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Stock markets mostly retreated and the dollar steadied Friday as traders awaited key US jobs data for signals on the health of the world’s largest economy and the outlook for interest rates.Oil prices jumped around 2.5 percent as analysts expect the United States to soon announce more sanctions against Russia, further disrupting its crude exports and therefore tightening supplies.Tokyo, Hong Kong and Shanghai stock markets closed lower Friday. London dropped nearing the halfway stage while in the eurozone, Frankfurt and Paris gained. The pound remained under pressure after Thursday hitting levels not seen since late 2023 against the dollar on worries about the UK economy.UK 10-year bond yields remained high after surging to their highest level since the 2008 global financial crisis, amid talk the government may have to make spending cuts or hike taxes to help repay state debt.”The global bond selloff showed few signs of letting up… with long-term borrowing costs continuing to move higher,” noted Jim Reid, managing director at Deutsche Bank. “Even though the UK might appear the most striking in terms of when yields last traded at these levels, other countries have experienced a similar pattern too,” he added.Friday’s US non-farm payrolls report is expected to show a slowdown in jobs creation in December, though still at a healthy enough pace to suggest the labour market remains in rude health.”Markets will be watching closely for any signs of inflationary pressures building with the wage growth figure followed closely,” said Joshua Mahony, chief market analyst at financial services firm Scope Markets. The Fed indicated last month it will cut rates just twice this year — down from the four previously flagged — owing to sticky inflation.That came as speculation began swirling that Donald Trump’s plans to slash taxes, regulations and immigration — and to impose harsh tariffs on imports — on re-entering the White House would reignite prices.On the corporate front, shares in French video game giant Ubisoft shed around six percent on the Paris stock exchange, after the company said it was exploring its options following another delay in its “Assassin’s Creed” franchise. Uniqlo owner Fast Retailing also struggled, with shares sliding in Tokyo after the company reported a weak quarterly performance in China.- Key figures around 1100 GMT -London – FTSE 100: DOWN 0.2 percent at 8,299.70Paris – CAC 40: UP 0.2 percent at 7,506.93Frankfurt – DAX: UP 0.2 percent at 20,362.05Tokyo – Nikkei 225: DOWN 1.1 percent at 39,190.40 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 19,064.29 (close)Shanghai – Composite: DOWN 1.3 percent at 3,168.52 (close)New York – Dow: closed on ThursdayEuro/dollar: UP at $1.0303 from $1.0296 on ThursdayPound/dollar: DOWN at $1.2292 from $1.2293Dollar/yen: UP at 158.11 yen from 157.96 yenEuro/pound: UP at 83.81 pence from 83.75 penceBrent North Sea Crude: UP 2.5 percent at $78.87 per barrelWest Texas Intermediate: UP 2.6 percent at $75.82 per barrel

Equities fell Friday as traders prepared for the release of US jobs data that could play a key role in the Federal Reserve’s decision-making on interest rates, with several officials indicating the cutting has finished for now.Markets have started the year cautiously, with the optimism that characterised most of the past three months dented by concerns about Donald Trump’s coming presidency and the US central bank’s hawkish pivot on monetary policy.With Wall Street closed for a national day of mourning for late former president Jimmy Carter, there were few major catalysts to drive business at the end of a broadly dour week in Asia.Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei, Wellington, Bangkok and Manila fell, while Mumbai and Jakarta edged up.London dipped at the open, while Frankfurt and Paris were flat.Friday’s non-farm payrolls report is expected to show a slowdown in jobs creation in December, though still at a healthy enough pace to suggest the labour market remains in rude health.Still, the Fed indicated last month it will cut rates just twice this year — down from the four previously flagged — owing to sticky inflation.That came as speculation began swirling that Trump’s plans to slash taxes, regulations and immigration, and impose harsh tariffs on imports, would reignite prices.And several Fed officials have since lined up to warn they would be keen to take it easy on easing policy this year.Boston Fed president Susan Collins said “considerable uncertainty” meant a slower pace of reduction would be warranted, adding that borrowing costs were in the right place for now and could be held for longer “if there is little further progress on inflation”.And Fed Governor Michelle Bowman acknowledged that while she backed last month’s reduction, she could have been persuaded against it. “Given the lack of continued progress on lowering inflation and the ongoing strength in economic activity and in the labour market, I could have supported taking no action at the December meeting,” she said.Kansas City boss Jeff Schmid said policy could already be at its ideal zone, while his Philadelphia counterpart Patrick Harker wanted to base his decision on incoming data.Regan Capital chief investment officer Skyler Weinand said the Fed was “worried about the incoming administration”.He told Bloomberg Television that the growing US fiscal deficit and healthy consumer spending could result in “higher interest rates for the next five to 10 years”.On currency markets, the pound remained under pressure after Thursday saw it hit levels not seen since late 2023, although it remains under pressure on worries about the UK economy amid talk the government might have to make spending cuts or hike taxes.