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Asian markets rose Monday after big gains on Wall Street, with traders welcoming below-forecast US inflation data that tempered worries that the Federal Reserve will take a more hawkish tone with interest rates next year.A holiday-thinned week got off to a healthy start after last week’s sell-off sparked by the US central bank’s outlook that suggested officials will not lower borrowing costs as much as previously hoped over the next 12 months.Sharp losses in reaction to the forecasts were pared after data showed the personal consumption expenditures (PCE) index, the Fed’s preferred gauge of inflation, came in at 2.4 percent on-year in November.While the reading was up slightly from October, it was lower than expected, providing some optimism that policymakers were winning the battle against prices and would have room to keep cutting rates.The figures led to a pullback in US Treasury bond yields that had jumped last week to their highest levels since May, helped by comments from Chicago Fed chief Austan Goolsbee, who expressed confidence that inflation was returning to the bank’s two percent target.Still, there remains some trepidation among investors as Donald Trump prepares to return to the White House, pledging to cut taxes, slash regulations and impose tariffs on imports, which some economists warn could reignite inflation.All three main indexes in New York ended more than one percent higher.Asia followed suit, with Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei and Manila all in the green.The dollar also held losses suffered in the wake of the PCE data, with the yen, pound and euro all stronger than Thursday.Investors were also cheered by news that US lawmakers had reached a deal to avert a Christmastime government shutdown following marathon talks on Friday.The last-minute scramble came after Trump and billionaire Elon Musk pressured Republicans to abandon an earlier bipartisan funding compromise. Lawmakers then spent several days trying to hammer out another deal, with massive halts to government services hanging in the balance.Non-essential operations would have ground to a halt if no deal had been struck, with up to 875,000 workers furloughed and 1.4 million more required to work without pay.”This agreement represents a compromise, which means neither side got everything it wanted,” President Joe Biden said on signing the bill on Saturday.”But it rejects the accelerated pathway to a tax cut for billionaires that Republicans sought.”- Key figures around 0200 GMT -Tokyo – Nikkei 225: UP 1.0 percent at 39,075.07Hong Kong – Hang Seng Index: UP 0.4 percent at 19,790.67Shanghai – Composite: UP 0.1 percent at 3,372.40Euro/dollar: UP at $1.0438 from $1.0431 on FridayPound/dollar: UP at $1.2581 from $1.2567Dollar/yen: UP at 156.47 yen from 156.45 yen Euro/pound: DOWN at 82.95 pence from 82.98 penceWest Texas Intermediate: UP 0.5 percent at $69.78 per barrelBrent North Sea Crude: UP 0.4 percent at $73.21 per barrelNew York – Dow: UP 1.2 percent at 42,840.26 (close)London – FTSE 100: DOWN 0.3 percent at 8,084.61 (close)

Thousands of selfie-taking Ho Chi Minh City residents crammed into train carriages Sunday as the traffic-clogged business hub celebrated the opening of its first-ever metro line after years of delays.Huge queues spilled out of every station along the $1.7 billion line that runs almost 20 kilometres (12 miles) from the city centre — with women in traditional “ao dai” dress, soldiers in uniform and couples clutching young children waiting excitedly to board.”I know it (the project) is late, but I still feel so very honoured and proud to be among the first on this metro,” said office worker Nguyen Nhu Huyen after snatching a selfie in her jam-packed train car.”Our city is now on par with the other big cities of the world,” she said.It took 17 years for Vietnam’s commercial capital to reach this point. The project, funded largely by Japanese government loans, was first approved in 2007 and slated to cost just $668 million. When construction began in 2012, authorities promised the line would be up and running in just five years.But as delays mounted, cars and motorbikes multiplied in the city of nine million people, making the metropolis hugely congested, increasingly polluted and time-consuming to navigate.The metro “meets the growing travel needs of residents and contributes to reducing traffic congestion and environmental pollution”, the city’s deputy mayor Bui Xuan Cuong said.Cuong admitted authorities had to overcome “countless hurdles” to get the project over the line.- ‘Frustrating’ delays -According to state media reports, the metro was late because of “slow capital disbursement, unexpected technical problems, personnel difficulties and the Covid-19 pandemic”.”The delays and cost overruns have been frustrating,” said professor Vu Minh Hoang at Fulbright University Vietnam, who warned that with just 14 station stops, the line’s “impact in alleviating traffic will be limited in the short run”.However, it is still a “historic achievement for the city’s urban development”, he added.With lessons learnt, “the construction of future lines will be increasingly easier, faster, and more cost-efficient”, Hoang told AFP.Back on the train, 84-year-old war veteran Vu Thanh told AFP he was happy to experience below ground in a more positive way after spending three years fighting American troops in the city’s famous Cu Chi tunnels, an enormous underground network.”It feels so different from the underground experience I had years ago during the war. It’s so bright and nice here,” he said.Reflecting on the delays, he added: “We built the tunnels to hide from our enemies in the past, so building a tunnel for a train should not be that hard,” he added.”Finally, we made it!”

