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Higher US tariffs came into effect for dozens of economies Thursday, drastically raising the stakes in President Donald Trump’s wide-ranging efforts to reshape global trade.As an executive order signed last week by Trump took effect, US duties rose from 10 percent to levels between 15 percent and 41 percent for a list of trading partners.Many products from economies including the European Union, Japan and South Korea now face a 15-percent tariff, even with deals struck with Washington to avert steeper threatened levies.But others like India face a 25-percent duty — to be doubled in three weeks — while Syria, Myanmar and Laos face staggering levels at either 40 percent or 41 percent.Taking to his Truth Social platform just after midnight, Trump posted: “IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!”The latest tariff wave of “reciprocal” duties, aimed at addressing trade practices Washington deems unfair, broadens the measures Trump has imposed since returning to the presidency.But these higher tariffs do not apply to sector-specific imports that are separately targeted, such as steel, autos, pharmaceuticals and chips. Trump said Wednesday he planned a 100-percent tariff on semiconductors — though Taipei said chipmaking giant TSMC would be exempt as it has US factories. Even so, companies and industry groups warn that the new levies will severely hurt smaller American businesses. Economists caution that they could fuel inflation and weigh on growth in the longer haul.While some experts argue that the effects on prices will be one-off, others believe the jury is still out.With the dust settling on countries’ tariff levels, at least for now, Georgetown University professor Marc Busch expects US businesses to pass along more of the bill to consumers.An earlier 90-day pause in these higher “reciprocal” tariffs gave importers time to stock up, he said.But although the wait-and-see strategy led businesses to absorb more of the tariff burden initially, inventories are depleting and it is unlikely they will do this indefinitely, he told AFP.”With back-to-school shopping just weeks away, this will matter politically,” said Busch, an international trade policy expert.- Devil in the details -The tariff order taking effect Thursday also leaves lingering questions for partners that have negotiated deals with Trump recently.Tokyo and Washington, for example, appear at odds over key details of their tariffs pact, such as when lower levies on Japanese cars will take place.Washington has yet to provide a date for reduced auto tariffs to take effect for Japan, the EU and South Korea. Generally, US auto imports now face a 25-percent duty under a sector-specific order.A White House official told AFP that Japan’s 15-percent tariff stacks atop of existing duties, despite Tokyo’s expectations of some concessions.Meanwhile, the EU continues to seek a carveout from tariffs for its key wine industry.In a recent industry letter addressed to Trump, the US Wine Trade Alliance and others urged the sector’s exclusion from tariffs, saying: “Wine sales account for up to 60 percent of gross margins of full-service restaurants.”- New fronts -Trump is also not letting up in his trade wars.He opened a new front Wednesday by doubling planned duties on Indian goods to 50 percent, citing New Delhi’s continued purchase of Russian oil. But the additional 25-percent duty would take effect in three weeks.Trump’s order for added India duties also threatened penalties on other countries that “directly or indirectly” import Russian oil, a key revenue source for Moscow’s war in Ukraine.Existing exemptions still apply, with pharmaceuticals and smartphones excluded for now.And Trump has separately targeted Brazil over the trial of his right-wing ally, former president Jair Bolsonaro, who is accused of planning a coup.US tariffs on various Brazilian goods surged from 10 percent to 50 percent Wednesday, but broad exemptions including for orange juice and civil aircraft are seen as softening the blow.Still, key products like Brazilian coffee, beef and sugar are hit.Many of Trump’s sweeping tariffs face legal challenges over his use of emergency economic powers, with the cases likely to ultimately reach the US Supreme Court.

