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Virgin Australia climbed sharply as it re-entered the local share market Tuesday, a dramatic comeback from near bankruptcy more than four years ago.A 30-percent chunk of Virgin Australia, one of the few domestic rivals to Qantas, was sold in an initial public offering this month at Aus$2.90 a share to raise Aus$685 million (US$444 million).The price values the entire airline at Aus$2.3 billion.The stock, which listed on the Australian Securities Exchange at noon, climbed 8.6 percent from the offer price in the first five minutes of trade.US private equity giant Bain Capital came to the airline’s rescue in late 2020 after the Australian government refused to bail it out as the Covid-19 pandemic brought international travel to a standstill. “Today marks the start of an exciting new chapter for Virgin Australia as a publicly listed company,” said airline chairman Peter Warne.”Our listing reflects the remarkable work undertaken over the past five years to transform the airline and position it for long-term success,” he said in a statement.After selling a 30-percent stake in Virgin Australia in the initial public offering, Bain now holds about 40 percent of the airline.Qatar Airways bought a 25 percent share in the carrier this year.Qatar’s entry injected a dose of foreign competition against Australia’s dominant carrier Qantas and its budget offshoot Jetstar, which together carry more than 60 percent of domestic passengers.”We are proud of how far we have come and energised by the opportunities ahead as we continue to realise our ambition of being Australia’s most loved airline,” Virgin Australia chief executive Dave Emerson said.

Asian shares gained and oil prices were down Tuesday, as fears of an energy market shock eased following US President Donald Trump’s announcement of a ceasefire between Iran and Israel.Investors were relieved that Iran did not retaliate to a US attack on its nuclear facilities by throttling oil transport through the strategic Strait of Hormuz.On Monday, Iran said it had launched missiles at a major US base in Qatar, which described the situation as stable, while analysts said oilfield assets were unaffected.”Tehran played it cool. Their ‘retaliation’ hit a US base in Qatar — loud enough for headlines, quiet enough not to shake the oil market’s foundations,” said Stephen Innes at SPI Asset Management.”And once that became clear, the war premium came crashing out of crude,” with Brent and the main US crude contract WTI sliding more than seven percent overnight.Both oil contracts were down over two percent on Tuesday.In Asia, the mood was largely upbeat, with Tokyo and Hong Kong up 1.4 percent, Shanghai gaining 0.8 percent and Seoul jumping 2.7 percent.Singapore gained 0.7 percent, Sydney was up 1.1 percent and Taipei put on 1.8 percent, but Jakarta was down 1.7 percent.Trump said Iran and Israel had agreed to a staggered ceasefire that would bring about an “official end” to their conflict, as strikes continued to hammer Tehran.Iran’s foreign minister said Tuesday that Tehran did not intend to continue its strikes if Israel stopped its attacks.”Details of the ceasefire agreement are still sparse at the time of writing and as such the detente and de-escalation is not a done deal,” wrote Michael Wan at MUFG.”Nonetheless, latest news reports suggest Iran has agreed to the ceasefire and if this is right, the left tail risk of more extreme scenarios resulting in significant oil supply disruptions have meaningfully diminished.”In forex markets, the dollar gave up gains after Federal Reserve Governor Michelle Bowman said she would support cutting interest rates at July’s meeting if inflation holds steady.The market currently expects the Fed to resume cutting interest rates in September.Bowman indicated that “ongoing progress in tariff negotiations providing a less risky economic environment to adjust policy”,” prompting the dollar to weaken, Wan said.- Key figures at around 0200 GMT -Tokyo – Nikkei 225: UP 1.4 percent at 38,873.07Hong Kong – Hang Seng Index: UP 1.4 percent at 24,025.13Shanghai – Composite: UP 0.8 percent at 3,886.66Euro/dollar: UP at $1.1590 from $1.1581 on MondayPound/dollar: UP at $1.3539 from $1.3526Dollar/yen: DOWN at 145.66 yen from 146.12 yenEuro/pound: FLAT at 85.60 penceWest Texas Intermediate: DOWN 2.3 percent at $66.19 per barrelBrent North Sea Crude: DOWN 2.2 percent at $69.24 per barrelNew York – Dow: UP 0.9 percent at 42,581.78 (close)London – FTSE 100: DOWN 0.2 percent at 8,758.04 (close)

