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Online privacy campaigners said Thursday they had filed complaints in several European countries against six Chinese companies including TikTok, accusing them of “unlawfully” sending Europeans’ personal data to China.Prominent Austria-based privacy campaign group NOYB (None of Your Business) said it has lodged six complaints against TikTok, AliExpress, SHEIN, Temu, WeChat and Xiaomi — in its first such action against Chinese companies. The complaints were filed in Austria, Belgium, Greece, Italy and the Netherlands. Noyb has launched several legal cases against US technology giants such as Meta and Google, often prompting action from regulatory authorities over violations of the EU’s landmark General Data Protection Regulation (GDPR).The GDPR aims to make it easier for people to control how companies use their personal information.”Given that China is an authoritarian surveillance state, it is crystal clear that China doesn’t offer the same level of data protection as the EU,” said NOYB data protection lawyer Kleanthi Sardeli.”Transferring Europeans’ personal data is clearly unlawful –- and must be terminated immediately,” Sardeli said according to a statement.According to the privacy group, AliExpress, SHEIN, TikTok and Xiaomi “transfer data to China”, while Temu and WeChat mention transfers to “third countries”.”As none of the companies responded adequately to the complainants’ access requests, we have to assume that this includes China,” the statement added.Noyb believes that “the rise of Chinese apps opens (up) a new front” for EU data protection law.TikTok declined to comment when contacted by AFP.Noyb said it is seeking administrative fines of up to four percent of the companies’ global sales, which could amount to 1.35 billion euros ($1.39 billion) for Temu.The group began working in 2018 with the advent of the GDPR.

Apple lost its status as the best selling smartphone brand in the crucial Chinese market last year, new data showed Thursday, with a pair of local rivals surpassing it with surging shipments.The California-based tech giant claimed a market share of 15 percent in the world’s number two economy, behind Huawei’s 16 percent and top-ranking Vivo’s 17 percent, according to industry data provider Canalys.Also coming in at 15 percent, with total smartphone sales narrowly behind Apple’s, were Chinese brands Oppo and Honor, the data showed.Apple’s performance in the country is suffering from a slump in iPhone sales, which dropped to 42.9 million in 2024, compared to a market-leading 51.8 million the previous year.”Intense competition has led to a constantly shifting landscape,” said Amber Liu, Research Manager at Canalys, adding that Apple “faced growing competitive pressure from domestic flagship devices”.Top-ranked Vivo showed “strong momentum” last year, Liu said, noting that the firm’s strategy was helping “solidify its position in entry-level to mid-to-high-end segments”.Meanwhile, Huawei, a Shenzhen-based tech giant that was once the target of tough sanctions from Washington due to national security concerns, continued a resurgence in its home market in 2024.The firm achieved a 37 percent year-on-year jump in total smartphone shipments last year, the Canalys data showed.Apple’s iPhone remains popular in China, but many consumers in the vast market have switched to domestic alternatives in recent years as sector competition intensifies.Firm CEO Tim Cook visited China multiple times last year, as the US tech giant sought to shore up slumping sales in the country.Apple’s fourth-quarter smartphone shipments plunged 25 percent, according to Canalys data.The mainland Chinese smartphone market as a whole expanded five percent year-on-year in the fourth quarter, the report added, with total shipments reaching 77.4 million units.And in a further positive signal for the sector, Beijing last week announced that it would roll out subsidies for individual purchases of certain smartphones, part of a discount scheme it hopes will boost spending as the economy wavers.The latest policy “has laid the foundation for this year’s market growth”, said Lucas Zhong, Research Analyst at Canalys, adding that “vendors have already begun preparations for channels and supply”.

