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Japan embarks Sunday on what it says is the world’s first bid to tap deep sea rare earths at a depth of 6,000 metres — greater than the height of Mount Fuji — to curb dependence on China.A Japanese deep-sea scientific drilling boat called the Chikyu will set sail for the remote island of Minami Torishima in the Pacific, where surrounding waters are believed to contain a rich trove of valuable minerals.The test cruise comes as China — by far the world’s biggest supplier of rare earths — ramps up pressure on its neighbour after Prime Minister Sanae Takaichi suggested in November that Tokyo may react militarily to an attack on Taiwan, which Beijing has vowed to seize control of by force if necessary.Rare earths — 17 metals difficult to extract from the Earth’s crust — are used in everything from electric vehicles to hard drives, wind turbines and missiles.The mission by the Chikyu is “a first step toward our country’s industrialisation of domestic rare earths”, the Japan Agency for Marine-Earth Science and Technology (JAMSTEC) said in a statement last month.The agency touted the test as the world’s first at such depths.The area around Minami Torishima, which is in Japan’s economic waters, is estimated to contain more than 16 million tons of rare earths, which the Nikkei business daily says is the third-largest reserve globally.These rich deposits contain an estimated 730 years’ worth of dysprosium, used in high-strength magnets in phones and electric cars, and 780 years’ worth of yttrium, used in lasers, Nikkei said.”If Japan could successfully extract rare earths around Minami Torishima constantly, it will secure domestic supply chain for key industries,” Takahiro Kamisuna, research associate at The International Institute for Strategic Studies (IISS), told AFP.”Likewise, it will be a key strategic asset for Takaichi’s government to significantly reduce the supply chain dependence on China.”- Threat to sea life -Beijing has long used its dominance in rare earths for geopolitical leverage, including in its trade war with US President Donald Trump’s administration.China accounts for almost two-thirds of rare earth mining production and 92 percent of global refined output, according to the International Energy Agency.Media reports this week said Beijing was delaying Japanese imports as well as rare-earth exports to Tokyo, as their two-month-old spat escalates. China on Tuesday blocked exports to Japan of “dual-use” items with potential military uses, fuelling worries in Japan that Beijing could choke supplies of rare earths, some of which are included in China’s list of dual-use goods.An earlier spat in 2010 saw Japan move to lessen its dependence on Beijing for rare earths but more than 70 percent still come from China, according to Tokyo — a stat it is looking to change.During the test mission, the Chikyu will send a pipe beneath the water to ensure a “mining machine” attached to its tip can reach the seabed and retrieve the rare earth-rich muds, JAMSTEC said. The cruise is scheduled to last until February 14. Deep-sea mining has become a geopolitical flashpoint, with anxiety growing over a push by US President Donald Trump to fast-track the practice in international waters.Environmental campaigners warn it threatens marine ecosystems and will disrupt the sea floor.The International Seabed Authority (ISA), which has jurisdiction over the ocean floor outside national waters, is pushing for the adoption of a global code to regulate mining in the ocean depths.