Crude oil prices slid more than seven percent Monday while Wall Street stocks advanced after markets shrugged off Iran’s rebuttal to the US weekend attack on Iranian nuclear facilities.Iran announced it had launched missiles at a major US base in Qatar, with explosions ringing out in Doha and projectiles seen streaking overhead.But Qatar described the situation as stable, while energy analysts said oilfield assets were not affected.”This is a face-saving measure by the Iranians and hopefully the diplomatic off-ramp will be taken,” said John Kilduff of Again Capital, who described the Iranian action as “somewhat measured” and apart from population centers.The Iran-Israel clash has focused worry on the Strait of Hormuz, a strategic waterway for seaborne oil that has long been used by Iran as a geopolitical bargaining chip.But Kilduff said, “it’s pretty clear that this is not going to turn into — right away at least — any kind of impact on oil flows in the region, particularly the Strait of Hormuz.”US benchmark West Texas Intermediate slid 7.2 percent to $68.51 a barrel, below its level ahead of the current Iran-Israel clash.Iran’s response “signified that Iran isn’t going to have the fire power to escalate this in an adverse way,” said Briefing.com analyst Patrick O’Hare.”The response is relatively weak,” he said.While US stocks tripped into negative territory around the time of the Qatar attack, major indices quickly recovered.The S&P 500 finished up by one percent.Earlier, sentiment on the Paris and Frankfurt stock markets was hit by a closely watched survey that showed eurozone business activity was almost stagnant again in June.London’s stock exchange was lower with shares in airlines, including EasyJet and British Airways-owner IAG, suffering losses on fears of rising energy costs and disruptions in travel to the Middle East.In Asia, Tokyo was lower while Hong Kong and Shanghai gained.The dollar gave up gains against the euro and pound after Federal Reserve Governor Michelle Bowman official said she would support cutting interest rates at next month’s meeting if inflation holds steady.The market currently expects the Fed to resume cutting interest rates in September.Bowman’s comments come on the heels of similar remarks from Fed governor Christopher Waller. They are likely to spur questions this week when Fed Chair Jerome Powell sits for two days of congressional testimony.- Key figures at around 2040 GMT -Brent North Sea Crude: DOWN 7.2 percent at $72.07 per barrelWest Texas Intermediate: DOWN 7.2 percent at $68.51 per barrelNew York – Dow: UP 0.9 percent at 42,581.78 (close)New York – S&P 500: UP 1.0 percent at 6,025.17 (close)New York – Nasdaq Composite: UP 0.9 percent at 19,630.97 (close)London – FTSE 100: DOWN 0.2 percent at 8,758.04 (close)Paris – CAC 40: DOWN 0.7 percent at 7,537.57 (close)Frankfurt – DAX: DOWN 0.4 percent at 23,269.01 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 38,354.09 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 23,689.13 (close)Shanghai – Composite: UP 0.7 percent at 3,381.58 (close)Euro/dollar: UP at $1.1581 from $1.1523 on FridayPound/dollar: UP at $1.3526 from $1.3451Dollar/yen: UP at 146.12 yen from 146.09 yenEuro/pound: DOWN at 85.60 pence from 85.65 penceburs-jmb/jgc

Oil prices wobbled and stock markets wavered Monday as traders awaited Tehran’s response to US strikes on Iranian nuclear facilities over the weekend.US stocks edged higher while European markets retreated and Asian equities were mixed, with markets keeping a close eye on whether Iran will block the crucial Strait of Hormuz, which carries one-fifth of global oil output.When trading opened on Monday, international benchmark crude contract Brent and US equivalent WTI both jumped more than four percent to hit their highest price since January.They later dipped briefly into the red and then wobbled, standing down around one percent as European markets closed.”Will Iran choose to choke off the Strait of Hormuz or not? That is the big question,” said Bjarne Schieldrop, chief commodities analyst at SEB bank.But, “looking at the oil price this morning it is clear that the oil market doesn’t assign a very high probability of it happening,” he added.Iran is the world’s ninth-biggest oil-producing country, exporting just under half of the 3.3 million barrels it produces per day.”The prevailing view appears to be that the US involvement will prove limited militarily, yet effective, by seriously undermining Iran’s nuclear ambitions,” said David Morrison, senior market analyst at Trade Nation.”Investors are also speculating that Iran’s ability to retaliate has been severely restricted,” he added.Tensions remained elevated, however, as Iran and Israel intensified attacks on each other on the war’s 11th