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German automaker BMW warned Friday that it would take a big hit from trade wars between the United States, China and Europe this year, on top of weak Chinese demand, after profits plunged in 2024.Finance chief Walter Mertl said at the presentation of BMW’s annual results that US tariffs on steel and aluminium, in place since Wednesday, would hit the group’s profit margins.CEO Oliver Zipse put the total cost of tariffs — including European Union levies on cars imported for China — at one billion euros ($1.08 billion) in an interview with Bloomberg TV.Overall, BMW said that it expected earnings before taxes in 2025 to be at the same subdued level as in 2024, while warning that much depended on rapidly changing trade policies.In January, Zipse called on the the EU to lower its tariff on American cars in an effort to smooth tensions. That same month, BMW filed a legal challenge against the EU’s tariffs on Chinese electric cars.The Munich-headquartered group makes cars and motorbikes all over the world, including in China.Speaking at the results conference, Joachim Post, responsible for supply chains at BMW, said the group’s global network meant that it would try to be “flexible”, reducing costs “and even avoiding customs duties where we can.”- China challenge -For 2024, the group’s net profit fell 37 percent to 7.7 billion euros ($8.3 billion) while revenues were down over eight percent to 142.4 billion euros. That was partly down to issues with a braking system that affected over 1.5 million vehicles, as well as issues in China, where European carmakers have been losing ground to local rivals such as BYD.Vehicle deliveries in China were down 13.4 percent last year, while total deliveries of BMW group, which also includes Mini and Rolls-Royce, fell just four percent. US President Donald Trump’s aggressive trade policy, which aims to boost US manufacturing, is a spanner in the works for firms like BMW, even though it makes cars in the United States.Trump hit Canada and Mexico with tariffs before partially rolling them back, including a temporary exemption to most auto imports after an outcry from carmakers in the US who often supply parts from their neighbours.Trump has also threatened to hit the European Union with 25-percent duties, which could hammer the region’s automakers. BMW said its latest guidance for 2025 takes into account tariff moves made so far. It warned that further increases in duties “could have a negative impact”.

Taiwanese tech giant Foxconn reported on Friday a lower-than-expected net profit for 2024 as consumer electronic gadgets underperformed, although demand for its artificial intelligence servers remained robust.The world’s largest contract electronics manufacturer has been moving beyond assembling devices such as Apple’s iPhones into areas ranging from electric vehicles to AI servers.The company said full-year net profit rose seven percent to NT$152.7 billion (US$4.6 billion). That compares with an average forecast of NT$159.4 billion, according to a Bloomberg News survey of analysts.Full-year revenue rose 11 percent to NT$6.9 trillion, beating the market forecast of NT$6.8 trillion.Foxconn, also known as Hon Hai Precision Industry, has been riding a wave of global demand for generative AI in recent years.The company reported a “strong performance” in its AI server business, with revenue up 150 percent, according to documents released ahead of an earnings call with analysts.This year would be the “Year of AI”, the company said, with shipments increasing in every quarter.The earnings announcement comes as US President Donald Trump imposed tariffs against major trading partners including China, Canada and Mexico, igniting trade wars and causing markets to fall.While Foxconn has plants around the world, the bulk of its operations is based in China, which has been hit by 20 percent levies on products shipped to the United States.Foxconn is building a mega-AI server plant in Mexico, which a local official told Bloomberg recently would be completed in a year despite Trump’s tariff threats. The $900 million assembly plant near Guadalajara will become the world’s largest to be powered by Nvidia’s GB200 AI chips, Jalisco Governor Pablo Lemus Navarro said.Apple said recently it would team up with Foxconn later this year to begin producing servers that power the cloud components of Apple Intelligence in Houston, Bloomberg reported. “I think there will be more and more of these projects, and when these projects mature, we will let everyone know,” Foxconn chairman Young Liu said in response to a question about the company’s plans for further US investment on an online earnings call.- ‘Very confident in Apple’ -Liu noted that tariffs were “quite a headache” for the chief executives of Foxconn’s customers, but he said it was “very, very difficult to predict” how it would unfold. “We can only wait and see what will happen and do what we can do well. This is Hon Hai’s attitude,” Liu said.Foxconn makes most of its revenue from iPhones, whose sales have slipped in markets like mainland China, but Liu brushed aside concerns about the popular gadget.”We are very, very confident in Apple,” Liu said.”I believe that they will definitely do something in the generative AI area, so we will continue to maintain in-depth cooperation with our client. This will not change.”Foxconn has also been in the spotlight over potential cooperation with Japanese automaker Nissan after its merger talks with rival Honda fell through in February.Liu previously said Foxconn was open to buying French auto giant Renault’s stake in Nissan and was looking into a cooperation with Nissan, not a merger.The company has also been looking to expand into the Japanese EV market. Liu said Friday that Foxconn is expected to sign a contract with a Japanese car maker or makers “within one or two months”.