Asian markets rose Friday after a two-day stutter as traders look ahead to the release of crucial US jobs data and a possible Supreme Court ruling on Donald Trump’s sweeping global tariffs.A report showing Chinese consumer prices rose at their fastest pace in almost three years also provided a boost to Shanghai and Hong Kong stocks.Equities have largely enjoyed a solid start to the new year, with Seoul hitting several record highs this week, thanks to optimism over the tech sector and earnings.But focus is now on the outlook for US interest rates, with closely watched non-farm payrolls figures due out later in the day. Traders will be poring over the figures as they could play a key role in the Federal Reserve’s decision-making leading up to its next policy meeting at the end of the month.The central bank indicated last month that its next move could be a pause — after three successive cuts — though analysts said that a big downside miss could revive talk of another reduction. A much bigger gain than expected could also deal a blow to such hopes.Still, Matt Weller at City Index said: “Traders have relatively high confidence that the Federal Reserve will pause its rate cutting cycle this month, and only a dramatic deterioration in the labour market (such as an outright decline in jobs or unemployment rising to 4.7 percent) could shake that confidence. “As a result, the market reaction to the release could be relatively limited.”Wall Street ended Thursday on a mixed note, with observers pointing out signs traders were shifting their positions from tech — which led last year’s rally to multiple records — and into smaller cap firms.But Asia enjoyed a more positive run.Tokyo, Sydney, Singapore, Seoul, Taipei and Manila all rose, though there were small losses in Wellington and Jakarta.Hong Kong and Shanghai were also helped by figures showing Chinese inflation rose more than expected last month and extended a period of growth following months of deflationary pressure. The 0.8 percent increase in consumer prices marks the fastest pace since February 2023, though analysts pointed out that the increase was mainly down to food costs, masking broader weaknesses.The Supreme Court’s possible ruling on the legality of many of Trump’s punishing tariffs is also keeping investors occupied.The landmark case on the US president’s unprecedented use of powers for sweeping global levies — which sent shockwaves though markets last year — strikes at the heart of his economic agenda.The judges are to decide whether the White House could introduce the measures under economic emergency powers and, if it cannot, whether companies should be reimbursed duties paid.A ruling against the government could have a huge on impact its economic and fiscal plans.Oil prices extended gains, having rallied more than three percent Thursday, after Trump threatened to hit Iran “very hard” if it killed protesters amid mounting civil unrest over an economic crisis.The gains reversed losses earlier in the week that came after the president said Venezuela would ship millions of barrels to the United States following the toppling of the South American country’s leader at the weekend.- Key figures at around 0325 GMT – Tokyo – Nikkei 225: UP 1.1 percent at 51,692.70 (break)Hong Kong – Hang Seng Index: UP 0.1 percent at 26,179.70Shanghai – Composite: UP 0.7 percent at 4,113.38Euro/dollar: DOWN at $1.1652 from $1.1661 on ThursdayPound/dollar: DOWN at $1.3432 from $1.3437Dollar/yen: UP at 157.16 yen from 156.95 yenEuro/pound: UP at 86.75 pence from 86.70 penceWest Texas Intermediate: UP 0.7 percent at $58.14 per barrelBrent North Sea Crude: UP 0.7 percent at $62.43 per barrelNew York – Dow: UP 0.6 percent at 49,266.11 (close)London – FTSE 100: FLAT at 10,044.69 (close)

China is moving against the cyberscam tycoons making fortunes in Southeast Asia, driven by mounting public pressure and Beijing’s desire to keep control of judicial processes, analysts say.Across Southeast Asia, scammers lure internet users globally into fake romantic relationships and cryptocurrency investments.Initially largely targeting Chinese speakers — from whom they have extracted billions, prompting rising public anger — the scammers have expanded their operations into multiple languages to steal vast sums from victims around the world.Those conducting the scams are sometimes willing volunteers, sometimes trafficked foreign nationals who have been trapped and forced to work under threat of torture.Last year, a series of crackdowns largely driven by Beijing — which wields significant economic and diplomatic influence in the region — saw thousands of workers released from scam centres in Myanmar and Cambodia and repatriated to their home countries, many of them to China.Now Beijing has turned its focus to the bosses at the apex of the criminal pyramids, netting its biggest player so far with the arrest and extradition of Chen Zhi from Cambodia this week.The arrests were “almost certainly a result of Chinese pressure… coordinated behind closed doors”, according to Jason Tower, senior expert at the Global Initiative Against Transnational Organized Crime.Chen, a Chinese-born businessman, was indicted in October by US authorities, who said his Prince Group conglomerate was a cover for a “sprawling cyber-fraud empire”.Phnom Penh said it detained him following a request from Beijing, and after “several months of joint investigative cooperation” with Chinese authorities.Analysts say Phnom Penh’s inaction became intolerable to Beijing, which also wanted to avoid the embarrassment of Chen going on trial in the US.Jacob Sims, a transnational crime expert and visiting fellow at Harvard University’s Asia Center, added that Chen “has a number of reported ties to Chinese government officials”.”China acted in order to prevent him from being extradited to the US given the political sensitivities,” he told AFP.