day.”The markets are not yet reacting with any degree of panic to the US airstrike on Iran’s nuclear facilities as they await to see how Tehran responds,” said AJ Bell investment director Russ Mould.Wall Street stocks opened slightly lower, but then managed to push into the green.In Europe, sentiment on the Paris and Frankfurt stock markets was hit by a closely watched survey that showed eurozone business activity was almost stagnant again in June.London’s stock exchange was lower with shares in airlines, including EasyJet and British Airways-owner IAG, suffering losses on fears of rising energy costs and disruptions in travel to the Middle East.In Asia, Tokyo was lower while Hong Kong and Shanghai gained.”So far, satellite images reportedly suggest that oil continues to flow through the Strait, which may explain the muted market reaction to the news,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.She added that there is optimism that Iran will avoid full-blown retaliation “to prevent its own oil facilities from becoming targets and to avoid a widening conflict that could hurt China — its biggest oil customer.”But “if things get uglier” the price of US crude could even spike beyond $100 per barrel, she said. Brent was trading at above $77 per barrel on Monday while WTI was around $74.The dollar gave up gains against the euro and pound after a US Federal Reserve official said she would support cutting interest rates at next month’s meeting if inflation holds steady.The market currently expects the Fed to resume cutting interest rates in September.- Key figures at around 1530 GMT -Brent North Sea Crude: DOWN 0.9 percent at $76.31 per barrelWest Texas Intermediate: DOWN 1.0 percent at $73.10 per barrelNew York – Dow: UP 0.1 percent at 42,260.08New York – S&P 500: UP 0.3 percent at 5,986.90 New York – Nasdaq Composite: UP 0.4 percent at 19,523.98London – FTSE 100: DOWN 0.2 percent at 8,758.04 (close)Paris – CAC 40: DOWN 0.7 percent at 7,537.57 (close)Frankfurt – DAX: DOWN 0.4 percent at 23,269.01 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 38,354.09 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 23,689.13 (close)Shanghai – Composite: UP 0.7 percent at 3,381.58 (close)Euro/dollar: UP at $1.1549 from $1.1516 on FridayPound/dollar: UP at $1.3501 from $1.3444Dollar/yen: UP at 146.37 yen from 146.13 yenEuro/pound: DOWN at 85.54 pence from 85.66 penceburs-rlcw

Around 84 percent of oil passing through the Strait of Hormuz is destined for Asia, leaving the economies of China, India, South Korea and others vulnerable should Iran blockade the crucial trading route over US strikes on its nuclear sites.Around 14.2 million barrels of crude oil and 5.9 million barrels of other petroleum products pass through the strait per day — representing around 20 percent of global production in the first quarter, according to the US Energy Information Administration (EIA).And crude oil from Saudi Arabia, the UAE, Iraq, Kuwait, Qatar and Iran almost exclusively passes through the corridor.Here are the main Asian countries where oil exported via the strait is destined:- China -More than half of the oil imported by East Asia passes through the Strait of Hormuz, experts estimate.China is one of the largest buyers, importing 5.4 million barrels of crude oil a day through Hormuz in the first quarter this year, according to the EIA.Saudi Arabia is China’s second-largest supplier of crude oil, accounting for 15 percent of its total oil imports — 1.6 million barrels a day.China also buys more than 90 percent of Iran’s oil exports, according to the analysis firm Kpler.It imported 1.3 million barrels of Iranian crude oil a day in April, down from a five-month high in March.- India -India is highly dependent on the Strait of Hormuz, importing 2.1 million barrels of crude a day through the corridor in the first quarter, EIA data shows.Around 53 percent of India’s imported oil in early 2025 came from Middle Eastern suppliers, particularly Iraq and Saudi Arabia, local media reported.Wary of an escalating conflict in the Middle East, New Delhi has increased its imports of Russian oil over the past three years.”We have been closely monitoring the evolving geopolitical situation in the Middle East since the past two weeks,” India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Sunday.”We have diversified our supplies in the past few years and a large volume of our supplies do not come through the Strait of Hormuz now,” he wrote on X, adding “We will take all necessary steps to ensure stability of supplies of fuel to our citizens.”