- Key figures around 0810 GMT -Tokyo – Nikkei 225: DOWN 1.1 percent at 39,190.40 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 19,064.29 (close)Shanghai – Composite: DOWN 1.3 percent at 3,168.52 (close)London – FTSE 100: DOWN 0.1 percent at 8,308.15Euro/dollar: DOWN at $1.0292 from $1.0296 on ThursdayPound/dollar: DOWN at $1.2289 from $1.2293Dollar/yen: UP at 158.42 yen from 157.96 yenEuro/pound: UP at 83.78 pence from 83.75 penceWest Texas Intermediate: UP 0.9 percent at $74.59 per barrelBrent North Sea Crude: UP 0.9 percent at $77.62 per barrelNew York – Dow: closed

Equities fell again in Asia on Friday as traders prepared for the release of US jobs data that could play a key role in the Federal Reserve’s decision-making on interest rate, with several officials indicating the cutting has finished for now.Markets have started the year cautiously, with the optimism that characterised most of the past three months dented by concerns about Donald Trump’s presidency and the US central bank’s hawkish pivot on monetary policy.With Wall Street closed for a national day of mourning for late former president Jimmy Carter, there were few major catalysts to drive business at the end of a broadly dour week in Asia.Tokyo, Shanghai, Sydney, Singapore, Seoul, Taipei, Wellington and Manila fell, while Hong Kong barely moved and Jakarta cautiously edged up.Friday’s non-farm payrolls report is expected to show a slowdown in jobs creation in December, though still at a healthy enough pace to suggest the labour market remains in rude health.Still, the Fed last month indicated it will cut rates just twice this year — down from the four previously flagged — owing to sticky inflation.That came as speculation began swirling that Trump’s plans to slash taxes, regulations and immigration, and impose harsh tariffs on imports would reignite prices.And several Fed officials have since lined up to warn they would be keen to take it easy on easing policy this year.Boston Fed president Susan Collins said “considerable uncertainty” meant a slower pace of reduction would be warranted, adding that borrowing costs were in the right place for now and could be held for longer “if there is little further progress on inflation”.And Fed Governor Michelle Bowman admitted that while she backed last month’s reduction, she could have been persuaded against it. “Given the lack of continued progress on lowering inflation and the ongoing strength in economic activity and in the labour market, I could have supported taking no action at the December meeting,” she said. Meanwhile, Kansas City boss Jeff Schmid said policy could already be at its ideal zone, while his Philadelphia counterpart Patrick Harker wanted to base his decision on incoming data.Regan Capital chief investment officer Skyler Weinand said the Fed was “worried about the incoming administration”.He told Bloomberg Television that the growing US fiscal deficit and healthy consumer spending could result in “higher interest rates for the next five to 10 years”.On currency markets the pound edged up from Thursday, when it hit levels not seen since late 2023, though it remains under pressure on worries about the UK economy amid talk the government might have to make spending cuts or hike taxes.- Key figures around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.5 percent at 39,411.76 (break)Hong Kong – Hang Seng Index: FLAT at 19,242.10Shanghai – Composite: DOWN 0.2 percent at 3,205.49Euro/dollar: UP at $1.0302 from $1.0296 on ThursdayPound/dollar: UP at $1.2307 from $1.2293Dollar/yen: UP at 158.19 yen from 157.96 yenEuro/pound: DOWN at 83.71 pence from 83.75 penceWest Texas Intermediate: UP 0.4 percent at $74.19 per barrelBrent North Sea Crude: UP 0.4 percent at $77.19 per barrelNew York – Dow: Closed London – FTSE 100: UP 0.8 percent at 8,319.69 points (close)

