Iran stock index breaks through 1 million mark amid warnings market is overheating

Analysts say the booming stock market is at odds with Iran’s economic fundamentals. (AFP file photo)
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Updated 09 May 2020

Iran stock index breaks through 1 million mark amid warnings market is overheating

  • Analysts say the booming stock market is at odds with Iran’s economic fundamentals

DUBAI: Iran’s main stock index broke through the 1 million point mark for the first time on Saturday, state media reported, amid warnings that the market is overheating.
The Tehran Stock Exchange’s benchmark TEDPIX index gained 25,663 points in early trading on Saturday, rising above 1,000,000 points, the official IRNA news agency said.
The TEDPIX had closed the previous session on Wednesday at 977,923.47, down 2,647.54 points, or 0.27 percent.
Analysts say the booming stock market is at odds with Iran’s economic fundamentals, which are deteriorating under the weight of sanctions and the coronavirus outbreak, raising the risk of a stock market bubble.


Singapore Airlines drops ‘flights to nowhere’ after outcry

Updated 29 September 2020

Singapore Airlines drops ‘flights to nowhere’ after outcry

  • Several carriers have been offering short flights that start and end at the same airport to raise cash

SINGAPORE: Singapore Airlines said Tuesday it had scrapped plans for “flights to nowhere” aimed at boosting its coronavirus-hit finances after an outcry over the environmental impact.
With the aviation industry in deep crisis, several carriers – including in Australia, Japan and Taiwan – have been offering short flights that start and end at the same airport to raise cash.
They are designed for travel-starved people keen to fly at a time of virus-related restrictions, and have proved surprisingly popular.
But Singapore’s flag carrier – which has grounded nearly all its planes and cut thousands of jobs – said it had ditched the idea following a review.
The carrier has come up with alternative ideas to raise revenue, including offering customers tours of aircraft and offering them the chance to dine inside an Airbus A380, the world’s biggest commercial airliner.
Environmental activists had voiced opposition to Singapore Airlines launching “flights to nowhere,” with group SG Climate Rally saying they would encourage “carbon-intensive travel for no good reason.”
“We believe air travel has always caused environmental harm, and it is now an opportune moment for us to think seriously about transitions instead of yearning to return to a destructive status quo.”
The airline said earlier this month it was cutting about 4,300 jobs, or 20 percent of its workforce, the latest carrier to make massive layoffs.
The International Air Transport Association estimates that airlines operating in the Asia-Pacific region stand to lose a combined $27.8 billion this year.
The group also forecasts that global air traffic is unlikely to return to pre-coronavirus levels until at least 2024.