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Global stock markets and the dollar mostly firmed Monday as fresh hopes for a US interest-rate cut provided calm after last week’s rollercoaster ride fuelled by worries of an AI tech bubble.”In a week that is stunted by the Thanksgiving celebrations, there is a degree of hope that perhaps the worst is behind us, and we can get into a more festive mood,” said Joshua Mahony, chief market analyst at traders Scope Markets.”The stage seem set for a continued rebound as another Fed member joins in calls for a December rate cut, while a call between the US and Chinese leaders also helped to bolster sentiment,” said Chris Beauchamp, chief market analyst at IGAfter a cautious start to a holiday-shortened week, a little over two hours into the session, Wall Street’s Dow index rose 0.7 percent while the tech-rich Nasdaq barrelled ahead 2.3 percent. The broad-based S&P 500 was up 0.7 percent.Major European markets were a little more cautious. Frankfurt closed 0.6 percent ahead after German business sentiment fell more than expected in November, the latest sign that industry is losing faith in the government’s plans to revive the economy.London ended just 0.1 percent in the green ahead of the UK government’s annual budget on Wednesday, while Paris closed down 0.3 percent.Earlier in Asia, Hong Kong closed up 2.0 percent and Tokyo was shut for a Japanese public holiday.The scramble to snap up artificial intelligence stakes has propelled equities skywards this year, pushing several companies to records — with chip titan Nvidia last month becoming the first company to top $5 trillion.Monday saw Nvidia shares up 1.7 percent mid session while Google parent company Alphabet added almost 5.0 percent as it continues to bask in its first ever $100 billion quarterly revenue and to surf the AI wave. Recent weeks have nonetheless seen investors grow increasingly fearful that the vast sums pumped into tech may have been overdone and could take time to see profits realised, leading to warnings of a possible market correction.That has been compounded in recent weeks by falling expectations the Federal Reserve will cut rates for a third successive time next month, as stubbornly high inflation overshadows weakness in the US labour market.However, risk appetite was given a shot in the arm Friday when New York Fed boss John Williams said he still sees “room for a further adjustment” at the bank’s December 9-10 policy meeting.His comments came a day after figures showed that while more jobs were created in September, the unemployment rate crept u to its highest level since 2021.Focus is now on the release this week of the US producer price index (PPI), one of the last major data points before officials gather, with other key reports postponed or missed because of the recent government shutdown.- Key figures at around 1645 GMT -New York – Dow: UP 0.7 percent at 46,548.11 pointsNew York – S&P 500: UP 1.4 percent at 6,695.21New York – Nasdaq Composite: UP 2.3 percent at 22,794.95London – FTSE 100: UP 0.1 percent at 9,553.21 (close)Paris – CAC 40: DOWN 0.2 percent at 7,959.57 (close)Frankfurt – DAX: UP 0.6 percent at 23,239.18 (close)Hong Kong – Hang Seng Index: UP 2.0 percent at 25,716.50 (close)Shanghai – Composite: UP 0.1 percent at 3,836.77 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: UP at $1.1525 from $1.1519 on FridayPound/dollar: DOWN at $1.3093 from $1.3107Dollar/yen: UP at 156.80 yen from 156.39 yenEuro/pound: UP at 87.96 pence from 87.88 penceBrent North Sea Crude: UP 0.5 percent at $62.97 per barrelWest Texas Intermediate: UP 0.5 percent at $58.40 per barrel

Global stock markets and the dollar mostly firmed Monday as fresh hopes for a US interest-rate cut provided some calm after last week’s rollercoaster ride fuelled by worries of an AI tech bubble.”In a week that is stunted by the Thanksgiving celebrations, there is a degree of hope that perhaps the worst is behind us, and we can get into a more festive mood,” said Joshua Mahony, chief market analyst at traders Scope Markets.Wall Street was marginally in the green around 15 minutes into the session at the start of a holiday-shortened week, as a cautious Dow added 0.1 percent while the tech-rich Nasdaq rose 1.4 percent. The broad-based S&P 500 was up 0.7 percent.Caution abounded in Europe as Frankfurt stood 0.5 percent ahead two hours out from the close despite German business sentiment falling more than expected in November, the latest sign that industry is losing faith in the government’s plans to revive the economy.London edged up 0.1 percent awaiting the UK government’s annual budget on Wednesday, while Paris stood off 0.2 percent.In Asia, Hong Kong closed up 2.0 percent and Tokyo was shut