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Wall Street stocks advanced Wednesday after better-than-expected jobs data soothed concerns about the US economy with equity buyers stepping in following the prior session’s retreat.US private sector employment jumped 42,000 in October, ADP said, rebounding from a loss of 29,000 jobs in September, nearly double the amount forecasted by economists surveyed by Dow Jones Newswires and The Wall Street Journal.The ADP figures are likely to attract renewed attention as it is one of the few economic indicators released in recent weeks amid the US government shutdown and will feed into investors’ perceptions of whether the US Federal Reserve will cut interest rates again in December.The Institute of Supply Management’s index of services industry activity — another rare data point — came in at 52.4 for October, better than the 50.9 level projected by analysts, which indicates growth.Major US stocks opened little changed, but picked up momentum as the day progressed. The broad-based S&P 500 finished up 0.4 percent.”It’s remarkable to me that the market has sort of stumbled the last couple of weeks, but every time we get the experts coming out talking about the beginning of a bear market, the buyers come back in the next day and lift it back up again,” said FHN Financial’s Chris Low.Earlier in the day, the Nikkei sank 2.5 percent as the valuation concerns that plagued New York markets on Tuesday persisted into Tokyo’s trading day. Major European indices finished higher.Global stock markets have soared this year as an eye-watering flood of cash piled into companies linked to artificial intelligence, including US tech titans Nvidia, Amazon and Apple as well as Asian firms Samsung and Alibaba.While there have been occasional pullbacks, investors have reliably stepped in to buy any dips in share prices.Besides valuation worries, the market is keeping an eye on the shutdown, which Wednesday became the longest ever, topping the 35-day record set during President Donald Trump’s first term in office. His administration warned of holiday air-travel chaos and threatened Americans’ benefits in a bid to force a resolution.A total 1.4 million federal workers, from air-traffic controllers to park wardens, are on enforced leave or working without pay.Thanksgiving air travel is expected to set a new record this year, the American Automobile Association (AAA) projected — with 5.8 million people set to fly domestically over the November 27 holiday.- Key figures at around 2115 GMT -New York – Dow: UP 0.5 at 47,311.00 (close)New York – S&P 500: UP 0.4 percent at 6,796.29 (close)New York – Nasdaq Composite: UP 0.7 percent at 23,499.80 (close)London – FTSE 100: UP 0.6 percent at 9,777.08 (close)Paris – CAC 40: UP less than 0.1 percent at 8,074.23 (close)Frankfurt – DAX: UP 0.4 percent at 24,049.74Tokyo – Nikkei 225: DOWN 2.5 percent at 50,212.27 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,935.41 (close)Shanghai – Composite: UP 0.2 percent at 3,969.25 (close)Euro/dollar: UP at $1.1488 from $1.1482 on TuesdayPound/dollar: UP at $1.3048 from $1.3021Dollar/yen: UP at 154.13 yen from 153.67 yenEuro/pound: DOWN at 88.4 pence from 88.18 penceBrent North Sea Crude: DOWN 1.4 percent at $63.52 per barrelWest Texas Intermediate: DOWN 1.6 percent at $59.62 per barrelburs-jmb/sla

Wall Street stocks pushed higher on Wednesday after better-than-expected jobs data soothed concerns about the US economy.However Asia’s main markets fell sharply, as did Wall Street’s tech-heavy Nasdaq Composite index on Tuesday, on fears of an AI bubble following a rally that has propelled valuations to record highs.US private sector employment jumped 42,000 in October, ADP said, rebounding from a loss of 29,000 jobs in September, nearly double the amount forecasted by economists surveyed by Dow Jones Newswires and The Wall Street Journal.The ADP figures are likely to attract renewed attention as it is one of the few economic indicators released in recent weeks and will feed into investors’ perceptions of whether the US Federal Reserve will cut interest rates again in December.Wall Street’s main indices opened broadly flat, but the S&P 500 and Nasdaq Composite both pushed higher in morning trading.”Once more the wall of buying has come in to take advantage of this latest dip,” said Chris Beauchamp, chief market analyst at investing and trading platform IG.Global stock markets have soared this year as an eye-watering flood of cash piled into companies linked to artificial intelligence, including US tech titans Nvidia, Amazon and Apple as well as Asian firms Samsung and Alibaba.But despite recent strong earnings, traders have questioned the wisdom of chasing ever-higher prices, with cash mostly funnelled into a handful of big-name companies.However this year’s rally to record high prices has seen investors swarming in to buy any dips in share prices.On Wednesday, shares in the so-called Magnificent Seven tech stocks turned in mixed performances. Microsoft shed one