European and Asian stock markets diverged Thursday, investors tracking the outlook for inflation and US interest rates as Donald Trump’s second presidency approaches.Sentiment was clouded by data showing that Chinese consumer inflation remained almost non-existent despite a raft of stimulus measures in the final three months of last year.While deflation suggests the cost of goods is falling, it poses a threat to the broader economy as consumers tend to postpone purchases under such conditions, hoping for further reductions.In foreign exchange, the British pound weakened to lows not seen for more than a year on worries about sticky inflation that could further hit Britain’s struggling economy.London’s FTSE 100 index — whose biggest companies earn most of their money overseas — gained as the pound sank against its main rivals.Paris equities also rose and Frankfurt dipped.US markets were closed Thursday as the country holds a national day of mourning for late former president Jimmy Carter.The drop in sterling comes as UK 10-year bond yields have surged, on Thursday hitting the highest level since the 2008 global financial crisis.That puts fiscal pressure on the Labour government, which could eventually force it to make spending cuts or hike taxes.”This move is shadowing a rise in US bond yields… alongside indications of persistent inflation that are prompting investors to review expectations for two (US) rate cuts in the year ahead,” said Lindsay James, investment strategist at Quilter Investors. The likelihood of limited interest-rate cuts by the US Federal Reserve — which last year hinted at four cuts in 2025 — has “cast a shadow over market sentiment”, said Matt Britzman, senior analyst at Hargreaves Lansdown.A report saying President-elect Trump had considered declaring a national economic emergency to provide legal cover to impose tariffs on all imported goods added to the uncertainty on trading floors.Worries about Trump’s plans to slash taxes, regulate immigration and ramp up tariffs have led to warnings that prices could reignite.That has sent the yield on the 10-year US Treasury note surging and fanned speculation it could top five percent for the first time since October 2023.Friday’s US employment figures are now in focus for traders.The Dow and S&P 500 ended slightly higher on Wall Street Wednesday, but the Nasdaq dipped.In Asia, Hong Kong and Shanghai closed lower Thursday, reacting to the Chinese inflation data, which piles pressure on officials to ramp up stimulus to boost consumption.China’s leaders have unveiled a range of measures to kickstart the world’s number two economy, with a focus on getting people to spend, and support for the troubled property sector.On the corporate front, Thursday UK retailers were hit by negative market sentiment.Shares in supermarket Tesco dipped 0.5 percent and Marks and Spencer dropped more than eight percent on London’s FTSE 100, despite both posting strong results. – Key figures around 1630 GMT -London – FTSE 100: UP 0.8 percent at 8,319.69 points (close)Paris – CAC 40: UP 0.5 percent at 7,490.28 (close)Frankfurt – DAX: DOWN less than 0.1 percent at 20,317.10 (close)Tokyo – Nikkei 225: DOWN 0.9 percent at 39,605.09 (close)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 19,240.89 (close)Shanghai – Composite: DOWN 0.6 percent at 3,211.39 (close)New York – Dow: Closed Euro/dollar: DOWN at $1.0296 from $1.0316 on WednesdayPound/dollar: DOWN at $1.2293 from $1.2361Dollar/yen: DOWN at 157.96 yen from 158.38 yenEuro/pound: UP at 83.75 pence from 83.44 penceWest Texas Intermediate: UP 1.2 percent at $74.18 per barrelBrent North Sea Crude: UP 1.2 percent at $77.07 per barrelburs-rl/jj

China said Thursday that an investigation had found the European Union imposed unfair “trade and investment barriers” on Beijing, marking the latest salvo in long-running commercial tensions between the two economic powers.Officials announced the probe in July after Brussels began looking into whether Chinese government subsidies were undermining European competition.Beijing has consistently denied its industrial policies are unfair and has threatened to take action against the EU to protect Chinese companies’ legal rights and interests.The commerce ministry said Thursday that the implementation of the EU’s Foreign Subsidies Regulation (FSR) discriminated against Chinese firms and “constitutes trade and investment barriers”.However, it did not mention whether Beijing planned to take action in response.The two are major trade partners but are locked in a wide-ranging standoff, notably over Beijing’s support for its renewables and electric-vehicle sectors.EU actions against Chinese firms have come as the 27-nation bloc seeks to expand renewable energy use to meet its target of net-zero greenhouse gas emissions by 2050.But Brussels also wants to pivot away from what it views as an overreliance on Chinese technology at a time when many Western governments increasingly consider Beijing a potential national security threat.When announcing the probe, the ministry said its national chamber of commerce for importing and exporting machinery and electronics had filed a complaint over the FSR measures.The 20-page document detailing the ministry’s conclusions said their “selective enforcement” resulted in “Chinese products being treated more unfavourably during the process of export to the EU than products from third countries”.It added that the FSR had “vague” criteria for investigating foreign subsidies, placed a “severe burden” on the targeted companies and had opaque procedures that created “huge uncertainty”.EU measures such as surprise inspections “clearly exceeded the necessary limits”, while investigators were “subjective and arbitrary” on issues like market distortion, according