Afp Business Asia

Stock markets advanced Friday despite mixed US jobs data, while the Supreme Court held off from a widely-anticipated ruling on many of President Donald Trump’s global tariffs for now.Meanwhile, oil prices continued to surge higher as traders worried about conditions in Iran and Venezuela.Data released early Friday showed that the US economy added 50,000 jobs last month, below market expectations, capping off a year of labor market weakness that prompted the Federal Reserve to cut interest rates.However, the unemployment rate slipped to 4.4 percent and average wages continued to rise.”The key takeaway is that the low unemployment rate will temper concerns that consumer spending and the economy will slow rapidly due to a weak labor market,” said Briefing.com analyst Patrick O’Hare.”It will also likely keep the Fed’s next rate cut at bay,” he added.The report is expected to play a key role in the central bank’s decision-making at its next policy meeting this month.The Fed has indicated that its next move could be a pause after three successive cuts, and Friday’s data ended market hopes for a January reduction.Yet Wall Street’s main indices advanced to end the day, with the Dow and S&P 500 both closing at new highs.Expectations that the Fed will be gradually cutting rates in 2026 were reinforced by the mixed jobs numbers, said Angelo Kourkafas of Edward Jones.Kathleen Brooks, research director at XTB, added that the weakening labor market and strong GDP growth also signal that US productivity is surging.Most stock markets have enjoyed a solid start to the new year, with indices in Frankfurt, London, Paris and Seoul hitting record highs this week. This was largely on optimism for the tech sector and gains in defense sector shares.Swiss mining giant Glencore jumped to top London’s FTSE 100 index after confirming it was in merger talks with Australian-British rival Rio Tinto, which fell. Europe’s main markets closed higher, with Paris setting a fresh all-time high, even as France’s opposition failed to derail EU approval of the trade deal with Brazil and other nations in the Mercosur bloc.Investors are also keeping watch on a potential US Supreme Court ruling on the legality of many of Trump’s punishing tariffs. A ruling against the government would prove a temporary setback to its economic and fiscal plans, although officials have noted that tariffs can be re-imposed by other means.Oil prices extended their gains as growing geopolitical risks, which could disrupt supplies, outweighed concerns about oversupply.Political tensions in Venezuela and civil unrest in Iran — potentially tightening crude availability — pushed oil prices higher, said analyst Axel Rudolph at the IG trading platform.Oil prices already rallied more than three percent Thursday, following Trump’s threat to hit Iran “very hard” if authorities killed protesters amid mounting civil unrest over an economic crisis.- Key figures at around 2125 GMT – New York – Dow: UP 0.5 percent at 49,504.07 points (close)New York – S&P 500: UP 0.7 percent at 6,966.28 (close)New York – Nasdaq Composite: UP 0.8 percent at 23,671.35 (close)London – FTSE 100: UP 0.8 percent at 10,124.60 (close)Paris – CAC 40: UP 1.4 percent at 8,362.09 (close)Frankfurt – DAX: UP 0.5 percent at 25,261.64 (close)Tokyo – Nikkei 225: UP 1.6 percent at 51,939.89 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 26,231.79 (close)Shanghai – Composite: UP 0.9 percent at 4,120.43 (close)Euro/dollar: DOWN at $1.1635 from $1.1652 on ThursdayPound/dollar: DOWN at $1.3407 from $1.3432Dollar/yen: UP at 157.88 yen from 157.16 yenEuro/pound: UP at 86.78 pence from 86.75 penceWest Texas Intermediate: UP 2.4 percent at $59.12 per barrelBrent North Sea Crude: UP 2.2 percent at $63.34 per barrelburs-rl-bys/jgc

