Oil prices fall on prospect of higher-for-longer US rates

Oil prices fell by nearly $1 a barrel on Friday as comments from US central bank officials indicated higher-for-longer interest rates, which could hinder demand from the world’s largest crude consumers. Brent crude futures settled at $82.79 a barrel, down $1.09, or 1.3 per cent. US West Texas Intermediate crude settled at $78.26 a barrel, down $1.00, or 1.3 per cent. For the week, Brent logged a 0.2 per cent loss, while WTI recorded a rise of 0.2 per cent. Dallas Federal Reserve President Lorie Logan on Friday said it was unclear whether monetary policy was tight enough to bring down inflation to the US central bank’s 2 per cent goal. Oil drew little support from the US oil rig count, which is an indicator of future supply, despite energy services firm Baker Hughes data showing the number of oil rigs fell by three to 496 this week, their lowest since November. Money managers, meanwhile, cut their net long US crude futures and options positions in the week to May 7 by 56,517 contracts to 82,697.

Source: https://today.thefinancialexpress.com.bd/trade-market/oil-prices-fall-on-prospect-of-higher-for-longer-us-rates-1715444123

Gold price rises by Tk1,832 per bhori

The Bangladesh Jewellers Association (Bajus) increased the price of gold by Tk1,832 per bhori on 11 may within a span of four days, followed by a price hike in the local bullion market. According to a Bajus statement, 22-carat gold will now cost Tk1,17,282 per bhori (11.664 grams). Apart from this, the price of 21-carat gold has been set at Tk1,11,951 per bhori and 18-carat gold at Tk95,960 per bhori. Besides, for the traditional method, the price of gold will be Tk79,339 per bhori.

Source: https://www.tbsnews.net/economy/gold-price-rises-tk1832-bhori-848511

Tech giants start to treat Southeast Asia like the next big thing

The CEOs of Apple Inc., Microsoft Corp. and Nvidia Corp. are among the industry chieftains who’ve swung through the region in past months, committing billions of dollars in investment and holding forth with heads of state from Indonesia to Malaysia. Amazon.com Inc. just this week took over a giant conference hall in downtown Singapore to unfurl a $9 billion investment plan before a thousands-strong audience cheering and waving glow sticks. After decades of playing second fiddle to China and Japan, the region of about 675 million people is drawing more tech investment than ever. For data centres alone, the world’s biggest companies are set to splurge up to $60 billion over the next few years as Southeast Asia’s young populations embrace video streaming, online shopping and generative AI.

Source: https://www.tbsnews.net/worldbiz/asia/tech-giants-start-treat-southeast-asia-next-big-thing-848041

City Bank has signed a Bancassurance agreement with Delta Life Insurance Company Limited

City Bank has signed a Bancassurance agreement with Delta Life Insurance Company Limited. The signing ceremony was held recently at the City Bank PLC Head Office. This agreement will enable City Bank customers to buy insurance products of Delta Life Insurance directly from the bank under Bancassurance Guideline issued by Bangladesh Bank and IDRA. Mashrur Arefin, MD & CEO of City Bank, and Anwarul Haque, Chief Executive Officer (CC) of Delta Life Insurance Company, signed the agreement on behalf of their respective organisations.

Source: https://today.thefinancialexpress.com.bd/trade-market/city-bank-has-signed-a-bancassurance-agreement-with-delta-life-insurance-company-limited-1715443979

Mr. Shamsul Arefin new MD of NCC Bank

Mr. M. Shamsul Arefin has recently joined as managing director & CEO of NCC Bank, according to a press statement. Earlier, he served in the same bank holding the positions of additional managing director, deputy managing director and senior executive vice president and discharged his duties as CAMLCO, chief risk officer, head of credit risk management and head of corporate business. He also played a leadership role in results-driven teams of different business segments as well as operations. Mr Arefin started his banking career as a management trainee at Eastern Bank in 1994. Later, he worked for ONE Bank, Shahjalal Islami Bank, Jamuna Bank, Premier Bank and SBAC Bank mostly in leadership roles.

Source: https://www.thedailystar.net/business/news/bsec-gets-two-new-commissioners-3605216