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Global stocks diverged while gold hit a record high on Tuesday as investors juggled geopolitical concerns with renewed violence in Gaza and a high-stakes US-Russian presidential phone call.Wall Street resumed a downward slide after two up days, but European stocks rose as German lawmakers approved a massive spending boost for defense and infrastructure.Gold struck a new record high on fears of escalating tensions in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.”It is clear that safe haven demand is one of the major drivers behind this gold rally and with the Middle East tensions rising again,” said City Index and FOREX.com analyst Fawad Razaqzada.US President Donald Trump’s talks with Russian President Vladimir Putin failed to yield a ceasefire, prompting Ukrainian President Volodymyr Zelensky to pledge continued fighting in Russia’s Kursk region.Major US indices spent the entire session in the red on the first day of a two-day Federal Reserve meeting.”The news of what’s going on politically, it’s still very uncertain,” said Tom Cahill of Ventura Wealth Management. “I don’t think there’s any new news so far this week that should make the market feel more encouraged.”But Frankfurt’s DAX stocks index touched a new all-time high ahead of the German government’s response to concerns over the United States’ wavering commitment to European defense.Germany’s unprecedented fiscal package — dubbed an “XXL-sized” cash “bazooka” by German media — could pave the way for more than one trillion euros (dollars) in spending over the next decade in Europe’s top economy.The historic parliament vote signaled a radical departure for a country famously reluctant to take on large state debt — or to spend heavily on the armed forces, given its dark World War II history.”International investors, who have increasingly invested in German stocks over the past few months, are hopeful for a significant boost in fiscal policy,” said Jochen Stanzl, chief market analyst at trading group CMC Markets.Paris and London’s stock markets also advanced.Markets have swung sharply following announcements by Trump on the imposition of tariffs on US trading partners and any delays to the measures.Investors are eyeing this week’s policy decisions from the Fed, Bank of Japan and Bank of England, with all three forecast to stand pat on interest rates.Asian markets rallied on Tuesday following Monday’s positive day on Wall Street stoked by US data that tempered concerns about a possible recession.Hong Kong led gains thanks to further buying of Chinese tech firms including Alibaba, Tencent and JD.com.Electric vehicle maker BYD was also a big winner, adding more than four percent — having jumped more than six percent to a record at one point — after unveiling battery technology it says can charge in five minutes.Nvidia fell 3.4 percent as chief executive Jensen Huang showcased cutting-edge chips for artificial intelligence at the company’s annual developers conference.Google parent Alphabet fell 2.3 percent after the tech giant announced it will acquire cloud security platform Wiz for $32 billion, as it seeks to beef up its cloud computing business for the AI era.- Key figures around 2030 GMT -New York – Dow: DOWN 0.6 percent at 41,581.31 (close)New York – S&P 500: DOWN 1.1 percent at 5,614.66 (close)New York – Nasdaq Composite: DOWN 1.7 percent at 17,504.12 (close)London – FTSE 100: UP 0.3 percent at 8,705.23 (close)Paris – CAC 40: UP 0.5 percent at 8,114.57 (close)Frankfurt – DAX: UP 1.0 percent at 23,380.70 (close)Tokyo – Nikkei 225: UP 1.2 percent at 37,845.42 (close)Hong Kong – Hang Seng Index: UP 2.5 percent at 24,740.57 (close)Shanghai – Composite: UP 0.1 percent at 3,429.76 (close)Euro/dollar: UP at $1.0944 from $1.0922 on MondayPound/dollar: UP at 1.3003 from $1.2992Dollar/yen: UP at 149.36 yen from 149.21 yenEuro/pound: UP at 84.16 pence from 84.07 penceBrent North Sea Crude: DOWN 0.7 percent at $70.56 per barrelWest Texas Intermediate: DOWN 1.0 percent at $66.90 per barrelburs-jmb/jhb

Prime Minister Mark Carney announced Tuesday a Can$6 billion (US$4.2 billion) deal with Australia to develop an Arctic radar system, warning that Canada must take more responsibility for its defence as US priorities shift.Carney made the announcement in Iqaluit, capital of the Nunavut territory in the Canadian Arctic, on the final leg of his first official trip as prime minister since taking over from Justin Trudeau last week. Carney — who has previously described the United States under President Donald Trump as a country Canada “can no longer trust” — characterized the radar deal as part of a broader effort to assert Canadian sovereignty over the Arctic.”The world is changing,” Carney said in Iqaluit, where he made a domestic stop after visits to Paris and London. “International institutions and norms that have kept Canada secure are now being called into question. And the United States’s priorities, our ally, once closely aligned with our own, are beginning to shift,” he said.”We cannot and should