Afp Business Asia

TikTok edged closer to being banned in the United States after it lost an appeal on Friday against a law requiring the video-sharing app to divest from its Chinese parent company by January 19.The potential ban could strain US-China relations just as president-elect Donald Trump prepares to take office on January 20. TikTok said it would now appeal to the Supreme Court, which could choose to take up the case or let the circuit court’s decision stand.”The Supreme Court has an established historical record of protecting Americans’ right to free speech, and we expect they will do just that on this important constitutional issue,” the company said.TikTok will also be looking to Trump, who has emerged as an unlikely ally, arguing that a ban would mainly benefit Facebook parent company Meta’s platforms, owned by Mark Zuckerberg.Trump’s stance reflects broader conservative criticism of Meta for allegedly suppressing right-wing content, including the former president himself being banned from Facebook after the January 6, 2021, Capitol riot by his supporters.The US government alleges TikTok allows Beijing to collect data and spy on users. It also says TikTok is a conduit to spread propaganda, though China and app owner ByteDance strongly deny these claims.- ‘National security’ concerns -The law, signed by President Joe Biden in April, would block TikTok from US app stores and web hosting services unless ByteDance sells the platform by January 19.While recognizing that “170 million Americans use TikTok to create and view all sorts of free expression,” the three-judge panel unanimously upheld the law’s premise that divesting it from China’s control “is essential to protect our national security.” They found that the law did not hinder free speech as it was “devoid of an institutional aim to suppress particular messages or ideas.”The judges also disagreed with the idea that less drastic alternatives than a sale by ByteDance would solve the security issues.US Attorney General Merrick Garland welcomed the decision saying “the Justice Department is committed to defending Americans’ sensitive data from authoritarian regimes that seek to exploit companies under their control.”Trump’s support for TikTok marks a reversal from his first term, when the Republican leader tried to ban the app over similar security concerns. That effort got bogged down in the courts when a federal judge questioned how the move would affect free speech and blocked the initiative.Among those who helped Trump to the White House in this year’s election was Jeff Yass, a major Republican donor with ByteDance investments.- ‘Trump lifeline’ -“Donald Trump could be a lifeline for TikTok once he takes office, but halting the enforcement of the ban is easier said than done,” said Emarketer lead Analyst Jasmine Enberg. “And even if he does manage to save TikTok, he’s already flip-flopped on his stance toward the app and there’s no guarantee he won’t go after it later.”The president-elect launched his own TikTok account in June, gaining 14.6 million followers, but has not posted since Election Day.Despite the uncertainty, TikTok’s presence in the United States continues growing. The platform reported $100 million in Black Friday sales for its new shopping venture, and Emarketer projects US ad revenue will reach $15.5 billion next year, accounting for 4.5 percent of total digital ad spending in the country.But Enberg warned a ban would significantly disrupt the social media landscape, benefiting Meta, YouTube, and Snap while harming content creators and small businesses dependent on TikTok.Gautam Hans, professor at Cornell Law School, said the judges treated the government’s national security argument “with great deference… while undervaluing the radical effects this unfortunate decision will have for individual speakers and First Amendment doctrine.”But given the unanimous ruling and the short timeline before the law’s date of taking effect,  it was “unlikely that the Supreme Court will take the case, which will almost certainly lead to TikTok’s demise in just a handful of weeks,” he added.In contrast, Carl Tobias, of the University of Richmond, said that given the “critical implications” of the issues in question — national security and free speech — the apex court would likely take the case. 