AI took over CES 2026, powering coffee machines to brew the perfect espresso, a device to create your perfect scent, and ball-hitting tennis robots that make you forget it’s human against machine.- Alexa, make me an espresso -German group Bosch presented a new feature for its fully automated 800 Series coffee machine (sold from $1,700) that can be synchronized with Amazon’s Alexa voice assistant. After a short night’s sleep, users can order a double espresso with voice commands only, and the coffee maker will deliver. Some 35 different espresso options are available.”We’re one of the first manufacturers to really lean in with AI,” explained Andrew de Lara, spokesperson for Bosch. The century-old company, positioned at the high end of the market in the United States, wants to gradually bring AI into the kitchen, notably through its Home Connect mobile app, which already allows users to control several appliances remotely. – Scent of AI -South Korean company DigitalScent has developed a machine, already available in some airports, that creates a personalized fragrance based on your mood and preferences. Once you have picked your preferences, it releases a scent that gives you an idea of the final result. You can then make adjustments before making your final decision. Once you have placed your order, the machine uses AI to produce a virtually unique fragrance in a matter of seconds, choosing from a range of over 1,150 combinations. The fragrance is contained in a small, portable vial, costing $3 to $4, according to a spokesperson.- Game, set, AI -Several start-ups unveiled new-generation ball machines powered by artificial intelligence. While Singapore-based Sharpa already offers a convincing humanoid table tennis robot with a reaction time of just two hundredths of a second, there is no equivalent on the market for tennis. A few days ago, China’s UBTech posted a video online of its Walker S2 robot playing rallies with a human, but at a slow speed and without any real movement. UBTech’s robots are designed for industrial use rather than tennis courts and, in all likelihood, the video was produced solely to demonstrate the agility of the Walker S2 to attract business customers.While we wait for the humanoid robot that can volley at the net, another Chinese company, Tenniix, is marketing a robot that sends balls at speeds of up to 75 miles per hour (120.7 kilometers per hour). It has 10 different shots, some with spin, and even a lob that reaches eight meters high. The basic version, which can hold up to 100 balls, will set you back $699, but the most complete version, at $1,600, includes cameras and wheels that allow it to move around. The fast-moving machine uses AI to analyze the trajectory of your cross-court forehand and fires off a ball from about where a real-life return shot would most likely come, giving the player the impression of a real rally. “There’s a real rhythm,” says Run Kai Huang, spokesperson for Tenniix, “as if you were playing with a real person.”

Stock markets advanced Friday despite mixed US jobs data and as traders awaited a possible Supreme Court ruling on US President Donald Trump’s sweeping global tariffs.The US economy added 50,000 jobs last month according to Labor Department, below market expectations, and capping off a year of weakness in the job market that had prompted the Federal Reserve to cut interest rates.However the unemployment rate slipped to 4.4 percent and average wages continued to rise.”The key takeaway is that the low unemployment rate will temper concerns that consumer spending and the economy will slow rapidly due to a weak labour market,” said Briefing.com analyst Patrick O’Hare.However, “It will also likely keep the Fed’s next rate cut at bay.”The report is expected to play a key role in the central bank’s decision-making at its next policy meeting this month.The Fed indicated last month that its next move could be a pause after three successive cuts, and Friday’s data failed to boost expectations of a January cut.Wall Street’s major indices opened higher, with the blue-chip Dow adding 0.2 percent.The US jobs data “keeps the goldilocks scenario intact for stocks”, said Forex.com analyst Fawad Razaqzada, as the labour market weakness enables the Fed to cut rates without threatening a recession.Most stock markets have enjoyed a solid start to the new year, with indexes in Frankfurt, London, Paris and Seoul hitting record highs this week, largely on optimism for the tech sector and gains in defence sector shares.Swiss mining giant Glencore jumped ten percent to top London’s FTSE 100 index after confirming it was in merger talks with Australian-British rival Rio Tinto, which fell two percent. Europe’s main markets were higher in afternoon trading, with Paris setting a new all-time high, even as France’s opposition failed to derail EU approval of the trade deal with Brazil and other nations in the Mercosur bloc.Investors were also keeping watch on a potential US Supreme Court’s ruling on the legality of many of Trump’s punishing tariffs.A ruling against the government could have a huge impact on its economic and fiscal plans, despite pledges that tariffs could be re-imposed by other means.Briefing.com’s O’Hare said to watch the reaction of the bond market to the ruling.”They will ultimately be the judge and jury on what any IEEPA ruling means in the near term for the economy and the market,” he said, referring to the International Emergency Economic Powers Act that Trump used to impose the tariffs.Asian markets also mostly rose, with Hong Kong and Shanghai helped by figures showing that Chinese inflation rose more than expected last month, extending a period of growth following months of deflationary pressure. The 0.8 percent increase in consumer prices was the fastest pace since February 2023, though analysts noted that the increase was mainly for food costs, masking broader weaknesses.Oil prices extended their gains after rallying more than three percent Thursday, after Trump threatened to hit Iran “very hard” if the authorities killed protesters amid mounting civil unrest over an economic crisis.They were up more than one percent on Friday after Trump said the world’s biggest oil companies pledged to invest $100 billion to revive Venezuela’s oil sector as he prepared for a meeting with top industry executives.- Key figures at around 1430 GMT – New York – Dow: UP 0.2 percent at 49,357.63 pointsNew York – S&P 500: UP 0.2 percent at 6,931.76New York – Nasdaq Composite: UP less than 0.1 percent at 23,491.13 London – FTSE 100: UP 0.6 percent at 10,104.42 Paris – CAC 40: UP 1.2 percent at 8,335.41Frankfurt – DAX: UP 0.5 percent at 25,262.83Tokyo – Nikkei 225: UP 1.6 percent at 51,939.89 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 26,231.79 (close)Shanghai – Composite: UP 0.9 percent at 4,120.43 (close)Euro/dollar: DOWN at $1.1638 from $1.1652 on ThursdayPound/dollar: DOWN at $1.3417 from $1.3432Dollar/yen: UP at 157.94 yen from 157.16 yenEuro/pound: UP at 86.76 pence from 86.75 penceWest Texas Intermediate: UP 1.8 percent at $58.82 per barrelBrent North Sea Crude: UP 1.7 percent at $63.03 per barrelburs-rl/js