not look first to others to defend our nation.”Australia is a leader in “over-the-horizon” radar, an advanced system that allows for continuous threat-tracking over a vast area.”The radar system’s long-range surveillance and threat tracking capabilities will detect and deter threats across the North,” Carney’s office said in a statement announcing the deal.The new network will replace an ageing Cold War-era North Warning System, which relies on radar stations from Alaska to northern Quebec that are incapable of responding to modern missile threats.Ottawa will also invest an additional Can$420 million to boost Canada’s year-round military presence in the far north.”Securing Canada is an absolute strategic priority of this government,” Carney said. “We will need to do more.”Funding for enhanced Arctic radar was announced under Trudeau, but the decision to partner with Australia was unveiled Tuesday.Canada made Arctic security a priority before Trump returned to office, amid concern about possible Russian aggression as melting ice caused by climate change increasingly opens the region for resource extraction. But Trump’s repeated questioning of Canadian sovereignty has sparked renewed focus on national defence in Canada, which once viewed its security ties with Washington as iron-clad.   Canada’s Defence Minister Bill Blair earlier this month announced plans for three new Arctic military hubs with airstrips and equipment depots.New Canadian prime ministers typically make calling the American president a first priority after taking office, but with the countries currently fighting a trade war initiated by Trump’s tariffs it remains unclear when Carney and Trump will speak.Carney said Tuesday he would have a “comprehensive” discussion with Trump about trade “at the appropriate time.”

Global stocks diverged while gold hit a record high on Tuesday as investors juggled geopolitical concerns with renewed violence in Gaza and a high-stakes US-Russia presidential phone call.Wall Street traded lower but European stocks rose as German lawmakers approved a massive spending boost for defence and infrastructure. Gold struck a new record high on fears of escalating tensions in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.”It is clear that safe haven demand is one of the major drivers behind this gold rally and with the Middle East tensions rising again,” said City Index and FOREX.com analyst Fawad Razaqzada.Uncertainty ahead of the phone call between US President Donald Trump and Russian leader Vladimir Putin on the conflict in Ukraine also helped boost the safe-haven metal. Frankfurt’s DAX stocks index touched a new all-time high ahead of the German government’s response to concerns over the United States’ wavering commitment to European defence. “International investors, who have increasingly invested in German stocks over the past few months, are hopeful for a significant boost in fiscal policy,” said Jochen Stanzl, chief market analyst at trading group CMC Markets.Paris and London’s stock markets also advanced. But on Wall Street both the S&P 500 and tech-heavy Nasdaq Composite indices were down more than one percent in afternoon trading.”Traders are evidently still in ‘sell the rally’ mode, even though today has been thankfully free of any tariff headlines so far,” said Chris Beauchamp, chief market analyst at online trading platform IG.Markets have swung sharply following announcements by Trump on the imposition of tariffs on US trading partners and any delays to the measures.Investors are eyeing this week’s policy decisions from the US Federal Reserve, Bank of Japan and Bank of England, with all three forecast to stand pat on interest rates.”A ‘wait and see’ approach is expected as the Fed grapples with the tough task of evaluating the impact of Trump’s tariff chaos,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.  The US central bank’s announcement comes also with updates to its outlook for the economy and interest rates this year, in light of Trump’s trade measures as well as plans to slash taxes, immigration and federal jobs.Asian markets rallied on Tuesday following Monday’s positive day on Wall Street stoked by US data that tempered concerns about a possible recession.Hong Kong led gains thanks to further buying of Chinese tech firms including Alibaba, Tencent and JD.com.Electric vehicle maker BYD was also a big winner, adding more than four percent — having jumped more than six percent to a record at one point — after unveiling battery technology it says can charge in five minutes.Shares in Google fell 2.6 percent after the tech giant said it will acquire cloud security platform Wiz for $32 billion, citing the need for greater cybersecurity capacity as artificial intelligence embeds itself in technology infrastructure.Shares in Nvidia shed 1.7 percent ahead of a major conference where it is expected to unveil new AI chips. “This could set the direction for the next big move in NVIDIA’s stock price, and thereby all those companies currently involved in AI development,” said Trade Nation analyst David Morrison.