Asian investors fought Friday to grind out gains at the end of a painful week for markets as they welcomed signs that US lawmakers will avert a government shutdown, but remained fearful over Donald Trump’s trade war.Equities have been pummelled in recent weeks and gold pushed to a record high, by concerns about a US recession as the president hammers trading partners with swingeing tariffs while billionaire ally Elon Musk slashes federal jobs at home.In the latest salvo, Trump threatened to impose 200 percent tariffs on wine, champagne and other alcoholic beverages from European Union countries in retaliation against the bloc’s planned levies on American-made whiskey.The European measures — including a 50 percent tariff on American whiskey — were in response to the White House’s levies on steel and aluminium imports.”If this Tariff is not removed immediately, the U.S. will shortly place a 200% Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES,” Trump posted on his Truth Social platform.He also said he would not row back on the metals duties, nor plans for sweeping reciprocal tariffs on global partners that are due to kick in as soon as April 2.Observers have warned that markets are being wracked by uncertainty amid fears the increasing trade war between major global economies could reignite inflation, with many investors worrying about a possible recession in the United States.Wall Street has been hammered, with the S&P 500 slipping into a correction Thursday, having fallen more than 10 percent from its recent peak — a record high touched just last month.Gold, a haven in times of turmoil, hit a record of $2,993.91 on Friday owing to a rush into safety.However, Asian markets enjoyed a broadly positive day with hopes th US Congress will pass a bill to avert a painful government shutdown.With just hours until a deadline to push a Republican spending bill through, Senate Democratic leader Chuck Schumer dropped his threat to block it.The package would keep the lights on through September, but Democrats have come under pressure from their grassroots to defy the plan, which they say is full of harmful spending cuts.Schumer claimed Trump and Musk — who runs the Department of Government Efficiency (DOGE) that has gutted various key agencies — were hoping for the government to grind to a halt.”A shutdown would give Donald Trump and Elon Musk carte blanche to destroy vital government services at a significantly faster rate than they can right now… with nobody left at the agencies to check them,” he warned.Hong Kong rose more than two percent, recouping some of the losses suffered over the week, while Shanghai jumped 1.8 percent on news that Chinese officials would hold a news conference Monday on measures to boost consumption.Tokyo, Sydney, Wellington, Taipei, Manila and Bangkok also advanced. There were losses in Singapore, Seoul and Jakarta.London ticked up at the open but Paris and Frankfurt edged down.Chris Beauchamp, chief market analyst at IG, said a US government shutdown could be costly.”The 2018-2019 shutdown… resulted in an estimated $11 billion loss to the US economy, with $3 billion considered permanent,” he wrote in a note.”Current market participants are clearly factoring in similar potential damage if lawmakers fail to reach an agreement.”A government shutdown, combined with existing trade tensions and tariffs, could exacerbate market volatility. Investors are already concerned about the economic impact of ongoing tariffs, which have contributed to declines in major stock indices in recent sessions.”Dealers were also watching developments in Europe after Russian President Vladimir Putin said he had “serious questions” about Washington’s plan for a 30-day ceasefire in Ukraine. However, he said he was ready to discuss it with his American counterpart.In company news, major conglomerate CK Hutchison Holdings — owned by tycoon Li Ka-shing — tumbled in Hong Kong after Chinese officials in the city reposted an attack on the firm over its sale of a controlling stake in Panama ports under pressure from Trump.It had surged as much as 25 percent after the sale last week.- Key figures around 0815 GMT -Tokyo – Nikkei 225: UP 0.7 percent at 37,053.10 (close)Hong Kong – Hang Seng Index: UP 2.1 percent at 23,959.98 (close)Shanghai – Composite: UP 1.8 percent at 3,419.56 (close)London – FTSE 100: UP 0.1 percent at 8,550.09Euro/dollar: DOWN at $1.0838 from $1.0849 on ThursdayPound/dollar: DOWN at $1.2923 from $1.2948Dollar/yen: UP at 148.83 yen from 147.75 yenEuro/pound: UP at 83.87 pence from 83.75 penceWest Texas Intermediate: UP 1.1 percent at $67.31 per barrelBrent North Sea Crude: UP 1.0 percent at $70.56 per barrelNew York – Dow: DOWN 1.3 percent at 40,813.57 (close)