- ‘Cut off the flow’ -Beijing made a show of the tycoon’s extradition, with video released by China’s public security ministry on Thursday showing the 38-year-old in handcuffs with a black bag over his head being escorted off a plane with black-clad armed security forces waiting on the runway.The sudden extradition of Chen from Cambodia –- where he had close ties to political elites before his naturalised citizenship was revoked by the Southeast Asian nation last month –- follows China scooping up other wanted fugitives abroad to mete out justice on its own soil.In November, She Zhijiang — the Chinese-born founder of Yatai Group, which allegedly built a notorious scam hub on the Thai-Myanmar border –- boarded a flight to China in handcuffs after spending three years behind bars in Bangkok.The same month Beijing held talks with law enforcement agencies from Thailand, Myanmar, Cambodia, Laos and Vietnam agreeing to “intensify joint efforts against transnational telecom and online fraud”.China earlier publicly handed down death sentences to over a dozen members of powerful gang families with fraud operations in northern Myanmar, with their confessions of grisly crimes broadcast on national television.There could be more high-profile arrests to come: weeks ago the public security ministry issued arrest warrants for 100 more fugitives seen as the scam industry’s key financial backers, pledging Thursday to “cut off the flow”, “pull out the nails”, and “sever the chain”.But while the alleged leaders of some major scam groups have been arrested, Sims said the status quo for the wider industry was unlikely to change without sustained and “extremely high” pressure from the international community.”The vast majority of Cambodia’s hundreds of scam compounds are operating with strong support from the Cambodian government,” he said.Cambodian officials deny allegations of government involvement and say authorities are cracking down. Authorities had said in July that the tally of arrests had already reached 2,000. While in prison, She Zhijiang claimed to have previously acted as a spy for Beijing’s intelligence agency before he and his Myanmar urban development project were “betrayed” by the Chinese Communist Party.His lawyer told AFP that he had been pleading for Thai authorities to allow him to face trial in the US and said he feared “he will be deprived of due process” and “ultimately disappeared”.Some analysts pointed to limitations in China’s justice system that might prevent the full extent of the cyberscam schemes from being brought to light.”China is not an open society where investigation will reveal the true nature of things,” said Cambodian academic and former ambassador Pou Sothirak.burs-sjc/slb/sco/ceg/abs

Over the whine of buzzsaws and the steady whir of sanders, hundreds of Vietnamese workers in a factory outside Ho Chi Minh City hustle to fill orders for high-end furniture.It will adorn luxury hotels and residences across the Middle East, Europe and the United States, where the Vietnam-based Jonathan Charles furniture company has largely shrugged off US President Donald Trump’s tariffs.The US orders that account for more than half of the firm’s business remained steady in 2025, its CEO said this week, validating an earlier prediction his operation would weather the tariffs.”My initial reaction was panic for one hour,” chief executive Jonathan Sowter said of the 20 percent across-the-board tariffs announced by Washington in July.”But after thinking about it for a while, I realised it’s a level playing field. All my competitors are in Asia,” he told AFP in November.”Just adding 20 percent tariffs on Vietnamese products doesn’t mean America can make it cheaper than Vietnam. America will be double the price or triple the price to make what we make.”Vietnam has proved surprisingly resilient in spite of US levies many feared would crush its export-oriented growth model.It saw a 28 percent surge in exports to the United States last year while its trade surplus swelled to $134 billion, according to official figures released this week.Its economy grew at eight percent, beating analyst expectations and likely outpacing the rest of Asia, according to HSBC.”Although Vietnam was widely expected to be one of the economies with high tariff risks, its trade was not disrupted, but ballooned to a record high instead,” the bank’s ASEAN economist Yun Liu said Thursday in a note to clients. “Despite facing a 20 percent headline tariff from the US, Vietnam captured even more market share for certain goods, such as footwear, textiles and consumer electronics.”