Asian markets mostly fell Friday at the end of a volatile week, with South Korean stocks and the won still under pressure with the president’s job hanging by a thread as he faces impeachment.Traders were looking for a little stability after the past few days that saw Seoul plunged into crisis, France’s government fall and bitcoin surge to a historic high above $100,000.They are also gearing up for the release of US jobs data, while keeping tabs on Donald Trump as he puts together his cabinet, with signs so far suggesting he will take a hawkish tone on trade, fuelling worries about another standoff with China.Shares in Seoul sank more than one percent and the won weakened to about 1,423 per dollar as lawmakers prepare to hold an impeachment vote Saturday after President Yoon Suk Yeol’s dramatic, short-lived martial law on Tuesday night.While analysts said the economic fallout from the crisis would likely be limited, the political storm is ongoing.On Friday the head of Yoon’s ruling People Power Party demanded he stand down over the incident, warning he posed a great danger to the country.Han Dong-hoon’s remarks — virtually guaranteeing enough votes to impeach — come just a day after he said he would block the impeachment, and another party leader insisted all 108 PP members would back the president.”Considering the newly emerging facts, I believe that a swift suspension of President Yoon Suk Yeol’s duties is necessary to safeguard the Republic of Korea and its people,” Han said.The losses in Seoul were in line with a sell-off across most of Asia, which came after all three main indexes on Wall Street retreated from record highs Thursday.US investors were biding their time ahead of key US jobs data Friday that could play a role in the Federal Reserve’s decision-making on whether or not to cut interest rate this month.Tokyo, Sydney, Singapore, Wellington, Manila, Taipei all fell.Hong Kong and Shanghai rose, however, with investors hoping for some fresh stimulus when top Chinese leaders including President Xi Jinping meet to discuss economic policy next week.That gathering follows recent data that gave a glimmer of optimism that the painful growth slowdown that has wracked the country for almost two years could be coming to an end.- Bitcoin surge abates -Bitcoin was hovering just below $98,000 in Asian business, having blasted to the historic peak of $103,800 the day before, helped by news that Trump had picked crypto proponent Paul Atkins to take over as chair of the nation’s markets regulator.The tycoon, who often remarked on his election campaign that he would deregulate the crypto sector, welcomed the milestone.”CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!” said Trump, who in September launched his own crypto platform, on Truth Social.Events in Paris are being closely watched after a historic no-confidence vote that ousted the government of French Prime Minister Michel Barnier, following a battle over a controversial budget.President Emmanuel Macron vowed to name a new prime minister in the coming days to prevent France from sliding deeper into political turmoil, rejecting growing pressure from the opposition to resign.However, there was some hope that the crisis could be settled after far-right leader Marine Le Pen — a key opponent of Barnier — said in a television interview that once a new premier was appointed, her party “would let them work” and did not call on Macron to resign.The euro edged down slightly but was much stronger than the levels around $1.0500 seen Thursday- Key figures around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.9 percent at 39,042.59 (break)Hong Kong – Hang Seng Index: UP 0.2 percent at 19,602.27Shanghai – Composite: UP 0.1 percent at 3,370.68Euro/dollar: DOWN at $1.0572 from $1.0591 on ThursdayPound/dollar: DOWN at $1.2749 from $1.2760Dollar/yen: UP at 150.11 yen from 150.09 yen Euro/pound: DOWN at 82.93 from 82.97 penceWest Texas Intermediate: DOWN 0.1 percent at $68.21 per barrelBrent North Sea Crude: DOWN 0.2 percent at $71.95 per barrelNew York – Dow: DOWN 0.6 percent at 44,765.71 (close)London – FTSE 100: UP 0.2 percent at 8,349.38 (close)

Bitcoin shot past $100,000 for the first time on Thursday, taking the limelight away from stock markets that wavered as investors tracked political crises in France and South Korea.Oil prices fell modestly despite a move by the OPEC cartel and its allies to extend their supply cuts amid concerns about oversupply.Wall Street’s main stock indexes retreated from records, while Paris and Frankfurt forged higher despite political uncertainty in Paris.Bitcoin reached a high of $103,800.45 before dipping below the symbolically important level to $99.154 near 2200 GMT.The digital asset has now soared more than 50 percent since the election of Donald Trump, who has vowed to make the United States the “bitcoin and cryptocurrency capital of the world”.”Bitcoin smashed through $100,000 as the Trump Trade powered on with force,” noted Dan Coatsworth, investment analyst at AJ Bell.The historic level was broken after Trump picked crypto proponent Paul Atkins to take over as chair of the Securities and Exchange Commission, the markets regulator.Atkins is founder of risk consultancy firm Patomak Global Partners, whose clients include companies in the banking, trading and cryptocurrency industries.Atkins “is unlikely to be as anti-crypto as his predecessor Gary Gensler”, said Kathleen Brooks, research director at XTB trading platform.”Thus, politics is driving bitcoin. We doubt that the rally will stop here,” she added.