Markets extended a global rally Thursday after below-forecast US inflation provided a much-needed shot of relief to investors and revived hopes for interest rate cuts this year.Strong earnings from Wall Street banking titans and a ceasefire deal between Israel and Hamas added to the optimistic mood on trading floors.Still, there remains a certain amount of caution ahead of Donald Trump returning to the White House next week, having promised to ramp up tariffs on imports, and slash taxes and regulations that many fear could reignite inflation.Data on Wednesday showing core consumer prices rose less than expected in December helped spur a surge in New York-listed stocks led by tech giants including Nvidia, Amazon and Google-parent Alphabet.The S&P 500 and the Dow piled on more than one percent and the Nasdaq more than two percent, putting them back in the green for 2025, with healthy earnings reports from Goldman Sachs, JPMorgan Chase, BlackRock and Bank of New York Mellon also lifting sentiment.The inflation figures tempered worries that the Federal Reserve might not cut rates this year — or possibly even hike them — following a blockbuster jobs report on Friday.Swap traders are now eyeing a reduction in July, having been looking at September or October at best.New York president John Williams also provided some soothing comments, saying “the process of disinflation remains in train”.Preston Caldwell, chief US economist at Morningstar, said: “Data on economic growth has continued to roll in stronger than expected, contributing to the upward revision in our 2024 expectation.”However, strong growth has helped generate a large rise in bond yields. If it persists, higher borrowing costs will seriously degrade (gross domestic product) growth in 2025 and 2026.”Still, we expect the Fed to respond adroitly to decelerating growth in 2025 and 2026 with hefty rate cuts, ultimately triggering a growth rebound in 2027 and 2028.”Asian markets enjoyed a broadly healthy day.Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei, Mumbai, Wellington, Bangkok and Jakarta all advanced, though Manila edged down.Tokyo also edged up but was limited by a pick-up in the yen against the dollar after the inflation data and as investors assess the chances of a rate hike by the Bank of Japan at its meeting next week.London rose even as data showed the UK economy expanded at a slower pace than expected in November. Paris and Frankurt also rose.Oil prices also extended a surge this week fuelled by fresh US-UK sanctions on Russia’s energy sector and amid fears Trump will ramp up measures against key producer Iran when he takes the Oval Office.Meanwhile, data Wednesday showed US inventories fell for an eighth week to their lowest since April 2022, with the International Energy Agency saying a colder winter has pushed global demand higher.- Key figures around 0815 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 38,572.60 (close)Hong Kong – Hang Seng Index: UP 1.2 percent at 19,522.89 (close)Shanghai – Composite: UP 0.3 percent at 3,236.03 (close)London – FTSE 100: UP 0.6 percent at 8,351.02 Euro/dollar: UP at $1.0299 from $1.0293 on WednesdayPound/dollar: DOWN at $1.2219 from $1.2239Dollar/yen: DOWN at 156.22 yen from 156.52 yenEuro/pound: UP at 84.28 pence from 84.08 penceWest Texas Intermediate: UP 0.3 percent at $80.24 per barrelBrent North Sea Crude: UP 0.2 percent at $82.18 per barrelNew York – Dow: UP 1.7 percent at 43,221.55 (close)

Taiwanese chipmaking giant TSMC on Thursday announced a better-than-expected net profit for the fourth quarter as it benefits from booming demand for AI technology.Taiwan Semiconductor Manufacturing Company is the world’s largest contract maker of chips that are used in everything from Apple’s iPhones to Nvidia’s cutting-edge artificial intelligence hardware.The firm said net profit for the three months to December jumped 57 percent on-year to NT$374.7 billion (US$11.4 billion).That was better than the NT$369.8 billion forecast by analysts surveyed by Bloomberg News, and underscores expectations for sustained spending on AI infrastructure from the likes of Microsoft and Amazon.Net revenue for the fourth quarter rose 38.8 percent to NT$868.46 billion, TMSC said, beating forecasts.For the full year, net profit reached NT$1.2 trillion, up 40.5 percent. The firm said last week that net revenue rose 33.9 percent to NT$2.9 trillion.”We expect 2025 to be another strong growth year for TSMC” as AI-related demand continues to surge, chairman and chief executive C.C. Wei told an earnings conference.TSMC’s Taiwan shares surged 3.76 percent to close at NT$1,105 ahead of the announcement. The briefing was held as Nvidia boss Jensen Huang visited Taiwan where the government says the US chip giant plans to establish its Asia headquarters.TSMC’s full year revenue was expected to increase “by close to mid-20s percent in US dollar terms”, Wei said. Taiwan’s largest company is at the forefront of the AI revolution but it has been grappling with geopolitical tensions between Beijing and Washington over technology, trade and Taiwan.The United States this week tightened controls on high-end chip exports as it seeks to curb the flow of the advanced technology to China.Wei said the company was still analysing the potential impact from the US restrictions, but it appeared “manageable”.He added that TSMC would apply for “special permits” for customers and the company was confident that those not involved in AI would get “some permission”.TSMC has been under pressure to move more of its production away from Taiwan, where the bulk of its fabrication plants are located.While Taiwan is a self-ruled island, China claims it as part of its territory and has threatened to use force to bring it under its control. TSMC’s new factories overseas include three planned in the United States and one that opened in Japan last year. It is also moving into Europe.The United States will award TSMC up to US$6.6 billion in direct funding to help build “state-of-the-art facilities in Arizona”, officials said in November, finalising the deal before Donald Trump enters the White House.The funding is part of efforts to revive US manufacturing and secure the country’s access to chips.”Let me assure you that we have a very frank and open communication with the current (US) government and with the future one also,” Wei said. TSMC’s expansion overseas drove a surge in Taiwanese foreign direct investment in 2024, Bloomberg reported, citing figures from the Economic Ministry.Bloomberg said the data showed a “decoupling” from China, with investment in Japan and the United States by Taiwanese companies hitting a record as investment in China stagnated.

