Afp Business Asia

Japanese inflation accelerated in January, further pressuring households as prices excluding fresh food rose 3.2 percent on-year, government data showed Friday.Speculation is growing that the Bank of Japan may hike interest rates again to counter rising prices and as part of its retreat from years of aggressive monetary easing to boost the moribund Japanese economy.The core Consumer Price Index (CPI) was above market expectations of a 3.1 percent rise, and accelerated from 3.0 percent in December, the internal affairs ministry said.Overall, inflation including volatile fresh food prices was up 4.0 percent on-year, speeding up from 3.6 percent in December and 2.9 percent in November.In January, the price of cabbage almost tripled year-on-year after last year’s record summer heat and heavy rain ruined crops in what media have dubbed a “cabbage shock”.The price of rice also soared more than 70 percent, the data showed, while electricity bills jumped by 18 percent.”While the increase in electricity and other prices narrowed, the increase for gasoline and kerosene expanded,” the ministry said.Last week, the government said it would release a fifth of its emergency rice stockpile after hot weather, poor harvests and panic buying over a “megaquake” warning pushed up its cost.Japan has previously tapped into its reserves in disasters, but this was the first time since the stockpile was created in 1995 that supply chain problems have prompted the decision.The Bank of Japan raised interest rates again last month — having done so in March for the first time in 17 years — and signalled more hikes to come.The move was underpinned by “steadily” rising wages and financial markets being “stable on the whole”, the bank said.Even as other central banks raised borrowing costs in recent years the BoJ had remained an outlier.But it finally lifted rates above zero in March, signalling a move away from policies designed to counter Japan’s “lost decades” of economic stagnation and static or falling prices.Recent gross domestic product (GDP) figures showed that Japan’s economic growth slowed sharply last year, although the rate for the fourth quarter topped expectations.It comes as companies fret over the impact of US President Donald Trump’s tariffs and other protectionist trade policies on the world’s fourth largest economy.Japanese media reported on Thursday that the trade minister is arranging a visit to the United States to seek exemptions from the tariffs.

Global stock markets mostly fell on Thursday and gold hit a record high as traders fretted over the impact of US President Donald Trump’s tariffs and a pivot in Washington’s policy on Ukraine.Wall Street indices fell after retail behemoth Walmart issued a lackluster forecast. Shares of Citigroup, Goldman Sachs and JPMorgan Chase fell three percent or more, dragging on major indices.US indices opened lower and spent the entire session in negative territory. But the S&P 500, which finished at a record the last two days, dropped 0.4 percent, well above its session lows — a sign of resilience.”Whenever there’s been trouble in the market, buyers have showed up,” said Adam Sarhan from 50 Park Investments, who attributed the weakness in bank shares to profit-taking.Tensions between Ukrainian President Volodymyr Zelensky and Trump over the US President’s outreach to Moscow have exploded this week, rattling leaders in Europe.Uncertainty about Ukraine and Russia adds to anxiety over Trump’s myriad tariff actions and worries about lingering inflation.”Investors are mulling the impact of interest rates staying higher for longer, given that policymakers expect US trade policy to push up the price of consumer goods,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Paris stocks managed to end the day with a small gain but Frankfurt and London both slid lower.Geopolitical uncertainty also led gold to hit a fresh record above $2,954 as investors rushed into the safe-haven commodity, which is sought out in times of uncertainty.Asian markets struggled on Thursday.Shanghai managed to pare back early losses to end flat after Trump suggested on Wednesday that a trade deal with China was “possible.”Hong Kong dropped more than one percent as the China tech surge came to an end.Tokyo was weighed down by a stronger yen, which broke below 150 per dollar as the Bank of Japan eyes more interest rate hikes.Among individual companies, Boeing slumped 2.8 percent after President Trump said he was looking at “alternatives” to the company’s Air Force One operation because of delivery delays.