- ‘Optimistic’ -Not all Vietnamese manufacturers have been left unscathed. Lower-end producers with smaller margins in particular have suffered, with some announcing lay-offs or scaling back operations. Thanh Cong Group, which supplies major clothing brands such as Adidas and Lacoste, told AFP its shipments to the United States had dipped last year, although it would not say by how much.But producers of electronics, a sector in which foreign multinationals such as Samsung and Apple dominate the market, have seen a surge in US shipments, according to Liu and other analysts.Seafood and agricultural suppliers also saw modest export growth despite tariff uncertainty, according to official figures.Coffee sellers Eatu Cafe told AFP they had seen a surge in US orders.”There was a brief period of hesitation when Trump announced the 20 percent tariff,” said the company’s director Tran Dinh Trong.But US orders soon picked back up, he said, adding “our cooperative is optimistic and seeing positive signs to export to the US”.- ‘Transshipment?’ -Vietnam emerged as a major winner from Trump’s first trade war in 2018, receiving a flood of investment from Chinese manufacturers seeking to avoid US tariffs. But the widening trade surplus with Washington put Hanoi in Trump’s crosshairs when he reentered the White House in 2025.His “Liberation Day” announcement of 46 percent tariffs on Vietnamese imports shocked the country in April, even though they were later negotiated down to 20 percent for most goods.The Trump administration has said products illegally transshipped from China via a third country will face a 40 percent levy, although it has yet to define transshipment and negotiations on a final US-Vietnam trade deal are ongoing. Linh Nguyen, a Vietnam analyst at the consultancy Control Risks, said the surge in Vietnamese exports to the United States partly reflects increased final-stage assembly in Vietnam and its re-export of items produced elsewhere.”The data shows where shipments are leaving from, not necessarily where the value is being added,” she said.Many US buyers also likely moved their orders forward due to tariff uncertainty, artificially inflating the 2025 numbers, she added. Even so, HSBC’s Liu expects demand for electronics, among other products — partly driven by the boom in artificial intelligence — to sustain Vietnam’s exports this year.HSBC predicts the country’s trade-driven economy will expand nearly seven percent in 2026, while Hanoi is aiming for at least 10 percent growth.

Swiss resources giant Glencore said Friday it is in merger talks with British-Australian rival Rio Tinto, potentially creating the world’s biggest mining group.Glencore said it was in preliminary discussions with Rio Tinto “about a possible combination of some or all of their businesses”.The deal could proceed as an all-share merger, it said in a statement.The Financial Times was first to report that the two were discussing a “megamerger” to create the world’s largest mining company.Together, they would have a value of more than US$260 billion, the paper said.As a combined force they would have greater leverage to buy copper, a metal that is growing in demand as countries expand electrical networks to harness renewable energies.Glencore chief executive Gary Nagle in December outlined plans to become one of the world’s largest copper producers. “Our portfolio, in particular in copper, is world class,” he told an investor presentation. The “current expectation” is that Rio Tinto would acquire Glencore by a court-sanctioned scheme of arrangement, the Swiss firm said.Shares in Rio Tinto, which confirmed the merger talks in a separate statement, fell  5.1 percent in afternoon trade in Sydney.The two groups said there was no certainty that the preliminary talks would result in a merger.Analysts said the two firms would have to bridge cultural differences, with Rio Tinto having exited its coal assets and Glencore holding on to the fossil fuel.- ‘Cultural divide’ -“Strategically, Rio Tinto might be interested in Glencore’s copper assets, aligning with its focus on sustainable, future-facing metals,” CreditSights researchers said in a report.Any merger would need “careful stitching” to avoid unwanted asset overlaps, they said.”Culturally, Rio Tinto is traditionally seen as conservative and focused on stability, whereas Glencore is known for its aggressive approach and constantly pushing the envelope in its operations,” the report added.”This cultural divide might pose challenges in integration and decision-making if a merger were to proceed.”Glencore announced in August that it had decided against spinning off its coal business, saying its shareholders viewed the fuel as a cash-generating activity.The mining group had considered merging newly acquired Elk Valley Resources with its own coal activities and spinning it off.But Glencore said it needed the cash flow from its coal mines to invest in raw materials useful for the green transition, such as copper and cobalt.”The coal business supports the energy needs of today as we transition in the world,” Glencore’s chief executive said in December.The strategy has been criticised by environmental groups and by some shareholders, who noted that coal is banned from some investment portfolios.Norway’s sovereign wealth fund, the world’s largest, has excluded Glencore shares from its portfolio since 2020.Oil, gas and coal companies are under pressure to transition away from fossil fuels, which are the biggest contributor to climate change.Rio Tinto said it had until February 5 to announce whether or not it is going ahead with the Glencore merger.

