AFP - Squid Business

Asian markets turn lower as trade war rally fades

Asian stocks fell Friday as their latest rally ran out of legs, with sentiment weighed by strong US jobs data that saw investors row back their expectations for interest rate cuts.With Japan’s trade deal with Washington out of the way for now, attention was also turning to European Union attempts to reach an agreement to pare down Donald Trump’s threatened tariffs before next Friday’s deadline.Equities have enjoyed a strong run-up for much of July on expectations governments will hammer out pacts, pushing some markets past or close to record highs.However, while Wall Street hit new records Thursday — S&P 500 chalked up its 10th in 19 sessions — another round of strong jobs data suggested the Federal Reserve might have to wait longer than hoped to cut borrowing costs.The 217,000 initial claims for unemployment benefits in the week to July 19 was the lowest since mid-April and suggested the labour market remains tight.The figures followed forecast-topping non-farm payrolls in June and come as inflation shows signs of picking up as Trump’s tariffs begin to bite.Traders are now betting on 42 basis points of rate cuts by the end of the year, according to Bloomberg News. That’s down from more than 50 previously.Meanwhile, a manufacturing survey showed US business confidence deteriorated in July for the second successive month, with companies worried about tariffs and cuts to federal spending.Trump continued to press Fed chief Jerome Powell to slash interest rates during a visit to its headquarters on Thursday, where they bickered over its renovation cost.The president, who wants to oust Powell over his refusal to cut, took a fresh dig during the trip, telling reporters: “As good as we’re doing, we’d do better if we had lower interest rates.”Trump’s anger at the Fed and his calls for officials to lower rates has raised concerns about the independence of the central bank.”While unlikely to yield anything concrete, the optics of a president storming the temple of monetary orthodoxy is enough to put Powell watchers on edge,” said SPI Asset Management’s Stephen Innes.”The risk isn’t immediate policy change — it’s longer-term erosion of independence, and the signal that Powell may not be sitting as comfortably as markets assume.”Trade hopes remain elevated, with Brussels and Washington appearing close to a deal that would halve Trump’s threatened 30 percent levy, with a European Commission spokesman saying he believed an agreement was “within reach”. The bloc, however, is still forging ahead with contingency plans in case talks fail, with member states approving a 93-billion-euro ($109-billion) package of counter-tariffs.With few positive catalysts to drive buying, Asian markets turned lower heading into the weekend.Tokyo dipped after putting on around five percent in the previous two days, while Hong Kong retreated following five days of gains.There were also losses in Shanghai, Sydney, Singapore, Manila and Jakarta. Seoul and Wellington edged up.The dollar extended gains against its peers as investors pared their rate forecasts.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.6 percent at 41,570.24 (break)Hong Kong – Hang Seng Index: DOWN 0.7 percent at 25,487.95Shanghai – Composite: DOWN 0.2 percent at 3,597.77Dollar/yen: UP at 147.40 yen from 146.94 yen on ThursdayEuro/dollar: DOWN at $1.1742 from $1.1756Pound/dollar: DOWN at $1.3498 from $1.3507Euro/pound: DOWN at 86.99 pence from 87.01 penceWest Texas Intermediate: UP 0.6 percent at $66.43 per barrelBrent North Sea Crude: UP 0.6 percent at $69.61 per barrelNew York – Dow: DOWN 0.7 percent at 44,693.91 (close)London – FTSE 100: UP 0.9 percent at 9,138.37 (close)

Asian markets turn lower as trade war rally fades

La Thaïlande affirme que plus de 100.000 civils ont fui les affrontements avec le Cambodge