- Key figures around 2130 GMT -New York – Dow: DOWN 1.0 percent at 44,176.65 (close)New York – S&P 500: DOWN 0.4 percent at 6,117.52 (close)New York – Nasdaq Composite: DOWN 0.5 percent at 19,962.36 (close)London – FTSE 100: DOWN 0.6 percent at 8,662.97 (close)Paris – CAC 40: UP 0.2 percent at 8,122.58 (close)Frankfurt – DAX: DOWN 0.5 percent at 22,314.65 (close)Tokyo – Nikkei 225: DOWN 1.2 percent at 38,678.04 (close) Hong Kong – Hang Seng Index: DOWN 1.6 percent at 22,576.98 (close)Shanghai – Composite: FLAT at 3,350.78 (close)Euro/dollar: UP at $1.0505 from $1.0423 on WednesdayPound/dollar: UP at $1.2668 from $1.2586Dollar/yen: DOWN at 149.65 from 151.47 yenEuro/pound: UP at 82.90 pence from 82.81 pence West Texas Intermediate: UP 0.4 percent at $72.57 per barrelBrent North Sea Crude: UP 0.6 percent at $76.48 per barrelburs-jmb/aha

Global stock markets turned lower on Thursday and gold hit a record high as traders fretted over the impact of US President Donald Trump’s tariffs and immigration measures on growth and inflation.Retail behemoth Walmart reported solid sales and profit growth for last year, but its shares dropped more than six percent as its outlook for a slowing increase in consumer spending this year spooked investors.The company sees three to four percent annual sales growth this year, lower than the 5.1 percent it recorded in 2024.The company’s sales are looked on as a bellwether for US consumer activity.”It’s the largest retailer in the United States: when Walmart says clearly that conditions are worsening with a drop in consumption and they believe inflation will start moving back up this year, this will certainly raise questions,” said Andrea Tueni, head of markets at Saxo Banque France.Wall Street’s main indices moved around one percent lower in late morning trading.”Investors are mulling the impact of interest rates staying higher for longer, given that policymakers expect US trade policy to push up the price of consumer goods,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Meanwhile minutes from the US central bank’s January meeting released on Wednesday suggested officials were not likely to cut interest rates any time soon — having reduced them at three successive meetings — citing worries about the impact of Trump’s policies.Economists have warned that Trump’s pledge to ramp up tariffs on trade partners while slashing taxes, regulations and immigration could fan inflation.Geopolitical uncertainty also led gold to hit a fresh record above $2,954 as investors rushed into the safe-haven commodity, which is sought out in times of uncertainty.Briefing.com analyst Patrick O’Hare said “the negative disposition is rooted in part on concerns about the market’s trading behavior.”With traders having recently reliably piled in to “buy the dip” — that is to push up stocks when they turn lower — O’Hare said more retail investors are piling into the market.”That is when it becomes a bigger short-term risk,” he said, with the potential for much sharper downturns if these short-term investors pull out.”A failure of the buy-the-dip approach will shake out weak-handed holders of new positions banking on its success and it will invite a momentum shift in the price action that can have a cascading effect in some instances,” O’Hare said.Dealers have also been keeping a nervous eye on talks over Ukraine with Trump calling Ukrainian leader Volodymyr Zelensky a “dictator” on Wednesday.The United States has provided essential funding and arms to Ukraine after Russia’s invasion but Trump made an abrupt policy shift by opening talks with Moscow.Paris stocks managed to end the day with a small gain but Frankfurt and London both slid lower.Asian markets struggled on Thursday.Shanghai managed to pare back early losses to end flat after Trump suggested on Wednesday that a trade deal with China was “possible”.Hong Kong dropped more than one percent as the China tech surge came to an end.Tokyo was weighed down by a stronger yen, which broke below 150 per dollar as the Bank of Japan eyes more interest rate hikes.- Key figures around 1630 GMT -New York – Dow: DOWN 1.3 percent at 44,028.76 pointsNew York – S&P 500: DOWN 0.8 percent at 6,096.00 New York – Nasdaq Composite: DOWN 0.8 percent at 19,898.07 London – FTSE 100: DOWN 0.6 percent at 8,662.97 (close)Paris – CAC 40: UP 0.2 percent at 8,122.58 (close)Frankfurt – DAX: DOWN 0.5 percent at 22,314.65 (close)Tokyo – Nikkei 225: DOWN 1.2 percent at 38,678.04 (close) Hong Kong – Hang Seng Index: DOWN 1.6 percent at 22,576.98 (close)Shanghai – Composite: FLAT at 3,350.78 (close)Euro/dollar: UP at $1.0473 from $1.0428 on WednesdayPound/dollar: UP at $1.2640 from $1.2582Dollar/yen: DOWN at 149.68 from 151.40 yenEuro/pound: UP at 82.85 pence from 82.81 pence West Texas Intermediate: UP 0.8 percent at $72.68 per barrelBrent North Sea Crude: UP 0.8 percent at $76.66 per barrelburs-rl/cw