A new graft scandal rocked the European Parliament after police carried out raids Thursday in Belgium and Portugal, detaining multiple suspects in a probe into suspicions of corruption under the guise of lobbying for the benefit of Chinese tech giant Huawei.The new investigation comes more than two years after the “Qatargate” scandal, in which a number of EU lawmakers were accused of being paid to promote the interests of Qatar and Morocco — something both countries have firmly denied.None of those held for questioning on Thursday were EU lawmakers, a police source told AFP. But Belgian media reported more than a dozen parliamentarians were on the detectives’ radar.Transparency campaigners, who have accused EU lawmakers of resisting reform, called on the parliament to immediately investigate the latest claims.”The alleged bribery is said to have benefitted Huawei,” the Belgian federal prosecutor’s office said after local media reported the probe focused on the company.Huawei said it took the allegations “seriously” and would “urgently communicate with the investigation to further understand the situation”.”Huawei has a zero tolerance policy towards corruption or other wrongdoing, and we are committed to complying with all applicable laws and regulations at all times,” the firm said in a statement Friday.The Belgian prosecutor’s office earlier said several people were taken in for questioning over their “alleged involvement in active corruption within the European Parliament, as well as for forgery and use of forgeries”.The investigating judge ordered seals on the European Parliament offices of two parliamentary assistants and a suspect had been arrested in France, it added in a second statement Thursday afternoon.The EU parliament said it had received a request for cooperation from the Belgian authorities and would “swiftly and fully honour” it.Prosecutors said the alleged corruption by a “criminal organisation” was “practised regularly and very discreetly from 2021 to the present day” and took “various forms”.These included “remuneration for taking political positions or excessive gifts such as food and travel expenses or regular invitations to football matches” as part of a bid to promote “purely private commercial interests” in political decisions.The alleged kickbacks were concealed as conference expenses and paid to various intermediaries, the office said, adding it was looking at whether money laundering had also been involved.About 100 police officers took part in the operation which included a total of 21 searches conducted across Belgium and in Portugal, it added.Belgium’s Le Soir daily said the Portuguese search focused on a company through which transfers had allegedly been made to one or more EU lawmakers.Portugal’s prosecutor general confirmed the raids were conducted “at the request of the Belgian authorities” but did not provide more details.- ‘Mockery of democracy’ -At the heart of the alleged corruption is a former parliamentary assistant who was employed as Huawei’s EU public affairs director, Belgian media said.Huawei has been in the EU’s crosshairs in recent years.Brussels in 2023 described the telecoms giant as a higher risk to the bloc than other 5G suppliers and called on EU states to exclude its equipment from their mobile networks.Le Soir said police had taken “several lobbyists” into custody and they were due to appear in front of a judge for questioning.Transparency defenders were scathing in their criticism of the parliament’s lack of wide-ranging reforms after the 2022 scandal.”These new allegations are as sweeping and serious as Qatargate and make a mockery of democracy at the European Parliament. For too long, MEPs have taken a carefree approach to ethics and continue to exist in a culture of impunity,” said Nicholas Aiossa, director at Transparency International EU.He urged swift and deep reform in the parliament, a call echoed by former transparency campaigner and current Green EU lawmaker, Daniel Freund.”This painfully shows that following Qatargate the EU remains vulnerable to corruption. Some reforms are still being blocked,” Freund told AFP, adding: “We finally need independent oversight for ethics violations.”Huawei has found itself at the centre of an intense tech rivalry between Beijing and Washington, with US officials warning its equipment could be used to spy on behalf of Chinese authorities — allegations they deny.Since 2019, US sanctions have cut Huawei off from global supply chains for technology and US-made components, a move that initially hammered its production of smartphones.burs-oho/sco