Swiss mining and commodity trading giant Glencore said Friday it is in merger talks with British-Australian rival Rio Tinto.Glencore said it was in preliminary discussions with Rio Tinto “about a possible combination of some or all of their businesses”.The deal could proceed as an all-share merger, it said in a statement.The Financial Times was first to report that the duo were discussing a “megamerger” to create the world’s largest mining company.Together, they would have a value of more than US$260 billion, the paper said.As a combined force they would have greater leverage to acquire copper resources, a metal that is growing in demand as countries expand electrical networks to harness renewable energies.Glencore chief executive Gary Nagle in December outlined plans to become one of the world’s largest copper producers. “Our portfolio, in particular in copper is world class,” he told an investor presentation. “The coal business supports the energy needs of today as we transition in the world.”The “current expectation” is that Rio Tinto would acquire Glencore by a court-sanctioned scheme of arrangement, Glencore said.Rio Tinto separately confirmed the merger talks in a statement.The two groups said there was no certainty that the preliminary talks would result in a merger.Rio Tinto said it had until February 5 to announce whether or not it is going ahead with a takeover offer.While Rio Tinto is exiting coal, Glencore announced in August last year it had decided against spinning off its coal business.- Coal concerns -Glencore said at the time its shareholders viewed the polluting fossil fuel as a cash-generating activity.The mining group had considered merging newly acquired Elk Valley Resources with its own coal activities and spinning it off.But Glencore said it needed the cash flow from its coal mines to invest in raw materials useful for the green transition, such as copper and cobalt.The strategy was criticised by environmental charities and shareholders, who noted that coal is banned from some investment portfolios.Norway’s sovereign wealth fund, the world’s largest, has excluded Glencore shares from its portfolio since 2020.Oil, gas and coal companies are under pressure to transition away from fossil fuels, the biggest contributor to climate change.

Global stocks were mixed Thursday while oil prices bounced higher as markets looked ahead to key US employment data expected to influence monetary policy.The geopolitical outlook remained a major uncertainty for traders after the United States toppled Venezuela’s president, and as China targeted Japanese imports following Tokyo voicing support for Taiwan.US defense stocks saw some sharp gains after President Donald Trump called for a 50-percent hike of the US defense budget next year. But US indices overall were indecisive, with the Dow advancing, the Nasdaq retreating and the S&P 500 ending flat.Investors were awaiting the release of US data on non-farm payrolls Friday, a crucial guide for Federal Reserve decision-makers. They meet at the end of the month amid debate on whether they will cut interest rates for a fourth successive time.”With a March rate cut essentially priced in as a coin-toss, tomorrow’s jobs report does provide the basis for a potential market-moving event if we see any particularly strong deviation from expectations,” said Joshua Mahony, chief market analyst at Scope Markets.Analysts expect the US economy added 55,000 jobs in December, while unemployment dipped to 4.5 percent from 4.6 percent in November.Equity markets in Asia struggled Thursday, with Hong Kong, Shanghai and Tokyo all closing lower.Tokyo stocks were weighed down after China announced an anti-dumping probe into imports from Japan of a key chemical used to make semiconductors.The move comes with the two Asian giants at loggerheads since Japanese Prime Minister Sanae Takaichi suggested in November that Japan may react militarily in any attack on Taiwan.Seoul edged higher to another record close, though tech giant Samsung fell back after saying it expected its fourth-quarter profit to reach a record $13.8 billion.Oil prices rebounded after suffering a second steep fall in a row Wednesday on Trump’s comments that Venezuela would turn over millions of barrels to the United States following its ouster of President Nicolas Maduro.Traders will also be keeping an eye on a US Supreme Court ruling, which could come as soon as Friday, on the legality of many of Trump’s punishing tariffs.