Stock markets advanced Friday as traders awaited the release of crucial US jobs data and a possible Supreme Court ruling on US President Donald Trump’s sweeping global tariffs.Most stocks have enjoyed a solid start to the new year, with indexes in Frankfurt, London, Paris and Seoul hitting record highs this week, largely on optimism for the tech sector.Swiss mining giant Glencore jumped ten percent to top London’s FTSE 100 index after confirming it was in merger talks with Australian-British rival Rio Tinto, which fell two percent. Europe’s main markets were higher in early afternoon trading, with Paris setting a new all-time high”Global markets await two key events in the US later today which could significantly impact volatility,” said Emma Wall, chief investment strategist at Hargreaves Lansdown.Traders will pore over nonfarm payrolls figures for December, widely expected to play a key role in the Federal Reserve’s decision-making at its next interest-rate meeting this 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.The US Supreme Court’s possible ruling on the legality of many of Trump’s punishing tariffs is also keeping investors occupied.A ruling against the government could have a huge impact on its economic and fiscal plans.”Some may read it as an effective cut to inflation which would be good news for equities, but it also means a cut to government revenues — bad news for bonds,” Wall said.Wall Street ended Thursday on a mixed note, but Asia saw a more positive run ahead of the weekend.Stock markets in Tokyo, Singapore, Seoul, Bangkok and Manila rose, though there were losses in Wellington, Taipei, Mumbai and Jakarta.Hong Kong and Shanghai were helped by figures showing that Chinese inflation rose more than expected last month, extending a period of growth following months of deflationary pressure. The 0.8 percent increase in consumer prices was the fastest pace since February 2023, though analysts noted that the increase was mainly for food costs, masking broader weaknesses.Chinese AI startup MiniMax soared as much as 78 percent on its Hong Kong trading debut, a day after rival Zhipu AI enjoyed its own strong first day, a sign that healthy investor demand is rewarding the country’s rapidly developing sector.Oil prices extended their gains after rallying more than three percent Thursday, after Trump threatened to hit Iran “very hard” if the authorities killed protesters amid mounting civil unrest over an economic crisis.They were up 0.9 percent on Friday after Trump said the world’s biggest oil companies pledged to invest $100 billion to revive Venezuela’s oil sector as he prepared for a meeting with top industry executives.Crude prices had stumbled earlier in the week after Trump said Venezuela would ship millions of barrels to the United States following the toppling of the South American country’s leader.- Key figures at around 1100 GMT – London – FTSE 100: UP 0.5 percent at 10,098.46 pointsParis – CAC 40: UP 0.9 percent at 8,317.11Frankfurt – DAX: UP 0.4 percent at 25,229.65Tokyo – Nikkei 225: UP 1.6 percent at 51,939.89 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 26,231.79 (close)Shanghai – Composite: UP 0.9 percent at 4,120.43 (close)New York – Dow: UP 0.6 percent at 49,266.11 (close)Euro/dollar: DOWN at $1.1644 from $1.1652 on ThursdayPound/dollar: DOWN at $1.3410 from $1.3432Dollar/yen: UP at 157.65 yen from 157.16 yenEuro/pound: UP at 86.83 pence from 86.75 penceWest Texas Intermediate: UP 0.9 percent at $58.30 per barrelBrent North Sea Crude: UP 0.9 percent at $62.55 per barrelburs-rl/cw