Plus de 100.000 civils ont été évacués par la Thaïlande le long de sa frontière avec le Cambodge, théâtre d’échanges de combats qui ont fait au moins 14 morts, a annoncé vendredi Bangkok, à quelques heures d’une réunion d’urgence du Conseil de sécurité de l’ONU demandée par le Premier ministre cambodgien Hun Manet.Le ministère thaïlandais de l’Intérieur a indiqué que 100.672 civils provenant de quatre provinces frontalières avaient été transférés dans quelque 300 centres d’accueil. Le ministère de la Santé a annoncé pour sa part que le nombre de morts causées par les frappes de l’artillerie cambodgienne était désormais passé à 14 (13 civils et un militaire).Dans la ville cambodgienne de Samraong, à 20 km de la frontière, des journalistes de l’AFP ont entendu des tirs d’artillerie lointains vendredi matin, et vu certaines familles avec des enfants et leurs affaires à l’arrière de leurs véhicules s’enfuir à toute vitesse.”Je vis tout près de la frontière. Nous avons peur car ils ont recommencé à tirer vers 6 heures du matin”, a déclaré à l’AFP Pro Bak, 41 ans, en emmenant sa femme et ses enfants dans un temple bouddhiste pour s’y réfugier.”Je ne sais pas quand nous pourrons rentrer chez nous”, a-t-il dit.Les journalistes de l’AFP ont également vu des soldats se précipiter vers des lance-roquettes et partir à toute vitesse en direction de la frontière.Les affrontements, d’une rare intensité, ont éclaté jeudi à la frontière entre les deux pays, longue d’environ 800 km, avec des échanges de tirs, d’obus et de roquettes. Les combats se concentrent autour de six endroits, a indiqué l’armée thaïlandaise. Bangkok a déployé jeudi six avions F-16 pour frapper “deux cibles militaires cambodgiennes au sol”, a déclaré le porte-parole adjoint des forces armées, Ritcha Suksuwanon.Le Cambodge n’a communiqué aucun bilan jusqu’à présent. La porte-parole du ministère khmer de la Défense Maly Socheata a refusé de répondre à une question sur d’éventuelles victimes lors d’une conférence de presse.Selon les autorités thaïlandaises, huit civils ont été tués dans la province de Sisaket (nord-est), où une attaque à la roquette a touché une supérette près d’une station-service. Un enfant de huit ans a perdu la vie dans la province de Surin (nord-est), et des obus ont aussi touché un hôpital d’une trentaine de lits à Phanom Dong Rak, dans la province de Surin, près de la frontière, provoquant l’effondrement partiel du toit.- “Avide de guerre” -Une réunion d’urgence du Conseil de sécurité de l’ONU est programmée vendredi à 15H00 (19H00 GMT). Le Premier ministre malaisien Anwar Ibrahim, qui occupe la présidence tournante de l’Association des nations d’Asie du Sud-Est (Asean) et s’est entretenu avec les deux pays, a appelé à la “retenue”.Bangkok et Phnom Penh sont engagés dans un bras-de-fer depuis la mort d’un soldat khmer fin mai, lors d’un échange nocturne de tirs dans une zone contestée de leur frontière commune surnommée le “Triangle d’émeraude”.Les deux royaumes d’Asie du Sud-Est se déchirent de longue date sur le tracé de leur frontière commune, définie durant l’Indochine française, mais des affrontements à ce niveau de violence n’avaient pas secoué la région depuis presque quinze ans.L’épisode moderne le plus violent lié à la frontière remonte en effet à des affrontements autour du temple de Preah Vihear entre 2008 et 2011, qui avaient fait au moins 28 morts et des dizaines de milliers de déplacés.A la demande du Premier ministre cambodgien Hun Manet, le Conseil de sécurité de l’ONU tiendra une réunion en urgence et à huis clos vendredi à 15H00 (19H00 GMT) pour discuter des affrontements meurtriers, ont indiqué des sources diplomatiques à l’AFP.Le porte-parole du gouvernement thaïlandais Jirayu Houngsub a condamné les actions du Cambodge “avide de guerre” en ciblant des civils.L’ambassade thaïlandaise au Cambodge a appelé ses concitoyens à quitter le pays “le plus tôt possible”.Mercredi, Bangkok a rappelé son ambassadeur à Phnom Penh et expulsé de son territoire l’ambassadeur cambodgien, après qu’un soldat thaïlandais a perdu une jambe en marchant sur une mine à la frontière.Une enquête de l’armée thaïlandaise a permis de déterminer que le Cambodge avait posé de nouvelles mines à la frontière, selon les autorités thaïlandaises.Le Cambodge a rejeté ces accusations et indiqué que des zones frontalières restent infestées de mines actives datant de “guerres du passé”.