Global stock markets turned mostly lower on Thursday and gold hit a record high amid Federal Reserve concerns that US President Donald Trump’s tariffs and immigration measures could reignite inflation.Corporate earnings also impacted sentiment, with shares in retail behemoth Walmart dropping more than five percent as its outlook disappointed investors.The company is looked on as a bellwether for the US retail sector.Wall Street’s main indices opened lower, with the S&P 500 coming off another record high.”Investors are mulling the impact of interest rates staying higher for longer, given that policymakers expect US trade policy to push up the price of consumer goods,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Minutes from the US central bank’s January meeting suggested officials were not likely to cut interest rates any time soon — having reduced them at three successive meetings — citing worries about the impact of Trump’s policies.Economists have warned that the Trump’s pledge to ramp up tariffs on trade partners while slashing taxes, regulations and immigration could fan inflation.Geopolitical uncertainty also led gold to hit a fresh record above $2,954 as investors rushed into the safe-haven commodity, which is sought out in times of uncertainty.Briefing.com analyst Patrick O’Hare said “the negative disposition is rooted in part on concerns about the market’s trading behavior.”With traders having recently reliably piled in to “buy the dip” — that is to push up stocks when they turn lower — O’Hare said more retail investors are piling into the market.”That is when it becomes a bigger short-term risk,” he said, with the potential for much sharper downturns if these short-term investors pull out.Dealers have also been keeping a nervous eye on talks over Ukraine with Trump calling Ukrainian leader Volodymyr Zelensky a “dictator” on Wednesday.The United States has provided essential funding and arms to Ukraine after Russia’s invasion but Trump made an abrupt policy shift by opening talks with Moscow.Nevertheless both Frankfurt and Paris stock markets edged higher, although London slid lower.Asian markets struggled on Thursday.Shanghai managed to pare back early losses to end flat after Trump suggested on Wednesday that a trade deal with China was “possible”.While Hong Kong dropped more than one percent as the China tech surge came to an end.Tokyo was weighed down by a stronger yen, which briefly broke below 150 per dollar as the Bank of Japan eyes more interest rate hikes.In company news, a sharp drop in profit left France’s Carrefour supermarket group diving around nine percent in Paris, while industrial giant Schneider Electric gained five percent on strong results. Shares in British Gas owner Centrica rose six percent after it announced additional share buybacks and plans to embark on greater investment. Shares in Lloyds Banking Group rose a similar amount as investors shrugged off its profit drop. In Frankfurt, Mercedes-Benz receded 1.4 percent after it announced that 2024 profits plunged by almost a third amid a slump in China and weak electric car sales. – Key figures around 1430 GMT -New York – Dow: DOWN 0.4 percent at 44,463.50 pointsNew York – S&P 500: DOWN 0.3 percent at 6,129.29 New York – Nasdaq Composite: DOWN 0.1 percent at 20,028.95 London – FTSE 100: DOWN 0.4 percent at 8,676.40Paris – CAC 40: UP 0.3 percent at 8,137.69Frankfurt – DAX: UP 0.2 percent at 22,487.38Tokyo – Nikkei 225: DOWN 1.2 percent at 38,678.04 (close) Hong Kong – Hang Seng Index: DOWN 1.6 percent at 22,576.98 (close)Shanghai – Composite: FLAT at 3,350.78 (close)Euro/dollar: UP at $1.0455 from $1.0428 on WednesdayPound/dollar: UP at $1.2619 from $1.2582Dollar/yen: DOWN at 149.99 from 151.40 yenEuro/pound: UP at 82.87 pence from 82.81 pence West Texas Intermediate: UP 0.7 percent at $72.61 per barrelBrent North Sea Crude: UP 0.7 percent at $76.57 per barrelburs-rl/cw

