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Hong Kong’s leader outlined plans Wednesday to diversify the city’s economy and accelerate growth, including fast-tracking an ambitious border development project and establishing the artificial intelligence sector as a “core industry”.In his annual policy speech, Chief Executive John Lee reaffirmed a growth forecast of two to three percent for the year.His announcements come as the global financial hub — which beat estimates to grow by 3.1 percent in the second quarter — navigates volatile trade tensions between Washington and Beijing and a dampened economic climate in mainland China.Hong Kong was “moving through an irreversible economic transition, but it is an essential process for a stronger and more robust economy in the future”, Lee said in a nearly three-hour address, stating his “ultimate objective” was to improve citizens’ livelihoods.Central to his plan is accelerating the development of the Northern Metropolis, a mega-project aimed at urbanising land near the border with tech hub Shenzhen in mainland China.Lee said he would personally lead a new task force and introduce dedicated legislation to “fast-track” the initiative.To reduce costs and construction time, Lee pledged to adopt building technologies from China and overseas. The Northern Metropolis, first proposed in 2021, is envisioned to eventually cover a third of Hong Kong’s total land area. Activists and locals have raised concerns over its potential environmental impact as well as the strain it will put on the city’s public finances.- AI as ‘core industry’ -Hong Kong’s capital market has rebounded strongly this year, with dozens of companies from China piling into the city to raise overseas capital due to policy support from the Chinese government and optimised listing rules by Hong Kong regulators.On Wednesday, Lee said the city’s authorities would set up a task group to attract more Chinese enterprises to use the city for expanding their overseas businesses.Lee also vowed to promote artificial intelligence as a “core industry”, and to use the technology to improve governance efficiency.His administration has earmarked HK$1 billion to establish an AI research hub, he said, and will tender a 10-hectare site for a data centre cluster. Other measures announced Wednesday included plans to increase quotas for non-local students at the city’s public universities, and the establishment of gold storage facilities to solidify the city’s role as a “regional gold reserve hub”.

Hong Kong’s leader outlined plans Wednesday to diversify the city’s economy and accelerate growth, including fast-tracking an ambitious border development project and establishing the artificial intelligence sector as a “core industry”.In his annual policy speech, Chief Executive John Lee reaffirmed a growth forecast of two to three percent for the year.His announcements come as the global financial hub — which beat estimates to grow by 3.1 percent in the second quarter — navigates volatile trade tensions between Washington and Beijing and a dampened economic climate in mainland China.Hong Kong was “moving through an irreversible economic transition, but it is an essential process for a stronger and more robust economy in the future”, Lee said in a nearly three-hour address, stating his “ultimate objective” was to improve citizens’ livelihoods.Central to his plan is accelerating the development of the Northern Metropolis, a mega-project aimed at urbanising land near the border with tech hub Shenzhen in mainland China.Lee said he would personally lead a new task force and introduce dedicated legislation to “fast-track” the initiative.To reduce costs and construction time, Lee pledged to adopt building technologies from China and overseas. The Northern Metropolis, first proposed in 2021, is envisioned to eventually cover a third of Hong Kong’s total land area. Activists and locals have raised concerns over its potential environmental impact as well as the strain it will put on the city’s public finances.- AI as ‘core industry’ -Hong Kong’s capital market has rebounded strongly this year, with dozens of companies from China piling into the city to raise overseas capital due to policy support from the Chinese government and optimised listing rules by Hong Kong regulators.On Wednesday, Lee said the city’s authorities would set up a task group to attract more Chinese enterprises to use the city for expanding their overseas businesses.Lee also vowed to promote AI as a “core industry”, saying the government would also use the technology to improve governance efficiency. The government plans to establish an AI research hub, tender a 10-hectare site for a data centre cluster, and use AI to improve its own governance efficiency.Hong Kong will also establish gold storage facilities to solidify the city’s role as a “regional gold reserve hub”, he added.