PlayStation-maker Sony raised its annual profit forecasts on Thursday, citing strong performance in its key gaming business and a smaller-than-expected negative impact of US trade tariffs.The Japanese electronics and entertainment conglomerate said “user engagement continued its strong momentum” in the video game sector.Its shares surged more than six percent in Tokyo after the announcement.Monthly active users in June and total gameplay hours on PlayStation consoles in the April-June quarter both increased six percent year-on-year, it said.It added that “the situation surrounding the additional US tariffs is still fluid, and we intend to continue to monitor it and take action to minimise its impact”.”The impact of the additional US tariffs on operating income is estimated to be approximately 70 billion yen ($470 million), a decrease of 30 billion yen from the previous forecast.”The company hiked its net profit forecast for the current 2025-26 financial year to 970 billion yen ($6.6 billion), up from the previous estimate of 930 billion yen.But even the higher forecast would not top the record net profit of 1.1 trillion yen that Sony logged in the previous financial year.Atul Goyal, an equity analyst at Jefferies, said ahead of the earnings release that the massively anticipated global release of the game “Grand Theft Auto VI” in May 2026 “could lead to peak game profits” for Sony.GTA VI, which will be released on the PlayStation 5 and Microsoft’s XBox, will be set in Miami-like Vice City and features a playable female protagonist for the first time.The PlayStation 5, which launched in 2020, is entering a “late” stage of the usual lifecycle for a console, Goyal said.”Sony’s outlook hinges on navigating tariff headwinds near-term, leveraging GTA6’s blockbuster potential… and cyclical console risks,” he said.”A sensors spin-off could transform valuation, while music provides steady growth and pictures provides stability.”Music streaming is an important business pillar for Sony, which has an impressive back catalogue and a current roster that includes artists such as Beyonce and Lil Nas X.The Japanese giant, which saw net profit jump 23 percent on-year in this year’s April-June quarter, also raised its operating profit forecast on Thursday.Sony last month said it had bought a strategic 2.5 percent stake in Japanese game franchise giant Bandai Namco, which owns “Gundam” and arcade classic “Pac-Man”, with a view to growing its anime business.With the 68 billion yen transaction, the companies plan “to create new and emotionally moving experiences for fans”, they said in a joint statement.

Asian equities rose Thursday, with big-name chip firms making big gains after Donald Trump said those investing in the United States would be exempted from a threatened 100-percent tariff on semiconductors.The advances built on a strong lead from Wall Street and extended the previous day’s rally fuelled by hopes the Federal Reserve will cut interest rates next month.A day before sweeping tariffs were due to come into effect on dozens of countries, the president said: “we’re going to be putting a very large tariff on chips and semiconductors”.He added that the level would be “100 percent” but did not offer a timetable.However, he said “the good news for companies like Apple is, if you’re building in the United States, or have committed to build… in the United States, there will be no charge”.Stock gains were led by Taiwan’s giant TSMC, which surged almost five percent in early trade, with the island’s National Development Council chief Liu Chin-ching saying the firm was in the clear.”Because Taiwan’s main exporter is TSMC, which has factories in the United States, TSMC is exempt,” he told a briefing in parliament.TSMC, which is ramping up manufacturing in Arizona, has pledged to invest as much as $165 billion in the United States, which the firm said in March was the “largest single foreign direct investment in US history”.Seoul-listed Samsung, which is also pumping billions into the world’s number one economy, rose more than two percent while South Korean rival SK hynix was also up.Apple-linked firms were also helped after the US giant said it will invest an additional $100 billion in the United States, taking its total pledge to $600 billion over the next four years.Foxconn and Pegatron both rose in Taipei.However, Tokyo Electron and Renesas both retreated in Japanese trade.