- Key figures at around 2115 GMT – New York – Dow: UP 0.6 percent at 49,266.11 (close)New York – S&P 500: FLAT at 6,921.46 (close)New York – Nasdaq: DOWN 0.4 percent at 23,480.02 (close)London – FTSE 100: FLAT at 10,044.69 (close)Paris – CAC 40: UP 0.1 percent at 8,243.47 (close)Frankfurt – DAX: FLAT at 25,127.46 (close)Tokyo – Nikkei 225: DOWN 1.6 percent at 51,117.26 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 26,149.31 (close)Shanghai – Composite: DOWN 0.1 percent at 4,082.98 (close)Euro/dollar: DOWN at $1.1661 from $1.1675 on WednesdayPound/dollar: DOWN at $1.3437 from $1.3458Dollar/yen: UP at 156.95 yen from 156.76 yenEuro/pound: DOWN at 86.70 from 86.74 penceBrent North Sea Crude: UP 3.4 percent at $61.99 per barrelWest Texas Intermediate: UP 3.2 percent at $57.76 per barrelburs-jmb/jgc

Stock markets mostly pulled back Thursday as an early year rally ran out of steam, but a solid start to Wall Street trading helped European markets pare losses.The geopolitical outlook remained a major uncertainty for traders after the United States toppled Venezuela’s president, and as China targeted Japanese imports following Tokyo’s voicing support for Taiwan.Defence stocks, however, saw some sharp gains after President Donald Trump called for a 50-percent hike of the US defence budget next year.Top American defence companies such as Lockheed, Raytheon and Northrop saw their stock rise by up to around five percent in US trading.In Europe, Britain’s BAE Systems jumped around six percent, while Germany’s Rheinmetall and Italy’s Leonardo also bucked the overall weaker trend.Investors were awaiting the release of US data on non-farm payrolls Friday, a crucial guide for Federal Reserve decision-makers. They meet at the end of the month amid debate on whether they will cut interest rates for a fourth successive time.”With a March rate cut essentially priced in as a coin-toss, tomorrow’s jobs report does provide the basis for a potential market-moving event if we see any particularly strong deviation from expectations,” said Joshua Mahony, chief market analyst at Scope Markets.Equity markets in Asia struggled Thursday, Hong Kong, Shanghai and Tokyo all closing lower.Tokyo stocks were weighed down after China announced an anti-dumping probe into imports from Japan of a key chemical used to make semiconductors.The move comes with the two Asian giants at loggerheads since Japanese Prime Minister Sanae Takaichi suggested in November that Japan may react militarily in any attack on Taiwan.Seoul edged higher to another record close, though tech giant Samsung fell back after saying it expected its fourth-quarter profit to reach a record $13.8 billion.Oil prices rebounded after suffering a second steep fall in a row Wednesday on Trump’s comments that Venezuela would turn over millions of barrels to the United States following its ouster of President Nicolas Maduro.Traders will also be keeping an eye on a US Supreme Court ruling due Friday on the legality of Trump’s punishing tariffs.The landmark case on his unprecedented use of powers for sweeping global levies strikes at the heart of his economic agenda. A tariffs reversal could further upend US trade with countries worldwide.- Key figures at around 1540 GMT – New York – Dow: UP 0.5 percent at 49,224.97 pointsNew York – S&P 500: DOWN 0.1 percent at 6,914.99New York – Nasdaq: DOWN 0.7 percent at 23.431.01London – FTSE 100: FLAT at 10,044.69 (close)Paris – CAC 40: UP 0.1 percent at 8,243.47 (close)Frankfurt – DAX: FLAT at 25,127.46 (close)Tokyo – Nikkei 225: DOWN 1.6 percent at 51,117.26 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 26,149.31 (close)Shanghai – Composite: DOWN 0.1 percent at 4,082.98 (close)Euro/dollar: DOWN at $1.1660 from $1.1682 on WednesdayPound/dollar: DOWN at $1.3430 from $1.3462Dollar/yen: UP at 156.94 yen from 156.60 yenEuro/pound: DOWN at 86.78 from 86.80 penceBrent North Sea Crude: UP 2.0 percent at $61.15 per barrelWest Texas Intermediate: UP 1.8 percent at $57.01 per barrelburs/jh/sbk