India’s ban on online gambling has shuttered a billion-dollar industry serving hundreds of millions of people and torpedoed the sponsorship of the national cricket team.But players say those determined to bet will find a way to access overseas and unregulated websites while fans of fantasy sport apps can still play, although for prizes and not cash.Adarsh Sharma, an advertising professional who regularly played fantasy sports games, said offshore sites will “see a sudden boom” as Indian gamblers look for a fix.”A habit once formed cannot be broken easily,” he said. “It is an addiction and people will find ways to gamble.”India’s parliament last month passed a sweeping law banning online gambling after government figures showed companies had stripped $2.3 billion annually from 450 million people.Officials said the rapid spread of the platforms caused widespread financial distress, addiction and suicide, while also being linked to fraud, money laundering and financing terrorism.The law has been challenged in court by a top online card games platform.The ban impacts websites and apps for card games and fantasy sports — including India’s wildly popular fantasy cricket — with offenders now facing up to five years in prison.India’s online gamblers will have to use virtual private networks (VPNs) to trick overseas websites into thinking they are not in the country, and also use proxy credit cards for placing a bet.The whole process may seem too cumbersome for an average internet user, but gamblers know how to dodge the rules.”We have done this before and will do it again,” one fan told AFP, asking not to be named. “We will go back to our old ways of making money.”- ‘Love of cricket’ -Technology minister Ashwini Vaishnaw said the law separates still-legal eSports “from betting, gambling and fantasy money games that exploit users with false promises of profit”.Dream11 — which boasts of being the world’s largest fantasy sports platform, with 260 million users — posted notices that “cash games and contests have been discontinued”.It now offers prizes such as cars, phones and fridges instead.Dream11 also pulled out of a $43 million deal with the Board of Control for Cricket in India (BCCI), with its logo no longer splashed on the jerseys of the Indian players.Jamshed Noor, a butcher in the capital Delhi, said his top win had been 600 rupees (about $7), a day’s wage for a labourer.”We play it for the love of cricket,” said Noor. “Money was definitely an attraction, but I still play, despite money being off the table now.”The law will also shake up the wider sporting industry, including the hugely lucrative Indian Premier League (IPL) cricket competition.”Fantasy platforms are the most aggressive advertisers in IPL and world cricket,” Karan Taurani from Elara Capital said, adding that they would now likely explore the overseas market.Santosh N, of D and P Advisory, estimated that fantasy sports and crypto platforms accounted for up to 40 percent of the advertisement IPL broadcasters earned this year.”The fantasy guys will obviously reduce their ad spends because their business model is at stake — or actually destroyed due to the ban,” Santosh told AFP.That will impact the revenue of the broadcasters, meaning less cash for the league.”When the time comes for the BCCI to renew media rights in 2027, it could very well see a lower renewal premium because broadcasters can’t afford to pay that much anymore,” he said.

Singapore’s exports slid again in August according to official figures out Wednesday, as shipments to its biggest markets — the US and China — keep dropping.Relations between the world’s two biggest economies have been wracked by trade tensions that saw them impose tit-for-tat tariffs on each other, wreaking havoc on global supply chains.As Southeast Asia’s second-biggest economy, Singapore depends heavily on trade, making it particularly exposed to global slowdowns — even though it only faces a 10 percent baseline tariff from US President Donald Trump’s measures.Singapore’s non-oil domestic exports shrank by 11.3 percent August 2025, faster than the revised 4.7 percent fall in July 2025, the government’s Enterprise Singapore body said.Exports to the United States tumbled nearly 29 percent in August, extending a 42.8 percent decline in July, with sharp falls in both electronic and non-electronic shipments.Exports of food preparations such as sauces to the US fell by 97.1 percent, while specialised machinery shipments plunged by 71.3 percent and disk media products tanked by 60 percent.Exports to China shrank by 21.5 percent, steeper than the 12.3 percent decrease in July, with shipments of specialised machinery falling by nearly 42 percent and integrated circuits shrinking by 36.8 percent.Exports to China of non-monetary gold, or gold used for industrial purposes, plunged by 96.1 percent.The decline in Singapore’s August exports “reflected a range of factors, notably the disruption to world trade and export supply chains caused by steep new US tariff measures,” Rajiv Biswas, chief executive of risk analytics firm Asia Pacific Economics, told AFP.China’s softer economic growth and weaker retail sales in the third quarter of this year were reflected in the country importing less from Singapore, Biswas added.Singapore last month raised its 2025 economic growth forecast to 1.5 – 2.5 percent, from zero – 2.0 percent, but warned the outlook for the rest of the year remains clouded by global uncertainty, in part due to US tariffs.

