Asian markets fall on fears over economic impact of virus
Hong Kong: Asian markets fell on Thursday with investors concerned about the economic impact from the spread of the new coronavirus as China reported more than 1,700 new infections.
Airlines around the world are either suspending or paring back services in and out of China following cases of human-to-human transmission outside the country and manufacturers have also been cutting their Chinese operations.
The World Health Organisation, which initially downplayed the severity of the disease, warned all governments to be "on alert" as it weighs whether to declare a global health emergency.
US Federal Reserve Chairman Jerome Powell said the coronavirus posed a new risk to growth in China and elsewhere. In Asian stock markets, Hong Kong was down 1.4 per cent and Tokyo dropped 1.6 per cent.
Japanese automaker Toyota said it would keep its plants in China closed until at least February 9 over concerns about the outbreak of the SARS-like virus which has killed 170 people and infected more than 7,700.
Taipei fell 4.9 per cent, with shares in Apple supplier Hon Hai Precision Industry plunging more than nine per cent after it said most of its manufacturing plants in China would remain closed until February 10.
The tech giant, better known as Foxconn, is the world's biggest contract electronics maker and assembles Apple's iPhones as well as gadgets for other international brands.
The move will likely impact global supply chains for tech companies that rely on the Taiwan firm to manufacture everything from iPhones to flat-screen TVs and laptops.
Foxconn, which employs more than one million workers in China, accounts for the most US-bound exports by volume from Hubei province which is at the epicentre of the virus outbreak.
Among other markets, Seoul slipped 1.3 per cent and Sydney was down 0.5 per cent.
"Equity markets remain acutely vulnerable to adverse developments in the Wuhan virus situation," said OANDA analyst Jeffrey Halley. The Fed held its policy interest rate steady on Wednesday but was on alert for possible contagion to the domestic and global economies.
"There will clearly be implications at least in the near term for Chinese output and I would guess for some of their close neighbours," Powell told reporters following the Fed's policy meeting.
However, "the situation is really in its early stages and it's very uncertain about how far it will spread and what the macro-economic effects will be," he said. "We are very carefully monitoring the situation."
Oil fell following a higher-than-expected jump in US inventory, with the Brent and WTI contracts both down one per cent.
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Tribal man brings dead sister's skeleton to bank to withdraw money from her account
Keonjhar (PTI): A tribal man in Odisha's Keonjhar district on Monday brought the skeleton of his dead sister to a bank to withdraw the money deposited in her name, police said.
The incident occurred at Maliposi branch of Odisha Grameen Bank located at Patana block of Keonjhar district. The man was identified as Jeetu Munda (50) of Dianali village. He was seeking to withdraw Rs 20,000 from the bank account of his elder sister, Kalra Munda (56), who died on January 26, 2026.
"I have run several times to the bank, and the people there told me to bring the account holder to withdraw money deposited in her name. Though I told them that she had died, they did not listen to me and insisted on bringing her to the bank. Therefore, out of frustration, I dug the grave and brought out her skeleton as proof of her death," an illiterate Jeetu Munda told reporters.
Patana Police Station Inspector in charge (IIC) Kiran Prasad Sahu, who reached the bank after getting information, said, "Jeetu is an illiterate tribal man. He does not know what the legal heir or nominee is. The bank officials have failed to make him understand the procedure to withdraw money from the dead person's account."
However, after the incident, the police assured Jeetu Munda that they would facilitate the withdrawal of money from the bank account of his dead sister. Later, the skeleton was again buried at the graveyard in presence of police.
Meanwhile, local Block Development Officer (BDO) Manas Dandpat said that he was not approached by anyone for the legal heir of late Kalra Munda. "Today only, I came to know about it. We will see what can be done to resolve the issue," the BDO said.
Meanwhile, bank sources said that the nominee in Kalra Munda's bank account was also dead. Therefore, Jeetu Munda was the lone claimant over the money deposited in her name.
The local administration has directed the bank officers to make arrangements and ensure that Jeetu Munda, who is the only claimant as per the rules, gets the money as soon as possible.
