20/03/2026

BIZ & FINANCE FRIDAY | MAR 20, 2026

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Energy prices surge while stocks sink o Iran attacks fuel facilities across Middle East after Israel’s strike on its key gas field

HONG KONG: Energy prices soared yesterday and stocks sank as Iran attacked several Gulf energy facilities and warned of more in retaliation for a strike on one of its key gas fields. Brent crude soared past US$115 per barrel as Tehran threatened to target regional installations after an Israeli hit on a site serving its massive South Pars field, which it shares with Qatar. Iranian missiles struck Qatar’s Ras Laffan, the world’s largest liquefied natural gas (LNG) hub, causing extensive damage and stoking inflation concerns. Fears over global energy supplies sent European gas prices up more than 30%, while Brent crude jumped 7%. US President Donald Trump said Washington “knew nothing” of Israel’s attack on South Pars, but vowed “NO MORE ATTACKS WILL BE MADE BY ISRAEL” on the site if Tehran stops attacking Qatar. But if Iran did not comply, the United States would “massively blow up the entirety of the South Pars Gas Field”, Trump warned. The Iranian strikes on Qatar came as Abu Dhabi shut down operations at a gas facility due to falling debris from missile interceptions, while two oil refineries in Kuwait were struck.

Meanwhile, the UN nuclear watchdog said Iranian authorities had reported a projectile impact at the country’s only operational nuclear power plant but that it caused no damage. “We warn you once again that you made a big mistake in attacking the energy infrastructure of the Islamic republic,” the Revolutionary Guards said in a statement carried by Iranian media. “If it is repeated again, further attacks on your energy infrastructure and that of your allies will not stop until it is completely destroyed.” Iran’s President Masoud Pezeshkian wrote on X that the attacks on South Pars “will complicate the situation and could have uncontrollable consequences, the scope of which could engulf the entire world”. Brent spiked above US$115 at one point, while West Texas Intermediate briefly topped US$100. The increased tension also fuelled a sell-off in equities, which had enjoyed a broadly positive start to the week thanks to a fresh rally in tech firms. Tokyo tanked more than 3% and Seoul more than 2%. Hong Kong, Shanghai, Sydney, Singapore, Taipei, Wellington, Mumbai, Manila and Bangkok were also down.

‘Out of order’ signs cover fuel pumps at a petrol station in Sydney, Australia yesterday. – REUTERSPIC

London, Paris and Frankfurt extended losses at the open. French President Emmanuel Macron said on X: “It is in the common interest to implement without delay a moratorium on strikes targeting civilian infrastructure,

particularly energy and water infrastructure.” Markets have been hammered since the start of the war, with Tehran hitting sites across the Gulf and effectively closing the Strait of Hormuz, through which a fifth of global oil and gas flows. – AFP HDFC Bank chairman steps down over ‘ethics’ differences MUMBAI: The chairman of India’s biggest private bank has quit, the lender said in a stock exchange filing on Wednesday, with his resignation letter citing differences in “personal values and ethics”. Atanu Chakraborty did not provide further details in quitting HDFC Bank, India’s largest private sector lender by assets and the second-biggest Indian firm by market capitalisation. “Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal values and ethics,“ wrote Chakraborty, whose term was to end in May 2027. “This is the basis of my aforementioned decision,“ he wrote. First appointed in May 2021 for three years, he was named to a second term in May 2024. His tenure coincided with HDFC Bank merging with its parent company, a mortgage lender, in 2023 to create a financial giant. Chakraborty said in his resignation letter that while the initiative was “strategic”, the “benefits of the merger are yet to fully fructify”. HDFC Bank said that with Chakraborty’s exit, it had received approval from India’s central bank to appoint Keki Mistry as interim chairman for three months. – AFP “I have no intention of leaving the board until the investigation is well and truly over, with transparency and finality,” Powell said. At the press briefing, Powell played down the risk of stagflation, saying he would reserve the term “for a much more serious set of circumstances.” He appeared bullish about future prospects, while noting the uncertainty inherent in the current moment. “The US economy is doing, you know, pretty well,“ he said. “It’s just we don’t know what the effects of this will be, and really no one does.” – AFP

Labubu creators hope for monster film hit in Sony co-production BEIJING: After flying off the toy shelves, China’s snaggle-toothed Labubu dolls will soon come alive on the big screen, with maker Pop Mart announcing a collaboration with Sony Pictures. The movie, which is still in early development, will feature the fanged plushie monsters in a “live-action and CGI hybrid”, Beijing-based Pop Mart said yesterday.

Created in 2015 by Hong Kong artist Kasing Lung, Labubus sparked a craze nine years later, with the “ugly-cute” charms adorning the handbags of celebrities such as Rihanna and Dua Lipa and sparking massive queues forming at Pop Mart stores around the world. The collectable dolls, which typically sell for around US$40, are released in limited quantities and sold in“blind boxes”, meaning buyers do not know the exact model they will receive. Some of the less common Labubu figures can fetch thousands of dollars. Pop Mart sold more than 100 million Labubu dolls worldwide last year, with Chinese officials hailing the toothy characters’ popularity as evidence of China’s growing cultural and soft power. They have become furry ambassadors for a “cool” China, even in places such as Europe and North America, where public opinion towards Beijing has not always been positive. The new film project, unveiled by Lung and director Paul King (”Wonka”and“Paddington”) in

Labubu toys are displayed at Pop Mart’s Skullpanda pop-up shop in New York City. – REUTERSPIC

Mart said, which promises “a unique cinematic experience with creative storytelling, artistic vision and enduring global appeal”. The company now has more than 600 stores in over 30 countries and regions. A release date for the film has not yet been announced. – AFP

Paris yesterday, will seek to capitalise on the dolls’ viral fame by bringing “Labubu’s whimsical world to the big screen”, Pop Mart said. King will share scriptwriting duties with Tony Award-winner Steven Levenson. “The collaboration between Pop Mart and Sony Pictures marks a significant milestone,“ Pop

US Fed raises inflation outlook over ‘uncertain’ war impact WASHINGTON: The US Federal Reserve raised its inflation forecast on Wednesday as it held interest rates steady, citing an “uncertain” economic outlook due to the war in Iran. expenditures (PCE) measure to stand at 2.7% by December 2026, up from an earlier estimate of 2.4%. “We’re right at the beginning of this, and we don’t know how big – you just don’t know how big this will be and how long it lasts,“ he said, adding that the Fed would have to “wait and see”.

“In the near term, higher energy prices will push up overall inflation,“ Fed chairman Jerome Powell said, referring to steeper costs from the war in the Middle East. “But it is too soon to know the scope and duration of the potential effects on the economy,“ he told a press briefing after the Fed’s policy meeting. Powell refused to be drawn into sharing specifics of his expectations for how the war could affect the US economy.

Trump has repeatedly insulted and criticised Powell for not slashing rates more aggressively, and in January, the Fed chair revealed that the US Justice Department had opened an investigation into him related to cost overruns on renovations at the bank’s headquarters. On Wednesday, Powell was also adamant that he would not leave the Fed’s board when his term as chair is over in May – his tenure as governor ends in 2028 – until the investigation is completed.

The 11-1 vote on the benchmark lending rate was widely expected, but nonetheless defied US President Donald Trump’s demands for a reduction as the world’s largest economy battles stubborn inflation and weak labour demand. Rates were kept steady at a range of 3.50% to 3.75%, with officials flagging one expected cut by the end of the year. But the Fed raised its inflation outlook, now expecting its preferred personal consumption