Albanian Prime Minister Edi Rama said Saturday the government would shut down social network TikTok for at least a year from 2025.”We are going to chase this thug out of our neighbourhood for one year”, Rama told a meeting with Albanian teachers, parents and psychologists in Tirana.The government would launch programmes to “serve the education of students and help parents follow their children’s journey”, he added.The blocking of the controversial social network comes less than a month after a 14-year-old student was killed and another injured in a fight near a school in Tirana.The fight had developed from an online confrontation on social media.The killing sparked a debate in the country among parents, psychologists and educational institutions about the impact of social networks on young people.”In China, TikTok promotes how students can take courses, how to protect nature, how to keep traditions,” said Rama.”But on the TikTok outside China we see only scum and mud. Why do we need this?”Several countries have begun debating measures against TikTok, part of a wider debate on the influence of social media on vulnerable groups, such as children and adolescents.”The problem is not the children but our entire society,” Rama argued.- TikTok’s controversial ‘challenges’ -TikTok’s huge global success has been partly built on the appeal of its “challenges” — an interactive call that invites users to create videos featuring dances, jokes or games that sometimes go viral.The platform attracts young people with a never-ending scroll of ultra-brief videos. It has more than one billion active users worldwide.Neighbouring countries such as Kosovo, North Macedonia and Serbia have also reported a negative impact of the platform, especially on the youth.At least 22 cases of self-harm among girls from different schools in Kosovo southwestern city of Gjakova reported two months ago were blamed on a TikTok challenge.Two weeks ago, local media in North Macedonia reported that hospital there had treated dozen of teenagers for injuries sustained after attempting the “Superman” TikTok challenge.It involves one child leaping on to the linked arms of a few others.And in Serbia, in the southwestern city of Novi Pazar there were reports that children in several high schools had taken part in a “choking” challenge.A search for this on TikTok now produces a warning message from the platform that some challenges can be dangerous, and links to a short guide on how to spot them.TikTok has faced accusations of espionage in the United States, and is under investigation by the European Union over claims it was used to sway Romania’s presidential election in favour of a far-right candidate.The platform also has been banned for use by personnel in state institutions in several countries.AFP, among more than a dozen other fact-checking organisations, is paid by TikTok in several countries to verify videos that potentially contain false information.