Beijing is hoping subsidies for rice cookers, microwave ovens and smartphones can boost sluggish spending and help the country weather an economic storm from incoming US president Donald Trump.Policymakers have struggled to get China’s billion-strong army of consumers to inject cash into the economy as a prolonged real estate crisis weighs on confidence.And last week, they expanded a subsidy scheme for common household items, from water purifiers and refrigerators to laptops and electric vehicles.Outside a bustling shopping centre in Sanlitun, one of the capital’s most popular commercial districts, 25-year-old Li Ling told AFP the policy could work as an “incentive”.”If someone’s budget is not very abundant, such policies can support them in their consideration about buying things,” she said.”I think the policy can just be regarded as an incentive,” she said.Beijing is nervously looking to the second administration of Donald Trump, who has vowed brutal tariffs on Chinese goods in retaliation for Beijing’s allegedly unfair trade practices — fuelling fears of another trade war.And experts say the country may need to shift towards a growth model driven largely by domestic consumption as those pressures mount.Under the broadened subsidy scheme, people can get 20 percent off microwave ovens, water purifiers, dishwashers and rice cookers, among other things — with the state covering the discount of up to 2,000 yuan ($275).Gadgets such as smartphones, tablets and smartwatches also now receive subsidies of up to 15 percent.- ‘Saving is meaningless’ -Shopper Yang Boyun told AFP that he recently took advantage of the new deal.”I bought three Xiaomi air conditioners,” he said, referring to one of China’s leading consumer goods brands. “They all only cost 8,000-9,000 yuan. Normally each one would cost more than 4,000 yuan,” he said.But Yang, a worker in the crisis-hit property sector, said much stronger action was needed for the country to reverse its economic malaise.”Only after some changes to the macroeconomic regulation of the country will individuals feel the effects,” he said.Beijing is set to release a tranche of economic data Friday and analysts expect the country to report its weakest growth in decades.In bustling Sanlitun, student Wang Jiaxin said she was prioritising spending on things she enjoyed.”If it’s on food and drinks and buying more beautiful clothes then I’ll spend a bit more,” she said.Next year Wang said she planned to enter China’s job market — beset in recent years with high youth unemployment — rather than continue studying.But she expressed cautious optimism about her chances.”I can definitely find a job. But what kind of job it is really depends,” she said. “I’m not sure I’ll be able to find a good one, but I’ll definitely be able to support myself.”Meanwhile, Yang told AFP his thinking on personal spending had shifted.”In the past I may have saved some money, but now I feel that one small thing may cause debt — like if you get sick, you will be in debt,” he said.”But money is something that should be used to enjoy the present,” he added. “Saving money is meaningless. The most important thing for us now is to be happy.”