for a Japanese public holiday.The scramble to snap up all things artificial intelligence has helped propel equities skywards this year, pushing several companies to records — with chip titan Nvidia last month becoming the first company to top $5 trillion.Monday saw Nvidia shares off 0.5 percent in early trading.Investors have grown increasingly fearful that the vast sums pumped into tech may have been overdone and could take some time to see profits realised, leading to warnings of a possible market correction.That has been compounded in recent weeks by falling expectations the Federal Reserve will cut rates for a third successive time next month, as stubbornly high inflation overshadows weakness in the US labour market.However, risk appetite was given a much-needed shot in the arm Friday when New York Fed boss John Williams said he still sees “room for a further adjustment” at the bank’s December 9-10 policy meeting.His comments came a day after figures showed that while more jobs were created in September, the unemployment rate crept to its highest level since 2021.Focus is now on the release this week of the US producer price index (PPI), one of the last major data points before officials gather, with other key reports postponed or missed because of the recent government shutdown.”The reading carries heightened importance following the postponement of October’s personal consumption expenditures report, originally scheduled for 26 November, which removes a key datapoint from policymakers’ assessment framework,” wrote IG market analyst Fabien Yip.”A substantially stronger-than-expected PPI outcome could reinforce concerns that inflationary pressures remain entrenched, potentially constraining the Fed’s capacity to reduce rates in December despite recent labour market softening.”- Key figures at around 1445 GMT -New York – Dow: UP 0.1 percent at 46,269.74 pointsNew York – S&P 500: UP 0.7 percent at 6,647.79New York – Nasdaq Composite: UP 1.4 percent at 22,586.64London – FTSE 100: UP 0.1 percent at 9,545.03 pointsParis – CAC 40: DOWN 0.2 percent at 7,964.39Frankfurt – DAX: UP 0.5 percent at 23,217.39Hong Kong – Hang Seng Index: UP 2.0 percent at 25,716.50 (close)Shanghai – Composite: UP 0.1 percent at 3,836.77 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: UP at $1.1535 from $1.1519 on FridayPound/dollar: DOWN at $1.3092 from $1.3107Dollar/yen: UP at 157.09 yen from 156.39 yenEuro/pound: UP at 88.11 pence from 87.88 penceBrent North Sea Crude: FLAT at $62.58 per barrelWest Texas Intermediate: FLAT at $58.08 per barrel

Singapore will start issuing bunkering licences next year to companies supplying methanol as marine fuel, in an effort to help global shipping cut carbon emissions, officials said Monday.Three companies will kickstart methanol supply in the Port of Singapore from January 1, its Marine and Port Authority (MPA) said in a statement.Singapore is the world’s top bunkering hub due to its strategic location along the Strait of Malacca, having a well-developed infrastructure and access to refineries.”This marks an important step towards establishing methanol bunkering at scale and driving Singapore’s ambition to be a sustainable multi-fuel bunkering hub,” the MPA said.Global Energy Trading Pte Ltd, Golden Island Pte Ltd, and PetroChina International (Singapore) Pte Ltd were selected out of 13 firms that applied for licences since Singapore called for applications in March, MPA said.They were chosen for the “reliability of their supply chains, operational readiness, safety systems, and the sustainability certification of the methanol to be supplied,” according to MPA.”The strong interest reflects the sector’s growing focus on lower-emission marine fuels,” it said.The licences will be valid for five years to support “the early development of methanol bunkering by giving licensees sufficient scope to build capabilities, strengthen supply chains, and anchor initial investments as the market develops,” it added.Green methanol, or bio-methanol, is composed of waste carbon dioxide (CO2) and “green hydrogen”, which is created by using renewable energy to split water molecules.Compared to conventional marine fuels, green methanol has a lower carbon footprint, cutting emissions by up to 65 percent, according to shipping firms.Global shipping — which generally runs on diesel and other bunker fuels — contributed to at least three percent of the world’s greenhouse gas emissions, according to the latest statistics by the UN’s trade and development body UNCTAD.New guidelines by the International Maritime Organization said shipping emissions needed to be cut by at least 40 percent by 2030 and down to zero by around 2050 if the commitments in the Paris Climate Accords are to be achieved.

