Business

03 March 2022; MEMO: Ben & Jerry's was sued on Thursday by its long-time Israeli ice cream manufacturer, which said the company illegally severed their 34-year relationship after halting sales in Israeli-occupied Palestinian territories, Reuters reports.

Avi Zinger said Ben & Jerry's refused to renew the license for his American Quality Products Ltd because he would not abide by the company's decision to stop selling its products in the Israeli-occupied West Bank and parts of East Jerusalem.

New Delhi, Mar 3 (PTI) State Bank of India, the nation's largest lender, has stopped processing transactions of Russian entities that have been sanctioned by the West over Moscow's invasion of Ukraine, sources said.

To effect this, SBI has issued a circular as it fears that any transaction with entities or sectors under sanction will invite sanction on it as well, sources said.

Mumbai, Mar 3 (PTI) The rupee declined by 14 paise to close at 75.94 against the US dollar on Thursday, pressured by surging crude oil prices amid intensifying conflict between Russia and Ukraine.

Persistent foreign capital outflows and subdued domestic equity markets also affected market sentiment, forex dealers said.

Colombo, Mar 3 (PTI) Sri Lanka's economy was facing "mounting challenges" with public debt reaching "unsustainable levels", the IMF has said, calling for urgent reforms in the island nation's economy as it is facing the worst economic crisis.

Sri Lanka is currently reeling under a severe foreign exchange crisis with falling reserves and the government is unable to foot the bill for essential imports.

02 March 2022; MEMO: Egypt has increased the transit fees for ships passing through the Suez Canal by ten per cent, reports the Associated Press, to develop and enhance the service.

Transit fees for liquefied petroleum gas and chemical tankers increased by ten per cent whilst vessels carrying vehicles, natural gas and general cargo went up seven per cent and oil crude tankers and dry bulk vessels will go up five per cent.

Washington, Mar 3 (PTI) China is provoking India at every turn just as it is doing with the United States and Washington is committed to accelerating progress in strengthening India's defence capacity to deter Chinese provocations, a senior Biden administration official has told lawmakers.

India's relationship with China is right now going through a very difficult phase after Beijing violated agreements not to bring the military forces to the eastern Ladakh border.

Colombo, Mar 3 (AP) Sri Lanka's already dire economic crisis has deepened as oil prices hover near USD 110 a barrel. Vehicles are stranded with empty tanks, power cuts are depriving students of study time for exams and shopping mall air conditioners are being switched off to conserve energy.

The South Asian island nation already was so short of hard currency that authorities had restricted imports of cars and fertilizer. It's now having to scrape into dwindling reserves to pay for ever more costly oil needed to keep the economy running.

New Delhi, Mar 3 (PTI) Prime Minister Narendra Modi on Thursday said Make in India is the need of the hour and appealed to the industry to reduce dependence on imports and boost domestic manufacturing.

He urged the industry to take challenges and make efforts to cut imports of goods that can be manufactured in India.

"Today, the world is looking at India as a manufacturing powerhouse," Modi said while addressing DPIIT's webinar on 'Make in India for the World'.

02 March 2022; MEMO: Italian oil giant Eni intends to sell its 50 per cent stake in the Blue Stream gas pipeline, which it controls equally with the Russian giant Gazprom, in the wake of Moscow's invasion of Ukraine, a company spokesman announced yesterday evening.

02 March 2022; MEMO:Russian President Vladimir Putin and Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed vowed to maintain energy market stability, the UAE's state news agency reported yesterday, as crude prices increased after Russia's invasion of Ukraine.

The agency said the two leaders spoke on the phone and discussed "the energy file in light of Russian cooperation with the Organisation of Petroleum Exporting Countries (OPEC)."