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India’s aviation ministry on Friday rolled back a new policy of weekly rest for pilots after chaos caused by hundreds of flight cancellations by the country’s biggest airline, IndiGo.Airports across India have been in disarray since Monday, with the private carrier blaming the disruption on “unforeseen operational challenges”.On Thursday, IndiGo admitted to aviation regulators that “misjudgement and planning gaps” in adapting to new rules led to the operational meltdown, even though it had two years to prepare for the switch.The new rules came into effect last month with the aim of giving pilots more rest periods to enhance passenger safety.India’s civil aviation minister Ram Mohan Naidu said the “Flight Duty Time Limitations” rules “have been placed in abeyance with immediate effect”.”Without compromising on air safety, this decision has been taken solely in the interest of passengers, especially senior citizens, students, patients, and others who rely on timely air travel for essential needs,” Naidu said in a statement. Naidu said his ministry expected that “flight schedules will begin to stabilise and return to normal by tomorrow”. IndiGo, which cancelled all domestic flights Friday from New Delhi and Chennai, apologised for “the immense inconvenience and distress” caused to travellers. In a video statement, the company’s CEO Pieter Elbers said late Friday the relaxation of the rules was “of great help” but there was “still lots of work in progress”. Friday was the “most severely impacted day” with “well over a thousand” cancellations, Elbers said.He added that the company expected cancellations to fall below 1,000 on Saturday ahead of a return to normal between December 10 and 15.IndiGo, which commands 60 percent of India’s domestic market, operates over 2,000 flights a day.Earlier on Friday, passengers vented their frustration online, including Singapore’s ambassador to India, Simon Wong, who said he was “lost for words”.”I joined the tens of thousands of passengers stranded by #Indigo… My sincere apologies to my young staff waiting for me to attend his #shaadi (wedding). Lost for words,” a post on the embassy’s official X handle said.A passenger at Delhi airport told broadcaster NDTV that he had received no update from the airline for the last 12 hours.Prime Minister Narendra Modi’s main opponent, Rahul Gandhi from the Congress party, blamed the fiasco on the government’s “monopoly model”.”Once again, it’s ordinary Indians who pay the price – in delays, cancellations and helplessness. India deserves fair competition in every sector, not match-fixing monopolies,” he said in a post on X.The crisis is one of the biggest challenges faced by the no-frills airline, which has built its reputation on punctuality.Last week, 200 IndiGo planes were affected when Airbus issued an alert for an urgent upgrade for 6,000 aircraft worldwide.India is one of the world’s fastest growing aviation markets, hitting 500,000 daily flyers last month for the first time.

World stock markets mostly rose Friday as investors speculated that the US central bank will cut rates not just this month, but ease monetary policy again throughout next year.Upcoming key US inflation data could cement such expectations, dealers said, pointing to the personal consumption expenditures (PCE) index, the Fed’s preferred gauge of inflation.A below-forecast reading would be tipped to ramp up expectations of several rate reductions in 2026, following the near-certainty of a cut next week.”With the December rate cut apparently in the bag, thoughts are turning to the pace and level of subsequent reductions next year,” noted Richard Hunter, head of markets at Interactive Investor.Optimism has been underpinned by reports reinforcing the view that the US jobs market is softening.