Wall Street stocks bounced higher Friday following a pullback in US Treasury yields as markets braced for a looming US government shutdown.Data showed the personal consumption expenditures (PCE) price index rose 2.4 percent in the 12 months to November, up from 2.3 percent in October, the Commerce Department said in a statement.But the reading came in lower than expected, prompting a pullback in US Treasury bond yields that had risen after Federal Reserve policy makers signaled earlier this week they expect fewer interest rate cuts in 2025.Stocks fell sharply on Wednesday after the Fed decision.But on Friday, the  broad-based S&P 500 finished at 5,930.85, up 1.1 percent for the day but down about two percent for the week.”We have seen a nice rebound from what was, in our view, an overreaction to the Fed’s outlook on Wednesday,” said Angelo Kourkafas of Edward Jones, pointing to Friday’s inflation data as a supportive factor for equities.Treasury yields pulled back following comments from Federal Reserve Bank of Chicago President Austan Goolsbee, who expressed confidence that the PCE data showed that inflation was returning to the Fed’s target of two percent.”Over the next 12 to 18 months, rates can still go down a fair amount,” Goolsbee told CNBC.Investors were also keeping watch on developments in Capitol Hill.US lawmakers raced to stave off a government shutdown set to bite within hours after Donald Trump and Elon Musk sabotaged a bipartisan agreement that would have averted a shutdown.If no deal is struck, the government will cease to be funded at midnight, and non-essential operations will start to grind to halt, with up to 875,000 workers furloughed and 1.4 million more required to work without pay.European stocks finished the day lower although they cut their losses as Wall Street rebounded, with data showing tepid retail sales in the UK in the runup to Christmas dampening sentiment.Among individual companies, Nike dipped 0.2 percent as it reported lower earnings while new CEO Elliott Hill outlined steps to get the slumping sports giant back on track. Analysts pointed to Nike’s near-term outlook, which suggests a turnaround will not be quick.Carnival jumped 6.4 percent following an upbeat 2025 forecast that included a 20 percent rise in profits to $2.3 billion.- Key figures around 2150 GMT -New York – Dow: UP 1.2 percent at 42,840.26 (close)New York – S&P 500: UP 1.1 percent at 5,930.85 (close)New York – Nasdaq Composite: UP 1.0 percent at 19,572.60 (close)London – FTSE 100: DOWN 0.3 percent at 8,084.61 (close)Paris – CAC 40: DOWN 0.3 percent at 7,274.48 (close) Frankfurt – DAX: DOWN 0.4 percent at 19,884.75 (close)Tokyo – Nikkei 225: DOWN 0.3 percent at 38,701.90 (close)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 19,720.70 (close)Shanghai – Composite: DOWN 0.1 percent at 3,368.07 (close)Euro/dollar: UP at $1.0431 from $1.0363 on ThursdayPound/dollar: UP at $1.2567 from $1.2502Dollar/yen: DOWN at 156.45 yen from 157.44 yen Euro/pound: DOWN at 82.98 pence from 82.28 penceWest Texas Intermediate: UP 0.1 percent at $69.46 per barrelBrent North Sea Crude: UP 0.1 percent at $72.94 per barrelburs-jmb/bgs

President Joe Biden’s administration said Friday that it has cemented deals for billions in funding to South Korean semiconductor giant Samsung Electronics and Texas Instruments to boost their chipmaking facilities in the United States.US officials have been working to solidify Biden’s legacy to bolster domestic semiconductor manufacturing ahead of President-elect Donald Trump’s White House return — and these agreements are among the latest efforts to do so.The United States has been trying to reduce its dependence on other countries for semiconductors, while also seeking to maintain its scientific and technological edge as competition with China intensifies.Samsung’s award of up to $4.7 billion in direct funding goes towards its effort to grow its Texas presence into a full-fledged operation for developing and producing leading-edge chips, said the US Commerce Department.The funding will supplement the company’s investment of more than $37 billion in the coming years, the department added.Samsung’s expansion will help “ensure we have a steady, domestic supply of the most advanced semiconductors that are essential to AI and national security, while also creating tens of thousands of good-paying jobs,” Commerce Secretary Gina Raimondo said in a statement.National Economic Advisor Lael Brainard added that Samsung is “the only semiconductor company that is a leader in both advanced memory and advanced logic chips.”In a separate notice, the Commerce Department said it also had finalized an award of up to $1.6 billion for Texas Instruments, supporting its efforts to build new facilities.Raimondo noted that shortages of current-generation semiconductors were a problem during the supply chain disruptions sparked by the Covid-19 pandemic, adding that TI now plans to grow its US capacity in making these devices.The Biden administration has unveiled billions in grants through the CHIPS and Science Act, a major law passed during the veteran Democrat’s term aimed at strengthening the US semiconductor industry.Officials have managed to get many deals across the finish line before Trump returns to the Oval Office, awarding the vast majority of more than $36 billion in proposed incentives that have been allocated.The finalized deals mean funds can be disbursed as companies hit project milestones.