- South Korea -Around 68 percent of South Korea’s crude oil imports pass through the Strait of Hormuz — 1.7 million barrels a day this year, according to the EIA.South Korea is particularly dependent on its main supplier Saudi Arabia, which last year accounted for a third of its oil imports.Seoul’s trade and energy ministry said there have been “no disruptions so far in South Korea’s crude oil and LNG imports” but “given the possibility of a supply crisis”, officials were “planning for potential disruptions in the Strait of Hormuz”.”The government and industry stakeholders have prepared for emergencies by maintaining a strategic petroleum reserve equivalent to about 200 days of supply,” the ministry said in a statement. – Japan -Japan imports 1.6 million barrels of crude oil a day through the Strait of Hormuz, the EIA says.Japanese customs data showed 95 percent of crude oil imports last year came from the Middle East.The country’s energy freight companies are readying for a potential blockade of the strait.”We’re currently taking measures to shorten as much as possible the time spent by our vessels in the Gulf,” shipping giant Mitsui OSK told AFP.- Others -Around 2 million barrels of crude oil passing through the Strait of Hormuz each day in the first quarter were destined for other parts of Asia — particularly Thailand and the Philippines — as well as Europe (0.5 million barrels) and the United States (0.4 million barrels).- Limited alternatives -Asian countries could diversify their oil suppliers, but it is difficult to replace the large volumes coming from the Middle East.In the short term, “elevated global oil inventories, OPEC+’s available spare capacity, and US shale production all could provide some buffer”, experts at MUFG Bank said.”However, a full closure of the Hormuz Strait would still impact on the accessibility of a major part of this spare production capacity concentrated in the Persian Gulf,” they said.Saudi Arabia and the UAE have infrastructure to bypass the strait, potentially mitigating disruptions, but their transit capacity remains very limited — around 2.6 million barrels a day.And the Goreh-Jask pipeline built by Iran to export via the Gulf of Oman, which has been inactive since last year, has a maximum capacity of only 300,000 barrels per day, according to the EIA.burs-jug/dhw/mtp

Oil prices gave up most of their early gains on Monday and the dollar strengthened after the United States struck Iran’s nuclear facilities at the weekend.Asian markets mostly retreated while European bourses were marginally higher as traders wait to see how Tehran could respond.”Everything hinges on Iran’s response — and whether it’s a symbolic jab or a haymaker that knocks the Strait of Hormuz offline,” said Stephen Innes at SPI Asset Management.One option on the table would be to potentially create economic havoc by seeking to close the strategic Strait of Hormuz — which carries one-fifth of global oil output.Iran is the world’s ninth-biggest oil-producing country, with output of about 3.3 million barrels per day. It exports just under half of that amount and consumes the rest.When trading opened on Monday, Brent and the main US crude contract WTI both jumped more than four percent to hit their highest price since January.They pared these gains however and briefly dipped into the red before recovering to trade slightly higher.”So far, satellite images reportedly suggest that oil continues to flow through the Strait, which may explain the muted market reaction to the news,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.”Many remain optimistic that Iran will avoid a full-blown retaliation and regional chaos, to prevent its own oil facilities from becoming targets and to avoid a widening conflict that could hurt China — its biggest oil customer.”But “if things get uglier” the price of US crude could even spike beyond $100 per barrel, she said. WTI was trading around $74 per barrel on Monday.- ‘Extreme route’ -“An oil price shock would create a real negative impact on most Asian economies” as many are big net energy importers, economists at MUFG warned.Tokyo, Seoul, Sydney, Singapore, Taipei, Manila, Bangkok and Jakarta were all lower.Hong Kong, Shanghai and Kuala Lumpur were the only gainers in Asia. In European markets London and Frankfurt ticked marginally higher while Paris was flat.The dollar rose against other currencies but analysts questioned to what extent this would hold out.”If the increase proves to be just a knee-jerk reaction to what is perceived as short-lived US involvement in the Middle-East conflict, the dollar’s downward path is likely to resume,” said Sebastian Boyd, markets live blog strategist at Bloomberg.Chris Weston at Pepperstone said Iran would be able to inflict economic damage on the world without taking the “extreme route” of trying to close the Strait of Hormuz.”By planting enough belief that they could disrupt this key logistical channel, maritime costs could rise to the point that it would have a significant impact on the supply of crude and gas,” he wrote.At the same time, “while Trump’s primary focus will be on the Middle East, headlines on trade negotiations could soon start to roll in and market anxieties could feasibly build”.