percent, with Amazon and Apple hit by smaller dips.However, shares in AI chipmaker Nvidia, Google’s parent company Alphabet, and Facebook-parent Meta all rose more than one percent.”In early trading during the US session the US tech sector does not look like it is on the cusp of bursting,” said Kathleen Brooks, research director at XTB, downplaying concerns about a bubble.While high stock valuations are a concern for some companies, she noted that Amazon, Meta and Nvidia have price to earnings ratios lower than their 10-year averages.Investors look to a company’s share price compared to its earnings per share to gauge a stock’s value, with high price to earnings ratios an indication a stock is overvalued.Sentiment was hit also by the US government shutdown, which Wednesday became the longest ever, topping the 35-day record set during President Donald Trump’s first term in office. His administration warned of holiday air-travel chaos and threatened Americans’ benefits in a bid to force a resolution.A total 1.4 million federal workers, from air-traffic controllers to park wardens, are on enforced leave or working without pay. “As well as valuation fears, the US is grappling with a nation in shutdown,” noted Emma Wall, chief investment strategist at Hargreaves Lansdown.”The US is nearing peak travel period, with Thanksgiving later this month. Listed airlines are likely to see share prices fall should flights be cancelled en masse.”But the US jobs data and a survey showing a return to growth in the services sector in October helped dispel concerns the government shutdown was having a large impact on the economy.- Key figures at around 1630 GMT -New York – Dow: UP 0.1 at 47,135.39 pointsNew York – S&P 500: UP 0.5 percent at 6,804.07New York – Nasdaq Composite: UP 0.8 percent at 23,534.32London – FTSE 100: UP 0.6 percent at 9,777.08 Paris – CAC 40: UP less than 0.1 percent at 8,074.23Frankfurt – DAX: UP 0.4 percent at 24,049.74Tokyo – Nikkei 225: DOWN 2.5 percent at 50,212.27 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,935.41 (close)Shanghai – Composite: UP 0.2 percent at 3,969.25 (close)Euro/dollar: DOWN at $1.178 from $1.1479 on TuesdayPound/dollar: UP at $1.3040 from $1.3019Dollar/yen: UP at 154.25 yen from 153.66 yenEuro/pound: DOWN at 88.03 pence from 88.17 penceBrent North Sea Crude: UP 0.1 percent at $64.50 per barrelWest Texas Intermediate: UP 0.1 percent at $60.62 per barrelburs-rl/tw

Wall Street stocks steadied on Wednesday after better-than-expected jobs data soothed concerns about the US economy.However Asia’s main markets fell sharply, as did Wall Street’s tech-heavy Nasdaq Composite index on Tuesday, on fears about AI bubble following a rally that has propelled valuations to record highs.US private sector employment jumped by 42,000 in October, ADP said, rebounding from a loss of 29,000 jobs in September, nearly double the amount forecasted by economists surveyed by Dow Jones Newswires and The Wall Street Journal.The ADP figures are likely to attract renewed attention as it is one of few economic indicators released in recent weeks and will feed into investor’s perceptions of whether the US Federal Reserve will cut interest rates again in December.Wall Street’s main indices opened broadly flat.The so-called Magnificent Seven tech stocks remained under pressure, with both Amazon and Apple down around one percent. Briefing.com analyst Patrick O’Hare said real valuation concerns would not be dispelled by a single day of losses, and that it would become clear during Wednesday if investors were still in the “buy-the-dip” philosophy that helped markets reach record highs.He pointed to semiconductor manufacturer AMD, which looks to become a major player in AI chips, and which turned in better-than-expected third-quarter results.”Advanced Micro Devices (AMD) may be the tell on whether that approach will shine yet again or lose some of its luster,” said O’Hare.Shares in AMD fell by 2.7 percent at the start of trading.”If AMD can fight back, chances are other growth stocks will follow,” said O’Hare.Global stock markets have soared this year as an eye-watering flood of cash piled into companies linked to artificial intelligence, including US titans Nvidia, Amazon and Apple as well as Asian firms Samsung and Alibaba.But despite recent strong earnings, traders have started questioning the wisdom of chasing ever-higher prices, with cash mostly funnelled into a handful of big-name companies.Sentiment was hit also by the US government shutdown, which Wednesday became the longest ever, topping the 35-day record set during President Donald Trump’s first term in office. His administration warned of holiday air-travel chaos and threatened Americans’ benefits in a bid to force a resolution.A total 1.4 million federal workers, from air-traffic controllers to park wardens, are on enforced leave or working without pay. “As well as valuation fears, the US is grappling with a nation in shutdown,” noted Emma Wall, chief investment strategist at Hargreaves Lansdown.”The US is nearing peak travel period, with Thanksgiving later this month. Listed airlines are likely to see share prices fall should flights be cancelled en masse.”