Stock markets fell Thursday as an early-year rally ran out of steam, with investors locking in profits ahead of the release of key US jobs data this week.The geopolitical outlook remained a major uncertainty for traders after the US toppled Venezuela’s president and amid simmering tensions between China and Japan.London, Paris and Frankfurt stock markets were all lower in midday trading.European defence stocks, however, gained on the geopolitical concerns, with President Donald Trump calling to hike the US defence budget by 50 percent next year.Britain’s BAE systems jumped five percent, while Germany’s Rheinmetall and Italy’s Leonardo also rose.Investors were also awaiting the release of US data on job openings and unemployment claims later Thursday.They are followed Friday by the closely watched reading on non-farm payrolls, a crucial guide for Federal Reserve decision-makers, who meet at the end of the month amid debate on whether they will cut interest rates for a fourth successive time.”With a March rate cut essentially priced in as a coin-toss, tomorrow’s jobs report does provide the basis for a potential market-moving event if we see any particularly strong deviation from expectations,” said Joshua Mahony, chief market analyst at Scope Markets. Equity markets in Asia struggled Thursday, with Hong Kong, Shanghai and Tokyo all closing lower.Tokyo stocks were weighed down after China announced an anti-dumping probe into imports from Japan of a key chemical used in making semiconductors, a day after it banned the export to the country of goods with potential military uses.The move adds to rising diplomatic tensions between the Asian giants since Japanese Prime Minister Sanae Takaichi suggested in November that Japan may react militarily in any attack on Taiwan.Seoul edged higher to another record close, though tech giant Samsung fell back after saying it expected its fourth-quarter profit to reach a record $13.8 billion.Oil prices rebounded after suffering a second steep fall in a row Wednesday on Trump’s comments that Venezuela would turn over millions of barrels to the United States following its ouster of President Nicolas Maduro.Traders will also be keeping an eye on a US Supreme Court ruling due Friday on the legality of Trump’s punishing tariffs.The landmark case on his unprecedented use of powers for sweeping global levies strikes at the heart of his economic agenda, and a tariffs reversal could further upend US trade with countries worldwide.- Key figures at around 1100 GMT – London – FTSE 100: DOWN 0.2 percent at 10,023.97 pointsParis – CAC 40: DOWN 0.2 percent at 8,212.88Frankfurt – DAX: DOWN 0.1 percent at 25,086.83Tokyo – Nikkei 225: DOWN 1.6 percent at 51,117.26 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 26,149.31 (close)Shanghai – Composite: DOWN 0.1 percent at 4,082.98 (close)New York – Dow: DOWN 0.9 percent at $48,996.08 (close)Euro/dollar: DOWN at $1.1680 from $1.1682 on WednesdayPound/dollar: DOWN at $1.3450 from $1.3462Dollar/yen: UP at 156.68 yen from 156.60 yenEuro/pound: UP at 86.86 from 86.80 penceBrent North Sea Crude: UP 1.2 percent at $60.67 per barrelWest Texas Intermediate: UP 1.2 percent at $56.68 per barrel