- Mixed markets -Stock markets struggled for direction ahead of important US jobs figures on Friday.Aaron Clark, an equity portfolio manager at GW&K, said investors “are probably not willing to step in” ahead of Friday’s November employment data.”We’ve seen record inflows into equities,” said Clark, who thinks the market could be poised for additional gains later in December. Paris closed higher despite the historic no-confidence vote that ousted the government of French Prime Minister Michel Barnier.President Emmanuel Macron vowed to name a new prime minister in the coming days to prevent France from sliding deeper into political turmoil, rejecting growing pressure from the opposition to resign”The French political crisis failed to knock European indices off course,” said Coatsworth, an analyst at AJ Bell.Frankfurt was also in the green but London was flat.Most Asian stock markets finished higher but Seoul closed in the red.South Korean President Yoon Suk Yeol clung to power Thursday, his party announcing they will oppose an impeachment motion after his short-lived imposition of martial law stunned the world.”The silver lining we think is that the swift reversal of the martial law underscores the resilience of South Korea’s institutions,” said analysts at BMI, a unit of Fitch Solutions.”For now, we expect limited implications for the economy and financial markets as the Bank of Korea and the ministry of finance have responded swiftly by reassuring investors,” they added.- Key figures around 2200 GMT -New York – Dow: DOWN 0.6 percent at 44,765.71 (close)New York – S&P 500: DOWN 0.2 percent at 6,075.11 (close)New York – Nasdaq: DOWN 0.2 percent at 19,700.26 (close)London – FTSE 100: UP 0.2 percent at 8,349.38 (close)Paris – CAC 40: UP 0.4 percent at 7,330.54  (close)Frankfurt – DAX: UP 0.6 percent at 20,358.80 (close) Tokyo – Nikkei 225: UP 0.3 percent at 39,395.60 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 19,560.44 (close)Shanghai – Composite: UP 0.1 percent at 3,368.86 (close)Euro/dollar: UP at $1.0591 from $1.0511 on WednesdayPound/dollar: UP at $1.2760 from $1.2701Dollar/yen: DOWN at 150.09 yen from 150.59 yen Euro/pound: UP at 82.97 from 82.75 penceBrent North Sea Crude: DOWN 0.3 percent at $72.09 per barrelWest Texas Intermediate: DOWN 0.4 percent at $68.30 per barrelburs-jmb/arp

Vodafone and Three, the UK division of Hong Kong-based CK Hutchison, are set to create Britain’s biggest mobile phone operator after the country’s competition regulator backed the deal Thursday.The Competition and Markets Authority (CMA) said in a statement that the tie-up will proceed after the companies pledged to invest billions of pounds on rolling out a high-speed 5G network across the UK.The planned tie-up, first made public in June last year, is valued at around £16.5 billion ($21 billion) by Vodafone and Three, which have 27 million customers combined.The merger, set to complete during the first half of next year according to Vodafone, vaults the new group above the UK’s two current largest mobile operators BT EE and Virgin Media O2 in terms of customer numbers.”We believe the merger is likely to boost competition in the UK mobile sector and should be allowed to proceed — but only if Vodafone and Three agree to implement our proposed measures,” said Stuart McIntosh, who led the CMA inquiry on the merger.Vodafone said the enlarged group will create “a new force in UK mobile, unleashing more competition and investment to transform the UK telecoms landscape”.Vodafone and Three “have committed to invest £11 billion to create one of Europe’s most advanced 5G networks”, the pair said in a separate statement.The new network will reach 99 percent of the UK population and benefit more than 50 million customers as demand for data “is set to accelerate further with more widespread adoption of new technology, such as AI”, it added.Vodafone chief executive Margherita Della Valle said the “approval releases the handbrake on the UK’s telecoms industry, and the increased investment will power the UK to the forefront of European telecommunications”.Canning Fok, deputy chairman of CK Hutchison, said his group “will fully support the merged business in implementing its network investment plan”.- Transformation -Vodafone was already transforming under Della Valle amid the ongoing sale of its Italian unit to Swisscom for eight billion euros ($8.4 billion) and offloading of its Spanish division to investment fund Zegona for up to five billion euros.It comes after the British group last year axed 11,000 jobs, or more than 10 percent of its global workforce, to slash costs.Vodafone’s main market is Germany, where the group has been hit by legislation in the country that prevents housing associations from bundling TV contracts with rent.Mobile phone groups also provide television streaming services. Matt Britzman, senior equity analyst at Hargreaves Lansdown, described the UK’s approval of the Vodafone-Three merger as “a significant regulatory shift after years of blocked telecom deals”. Following the CMA announcement, Vodafone’s share price rose 2.5 percent at the end of trading on London’s top-tier FTSE 100 index, which closed higher overall.