Wall Street stocks bounced higher Friday despite data showing an uptick in inflation and a looming US government shutdown.Data showed the personal consumption expenditures (PCE) price index rose 2.4 percent in the 12 months to November, up from 2.3 percent in October, the Commerce Department said in a statement.The core reading of PCE price index — the Federal Reserve’s preferred inflation measure — that excludes highly volatile food and energy prices stayed steady at 2.8 percent.Wall Street’s main stock indices initially fell on the news, continuing a spiral lower after the Federal Reserve on Wednesday signalled fewer cuts than had been expected for 2025 as inflation remains sticky above its two percent target.However they bounced higher during morning trading.While the annual inflation measures ticked higher, they dropped month-on-month, providing some relief to investors.Core prices rose just 0.1 percent from October, compared to monthly increases of 0.2 or 0.3 percent the previous five months, pointing to a slight slowdown in what is sure to be welcome news for the US central bank.New York Fed President John Williams, a voting member of the Fed committee which sets rates, told CNBC that the data shows “the disinflation process is continuing” and that it offers “a little bit of good news this month”.Jochen Stanzl, Chief Market Analyst at CMC Markets, also called the data “good news,” say it will lead to a moderation in the increase in the PCE price index over a longer term.”Today’s PCE data serves as quite a reprieve after this week’s sell-off,” he said. Investors were keeping a watch also on developments in Washington.The House of Representatives has rejected a Republican-led funding bill to avert a government shutdown, with federal agencies due to run out of cash Friday night and cease operations from this weekend.The legislation would have kept the government open through March and suspended the borrowing limit for president-elect Donald Trump’s first two years in office.O’Hare noted US Treasury yields fell overnight, “driven by some safe-haven trading that stemmed from the ongoing weakness in the stock market and heightened political uncertainty” following the rejection of the government funding bill.Friday’s Wall Street rebound could also be driven by it being a so-called triple witching day when stock, index and index futures contracts expire. With more than $6 trillion in options estimated to expire, trading could prove volatile. European stocks finished the day lower although they cut their losses as Wall Street rebounded, with data showing tepid retail sales in the UK in the runup to Christmas dampening sentiment.Oil prices, which have also fallen since the Fed’s Wednesday announcement, continued their slide lower.- Key figures around 1630 GMT -New York – Dow: UP 1.4 percent at 42,947.20 points New York – S&P 500: UP 1.4 percent at 5,948.04New York – Nasdaq Composite: UP 1.4 percent at 19,634.69 London – FTSE 100: DOWN 0.3 percent at 8,084.61 (close)Paris – CAC 40: DOWN 0.3 percent at 7,274.48 (close) Frankfurt – DAX: DOWN 0.3 percent at 19,916.56 (close)Tokyo – Nikkei 225: DOWN 0.3 percent at 38,701.90 (close)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 19,720.70 (close)Shanghai – Composite: DOWN 0.1 percent at 3,368.07 (close)Euro/dollar: UP at $1.0414 from $1.0364 on ThursdayPound/dollar: UP at $1.2576 from $1.2496Dollar/yen: DOWN at 156.32 yen from 157.35 yen Euro/pound: DOWN at 82.83 pence from 82.91 penceWest Texas Intermediate: DOWN 0.1 percent at $69.32 per barrelBrent North Sea Crude: DOWN 0.1 percent at $72.81 per barrelburs-rl/gv

Global stock markets slid on Friday as investors grow concerned about the economic outlook for next year and a looming US government shutdown.The latest US data failed to comfort those worries, with a slight increase in the Federal Reserve’s preferred gauge of inflation.The Fed this week trimmed US borrowing costs but signalled fewer cuts than had been expected for 2025 as inflation remains sticky above its two percent target.The personal consumption expenditures (PCE) price index rose 2.4 percent in the 12 months to November, up from 2.3 percent in October, the Commerce Department said in a statement.The core measure that excludes highly