- Key figures around 1630 GMT -New York – Dow: DOWN 0.1 percent at 41,513.03 pointsNew York – S&P 500: DOWN 1.1 percent at 5,612.43New York – Nasdaq Composite: DOWN 1.6 percent at 17,525.92London – FTSE 100: UP 0.3 percent at 8,705.23 (close) Paris – CAC 40: UP 0.5 percent at 8,114.57 (close)Frankfurt – DAX: UP 1.0 percent at 23,380.70 (close)Tokyo – Nikkei 225: UP 1.2 percent at 37,845.42 (close)Hong Kong – Hang Seng Index: UP 2.5 percent at 24,740.57 (close)Shanghai – Composite: UP 0.1 percent at 3,429.76 (close)Euro/dollar: UP at $1.0930 from $1.0925 on MondayPound/dollar: DOWN at 1.2987 from $1.2990Dollar/yen: UP at 149.58 yen from 149.12 yenEuro/pound: UP at 84.17 pence from 84.07 penceBrent North Sea Crude: DOWN 0.4 percent at $70.82 per barrelWest Texas Intermediate: DOWN 0.5 percent at $67.02 per barrelburs-rl/sbk

The sight of Hong Kong’s high-rises encased in bamboo scaffolding may soon become a rarity after officials announced plans to replace the ancient technique with metal.Hong Kong is one of the world’s last remaining cities to use bamboo frames for modern construction and building repair, a practice which dates back centuries in China and other parts of Asia.Scaffolders in the city have long favoured lightweight bamboo as it is readily available from southern China and can be cheaply transported, set up and dismantled in tight spaces.But the Development Bureau announced plans Monday to “drive a wider adoption of metal scaffolds in public building works progressively” to improve safety.Bamboo scaffolds have “intrinsic weaknesses such as variation in mechanical properties, deterioration over time and high combustibility, etc, giving rise to safety concerns”, the bureau’s Terence Lam said in a memo.Industrial accidents involving bamboo scaffolds have killed 23 people since 2018, according to official figures.Comparable data for metal scaffolds was not immediately available.Metal scaffolds have become standard in mainland China and other advanced economies, and will be used for at least half of Hong Kong’s new government construction contracts, the memo said.The Association for the Rights of Industrial Accident Victims welcomed the move on Tuesday, adding that private projects should follow the government’s lead.There had been frequent incidents associated with workers falling from a height, and with the bamboo lattices collapsing, coming loose or catching on fire, the group said.”Even though metal scaffolds are double or triple the cost of bamboo… in the long run, improving safety brings much greater returns,” the association said.Industry representatives estimated in January that nearly 80 percent of Hong Kong’s scaffolds were made of bamboo.

Indonesian activists on Tuesday condemned plans to change a law that would allow the army to have more government positions, a move they say could lead to “abuse” in a country long influenced by its powerful military.The revision to a military law will be voted on Thursday in a parliament dominated by President Prabowo Subianto’s coalition after the changes were approved by a key committee Tuesday.The amendment has sparked fears of a return to the era of dictator Suharto, who Prabowo once served and who used military figures to crack down on dissent.”That’s their target, despite strong criticism by the public: strengthening the role of the army in the civilian government,” Usman Hamid, executive director of Amnesty International Indonesia, told AFP.”That will create conflict of interest and abuse of power, including corruption and human rights violations that have often escaped with total impunity.”Military officers can already serve in 10 government agencies including the defence ministry. But under the proposed changes, they would be able to serve in 16, according to a draft seen by AFP, which would include the Supreme Court, national disaster agency and attorney general’s office among others.The draft also allows for soldiers to hold civilian positions in other government institutions after resigning or retiring from military service.The Commission for the Disappeared and Victims of Violence — or Kontras — rejected the latest amendment to the military bill.”The discussion of the… bill revision has been rushed, with minimal public participation, and a lack of transparency in the drafting process,” it said in a joint statement with Amnesty and the Indonesia Legal Aid Foundation.  It also claimed activists have faced intimidation for opposing the amendment.Prabowo’s office did not respond to an AFP request for comment.The ex-general has rehabilitated his image despite allegations of rights abuses under Suharto’s rule including ordering the abductions of activists. Remodelling himself as a grandfatherly figure, Prabowo won over voters last year and took office as president of the world’s third-biggest democracy.According to Kontras, 23 democracy activists were kidnapped between 1997 and 1998, some who were never found.Prabowo was discharged from the military over the abductions but denied the allegations and was never charged.  