Hundreds of Chinese workers started to arrive home on Thursday after being freed from online scam centres in Myanmar, as authorities crack down on the illegal operations.Thousands of foreigners are expected to be repatriated from Myanmar in the coming weeks, starting with hundreds of Chinese nationals over the next three days.The compounds are run by criminal gangs and staffed by foreigners, many of whom say they were trafficked and forced to swindle people around the world in protracted internet scams.Many of those involved in the scam farms are Chinese, and Beijing has stepped up pressure on Myanmar and Thailand to shut the operations down.Two double-decker coaches delivered a first group of workers across the border from Myanmar to an airport in the western Thai town of Mae Sot on Thursday morning.Dozens of people, seemingly all men, boarded a special China Southern Airlines plane directly from the buses, mounting the steps after being checked by an official with a clipboard.The plane took off shortly after 11:30 am (0430 GMT), landing in the eastern Chinese city of Nanjing in the afternoon, state broadcaster CCTV said. Three more flights followed, ferrying a total of 200 back to China.”In the coming days, an additional 800 or so Chinese nationals suspected of fraud-related crimes are expected to be escorted back to China,” CCTV added.Thai officials gave a lower figure, saying a total of 600 more Chinese would be repatriated on further charter flights from Mae Sot over Friday and Saturday.It is not clear what fate awaits them, but Chinese police accompanied the returnees on the planes, according to Beijing’s Ministry of Public Security, which referred to them as “suspects” rather than victims.A report on the CGTN state broadcaster showed the returnees, handcuffed and dressed in brown jumpsuits, being frogmarched off the plane, a police officer on each arm.Asked about the deportations on Thursday, Beijing’s foreign ministry referred reporters to the “relevant authorities” for details.”The resolute crackdown on online gambling and telecom fraud is a concrete manifestation of implementing a development philosophy centred on the people,” ministry spokesman Guo Jiakun said at a regular press briefing.”It is also an imperative choice to safeguard the common interests of regional countries,” Guo said.The Karen Border Guard Force (BGF), a militia allied with the Myanmar junta, says it will deport 10,000 people linked to compounds in areas it controls on the border with Thailand.”Two hundred Chinese nationals involved in online gambling, telecom fraud, and other crimes were handed over in accordance with legal procedures through Thailand this morning, in the spirit of humanitarianism and friendship between countries,” the Myanmar junta said in a statement.Thai Deputy Prime Minister Phumtham Wechayachai said that after the first round of 600 Chinese were returned, further talks would be needed between Thailand, China and Myanmar to organise more repatriations.- Beatings -The release follows several visits by China’s Public Security Assistant Minister Liu Zhongyi to both Bangkok and the border in recent weeks to arrange the repatriation.Scam centres have proliferated across Southeast Asia in recent years, including in Cambodia and the Philippines, as the value of the industry has ballooned to billions of dollars a year.Many workers say they were lured or tricked by promises of high-paying jobs before they were effectively held hostage, their passports taken from them while they were forced to commit online fraud.Many have said they suffered beatings and other abuse at the hands of their supervisors, and AFP has interviewed numerous workers freed from centres with severe bruising and burns. A local Myanmar militia last week handed over 260 scam centre workers from a dozen countries, including the Philippines, Ethiopia, Brazil and Nepal, to Thailand.burs-pdw/sn 