- Key figures at around 1430 GMT -New York – Dow: FLAT at 47,078.11 pointsNew York – S&P 500: FLAT at 6,770.83New York – Nasdaq Composite: UP less than 0.1 percent at 23,362.57London – FTSE 100: UP 0.3 percent at 9,748.47 Paris – CAC 40: DOWN 0.1 percent at 8,059.84Frankfurt – DAX: DOWN 0.2 percent at 23,907.94Tokyo – Nikkei 225: DOWN 2.5 percent at 50,212.27 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,935.41 (close)Shanghai – Composite: UP 0.2 percent at 3,969.25 (close)Euro/dollar: UP at $1.1486 from $1.1479 on TuesdayPound/dollar: UP at $1.3027 from $1.3019Dollar/yen: UP at 153.98 yen from 153.66 yenEuro/pound: DOWN at 88.16 pence from 88.17 penceBrent North Sea Crude: DOWN 0.6 percent at $64.08 per barrelWest Texas Intermediate: DOWN 0.7 percent at $60.13 per barrelburs-rl/jj

Shein opened its first brick-and-mortar store in the world in Paris on Wednesday amid a heavy police presence, as controversy swirled over the Asian e-commerce giant’s fast fashion business model and sale of childlike sex dolls online.Riot police officers were deployed in the centre of the French capital ahead of the opening of Shein’s first permanent physical store on the sixth floor of the BHV department store, an iconic building that has stood across from Paris City Hall since 1856.The first clients entered the store under the watchful eye of riot police at around 1200 GMT, after queuing for hours outside, AFP reporters saw.In the line outside before the opening, some said they arrived out of curiosity, while others pointed to the brand’s affordability.”Times have changed, generations have changed,” Mohamed Joullanar, a 30-year-old who already buys from Shein online, told AFP.”I’d never thought of going to BHV before,” the Moroccan masters student told AFP. “I always heard it was expensive, luxury products. But now, thanks to Shein, I’m here.”- ‘No thanks’ -Nearby children’s rights activists staged a protest.”Protect children, not Shein,” one of the signs read.Protesters distributed red flyers, denouncing “suspected forced labour” and “pollution”, and urging passersby to sign a petition against Shein’s presence inside the Paris store.Across the street, a poster critical of the brand hung at the top of City Hall, under the window of Greens politician and Paris mayoral candidate David Belliard.”Shein no thanks,” it read.Shein, which was founded in China, has faced criticism over working conditions at its factories and the environmental impact of its ultra-fast fashion business model, and its arrival in France has been opposed by politicians, unions, and top fashion brands.Just days before the planned opening, a new controversy erupted over the sale of childlike sex dolls on Shein’s platform. The discovery triggered a new political outcry and the opening of a judicial investigation.The Paris prosecutor’s office said ahead of the store’s launch that it had opened investigations against Shein, and also rival online retailers AliExpress, Temu and Wish, over the sale of the sex dolls. The probes were for distributing “messages that are violent, pornographic or improper, and accessible to minors”, it said.A photo published by French media showed one of the dolls being sold on the platform accompanied by an explicitly sexual caption.The pictured doll measured around 80 centimetres (30 inches) in height and held a teddy bear.- ‘Malfunction’ – Shein, which was founded in China in 2012 but is now based in Singapore, has pledged to “fully cooperate” with French judicial authorities and announced it was imposing a ban on all sex dolls.Shein’s spokesman in France, Quentin Ruffat, has chalked up the sale of the dolls to “a malfunction in our processes and governance”.Frederic Merlin, the 34-year-old director of the SGM company that operates BHV, on Tuesday said he considered pulling the plug on the partnership with Shein after the latest uproar but then changed his mind.He said he was confident about the Shein products that will be sold at his department store, and denounced a “general hypocrisy” surrounding Shein.”Shein has 25 million customers in France,” Merlin told BFMTV/RMC on Wednesday.Merlin hopes that the Asian giant will help increase footfall at his department store.Shein’s meteoric rise has been a bane for traditional retail fashion companies. Critics fear that Shein will further hurt stores in France, some of which have had to lay off staff or close.Shein is also scheduled to open five shops in other French cities, including Dijon, Grenoble and Reims.ole-hrc-sw-as/ah/rl