US President-elect Donald Trump on Thursday took credit for bitcoin’s historic surge past $100,000, telling his social media followers “you’re welcome” after the cryptocurrency jumped more than 50 percent since his election victory.”CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!” Trump, who in September launched his own crypto platform, wrote on Truth Social.Bitcoin broke $100,000 for the first time Thursday after Trump nominated cryptocurrency backer Paul Atkins to head the US securities regulator, reinforcing optimism the incoming president will deregulate the sector.The digital unit has enjoyed a blistering rally since the November 5 election of Trump, who pledged to make the United States the “bitcoin and cryptocurrency capital of the world”.Bitcoin hit a record of $103,800.45 in Asian trading hours Thursday before dipping back to around $101,000.Following Trump’s remarks, it began climbing again, reaching $103,320.The volatile asset has soared by around 140 percent since the turn of the year. However, its advance had stalled in recent weeks, sitting just below $100,000 as traders awaited new catalysts before jumping in to buy.That came after Trump, who takes office in January, announced Wednesday that he would nominate Atkins to take over as chair of the Securities and Exchange Commission.Atkins, an SEC commissioner from 2002 to 2008, founded risk consultancy firm Patomak Global Partners in 2009, whose clients include companies in the banking, trading and cryptocurrency industries.An announcement from the Trump transition team noted that Atkins had been co-chairman of the Digital Chamber of Commerce, which promotes the use of digital assets, since 2017.”Paul is a proven leader for common sense regulations,” Trump said in a statement that emphasised Atkins’ commitment to “robust, innovative” capital markets.”He also recognises that digital assets and other innovations are crucial to making America greater than ever before,” Trump added.- Trump’s U-turn -Atkins replaces Gary Gensler, who led a crackdown on the sector after a 2022 market rout.Even so, the SEC this year authorised the trading on the American market of two new financial products, allowing a wider public to buy cryptocurrencies, called ETFs (exchange-traded funds).”Institutional interest and regulatory shifts are adding legitimacy, turning what once seemed like a fringe asset into a force reshaping finance,” said Matt Britzman, a senior analyst at Hargreaves Lansdown. “Love it or doubt it, bitcoin’s climb is rewriting the rule book for digital assets,” he added.Despite having once branded cryptocurrencies a “scam”, Trump changed his stance and has been a major advocate of the unit during his election campaign.In September, he announced that he, along with his sons and entrepreneurs, would launch a digital currency platform named World Liberty Financial. Trump has also become close to tycoon Elon Musk, who he said would lead a new US government-efficiency group tasked with cutting federal waste.Musk, a cryptocurrency fan himself, reportedly spent more than $100 million to help Trump regain the White House, repeatedly boosting his candidacy on his X social media platform.Reacting on X to the news of bitcoin hitting the $100,000 mark, Musk wrote: “Wow”.- Integration hopes -Among measures expected with Trump at the helm is the creation of a strategic reserve of bitcoins in the United States, consisting mainly of tokens seized by the courts, which could push other countries to grant more legitimacy to the virtual currency.Cryptocurrencies have made headlines since their creation, from their extreme volatility to the collapse of several industry giants, foremost among them the FTX exchange platform.”It’s volatile, unpredictable and is driven by speculation, none of which makes for a sleep-at-night investment,” said Dan Coatsworth, an analyst at investment group AJ Bell.Bitcoin was conceived in 2008 by a person or group writing