- Tariff talks -“To some degree this outcome would be something of a relief,” said Morgan Stanley analysts.”Yes, 100 percent tariffs are unpalatable but if companies are given time to restore them, the real tax is just the higher cost of building chips in the United States.”Trump’s remarks came hours before his wide-ranging “reciprocal” tariffs are set to kick in against trading partners, and after he doubled his levy on India to 50 percent over its purchase of Russian oil.Fifty percent tolls on Brazilian goods came into place Wednesday, with significant exemptions, after Trump targeted Latin America’s biggest economy over its prosecution of former president Jair Bolsonaro.Investors are keeping tabs on talks between the White House and New Delhi, as well as other countries including Switzerland, which was this week hammered with a 39 percent toll.Asian markets extended their recent run-up and have regained much of last week’s losses sparked by the president’s tariff announcements and weak US jobs data.Tokyo, Hong Kong, Shanghai, Singapore, Seoul and Wellington were all in the green, with Taipei leading the way thanks to the surge in TSMC.The gains followed a strong day on Wall Street, where Apple jumped more than five percent and Amazon piled on four percent.Traders had already been on a buying streak as they grew optimistic that the Fed will cut rates after data last week showing US jobs creation cratered in May, June and July, signalling the economy was weakening. US futures rose Thursday.Oil prices rose after Trump threatened penalties on other countries that “directly or indirectly” import Russian oil, after imposing his extra toll on India.Still, traders are keeping tabs on developments regarding Moscow and its war in Ukraine after the US president said he could meet with Vladimir Putin “very soon” following what he called highly productive talks between his special envoy and the Russian leader.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 0.8 percent at 41,114.68 (break)Hong Kong – Hang Seng Index: UP 0.3 percent at 24,985.53Shanghai – Composite: UP 0.1 percent at 3,636.23Euro/dollar: DOWN at $1.1657 from $1.1659 on WednesdayPound/dollar: DOWN at $1.3355 from $1.3358Dollar/yen: UP at 147.50 yen from 147.38 yenEuro/pound: UP at 87.29 pence from 87.23 penceWest Texas Intermediate: UP 0.9 percent at $64.93 per barrelBrent North Sea Crude: UP 0.9 percent at $67.47 per barrelNew York – Dow: UP 0.2 percent at 44,193.12 (close)London – FTSE 100: UP 0.2 percent at 9,164.31 (close) 

Apple will invest an additional $100 billion in the United States, taking its total pledge to $600 billion over the next four years, US President Donald Trump said Wednesday.Trump announced the increased commitment at the White House alongside the tech giant’s CEO Tim Cook, calling it “the largest investment Apple has made in America.” “Apple will massively increase spending on its domestic supply chain,” Trump added, highlighting a new production facility for the glass used to make iPhone screens in Kentucky.In February, Apple said it would spend more than $500 billion in the United States and hire 20,000 people, with Trump quickly taking credit for the decision. It builds on plans announced in 2021, when the company founded by Steve Jobs said it would invest $430 billion in the country and add 20,000 jobs over the next five years.”This year alone, American manufacturers are on track to make 19 billion chips for Apple in 24 factories across 12 different states,” Cook said in the Oval Office.Trump, who has pushed US companies to shift manufacturing home by slapping tariffs on trading partners, claimed that his administration was to thank for the investment.”This is a significant step toward the ultimate goal of… ensuring that iPhones sold in the United States of America also are made in America,” Trump said. Cook later clarified that, while many iPhone components will be manufactured in the United States, the complete assembly of iPhones will still be conducted overseas.”If you look at the bulk of it, we’re doing a lot of the semiconductors here, we’re doing the glass here, we’re doing the Face ID module here… and we’re doing these for products sold elsewhere in the world,” Cook said.- ‘They’re coming home’ -Trump has repeatedly said he plans to impose a “100 percent” tariff on imported semiconductors, a major export of Taiwan, South Korea, China and Japan. “We’re going to be putting a very large tariff on chips and semiconductors,” he told reporters Wednesday at the White House.Taiwanese giant TSMC — the world’s largest contract maker of chips, which counts Nvidia and Apple among its clients — would be “exempt” from those tariffs as it has factories in the United States, Taipei said Thursday. While he did not offer a timetable for enactment of the new tech levies, on Tuesday he said fresh tariffs on imported pharmaceuticals and semiconductors and chips could be unveiled within the coming week.The US is “going to be very rich and it’s companies like Apple, they’re coming home,” Trump said.Trump specified further that “Apple will help develop and manufacture semiconductors and semiconductor equipment in Texas, Utah, Arizona and New York.” He noted that if tech companies commit to manufacturing their wares in the US, “there will be no charge.”Apple reported a quarterly profit of $23.4 billion in late July, topping forecasts despite facing higher costs due to Trump’s sweeping levies.The tariffs are essentially a tax paid by companies importing goods to the United States. This means Apple is on the hook for tariffs on iPhones and other products or components it brings into the country from abroad.