Technology companies led sell-offs on stock markets Wednesday, as investors grow increasingly worried about an AI bubble following a rally that has propelled valuations to record highs.Sentiment was hit also by the US government shutdown, which Wednesday became the longest ever, topping the 35-day record set during President Donald Trump’s first term in office, as his administration warned of holiday air travel chaos and threatened Americans’ benefits in a bid to force a resolution.A total 1.4 million federal workers, from air traffic controllers to park wardens, are on enforced leave or working without pay. “As well as valuation fears, the US is grappling with a nation in shutdown,” noted Emma Wall, chief investment strategist at Hargreaves Lansdown.”The US is nearing peak travel period, with Thanksgiving later this month. Listed airlines are likely to see share prices fall should flights be cancelled en masse.”After an uncertain start to the week, Wall Street tumbled Tuesday, with the tech-rich Nasdaq closing down more than two percent and the S&P 500 off more than one percent.Asia took up the baton, with Seoul and Tokyo the hardest hit Wednesday. However many markets in the region recovered as the day wore on and pared many of the losses.Losses among Europe’s main indices were less severe approaching the half-way stage, while the dollar steadied.Oil prices rose and bitcoin recovered slightly after sharp losses Tuesday that sent the leading cryptocurrency briefly under $100,000.  Global stock markets have soared this year as an eye-watering flood of cash piled into companies linked to artificial intelligence, including US titans Nvidia, Amazon and Apple as well as Asian firms Samsung and Alibaba.But despite recent strong earnings, traders have started questioning the wisdom of chasing ever-higher prices, with cash mostly funnelled into a handful of big-name companies.The gains have also been helped by an easing of US trade tensions and expectations that the Federal Reserve will continue to cut interest rates into the new year.However, last week’s warning from the US central bank that another reduction in December was not a foregone conclusion jolted sentiment.With the latest earnings seasons nearing an end, German carmaker BMW on Wednesday reported rising third-quarter profits despite challenges from slowing Chinese sales and tariffs.Its share price was up 0.6 percent following the update.- Key figures at around 1100 GMT -London – FTSE 100: DOWN 0.1 percent at 9,705.54 pointsParis – CAC 40: DOWN 0.3 percent at 8,040.73Frankfurt – DAX: DOWN 0.8 percent at 23,756.98Tokyo – Nikkei 225: DOWN 2.5 percent at 50,212.27 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,935.41 (close)Shanghai – Composite: UP 0.2 percent at 3,969.25 (close)New York – Dow: DOWN 0.5 percent at 47,085.24 (close)Euro/dollar: UP at $1.1483 from $1.1479 on TuesdayPound/dollar: UP at $1.3025 from $1.3019Dollar/yen: UP at 153.70 yen from 153.66 yenEuro/pound: DOWN at 88.14 pence from 88.17 penceBrent North Sea Crude: UP 0.7 percent at $64.90 per barrelWest Texas Intermediate: UP 0.8 percent at $61.03 per barrelburs-bcp/ajb/yad

China and the United States have lowered the temperature in their spiralling trade war, bringing a precarious end to months of back-and-forth measures between the economic and technological powerhouses.The detente — reached at last week’s meeting between presidents Donald Trump and Xi Jinping in South Korea — marks a new phase in a fierce standoff that has rumbled since 2018.Here are the main issues and where they now stand:- Tariffs -Trump imposed tariffs on China during his first presidential term, decrying intellectual property theft and other “unfair” trade practices.His successor, Joe Biden, largely maintained those duties and added to them in strategic technological sectors including electric vehicles and semiconductors.At last week’s meeting with Xi, Trump agreed to cut blanket tariffs on all Chinese goods by 10 percent from November 10 and approve separate one-year exemptions for certain products.Making the deal official, China said Wednesday it will extend a suspension of its own additional 24 percent tariff on US goods for one year, while also scrapping levies of up to 15 percent on various farm products from the country.A 10 percent Chinese tariff on all US goods will remain in place, Beijing’s finance ministry said.The new arrangement brings total US tariffs on Chinese goods down to an average of about 45 percent — still a hefty impediment to trade between the world’s two largest economies.- Fentanyl -China is the primary origin of precursor chemicals used to make fentanyl, the highly potent opioid underpinning a deadly drug epidemic in the United States.Beijing says it cracks down on illicit shipments, but trans-Pacific flows of the chemicals into the United States — especially through Mexico — have continued.The 10 percent reduction in US tariffs, formalised Tuesday in an executive order, is an easing of the 20 percent fentanyl-related penalty imposed by Trump since March.Trump previously said Xi assured him China will “work very hard to stop the flow”.