Accused scam boss Chen Zhi has been extradited to China from Cambodia, Beijing confirmed on Thursday, after he was indicted by the United States over alleged multibillion-dollar fraud.Video released by China’s Ministry of Public Security on Thursday showed Chen in handcuffs as security forces lifted a black bag off his head, after he was escorted off a China Southern plane with black-clad armed guards waiting on a runway.Cambodia said earlier on Thursday that the bank founded by Chen, Prince Bank, had been put into liquidation.The bank is a subsidiary of Chen’s Prince Holding Group, one of Cambodia’s biggest conglomerates, which Washington alleges has served as a front for “one of Asia’s largest transnational criminal organizations”.China’s public security ministry said Chen had been brought back to China from Phnom Penh and lauded the “major achievement in China–Cambodia law enforcement cooperation”.Chinese authorities will soon issue arrest warrants for “the first batch of key members of Chen Zhi’s criminal group, and will resolutely apprehend the fugitives”, it said in a statement.The National Bank of Cambodia (NBC), the Southeast Asian country’s central bank, said Prince Bank had been placed into liquidation and “suspended from providing new banking services, including accepting deposits and providing credit”.It said in a statement auditor Morisonkak MKA has been appointed as liquidator. Prince Bank has about a billion dollars in assets under management, according to its website.Customers “can withdraw money normally” and borrowers “must continue to fulfill their obligations”, the NBC said.- ‘Building pressure’ -Chinese-born Chen was sanctioned by Washington and London in October for directing alleged cyberfraud run by hundreds of scammers trafficked into compounds in Cambodia.Cambodian authorities said they arrested Chen and two other Chinese nationals this week and extradited them at China’s request.Chinese courts have sentenced people to death over involvement in scams, including more than a dozen people last year for their participation in criminal groups with fraud operations in Myanmar’s Kokang region, which borders China.The US Justice Department declined to comment on Wednesday.Jacob Sims, a transnational crime expert and visiting fellow at Harvard University’s Asia Center, said the “vast majority” of the dozens of scam compounds in Cambodia operated with “strong support” from the government”This arrest comes after months of building pressure against the Cambodian government for continuing to harbor and abet a now famous criminal actor,” Sims told AFP.A change in status quo could only happen if international pressure on Cambodia’s “scam-invested oligarchs” was sustained, he said.Cambodian officials deny allegations of government involvement and say authorities are cracking down.However, Amnesty International said last year that rights abuses in scam hubs were happening on a “mass scale”, and the government’s poor response suggested its complicity.Chen was charged by US authorities of wire fraud and money laundering conspiracy charges involving approximately 127,271 seized bitcoin, worth more than $11 billion at current prices.Prince Group has denied the allegations.Prince Bank and a law firm that issued a statement on the group’s behalf in November did not respond immediately to AFP requests for comment.- Former adviser -US prosecutors accused Chen of presiding over compounds in Cambodia where trafficked workers carried out cryptocurrency fraud schemes that netted billions.Victims were targeted through “pig butchering” scams — investment schemes that build trust over time before stealing funds. The operations have caused billions in global losses.Scam centres across Cambodia, Myanmar and the region lure foreign nationals — many Chinese — with fake job ads, then force them under threat of violence to commit online fraud.Amnesty International has identified at least 53 scam compounds in Cambodia alone, where rights groups say criminal networks perpetrate human trafficking, forced labour, torture and slavery.Experts estimate tens of thousands of people work in the multibillion-dollar industry, some willingly and others trafficked.Prince Group has operated across more than 30 countries since 2015 under the guise of legitimate real estate, financial services and consumer businesses, US prosecutors have said.Prince Bank opened in 2015 as a microfinance institution and became a commercial bank in 2018.In Cambodia, Chen served as an adviser to Prime Minister Hun Manet and his father, former leader Hun Sen, but his Cambodian nationality was revoked in December.