CRASH FALLOUT
The Malaysian plane crash will impact the ongoing Ukraine crisis. Here are the major developments:
STOCKS STUMBLE US stocks fell sharply following the crash reports. At the time of going to press, the Dow Jones Industrial Average dropped 82.31 to
17,055.89. The broad-based S&P 500 slumped 14.40 to 1,967.17, while the tech-rich Nasdaq Composite Index tumbled 42.87 to 4,383.10.
SHOCKED “I am shocked … We are launching an immediate investigation,” Malaysian Prime Minister Najib Razak tweeted. Dutch PM Mark Rutte said he was returning from Brussels to Netherlands to deal with the crash.
UNFORTUNATE END The is the second Malaysian plane that has not reached its destination. MH370 disappeared on March 8 and despite epic search, wreckage has not been located so far.
FLIGHTS AVOID UKRAINE Flight from European nations are being rerouted to avoid the Ukranian airspace. Britain’s department of transport said in a statement: “Flights already airborne are being routed around the area by air traffic control in the region.” France and the German airlines Lufthansa have also announced rerouting of flights. Indian carriers, Air India and Jet Airways will also avoid the route
GAME CHANGER? Any sign of Ukrainian, Russian or separatist involvement in the crash could lead to a serious escalation. Ukraine’s govt, already accusing the insurgents of the crash, will seek to tar Russia as a disruptive force in the region. Russia, on the other hand, can be expected to make the case that the tragedy is a clear sign that Ukraine’s government cannot control its own airspace.