- Rare earths -The presidents reached a tentative agreement for securing supplies of rare earths — critical for the defence, automotive and consumer electronics sectors.Their mining and processing are dominated by China.Beijing’s tightening control over their export this year has snarled supply chains and halted production in factories globally.More sweeping measures introduced last month — including restrictions on related technologies — provoked a furious response from Trump, who threatened blanket 100 percent tariffs on China in retaliation.That move was averted, however.After last week’s meeting, the White House said China will issue export licences for rare earths, as well as gallium, germanium, antimony and graphite.Confrontation over rare earths this year has spurred Washington and allies including Japan and Australia to shore up domestic production — but experts say it could take years to reduce reliance on China.- Export controls -Washington has agreed to suspend for one year its latest expansion of “Entity List” export restrictions on Chinese firms, originally imposed citing national security concerns.But the United States has steadily expanded other export controls in recent years, particularly in advanced chips and digital infrastructure.US officials remain concerned over the use of American technology by Chinese firms as competition heats up — the rivalry likely to continue through coming years.”The announced outcomes do little to resolve underlying structural issues that are at the heart of (the) bilateral economic tensions,” said Wendy Cutler, senior vice president at the Asia Society Policy Institute, in a statement following the leaders’ meeting.- Soybeans -Beijing has retaliated against the US tariffs with levies on American agricultural products, including soybeans, hurting a key source of Trump’s political support: farmers.More than half of US soybean exports went to China last year, but Beijing halted all orders as the trade dispute deepened.The White House said China agreed to purchase at least 12 million metric tons of American soybeans in the last two months of 2025As expected following the meeting between Trump and Xi, Beijing announced Wednesday that it would suspend retaliatory tariffs on various US agricultural products, including soybeans.But it remains to be seen if US farmers can regain lost market share.- TikTok -Washington has sought to wrest TikTok’s US operations from Chinese parent company ByteDance, citing national security concerns.The two sides said recently that they agreed to a framework of a deal for the popular social media app’s US operations to be transferred to American ownership.After the Trump-Xi meeting, US Treasury Secretary Scott Bessent said the deal was expected to “go forward in the coming weeks”.China has not offered details, but its commerce ministry expressed willingness to “work with the United States to properly resolve” the TikTok issue.

Tech companies led a sell-off across Asia on Wednesday as investors grow increasingly worried about an AI bubble following a rally this year that has seen valuations hit record highs.Global markets have soared this year as an eye-watering flood of cash piled into companies linked to artificial intelligence, including US titans Nvidia, Amazon and Apple as well as Asian firms Samsung and Alibaba.But despite strong earnings releases in recent quarters, traders have started questioning the wisdom of chasing ever-higher prices, with cash mostly funnelled into a handful of big-name companies.The gains have also been helped by an easing of US trade tensions and expectations that the Federal Reserve will continue to cut interest rates into the new year.However, last week’s warning from the US central bank that another reduction in December was not a foregone conclusion jolted sentiment.After an uncertain start to the week Monday, Wall Street tumbled on Tuesday, with the tech-rich Nasdaq down more than two percent and the S&P 500 off more than one percent.US software firm Palantir slumped 8.0 percent despite reporting a 63 percent surge in revenue and profit. Traders were also spooked by a slump in New York-listed Super Micro Computer in after-hours business and disappointing forecasts from Advanced Micro Devices. Asia took up the baton in the morning, with Seoul and Tokyo the hardest hit, having just hit record highs.However many markets recovered as the day wore on and pared many of the losses.Seoul tanked six percent at one point — with chip giants Samsung and SK hynix taking a beating — but ended the day down 2.9 percent.”I view today’s decline as a correction to cool off an overheated market — a phase of adjustment,” Chung Hae-chang, analyst at Daishin Securities, told AFP.”The recent rally was extremely steep, so this is the counterbalance.”He also warned Seoul’s Kospi index could decline five percent further and that “SK hynix and Samsung may also see corrections proportional to their earlier gains”.Tokyo finished 2.5 percent off, having dived more than four percent. Still tech investment giant SoftBank still lost 10 percent and Sony more than one percent.Nintendo, however, finished up more than six percent a day after the gaming firm hiked forecasts for its Switch 2 console and annual profits.