European firms still face challenges in securing access to crucial rare earths from China, a business lobby warned Wednesday, despite a July deal to speed up exports.China dominates the global industry for extracting and refining the strategic minerals, giving it vital leverage in a renewed trade war this year with Washington.Since April, Beijing has required licences for certain exports, sending ripple effects across worldwide manufacturing sectors.Following a tense summit in July hosted by Beijing, European Union chief Ursula von der Leyen said that leaders had agreed to an improved mechanism for Chinese exports of rare earth minerals to the bloc.But in its annual position paper released Wednesday, the European Union Chamber of Commerce in China said that “many companies — particularly small and medium-sized enterprises (SMEs) — are still experiencing significant supply chain disruptions”.”No long-term, sustainable solution has been put forward,” it said, adding that the Chamber is in “regular contact” with Chinese authorities on the matter.”We have a number of members who are right now suffering significant losses because of these bottlenecks,” Chamber president Jens Eskelund told journalists.”We have raised with our members more than 140 applications and it’s a fraction of these so far that have been resolved,” he said.”So this has not gone away.”In its latest publication, the lobby representing over 1,600 member companies put forward 1,141 recommendations to Chinese policymakers, aimed at smoothing over various obstacles faced by European firms in the country.Chief among those hurdles this year, Eskelund said, is a wavering Chinese economy that has struggled to mount a robust rebound since the end of the Covid-19 pandemic.Sluggish consumption, a manufacturing glut and prolonged woes in the country’s vast property sector are among the main challenges now vexing Beijing policymakers and businesses.In a sign of entrenched woes facing the world’s second-largest economy, data released this week showed factory output and consumption rising in August at their weakest pace in around a year. “I actually see a greater convergence in terms of the challenges Chinese companies have and the challenges foreign companies have,” said Eskelund.”The big enemy here — that’s the state of the domestic economy and supply-demand balance,” he said.”I think we see completely eye-to-eye with the vast majority of Chinese companies.”

US President Donald Trump on Tuesday extended a delay on enforcing a ban against TikTok until December 16, marking the fourth postponement of a law designed to force the app’s sale from its Chinese owner.The announcement, made through an executive order, came despite Trump telling reporters earlier Tuesday that the United States and China had reached a deal over a new ownership structure for the US business of the hugely popular video-sharing app.The extension follows previous delays issued in January, April and June as the administration navigates the complex legal and national security implications surrounding TikTok’s operations in the United States.The latest delay was set to expire on Wednesday, which would have enabled a US law signed in 2024 by then-president Joe Biden to force the closure of TikTok in the United States because of its Chinese ownership.The legislation was designed to address national security concerns over TikTok’s Chinese parent company ByteDance and its potential ties to the Chinese government.But Trump, whose 2024 election campaign relied heavily on social media and who has said he is fond of TikTok, put the ban on pause.The app has faced scrutiny from US officials who worry about data collection and content manipulation. TikTok has repeatedly denied sharing user data with Chinese authorities and has challenged various restrictions in federal court.”We have a deal on TikTok; I’ve reached a deal with China. I’m going to speak to President Xi (Jinping) on Friday to confirm everything,” Trump told reporters on Tuesday as he left the White House for a state visit to Britain.”We have a group of very big companies that want to buy it,” Trump said, adding that he would “hate to see value like that thrown out the window.”China also confirmed what both sides on Monday called the “framework” of a deal that would be finalized in the phone call between the two leaders.TikTok boasts almost two billion global users.According to the Wall Street Journal, under the new arrangement, TikTok’s US business would be controlled by an investor consortium including cloud giant Oracle and venture capital firm Andreessen Horowitz, with the Chinese owners keeping less than 20 percent of the US business, in accordance with the law.Both companies have very close ties to the Trump White House, and Oracle already plays a major role in TikTok’s US infrastructure.Parent company ByteDance’s existing US investors, including Susquehanna International, KKR and General Atlantic, would be part of the group owning roughly 80 percent of the new company.One of the major questions is the fate of TikTok’s powerful algorithm that helped the app become one of the world’s most popular sources of online entertainment.The preliminary deal was negotiated over two days of talks in Madrid between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng.Under the executive order, the US Justice Department is prohibited from taking enforcement action not only during the extended period, but also retroactively for any conduct that occurred since the ban was originally set to come into force — on January 19, 2025 — the day before Trump’s inauguration.