under the name Satoshi Nakamoto.It was pitched as a way to break free of mainstream financial institutions by establishing a decentralised platform for transactions.The digital currency is created — or “mined” — as a reward when powerful computers solve complex problems to validate transactions made on a meddle-proof register known as the blockchain.Bitcoin has long been criticised for being the currency of choice for making untraceable payments on the dark web, the hidden part of the internet used for criminal activities.The asset has often come under attack for facilitating money laundering and allowing extortion through ransomware attacks.In September 2021, the unit was accepted by El Salvador as legal tender, though according to a study by Central America University, in 2023, 88 percent of Salvadorans have never used it.Its carbon footprint has also come under scrutiny as mining cryptocurrencies requires huge amounts of energy.burs/bcp/ajb/

Several OPEC+ countries, including Saudi Arabia and Russia, agreed Thursday to extend oil supply cutsfor three months through March to avoid a sharp drop in prices in a global market awash in crude.The decision had been widely expected, though dissension that caused the meeting to be delayed by a few days had created some doubts that the oil cartel would maintain the cuts.Eight OPEC+ countries will extend their “voluntary adjustments” of 2.2 million barrels per day until the end of March, the Vienna-based group said in a statement following a virtual meeting.After that, those cuts “will be gradually phased out” on a monthly basis until the end of September 2026, the group said, adding this is “subject to market conditions”.Without a new agreement, the eight countries were set to begin increasing production beginning in January to gradually return it to 2023 levels.Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the United Arab Emirates have already twice pushed back the production increases that were set to have begun in October and then in December.- ‘Buys some time’ -The supply cuts are only having a muted impact on the market, with US president-elect Donald Trump expected to adopt policies to boost US oil output while China’s demand outlook is lacklustre as its economy languishes.Thursday’s decision “buys the group some time”, said David Oxley, chief climate and commodities economist at research group Capital Economics.”The backdrop of weak global oil demand means that it could easily find itself back in a similar position in three months’ time,” Oxley said.”In our view, the fundamentals for oil prices remain weak.”Ole Hansen, a Saxo Bank analyst, also said OPEC+ could again extend the cuts in three months.The International Energy Agency said last month that even if the OPEC+ cuts remain place, global supply will exceed demand by more than one million barrels per day next year.OPEC+ nations are currently holding back six million barrels of oil a day, including the 2.2 million barrels a day of output that they had been discussing putting back on the market.On Thursday, the cartel decided to extend two other tranches of cuts by one year, until the end of 2026, the group said.Analysts at DNB bank said before the meeting that “there is no room for additional OPEC+ oil in 2025” on the market and a boost in output would push down crude prices.That would displease Saudi Arabia, which relies on high oil prices to fund efforts to diversify its economy.While Saudi Arabia and Russia hold sway in OPEC+, other countries would like to increase production, in particular Kazakhstan and the UAE, and “have a lot of spare capacity”, according to Rystad Energy analyst Jorge Leon. Production limits are only effective if they are respected, and earlier in the year the cartel called out Iraq and Kazakhstan for exceeding their quotas.In June the UAE won an additional quota of 300,000 barrels per day in 2025, raising tensions with other nations that want to expand output.