to the ministry.Companies deemed not to have complied with probes also faced “severe penalties”, which placed “huge pressure” on Chinese firms, it said.The European Commission on Thursday defended the FSR, saying it was “fully compliant with all applicable EU and World Trade Organization rules”.”All companies, regardless of their seat or nationality, are subject to the rules,” a commission spokesperson said in a statement.”This is also the case when applying State aid or antitrust rules.” – Projects curtailed -The Chinese commerce ministry said FSR investigations had forced Chinese companies to abandon or curtail projects, causing losses of more than 15 billion yuan ($2.05 billion).The measures had “damaged the competitiveness of Chinese enterprises and products in the EU market”, it said, adding that they also hindered the development of European national economies and undermined trade cooperation between Beijing and Brussels.The EU’s first probe under the FSR in February targeted a subsidiary of Chinese rail giant CRRC, but closed after the company withdrew from a tender in Bulgaria to supply electric trains.A second probe targets Chinese-owned solar panel manufacturers seeking to build and operate a photovoltaic park in Romania, partly financed by European funds.In October, Brussels imposed extra tariffs on Chinese-made electric cars after an anti-subsidy investigation under a different set of rules concluded Beijing’s state support was unfairly undercutting European automakers.Beijing in response announced provisional tariffs on brandy imported from the EU, and later imposed “temporary anti-dumping measures” on the liquor.Last month, China said it would extend the brandy investigation, citing the case’s “complexity”.Separately, a report by the European Union Chamber of Commerce in China warned that firms were being forced to drastically localise their operations to suit China’s regulations, driving up costs and reducing efficiency.Heightened trade tensions and Beijing’s “self-reliance policies” were causing many multinationals “to separate certain China-based functions, or even entire operations, from those in the rest of the world”, it said.It added that governance rules increasingly dominated by national security concerns had heightened uncertainties for local entities in engaging with European clients.Some customers are therefore choosing to “err on the side of caution and not take a risk by buying from a foreign service provider”, Chamber head Jens Eskelund said at a media event on Thursday.

Sales of electric and hybrid vehicles jumped more than 40 percent in China last year, as demand for new energy models continues to surge and the sector remains entrenched in a gruelling price war.The Chinese electric vehicle market has witnessed explosive growth in recent years, driven in part by generous subsidies from Beijing.But the world’s largest automotive market has also seen fierce competition among domestic car manufacturers as a consumption slowdown fuels a price war that is weighing on profitabilityIn 2024, almost 11 million new energy vehicles (NEVs) were sold, a year-on-year increase of 40.7 percent, the China Passenger Car Association (CPCA) said Thursday. NEVs accounted for nearly half — 47.6 percent — of all retail sales last year, the association said.By comparison, such vehicles accounted for just 22.6 percent of sales in the European market in November, according to the European Automobile Manufacturers’ Association.In China, NEV sales surpassed 1.3 million units in December, CPCA data showed, up 37.5 percent year-on-year and representing the fifth consecutive month of sales of more than one million.Beyond just NEVs, the total number of vehicles sold last year in the Chinese market swelled 5.5 percent, reaching nearly 22.9 million units, the CPCA said.For EV companies, the price war is likely to carry on in the new year, CPCA secretary general Cui Dongshu said during a Thursday press conference.More than 200 car models saw price cuts last year, compared to 148 in 2023, Cui added. BYD has emerged as a clear leader in the Chinese market — the Shenzhen-based firm sold more than four million vehicles globally in 2024.- Bleak overseas market -While BYD occupies roughly one third of the Chinese market, the situation is bleaker overseas, where various governments have hiked customs duties on vehicle imports from the country.In December, sales in foreign markets accounted for just 12 percent of BYD’s overall sales, according to the company’s figures.”We are now experiencing significant pressure on exports,” Cui said Thursday, adding that Chinese NEV sales are “currently being suppressed by the European Union”.The European Union has said that extensive state support by Beijing for its domestic carmakers has led to unfair competition, with an investigation by the bloc finding that subsidies were undercutting local competitors.Foreign automotive giants, on the other hand, are battling against slumping sales in the world’s second-largest economy.BYD’s quarterly revenue surpassed global rival Tesla’s for the first time during the third quarter last year.

