Faisal Khan has been appointed as the managing director of Summit Corporation, Bangladesh’s largest independent power producer, LNG infrastructure, and energy trading company. He joined Summit Group in 2007 and has served as the president of the Bangladesh Independent Power Producers’ Association. Founder chairman Muhammed Aziz Khan expressed confidence in Faisal’s leadership abilities, while Faisal credited his uncle’s mentorship for his professional growth.

Remittance inflow to Bangladesh witnessed a 21% year-on-year surge to $2.04 billion in April, driven by the Eid-ul-Fitr festival when expatriates send more money home. Higher exchange rates offered by some banks for US dollars also contributed to the rise. April’s receipts were 2.31% higher than March’s $1.99 billion, according to Bangladesh Bank data.

Danish shipping giant Maersk reported a 13-fold drop in Q1 net profit to $177 million, citing Yemeni rebel attacks forcing it to avoid the vital Red Sea route. However, Maersk raised its full-year profit outlook to $4-$6 billion, citing higher demand and rates due to Red Sea supply chain disruptions caused by Iran-backed Houthi rebel attacks on ships since November.

The Asian Development Bank (ADB) has signed a $121.55 million financing package with Dynamic Sun Energy (DSE) Private Ltd to build and operate Bangladesh’s first private sector utility-scale 100-megawatt grid-connected solar power plant in Pabna. ADB arranged and syndicated the debt package, mobilizing financing from global lenders. The solar plant will generate 193.5 gigawatt-hours of electricity annually and avoid 93,654 tonnes of carbon dioxide emissions per year.

Square Pharmaceuticals Ltd recorded a profit of Tk 1,465 crore in the July-March period of the current financial year, up around 9% year-on-year. The company’s Earnings Per Share (EPS) grew to Tk 18.24 from Tk 16.82 in the same period last year. Despite economic slowdown and higher operational costs, the pharmaceutical giant maintained healthy growth in revenue and profits, although EPS growth was modest due to not passing on cost increases to consumers. Photo: Square Pharmaceuticals PLC

During Elon Musk’s visit to China, Tesla received a key security clearance for its locally produced models, meeting the country’s data security requirements for smart cars. This clears a regulatory hurdle for Tesla to offer its “Full Self Driving” (FSD) features in China. Musk also reportedly partnered with Baidu for maps and navigation, inching closer to FSD approval. However, analysts suggest that the additional cost of FSD on top of Tesla’s retail prices may prove challenging for Chinese consumers.