Global stock markets slid on Thursday, especially on Wall Street, as US President Donald Trump launched a new volley in his trade war, while gold hit a new record high.Worries about a potential US government shutdown by the weekend also worried investors, while Russian President Vladimir Putin’s limited backing of a possible ceasefire in Ukraine failed to boost sentiment.Trump threatened Thursday to impose 200 percent tariffs on wine, champagne and other alcoholic products from France and other European Union countries in retaliation against the bloc’s planned levies on US-produced whiskey, part of the EU’s reprisals for US tariffs on steel and aluminum imports.”President Trump’s threat of more tariffs, this time a 200 percent tariff on alcoholic beverages from the EU, has led to the resumption of the… sell-off in global stock indices,” said analyst Axel Rudolph at online trading platform IG.Trump has launched trade wars against competitors and partners alike since taking office, wielding tariffs as a tool to pressure countries on commerce and other policy issues.Shares in luxury giant LVMH, which owns several champagne houses including Dom Perignon and Hennessy cognac, slid 1.1 percent.Shares in French drinks group Pernod Ricard, which owns two champagne houses and Jameson Irish Whiskey, tumbled about four percent.The Paris stock exchange finished the day down 0.6 percent and Frankfurt shed 0.5 percent. London ended the day flat.Wall Street’s three main indices finished the day down sharply. The S&P 500 Index tumbled into a technical correction, or down 10 percent from its highest point of the year, recorded just last month.CFRA Research chief investment strategist Sam Stovall told AFP that the correction stemmed from “the tariff threats and the uncertainty surrounding retribution, (and) surrounding the possibility of recession as a result.””The only problem is we don’t know exactly how long it will go,” Stovall said.The drop came despite data showing US producer inflation was flat in February, defying expectations of an uptick as Trump’s tariff hikes targeting Chinese goods took effect.”That’s pretty good news in terms of inflation but the problem is, you have a trade war that’s expanding,” said Peter Cardillo of Spartan Capital Securities.Gold, seen as a safe haven, struck an all-time high of $2,988.54 per ounce, surpassing its late February record. Trump’s tariffs and pledges to slash taxes, regulations and immigration have sparked market volatility and concerns that the measures could reignite inflation.That in turn could force the US Federal Reserve to lift interest rates again, potentially causing a recession.Traders were also waiting on a decision from Russia on whether to mirror Ukraine’s acceptance of a 30-day ceasefire as proposed by the United States.Putin appeared to condition a 30-day ceasefire that the Trump administration has been pushing on Russian troops ejecting Ukrainian forces from Russia’s Kursk region. – Key figures around 2100 GMT -New York – Dow: DOWN 1.3 percent at 40,813.57 points (close)New York – S&P 500: DOWN 1.4 percent at 5,521.52 (close)New York – Nasdaq Composite: DOWN 1.96 percent at 17,303.01 (close)London – FTSE 100: FLAT at 8,542.56 (close)Paris – CAC 40: DOWN 0.6 percent at 7,938.21 (close)Frankfurt – DAX: DOWN 0.5 percent at 22,567.14 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 36,790.03 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 23,462.65 (close)Shanghai – Composite: DOWN 0.4 percent at 3,358.73 (close)Euro/dollar: DOWN at $1.0849 from $1.0890 on WednesdayPound/dollar: DOWN at $1.2948 from $1.2969Dollar/yen: DOWN at 147.75 yen from 148.32 yenEuro/pound: DOWN at 83.75 pence from 83.97 penceWest Texas Intermediate: DOWN 1.67 percent at $66.55 per barrelBrent North Sea Crude: DOWN 1.51 percent at $69.88 per barrelburs-sst/jgc

Global stock markets slid on Thursday as US President Donald Trump launched a new volley in his trade war, while gold hit a new record high.Worries about a potential US government shutdown at the weekend also worried investors, while Russian President Vladimir Putin’s limited backing of a ceasefire in Ukraine failed to boost sentiment.”President Trump’s threat of more tariffs, this time a 200 percent tariff on alcoholic beverages from the EU, has led to the resumption of the last few week’s sell-off in global stock indices,” said analyst Axel Rudolph at online trading platform IG.Trump threatened Thursday to impose 200-percent tariffs on wine, champagne and other alcoholic products from France and other European Union countries in retaliation against the bloc’s planned levies on US-produced whiskey, part of the EU’s reprisals for US tariffs on steel and aluminium imports.Trump has launched trade wars against competitors and partners alike since taking office, wielding tariffs as a tool to pressure countries on commerce and other policy issues.Shares in luxury giant LVMH, which owns several champagne houses including Dom Perignon and Hennessy cognac, slid 0.9 percent.Shares in French drinks group Pernod Ricard, which owns two champagne houses and Jameson Irish Whiskey, tumbled 4.1 