Global stock markets were mixed on Thursday and gold hit a record high amid Federal Reserve concerns that US President Donald Trump’s tariffs and immigration measures could reignite inflation.European markets reacted also to a flurry of company earnings pulling the indices in different directions. While London’s FTSE 100 fell, Paris and Frankfurt bourses rose. “Investors are mulling the impact of interest rates staying higher for longer, given that policymakers expect US trade policy to push up the price of consumer goods,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Minutes from the US central bank’s January meeting suggested officials were not likely to cut interest rates any time soon — having reduced them at three successive meetings — citing worries about the impact of Trump’s policies.Economists have warned that the Trump’s pledge to ramp up tariffs on trade partners while slashing taxes, regulations and immigration could fan inflation.Geopolitical uncertainty also led gold to hit a fresh record above $2,954 as investors rushed into the safe-haven commodity, which is sought out in times of uncertainty.Dealers have been keeping a nervous eye on talks over Ukraine with Trump calling Ukrainian leader Volodymyr Zelensky a “dictator” on Wednesday.The United States has provided essential funding and arms to Ukraine after Russia’s invasion but Trump made an abrupt policy shift by opening talks with Moscow.All three main indexes in New York rose on Wednesday, with the S&P 500 at another all-time peak, but Asian markets failed to sustain the positive momentum in Thursday’s session.Shanghai managed to pare back early losses to end flat after Trump suggested on Wednesday that a trade deal with China was “possible”.While Hong Kong dropped more than one percent as the China tech surge came to an end.Tokyo was weighed down by a stronger yen, which briefly broke below 150 per dollar as the Bank of Japan eyes more interest rate hikes.In company news, a sharp drop in profit left France’s Carrefour supermarket group diving around six percent in Paris, while industrial giant Schneider Electric gained six percent on strong results. Shares in British Gas owner Centrica soared eight percent, topping London’s FTSE 100 index, after it announced additional share buybacks and plans to embark on greater investment. Elsewhere in London, Lloyds Banking Group rose over four percent as investors shrugged off its profit drop. In Frankfurt, Mercedes-Benz receded two percent after it announced that 2024 profits plunged by almost a third amid a slump in China and weak electric car sales. – Key figures around 1100 GMT -London – FTSE 100: DOWN 0.2 percent at 8,695.86Paris – CAC 40: UP 0.6 percent at 8,158.04Frankfurt – DAX: UP 0.5 percent at 22,548.00Tokyo – Nikkei 225: DOWN 1.2 percent at 38,678.04 (close) Hong Kong – Hang Seng Index: DOWN 1.6 percent at 22,576.98 (close)Shanghai – Composite: FLAT at 3,350.78 (close)New York – Dow: UP 0.2 percent at 44,627.59 (close)Euro/dollar: UP at $1.0443 from $1.0428 on WednesdayPound/dollar: UP at $1.2615 from $1.2582Dollar/yen: DOWN at 150.06 from 151.40 yenEuro/pound: DOWN at 82.79 pence from 82.81 pence West Texas Intermediate: UP 0.3 percent at $72.28 per barrelBrent North Sea Crude: DOWN 0.4 percent at $75.75 per barrel

US President Donald Trump suggested on Wednesday that a trade deal was “possible” with China — a key target in the US leader’s tariffs policy.In 2020, the United States had already agreed to “a great trade deal with China” and a new deal was “possible,” Trump told reporters aboard Air Force One.Asked about the comments, Beijing’s foreign ministry said Thursday the two countries should handle trade tensions with “mutual respect.”One month into his second term in office, Trump has threatened sweeping tariffs on allies and adversaries alike — targeting China as well as neighbors Canada and Mexico, and the European Union — and using levies as his main policy tool for lowering the massive US trade deficit. At the beginning of February, he slapped additional customs duties of 10 percent on all products imported from China.Beijing’s foreign ministry said Thursday that China and the United States “should resolve their concerns through dialogue and consultation based on equality and mutual respect.””Trade and tariff wars have no winners and only serve to damage the interests of people all over the world,” ministry spokesman Guo Jiakun said at a regular press briefing.At a separate news conference, China’s commerce ministry said Beijing “urges the US side not to wield the big stick of tariffs at every turn, using tariffs as a tool to engage in coercion all around.”Trump is also threatening to impose 25 percent tariffs on all imported cars, and similar or higher duties on pharmaceuticals and semiconductors as he turns up the heat on some of the biggest US trading partners. He also told journalists aboard Air Force One on Wednesday that his administration was considering lumber tariffs of “maybe 25 percent” in the coming months.The president initially announced tariffs of 25 percent on all Canadian and Mexican imports, before U-turning hours before they were due to come into effect, granting a one-month reprieve in principle until March 1.And he signed executive orders last week imposing new 25 percent tariffs on steel and aluminum imports, due to come into effect on March 12.