European stocks rose on Tuesday as investors prepared for Germany’s lawmakers to vote on a massive spending boost for defence and infrastructure, while escalating geopolitical fears supported commodities.Gold and oil prices climbed on fears of escalating tensions in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect. A weaker US dollar and uncertainty ahead of a telephone call about Ukraine between US President Donald Trump and Russian leader Vladimir Putin also helped boost the safe-haven metal. The Frankfurt stocks index advanced more than one percent as concerns grow over the United States’ wavering committment to European defence. “International investors, who have increasingly invested in German stocks over the past few months, are hopeful for a significant boost in fiscal policy,” said Jochen Stanzl, chief market analyst at trading group CMC Markets.Paris and London stock markets also advanced, as did the euro. Investors are also eyeing this week’s policy decisions from the Federal Reserve, Bank of Japan and Bank of England, with all three forecast to stand pat on interest rates.”A ‘wait and see’ approach is expected as the Fed grapples with the tough task of evaluating the impact of Trump’s tariff chaos,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.  The US central bank’s announcement comes also with updates to its outlook for the economy and interest rates this year, in light of Trump’s trade measures as well as plans to slash taxes, immigration and federal jobs.Asian markets rallied on Tuesday following another positive day on Wall Street stoked by US data that tempered concerns about a possible recession. Hong Kong led gains thanks to further buying of Chinese tech firms including Alibaba, Tencent and JD.com.Electric vehicle maker BYD was also a big winner, adding more than four percent — having jumped more than six percent to a record at one point — after unveiling battery technology it says can charge in five minutes.Shanghai also rose, along with Tokyo.Trading in Jakarta was halted as the market tanked more than seven precent — its biggest intraday drop since 2011 — on the worries about the Indonesian economy and weakening consumer spending heading into the Muslim Eid holiday period. It later resumed and pared its losses to four percent The bourse has plunged more than 10 percent so far this year as the economy struggles, and eyes are now on the country’s central bank ahead of a policy decision due on Wednesday.- Key figures around 1100 GMT -London – FTSE 100: UP 0.4 percent at 8,712.02 Paris – CAC 40: UP 0.4 percent at 8,106.84Frankfurt – DAX: UP 1.1 percent at 23,412.68Tokyo – Nikkei 225: UP 1.2 percent at 37,845.42 (close)Hong Kong – Hang Seng Index: UP 2.5 percent at 24,740.57 (close)Shanghai – Composite: UP 0.1 percent at 3,429.76 (close)New York – Dow: UP 0.9 percent at 41,841.63 (close)Euro/dollar: UP at $1.0936 from $1.0925 on MondayPound/dollar: UNCHANGED at $1.2990Dollar/yen: UP at 149.61 yen from 149.12 yenEuro/pound: UP at 84.19 pence from 84.07 penceBrent North Sea Crude: UP 1.3 percent at $71.97 per barrelWest Texas Intermediate: UP 1.4 percent at $68.50 per barrel

Shares in Chinese EV giant BYD surged to a record high Tuesday after it unveiled new battery technology it says can charge a vehicle in the same time it takes to fill up a petrol car.The company said the battery and charging system, called “Super e-Platform”, boasted peak speeds of 1,000 kW, allowing cars to travel up to 470 kilometres (292 miles) after being plugged in for just five minutes.The new technology aims to “fundamentally solve users’ charging anxiety”, according to BYD founder Wang Chuanfu.”Our pursuit is to make the charging time of electric vehicles as short as the refuelling time of fuel vehicles,” he said at Monday evening’s launch.Hong Kong-listed shares in BYD jumped more than six percent to hit a fresh peak at one point Tuesday morning before paring some of the gains.The announcement positions BYD ahead of arch-rival Tesla, whose Superchargers currently offer charging speeds of 500 kW.BYD introduced the Super e-Platform alongside two new EV models that will be the first to feature the system: the Han L sedan and the Tang L SUV.The Shenzhen-based company also unveiled plans to build more than 4,000 ultra-fast charging stations nationwide to support the new technology.The ambitious expansion comes on the heels of remarkable growth, with February sales soaring 161 percent to more than 318,000 electric vehicles.Meanwhile, Tesla experienced a steep 49 percent sales decline in the Chinese market during the same period.- Battery swap deal -Separately, on Tuesday, Chinese EV maker Nio said it had signed a deal with battery giant CATL involving cooperation on a passenger car battery swap network.Battery swapping offers an alternative to ultra-fast charging for vehicle owners worried about range, though the vast infrastructure required and standardisation issues present major hurdles.The new cooperation will see CATL invest a maximum of 2.5 billion yuan ($346 million) in Nio’s battery swap network.The Chinese electric vehicle market has witnessed explosive growth in recent years, but it has also seen fierce competition among domestic car manufacturers.Chinese EV maker XPeng on Tuesday said it is expecting deliveries to surge more than 300 percent year-on-year in the first quarter of 2025, to a projected 91,000 to 93,000 vehicles.That would be on par with the 91,000 deliveries the automaker saw in the final three months of 2024, according to quarterly and full-year financial results published online.XPeng’s total revenue last year was up 33 percent compared to 2023, reaching $5.6 billion.

