People pass by a Levi Strauss store in New York City March 19, 2019. — Reuters pic

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NEW YORK, March 7 — Levi Strauss & Co is temporarily suspending commercial operations in Russia, including any new investments, joining a slew of Western brands that have halted operations in the country following its invasion of Ukraine.

“In 2021, approximately 4 per cent of the company’s total net revenues were derived from Eastern Europe, half of which was related to Russia,” Levi said in a statement. — Reuters

Gold hit a peak of US$2,000.86 an ounce, its highest level since September 2020. — Reuters pic

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HONG KONG, March 7 — Gold rose to more than US$2,000 (RM8,357) in Asian trade this morning as investors fled to the safe-haven commodity over fears about the impact of the Ukraine war on the global economy.

The precious metal hit a peak of US$2,000.86 an ounce, its highest level since September 2020.

Traders have been sent running to safety as Russia continues with its invasion of Ukraine, which has battered equity markets and sent oil prices to a near 14-year high, adding further upward pressure to already high inflation. — AFP