US President Donald Trump on Wednesday ordered steeper tariffs on Indian goods over New Delhi’s continued purchase of Russian oil, opening a new front in his trade wars hours before another wave of duties takes effect.The additional 25-percent tariff on Indian goods, coming into place in three weeks, stacks atop a separate 25-percent duty entering into force Thursday, taking the level to 50 percent for many products.Trump’s order also threatens penalties on other countries who “directly or indirectly” import Russian oil, a key revenue source for Moscow’s war in Ukraine.Exemptions remain however for goods targeted under sector-specific duties such as steel and aluminum, and categories that could be hit later, like pharmaceuticals and semiconductors.Smartphones are in this list of exempted products for now, shielding Apple from a major hit as the US tech titan shifts production from China to India.India’s foreign ministry condemned Trump’s announcement Wednesday, calling the move “unfair, unjustified and unreasonable.”The ministry previously said India began importing oil from Russia as traditional supplies were diverted to Europe over the war — noting that Washington had “actively encouraged” such imports to strengthen “global energy market stability.”But Trump recently raised pressure on India over the oil purchases, threatening new tariffs as part of a campaign to force Moscow into ending its devastating invasion of Ukraine.India’s national security adviser was in Moscow on Wednesday, media in New Delhi reported, coinciding with US envoy Steve Witkoff’s visit.The 25-percent additional tariff is lower than the 100 percent Trump floated last month when he told Russia to end the war in Ukraine within 50 days or face massive new economic sanctions.The Republican said at the time that these would be “secondary tariffs” targeting Russia’s remaining trade partners, seeking to impede Moscow’s ability to survive already sweeping Western sanctions.”This marks a low point in US-India relations,” said Farwa Aamer, the Asia Society Policy Institute’s director of South Asia Initiatives.She expects domestic pressure for India to accede to US demands, but said “this will be a tough road to navigate.”- Tariff turmoil -Trump has separately taken aim at Brazil over the trial of his right-wing ally, former president Jair Bolsonaro — who is accused of planning a coup.US tariffs on various Brazilian goods surged from 10 percent to 50 percent Wednesday, although broad exemptions including for orange juice and civil aircraft are expected to soften the blow.Brazil took the first formal step Wednesday at the World Trade Organization to begin dispute proceedings against the tariffs, government sources told AFP.And come Thursday, a new wave of tariffs impacting dozens of other economies, from the European Union to Taiwan, is set to kick in.These updated “reciprocal” tariffs, meant to address trade practices Washington deems unfair, go up to 41 percent for Syria.US trading partners face varying increases from a current 10-percent level, starting at 15 percent for economies like the EU, Japan and South Korea.Countries not targeted by these “reciprocal” tariff hikes continue facing a 10-percent levy Trump imposed in April.Trump’s plans have sparked a rush to avert steeper duties, with Switzerland’s President Karin Keller-Sutter hurrying to Washington ahead of the Thursday deadline. It was unclear if she would meet Trump or any top economic officials.While Switzerland’s key pharmaceutical sector has been spared from the incoming 39-percent duty for now, Trump has warned that future pharma tariffs could eventually rise to 250 percent.Many of Trump’s sweeping tariffs also face legal challenges over his use of emergency economic powers, with the cases likely to ultimately reach the Supreme Court.Tokyo’s tariffs envoy Ryosei Akazawa was also in Washington, pressing for clarity on when promised cuts to tariffs on Japan’s auto imports from 25 to 15 percent would take effect.A US official said meanwhile that, unlike for the European Union, tariffs on other Japanese imports would not be capped at 15 percent but that these “reciprocal” levies would be added to existing ones.Japan averted threatened extra tariffs of 25 percent in a deal struck in July, but the two sides appear at odds over key details, including over Japanese investments of $550 billion into the United States.”That’s like a signing bonus that a baseball player would get,” Trump told CNBC on Tuesday. “It’s our money to invest as we like.” 