- ‘Sea of red’ -Taipei was off more than one percent as market heavyweight and chip-maker TSMC gave up three percent.Hong Kong, Singapore, Sydney, Manila, Bangkok and Jakarta also fell but Shanghai and Wellington edged up.London, Paris and Frankfurt opened lower.”In the lead-up to the session, traders had been rotating out of the lower-quality end of the market and into the higher-quality plays, and this dynamic resulted in poor breadth within the US equity indices,” said Chris Weston at Pepperstone.He added that dynamic had changed and traders were “cutting back on their winners and locking in performance, with the Magnificent Seven (leading tech stocks) basket and AI plays driving equity risk lower.”And Mike Gitlin, president and chief executive officer of Capital Group, said that while earnings are strong “what’s challenging are valuations”, according to Bloomberg.His comments came at a financial summit organised by the Hong Kong Monetary Authority on Tuesday, where other business leaders including Morgan Stanley boss Ted Pick and Goldman Sachs’ David Solomon warned of a big correction.Saxo Markets’ Charu Chanana said two questions were echoing across portfolios.”Those who’ve ridden the rally from early 2023 are sitting on substantial gains and wondering if it’s time to lock in profits (and) those still on the sidelines are feeling the pull of (fear of missing out, questioning if they’ve missed the best entry point.”Both are fair concerns. The AI boom has pushed the ‘Magnificent’ names to new highs, but under the surface, their stories have begun to diverge between companies monetising AI today and those still investing for tomorrow.”The uncertainty across markets was also felt in the crypto universe, where bitcoin briefly fell below $100,000 for the first time since June, a month after topping out at a record high above $126,000.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: DOWN 2.5 percent at 50,212.27 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,935.41 (close)Shanghai – Composite: UP 0.2 percent at 3,969.25 (close)London – FTSE 100: DOWN 0.2 percent at 9,693.95Euro/dollar: UP at $1.1494 from $1.1479 on TuesdayPound/dollar: UP at $1.3038 from $1.3019Dollar/yen: DOWN at 153.57 yen from 153.66 yenEuro/pound: DOWN at 88.16 pence from 88.17 penceWest Texas Intermediate: FLAT at $60.57 per barrelBrent North Sea Crude: FLAT at $64.45 per barrelNew York – Dow: DOWN 0.5 percent at 47,085.24 (close)

Japanese auto giant Toyota on Wednesday hiked its operating income and net profit forecasts for the current fiscal year despite the impact of US tariffs.The firm’s share price fell by as much as five percent in Tokyo however as the new guidance fell short of market estimates.”Despite the impact of US tariffs, we have continued to build upon our improvement efforts such as increasing sales volume, improving costs, and expanding value chain profits,” Toyota said.”We are steadily translating comprehensive future investments into improved productivity and increased returns, with a strong focus on improving the breakeven volume,” Toyota said in a statement.For the year ending in March 2026, Toyota now expects operating income of 3.4 trillion yen ($22.1 billion), up from its previous forecast of 3.2 trillion yen. This is below the market consensus forecast of 3.86 trillion yen, according to Bloomberg News.Net profit was seen hitting 2.9 trillion yen, against its previous estimate of 2.7 trillion yen, Toyota said.It added that it now expected sales this year of 49.0 trillion yen, up from its August forecast of 48.5 trillion yen.Trade officials in July reached a deal that saw the United States lower tariffs on Japanese goods to 15 percent from a threatened 25 percent.Japanese cars were taxed at a higher rate of 27.5 percent and the reduction to 15 percent did not take effect until mid-September.Japan’s US-bound car exports slumped 24 percent year-on-year in value in September, a major blow for an automotive sector that accounts for around eight percent of jobs in the Asian nation.Toyota’s chief financial officer Kenta Kon told reporters that the estimated impact from US tariffs this year would be around 1.45 trillion yen.”We are not taking hasty measures to immediately catch up with this, such as raising vehicle prices in a way that goes against market conditions,” Kon said.”Instead, we are carefully adjusting prices for each vehicle and each region, taking into account the market and competitive conditions,” he said.The world’s biggest carmaker by unit sales had cut its guidance in August, blaming the impact of US tariffs and other factors.It had lowered its operating income projection to 3.2 trillion yen from 3.8 trillion, and for net income to 2.7 trillion yen from 3.1 trillion.The firm said Wednesday that net income in the first half fell 7.0 percent to 1.8 trillion yen while operating income plunged 18.6 percent to 2.0 trillion. Sales were off 5.8 percent at 24.6 trillion yen.In late trade Toyota shares were down 4.05 percent at 3,027 yen, having fallen as much as five percent.