Chinese consumer tech giant Xiaomi on Tuesday announced a surge in annual revenue, propelled by strong smartphone sales alongside a continued push into the electric vehicle sector.The Beijing-based firm manufactures a diverse array of tech gadgets ranging from smartphones and laptops to rice cookers and air purifiers.Its performance is considered to be a bellwether for consumer sentiment in China, where authorities have been seeking in recent months to stabilise a wobbly economy.The company’s total revenue last year was 365.9 billion yuan ($50.6 billion), up 35 percent from the previous year, according to a statement on the Hong Kong Stock Exchange website.Revenue was up 48.8 percent year-on-year in the fourth quarter of 2024, the statement showed.The brisk quarterly growth outpaced a Bloomberg forecast, which had anticipated revenue to increase by 43 percent during the period.Xiaomi entered China’s highly competitive EV market last year with the launch of its SU7 sedan, aiming to win over buyers with a range of high-tech features.”In 2024, the deliveries of the Xiaomi SU7 Series reached 136,854 vehicles,” said the statement.The firm added that it would “continue to ramp up production and ensure delivery, striving to achieve the target of delivering 350,000 vehicles for the entire year of 2025”.Revenue from EVs and “other new initiatives” reached 32.8 billion yuan last year, the stock exchange filing showed.But Xiaomi’s traditional strength — another business segment that includes smartphones — still accounted for the bulk of sales, with revenue reaching 333.2 billion yuan last year.Founded in 2010, Xiaomi initially achieved rapid growth through its strategy of marketing high-end devices at affordable prices.Beijing has since last autumn announced various measures in a bid to revive confidence in the economy and boost consumer spending.One such initiative involves state subsidies for purchases of certain personal electronics and home appliances — product categories in which Xiaomi has a strong presence.

Asian and European equity markets rallied on Tuesday following another positive day on Wall Street stoked by US data that eased recession fears, while Chinese tech firms helped propel another surge in Hong Kong.Traders have kicked off the week on a positive note after Beijing at the weekend unveiled a range of measures aimed at reigniting activity in China’s army of consumers.That was followed Monday by figures showing US retail sales grew less than expected last month but a separate reading — used to calculate economic growth — topped forecasts, tempering possible concerns about a possible downturn. However, while there have been no new announcements in recent days, investors continue to fret over the impact of Donald Trump’s trade war on global growth.Hong Kong, which has piled on more than a fifth since the turn of the year, rose 2.5 percent to lead the gains Tuesday thanks to further buying of Chinese tech firms including Alibaba, Tencent and JD.com.Electric vehicle maker BYD was also a big winner, adding more than four percent — having jumped more than six percent to a record at one point — after unveiling battery technology it says can charge in five minutes.Shanghai also rose, along with Tokyo, Sydney, Seoul, Singapore, Taipei, Mumbai and Bangkok.However, trading in Jakarta was halted as the market tanked more than seven percent — its biggest intraday drop since 2011 — on worries about the Indonesian economy and weakening consumer spending heading into the Eid holiday period. It later resumed and pared its losses to four percent.The bourse has plunged more than 10 percent so far this year as the economy struggles, and eyes are now on the country’s central bank ahead of a policy decision due on Wednesday.London, Paris and Frankfurt rose at the open.The rally came after a second successive day of gains on Wall Street, which has been hammered this month by a sell-off sparked by Trump’s tariffs campaign that many fear could ramp up US inflation and hammer the economy.But SPI Asset Management’s Stephen Innes warned investors that investors weer not out of the woods yet.”Don’t get too comfortable — nervous eyes remain locked on Washington’s tariff tumult,” he wrote in a commentary.”The storm is far from over, and with the next escalation looming, the market is still walking a fine line between optimism and another sharp reality check.”Uncertainty about the impact of the tariffs and renewed concerns about the Middle East after Israel struck targets in Gaza helped safe-haven gold hit a fresh record just short of $3,020.This week is due to see policy decisions by the Federal Reserve, Bank of Japan and Bank of England, with all three forecast to stand pat on interest rates.The US central bank’s announcement will also come with updates to its outlook for the economy and interest rates this year, in light of Trump’s trade measures as well as plans to slash taxes, immigration and federal jobs.”We do not expect major changes in forward guidance on policy rates in the updated (policy board) statement,” said Ryan Wang, US economist for HSBC.”The statement could repeat that risks to (its) employment and inflation goals ‘are roughly in balance’ and that the ‘economic outlook is uncertain’.”However, he did say that while he saw no major changes to the bank’s median economic outlook, “the changes that we do expect are in a pessimistic direction”.