Asian markets fell Thursday after a tepid lead from Wall Street, with investors increasingly worried about the outlook for inflation and US interest rates as Donald Trump’s second presidency looms.A report saying the president-elect was considering declaring a national economic emergency to provide legal cover to impose tariffs on all imported goods added to the sense of uncertainty on trading floors.Sentiment was also clouded by data showing that Chinese consumer inflation remained almost non-existent despite a raft of stimulus measures in the final three months of last year.And the pound weakened to lows not seen for more than a year on worries about the UK economy.Equities have had an unremarkable start to 2025 after the Federal Reserve in December made a hawkish pivot and indicated it would not cut rates as much as initially expected over the next 12 months owing to sticky inflation and a still-strong labour market.Worries about Trump’s plans to slash taxes, regulate immigration and ramp up tariffs have also led to warnings that prices could reignite.That has sent the yield on the 10-year US Treasury note surging and fanned speculation it could top five percent for the first time since October 2023.Friday’s US employment figures are now well in focus for trade, with markets in New York closed Thursday to mourn former US president Jimmy Carter.Forecast-topping data on job openings and prices paid by services firms compounded traders’ concerns, while analysts said there was unease among investors about Trump’s unpredictable governing style, particularly with him not having to face another presidential election.After fluctuating through the day, the Dow and S&P 500 ended slightly higher on Wall Street, but the Nasdaq dipped.Hong Kong and Shanghai fell after data showed Chinese inflation eased in December, likely piling pressure on officials to ramp up stimulus to boost consumption.Leaders have unveiled a range of measures to kickstart the world’s number two economy, with a focus on getting people to spend, and support for the troubled property sector.”Given the various high-level meetings and policy communiques over the past month, it appears a safe bet to expect more aggressive fiscal policy support from China in 2025, as well as continued monetary policy easing,” said Lynn Song, chief economist for Greater China at ING.”There is the obvious and extensively discussed angle of a less favourable external environment with a high likelihood of additional tariffs and sanctions from the US once President Trump enters office. “Another less discussed element is that there appears to be a greater consensus building domestically on the need for stronger policy support to shake the economy from its extended period of heightened pessimism.”There were also losses in Tokyo, Sydney, Wellington, Taipei, Mumbai and Bangkok, though Seoul, Manila and Jakarta eked out small gains.London slipped at the open and the pound sat at its lowest levels since November 2023 on worries about Britain’s fiscal position and elevated inflation. The drop in sterling comes even as UK 10-year bond yields surge.The dollar also extended gains against the euro.Paris and Frankfurt were also both down.- Key figures around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.9 percent at 39,605.09 (close)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 19,240.89 (close)Shanghai – Composite: DOWN 0.6 percent at 3,211.39 (close)London – FTSE 100: DOWN 0.1 percent at 8,244.29Euro/dollar: DOWN at $1.0295 from $1.0316 on WednesdayPound/dollar: DOWN at $1.2269 from $1.2361Dollar/yen: DOWN at 158.18 yen from 158.38 yenEuro/pound: UP at 83.93 pence from 83.44 penceWest Texas Intermediate: DOWN 0.1 percent at $73.24 per barrelBrent North Sea Crude: DOWN 0.1 percent at $76.07 per barrelNew York – Dow: UP 0.3 percent at 42,635.20 (close)

Australia is deeply concerned by Meta’s decision to scrap US fact-check operations on its Facebook and Instagram platforms, a senior minister said Thursday. The government — which has been at the forefront of efforts to rein in social media giants — was worried about a surge of false information spreading online, Treasurer Jim Chalmers said.”Misinformation and disinformation is very dangerous, and we’ve seen it really kind of explode in the last few years,” Chalmers told national broadcaster ABC.”And it’s a very damaging development, damaging for our democracy. It can be damaging for people’s mental health to get the wrong information on social media, and so of course we are concerned about that.”Meta chief executive Mark Zuckerberg announced Tuesday the group would “get rid of fact-checkers” and replace them with community-based posts, starting in the United States.Chalmers said the decision was “very concerning”.The government had invested in trusted Australian news providers such as the ABC and national newswire AAP to ensure people had reliable sources for information, he said.Disinformation and misinformation had become “a bigger and bigger part of our media, particularly our social media”, the treasurer said.