The World Bank plans to loan cash-strapped Pakistan $20 billion over the coming decade to nurture its private sector and bolster resilience to climate change, Prime Minister Shehbaz Sharif said.Pakistan came to the brink of default in 2023, as a political crisis compounded shock from the global economic downturn and drove the nation’s debt burden to terminal levels.It was saved by a $7 billion bailout from the International Monetary Fund (IMF) and has enjoyed a degree of recovery, with inflation easing and foreign exchange reserves increasing.Sharif said the World Bank funding would be used for “child nutrition, quality education, clean energy, climate resilience, inclusive development and private investment”.The deal “reflects the World Bank’s confidence in Pakistan’s economic resilience and potential,” he said on social media platform X on Wednesday.Pakistan has for decades grappled with a chronically low tax base and mammoth amounts of external debt, which swallow up half its annual revenues.The IMF deal — Pakistan’s 24th since 1958 — came with stern conditions that the country improve income tax takings and cut popular power subsidies, cushioning costs of the inefficient sector.The World Bank said the new $20 billion scheme would begin in the fiscal year 2026 and last until 2035.”The economy is recovering from the recent crisis as the government has launched an ambitious programme of fiscal, energy and business environment reforms,” said a summary of the plan released by the World Bank.But it warned that a “track record of past stop-and-go reform episodes handicaps the government’s credibility”, meaning that new investment may be “slow to materialise”.The World Bank therefore plans for “more selective, stable, and larger investments in areas critical for sustained development and that require time and persistence for impact”, it said.The World Bank’s Pakistan director Najy Benhassine said in a statement the deal “represents a long-term anchor” that will “address some of the most acute development challenges facing the country”.

Speculation over Nintendo’s new console, a successor to the wildly popular Switch, reached a fever pitch Thursday with specialist media predicting an imminent announcement from the Japanese gaming giant.The Eurogamer website said it had heard “industry whispers” that the new gadget would be unveiled Thursday, the same date leaked by an influential podcaster.A reporter from tech outlet The Verge said Tuesday on X: “I’ve heard it should be the Switch 2 reveal this week”, further fuelling buzz among fans.Players have long been hungry for news on a follow-up to Nintendo’s hybrid Switch console, which can be handheld or connected to a TV screen.Since it hit shelves in 2017, more than 146 million units have been sold worldwide, making the Switch the third-best-selling console ever after Sony’s PlayStation 2 and Nintendo’s DS.Nintendo estimates it has sold 1.3 billion copies of Switch titles, including “Animal Crossing: New Horizons”, which became a must-play among all age groups during Covid-19 lockdowns.But as the blockbuster Switch ages and sales decline, the Kyoto-based company said last year it would reveal its next console by the end of March 2025.A Nintendo spokesman told AFP on Thursday that there was “nothing we can share” regarding the announcement.In November, Nintendo promised users that games made for the original Switch would be playable on the new one.While the firm has kept tight-lipped on details of the new hardware, that hasn’t stopped a steady stream of leaks.Some purport to show the gadget in production, or accessories designed to fit the next console.A manufacturer called Genki even showed off a life-sized replica model of the console, featuring a bigger screen than its predecessor, at the CES tech show in Las Vegas this month.But the new Switch is likely already being made at factories “to ensure there is enough stock, as demand for the new console will certainly be very high”, said Darang Candra from game industry research firm Niko Partners.Gaming rival Sony faced a supply bottleneck that led to empty shelves when it launched the PlayStation 5 in 2020, something Nintendo will be keen to avoid.One fan, 29-year-old “Animal Crossing” streamer LottieRoseGames, told AFP her audience is “particularly excited” given the latest rumours.”People are just looking forward to the prospects of what a new console will bring in terms of new features — and of course mostly new games,” she said.