- Exemptions requested -Experts have warned it is often Americans who pay the costs of tariffs on US imports — not the foreign exporter.Between Washington and Beijing, “there’s a little bit of competitiveness, but the relationship I have with President Xi (Jinping) is, I would say, a great one,” Trump told reporters on Wednesday.In addition to the leaders of France and Britain, Trump said Xi would also eventually be coming to Washington to meet with him.Beijing has responded to the US tariffs with customs duties of 15 percent on coal and liquefied natural gas and 10 percent on oil and other goods, such as agricultural machinery and vehicles.China is the country with the largest trade surplus with the United States in goods — $295.4 billion in 2024, according to the Bureau of Economic Analysis, which reports to the US Department of Commerce. US ally Japan last week said it had asked the United States to be exempt from Trump’s tariffs on steel and aluminum exports, and has underlined the importance of its auto industry.Tokyo’s trade minister is arranging a visit to the United States in the coming weeks to further push for exemptions, Japanese media reported Thursday.Yoji Muto was expected to meet US officials including new commerce secretary Howard Lutnick before March 12, when the 25 percent tariffs on steel and aluminum imports were set to come into effect, Kyodo News said.Trump’s latest remarks on tariffs came as the European Union’s trade chief vowed Wednesday that the bloc would respond “firmly and swiftly” to protect its interests if Washington imposes tariffs on EU goods.Maros Sefcovic rejected Trump’s claim that US-EU trade ties were unfair, calling them the “very definition of a win-win partnership.”But he signaled the EU’s willingness for dealmaking, such as the possibility of reducing or eliminating tariffs on autos and other products.”If we are going to talk about lowering the tariffs, even eliminating the tariffs, let’s say for industrial products, this would be something which we are ready to discuss,” he said.Within the 27-nation EU, Germany has by far the largest trade surplus with the United States, largely thanks to its automobile industry and chemical giants such as Bayer and BASF, according to the European statistics agency, Eurostat. burs-mjw/sco/fox

Equity markets turned negative on Thursday and gold hit a record high amid Federal Reserve concerns that US President Donald Trump’s tariffs and immigration measures could reignite inflation.The losses come despite a second-straight record close on Wall Street and follow a recent rally as traders have rolled with the president’s latest tariff salvos, betting that they are being used as negotiating tactics.Minutes from the US central bank’s January meeting suggested officials were not likely to cut interest rates any time soon — having reduced them at three successive meetings — citing worries about the impact of Trump’s policies.Decision makers expected that “under appropriate monetary policy, inflation would continue to move toward (their target of) two percent, although progress could remain uneven”, the minutes said.But without referring to Trump by name, the minutes said policymakers raised concerns that “the effects of potential changes in trade and immigration policy” could complicate the disinflation process.The remarks come after a number of economists warned that the Republican’s pledge to ramp up tariffs on trade partners while slashing taxes, regulations and immigration could fan inflation.Traders see a roughly 80 percent likelihood the Fed will make no more than two quarter-point cuts this year, according to CME Group. The minutes also revealed that officials were mindful that the debt ceiling needed to be lifted to prevent the country from defaulting on its obligations, which could deal a hefty blow to the global economy.The government hit its limit in January but the Treasury has managed to keep things ticking over by using so-called extraordinary measures.”The overall tone of the meeting minutes was unsurprising, considering that Fed chair Jerome Powell had said on no less than five separate occasions during the January press conference that the committee did not need to be ‘in a hurry’ to make further adjustments to policy rates,” said Ryan Wang, US economist at HSBC.