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The clause allows relief in extraordinary circumstances beyond human control, such as war, and frees parties from contractual liability NEW DELHI: The West Asia conflict should be treated as a “war” to invoke the ‘force majeure’ clause in public contracts where obligations have been impacted by disruptions, the finance ministry has said.It has allowed govt…
Weeks of conflict have worsened Iran’s economic pressures, deepening strain on its financial system even as the Islamic Republic continues to function under a standoff in the Gulf following a truce and ongoing maritime restrictions.The situation has left Iran in a stalemate with the United States and Israel, with ceasefire talks stalled while key Gulf…
US President Donald Trump has signalled a possible reduction of American troop presence in Italy and Spain, sharply criticising both countries over their stance on the ongoing Iran war and widening a growing rift between Washington and its European allies.Speaking to reporters in the Oval Office, Trump said he is actively considering scaling back deployments….
Jerome Powell (AP file photo) US Fed Federal Open Market Committee (FOMC) meet: Jerome Powell-led US Federal Reserve on Wednesday kept the interest rates unchanged in the 3.5-3.75% range citing upside risks to inflation in view of the rising global energy prices.“Developments in the Middle East are contributing to a high level of uncertainty about…
New Delhi: Automobile manufacturers will face cost pressures that is expected to impact their margins and slow down demand in the coming quarters as prices of key raw materials, including steel, metals and plastics , have risen sharply since March, latest data from the Society of Indian Automobile Manufacturers (Siam) showed. Due to war in…
Ongoing crisis in the Middle East has strained global energy supplies, but availability within the country continues to remain steady, the government has assured. Addressing a ministerial briefing, Aparna Sharma, additional secretary in the department of fertilizers, said, “The fertiliser availability remains robust, and the supplies continue to exceed the requirement. The department of fertilizers…
Chennai: Summer vacations for Indians to exotic destinations have been disrupted as the West Asia conflict and a weakening rupee have pushed overseas tour package costs up by about 20%, offsetting the Centre’s cut in Tax Collected at Source (TCS) on such packages to 2% from 20% and 5%.The conflict has also led to a…
NEW DELHI: Govt-authorised fertiliser importing agency India Potash Ltd (IPL) is set to import 25 lakh tonnes of urea in the $935-$959 per tonne range — almost double the rate two months ago — in what is being seen as an impact of the ongoing West Asia crisis on the prices of the key soil…
Living in Mumbai, Bengaluru, Pune or parts of the Delhi-NCR region? You might find it hard to grab a can of Diet Coke this summer. The Middle East war has already rattled oil supplies, economies across the globe and multiple sectors—now it’s hitting something far more familiar on everyday shelves: Diet Coke. The beverage is…
NEW DELHI: The West Asia conflict has done “half the job” in convincing policymakers and people about moving towards alternatives to petrol and diesel, road transport minister Nitin Gadkari said on Tuesday, as the crisis stifles flow of energy — crude and gas — from the region.He urged the automobile industry to go for 100%…