percent.The Paris stock exchange finished the day down 0.6 percent and Frankfurt shed 0.5 percent. London ended the day flat.Wall Street’s three main indices were down more than one percent in afternoon trading. The drop came despite data showing US producer inflation was flat in February, defying expectations of an uptick as Trump’s tariff hikes targeting Chinese goods took effect.David Morrison, senior market analyst at Trade Nation, said cool inflation data would normally spark a rally, but investors remain wary.”The problem is President Trump’s tariff strategy, which appears indiscriminate, poorly targeted and inconsistent,” he said.Gold, seen as a safe haven, struck an all-time high of $2,971 per ounce, surpassing its late February record. Trump’s tariffs and pledges to slash taxes, regulations and immigration have sparked market volatility and concerns that the measures could reignite inflation.That in turn could force the Federal Reserve to lift interest rates again, potentially causing a recession.Analysts pointed out that the latest US inflation figures, while welcome, had to be taken in context.National Australia Bank’s Tapas Strickland said it was “worth noting the data was for February and thus largely pre-dates any potential tariff impacts”.Traders were also waiting on a decision from Russia on whether to mirror Ukraine’s acceptance of a 30-day ceasefire as proposed by the United States.”Investors remain on the edge of their seat as they weigh up the impact of tariffs and whether ceasefire talks will yield an agreement between Russia and Ukraine,” said Russ Mould, investment director at AJ Bell.Putin appeared to condition a 30-day ceasefire that the Trump administration has been pushing on Russian troops ejecting Ukrainian forces from Russia’s Kursk region. – Key figures around 1630 GMT -New York – Dow: DOWN 1.2 percent at 40,866.00 pointsNew York – S&P 500: DOWN 1.2 percent at 5,533.54New York – Nasdaq Composite: DOWN 1.7 percent at 17,355.00London – FTSE 100: FLAT at 8,542.56 (close)Paris – CAC 40: DOWN 0.6 percent at 7,938.21 (close)Frankfurt – DAX: DOWN 0.5 percent at 22,567.14 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 36,790.03 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 23,462.65 (close)Shanghai – Composite: DOWN 0.4 percent at 3,358.73 (close)Euro/dollar: DOWN at $1.0862 from $1.0890 on WednesdayPound/dollar: DOWN at $1.2945 from $1.2969Dollar/yen: DOWN at 147.64 yen from 148.32 yenEuro/pound: DOWN at 83.91 pence from 83.97 penceWest Texas Intermediate: DOWN 1.1 percent at $66.91 per barrelBrent North Sea Crude: DOWN 1.0 percent at $70.27 per barrelburs-rl/js

Belgian police on Thursday raided several addresses in the country as part of a probe into alleged corruption “under the guise of commercial lobbying”, prosecutors said.Several people were held for questioning over their “alleged involvement in active corruption within the European Parliament, as well as for forgery and use of forgeries,” the federal prosecutor’s office said.About 100 police officers took part in the operation that saw a total of 21 searches conducted across Belgium and in Portugal, it added.Belgian newspaper Le Soir and investigative website Follow the Money (FTM) said the probe was linked to Chinese tech giant Huawei and its activities in Brussels since 2021.Huawei did not immediately respond to AFP’s request for comment.The raids come more than two years after the “Qatargate” scandal, in which a number of EU lawmakers were accused of being paid to promote the interests of Qatar and Morocco — something both countries have strenuously denied.The prosecutor’s office gave no details about the individuals or companies involved.But it said the alleged corruption by a “criminal organisation” was “practised regularly and very discreetly from 2021 to the present day” and took “various forms”.These included “remuneration for taking political positions or excessive gifts such as food and travel expenses or regular invitations to football matches” as part of a bid to promote “purely private commercial interests” in political decisions.The alleged kickbacks were concealed as conference expenses and paid to various intermediaries, the office said, adding it was looking at whether money laundering had also been involved.At the heart of the alleged corruption is an ex-parliamentary assistant who was employed at the time as Huawei’s EU public affairs director, Belgian media said.Le Soir said police had taken “several lobbyists” into custody and they were due to appear in front of a judge for questioning.None of those held for questioning on Thursday morning were EU lawmakers, a police source told AFP.A spokesperson for the European Parliament told AFP that it “takes note of the information. When requested it always cooperates fully with the judicial authorities”.