Stock markets in Asia and Europe rose Monday as fresh hopes for a US interest rate cut provided some calm after last week’s rollercoaster ride fuelled by worries of a tech bubble.The scramble to snap up all things AI has helped propel equities skywards this year, pushing several companies to records — with chip titan Nvidia last month becoming the first to top $5 trillion.But investors have grown increasingly fearful that the vast sums pumped into the sector may have been overdone and could take some time to see profits realised, leading to warnings of a possible market correction.That has been compounded in recent weeks by falling expectations the Federal Reserve will cut rates for a third successive time next month as stubbornly high inflation overshadows weakness in the labour market.However, risk appetite was given a much-needed shot in the arm Friday when New York Fed boss John Williams said he still sees “room for a further adjustment” at the bank’s December 9-10 policy meeting.His comments came a day after figures showed that while more jobs were created in September, the unemployment rate crept to its highest level since 2021.A pick-up in betting on a December cut saw the odds shoot up to about 70 percent, from 35 percent earlier.Focus is now on the release this week of the producer price index, which will be one of the last major data points before officials gather, with other key reports postponed or missed because of the government shutdown.”The reading carries heightened importance following the postponement of October’s personal consumption expenditures report, originally scheduled for 26 November, which removes a key datapoint from policymakers’ assessment framework,” wrote IG market analyst Fabien Yip.”A substantially stronger-than-expected PPI outcome could reinforce concerns that inflationary pressures remain entrenched, potentially constraining the Fed’s capacity to reduce rates in December despite recent labour market softening.”After Wall Street’s rally Friday capped a torrid week for markets, Asia was on the front foot.Hong Kong gained two percent and Sydney more than one percent, while Shanghai, Singapore, Wellington, Taipei, Wellington, Mumbai, Manila and Bangkok were also up, though Seoul retreated. London, Paris and Frankfurt also started with gains.US futures advanced.Tokyo was closed for a holiday.But while the mood is a little less fractious than last week, uncertainty continues to weigh on riskier assets, with bitcoin hovering around $87,000. While that is up from its seven-month low of $80,553, it is still sharply down from its record $126,200 hit last month.- Key figures at around 0815 GMT -Hong Kong – Hang Seng Index: UP 2.0 percent at 25,716.50 (close)Shanghai – Composite: UP 0.1 percent at 3,836.77 (close)London – FTSE 100: UP 0.4 percent at 9,578.98 Tokyo – Nikkei 225: Closed for a holidayDollar/yen: UP at 156.90 yen from 156.39 yen on FridayEuro/dollar: DOWN at $1.1514 from $1.1519Pound/dollar: DOWN at $1.3092 from $1.3107Euro/pound: UP at 87.95 pence from 87.88 penceWest Texas Intermediate: DOWN 0.3 percent at $57.88 per barrelBrent North Sea Crude: DOWN 0.3 percent at $62.39 per barrelNew York – Dow: UP 1.1 percent at 46,245.41 (close)

Asian markets mostly rose Monday as fresh hopes for a US interest rate cut provided some calm after last week’s rollercoaster ride fuelled by worries of a tech bubble.The scramble to snap up all things AI has helped propel equities skywards this year, pushing several companies to records — with chip titan Nvidia last month becoming the first to top $5 trillion.But investors have grown increasingly fearful that the vast sums pumped into the sector may have been overdone and could take some time to see profits realised, leading to warnings of a possible market correction.That has been compounded in recent weeks by falling expectations the Federal Reserve will cut rates for a third successive time next month as stubbornly high inflation overshadows weakness in the labour market.However, risk appetite was given a much-needed shot in the arm Friday when New York Fed boss John Williams said he still sees “room for a further