Business

04 March 2022; MEMO: Textile and leather goods makers in Istanbul's garment district are feeling the impact of Russia's invasion of Ukraine as customers in Moscow and Kyiv have cancelled $200 million in orders in the past week, industry officials say, and Reuters reports.

The loss of trade adds to strains on Turkey's economy, with officials estimating that more than $1 billion is directly at risk to the textile industry alone if the conflict in Ukraine continues.

Beijing, Mar 5 (PTI) China on Saturday lowered its GDP target to 5.5 per cent for this year bringing it down from last year's 6.1 per cent.

The new target for the second-largest economy was announced by Premier Li Keqiang in his work report presented to the National People's Congress (NPC), the country's Parliament which opened its annual session here on Saturday.

Islamabad, Mar 5 (PTI) The global money laundering and terrorist financing watchdog FATF has retained Pakistan on its terrorism financing grey list and asked Islamabad to address at the earliest the remaining deficiencies in its financial system, according to a media report on Saturday.

Pakistan has been on the grey list of the Paris-based Financial Action Task Force (FATF) since June 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019.

New Delhi, Mar 4 (PT) Global steel giant ArcelorMittal has stopped production at its Kryvyi Rih facility in Ukraine amid the ongoing conflict between the eastern European country and Russia.

In a statement, ArcelorMittal, which is owned by Indian-origin industrialist Lakshmi N Mittal, said "the decision to idle its steel making operations in Kryvyi Rih, Ukraine (has been taken) in order to ensure the safety and security of our people and assets."

03 March 2022; MEMO: The head of Lebanon's Progressive Socialist Party yesterday slammed the international community for not imposing sanctions on Israel. Walid Jumblatt referred to the recent sanctions imposed on Russia for its invasion of Ukraine when he made his comments.

03 March 2022; MEMO: Saudi Crown Prince, Mohammed Bin Salman, said he does not care whether US President Joe Biden misunderstood things about him and said the US leader should be thinking about America's interests, in an interview with The Atlantic published Thursday, and Reuters reports.

The de facto ruler of the world's top oil exporter, known as MbS, also warned the United States not to interfere in the internal affairs of the absolute monarchy.

03 March 2022; MEMO: Turkey's drone shipments to Ukraine are not military aid but rather private sales, a deputy Turkish Foreign Minister was quoted as saying on Thursday, underscoring Ankara's effort to avoid offending Moscow, amid Russia's invasion of Ukraine, Reuters reports.

04 March 2022; MEMO: Saudi Arabia's Crown Prince Mohammed Bin Salman has announced the Kingdom's readiness to mediate between Russia and Ukraine, state-run Saudi Press Agency (SPA) has reported.

Bin Salman apparently spoke on the phone with Russian President Vladimir Putin on Thursday and informed him of the mediation offer. The prince underlined the Kingdom's support for efforts that will lead to a political solution to end the crisis and achieve security and stability.

03 March 2022; MEMO: US ties with the United Arab Emirates are being tested, a senior Emirati diplomat said on Thursday, in a rare admission of strains in their strategic partnership, which have been highlighted by Russia's invasion of Ukraine, Reuters reports.

The wealthy Gulf Arab oil exporter has signalled unease in recent years over what it sees as Washington's declining commitment to the security of US partners in the region, while Abu Dhabi has deepened ties with Moscow and Beijing.

03 March 2022; MEMO: Oil prices climbed to almost $120 a barrel on Thursday, their highest in nearly a decade, as sanctions disrupted Russian oil sales but the rally lost some of its fizz on rising prospects for an Iran nuclear deal that could add extra supplies, Reuters reports.