La Thaïlande affirme que plus de 100.000 civils ont fui les affrontements avec le Cambodge

Thailand says over 100,000 civilians flee clashes with Cambodia

Macron says France will recognise State of Palestine, angering Israel

French President Emmanuel Macron said Thursday his country would formally recognise a Palestinian state during a UN meeting in September, the most powerful European nation to announce such a move.At least 142 countries now recognise or plan to recognise Palestinian statehood, according to an AFP tally — though Israel and the United States strongly oppose the move.US Secretary of State Marco Rubio called it a “reckless decision (that) only serves Hamas propaganda”.”It is a slap in the face to the victims of October 7th,” he wrote on X, alluding to the Islamist militant group’s attack on Israel in 2023 that triggered the war in Gaza.Several countries have announced plans to recognise statehood for the Palestinians since Israel launched a bombardment of Gaza nearly two years ago in response to the Hamas attacks.Macron’s announcement drew immediate anger from Israel, with Prime Minister Benjamin Netanyahu saying it “rewards terror” and poses an existential threat to Israel.Netanyahu said in a statement that the decision “risks creating another Iranian proxy, just as Gaza became”, which would be “a launch pad to annihilate Israel — not to live in peace beside it”.Senior Palestinian Authority official Hussein al-Sheikh welcomed the move, saying it “reflects France’s commitment to international law and its support for the Palestinian people’s rights to self-determination and the establishment of our independent state”.Hamas hailed Macron’s pledge as a “positive step in the right direction toward doing justice to our oppressed Palestinian people and supporting their legitimate right to self-determination”.”We call on all countries of the world –especially European nations and those that have not yet recognised the State of Palestine — to follow France’s lead,” it added.- ‘Urgent priority’ -International concern is growing about the plight of the more than two million Palestinians in the Gaza Strip, where the fighting has triggered a dire humanitarian crisis and warnings of mass starvation.Israel has rejected accusations it is responsible for Gaza’s deepening hunger crisis, which the World Health Organization has called “man-made” and France blamed on an Israeli “blockade”.Macron said the “urgent priority today is to end the war in Gaza and rescue the civilian population”.”We must finally build the State of Palestine, ensure its viability and enable it, by accepting its demilitarisation and fully recognising Israel, to contribute to the security of all in the Middle East,” he wrote on social media.On the streets of the occupied West Bank, Palestinians told AFP that they hoped other countries would now follow suit.Mahmoud al-Ifranji called France’s pledge “a moral commitment” and a “political victory for the Palestinian people”.Another man, Nahed Abu Taima, said he hopes France’s decision will help lead to peace.”This recognition will lead to the recognition of Palestine by a number of countries in Europe and the world,” he added. – ‘Path’ to statehood -Macron said he intended to make the announcement at the UN General Assembly in September.While France would be the most significant European power to recognise a Palestinian state, others have hinted they could do the same.Britain’s Prime Minister Keir Starmer announced he would hold a call on Friday with counterparts in Germany and France on efforts to stop the fighting, adding that a ceasefire would “put us on a path to the recognition of a Palestinian state”.Norway, Spain, Ireland and Slovenia all announced recognition following the outbreak of the Gaza conflict, along with several other non-European countries.Spanish Prime Minister Pedro Sanchez, whose country already recognises Palestinian statehood, welcomed Macron’s announcement.”Together, we must protect what Netanyahu is trying to destroy. The two-state solution is the only solution,” the Socialist leader, an outspoken critic of Israel’s offensive in Gaza, wrote on X.Saudi Arabia’s foreign ministry hailed Macron’s announcement as “historic” and urged other countries to follow suit.Ireland’s Foreign Minister Simon Harris in a post on X called France’s move “the only lasting basis for peace and security for Israelis and Palestinians alike”.Israel’s military campaign in Gaza has killed 59,587 Palestinians, mostly civilians, according to the health ministry in the Hamas-run territory.Hamas’s October 2023 attack on Israel resulted in the deaths of 1,219 people, most of them civilians, according to an AFP tally based on official figures.

