HONG KONG: Asian markets sank on Tuesday following sharp losses in New York as a massive data breach at Facebook fueled fears of a regulatory crackdown on the technology sector.
The scandal at the social media giant come as investors fret over a possible increase in the rate of US interest rate hikes and Donald Trump steps up his protectionist rhetoric that has sparked talk of a global trade war.
Reports said Cambridge Analytica, the analysis firm hired by Donald Trump’s 2016 presidential campaign, stole data from 50 million Facebook user profiles to help design software to predict and influence voters’ choices.
Stephen Innes, head of Asia-Pacific trading at OANDA, warned: “This security breach could end up being a significant turning point for the social media and network portal.”
The news hammered tech giants with Facebook plunging 6.8 percent, while other household names were also hit — including Apple, Google-parent Alphabet and Netflix — by regulatory concerns.
“The adults are starting to realize that the altruistic kids who started some of these tech behemoths are either unwilling or unable to deal with the fact that the companies they wrought and thought were a force for good can be manipulated by those who seek to do ill,” said Greg McKenna, chief market strategist at AxiTrader.
The US losses filtered through to Asia, with Hong Kong-listed Internet giant Tencent and AAC Technologies sharply lower. Samsung retreated in Seoul, while Sony was one percent lower in Tokyo.
On broader markets Japan’s Nikkei went into the break more than one percent lower, while Hong Kong shed 0.6 percent and Sydney was off 0.5 percent.
Shanghai dropped 0.3 percent, Singapore gave up 0.2 percent and Seoul retreated 0.4 percent, with Wellington, Manila, Taipei and Jakarta all sharply down.
Investors are keeping a close watch on the Federal Reserve’s policy meeting this week looking for clues about its timetable for tightening monetary policy. Opinion is split on the number of rate hikes it will likely announce this year, with some forecasting three and others saying four.
Market-watchers warn a G20 meeting of finance ministers in Argentina could also revive tensions on international trade after Trump unveiled his controversial tariffs this month.
On currency markets the pound extended gains against the dollar after Britain and European Union leaders agreed a post-Brexit transition deal that will buy businesses and citizens time to adjust to life after the divorce.
Asian markets tumble with Wall St. as Facebook breach hits tech
Asian markets tumble with Wall St. as Facebook breach hits tech
King Abdulaziz Airport among world’s busiest after record-breaking 2025
RIYADH: King Abdulaziz International Airport has achieved a new historical milestone, reaching 53.4 million passengers in a single year.
This is the highest number ever recorded at a Saudi airport since the beginning of air travel in the Kingdom, placing it among the world’s mega airports in terms of passenger traffic, according to the Saudi Press Agency.
The airport handled a total of 310,000 flights and 60.4 million bags, representing a 12 percent increase compared to 2024. It also handled 9.57 million Zamzam water containers and 2,968 cargo flights.
This achievement reflects the airport’s qualitative transformation and its position as a regional hub and national gateway connecting the Kingdom to the world. It also highlights its role in facilitating the movement of visitors and pilgrims, promoting tourism in line with the goals of Vision 2030, diversifying the economy, and providing a distinguished travel experience.
For his part, CEO of Jeddah Airports Co. Mazen Johar, affirmed that reaching 53.4 million passengers confirms the airport’s high operational readiness and represents a pivotal milestone for moving to the next phase, in preparation for doubling this number, God willing, in the coming years.
He pointed out that this national achievement would not have been possible without the grace of God Almighty, followed by the directives of the wise leadership and the continuous follow-up from the minister of transport and logistics, the president of the General Authority of Civil Aviation, and the CEO of Airports Holding Co.
He explained that King Abdulaziz International Airport is strengthening its position as a major aviation hub in the region through expansions, increased capacity, and improved services, supporting the objectives of the aviation program and aligning with the goals of the Kingdom’s Vision 2030.
The CEO of Jeddah Airports Co. expressed his gratitude to the partners in success from various government and private sectors for their fruitful cooperation through a collaborative work system that contributed to providing the best services.
