Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

4 Mar 2022

Asian Stocks Plunge to 16-Month Low Levels amid Fire at Ukrainian Nuclear Plant

The Index Today

Asian stocks hit a 16-month low on Friday after a fire broke out at a nuclear power plant in Ukraine following an attack by Russian forces. Oil prices continue to surge while the euro dropped.

RIA News reported that the Ukrainian ministry of atomic energy revealed that a generating unit at the Zaporizhzhia nuclear power plant — the largest in Europe — had been struck during attacks by Russian troops.

Although the site has been safely contained with no immediate indication of possible changes in radiation levels, investors continue to remain wary. OCBC Bank’s Executive Director of Investment Strategy, Vasu Menon said, "Markets are worried about nuclear fallout. The risk is that there is a miscalculation or overreaction and the war prolongs."

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped by 1.6% to 585.5, the lowest since November, 2020. Asian stock markets have turned turbulent with Hong Kong plummeting by 2.7%, Japan down by 2.6%, and South Korea and China dipping by 1.3% and 0.7% respectively. Oil prices, on the other hand, soared on Friday with Brent crude futures for May hitting as high as $114.23 per barrel.

According to David Goodman of Aware Super, “We are still talking about very strong global growth, we are still rebounding, reopening from the pandemic, we still have confidence in the consumer outlook."

©Photo: AP

Clay pottery with table linens