S. signed a civil-nuclear agreement with Malaysia, Wang condemned Trump’s proposed tariffs as harmful to global trade and stability. Asian markets mixed as Trump administration pushes new tariff deadlines On Thursday, Wang and Lavrov jointly criticized U.S. actions, warning against foreign interference in Southeast Asia and affirming support for ASEAN’s central role in regional affairs.

Bangladesh and the United States discussed issues of mutual interest with particular focus on trade, commerce, and the ongoing tariff negotiations, specifically the steep rise in rates announced by President Donald Trump, during Thursday's much-anticipated meeting between the Office of the United States Trade Representative (USTR) and a delegation from Dhaka led by Commerce Adviser Sk.Bashir Uddin. Despite platitudes on offer from the CA's Press Wing, the most important takeaway following Thursday's meeting is that there was no breakthrough in negotiations over the 35% tariff on Bangladeshi goods announced by Trump, that will be effective from Aug. 1. Nor is there any indication of a breakthrough being imminent. In the event, the two sides were left to reiterate a 'commitment to work together for shared benefits', as the Chief Adviser’s Deputy Press Secretary Abul Kalam Azad put it early Friday, noting that the Commerce Adviser met with USTR Ambassador Jamieson Greer at the latter's office on Thursday at 11am local time (9pm Bangladesh). The second day of three-day tariff talks between Bangladesh and the United States ended Thursday in Washington, DC. Azad said the talks were "comprehensive, touching upon almost all the key aspects of the trade relationships between the two nations." The Commerce Adviser is leading the Bangladeshi delegation in Washington.  National Security Adviser Dr Khalilur Rahman, and the Chief Adviser's Special Assistant on Posts, Telecommunications and Information Technology Faiz Ahmad Taiyeb, joined the talks virtually from Dhaka. Senior Commerce Ministry officials also attended the meeting in the US capital.  Senior US officials from USTR, agriculture, labour affairs, environment and natural resources, Treasury, innovation & intellectual property and investment agencies, joined the meeting. The last round of talks (for now) will be held on Friday. At this stage though, chances of securing any reduction to the rate Trump announced in his letter to Chief Adviser Muhammad Yunus earlier in the week, appear next to nil.

National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan on Thursday directed customs officials at Pangaon Customs House to expedite the clearance of imported goods through modern risk management systems and ensure strict compliance with laws and regulations. "Customs Houses are the centre of trade facilitation," the NBR chief said during his visit to the Pangaon Customs House in Dhaka. He urged officials to focus on core revenue collection activities, including rapid goods clearance under risk-based management, enforcement, automation, compliance with import policy orders, reduction of legal cases, and enhanced arrears collection. The chairman observed physical inspection procedures at the container yard and reviewed automated assessment operations in the assessment room. He interacted with officials and staff to assess the performance of ongoing customs activities. During a meeting with customs officials, port authorities, importers, and clearing and forwarding (C&F) agents, the NBR chairman emphasised prompt disposal of perishable goods and pending auction items through an expedited auction process. NBR asks Customs Houses to work on Friday and Saturday Customs House Commissioner Mia Md Abu Obaida reported that since June 23, 100% of revenue has been deposited into the government treasury through the automated a-challan system, a move lauded by the NBR chief. Khan praised the customs officials for their dedication but reminded them to maintain consistent focus on national interests. He issued directives to accelerate case disposal and strengthen Post Clearance Audit (PCA) processes in line with international practices. He reiterated that the Revenue Department is one of the most vital organs of the state, and inefficiencies in this sector could result in substantial losses for the country. "In today’s globalised world, enhancing operational efficiency is essential to compete with developed nations," he added. Govt has no hand in ACC probe of six NBR officials: Finance Adviser The NBR chairman concluded his visit by expressing satisfaction over the activities at Pangaon Customs House and instructed all staff to uphold professionalism, compliance, and a service-oriented approach.

Unifa Accessories (BD) Co. Ltd., a China–British Virgin Islands owned company, is set to invest US$ 48.66 million to establish a bag and fashion accessories manufacturing industry in the BEPZA Economic Zone (BEPZA EZ) in Mirsharai, Chattogram. An agreement to this effect was signed on Thursday at the BEPZA Complex, Dhaka, between Bangladesh Export Processing Zones Authority (BEPZA) and Unifa Accessories (BD) Co. Ltd. In the presence of BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman the agreement was signed by Md. Ashraful Kabir, member (Investment Promotion), on behalf of BEPZA, and Qian Danchu, chairman of Unifa Accessories (BD), on behalf of the company. BEPZA attracts $480 million investments so far in FY2024-25 The foreign-owned company will annually produce 28 million pieces of various fashion products, including bags, belts, caps, hats, scarves, mufflers, eyewear, and eyeglass frames. This project is expected to generate employment for 2,830 Bangladeshi nationals. The BEPZA executive chairman welcomed Unifa’s investment in Bangladesh, particularly in the BEPZA EZ. He assured the company of BEPZA’s full cooperation to ensure smooth business operations. He expressed confidence that this Foreign Direct Investment (FDI) would make a significant contribution to the country’s socio-economic development, according to a press release.

The National Board of Revenue (NBR) on Thursday asked all Customs houses and relevant departments to remain open on next Friday and Saturday. In an office order it said that country’s import and export activities have faced disruptions over the past few days due to the slowness of the ASYCUDA World System, a key digital platform used for customs processing. In view of the situation, relevant authorities have called for urgent steps to ensure uninterrupted trade operations, especially as the weekend approaches. To mitigate the impact and maintain the momentum of import-export activities, instructions have been issued to keep operations running during the weekly holidays on July 11-12 (Thursday and Friday). Officials said that the temporary slowdown of the automated customs clearance system has caused delays in the processing of goods at key customs points. Govt has no hand in ACC probe of six NBR officials: Finance Adviser The NBR, in coordination with other agencies, has moved to address the technical glitches and streamline clearance procedures as quickly as possible. Concerned departments have been asked to make necessary manpower and logistical arrangements to keep customs and related services active during the weekend to minimize trade disruption.

The final trading session of the week began on Thursday on a positive note in both the Dhaka and Chattogram stock exchanges, with the majority of company shares seeing price increases during the first hour of trading. At the Dhaka Stock Exchange (DSE), the benchmark index DSEX rose by 47 points. The other two indices also moved upward -- the Shariah-based DSES gained 10 points, while the DS30 index, which tracks blue-chip companies, advanced by 17 points. The DSE witnessed a turnover of Tk 170 crore in the opening hour. Out of the traded issues, 288 companies recorded gains, while prices declined for 38 companies, and 54 remained unchanged. Similarly, trading at the Chattogram Stock Exchange (CSE) also started with an upward trend, with the overall index gaining 88 points. Of the 85 companies that participated in trading at the CSE, prices increased for 63, declined for 9, and remained unchanged for 13. During the first hour, shares and units worth over Tk 50 lakh were traded on the Chattogram bourse.