volatile food and energy prices stayed steady at 2.8 percent.”The key takeaway from the report is that there wasn’t any improvement in the year-over-year readings for PCE and core-PCE inflation,” said Briefing.com analyst Patrick O’Hare.He noted that on Wednesday “the Fed implied with its words and guidance that further rate cuts can wait until there is more progress on inflation.”Stronger-than-expected US economic growth data on Thursday did nothing to dispel concerns that the central bank will keep rates higher for longer.”This is bad news for the US economy, because higher interest rates over a prolonged period are a huge drag on growth,” said CMC Markets analyst Jochen Stanzl.”Equity markets have started to price in lower growth in 2025, when the Fed will still be trying to reach its 2 percent inflation target,” he added.New York’s main indices opened lower on Friday, with the Dow sliding 0.4 percent.European stocks were down more than one percent in afternoon trading, with data showing tepid retail sales in the UK in the runup to Christmas dampening sentiment.Investors are keeping a watch also on developments in Washington.The House of Representatives has rejected a Republican-led funding bill to avert a government shutdown, with federal agencies due to run out of cash Friday night and cease operations from this weekend.The legislation would have kept the government open through March and suspended the borrowing limit for president-elect Donald Trump’s first two years in office.O’Hare noted US Treasury yields fell overnight, “driven by some safe-haven trading that stemmed from the ongoing weakness in the stock market and heightened political uncertainty” following the rejection of the government funding bill.Oil prices, which have also fallen since the Fed’s Wednesday announcement, slid lower.- Key figures around 1430 GMT -New York – Dow: DOWN 0.4 percent at 42,154.39 points New York – S&P 500: DOWN 0.5 percent at 5,836.34New York – Nasdaq Composite: DOWN 0.9 percent at 19,196.25 London – FTSE 100: DOWN 1.1 percent at 8,016.53Paris – CAC 40: DOWN 1.1 percent at 7,214.44 Frankfurt – DAX: DOWN 1.3 percent at 19,716.14Tokyo – Nikkei 225: DOWN 0.3 percent at 38,701.90 (close)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 19,720.70 (close)Shanghai – Composite: DOWN 0.1 percent at 3,368.07 (close)Euro/dollar: UP at $1.0391 from $1.0364 on ThursdayPound/dollar: UP at $1.2545 from $1.2496Dollar/yen: DOWN at 156.41 yen from 157.35 yen Euro/pound: UP at 83.83 pence from 82.91 penceWest Texas Intermediate: DOWN 0.8 percent at $68.85 per barrelBrent North Sea Crude: DOWN 0.7 percent at $72.39 per barrelburs-rl/lth

European stock markets slid for a second session running Friday and the dollar dropped as investors grow concerned about the economic outlook for next year.All eyes will be on US inflation data later in the session to see if it alters interest-rate cut expectations for the world’s biggest economy.The Federal Reserve this week trimmed US borrowing costs but signalled fewer cuts than had been expected for 2025.Oil prices have also fallen since the Fed announcement.”Markets remain cautious ahead of US inflation figures,” noted Derren Nathan, head of equity research at stockbrokers Hargreaves Lansdown.Paris and Frankfurt were down about 1.2 percent in late morning trade, while London lost 1.1 percent. All three indices shed similar amounts by the close Thursday.Leading Asian equity markets ended the week with slight losses after Wall Street steadied.Traders are awaiting the release Friday of data on US personal consumption expenditure — the Fed’s preferred gauge of inflation and the last major piece of data for the year.Wall Street provided a meek lead Thursday, having squandered an early bounce from Wednesday’s plunge that had been sparked by the Fed’s changed outlook over rates.Data showing a forecast-topping rise in US economic growth and consumer spending did little to ease concerns that the Fed would keep borrowing costs higher for longer.Official figures Friday revealed tepid retail sales in the UK in the runup to Christmas, hurting local government efforts to grow the British economy.Investors are keeping a watch also on developments in Washington.The House of Representatives has rejected a Republican-led funding bill to avert a government shutdown, with federal agencies due to run out of cash Friday night and cease operations from this weekend.The legislation would have kept the government open through March and suspended the borrowing limit for president-elect Donald Trump’s first two years in office.