Wall Street stocks ended lower on Tuesday while the dollar slid as the US Federal Reserve began a two-day meeting at which it is expected to cut interest rates.The S&P 500 and Nasdaq Composite rose to fresh record highs as trading got underway in New York, but equities soon slid into the red, with all three major indices finishing modestly lower.”It’s just kind of a wait-and-see move in front of the (Fed) decision so not a lot of conviction behind today’s trade,” said Briefing.com analyst Patrick O’HareThe US central bank is overwhelmingly expected to cut interest rates Wednesday for the first time in 2025, but markets are unsure what the Fed will signal about the likelihood of further cuts.Analysts see the recent string of US equity market records as the result of hopes that the US central bank will follow Wednesday’s interest rate cut with additional cuts in the months ahead in light of weakening labor market data.The rise in stocks, particularly in tech shares, has provoked some concern about them having become overvalued, but City Index and FOREX.com analyst Fawad Razaqzada said investors have largely shrugged off these worries.”So, it looks like investors are taking no chances ahead of the FOMC meeting, choosing to take profit on what has been another amazing bull run for technology stocks,” he said, referring to the Fed committee that sets interest rates.Data released on Tuesday showed retail sales in the United States rose more than analysts expected in August, even as the effects of President Donald Trump’s tariffs ripple through the US economy.Overall sales jumped by 0.6 percent on a month-on-month basis in August, beating expectations of a 0.2-percent gain, showing US consumers are not holding back despite the softening jobs market.The dollar dropped against main rivals on Tuesday, with markets pricing in a Fed cut Wednesday and a string of additional rate cuts over the next year or so.”The US Dollar is breaking down ahead of the widely-expected rate cut from the (Fed) at tomorrow’s meeting,” said a note from Forex.com’s James Stanley. “The bigger question is whether the Fed will echo the dovish expectation built in by markets.”The British pound firmed versus the dollar, with analysts increasingly expecting the Bank of England to maintain its key interest rate on Thursday and for the remainder of 2025.Official data on Tuesday showed UK unemployment remaining at a four-year high of 4.7 percent amid stubbornly high British inflation.European stock markets fell on Tuesday following a steady showing by Asia’s main indices.Shares in Germany’s Thyssenkrupp rose around eight percent in Frankfurt after India’s Jindal Steel International made an offer for the company’s steel division.- Key figures at around 2105 GMT -New York – Dow: DOWN 0.3 percent at 45,757.90 (close)New York – S&P 500: DOWN 0.1 percent at 6,606.76 (close)New York – Nasdaq Composite: DOWN 0.1 percent at 22,333.96 (close)London – FTSE 100: DOWN 0.9 percent at 9,195.66 (close) Paris – CAC 40: DOWN 1.0 percent at 7,818.22 (close)Frankfurt – DAX: DOWN 1.8 percent at 23,329.24 (close)Tokyo – Nikkei 225: UP 0.3 percent at 44,902.27 (close)Hong Kong – Hang Seng Index: FLAT at 26,438.51 (close)Shanghai – Composite: FLAT at 3,861.87 (close)Euro/dollar: UP at $1.1868 from $1.1761 on MondayPound/dollar: UP at $1.3657 from $1.3599Dollar/yen: DOWN at 146.49 yen from 147.40 yenEuro/pound: UP at 86.87 pence from 86.48 penceBrent North Sea Crude: UP 1.5 percent at $68.47 per barrelWest Texas Intermediate: UP 1.9 percent at $64.52 per barrelburs-jmb/des

India’s Jindal Steel International has made an offer for Thyssenkrupp’s steel division, the German company said Tuesday, in what would be a mega-deal for the struggling industrial titan. Once a symbol of German manufacturing might, Thyssenkrupp has fallen into crisis in recent years as it battles high manufacturing costs at home and fierce competition from Asian rivals, particularly in the traditional steel business.The sprawling conglomerate — whose businesses range from auto parts to submarine-making — has long been seeking to get rid of the loss-making steel unit which is in the midst of a painful restructuring.It confirmed in a statement that it had received a “non-binding” offer from Jindal Steel International for the purchase of Thyssenkrupp Steel Europe (TKSE).The group said it would “carefully review” the offer and pay “particular attention” to what it would mean for jobs.Jindal said it was “committed” to the production