Asian markets extended a global rally Thursday after below-forecast US inflation provided a much-needed shot of relief to investors and revived hopes for interest rate cuts this year.Strong earnings from Wall Street banking titans and a ceasefire deal between Israel and Hamas added to the optimistic mood on trading floors.Still, there remains a certain amount of caution ahead of Donald Trump returning to the White House next week, having promised to ramp up tariffs on imports, and slash taxes and regulations that many fear could reignite inflation.Data on Wednesday showing core consumer prices rose less than expected in December helped spur a surge in New York-listed stocks led by tech giants including Nvidia, Amazon and Google-parent Alphabet.The S&P 500 and the Dow piled on more than one percent and the Nasdaq more than two percent, putting them back in the green for 2025, with healthy earnings reports from Goldman Sachs, JPMorgan Chase, BlackRock and Bank of New York Mellon also lifting sentiment.The inflation figures tempered worries that the Federal Reserve might not cut rates this year — or possibly even hike them — following a blockbuster jobs report on Friday.Swap traders are now eyeing a reduction in July, having been looking at September or October at best.New York president John Williams also provided some soothing comments, saying “the process of disinflation remains in train”.Preston Caldwell, chief US economist at Morningstar, said: “Data on economic growth has continued to roll in stronger than expected, contributing to the upward revision in our 2024 expectation.”However, strong growth has helped generate a large rise in bond yields. If it persists, higher borrowing costs will seriously degrade (gross domestic product) growth in 2025 and 2026.”Still, we expect the Fed to respond adroitly to decelerating growth in 2025 and 2026 with hefty rate cuts, ultimately triggering a growth rebound in 2027 and 2028.”Asian markets rose across the board.Hong Kong, Sydney, Seoul, Taipei, Manila and Jakarta all piled on more than one percent, while there were also gains in Shanghai, Singapore and Wellington.Tokyo also edged up but was limited by a pick-up in the yen against the dollar after the inflation data and as investors assess the chances of a rate hike by the Bank of Japan at its meeting next week.Oil prices also extended a surge this week fuelled by fresh US-UK sanctions on Russia’s energy sector and amid fears Trump will ramp up measures against key producer Iran when he takes the Oval Office.Meanwhile, data Wednesday showed US inventories fell for an eighth week to their lowest since April 2022, with the International Energy Agency saying a colder winter has pushed global demand higher. – Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 38,551.96 (break)Hong Kong – Hang Seng Index: UP 1.5 percent at 19,577.59Shanghai – Composite: UP 0.7 percent at 3,249.96Euro/dollar: UP at $1.0297 from $1.0293 on WednesdayPound/dollar: DOWN at $1.2236 from $1.2239Dollar/yen: DOWN at 155.65 yen from 156.52 yenEuro/pound: UP at 84.15 pence from 84.08 penceWest Texas Intermediate: UP 0.3 percent at $80.27 per barrelBrent North Sea Crude: UP 0.2 at $82.22 per barrelNew York – Dow: UP 1.7 percent at 43,221.55 points (close)London – FTSE 100: UP 1.2 percent at 8,301.13 (close) 

Stock markets surged on Wednesday, buoyed by robust US bank earnings and encouraging inflation data from the United States and Britain.Wall Street’s three main indexes closed sharply higher after US financial titans Goldman Sachs, JPMorgan Chase, BlackRock and others posted stellar quarterly results.Fresh data published earlier Wednesday showed headline inflation in the Untied States accelerated in the 12 months to December, but actually slightly eased once volatile food and energy prices were stripped out, fueling optimism in the markets.”There’s a lot of relief from the (inflation) data this morning,” Angelo Kourkafas from Edward Jones told AFP, noting there had been a positive market reaction to the decline in the so-called “core” inflation measure.European stock markets closed firmly in the green, while Asia finished on a mixed note.- ‘Look through price increases’ -Kathleen Brooks, research director at trading platform XTB, noted that the US Federal Reserve closely looks at core inflation to make decisions on interest rates.”The Fed could choose to look through price increases for volatile commodities that they cannot control,” she said. “Instead, the Fed may focus on core inflation,” she said.Analysts have pared back their expectations on the number of Fed rate cuts for this year.They believe policymakers will hold borrowing costs steady at the next decision-making meeting later this month as inflation remains above its two-percent target.In Britain, official figures showed that inflation unexpectedly cooled to 2.5 percent in December, easing some pressure on the Labour government as it struggles to grow the economy.The pound rose against the dollar, with analysts forecasting that the Bank of England would likely cut its key interest rate next month as the rate of price increases cools.Separate official data showed Europe’s biggest economy Germany contracted for a second straight year in 2024, with little hope of a strong recovery ahead of national elections next month.