Business

09 March 2022; MEMO: Libya's National Unity Government yesterday said that it had resumed production at the Sharara and El-Feel oilfields, two days after protesters shut the pipeline transporting oil from the two fields to the export ports.

"The commander of the joint operations room in the western region, Osama Al-Juwaili, has affirmed the reopening of the Rayana valve, which feeds the Sharara and El-Feel fields," the government said on its Facebook page.

09 March 2022; MEMO: Lebanese Minister of Economy and Trade Amin Salam has met with the ambassadors of Turkey and India and discussed ways to support Lebanon during the supply crisis resulting from the Russian military operation in Ukraine, Anadolu reported.

A statement issued by the Ministry of Economy quoted Salam as saying that the meetings aimed "to complement efforts to confront the repercussions of the crisis in Ukraine, and in the interest of food security."

Mumbai, Mar 8 (PTI) Sliding for the fifth consecutive day, the rupee depreciated by 7 paise to close at a lifetime low of 77 against the US dollar on Tuesday, weighed by surging crude oil prices amid the Russia-Ukraine war.

Heavy foreign fund outflows and prevailing risk aversion globally added to the woes, forex traders said.

At the interbank forex market, the local unit opened at 77.02 against the greenback and witnessed an intra-day high of 76.71 and a low of 77.05.

08 March 2022; MEMO: The Russian invasion of Ukraine may cost Egypt $955 million in wheat import bills as wheat prices hit record highs.

Egypt imports roughly 70 per cent of its wheat from Russia and Ukraine and fears are growing in Cairo that a protracted conflict will severely disrupt their supply.

Washington, Mar 8 (PTI) As part of its efforts to address the global supply chain crisis, the Joe Biden administration plans to collaborate with India on building resilient supply chains and promote a transparent rules-based trading system for market economies and democracies, the US Trade Representative has told Congress.

Mumbai, Mar 8 (PTI) Equity benchmarks Sensex and Nifty fell for the fifth straight session on Tuesday in tandem with weak global trends as simmering tensions between Russia and Ukraine kept investors on the sidelines.

The 30-share BSE Sensex opened on a weak note and further tumbled 432.36 points or 0.81 per cent to 52,410.39 amid firming oil prices and relentless selling by foreign institutional investors.

Similarly, the broader NSE Nifty declined 115.75 points or 0.72 per cent to 15,747.40 in opening trade.

07 March 2022; MEMO: As the tragic reality of war unfolds in eastern Europe, visitors to a defence show in Saudi Arabia were met with the surreal sight of seeing the latest Ukrainian and Russian military hardware competing for attention in pristine exhibition halls, Reuters reported.

For Maxim Potimkov of Ukraine's state arms exporter and importer, standing alone amid his country's armoured vehicles, sales were the farthest thing from his mind.

Mumbai, Mar 7 (PTI) The rupee declined 81 paise to 76.98 against the US dollar in opening trade on Monday as intensifying geopolitical risks due to the Russia-Ukraine conflict pushed investors to the safe-haven appeal of the greenback.

Forex traders said escalating tensions between Russia and Ukraine kept crude oil prices at an elevated level and heightened worries about domestic inflation and wider trade deficits.

Besides, sustained foreign fund outflows and a lacklustre trend in domestic equities also weighed on investor sentiment.

Jaipur, Mar 5 (PTI) Rajasthan Chief Minister Ashok Gehlot on Saturday said there is a need to think out of the box to increase economic activities rapidly and create more employment opportunities.

Addressing virtually a meeting of the Rajasthan Economic Reforms Advisory Council, the CM said the economy of the country has been adversely hit by demonetisation, difficulties of the GST and the Covid pandemic.

05 March 2022; MEMO: Lenders in the United Arab Emirates are expected to return to pre-pandemic levels of profitability in the next 12-18 months amid stronger net income, S&P Global reports.

According to the report, banks in the UAE are expected to record an increase in lending this year as the Arab world's second-largest economy charts a strong recovery from the Covid-19 pandemic, according to a new report.