Wall Street stocks rebounded Wednesday led by Apple and other large tech companies as markets largely shrugged off US President Donald Trump’s latest tariff hikes.Apple piled on more than five percent after White House officials said the tech giant plans an additional $100 billion in capital spending in the United States. Amazon and Google parent Alphabet were among the other large tech names that also rose.Dozens of economies around the world including the European Union and India are set to face higher US tariffs on Thursday, as US President Donald Trump’s long-threatened “reciprocal” duties over trade practices he deems unfair take effect.Trump also on Wednesday ordered an additional 25-percent tariff on Indian goods over New Delhi’s continued purchase of Russian oil, a key revenue source for Moscow’s war in Ukraine.Separate 50-percent US tariffs on Brazilian imports came into place Wednesday, with significant exemptions, after Trump targeted Latin America’s biggest economy over its prosecution of former president Jair Bolsonaro.But Wall Street equities spent most of the day firmly in positive territory. The tech-rich Nasdaq finished up 1.2 percent to 21,169.42, less than 10 points from an all-time record.”This is a market that’s fueled by enthusiasm,” said Jack Ablin of Cresset Capital Management. “Nothing has blown up yet. Perhaps the impact of tariffs won’t be as great as investors originally feared.”Earlier, Europe’s main markets also finished the day with gains.European investors are “in a relatively confident mood following a US-EU trade deal that eases concerns around tomorrow’s tariff headline”, said Joshua Mahony, chief market analyst at Rostro trading group.Markets are “heavily focused on the likes of India and Switzerland,” which have yet to reach a final agreement with Washington, he added.Elsewhere, oil prices gyrated as markets tried to determine the latest Russia developments, with Trump saying late Wednesday that there was a high probability of a summit with his Russian counterpart Vladimir Putin in the near future.Oil prices finished down more than one percent, while the dollar slid against its main rival currencies.In company news, shares in Danish drug giant Novo Nordisk fell 5.4 percent.The group reported a sharp rise in second-quarter net profit, but rising competition is hitting sales of its diabetes and obesity treatments Ozempic and Wegovy in the United States.In London, shares in Swiss mining and commodity giant Glencore shed 4.0 percent after it posted widening first-half losses on falling coal prices, US tariffs and Middle East tensions. Disney fell 2.7 percent as it reported around a doubling of profits to $5.3 billion and announced a series of new deals to boost its upcoming ESPN streaming venture.But McDonald’s jumped 3.0 percent as it reported an 11-percent rise in profits to $2.3 billion. While the fast food giant returned to sales growth at US stores, it warned that low-income consumers were cutting back amid financial pressures.- Key figures at around 2120 GMT -New York – Dow: UP 0.2 percent at 44,193.12 (close)New York – S&P 500: UP 0.7 percent at 6,345.06 (close)New York – Nasdaq Composite: UP 1.2 percent at 21,169.42 (close)London – FTSE 100: UP 0.2 percent at 9,164.31 (close) Paris – CAC 40: UP 0.2 percent at 7,635.03 (close)Frankfurt – DAX: UP 0.3 percent at 23,924.36 (close)Tokyo – Nikkei 225: UP 0.6 percent at 40,794.86 (close)Hong Kong – Hang Seng Index: FLAT at 24,910.63 (close)Shanghai – Composite: UP 0.5 percent at 3,633.99 (close)Euro/dollar: UP at $1.1659 from $1.1575 on TuesdayPound/dollar: UP at $1.3358 from $1.3299Dollar/yen: DOWN at 147.38 yen from 147.62 yenEuro/pound: UP at 87.23 pence from 87.04 penceBrent North Sea Crude: DOWN 1.1 percent at $66.89 per barrelWest Texas Intermediate: DOWN 1.2 percent at $64.35 per barrelburs-jmb/jgc