- Social media restrictions -Australia has frequently irked social media giants, notably Elon Musk’s X, with its efforts to restrict the distribution of false information or content it deems dangerous.Late last year, the country passed laws to ban under-16s from signing up for social media platforms. Offenders face fines of up to Aus$50 million (US$32.5 million) for “systemic breaches”.But in November, a lack of support in parliament forced the government to ditch plans to fine social media companies if they fail to stem the spread of misinformation.Prime Minister Anthony Albanese said Wednesday he stood by the ban on children’s access to social media because of the impact it had on their mental health.Asked about Meta’s fact-checking retreat, Albanese told reporters: “I say to social media they have a social responsibility and they should fulfil it.”Australian group Digital Rights Watch said Meta had made a “terrible decision”, accusing it of acting in clear deference to incoming US president Donald Trump.AFP currently works in 26 languages with Facebook’s fact-checking programme.Facebook pays to use fact checks from around 80 organisations globally on the platform, as well as on WhatsApp and Instagram. Australian fact-checking operation AAP FactCheck said its contract with Meta in Australia, New Zealand, and the Pacific was not impacted by the group’s US decision.”Independent fact-checkers are a vital safeguard against the spread of harmful misinformation and disinformation that threatens to undermine free democratic debate in Australia and aims to manipulate public opinion,” said AAP chief executive Lisa Davies. 

Japanese startup ispace vowed its upcoming second unmanned Moon mission will be a success, saying Thursday that it learned from its failed attempt nearly two years ago.In April 2023, the firm’s first spacecraft made an unsalvageable “hard landing”, dashing its ambitions to be the first private company to touch down on the Moon.The Houston-based Intuitive Machines accomplished that feat last year with an uncrewed craft that landed at the wrong angle but was able to complete tests and send photos.With another mission scheduled to launch next week, ispace wants to win its place in space history at a booming time for missions to the Moon from both governments and private companies.”We at ispace were disappointed in the failure of Mission 1,” ispace founder and CEO Takeshi Hakamada told reporters.”But that’s why we hope to send a message to people across Japan that it’s important to challenge ourselves again, after enduring the failure and learning from it.””We will make this Mission 2 a success,” he said.Its new lander, called Resilience, will blast off from Kennedy Space Center in Florida on January 15, along with another lunar lander built by US company Firefly Aerospace.If Resilience lands successfully, it will deploy a micro rover and five other payloads from corporate partners.These include an experiment by Takasago Thermal Engineering, which wants to split water into oxygen and hydrogen gas with a view to using hydrogen as satellite and spacecraft fuel.- Rideshare -Firefly’s Blue Ghost lander will arrive at the Moon after travelling 45 days, followed by ispace’s Resilience, which the Japanese company hopes will land on the Earth’s satellite at the end of May, or in June.For the programme, officially named Hakuto-R Mission 2, ispace chose to cut down on costs by arranging the first private-sector rocket rideshare, Hakamada said.Only five nations have soft-landed spacecraft on the Moon: the Soviet Union, the United States, China, India and, most recently, Japan.Many companies are vying to offer cheaper and more frequent space exploration opportunities than governments.Space One, another Japanese startup, is trying to become Japan’s first company to put a satellite into orbit — with some difficulty so far.Last month, Space One’s solid-fuel Kairos rocket blasted off from a private launchpad in western Japan but was later seen spiralling downwards in the distance.That was the second launch attempt by Space One after an initial try in March last year ended in a mid-air explosion.Meanwhile Toyota, the world’s top-selling carmaker, announced this week it would invest seven billion yen ($44 million) in Japanese rocket startup Interstellar Technologies. “The global demand for small satellite launches has surged nearly 20-fold, from 141 launches in 2016 to 2,860 in 2023,” driven by private space businesses, national security concerns and technological development, Interstellar said.