European stock markets rose Thursday after losses in Asia and a mixed showing on Wall Street, as concerns about the global impact of President Donald Trump’s trade war overshadowed positive US inflation data.Traders were meanwhile waiting on a decision from Russia on whether to mirror Ukraine’s acceptance of a 30-day ceasefire as proposed by the United States.”Investors remain on the edge of their seat as they weigh up the impact of tariffs and whether ceasefire talks will yield an agreement between Russia and Ukraine,” noted Russ Mould, investment director at AJ Bell.”Despite a small bounce-back last night on Wall Street, nervousness prevailed.” Gold, seen as a safe-haven investment, came close to reaching a new record high, while the dollar was fairly steady against its main rivals.While attention has been mostly on the trade saga in recent weeks, Wednesday provided a little relief as data showed US consumer inflation slowed slightly more than expected in February — the first full month of Trump’s second term.The report also revealed that core inflation, which excludes volatile food and energy prices, came in below consensus.But the overriding issue for investors is Trump’s trade policy, which this week saw him impose tariffs on all imports of steel and aluminium, hitting numerous nations from Brazil to South Korea, as well as the European Union.Canada responded with more than US$21 billion in additional tariffs on US goods, while Brussels said it would target $28 billion in US goods from April.There has been growing concern among investors that Trump’s tariffs and pledges to slash taxes, regulations and immigration would reignite inflation, force the Federal Reserve to hike interest rates again and cause a recession.Analysts pointed out that the latest inflation figures, while welcome, had to be taken in context.National Australia Bank’s Tapas Strickland said it was “worth noting the data was for February and thus largely pre-dates any potential tariff impacts”.- Key figures around 1040 GMT -London – FTSE 100: UP 0.4 percent at 8,574.35 pointsParis – CAC 40: UP 0.5 percent at 8,030.61Frankfurt – DAX: UP 0.2 percent at 22,725.67Tokyo – Nikkei 225: DOWN 0.1 percent at 36,790.03 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 23,462.65 (close)Shanghai – Composite: DOWN 0.4 percent at 3,358.73 (close)New York – Dow: DOWN 0.2 percent at 41,350.93 points (close)Euro/dollar: DOWN at $1.0870 from $1.0890 on WednesdayPound/dollar: DOWN at $1.2951 from $1.2969Dollar/yen: DOWN at 148.16 yen from 148.32 yenEuro/pound: DOWN at 83.94 pence from 83.97 penceWest Texas Intermediate: DOWN 0.5 percent at $67.32 per barrelBrent North Sea Crude: DOWN 0.5 percent at $70.61 per barrel

Most stock markets fell on Thursday as ongoing concerns about the global impact of President Donald Trump’s trade war overshadowed positive US inflation data.With governments around the world trying to figure out how to respond to Trump’s tariffs agenda and threats of further measures, equities have been plunged into turmoil amid uncertainty about what is to come.While attention has been mostly on the trade saga in recent weeks, Wednesday provided a little relief as data showed US consumer inflation slowed slightly more than expected in February — the first full month of Trump’s second term.The report also revealed core inflation, which excludes volatile food and energy prices, had come in below consensus.But the overriding issue for investors is Trump’s trade policy, which this week saw him impose tariffs on all imports of steel and aluminium, hitting numerous nations from Brazil to South Korea, as well as the European Union.Canada responded with more than US$21 billion in additional tariffs on US goods, while Brussels said it would target $28 billion in US goods from April.There has been a growing concern among investors that Trump’s tariffs and pledges to slash taxes, regulations and immigration would reignite inflation, force the Federal Reserve to hike interest rates again and cause a recession.Analysts pointed out that the latest inflation figures, while welcome, had to be taken in context.National Australia Bank’s Tapas Strickland said it was “worth noting the data was for February and thus largely pre-dates any potential tariff impacts”.And Stephen Innes at