US President Donald Trump on Wednesday ordered steeper tariffs on Indian goods over New Delhi’s continued purchase of Russian oil, opening a new front in his trade wars hours before another wave of duties takes effect.The additional 25-percent tariff on Indian goods, coming into place in three weeks, stacks atop a separate 25-percent duty entering into force Thursday, taking the level to 50 percent for many products.Trump’s order also threatens penalties on other countries who “directly or indirectly” import Russian oil, a key revenue source for Moscow’s war in Ukraine.Exemptions remain however for goods targeted under sector-specific duties such as steel and aluminum, and categories that could be hit later, like pharmaceuticals and semiconductors.Smartphones are in this list of exempted products for now, shielding Apple from a major hit as the US tech titan shifts production from China to India.India’s foreign ministry condemned Trump’s announcement Wednesday, calling the move “unfair, unjustified and unreasonable.”The ministry previously said India began importing oil from Russia as traditional supplies were diverted to Europe over the war — noting that Washington had “actively encouraged” such imports to strengthen “global energy market stability.”But Trump recently raised pressure on India over the oil purchases, threatening new tariffs as part of a campaign to force Moscow into ending its devastating invasion of Ukraine.India’s national security adviser was in Moscow on Wednesday, media in New Delhi reported, coinciding with US envoy Steve Witkoff’s visit.The 25-percent additional tariff is lower than a 100-percent level Trump floated last month when he told Russia to end the war in Ukraine within 50 days or face massive new economic sanctions.The Republican said at the time that these would be “secondary tariffs” targeting Russia’s remaining trade partners, seeking to impede Moscow’s ability to survive already sweeping Western sanctions.”This marks a low point in US-India relations,” said Farwa Aamer, the Asia Society Policy Institute’s director of South Asia Initiatives.She expects domestic pressure for India to accede to US demands, but said “this will be a tough road to navigate.”- Tariff turmoil -Trump has separately taken aim at Brazil over the trial of his right-wing ally, former president Jair Bolsonaro — who is accused of planning a coup.US tariffs on various Brazilian goods surged from 10 percent to 50 percent Wednesday, although broad exemptions including for orange juice and civil aircraft are expected to soften the blow.Brazil took the first formal step Wednesday at the World Trade Organization to begin dispute proceedings against the tariffs, government sources told AFP.And come Thursday, a new wave of tariffs impacting dozens of other economies, from the European Union to Taiwan, is set to kick in.These updated “reciprocal” tariffs, meant to address trade practices Washington deems unfair, go up to 41 percent for Syria.US trading partners face varying increases from a current 10-percent level, starting at 15 percent for economies like the EU, Japan and South Korea.Countries not targeted by these “reciprocal” tariff hikes continue facing a 10-percent levy Trump imposed in April.Trump’s plans have sparked a rush to avert steeper duties, with Switzerland’s President Karin Keller-Sutter hurrying to Washington ahead of the Thursday deadline. It was unclear if she would meet Trump or any top economic officials.While Switzerland’s key pharmaceutical sector has been spared from the incoming 39-percent duty for now, Trump has warned future pharma tariffs could eventually rise to 250 percent.Mexico’s president said Wednesday that her country will seek to grow trade with Canada, as the North American economies grapple with separate US tariffs from other countries.Many of Trump’s sweeping tariffs also face legal challenges over his use of emergency economic powers, with the cases likely to ultimately reach the Supreme Court.