- Key figures around 1045 GMT -London – FTSE 100: DOWN 1.1 percent at 8,018.56 pointsParis – CAC 40: DOWN 1.2 percent at 7,206.22 Frankfurt – DAX: DOWN 1.2 percent at 19,725.94Tokyo – Nikkei 225: DOWN 0.3 percent at 38,701.90 (close)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 19,720.70 (close)Shanghai – Composite: DOWN 0.1 percent at 3,368.07 (close)New York – Dow: UP less than 0.1 percent at 42,342.24 (close)Euro/dollar: UP at $1.0388 from $1.0364 on ThursdayPound/dollar: UP at $1.2509 from $1.2496Dollar/yen: DOWN at 156.73 yen from 157.35 yen Euro/pound: UP at 83.06 pence from 82.91 penceWest Texas Intermediate: DOWN 1.0 percent at $68.72 per barrelBrent North Sea Crude: DOWN 1.0 percent at $72.19 per barrel

Equities fell Friday while the dollar maintained gains against its peers as investors assessed the fallout from the Federal Reserve’s revised outlook for interest rate cuts and prepared for a second Donald Trump presidency.Data showing Japanese inflation rose more than expected last month did little to help the yen, which took a hefty hit from the US central bank’s more hawkish tilt and the Bank of Japan’s refusal to tighten monetary policy.Traders are now awaiting the release later in the day of data on US personal consumption expenditure — the Fed’s preferred gauge of inflation and the last major piece of data for the year.Wall Street provided a meek lead, having squandered an early bounce from Wednesday’s plunge that was sparked by the Fed’s changed rate forecast, with sentiment weighed by a jump in Treasury yields to their highest level since May.Asia also failed to recover from the previous day’s losses.Hong Kong, Tokyo, Shanghai, Sydney, Singapore, Seoul, Taipei, Mumbai and Bangkok all fell, though Wellington, Jakarta and Manila edged up.London, Paris and Frankfurt all opened lower.US monetary policymakers on Wednesday cut rates as expected, but their closely watched “dot pot” guidance on future moves showed they saw two reductions next year, compared with four previously targeted.Data showing a forecast-topping rise in US economic growth and consumer spending did little to ease concerns that the Fed will keep borrowing costs higher for longer.Meanwhile, swaps markets are pricing in less than two for all of 2025.Fed boss Jerome Powell acknowledged Wednesday that Trump’s economic plans, including tariff hikes, tax cuts and mass deportations, have been a consideration as policymakers weigh their rate cut estimates.Economists at Bank of America Global Research said in a commentary: “We stick with our forecast for two more rate cuts next year, but the risks have clearly shifted in the direction of fewer (no) cuts. The onus is now on the data to justify additional cuts.”The dramatic reaction in markets clearly indicates that an extended pause is now on the table.”They added that if the jobs market ran into severe trouble in the next few months “the Fed would turn more dovish, and (Wednesday’s) meeting will feel like a bump in the road, rather than a paradigm shift, a few months down the line”.Investors are keeping a watch on developments in Washington after the House of Representatives rejected a Republican-led funding bill to avert a government shutdown, with federal agencies due to run out of cash on Friday night and cease operations starting this weekend.The legislation would have kept the government open through March and suspended the borrowing limit for president-elect Donald Trump’s first two years in office.But it was sunk by Republican debt hawks, dealing a blow to their leader and his incoming “efficiency czar” Elon Musk, who had put the package forward after sabotaging a bipartisan one amid complaints about items in the text allegedly ballooning its overall cost.The dollar held on to its latest gains against its major peers, briefly hitting a five-month high near 158 yen before easing slightly after the government warned Friday against speculators and hinted it could step in to support the currency.Finance Minister Katsunobu Kato said: “The government’s deeply concerned about recent currency moves, including those driven by speculators.”We will take appropriate action if there are excessive moves in the currency market.”The greenback was also near two-year highs against the euro, while bitcoin tanked to around $97,000 — having earlier in the week hit a new record of more than $108,000.