SPI Asset Management warned that while markets reacted positively to the data, there was still a lot of uncertainty in markets.”Let’s be clear, this isn’t a free pass to rally unchallenged. The real question now is how far Trump is willing to push on tariffs and government cuts,” he wrote in a commentary. “With April 2’s reciprocal tariff D-Day looming, traders would be foolish to dismiss his resolve to rewrite global trade,” he added, referring to another round of levies due to come into effect.”If the past few weeks have proven anything, his tolerance for the ‘pain trade’ (US stocks lower) is far higher than the market assumed.”After a mixed start to the day, most Asian markets headed south in the afternoon.Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Wellington, Taipei, Mumbai and Jakarta were all in negative territory.And in Europe, London, Paris and Frankfurt opened lower.Mark Hackett at Nationwide said that “for the last three weeks, traders have felt like buying this market is like trying to catch a falling knife”.Focus is also turning to developments in the Ukraine crisis after Kyiv endorsed a US proposal for a 30-day ceasefire, with Washington saying it wants Russia to agree to an unconditional halt to hostilities.The Kremlin said it was awaiting details of the US proposal, and gave no indication of its readiness to stop fighting, but Trump warned “devastating” sanctions were possible if Russian President Vladimir Putin refused an agreement.- Key figures around 0800 GMT -Tokyo – Nikkei 225: DOWN 0.1 percent at 36,790.03 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 23,462.65 (close)Shanghai – Composite: DOWN 0.4 percent at 3,358.73 (close)London – FTSE 100: DOWN 0.2 percent at 8,527.14Euro/dollar: DOWN at $1.0867 from $1.0890 on WednesdayPound/dollar: DOWN at $1.2954 from $1.2969Dollar/yen: DOWN at 147.80 yen from 148.32 yenEuro/pound: DOWN at 83.89 pence from 83.97 penceWest Texas Intermediate: UP 0.1 percent at $67.74 per barrelBrent North Sea Crude: UP 0.1 percent at $71.05 per barrelNew York – Dow: DOWN 0.2 percent at 41,350.93 points (close)

The directors of Canadian convenience store giant Alimentation Couche-Tard (ACT) said on Thursday they were seeking a “friendly” buyout of 7-Eleven but lamented a lack of progress towards a deal.Seven & i, the Japanese parent company of 7-Eleven — the world’s biggest convenience store brand — rebuffed an ACT takeover offer worth nearly $40 billion last year.Despite a sweetened bid reportedly worth around $47 billion, Seven & i announced last week measures including a huge share buyback to boost its value and fend off ACT.”We are continuing to pursue a friendly, mutually agreed transaction,” ACT chairman Alain Bouchard told reporters in Tokyo.It would be the biggest foreign takeover of a Japanese firm, merging the 7-Eleven, Circle K and other franchises to create what CEO Alex Miller described on Thursday as a “global champion of convenience stores”.Seven & i said in September after ACT’s initial approach its rival had “grossly” undervalued its business and warned the deal could face regulatory hurdles in the United States.The pair have said they are exploring US store sell-offs to address antitrust concerns ahead of any potential merger but Bouchard said this wasn’t enough.”We are disappointed that this engagement has been limited to regulatory only and we have not been able to make progress on broader deal discussion,” he said.Seven & i operates some 85,000 convenience stores worldwide.Around a quarter of those outlets are in Japan, where they sell everything from concert tickets to pet food and fresh rice balls, although sales have been flagging.ACT runs nearly 17,000 convenience store outlets globally, including Circle K.Miller reiterated on Thursday that the retailer sees “a clear path to regulatory approval in the United States”.That was because the ACT and 7-Eleven networks in the world’s biggest economy were “highly complementary”, he said.Miller also addressed concerns that ACT ownership of Seven & i would affect the quality of 7-Eleven stores in Japan, which have been a local lifeline in times of disaster.”We are going to invest in Japan,” Miller said. “We have no interest and no plans to close stores, fire employees. That’s not what we do. We invest to grow.”