In a vast Bangladeshi factory hall thrumming with sewing machines, garment workers churn out seemingly endless pairs of mountain hiking trousers for customers in Europe and North America.Bangladesh’s key clothing manufacturing industry supplying global brands was crippled by a revolution that toppled the government last year, in which garment sector protesters played an important role.While owners say business has bounced back, frustrated workers say hard-won concessions have done little to change their circumstances, and life remains as hard as ever.”It is the same kind of exploitation,” said garment worker Khatun, 24, asking that only her first name be used as speaking out would jeopardise her job.Production in the world’s second-largest garment manufacturer was repeatedly stalled by the months-long violence, before protesters forced long-time autocrat Sheikh Hasina to flee in August.An interim government, led by Nobel Peace Prize winner Muhammad Yunus, took over.Protests, however, continued in a string of garment factoriesfor better conditions and more pay, with the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) warning in October of $400 million in losses.Scores of factories closed and tens of thousands lost their jobs.But after a five percent wage hike was agreed in September, the industry rebounded.- ‘Operating at full swing’ -“We are doing well,” said garment producer factory owner S.M. Khaled, who heads the Snowtex company, employing 22,000 workers.The South Asian nation produces garments for global brands — ranging from France’s Carrefour, Canada’s Tire, Japan’s Uniqlo, Ireland’s Primark, Sweden’s H&M and Spain’s Zara.The apparel industry accounts for about 80 percent of Bangladesh’s exports, earning $36 billion last year, dropping little despite the unrest from the $38 billion exported the previous year.”I am working with at least 15 international brands, and our products will be available in 50 countries,” Khaled said.”Almost all garment factories are operating at full swing after waves of unrest. We are on the growth side.”Despite challenges with a cooling of demand, Anwar Hossain, the government-appointed administrator of BGMEA, said the industry was returning to strength.”The largest contributor to exports was the apparel sector,” Hossain said.The garment industry recorded a 13 percent increase from July-December 2024 — the period after the revolution — compared to the same period the year before, he said.- ‘Half my basic wage’Workers tell a different story.Khatun welcomed the wage rise but said factory managers then hiked already onerous demands for “nearly unachievable production targets”.Scraping by in the capital Dhaka’s gritty industrial suburb of Ashulia, she earns $140 a month including overtime and benefits to support a family of four.The wage increase of $8.25 a month seems a miserly addition.Opening her fist, she showed a 500-taka note, just over four dollars, all she had left after paying rent and other expenses.”We have good facilities inside the factory, like toilets, a canteen, and water fountains,” she said. “But we don’t get even a 10-minute break while trying to meet the targets”.Many factory owners were close to the former ruling party.In the immediate days after Hasina was toppled, several factories were damaged in retaliatory attacks.Some owners were arrested and accused of supporting Hasina, who is herself in exile in India skipping an arrest warrant for “massacres, killings, and crimes against humanity”.Mostfactories are now back in operation, but employees say some offer conditions far worse than before.”We weren’t receiving salaries on time after the owner was arrested,” said worker Rana, also asking not to be identified.”Now, they’ve offered me half my basic wage, around $60 to $70. I have a six-month-old child, a wife, and elderly parents to support”, he added.Hussain, who lost his job in the unrest, tells a common tale.While he has since found work packing clothes, the new job means he “doesn’t benefit from the increment” deal, while living costs have risen.”House rents have shot up with the news of the pay rise,” he said.- ‘Take more responsibility’ -Taslima Akhter, from the Bangladesh Garment Workers’ Solidarity (BGWS) group, a labour rights organisation, said that “workers are struggling to maintain a minimum standard of living”.Akhter said factory bosses must push back against global purchasers wanting to maximise profits at the expense of a living wage.”Garment (factory) owners need to take more responsibility and learn to negotiate better with international buyers,” she said.”This industry is not new, and problems are not impossible to solve.” Despite the industry’s apparent fiscal success, Abdullah Hil Raquib, a former BGMEA director, warned it was on fragile ground.”The stability in the garment sector we see now is only on the surface,” he said.