Hong Kong carrier Cathay Pacific said on Wednesday it would place a US$8.1 billion order for 14 Boeing jets, its first with the US aircraft maker for more than a decade.The airline said in a filing to the city’s stock exchange it would “purchase 14 Boeing 777-9 aircraft” and had “secured the right to acquire up to seven additional Boeing 777-9 aircraft”.The new order expects the aircraft to be delivered by 2034, according to a separate filing.Cathay was one of the first buyers to commit to Boeing’s 777X programme when it unveiled the purchase of 21 aircraft in 2013.Boeing said in a statement the new deal brought the order book of 777-9 aircraft — “the world’s largest twin-engine airplane” — to 35.The jets, designed to reduce fuel use and emissions, would meet Cathay’s growing global travel demand, it said.”Boeing certainly had a troubled period in the recent past, but we are very encouraged by the renewed focus that Boeing leadership has on engineering and production quality,” Cathay’s operations and service delivery officer Alex McGowan told a news conference.Cathay already has a fleet of more than 230 mostly passenger aircraft, consisting of Boeing and Airbus jets.It has agreed to buy more than 100 new aircraft, it said on Wednesday, adding that the new order has brought Cathay’s total investment to $12.7 billion (HK$100 billion).- Stock price slips -Hong Kong’s aviation sector was hit hard by Covid-era policies, which imposed strict rules on travellers that kept it internationally isolated before they were lifted in late 2022.Cathay’s attributable profit in 2024 rose slightly to $1.27 billion and it announced this year that its flights were finally back to pre-pandemic levels.The firm reported on Wednesday that its attributable profit in the first six months of 2025 rose slightly to $465 million (HK$3.65 billion) in the first six months of 2025, benefiting from a pick-up in travel demand in Asia.Total revenue in that period increased 9.5 percent to $6.92 billion.The company also declared an interim dividend of 20 Hong Kong cents per share.Chairman Patrick Healy welcomed a “solid financial performance” in the filing.”Our first-half result was driven by higher passenger volumes albeit with lower yields, a consistent cargo performance, and lower fuel price compared with the same period in 2024,” Healy said.The company’s passenger airlines, including Cathay Pacific and Hong Kong Express, have launched or announced 19 new destinations in 2025, with “more to come”, he said, adding that they now fly to more than 100 passenger destinations.The airline said this month it had resumed direct flights to Brussels after a long break caused by the Covid-19 pandemic.Cathay carried a total of 13.6 million passengers in the first half of this year — an average of 75,300 per day, and up 28 percent from the same period last year.But the firm also saw a drop of 0.6 percent in profit margin for the first half of the year.Cathay’s passenger yields — a measure of value generated by passengers — fell by 12.3 percent, with its low-cost airline HK Express recording a 21.6 percent drop.Wednesday’s results were also dragged down by rising costs, while Healy warned in the filing that HK Express was facing short-term challenges as a pick-up in bookings was “yet to return to normal levels”.He said the firm was “not immune to the various challenges” in the industry.Cathay’s shares in Hong Kong closed down more than 9.6 percent to HK$10.85 on Wednesday.

Stock markets edged higher Wednesday as traders assessed the latest corporate earnings and awaited President Donald Trump’s next wave of tariffs.Trump’s claim that Washington was “very close to a deal” to extend a China tariffs truce provided some optimism.Dozens of economies around the world including the European Union and India are set to face higher US tariffs on Thursday, as Trump’s long-threatened “reciprocal” duties over trade practices he deems unfair take effect.Separate 50 percent US tariffs on Brazilian imports came into place Wednesday, with significant exemptions, after Trump targeted Latin America’s biggest economy over its prosecution of former president Jair Bolsonaro.Oil prices rallied thanks to Trump’s threat to impose higher tariffs on India over its purchase of Russian crude.Kathleen Brooks, research director at trading group XTB, said “decent” corporate results in the United States and Europe were overshadowing concerns about a US economic slowdown and the impact of “Trump’s continuing obsession with tariffs”.Wall Street’s main indices edged higher at the start of trading.Paris rose in early afternoon deals, while Frankfurt was flat after data showed German industrial orders unexpectedly fell in June. London advanced ahead of the Bank of England’s expected decision to cut its key interest rate Thursday. Markets kept an eye on US tariff developments, with several countries still racing to strike deals before