- Key figures at around 0900 GMT -Brent North Sea Crude: UP 0.2 percent at $77.14 per barrelWest Texas Intermediate: UP 0.1 percent at $73.94 per barrelTokyo – Nikkei 225: DOWN 0.1 percent at 38,354.09 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 23,689.13 (close)Shanghai – Composite: UP 0.7 percent at 3,381.58 (close)London – FTSE 100: UP 0.1 percent at 8,800.5Euro/dollar: DOWN at $1.1458 from $1.1516 on FridayPound/dollar: UP at $1.3445 from $1.3444Dollar/yen: UP at 147.94 yen from 146.13 yenEuro/pound: DOWN at 85.65 pence from 85.66 penceNew York – Dow: UP 0.1 percent at 42,206.82 (close)

Oil prices surged and Asian markets traded lower on Monday on concerns of disruption to energy markets after US air strikes on Iran’s nuclear facilities.The dollar strengthened as traders assessed the weekend’s events, with Iran threatening US bases in the Middle East as fears grow of an escalating conflict in the volatile region.Iran is the world’s ninth-biggest oil-producing country, with output of about 3.3 million barrels per day.It exports just under half of that amount and keeps the rest for domestic consumption.If Tehran decides to retaliate, observers say one of its options would be to seek to close the strategic Strait of Hormuz — which carries one-fifth of global oil output.When trading opened on Monday, Brent and the main US crude contract WTI both jumped more than four percent to hit their highest price since January.They pared these gains however and later in the morning Brent was up 2.1 percent at $75.43 per barrel and WTI was 2.1 percent higher at $78.64.Economists at MUFG warned of “high uncertainty of the outcomes and duration of this war”, publishing a “scenario analysis” of an oil price increase of $10 per barrel.”An oil price shock would create a real negative impact on most Asian economies” as many are big net energy importers, they wrote, reflecting the market’s downbeat mood.Tokyo’s key Nikkei index was down 0.6 percent at the break, with Hong Kong losing 0.4 percent and Shanghai flat. Seoul fell 0.7 percent and Sydney was 0.8 percent lower.- ‘Extreme route’ -The dollar’s value rose against other currencies but analysts questioned to what extent this would hold out.”If the increase proves to be just a knee-jerk reaction to what is perceived as short-lived US involvement in the Middle-East conflict, the dollar’s downward path is likely to resume,” said Sebastian Boyd, markets live blog strategist at Bloomberg.US Defense Secretary Pete Hegseth said Sunday that the strikes had “devastated the Iranian nuclear programme”, though some officials cautioned that the extent of the damage was unclear.It comes after Israel launched a bombing campaign against Iran earlier this month.Chris Weston at Pepperstone said Iran would be able to inflict economic damage on the world without taking the “extreme route” of trying to close the Strait of Hormuz.”By planting enough belief that they could disrupt this key logistical channel, maritime costs could rise to the point that it would have a significant impact on the supply of crude and gas,” he wrote.At the same time, “while Trump’s primary focus will be on the Middle East, headlines on trade negotiations could soon start to roll in and market anxieties could feasibly build”.- Key figures at around 0230 GMT -Brent North Sea Crude: UP 2.1 percent at $75.43 per barrelWest Texas Intermediate: UP 2.1 percent at $78.64 per barrelTokyo – Nikkei 225: DOWN 0.6 percent at 38,175.63 (break)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 23,426.02Shanghai – Composite: FLAT at 3,360.97Euro/dollar: DOWN at $1.1505 from $1.1516 on FridayPound/dollar: DOWN at $1.3434 from $1.3444Dollar/yen: UP at 146.46 yen from 146.13 yenEuro/pound: DOWN at 85.63 pence from 85.66 penceNew York – Dow: UP 0.1 percent at 42,206.82 (close)London – FTSE 100: DOWN 0.2 percent at 8,774.65 (close)