adjustment” at the bank’s December 9-10 policy meeting.The remarks saw the chances of a cut shoot up to about 70 percent, from 35 percent earlier.Focus is now on the release this week of the producer price index, which will be one of the last major data points before officials gather, with other key reports postponed or missed because of the government shutdown.”The reading carries heightened importance following the postponement of October’s personal consumption expenditures report, originally scheduled for 26 November, which removes a key datapoint from policymakers’ assessment framework,” wrote IG market analyst Fabien Yip. “A substantially stronger-than-expected PPI outcome could reinforce concerns that inflationary pressures remain entrenched, potentially constraining the Fed’s capacity to reduce rates in December despite recent labour market softening.”After Wall Street’s rally Friday capped a torrid week for markets, Asia mostly started on the front foot.Hong Kong and Seoul jumped more than one percent, while Sydney, Singapore, Wellington and Taipei were also well up, though Shanghai and Manila retreated. US futures advanced.Tokyo was closed for a holiday.But while the mood is a little less fractious than last week, uncertainty continues to weigh on riskier assets, with bitcoin hovering around $87,000. While that is up from its seven-month low of $80,553, it is still sharply down from its record $126,200 hit last month.- Key figures at around 0230 GMT -Hong Kong – Hang Seng Index: UP 1.4 percent at 25,568.08Shanghai – Composite: DOWN 0.1 percent at 3,829.71Tokyo – Nikkei 225: Closed for a holidayDollar/yen: UP at 156.70 yen from 156.39 yen on FridayEuro/dollar: DOWN at $1.1515 from $1.1519Pound/dollar: DOWN at $1.3096 from $1.3107Euro/pound: UP at 87.92 pence from 87.88 penceWest Texas Intermediate: DOWN 0.2 percent at $57.93 per barrelBrent North Sea Crude: DOWN 0.2 percent at $62.44 per barrelNew York – Dow: UP 1.1 percent at 46,245.41 (close)London – FTSE 100: UP 0.1 percent at 9,539.71 (close)

Australian resources giant BHP said Monday it had dropped a bid to take over British rival Anglo American that would have created the world’s largest miner of copper. Bloomberg News reported on Sunday that BHP, the world’s largest mining company, had approached Anglo with a bid in an attempt to disrupt a merger with Canadian peer Teck Resources.But Anglo knocked back the offer.”BHP Group confirms that it is no longer considering a combination of the two companies,” the firm said in a statement on the Australian Securities Exchange website.BHP “continues to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders,” the firm said.”BHP is confident in the highly compelling potential of its own organic growth strategy,” it added.Asked for comment, Anglo referred AFP to the statement from BHP.The failed bid is BHP’s second attempt in as many years to take over Anglo American.Last year it walked away from a $49 billion offer to buy the firm after disagreements over “regulatory risk and cost” in South Africa, where BHP had sought to split off Anglo’s platinum holdings in a politically sensitive move that stirred government opposition.Copper demand has exploded in recent years, with the metal needed for solar panels, wind turbines, electric-vehicle batteries and consumer electronics.It is also used in military hardware, including aircraft, and there is growing demand linked to the boom in artificial intelligence and data centres.Prices of the industrial metal soared to record highs last month.The new combined group between Anglo and Teck would be worth more than $50 billion according to the companies’ current market values.An agreed deal is expected to complete in 12-18 months, subject to regulatory hurdles, said a joint statement.Shareholders of Anglo American — the bigger of the two firms with revenue of more than $27 billion in 2024 — will own 62.4 percent of the new group and Teck shareholders the remainder.Teck has said the new group will be “a top five global copper producer”.In August, US group Peabody Energy walked away from a $3.8-billion deal to buy Anglo American’s steelmaking coal business.