Bitcoin burst past $100,000 for the first time on Thursday, while global stock markets diverged as traders tracked political crises in France and South Korea.Oil prices rose slightly with the OPEC cartel and its allies on Thursday expected to extend their supply cuts to avoid a sharp drop in prices in a global market awash with crude.The dollar dropped against its main rivals.On the corporate front, UK regulators approved a deal between Vodafone and Three to create Britain’s biggest mobile phone operator. Vodafone shares rose around 1.0 percent in London, while Shell dropped 1.0 percent after the British energy giant and Norway’s Equinor announced plans to merge their UK offshore oil and gas assets.”Bitcoin smashed through $100,000 as the Trump Trade powered on with force,” noted Dan Coatsworth, investment analyst at AJ Bell, adding that “the French political crisis failed to knock European indices off course”.Seoul stocks slipped as South Korea’s president faced impeachment after his brief imposition of martial law this week.Bitcoin shattered the historic level after incoming US president Donald Trump picked crypto proponent Paul Atkins to take over as chair of the Securities and Exchange Commission, the country’s markets regulator.Atkins is founder of risk consultancy firm Patomak Global Partners, whose clients include companies in the banking, trading and cryptocurrency industries.Bitcoin reached a high of $103,800.45 before dipping to around $102,500.- Paris gains -The Paris stock market was higher in midday deals as President Emmanuel Macron sought a way out of France’s political crisis.French Prime Minister Michel Barnier was meeting Macron to submit his resignation after losing a vote of no confidence in parliament, with the president urgently seeking ways to halt growing political and financial chaos.Poised to be contemporary France’s shortest-serving premier, Barnier arrived at the Elysee Palace for the resignation formality.A majority of lawmakers on Wednesday supported the no-confidence vote proposed by the hard left and backed by the far right headed by Marine Le Pen.- South Korea -All eyes were also on South Korea after Yoon Suk Yeol’s dramatic declaration of martial law, which was lifted within hours.The nation’s opposition has now pushed for his impeachment, while the defence minister has resigned over the crisis.Seoul’s Kospi ended with a loss of 0.9 percent, having finished more than one percent down on Wednesday.South Korea’s currency — which initially hit a two-year low when the crisis erupted — remained at around 1,415 won per dollar, slightly up from its levels before the martial law declaration late on Tuesday.The upheaval comes as Asia’s number-four economy struggles to gain traction, while worries build on the possible impact of Trump’s presidency as he prepares to reignite his hardball trade policy when he takes power next month.But analysts saw some optimism.”The silver lining we think is that the swift reversal of the martial law underscores the resilience of South Korea’s institutions,” said analysts at BMI, a unit of Fitch Solutions.”For now, we expect limited implications for the economy and financial markets as the Bank of Korea and the ministry of finance have responded swiftly by reassuring investors,” they added.- Key figures around 1045 GMT -London – FTSE 100: UP 0.1 percent at 8,339.51 pointsParis – CAC 40: UP 0.3 percent at 7,324.69 Frankfurt – DAX: UP 0.4 percent at 20,306.16Tokyo – Nikkei 225: UP 0.3 percent at 39,395.60 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 19,560.44 (close)Shanghai – Composite: UP 0.2 percent at 3,368.37 (close)New York – Dow: UP 0.7 percent at 45,014.04 (close)Euro/dollar: UP at $1.0528 from $1.0510 on WednesdayPound/dollar: UP at $1.2718 from $1.2702Dollar/yen: DOWN at 150.28 yen from 150.56 yen Euro/pound: UP at 82.78 from 82.71 penceBrent North Sea Crude: UP 0.4 percent at $72.62 per barrelWest Texas Intermediate: UP 0.4 percent at $68.81 per barrel

Bitcoin broke $100,000 for the first time Thursday after Donald Trump nominated cryptocurrency backer Paul Atkins to head the US securities regulator, reinforcing optimism the incoming president will deregulate the sector.The digital unit has enjoyed a blistering rally since the November 5 election of Trump, who pledged to make the United States the “bitcoin and cryptocurrency capital of the world”.Bitcoin eased to around $102,700 Thursday after hitting a record of $103,800.45.The volatile asset has jumped more than 50 percent since the tycoon’s victory — and around 140 percent since the turn of the year. However, its advance had stalled in recent weeks, sitting just below $100,000 as traders awaited new catalysts before jumping in to buy.That came after Trump, who takes office in January, announced Wednesday that he would nominate Atkins to take over as chair of the Securities and Exchange Commission.Atkins, an SEC commissioner from 2002 to 2008, founded risk consultancy firm Patomak Global Partners in 2009, whose clients include companies in the banking, trading and cryptocurrency industries.An announcement from the Trump transition team noted that Atkins had been co-chairman of the Digital Chamber of Commerce, which promotes the use of digital assets, since 2017.”Paul is a proven leader for common sense regulations,” Trump said in a statement that emphasised Atkins’ commitment to “robust, innovative” capital markets.”He also recognises that digital assets and other innovations are crucial to making America greater than ever before,” Trump added.