When YouTuber Hannah Price set out to compare Japanese and Australian sunscreen, she wasn’t expecting her deep dive into the subject to rack up over two million views.The huge number of people poring over Price’s video shows the growing interest in skincare products from Japan, much like the K-beauty phenomenon from South Korea.It includes sun protection, increasingly recognised as a daily essential by influencers who want to shield their skin from ageing and enthuse about the lightweight texture of Japanese brands.Companies that have perfected their secret formulas want to capitalise on booming demand, including by building factories overseas and selling to Japan’s record influx of foreign tourists.Price, 32, fell into a “year-long rabbit hole” while making her video, learning about everything from SPF science to cultural attitudes to sun exposure.”I always loved Japanese sunscreen, since I first moved to Japan in 2012,” she told AFP at her studio in Tokyo.”I remember trying it for the first time and thinking, ‘this is so much better than anything I tried in Australia’,” her home country where sun cream felt “thick, sticky, greasy”.”I thought that the video would be popular… but I wasn’t expecting it to reach as far” as it did, Price said.The habit of regular sunscreen use is spreading, especially among younger generations, said Takuya Wada, who works in marketing for Japanese chemical and cosmetics firm Kao.”There are no borders when it comes to obtaining information on social media, especially Instagram and TikTok,” he said, adding that influencer posts have a “very large” impact on global sunscreen sales. – ‘Beautifully white’ -The global skincare market was worth more than $115 billion in 2024 and is expected to grow to $194 billion by 2032, according to Fortune Business Insights.A boom in celebrity skincare brands has contributed to the industry’s growth — with A-listers like Kylie Jenner using social media to share their beauty routines, including sun protection, with hundreds of millions of followers.When it comes to sunscreen, country-specific regulations mean no single company dominates the field, as the entry barriers to new markets are higher.Kao’s main sunscreen brand Biore UV is ranked 10th worldwide for sales, and second in Asia — competing with the likes of L’Oreal and Beiersdorf, and Japanese rivals such as Shiseido.The company wants sales from sun protection to reach 35 billion yen ($240 million) in 2027, up 1.6 times from 2023.It plans to boost overseas production by opening three new sunscreen factories, in Indonesia, Brazil and Germany.It is technically difficult to develop formulas that block the rays effectively with a smooth texture, as demanded by Japanese consumers, said Takashi Fukui, research and development director for Kao skincare products.But using scientific know-how to strike this tricky balance is what makes Kao “different from other European or American makers”.In Japan, a cultural obsession with light skin dates back to the sixth century and using white powder imported from China later became a status symbol among nobility.Fair skin indicated a life away from outdoor labour and sun exposure, and an old Japanese proverb says “white skin covers the seven flaws”.In the 1990s, people began using sunscreen or other cosmetics to avoid tanning — a trend dubbed “bihaku”, or beautifully white.These days, Japanese women use sunscreen as everyday protection against sunspots and ageing, caused when UV rays penetrate into the skin, said Fukui.- Winter sun -Tans have long been fashionable in Western countries, but awareness of skin cancer risks is rising, making sunscreen an important healthcare product there, Fukui said.One fan of Japanese brands is Thai skincare influencer Suari Tasanakulpan, who calls them “lightweight” compared to “heavy and uncomfortable” Western offerings.”There are always new technologies and innovative textures that are often ahead of other countries,” the 40-year-old, who reviews sunscreens on YouTube, told AFP.At an outlet of drugstore chain MatsukiyoCocokara in Tokyo’s Shibuya district, around 90 sunscreen products are lined up on the shelves.”Sales of sunscreen is improving year on year,” said Takeshi Otsuki, deputy manager of the chain’s cosmetic division.”More people are using sunscreen on a daily basis these days, so their needs are becoming more diverse,” he said.The number of male customers is also increasing, and Japanese sunscreens are very popular with overseas tourists who buy them in multipacks, Otsuki said.While summer is high season, sunscreen is popular year-round, because Japan has a “relatively high number of sunny days in the winter, and the sunlight hours are long”.YouTuber Price now uses both Japanese and Australian sunscreen, depending on the occasion.She sees the rise in education about sunscreens worldwide as a win-win situation.It “means you’re going to be better protected in general, which is great for everyone”, she said.

