Ruptly
"Traders in Bangladesh are reporting a worrying drop off in economic activity amid austerity measures aimed at tackling an acute energy crisis in the country. This comes after the government imposed shorter office hours, early market closures and broad spending cuts to reduce energy consumption. Footage captured on Sunday shows vendors shutting down their stores and markets in Dhaka. "If the market closes at 6 pm, our business suffers a huge loss. Our sales are done after the evening. Especially in my department store, customers come in the evening," says trader Shahid Habib, one of the traders. "If we close the store by 6 pm, not only will our business suffer but we will also face a financial crisis." "Customers come to the market mainly after the evening, because everyone is busy with their own work and office all day. We open the shop at 11 am, but there are not many buyers all day, those who come to shop come in the afternoon," said another trader, Shafiqul Islam. Under the new rules, government and private offices will operate from 9:00 am to 4:00 pm, while banks will provide customer services until 3:00 pm. Markets, shops and shopping malls must close by 6:00 pm, with exemptions for essential services such as pharmacies and food outlets. Officials said the measures, approved by the cabinet on Thursday, are aimed at stabilising Bangladesh’s energy sector. Ongoing strikes between US-Israel and Iran have exacerbated the global energy crisis, with Bangladesh especially hard hit due to its dependence on imports, resulting in long queues at petrol pumps across the country. The price of the global oil benchmark, Brent crude, remained in triple digits as energy infrastructure across the Gulf countries is being targeted, and the Strait of Hormuz remains largely shut. The US and Israel have been engaged in a military conflict with Iran since February 28, which began with the killing of the Iranian Supreme Leader, Ayatollah Ali Khamenei. Over 1,400 Iranians have been killed since then, and at least 18 Israeli deaths have been confirmed."
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