- Strong yen -While all three main indexes in New York rose, with the S&P 500 at another all-time peak, Asia stumbled.Hong Kong, which has climbed around 15 percent so far this year, dropped more than one percent as the China tech surge came to an end.Tokyo was weighed down by a stronger yen, which briefly broke below 150 per dollar as the Bank of Japan eyes more interest rate hikes, while Sydney, Seoul, Wellington, Taipei, Mumbai, Bangkok, Singapore and Manila also retreated. Shanghai was given a fillip and pared early losses to end flat after Trump suggested on Wednesday that a trade deal with China was “possible”.He also told journalists aboard Air Force One on Wednesday that he was considering lumber tariffs of “maybe 25 percent” in the coming months.London opened lower, although Paris and Frankfurt rose.And gold hit a record above $2,954 as investors rushed into the safe-haven commodity, which is sought out in times of uncertainty and as central banks stock up.Dealers are keeping a nervous eye on developments in Europe after Brussels and Kyiv were excluded from the first high-level talks between the United States and Russia since the start of the war in Ukraine.Trump also raised eyebrows by calling Ukrainian leader Volodymyr Zelensky a “dictator” on Wednesday, widening a personal rift with major implications for efforts to end the conflict triggered by Russia’s invasion three years ago.The United States has provided essential funding and arms to Ukraine but Trump made an abrupt policy shift by opening talks with Moscow just weeks after he returned to the White House.”A Dictator without Elections, Zelenskyy better move fast or he is not going to have a Country left,” Trump wrote on his Truth Social platform.Zelensky was elected in 2019 for a five-year term and has remained leader under martial law imposed as his country fights for its survival.- Key figures around 0815 GMT -Tokyo – Nikkei 225: DOWN 1.2 percent at 38,678.04 (close) Hong Kong – Hang Seng Index: DOWN 1.6 percent at 22,576.98 (close)Shanghai – Composite: FLAT at 3,350.78 (close)London – FTSE 100: DOWN 0.3 percent at 8,690.64Euro/dollar: UP at $1.0440 from $1.0428 on WednesdayPound/dollar: UP at $1.2600 from $1.2582Dollar/yen: DOWN at 150.10 from 151.40 yenEuro/pound: DOWN at 82.80 pence from 82.81 pence West Texas Intermediate: DOWN 0.4 percent at $71.95 per barrelBrent North Sea Crude: UP 0.3 percent at $76.25 per barrelNew York – Dow: UP 0.2 percent at 44,627.59 (close)

Vietnam approved plans on Wednesday for a multi-billion-dollar railway with China, boosting links between the two communist countries.Around the region, China has been financing railways under its Belt and Road Initiative, which funds infrastructure projects globally, but has come under fire with a number of plans stalled or mired in controversy. Here are some of the key instalments in Asia’s China-backed railway network:Indonesia: Southeast Asia firstIndonesia launched Southeast Asia’s first high-speed railway in October 2023, after years of delays.The $7 billion China-backed project links the capital Jakarta to the city of Bandung in 45 minutes — slashing the journey by about two hours.Built by a joint venture of four Indonesian state companies and Beijing’s China Railway International Co, it was initially set to cost less than $5 billion and be completed by 2019. But construction challenges and the pandemic led to delays and surging expenses.Indonesia’s then-president Joko Widodo nevertheless hailed its opening as a symbol of modernisation.Laos: on the moveLaos unveiled its $6 billion Chinese-built railroad in 2021, bringing hopes of an economic boost despite backlash after thousands of farmers had to be evicted to make way for construction.The 414-kilometre (260-mile) route connects the Chinese city of Kunming to Laotian capital Vientiane, with plans for the high-speed line to ultimately reach Singapore.Infrastructure-poor Laos, a reclusive communist country of about 7.4 million people, previously had only four kilometres of railway tracks.It was hoped that the railway would boost the Southeast Asian country’s ailing tourism industry, which