Asia’s fourth largest economy South Korea is facing gruelling tariffs by US President Donald Trump, but its shipbuilding industry could prove a useful bargaining chip.Already hit by sector levies on steel and car exports, Seoul is laser-focused on negotiations over a 25 percent country-specific tariff that has been suspended until July 8.AFP takes a look at what’s going on: – Why shipbuilding? -In the 1970s, South Korea’s military leader president Park Chung-hee accelerated the country’s heavy industry, designating sectors such as steel and shipbuilding “strategically important” and rolling out state subsidies.At the same time, POSCO was founded — now one of the world’s largest steel producers — and conglomerate Hyundai built its shipyard in southeastern Ulsan, which started to grow rapidly.European rivals struggled to keep pace. Sweden’s Kockums Shipyard filed for bankruptcy in 1987 — and in a symbolic shift of global shipbuilding power, Hyundai acquired its 140-metre (460-foot) Goliath crane for one dollar. It now towers over southern Ulsan.In the 1990s and 2000s, South Korean shipbuilders such as Hyundai Heavy Industries and Samsung Heavy Industries ramped up investment in research and development, backed by generous government subsidies.The country secured a competitive edge in high-value-added vessels, including LNG carriers, very large crude carriers, and offshore platforms.Now, South Korea ranks as the world’s second-largest shipbuilding nation, trailing only behind China.- Is it important? -South Korea’s exports hit a record high in 2024, with analysts pointing to shipbuilding as one of the key drivers.The sector accounted for nearly four percent of total exports and grew by almost 20 percent from the previous year — reaching $25.6 billion.Shipbuilding directly employs around 120,000 workers — roughly one percent of the country’s total workforce — with indirect employment significantly higher in industrial hubs like Ulsan.Industry data shows so far this year, new orders have exceeded 13 trillion won ($9.4 billion).In March, Hanwha Ocean secured a landmark $1.6 billion contract to build LNG carriers for Taiwan’s Evergreen Marine, one of the largest single orders in the sector this year.- Why is it a ‘bargaining chip’? – Trump has showed “significant interest in South Korea-US shipbuilding cooperation,” said South Korea’s trade, industry and energy minister Ahn Duk-geun in April.Like the Europeans, the US shipbuilding industry has lagged behind South Korea and China, and as a result, the sector is seen as a “highly important bargaining chip in trade negotiations,” he added.At an APEC finance ministers’ meeting in South Korea in May, US Trade Representative Jamieson Greer met Chung Ki-sun, vice chairman of HD Hyundai, the country’s largest shipbuilder, before he met Seoul’s top officials.”South Korea’s shipbuilding and defence industries see a window of opportunity,” said Kim Dae-jong, a professor at Sejong University.- How does it help the US? -Greer also met with the CEO of Hanwha Ocean, the first non-American company authorised to carry out a dry-dock maintenance of a US Navy vessel.The move last September was seen as significant as it signalled that Washington sees South Korea, where it already has 28,000 US troops stationed, as a strategic defence hub.With worries growing about China’s expanding naval fleet and potential conflict in the Taiwan Strait, the US has begun seeking reliable overseas shipyards to support its operations in the Asia-Pacific region.The global market for ship maintenance, repair, and overhaul is projected to exceed $60 billion annually, according to industry estimates.- Any problems? -Despite multi-billion-dollar contracts, data suggests South Korea’s shipbuilding industry is losing ground in the global race.China dominates with South Korea’s market share dropping, according to industry data.Demand for eco-friendly vessels is rising, and the government need to overhaul regulations “to support the development of next-generation eco-friendly vessels,” Rhee Shin-hyung, a professor at Seoul National University, told AFP.South Korea’s woeful demographics also make staffing hard. In Geoje -– home to Samsung Heavy Industries -– the number of residents in their 20s and 30s has nearly halved in recent years.Orders are down in 2025 which hints that “the shipbuilding boom may end sooner than the market anticipated,” warned Rhee.Global ship orders between January and April fell by almost half the volume recorded during the same period last year.Shipbuilders have been enjoying a “supercycle” but unfortunately the “peak is expected to be lower and the boom shorter-lived compared to the past,” Nam Chul, vice president at HD Hyundai Heavy Industries, told AFP.