Shares in Chinese AI startup MiniMax soared 109 percent as it went public in Hong Kong on Friday, raising US$619 million in a sign that strong investor demand is rewarding the country’s rapidly developing sector.Rival firm Zhipu AI also saw gains, jumping 20.6 percent on its second trading day after its own US$558 million initial public offering.This week’s flotations come before any IPO announcements from top US startups OpenAI, the maker of ChatGPT, and Anthropic, known for its Claude chatbot.Founded in 2022, MiniMax has 200 million users and runs several applications including its flagship video generator Hailuo AI. Its CEO Yan Junjie was previously an executive at leading AI software company SenseTime, which is blacklisted by the US Commerce Department. The advancement and application of artificial intelligence “depend on ongoing technological innovation, but even more so on the inclusivity and openness of the entire process”, Yan said in Friday’s listing ceremony.”We anticipate that over the next four years, the pace of progress in the AI industry will match that of the past four years,” Yan added.Co-founder and COO Yun Yeyi told Bloomberg that MiniMax had only spent around US$500 million to make optimisation and creative innovations.Proceeds from the IPO will be used for its research over the next five years to develop foundation models and AI-native products, the firm said.MiniMax’s team includes researchers who previously worked for tech giants such as Google and Microsoft as well as China’s Alibaba and DeepSeek.-‘Early stage’-Revenue from overseas markets grew from US$100,000 in the nine months ending September 2024 to US$7.8 million during the same period in 2025, the firm said.It recorded net losses of $512 million in September 2025.MiniMax said it may continue to record net losses as it is still expanding and investing to support its long-term growth.The startup also faces a US$75 million copyright lawsuit from Disney, Universal, and Warner Bros. Discovery over its video-generating tool.The firm has maintained “there is insufficient evidence to support” the claims.Analysts told AFP that profits were unlikely any time soon from Zhipu and MiniMax, the so-called Chinese “AI tigers” who compete with tech giants such as Alibaba and ByteDance.Friday’s shares performance shows investors have a “strong appetite for China’s tech sector and the AI story”, Gary Ng, senior economist at Natixis Corporate and Investment Banking, told AFP.The whole AI sector is still at an early stage of development, which requires massive investment, he said, adding that profitability is “not the primary focus” for these startups.”It is about the prospect of which country or firm has the upper hand in gaining market share and staying ahead of the tech curve,” he added.The large language model market in China is estimated to grow to 101.1 billion yuan (US$14.5 billion) by 2030, according to consultancy Frost and Sullivan.AI will cumulatively contribute US$19.9 trillion to the global economy through 2030 and drive 3.5 percent of global GDP in that year, according to International Data Corporation.

Stock markets were mixed 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 Beijing report on rising Chinese consumer prices and Chinese AI startup MiniMax’s soaring market debut in Hong Kong 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, Singapore, Seoul, Bangkok and Manila all rose, though there were losses in Wellington, Taipei, Mumbai and Jakarta.London, Paris and Frankfurt edged up at the open.Hong Kong and Shanghai were 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.Chinese AI startup MiniMax soared as much as 78 percent on its Hong Kong debut, a day after rival Zhipu AI’s enjoyed its own strong first day, in a sign that healthy investor demand is rewarding the country’s rapidly developing sector.Sydney was marginally lower, with Australian-British mining giant Rio Tinto falling more than six percent after it confirmed merger with Swiss rival Glencore.The US Supreme Court’s possible ruling on the legality of many of Trump’s punishing tariffs is also keeping investors occupied.A ruling against the government could have a huge impact on its economic and fiscal plans.Oil prices rose, 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 0815 GMT – Tokyo – Nikkei 225: UP 1.6 percent at 51,939.89 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 26,231.79 (close)Shanghai – Composite: UP 0.9 percent at 4,120.43 (close)London – FTSE 100: UP 0.3 percent at 10,069.86 Euro/dollar: DOWN at $1.1644 from $1.1652 on ThursdayPound/dollar: DOWN at $1.3426 from $1.3432Dollar/yen: UP at 157.58 yen from 157.16 yenEuro/pound: DOWN at 86.72 pence from 86.75 penceWest Texas Intermediate: UP 0.8 percent at $58.24 per barrelBrent North Sea Crude: UP 0.8 percent at $62.49 per barrelNew York – Dow: UP 0.6 percent at 49,266.11 (close)

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.