- Key figures around 0815 GMT -Tokyo – Nikkei 225: UP 1.2 percent at 37,845.42 (close)Hong Kong – Hang Seng Index: UP 2.5 percent at 24,740.57 (close)Shanghai – Composite: UP 0.1 percent at 3,429.76 (close)London – FTSE 100: UP 0.4 percent at 8,711.68 Euro/dollar: UP at $1.0929 from $1.0925 on MondayPound/dollar: DOWN at $1.2987 from $1.2990Dollar/yen: UP at 149.85 yen from 149.12 yenEuro/pound: UP at 84.16 pence from 84.07 penceWest Texas Intermediate: UP 0.8 percent at $68.12 per barrelBrent North Sea Crude: UP 0.8 percent at $71.62 per barrelNew York – Dow: UP 0.9 percent at 41,841.63 (close)

Hong Kong leader John Lee on Tuesday said criticism of city conglomerate CK Hutchison’s sale of its Panama Canal ports deserved “serious attention”, after Beijing authorities repeatedly slammed the deal.The business empire of Hong Kong’s richest man, Li Ka-shing, sold most of its port operations — including those in the canal — to a US-led consortium this month following pressure from US President Donald Trump.But Beijing has upped pressure on the firm since, with two Chinese government offices managing Hong Kong affairs republishing newspaper articles last week blasting the transaction and questioning whether CK Hutchison sided with the United States over China.”There have been extensive discussions in society about the issue and this reflects society’s concern over the matter,” Lee, the chief executive of the largely autonomous Chinese city, told reporters.”These concerns deserve serious attention.”Bloomberg News reported on Tuesday, citing unnamed sources, that senior Chinese leaders have ordered several government agencies — including the State Administration for Market Regulation — to scrutinise the deal.This examination by Beijing does not necessarily result in follow-up action, the sources told Bloomberg, asking not to be identified to discuss private deliberations.Asked to confirm that report, Beijing directed AFP to the “relevant authorities”.But spokeswoman Mao Ning said that “China has always firmly opposed the use of economic coercion, bullying and infringement to undermine the legitimate rights and interest of other countries”.Shares of CK Hutchison in Hong Kong fell nearly four percent on Tuesday morning.For months, Trump has complained that China controls shipping in the Panama Canal, which was built by the United States more than a century ago to link the Pacific and Atlantic oceans.The US president repeatedly threatened to “take back” the canal, which was handed over to Panama in 1999.- ‘Bullying tactics’ -Before the sale, CK Hutchison’s subsidiary in Panama had managed two of the five ports at the canal — one on Cristobal, on the Atlantic side and the other on Balboa, the Pacific side — via a government concession since 1997.CK Hutchison, one of Hong Kong’s largest conglomerates, said the deal was unrelated to recent political news.Lee on Tuesday urged foreign governments to “provide a fair and just environment” for Hong Kong enterprises, without calling out the United States by name.”We oppose the abusive use of coercion, of bullying tactics in international economic and trade relations,” he said.Lee said any transaction must comply with legal and regulatory requirements, adding that Hong Kong would “handle it in accordance with the law and regulations”.The Hong Kong and Macao Work Office — an office in Beijing overseeing Hong Kong affairs — republished a newspaper article last Thursday asking CK Hutchison “which side it stands on”.Two days later, it ran another piece critical of the deal, which was later republished by the Liaison Office, the top Beijing authority based in Hong Kong.AFP has contacted the conglomerate for comment.Outspoken Hong Kong ex-leader CY Leung added to the chorus of criticism, saying “some Hong Kong businesspeople mistakenly believe that ‘businesspeople have no homeland'”.”American businesspeople can and will do only things aligned with US interests… the same applies to China,” Leung wrote on Facebook on Monday.