of green steel, which has been a key focus for Thyssenkrupp in recent years. Neither side mentioned a possible purchase price for the steel business, but the news sent the conglomerate’s shares up almost eight percent in Frankfurt. Juergen Kerner, workers’ representative on the Thyssenkrupp board, said the offer from “growth-oriented” Jindal Steel was “good news” for employees.”Jindal Steel has its own access to raw materials and expertise in the green transformation,” he said, adding it was important to enter into discussions quickly to “gain clarity” on important questions.The steel unit had announced in November last year it would seek to cut 11,000 jobs by 2030 — about 40 percent of its workforce. The Indian offer however sets up a potential battle with Czech billionaire Daniel Kretinsky, who last year acquired a stake in TKSE through his holding company EPCG.- Green steel -Thyssenkrupp has been seeking to navigate the long-term costs of the green transition.CEO Miguel Lopez warned in March that a new site in the western city of Duisburg, which forms the heart of its steel operations, designed to produce carbon-neutral steel might not be profitable.In a statement, Jindal Steel said it was committed to making green steel at the same time as turning a profit.”We believe in the future of green steel production in Germany and Europe,” said Narendra Misra, head of European Operations at Jindal. “Our goal is to preserve and advance the 200-year-old heritage of Thyssenkrupp.”Jindal said it would invest in further green steel production and make Thyssenkrupp “the largest low-emission steel producer in Europe,” adding that it already had a similar site in Oman which is due to start production in 2027.A spokesman for Kretinsky’s EPCG declined to comment on the Indian offer.Previously Thyssenkrupp has said discussions were ongoing with the Czech billionaire about “an equal 50/50 joint venture”.Offloading the steel business is part of a broader plan to split Thyssenkrupp into a series of standalone businesses with the aim of boosting profitability.

Wall Street stocks hit fresh record highs on Tuesday as the US Federal Reserve prepared to meet, while the dollar slid.The Fed’s two-day gathering is widely expected to conclude on Wednesday with the central bank agreeing to trim borrowing costs, with policymakers trying to shore up the world’s biggest economy.The dollar dropped against main rivals on Tuesday as lower interest rates make the greenback less attractive to investors, while safe haven gold hit yet another record high.”The Fed’s focus appears to have shelved inflation concerns for now, instead concentrating on a stalling (US) jobs market, which should lead to a 0.25-percent cut,” noted Richard Hunter, head of markets at Interactive Investor.Data released on Tuesday showed retail sales in the United States rose more than analysts expected in August, even as the effects of President Donald Trump’s tariffs ripple through the US economy.Overall sales jumped by 0.6 percent on a month-on-month basis in August, beating expectations of a 0.2-percent gain, showing US consumers are not holding back despite the softening jobs market.Separate data showed US non-fuel import prices rose by 0.4 percent in August, following no gain in July.”Today’s data won’t change the market’s expectation that the Fed will vote tomorrow to cut the target range for the fed funds rate by 25 basis points to 4.00-4.25 percent, but it will presumably temper calls for a 50-basis-point cut,” said Briefing.com analyst Patrick O’Hare.Wall Street’s S&P 500 and Nasdaq indices pushed to fresh record highs as trading got underway on Tuesday.Trump announced on Tuesday that the United States and China had reached a deal over TikTok, which Washington says must pass into US-controlled ownership.Trump said he would confirm the deal when he speaks with his Chinese counterpart Xi Jinping on Friday.The Fed meeting takes place with Trump appointee Stephen Miran as a new member of the bank’s rate-setting committee after the Senate narrowly voted to confirm his appointment late on Monday.Meanwhile, a US federal appeals court ruled that Fed Governor Lisa Cook can remain in her position while challenging her ouster from the bank — after Trump sought to fire her.Miran’s appointment comes as the president demands that the Fed cuts borrowing costs and accuses the central bank’s chief, Jerome Powell, of being unfit for the job.Expectations that US rates will be reduced over the next few months and possibly into 2026 continued to weigh on the dollar and pushed up gold to an all-time peak close to $3,700 an ounce.The British pound firmed versus the dollar.Analysts increasingly expect the Bank of England to maintain its key interest rate on Thursday and for the remainder of 2025.Official data on Tuesday showed UK unemployment remaining at a four-year high of 4.7 percent amid stubbornly high British inflation.European stock markets fell on Tuesday following a steady showing by Asia’s main indices.Shares in Germany’s Thyssenkrupp rose around eight percent in Frankfurt after India’s Jindal Steel International made an offer for the company’s steel division.