- Netflix takeover -Netflix’s takeover of Warner Bros. Discovery, announced before Wall Street’s opening, caught investor attention in early New York business.The deal represents the biggest consolidation in the entertainment sector this decade but could, according to analysts, run into regulatory problems because of its size.Netflix shares were more than 1.5 percent lower in early New York trading, while Warner Bros. Discovery shares rose 2.5 percent.Earlier Friday in Asia, Mumbai equities won a boost from a rate cut by the Indian central bank.The rupee, which this week hit a record low against the dollar, rose.On the corporate front in Asia, shares in Chinese group Moore Threads Technology, which makes chips for the artificial intelligence sector, soared more than 500 percent on its market debut in Shanghai after the company raised $1.1 billion in an initial public offering.”This IPO has become a barometer for faith in China’s next-gen AI‑chip ambitions,” said Dilin Wu, research strategist at Pepperstone.In Europe, shares in Swiss Re were down more than six percent after the reinsurance giant’s profit target for 2026 and plans for share buybacks disappointed financial analysts.- Key figures at around 1445 GMT -New York – Dow: UP 0.3 percent at 47,978.91 pointsLondon – FTSE 100: DOWN 0.2 percent at 9,696.08Paris – CAC 40: UP 0.1 percent at 8,117.18Frankfurt – DAX: UP 0.9 percent at 24,097.02Tokyo – Nikkei 225: DOWN 1.1 percent at 50,491.87 (close) Hong Kong – Hang Seng Index: UP 0.6 percent at 26,085.08 (close)Shanghai – Composite: UP 0.7 percent at 3,902.81 (close)Euro/dollar: UP at $1.1653 from $1.1648 on ThursdayPound/dollar: UP at $1.3350 from $1.3335Dollar/yen: UP at 155.17 yen from 155.03 yenEuro/pound: UP at 87.27 pence from 87.00 penceBrent North Sea Crude: FLAT at $63.14 per barrelWest Texas Intermediate: DOWN 0.1 percent at $59.61burs-jh/rlp

Major stock markets mostly rose and the dollar gained slightly Friday as investors awaited the release of key US inflation data that could cement expectations that the Federal Reserve will cut interest rates next year.The personal consumption expenditures (PCE) index is the Fed’s preferred gauge of inflation and a below-forecast reading is tipped to ramp up forecasts of several rate reductions in 2026, following an almost certain cut next week.After much of Asia closed out their trading with gains, European indices traded higher around midday. Wall Street ended mixed on Thursday.”With the December rate cut apparently in the bag, thoughts are turning to the pace and level of subsequent reductions next year,” noted Richard Hunter, head of markets at Interactive Investor.”Inflation remains the elephant in the room, however, and the Fed’s hitherto cautious stance on monetary easing has so far been vindicated.”Debate swirls over the bank’s plans for the next 12 months as US inflation remains stubbornly above target.Stock market investors have in recent sessions struggled to match last week’s healthy gains fuelled by comments from Fed officials indicating their preference for more rate cuts.Optimism has been helped, however, by reports reinforcing the view that the US jobs market is softening, including from payrolls firm ADP which said that more than 30,000 posts were lost in November.In Asia on Friday, Mumbai equities won a boost from a cut to interest rates by the Indian central bank, as low inflation provided room to help cushion the economy against US President Donald Trump’s tariff blitz.The rupee, which this week hit a record low against the dollar, rose.On the corporate front, shares in Chinese group Moore Threads Technology, which makes chips for the artificial intelligence sector, soared more than 500 percent on its market debut in Shanghai after the company raised $1.1 billion in an initial public offering.The blockbuster opening — which came after the IPO was more than 4,000 times oversubscribed — suggested there was plenty of confidence in the country’s homegrown AI chip industry.”The noise is real, but so is the signal: this IPO has become a barometer for faith in China’s next-gen AI‑chip ambitions,” said Dilin Wu, research strategist at Pepperstone.In Europe, shares in Swiss Re slumped by more than seven percent at one point Friday after the reinsurance giant’s profit target for 2026 and plans for share buybacks disappointed financial analysts.”The 2026 group profit target of $4.5 billion is eight percent below our estimate and five percent below consensus,” Vontobel analyst Matteo Lindauer wrote in a note to investors.- Key figures at around 1115 GMT -London – FTSE 100: UP 0.2 percent at 9,729.68 pointsParis – CAC 40: UP 0.5 percent at 8,159.39Frankfurt – DAX: UP 0.7 percent at 24,048.07Tokyo – Nikkei 225: DOWN 1.1 percent at 50,491.87 (close) Hong Kong – Hang Seng Index: UP 0.6 percent at 26,085.08 (close)Shanghai – Composite: UP 0.7 percent at 3,902.81 (close)New York – Dow: DOWN 0.1 percent at 47,850.94 (close)Euro/dollar: DOWN at $1.1647 from $1.1648 on ThursdayPound/dollar: DOWN at $1.3333 from $1.3335Dollar/yen: UP at 155.13 yen from 155.03 yenEuro/pound: UP at 87.37 pence from 87.00 penceBrent North Sea Crude: DOWN 0.1 percent at $63.17 per barrelWest Texas Intermediate: DOWN 0.2 percent at $59.55 per barrelburs-bcp/ajb/rl