The G20’s role in fixing economic crises is threatened by geopolitical fractures, leaders warned Saturday at a summit in South Africa boycotted by the United States.European leaders attending the G20 summit — the first held in Africa — huddled on its sidelines to push back at a unilateral plan by US President Donald Trump aimed at ending the war in Ukraine on terms favouring Russia.In a joint statement issued with Canada and Japan, they said Trump’s plan needs “additional work” as it would leave Ukraine “vulnerable”. They added that some of its points required “the consent of EU and NATO members”.Speaking at the opening of the summit, one of the statement’s signatories, French President Emmanuel Macron, said: “We are struggling to resolve major crises together around this table.”He warned that, given fissures in international cooperation, “the G20 may be coming to the end of a cycle”.”There’s no doubt, the road ahead is tough,” agreed British Prime Minister Keir Starmer — who also signed the statement — adding: “We need to find ways to play a constructive role again today in the face of the world challenges.”Chinese Premier Li Qiang said “unilateralism and protectionism are rampant” and “many people are pondering what exactly is happening to global solidarity.”But the summit’s host, President Cyril Ramaphosa, argued the G20 remained key for international cooperation.”The G20 underscores the value of the relevance of multilateralism. It recognises that the challenges that we face can only be resolved through cooperation, collaboration and partnership,” Ramaphosa said.- Concern for Ukraine -The G20 comprises 19 countries plus the European Union and the African Union, and accounts for 85 percent of the world’s GDP and two-thirds of its population.The Johannesburg summit was undermined by the American boycott, and China’s Li stood in for an absent President Xi Jinping, while Russia sent a Kremlin official, Maxim Oreshkin, instead of President Vladimir Putin, who is wanted under an International Criminal Court warrant. The leaders present adopted a summit declaration covering climate, energy, debt sustainability and a critical-minerals pact — along with a joint call for a “just” peace in Ukraine, the Democratic Republic of Congo, Sudan and the “Occupied Palestinian Territory”.Following the opening ceremony, Starmer, Macron and German Chancellor Friedrich Merz rushed into a meeting to discuss Trump’s plan for Ukraine, joined soon after by other leaders from Europe, Australia, Canada and Japan.Afterwards all of them, except Australian Prime Minister Anthony Albanese, issued a statement saying the “draft” US plan had some “important elements” but “will require additional work”.”Borders must not be changed by force,” they said, adding they were “also concerned by the proposed limitations on Ukraine’s armed forces, which would leave Ukraine vulnerable to future attack”.- ‘Progress’ sought -European Council President Antonio Costa said on X the leaders of all 27 EU nations would hold a follow-up meeting on Monday, on the sidelines of a European Union-African Union summit in Angola.Security officials from Britain, France and Germany were to meet US and Ukrainian counterparts on Sunday in Switzerland to seek “progress” on the US plan, both Starmer and Macron said. Macron, speaking to journalists, said a “coalition of the willing” of some 30 nations backing Ukraine would on Tuesday follow up with a video call to coordinate and “to take new initiatives”.Trump has said he wants Kyiv to accept his 28-point proposals — which involve ceding territory to Russia and cutting the size of Ukraine’s military — by Thursday.The United States said it skipped the Johannesburg summit because it viewed its priorities — including on trade and climate — as running counter to its policies.But it said it would send the US charge d’affaires at its embassy in South Africa on Sunday to accept the handover of the next G20 presidency.Trump has said he intends to hold the 2026 summit at a Florida golf club that he owns.

The G20’s role in fixing economic crises is threatened by geopolitical fractures, leaders warned Saturday at a summit in South Africa boycotted by the United States.European leaders attending the G20 summit — the first held in Africa — huddled on its sidelines to push back at a unilateral plan by US President Donald Trump aimed at ending the war in Ukraine on terms favouring Russia.In a joint statement issued with Canada and Japan, they said Trump’s plan needs “additional work” and some of its points required “the consent of EU and NATO members”.Speaking at the opening of the summit, one of the statement’s signatories, French President Emmanuel Macron said: “We are struggling to resolve major crises together around this table.”He warned that, given fissures in international cooperation, “the G20 may be coming to the end of a cycle”.”There’s no doubt, the road ahead is tough,” agreed British Prime Minister Keir Starmer — who also signed the statement — adding: “We need to find ways to play a constructive role again today in the face of the world challenges.”Chinese Premier Li Qiang said “unilateralism and protectionism are rampant” and “many people are pondering what exactly is happening to global solidarity”.But the summit’s host, South African President Cyril Ramaphosa, downplayed Trump’s absence and argued the G20 remained key for international cooperation.”The G20 underscores the value of the relevance of multilateralism. It recognises that the challenges that we face can only be resolved through cooperation, collaboration and partnership,” Ramaphosa said.The G20 comprises 19 countries plus the European Union and the African Union, and accounts for 85 percent of the world’s GDP and two-thirds of its population.