- Key figures around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.3 percent at 38,701.90 (close)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 19,720.70 (close)Shanghai – Composite: DOWN 0.1 percent at 3,368.07 (close)London – FTSE 100: DOWN 0.3 percent at 8,083.12Euro/dollar: UP at $1.0381 from $1.0364 on ThursdayPound/dollar: UP at $1.2500 from $1.2496Dollar/yen: DOWN at 156.90 yen from 157.35 yen Euro/pound: UP at 83.04 pence from 82.91 penceWest Texas Intermediate: DOWN 0.5 percent at $69.01 per barrelBrent North Sea Crude: DOWN 0.5 percent at $72.49 per barrelNew York – Dow: UP less than 0.1 percent at 42,342.24 (close)

China has lifted a ban on imports of Australian live rock lobsters, Canberra said Friday, demolishing the final barrier in a broader, multibillion-dollar trade war between the countries.Beijing has banned or slapped retaliatory tariffs on more than US$12 billion worth of Australian exports, from wine to timber, during years of soured ties with Canberra.The lobster trade, worth US$500,000 a year, was the last of a number of major Australian exports to remain under sanctions after months of Australian diplomatic efforts.”China has confirmed that our live rock lobster exports can recommence into China,” Agriculture Minister Julie Collins told reporters.”This is great news for our live rock lobster producers and fishers here in Australia, and importantly, it means that they can now apply for import permits to go back into this market.”Lobsters were the “last of those trade impediments” imposed by China, she added.China introduced a de facto ban on live rock lobster in 2020 while denying the move — and a raft of other punitive tariffs — were linked to the worst crisis in relations in decades.Beijing was enraged by Canberra’s crackdown on Chinese foreign influence operations, the decision to block tech giant Huawei from running Australia’s 5G network, and a call for an investigation into the origins of the Covid-19 pandemic.Australian Prime Minister Anthony Albanese said in October that Beijing would let the lobsters back in after a meeting with Chinese Premier Li Qiang in Laos.Albanese said the confirmation of that reopening was the result of his government’s “calm and consistent” approach with China since his Labor Party came to power in May 2022.- End of trade ‘impediments -At the low point in relations, Australian exporters faced impediments on exporting wine, barley, coal, cotton, timber logs, oaten hay, copper ores and concentrates and red meat, the government said.”The removal of restrictions on lobster marks the resolution of all outstanding impediments to trade from that period,” it said in a statement.The reopening to lobster may also give Albanese a political boon.The prime minister must call an election in the first half of 2025, and many lobster producers come from Western Australia, a key battleground state. The centre-left leader has spent much of his time in office trying to improve the trade relationship with China, Australia’s biggest trade partner.At the same time, Australia is part of a loose US-led alliance that has aggressively pushed back against China’s bid for primacy in the Pacific region.Before the ban, an estimated 97.7 percent of Australia’s rock lobster exports were sold to China, more than 1,600 tonnes a year.Some Australian producers have since found new markets in the United States, Europe, Asia and the Middle East.Many more skirted sanctions by creating a “grey market” of exports to China via Hong Kong, Hanoi and other Asian cities.The volume of exports to Hong Kong alone shot up more than 6,100 percent after the ban, according to researchers at the University of Technology Sydney.Exporters are hoping they can resume exports in time for Chinese New Year, when delicacies such as rock lobster are in hot demand.