US regulators greenlight contentious $8 bn Skydance-Paramount merger

US regulators on Thursday approved an $8 billion deal for Skydance to acquire Paramount Global amid tumult in the latter’s news and late night programming on CBS, a leading American broadcaster.Clearance of the acquisition comes after Paramount settled US President Donald Trump’s lawsuit over election coverage on CBS News’ flagship show “60 Minutes,” and a week after CBS canceled “The Late Show with Stephen Colbert.” The comedian had blasted the $16 million settlement of Trump’s lawsuit as “a big fat bribe” to win approval of the merger with Skydance. Colbert’s show is slated to end in 2026, and is staple of late-night US television that often mocks Trump.CBS said in a statement the cancellation was “purely a financial decision against a challenging backdrop in late night,” and was “not related in any way to the show’s performance, content or other matters happening at Paramount.”Paramount reached the settlement with Trump this month in a lawsuit the entertainment giant itself had described as meritless.The Republican president had sued Paramount for $20 billion last year, alleging that CBS News’ “60 Minutes” news program deceptively edited an interview with his 2024 election rival, Kamala Harris, in her favor.To promote the show, “60 Minutes” had shown a shortened clip or “tease” of Harris speaking on earlier network programming, and the full quote was aired on the Sunday evening broadcast. Trump objected to the use of the shorter clip.The FCC chair doubled down on the Trump administration’s criticisms of CBS News.“Americans no longer trust the legacy national news media to report fully, accurately and fairly,” Carr said in the statement. “It is time for a change. That is why I welcome Skydance’s commitment to make significant changes at the once storied CBS broadcast network.”- Suspicious timing? -The FCC’s approval of the merger “reeks of the worst form of corruption,” Democratic Senators Edward Markey and Ben Ray Lujan said in a joint statement.”The timing speaks for itself,” Markey and Lujan said.”Paramount settled with Trump on Tuesday and the FCC approved the merger on Thursday.”Markey last week sent a letter to Paramount Global Chair Shari Redstone demanding details about the decision to cancel “The Late Show with Stephen Colbert,” specifically whether anyone in the Trump administration asked for the show to be cancelled, according to a copy posted at his official website.Colbert said on Thursday the cancellation was not just the end of his show but the end of the decades-old “Late Show” franchise, which has been broadcast continuously on CBS since 1993 and was previously hosted by David Letterman.Trump celebrated the cancellation, writing on his Truth Social platform, “I absolutely love that Colbert got fired. His talent was even less than his ratings.”Trump’s political opponents and other critics drew attention to the timing of the decision.”CBS canceled Colbert’s show just THREE DAYS after Colbert called out CBS parent company Paramount for its $16M settlement with Trump — a deal that looks like bribery,” Democratic Senator Elizabeth Warren said on social media platform X.Colbert, once a regular on Comedy Central, made use of humor in his incisive political commentary and succeeded Letterman as the host of “The Late Show” in 2015.The late-night television landscape has long been dominated by satirical comedy shows that blend entertainment with news and political commentary. As a condition of approval, Skydance will put in place an “ombudsman” who will evaluate complaints of bias, according to Carr.”Skydance, which has no DEI (diversity, equity and inclusion) programs in place today, has committed that it will not establish any such initiatives at the new company,” Carr said in a release.