- ‘Just’ peace in Ukraine -The Johannesburg summit was undermined by the American boycott, and China’s Li stood in for an absent President Xi Jinping, while Russia sent a Kremlin official, Maxim Oreshkin, instead of President Vladimir Putin, who is wanted under an International Criminal Court warrant. The leaders present adopted a G20 summit declaration early in their meeting that covered climate, energy, debt sustainability and a critical-minerals pact — along with a joint call for a “just” peace in Ukraine,  the Democratic Republic of Congo, Sudan and the “Occupied Palestinian Territory”.Argentina’s Foreign Minister Pablo Quirno — standing in for absent President Javier Milei, a Trump ally — objected to “how certain geopolitical issues are framed in the document”, specifically the Israel-Palestinian conflict. But Ramaphosa said that did not block the declaration’s adoption by the participants, who also included Indian Prime Minister Narendra Modi, Brazilian President Luiz Inacio Lula da Silva and Turkish President Recep Tayyip Erdogan.As soon as the opening ceremony was over, Starmer, Macron and German Chancellor Friedrich Merz rushed into a meeting to discuss Trump’s plan for Ukraine, and were soon joined by other leaders from Europe, Australia, Canada and Japan, an EU official said.After the meeting all of them, except Australian Prime Minister Anthony Albanese, issued a statement calling the US plan a “draft” with some “important elements” but that it “will require additional work”.”Borders must not be changed by force,” they said, adding they were “also concerned by the proposed limitations on Ukraine’s armed forces, which would leave Ukraine vulnerable to future attack”.European Council President Antonio Costa said on X the leaders of all 27 EU nations would hold a follow-up meeting on Monday, on the sidelines of a European Union-African Union summit in Angola. Several sources at the G20 summit, speaking on condition of anonymity, said security officials from Britain, France and Germany would meet US counterparts on Sunday in Switzerland, where US-Ukraine talks were to be held.Trump has said he wants Kyiv to accept his 28-point proposals — which involve ceding territory to Russia and cutting the size of Ukraine’s military — by Thursday.- Next G20 summit in US -While the United States skipped the Johannesburg summit because it said it viewed its priorities — including on trade and on climate — as running counter to its policies, it still intended to take up the G20 baton for the next gathering.Trump plans to stage that summit in 2026 at a Florida golf club he owns.Washington has said it will send the US charge d’affaires from its embassy in South Africa only for the handover ceremony on Sunday.

A US-European rift over the future of Ukraine threatened to overshadow a G20 summit that started in South Africa on Saturday marked by the absence of Donald Trump. The Johannesburg gathering was attended by a host of world leaders including French President Emmanuel Macron, Indian Prime Minister Narendra Modi, Chinese Premier Li Qiang, Brazilian President Luiz Inacio Lula da Silva and Turkish President Recep Tayyip Erdogan.But it was boycotted by the US president, with his government saying South Africa’s priorities — which include boosting global cooperation on trade and climate action — run counter to US policy.South African President Cyril Ramaphose, opening the event, implicitly rebuffed Trump’s absence by stressing that “multilateralism” was needed to help solve global challenges, including from “escalating geopolitical tensions”.The US president nonetheless loomed large at the first summit of the group of major economies to be held in Africa after he produced a surprise unilateral US plan to end the war in Ukraine largely in line with Russia’s goals.Leaders from Europe, Canada, Japan and Australia were to huddle on the sidelines of the summit on Saturday to “discuss the way ahead on Ukraine”, an EU official said.A European diplomatic source told AFP: “We are working on making the US plan something more able to be applied, based on previous dialogue.”Macron, German Chancellor Friedrich Merz and UK Prime Minister Keir Starmer on Friday, after a call with Ukrainian President Volodymyr Zelensky, stressed that any such plan needed the “joint support and consensus of European partners and NATO allies”.But Ukraine and its allies have only a few days to try to influence Washington’s 28-point proposal.Trump has warned that “Thursday is, we think, an appropriate time” for Ukraine to accept it.- Climate impasse -Another issue dogging the G20 summit was a deadlock at COP30 climate negotiations taking place in Brazil.Friday was meant to be the last day of those talks, which had gone on for nearly two weeks. But they have spilled into overtime because petro-states were accused of resisting any reference to a fossil fuel phaseout in the final text.Despite the headwinds, host South Africa stressed that international cooperation was key.”The G20 underscores the value of the relevance of multilateralism. It recognises that the challenges that we face can only be resolved through cooperation, collaboration and partnership,” Ramaphosa said.He said that a joint G20 summit leaders’ declaration, adopted at the start of the summit, “sends an important signal to the world that multilateralism can and does deliver”.The US boycott echoes Trump’s decision not to send an official delegation to the COP30, and reflects a general American withdrawal from international forums.Washington has said it would send its charge d’affaires from its embassy at the end of the Johannesburg meeting only for a handover ceremony, as the United States will host next year’s G20 summit at a golf club owned by Trump in Florida.The G20 is a grouping of 19 countries plus the European Union and the African Union. It represents 85 percent of global GDP and around two-thirds of the world’s population.