- Key figures at around 1330 GMT -New York – Dow: UP less than 0.1 percent at 45,898.56 pointsNew York – S&P 500: UP 0.1 percent at 6,624.42New York – Nasdaq Composite: 0.2 percent at 22,397.50London – FTSE 100: DOWN 0.6 percent at 9,220.07 Paris – CAC 40: DOWN 0.4 percent at 7,865.57Frankfurt – DAX: DOWN 0.9 percent at 23,531.60Tokyo – Nikkei 225: UP 0.3 percent at 44,902.27 (close)Hong Kong – Hang Seng Index: FLAT at 26,438.51 (close)Shanghai – Composite: FLAT at 3,861.87 (close)Euro/dollar: UP at $1.1823 from $1.1768 on MondayPound/dollar: UP at $1.3657 from $1.3609Dollar/yen: DOWN at 146.87 yen from 147.38 yenEuro/pound: UP at 86.59 pence from 86.47 penceBrent North Sea Crude: UP 1.0 percent at $68.10 per barrelWest Texas Intermediate: UP 1.3 percent at $64.10 per barrelburs-rl/

Nepal is assessing the multi-million dollar damage from last week’s violent protests, when parliament, government offices and a newly opened Hilton Hotel were set ablaze.At least 72 people were killed in two days of anti-corruption protests, with scores more badly injured, according to official figures.”So much has been destroyed,” police spokesman Binod Ghimire told AFP, adding that it would take time to calculate the full extent of the damage, including outside the capital.Nepal’s new interim Prime Minister Sushila Karki, speaking as she began work on Sunday, described the “widespread loss of lives and property”.At the Supreme Court, officials are working under tents outside the charred building, alongside rows of burned-out vehicles, trying to salvage water-soaked documents.AFP photographers who visited the gutted parliament building said entire halls had been reduced to blackened ruins by fires that burned uncontrolled for hours on September 9.The Hotel Association of Nepal reported more than 20 hotels damaged, including the Hilton fire. Others were looted.Losses were estimated at 25 billion Nepali rupees ($177 million), with more than 2,000 workers affected. Damage to the Hilton alone was put as high as $56 million.Tourism is a key employer, the country’s fourth largest, providing jobs to more than 371,000 people, according to government figures, with more than a million visitors every year.Fire also ripped through Singha Durbar, the sprawling palace that housed the prime minister’s office and ministries.The historic building is in ruins, its white pillars streaked black.As well as government offices, police stations were attacked, and courts were burned.”All our records, evidence, files of the Supreme Court have been all destroyed,” Karki said. “Extremely important bodies of the state were targeted and attacked.”- ‘Time and resources’ -More than 12,500 prisoners who escaped during the chaos remain on the run, presenting a major security challenge.Protesters targeted symbols of the ruling elite or the wealthy. They torched the homes of politicians, car showrooms, and private offices.Even media outlets were stormed and set ablaze.The Kantipur Media Group’s building was badly damaged, although the broadcaster has returned to air from a makeshift studio and its newspaper has resumed online.Durga Khanal, 45, from the Department of Roads, said her office had been badly damaged.”I support the change they are striving for, but I cannot agree with the destruction of physical infrastructure,” she said.New minister Kulman Ghising, who has the energy, infrastructure, transport and urban development portfolios, has ordered a rapid damage assessment and a reconstruction roadmap within a week.Nepal’s chambers of commerce and industry federation said it was still collating information.”No type of infrastructure has been spared. The government, private sector, media have all endured losses,” economist Chandra Mani Adhikari told AFP.”It will take a lot of time and resources to recover and rebuild everything.”