struggled to rebound from the pandemic.But experts also raised concerns over whether cash-strapped Laos — where public debt made up 116 percent of GDP in 2023 — would ever be able to pay back Beijing.Thailand: full steam aheadAfter long delays, Thailand is pressing ahead with a Chinese-backed high-speed line set to partially open in 2028.The $5.4 billion project aims to expand the connection to Kunming, running to Bangkok via Laos by 2032.Thailand already has nearly 5,000 kilometres (3,000 miles) of railway but the sluggish, run-down network has long driven people to favour road travel — despite extremely high accident rates.When the new railroad is fully complete, Chinese-made trains will run from Bangkok to Nong Khai, on the border with Laos, at up to 250 km/h.Unlike Laos, Thailand signed a deal to cover project expenditures itself and has pitched it as a way to boost the economy through trade with China.China-Kyrgyzstan-Uzbekistan: bridge to EuropeKyrgyz President Sadyr Japarov inaugurated construction in December of a railway linking China, Kyrgyzstan and Uzbekistan, with hopes it will serve as a supply route to Europe.”This route will ensure supply of goods from  China to Kyrgyzstan and then onto Central Asia” and nearby countries “including Turkey” and “even to the European Union”, he said.The project, which Kyrgyz authorities estimate could cost up to $8 billion, includes construction through mountains and in areas of permafrost, where the ground never fully thaws.Vietnam: link to manufacturing hubsVietnam this week approved an $8-billion railroad running from its largest northern port city to China.The line will operate through some of Vietnam’s key manufacturing hubs, home to Samsung, Foxconn and Pegatron factories, many of which rely on components from China.Another yet-to-be-approved line to China would connect Hanoi to Lang Son province, travelling through more areas packed with manufacturing facilities.Malaysia: back on trackMalaysia has revived construction of a nearly $17 billion railroad to carry passengers and freight between shipping ports on its east and west coasts.The China-backed, 665-kilometre project was originally launched in 2011 under ex-leader Najib Razak, but shelved due to a dispute about payments.After blowing past several deadlines and budgets, it now looks set to be operational by 2027.Pakistan, Myanmar, Philippines: stalledIn Pakistan, a railway linking southwestern Gwadar Port with China’s northwestern Xinjiang province has long been on the cards but has yet to materialise.If the project moves ahead, a 2023 Chinese study estimated an eyewatering price tag of $58 billion.In coup-hit Myanmar, talks on building a railway from Mandalay to China’s Yunnan province appear to have stalled. And in the Philippines, plans for China to fund three railways flopped after Manila backed out of talks in 2023 as the South China Sea dispute heated up. burs-jug/cms/lb

Japan’s trade minister is arranging a visit to the United States in coming weeks to seek exemptions from President Donald Trump’s tariffs, local media said Thursday.This month Trump said he was “simplifying our tariffs on steel and aluminum” as he signed off on a fresh round of import duties, which take effect on March 12.”It’s 25 percent without exceptions or exemptions,” he said in the Oval Office at the time.This week Trump also warned he will impose tariffs “in the neighbourhood of 25 percent” on auto imports, and a similar amount or higher on semiconductors and pharmaceuticals.Vehicles represented 28 percent of all Japan’s exports to the United States last year.Economy, Trade and Industry Minister Yoji Muto is seeking to make his US trip before March 12, the Asahi newspaper and Kyodo News reported, citing unnamed government sources.The trade ministry told AFP that no official announcement had been made.Muto was arranging meetings with new US Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright, and others, the Asahi said.He hopes to highlight Japan’s contribution to the US economy, including investments and liquified natural gas imports, it added.Last week, Japanese Foreign Minister Takeshi Iwaya reportedly said he had asked his US counterpart Marco Rubio to exempt Japan from the steel and aluminum tariffs.Muto’s meetings, if realised, may also touch on the blocked acquisition of US Steel by Nippon Steel, the Asahi said.Trump recently said Nippon Steel would “invest” in US Steel instead.