Thursday’s levies kick in.European investors are “in a relatively confident mood following a US-EU trade deal that eases concerns around tomorrow’s tariff headline”, said Joshua Mahony, chief market analyst at Rostro trading group.He added that markets are “heavily focused on the likes of India and Switzerland”, which have yet to reach a final agreement with Washington.In a Tuesday interview with CNBC, Trump said he was looking at hitting pharmaceuticals with tolls that eventually reach 250 percent, while semiconductors were also in the firing line. However, he signalled a more positive tone on talks with China, which analysts said helped boost Asian stocks.In company news, shares in Danish drug giant Novo Nordisk fell 3.5 percent.The group reported a sharp rise in second-quarter net profit but rising competition is hitting sales of its diabetes and obesity treatments Ozempic and Wegovy in the United States.In London, shares in Swiss mining and commodity giant Glencore shed 3.7 percent after it posted widening first-half losses on falling coal prices, US tariffs and Middle East tensions. In the United States, Disney lifted its full-year earnings forecast after reporting higher quarterly profits as it added 1.8 million subscribers to its streaming platform.However, investors appeared to focus on a drop in revenue from its linear TV business, with its shares falling four percent as trading got underway in New York.Shares in McDonald’s climbed 1.5 percent after the fast-food chain posted a rebound in sales.- Key figures at around 1330 GMT -New York – Dow: UP 0.2 percent at 44,190.66 pointsNew York – S&P 500: UP 0.2 percent at 6,308.57New York – Nasdaq Composite: UP 0.2 percent at 20,955.22London – FTSE 100: UP 0.3 percent at 9,167.02 Paris – CAC 40: UP 0.2 percent at 7,633.53 Frankfurt – DAX: FLAT at 23,854.85Tokyo – Nikkei 225: UP 0.6 percent at 40,794.86 (close)Hong Kong – Hang Seng Index: FLAT at 24,910.63 (close)Shanghai – Composite: UP 0.5 percent at 3,633.99 (close)Euro/dollar: UP at $1.1625 from $1.1582 on TuesdayPound/dollar: UP at $1.3317 from $1.3294Dollar/yen: DOWN at 147.39 yen from 147.55 yenEuro/pound: UP at 87.30 pence from 87.01 penceBrent North Sea Crude: UP 1.7 percent at $68.78 per barrelWest Texas Intermediate: UP 1.8 percent at $66.78 per barrelburs-rl/lth

Natural disasters caused $135 billion in economic losses globally in the first half of 2025, fuelled by the Los Angeles wildfires, reinsurer Swiss Re said Wednesday.Swiss Re, which serves as an insurer of insurance companies, said first half losses were up from the $123 billion in the first half of 2024.The Zurich-based reinsurance giant estimated that of this year’s first half losses, $80 billion had been insured — almost double the 10-year average, in 2025 prices.The Los Angeles blazes in January constitute the largest-ever insured wildfire loss event by far, reaching an estimated $40 billion, said Swiss Re.It said the “exceptional loss severity” of the fires was down to prolonged winds, a lack of rainfall and “some of the densest concentration of high-value single-family residential property in the US”.Swiss Re said losses from wildfires had risen sharply over the past decade due to rising temperatures, more frequent droughts and changing rainfall patterns — plus greater suburban sprawl and high-value asset concentration.”Most fire losses originate in the US and particularly in California, where expansion in hazardous regions has been high,” it said.Before 2015, wildfire-related insured losses made up around one percent of all natural catastrophe claims, but now account for seven percent.- Hurricane season approaching -Insured losses from severe thunderstorms amounted to $31 billion in the first half of 2025.The second half of the year is usually more costly for insurers due to damage during the North Atlantic hurricane season. If current loss trends continue, global insured losses from natural catastrophes in 2025 could exceed the Swiss Re Institute’s projections of $150 billion. “The strongest lever to increase the resilience and safety of communities is to double down on mitigation and adaptation. It’s here that everyone can help reduce losses before they occur,” said Swiss Re’s group chief economist Jerome Haegeli.”While mitigation and adaptation measures come at a price, our research shows that, for example, flood protection measures such as dykes, dams and flood gates are up to 10 times more cost-effective than rebuilding.”The March earthquake in Myanmar figured among the major natural disasters in the first six months of the year, with the tremors felt in neighbouring Thailand, India, and China.In Thailand alone, insured losses reached $1.5 billion.Overall, while natural disasters caused $135 billion in economic losses in the first half of 2025, man-made disasters — which include industrial accidents — caused another $8 billion in losses, of which $7 billion were insured losses.