- Trump’s U-turn -Atkins replaces Gary Gensler, who led a crackdown on the sector after a 2022 market rout.Even so, the SEC this year authorised the trading on the American market of two new financial products, allowing a wider public to buy cryptocurrencies, called ETFs (exchange-traded funds).”Institutional interest and regulatory shifts are adding legitimacy, turning what once seemed like a fringe asset into a force reshaping finance,” said Matt Britzman, a senior analyst at Hargreaves Lansdown. “Love it or doubt it, bitcoin’s climb is rewriting the rulebook for digital assets,” he added.Despite having once branded cryptocurrencies a “scam”, Trump changed his stance and has been a major advocate of the unit during his election campaign.In September, he announced that he, along with his sons and entrepreneurs, would launch a digital currency platform named World Liberty Financial. Trump has also become close to tycoon Elon Musk, who he said would lead a new US government-efficiency group tasked with cutting federal waste.Musk, a cryptocurrency fan himself, reportedly spent more than $100 million to help Trump regain the White House, repeatedly boosting his candidacy on his X social media platform.Reacting on X to the news of bitcoin hitting the $100,000 mark, Musk wrote: “Wow”.- Integration hopes -Among measures expected with Trump at the helm is the creation of a strategic reserve of bitcoins in the United States, consisting mainly of tokens seized by the courts, which could push other countries to grant more legitimacy to the virtual currency.Cryptocurrencies have made headlines since their creation, from their extreme volatility to the collapse of several industry giants, foremost among them the FTX exchange platform.”It’s volatile, unpredictable and is driven by speculation, none of which makes for a sleep-at-night investment,” said Dan Coatsworth, an analyst at investment group AJ Bell.Bitcoin was conceived in 2008 by a person or group writing under the name Satoshi Nakamoto.It was pitched as a way to break free of mainstream financial institutions by establishing a decentralised platform for transactions.The digital currency is created — or “mined” — as a reward when powerful computers solve complex problems to validate transactions made on a meddle-proof register known as the blockchain.Bitcoin has long been criticised for being the currency of choice for making untraceable payments on the dark web, the hidden part of the internet used for criminal activities.The asset has often come under attack for facilitating money laundering and allowing extortion through ransomware attacks.In September 2021, the unit was accepted by El Salvador as legal tender, though according to a study by Central America University, in 2023, 88 percent of Salvadorans never used it.Its carbon footprint has also come under scrutiny as mining cryptocurrencies requires huge amounts of energy.

Shopping app Temu has been forced to suspend its services in Vietnam after it failed to register with authorities, state media said on Thursday.Goods ordered on Temu were no longer being cleared through customs in Vietnam, state media reported, after the company missed an end-of-November deadline to register with the ministry of industry and trade.It was not clear when or if Temu, which is owned by Chinese e-commerce giant PDD Holdings, would be able to resume business.Separately, online fashion retailer Shein said that the Vietnamese version of its website was “temporarily unavailable”, adding that it was working with the ministry of industry and trade “to register our e-commerce services”.Shein, which was founded in China but is now headquartered in Singapore, had faced the same deadline as Temu to register, but there was no reference to the company in state media Thursday. Neither Shein nor Vietnamese authorities immediately responded to a request for comment from AFP.On Temu’s app, Vietnamese has been removed as an interface language. Users now have the option to select from English, Chinese and French.The announcement comes after the ministry raised concerns in October over the stunningly low prices on the online marketplace and their impact on Vietnamese producers.A spokesperson for Temu told AFP that they were working with Vietnamese authorities to register their business. “We have submitted all required documents for the registration,” the spokesperson said.Temu has sucked in consumers across the world with its low prices and all-powerful algorithms. Since it began operations in Vietnam in October, it has caught the eye of Vietnamese consumers with discounts of up to 90 percent and free shipping, according to state media. But the month of its launch, the ministry raised concerns about the “unusually low prices of its goods, which may impact domestically produced products”, according to the official Vietnam News Agency.”It is unclear whether they (the goods) are authentic,” VNA cited the ministry as saying.After launching in 2022, online shopping app Temu surged to become one of the most popular online shopping sites in the United States.It is also one of the fastest-growing apps in Europe, but the EU has hit the shopping platform with a probe over concerns the site is doing too little to stop the sale of illegal products.In April, regulators in South Korea opened an investigation into Temu on suspicion of unfair practices including false advertising and poor product quality.