When Sri Lanka’s economy collapsed in 2022, politicians and officials were accused of brazenly stealing the island’s assets.Three years later, the tide appears to be turning against the once-untouchable elite, with several members of the former ruling Rajapaksa family and other powerful figures jailed or appearing in court.The government is pursuing some of the country’s most powerful individuals — with a former president, several ex-ministers and the heads of the police, prisons and immigration all appearing in court.Ranga Dissanayake, director-general of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC), was granted sweeping powers in May to recover stolen assets — even without criminal convictions.There is no official data of state corruption losses, but activists estimate it to be billions of dollars over several decades. Sri Lanka’s GDP per capita income stood at $4,515 in 2024.”Corruption is the main reason for this economic crisis,” Dissanayake, who took up the post in January, told AFP.The International Monetary Fund calls for the “prioritising” of anti-graft measures, and says recruitment to CIABOC “should be accelerated”.- ‘Crossing the Rubicon’ -Tackling entrenched corruption was a key pledge of leftist President Anura Kumara Dissanayake, who is not related to the CIABOC chief.”How can a file in the Criminal Investigation Department move up and down, or remain stuck for seven or eight years in a cupboard?” he asked during a speech marking anti-corruption day.CIABOC faces a backlog of tens of thousands of cases.”Power is meant to uphold justice,” the president added. “But instead, it is often used for injustice, personal gain and the accumulation of wealth.”Public anger over crippling shortages of food, fuel, and medicine sparked months of protests in 2022, toppling then-president Gotabaya Rajapaksa.Gotabaya denies corruption allegations, but the Supreme Court in 2023 said he and his politician brothers “demonstrably contributed to the economic crisis”, and “violated the public trust reposed in them”.Gotabaya was replaced by Ranil Wickremesinghe, who secured a $2.9 billion IMF bailout to steady the economy.But Wickremesinghe was arrested in August on charges of using state funds for personal travel.”There are certain moments in politics or governance which are the moments of ‘crossing the Rubicon’ — that point of no return,” Saliya Pieris, former head of the Bar Association, wrote on Facebook.Sri Lanka ranked 121 out of 180 countries in Transparency International’s 2024 Global Corruption Index — a stark reminder of the scale of the problem.”The politicians robbed the country,” said businessman Tissa Gamini, 68, adding there had been some change but not enough.”Ministers, members of parliament, they’re all the same — and government servants too.”Ishani Menaka, 37, said she struggled to feed and educate their five children during the crisis, while her husband quit the state railways after 20 years, and left for Romania, joining an exodus of Sri Lankans.”We could not manage,” Menaka said. “So he gave up his job and went abroad.”- ‘Economy collapsed’ -Sri Lanka’s police chief, accused of running a criminal network, was arrested and sacked earlier this year, while the prison commissioner was jailed for releasing convicts in exchange for cash.The immigration controller was sentenced to two years for contempt of court, and faces trial for an alleged multimillion-dollar visa fraud.The Rajapaksa clan is under pressure too.Former ministers Mahindananda Aluthgamage and Nalin Fernando received 20- and 25-year prison sentences respectively for misusing government funds to support ex-president Mahinda Rajapaksa’s failed election bid.In August, Mahinda’s nephew Shashindra Rajapaksa was arrested for fraudulently claiming riot damage compensation.Money laundering investigations have also been revived against Mahinda’s sons, lawmaker Namal and ex-navy officer Yoshitha — who claims he was given a bag of gems by an aunt. Both deny wrongdoing.Television executive Weerasinghe Jayasundara, 57, recalled how “lives went back a few years” in 2022, when inflation hit nearly 70 percent.”We’re unable to get anything done — there was no transport, gas prices went up sharply, the economy collapsed,” Jayasundara said. “The main cause is corruption.”