Shiina Ito has had fewer Chinese customers at her Tokyo jewellery shop since Beijing issued a travel warning in the wake of a diplomatic spat, but she said she was not concerned.A souring of Beijing-Tokyo relations this month, following remarks by Japanese Prime Minister Sanae Takaichi about Taiwan, has fuelled concerns about the impact on the ritzy boutiques, noodle joints and hotels where holidaymakers spend their cash.But businesses in Tokyo largely shrugged off any anxiety.”Since there are fewer Chinese customers, it’s become a bit easier for Japanese shoppers to visit, so our sales haven’t really dropped,” shop manager Ito told AFP.Chinese buyers normally make up half of the clientele at her business in the capital’s traditional Asakusa district, where crowds of tourists stroll through shop-lined alleys.Many tourism and retail businesses in Japan rely heavily on Chinese visitors, who spend more on average than other foreign tourists on everything from sushi to skincare.Some hotels, designer clothes shops and even pharmacies have Mandarin-speaking assistants, while department stores often have signs in Chinese.In Tokyo’s upscale Ginza district, Yuki Yamamoto, the manager of an Instagram-famous udon noodle restaurant, said he had not noticed any immediate impact on sales in the days since China warned its citizens to avoid Japan.”I don’t think there’s been any sudden, dramatic change,” he said, despite estimating that on a normal day around half the hungry diners who queue outside his door are Chinese.”Of course, if customers decrease, that’s disappointing for the shop. But Japanese customers still come regularly, so we’re not extremely concerned.”China is the biggest source of tourists to the archipelago, with almost 7.5 million visitors in the first nine months of 2025 — a quarter of all foreign tourists, according to official Japanese figures.Attracted by a weak yen, they splashed out the equivalent of $3.7 billion in the third quarter.Last year, each Chinese tourist spent on average 22 percent more than other visitors, according to the Japan National Tourism Organization.However, a record 36.8 million arrivals from across the globe last year has also led to fears of overtourism affecting the daily lives of many in Japan.- ‘Economic coercion’ -On November 7, Takaichi implied Tokyo could intervene militarily in any attack on Taiwan, a self-ruled island which China claims as part of its territory.Beijing then advised Chinese citizens to avoid travelling to Japan, and retail and tourism stocks subsequently plunged. Most have yet to recover.In response, Kimi Onoda, Japan’s hawkish minister of economic security, warned of the danger of “relying too heavily on a country that resorts to economic coercion whenever it is displeased”.That “poses risks not only to supply chains but also to tourism”, she said.Wu Weiguo, the manager of a travel agency in Shanghai, said that “the biggest impact is on group travel”, with 90 percent of his clients requesting refunds for planned Japan itineraries.But according to the national tourism board, only around 12 percent of Chinese visitors last year came to the archipelago as part of organised tours, down from almost 43 percent in 2015.Transport Minister Yasushi Kaneko said the issue was not “something to get all worked up about”, noting an increase in arrivals from other countries.- ‘Take time’ -Nevertheless, hotels in Japan that heavily depend on Chinese customers are feeling the effects.”Cancellations from travel agencies in China are coming one after another,” said Keiko Takeuchi, who runs the Gamagori Hotel in central Japan. “About 50 to 60 percent of our customers are Chinese nationals.”I hope the situation calms down quickly, but it seems it will take time,” she fretted.Beijing has made clear it was furious with Takaichi, summoning Tokyo’s ambassador and, according to Chinese state media, postponing the release of at least two Japanese movies.But travel agency manager Wu said that the spat would not stop holidaymakers dreaming of Tokyo.”They believe the service is high-quality and shopping is reasonably priced,” he said.”Chinese people will continue to want to visit Japan.”mac-kh-tjx-aph/ami/lb