Bitcoin burst past $100,000 for the first time Thursday, while Seoul stocks slipped as South Korea’s president faced impeachment after his brief imposition of martial law this week.After hovering around the mid-$90,000 mark in recent weeks, the popular cryptocurrency finally shattered the historic level in Asia after incoming US president Donald Trump picked crypto proponent Paul Atkins to take over as chair of the Securities and Exchange Commission (SEC).Atkins is founder of risk consultancy firm Patomak Global Partners, whose clients include companies in the banking, trading and cryptocurrency industries.And Trump’s transition team noted he had co-chaired the Digital Chamber of Commerce, which promotes the use of digital assets, since 2017.Atkins “recognises that digital assets and other innovations are crucial to Making America Greater than Ever Before”, Trump said.Stephen Innes at SPI Asset Management said Atkins has “a track record of critiquing the SEC’s tough stance on cryptocurrency firms”.”This strategic move has electrified the crypto community, fuelling investor optimism about a potentially more accommodating regulatory landscape under Atkins’ watch,” said Innes.After breaking the key level, bitcoin continued to push higher and hit a peak of $103,800 on Thursday.It has jumped more than 50 percent since Trump’s victory — and around 140 percent since the turn of the year — on hopes the US president-elect will push through measures to deregulate cryptocurrencies.On the election campaign trail, he pledged to make the United States the “bitcoin and cryptocurrency capital of the world”.- Swift response -The rally in bitcoin came as traders keep track of events in South Korea, after President Yoon Suk Yeol’s dramatic declaration of martial law which was lifted within hours.The nation’s opposition has now pushed for his impeachment, while the defence minister has resigned over the crisis.The upheaval comes as Asia’s number-four economy struggles to gain traction, while worries build on the possible impact of Trump’s presidency as he prepares to reignite his hardball trade policy when he takes power next month.But analysts saw some optimism.”The silver lining we think is that the swift reversal of the martial law underscores the resilience of South Korea’s institutions,” said analysts at BMI, a unit of Fitch Solutions.”For now, we expect limited implications for the economy and financial markets as the Bank of Korea and the ministry of finance have responded swiftly by reassuring investors,” they said.Trinh Nguyen, senior economist for emerging Asia at Natixis CIB, said the turmoil represented “a growth shock rather than a sovereign risk”. Seoul’s Kospi fell 0.9 percent, having finished more than one percent down on Wednesday.And the won — which initially hit a two-year low when the crisis erupted — remained at around 1,415 per dollar, slightly up from its levels before the martial law declaration late Tuesday.Investors are also keeping tabs on France after the three-month-old government of Prime Minister Michel Barnier was brought down in a no-confidence vote linked to a controversial budget proposal.The news out of the eurozone’s second-largest economy had been expected and the euro saw no major impact, but the move injected fresh uncertainty into an already fraught political situation in France after divisive elections earlier this year.In early European exchanges, the euro was trading at $1.0544, a little stonger than recent days. Paris stocks opened marginally higher.Most other markets in Asia rose, tracking a record for all three main indexes on Wall Street, where soft data on jobs and services boosted hopes for a Federal Reserve interest rate cut this month.Tokyo, Shanghai, Sydney, Singapore, Wellington, Mumbai and Taipei advanced but Hong Kong, Jakarta and Manila slipped.London was flat at the open. Frankfurt was down.- Key figures around 0810 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 39,395.60 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 19,560.44 (close)Shanghai – Composite: UP 0.2 percent at 3,368.37 (close)London – FTSE 100: FLAT at 8,332.49Euro/dollar: UP at $1.0544 from $1.0510 on WednesdayPound/dollar: UP at $1.2740 from $1.2702Dollar/yen: DOWN at 149.67 yen from 150.56 yen Euro/pound: UP at 82.77 from 82.71 penceWest Texas Intermediate: DOWN 0.1 percent at $68.47 per barrelBrent North Sea Crude: DOWN 0.1 percent at $72.23 per barrelNew York – Dow: UP 0.7 percent at 45,014.04 (close)