Global equities were mixed Friday, while oil prices retreated as markets weighed the latest developments in the war between Iran and Israel.Markets rose after US President Donald Trump said he would allow for up to two weeks before possible US military action against Iran.But on Friday afternoon, Trump expressed doubt that European powers would be able to help end the Iran-Israel war, telling reporters “Europe is not going to be able to help in this.”Both the S&P 500 and Nasdaq finished lower following a choppy session. Analysts pointed to broad investor unease.”We have a situation in the Middle East where missiles are still firing, there’s no ceasefire and there’s a fear that the US may be involved,” said Adam Sarhan of 50 Park Investments.In light of uncertainty on Iran, trade and other areas, “investors are de-risking, they’re selling stocks ahead of the weekend,” Sarhan said.European equity markets mostly rose while Asian markets were mixed.The Brent international crude benchmark contract dropped more than two percent after Trump’s remarks, with analysts pointing to investor relief following fears that the United States could immediately join the Israeli campaign.US oil prices fell more modestly because a US holiday on Thursday kept trading volumes low that day.”News that President Trump would delay any decision on joining Israel’s attacks against Iran has boosted the market mood,” said Kathleen Brooks, an analyst at trading firm XTB.”Brent crude has dropped… as traders price out the worst-case scenario for geopolitics.”Crude futures had soared and global equities slumped in recent sessions as the Israel-Iran conflict showed no signs of easing, with investors pricing in the risk of tighter oil supplies that would likely weigh on economic growth.But analysts cautioned of more volatility ahead.”While the immediate prospect of a US intervention in Iran may have diminished, the fact this is reportedly a two-week hiatus means it will remain a live issue for the markets going into next week,” said Dan Coatsworth, an investment analyst at AJ Bell.While the Middle East crisis continues to absorb most of the news, Trump’s trade war remains a major obstacle for investors as the end of a 90-day pause on his April 2 tariff blitz looms.”While the worst of the tariffs have been paused, we suspect it won’t be until those deadlines approach that new agreements may be finalized,” said David Sekera, chief US market strategist at Morningstar.”Until then, as news emerges regarding the progress and substance of trade negotiations, these headlines could have an outsize positive or negative impact on markets,” he said.- Key figures at around 2050 GMT -Brent North Sea Crude: DOWN 2.3 percent at $77.01 per barrelWest Texas Intermediate: DOWN 0.3 percent at $74.93 per barrelNew York – Dow: UP 0.1 percent at 42,206.82 (close)New York – S&P 500: DOWN 0.2 percent at 5,967.84 (close)New York – Nasdaq: DOWN 0.5 percent at 19,447.41 (close)London – FTSE 100: DOWN 0.2 percent at 7,589.66 (close) Paris – CAC 40: UP 0.5 percent at 7,589.66 (close)Frankfurt – DAX: UP 1.3 percent at 23,350.55 (close)Tokyo – Nikkei 225: DOWN 0.2 percent at 38,403.23 (close)Hong Kong – Hang Seng Index: UP 1.3 percent at 23,530.48 (close)Shanghai – Composite: DOWN 0.1 percent at 3,359.90 (close)Euro/dollar: UP at $1.1516 from $1.1495 on ThursdayPound/dollar: DOWN at $1.3444 from $1.3465Dollar/yen: UP at 146.13 yen from 145.45 yenEuro/pound: UP at 85.66 pence from 85.37 penceburs-jmb/acb