- Nintendo jump -In Asia, Tokyo’s stock market ended down, though games giant Nintendo piled on more than two percent and briefly hit a record high as traders anticipated it would soon release its much-anticipated Switch 2 console. The Nikkei 225’s drop also came as the yen strengthened, with traders weighing the chances of a rate hike by the Bank of Japan this month.Oil prices soared more than 2.6 percent after the International Energy Agency said a colder winter has pushed global demand higher. Oil traders were also digesting recent US sanctions on Russia and Iran, raising fears they could restrict supplies from those countries.The market optimism also trickled through into the cryptocurrency markets, with bitcoin briefly returning above $100,000 before paring some gains.- Key figures around 2130 GMT -New York – Dow: UP 1.7 percent at 43,221.55 points (close)New York – S&P: UP 1.8 percent at 5,949.91 (close)New York – Nasdaq Composite: UP 2.5 percent at 19,511.23 (close)London – FTSE 100: UP 1.2 percent at 8,301.13 (close) Paris – CAC 40: UP 0.7 percent at 7,474.59 (close)Frankfurt – DAX: UP 1.5 percent at 20,574.68 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 38,444.58 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 19,286.07 (close)Shanghai – Composite: DOWN 0.4 percent at 3,227.12 (close)Euro/dollar: DOWN at $1.0293 from $1.0310 on TuesdayPound/dollar: UP at $1.2239 from $1.2211Dollar/yen: DOWN at 156.52 yen from 157.98 yenEuro/pound: DOWN at 84.08 pence from 84.40 penceBrent North Sea Crude: UP 2.6 at $82.03 per barrelWest Texas Intermediate: UP 3.3 percent at $80.04 per barrelburs-rl/sbk/da-tmc/bs

The United States unveiled further export controls Wednesday on advanced computing semiconductors, increasing due diligence requirements for businesses as it seeks to prevent diversion of tech to China despite existing restrictions.The move — part of a series of actions before President Joe Biden leaves office — comes days after US officials announced fresh curbs on AI chip exports, seeking to make it harder for Beijing to access the advanced technology.”These rules will further target and strengthen our controls to help ensure that the PRC and others who seek to circumvent our laws and undermine US national security fail in their efforts,” Commerce Secretary Gina Raimondo said, referring to the People’s Republic of China.Washington has expanded its efforts in recent years to curb exports of state-of-the-art chips to China, concerned that these can be used to advance Beijing’s military systems and other tech capabilities.But there have been worries about circumvention.The latest controls aim to hold back China from getting high-end computing semiconductors needed to develop advanced artificial intelligence capabilities, the US commerce department said.”By enhancing due diligence requirements, we are holding foundries accountable for verifying that their chips are not being diverted to restricted entities,” said Alan Estevez, Commerce Department under-secretary for industry and security.The outgoing Biden administration’s moves have drawn ire, with China’s commerce ministry saying Beijing was “strongly dissatisfied and firmly opposed” to them.The ministry vowed in a statement Wednesday that China would take measures to safeguard its interests.With the new rules, foundries and packaging companies that want to export certain advanced chips face broader license requirements unless they meet several conditions.The rules also aim to enhance reporting for transactions involving newer customers “who may pose a heightened risk of diversion,” said the US commerce department.- Blacklist -The department on Wednesday placed 25 China-based entities, alongside two Singapore ones, on a trade blacklist as well.Companies added to the so-called Entity List are restricted from obtaining US items and technologies without a license.Among those impacted was Sophgo Technologies, which was said to have been involved in Huawei accessing chips from Taiwanese chip giant TSMC.Some of the Entity List additions were made because the businesses helped advance China’s military modernization through the development of AI research, a government posting said.Others were accused of aiding the development of advanced computing integrated circuits that further China’s progress in weapons systems, or posing a risk of diversion to Huawei — which has itself been blacklisted.Such activities, according to the postings, were contrary to US national security and foreign policy interests.Apart from chip export controls, Washington finalized a rule this week effectively barring Chinese technology from cars in the American market.The announcement took aim at software and hardware from the world’s second-largest economy over national security risks.US officials are also mulling new restrictions to address risks posed by drones containing tech from adversaries like China and Russia.Beijing said Wednesday that the Biden administration’s measures have “seriously infringed upon” Chinese companies’ rights and interests.But the rollout of many plans will fall to US President-elect Donald Trump, who returns to the White House next week.