Puerto Rico’s community-owned solar power: alternative to frequent blackouts

Enid Medina Guzman always has candles on hand — not for creating ambiance, but because one of the blackouts that plague Puerto Rico could strike at any time.But she is hopeful the lingering hardship will soon be a thing of the past: solar panels are being installed on her home as part of a community program promoting energy independence.At her house nestled high in the mountains of the lush tropical forests of the archipelago’s central city Adjuntas, “it rains a lot and when there’s a little wind, the power goes out really quickly,” Medina Guzman told AFP.She has lived in Adjuntas, which has a population of about 20,000, virtually all her life. She said blackouts have always been a feature.”Sometimes it’s at night when it’s super hot, and you can’t sleep, you can’t rest,” the 60-year-old said. “It’s difficult.”Puerto Rico is a Caribbean territory of more than three million people that has been under US control since 1898. Its chronic infrastructure woes were exacerbated by 2017’s devastating Hurricane Maria, which razed the island’s already deteriorating power grid.After the massive storm, it took roughly 11 months to restore power across the island.The electrical grid went private in June 2021 in an apparent effort to resolve the problem of perennial blackouts.But outages persist: this past year, Puerto Rico experienced massive blackouts in April and also on New Year’s Eve.”It’s not normal,” Medina Guzman said, as a crew installed the battery that will soon store captured energy from the sun.- ‘Hands of the people’ -Like everywhere in Puerto Rico, Adjuntas went dark during Maria — but in the city’s main square, a pink, 1920s-era house was a beacon of light.It was Casa Pueblo, the nucleus of a grassroots non-profit focused on ecological protection and community support. It became a haven in the storm’s aftermath: the solar panels on its roof meant Casa Pueblo had precious power. People could charge their electronic devices, and crucially plug in medical equipment like oxygen machines.Cell towers and power lines were down, but Casa Pueblo’s community radio station still functioned, becoming a vital source of information in the mountain town.Casa Pueblo came into being in 1980 — the brainchild of a citizens group whose original mission was to thwart a series of planned open-pit mines in the region. They were successful. Over the years, the organization bloomed into a model of bottom-up energy independence, on an island frequently hampered by economic crisis and natural disaster.”Our aspiration isn’t just a technological transition away from fossil fuels to solar. Yes, we need to produce clean and renewable energy, but we are aspiring towards a transformation — a just, eco-social transition,” said Casa Pueblo’s director Arturo Massol Deya, a biologist by training.”That means the energy infrastructure being in the hands of the people,” added Massol Deya, whose parents were the group’s original founders.- ‘Path to change’ -Among Casa Pueblo’s efforts is sustaining a community solar belt that gives vulnerable populations control over their own energy. The group also has distributed solar lamps and solar refrigerators, especially in rural communities.Casa Pueblo has so far helped install solar panels on nearly 300 homes, with over 400 projects in total including businesses. Massol Deya told AFP those initiatives are primarily funded through grassroots donations and philanthropy.Their microgrids — a localized energy system — are interconnected and self-sufficient.And net metering — a billing mechanism that credits consumers for excess power produced from renewable systems — allows Casa Pueblo’s center to sell back what it doesn’t use.That is particularly meaningful given that average Puerto Ricans pay more than double the price for electricity than mainland US residents, according to US Energy Information Administration data.”The traditional model is a unilateral, exploitative, monopolistic, dictatorial model,” Massol Deya said. “They decide the price of fuel and whether they give it to you or not. Sometimes they fail and can’t provide the service,” he said.”This energy insecurity translates to many issues — well, not anymore.”Approximately 10 percent of Puerto Rican households currently have solar panels, according to the energy authority, a number that reflects households with net-metering agreements. There is no publicly available data for structures that operate off-grid.Sergio Rivera Rodriguez is part of a team of academic researchers studying the public health impact of energy security on populations like those in Adjuntas. He told AFP the Casa Pueblo model could be successful elsewhere.”I think it’s making a difference — it’s of course just one municipality,” he said. But “structural changes take years.”Casa Pueblo functions above all, Massol Deya said, because it is a social program that fosters communal control of resources.”The people are doing it,” he said. “This is the path to change.”