Equity markets rose going into the weekend on Friday following a broadly positive lead from Wall Street as a mixed bag of US data did little to change expectations the Federal Reserve will cut interest rates next week.Investors have in recent sessions struggled to match last week’s healthy gains fuelled by comments from central bank officials indicating their preference for a further easing of monetary policy.However, optimism has been helped by reports reinforcing the view that the jobs market is softening, including payrolls firm ADP saying more than 30,000 posts were lost in November.And while figures Thursday on jobless claims and layoffs came in slightly better than expected, markets have priced the chances of a rate cut next Wednesday at around 90 percent.Focus is now on the release later Friday of the personal consumption expenditures (PCE) index, the Fed’s preferred gauge of inflation, with a below-forecast reading tipped to ramp up hopes for several more rate reductions in 2026.Data on income and spending is also due to come out.Still, debate continues to swirl over the bank’s plans for the next 12 months as inflation remains stubbornly above target.”While the US labour market is showing signs of slowing with the latest ADP report seeing a decline in hiring, there is a sense that it is still reasonably resilient,” said Michael Hewson at MCH Market Insights.With key jobs creation data not due until after the Fed’s decision, “any further move to cut rates by another 25 basis points could well be a leap of faith on the part of some members of the committee”, he wrote.He warned that “markets are pricing in the likelihood of another cut, which means any delay could prompt a significant adverse reaction”.”Of course, there is another scenario where the Fed cuts rates, but then signals a pause as it looks to assess the effect that three successive rate cuts have had on the US economy.”Meanwhile, Michael Krautzberger, of AllianzGI, said in a commentary: “Despite uncertainty, in our view, recent (policy board) statements, macro data, and market pricing point toward a 25 basis point cut” next week.”Looking further, we maintain our forecast of a total 50 basis points in additional insurance cuts to a Fed funds target range of 3.25-3.5 percent by mid-2026, assuming a non-recessionary base case.”In New York, the S&P 500 and Nasdaq ended slightly higher but the Dow was marginally off.After a slow start in Asia, most markets enjoyed a positive run-in to the weekend.Hong Kong and Shanghai reversed morning losses while there were also gains in Sydney, Seoul, Taipei, Manila and Jakarta.Mumbai got a boost from an interest rate cut by the Indian central bank, as low inflation provided room to help cushion the economy against US President Donald Trump’s tariff blitz. The rupee, which this week hit a record low against the dollar, rose.London, Paris and Frankfurt opened on the front foot.Tokyo shed more than one percent, having jumped more than two percent Thursday, while Singapore and Wellington also slipped.On currency markets the Japanese yen extended gains against the dollar as traders grow increasingly confident the Bank of Japan will hike its own borrowing costs later this month.In corporate news, Chinese artificial intelligence chip maker Moore Threads Technology soared more than 500 percent on its debut in Shanghai after raising $1.1 billion in an initial public offering.The blockbuster opening — which came after the IPO was more than 4,000 times oversubscribed — suggested there was plenty of confidence in the country’s homegrown AI chip industry.”The noise is real, but so is the signal: this IPO has become a barometer for faith in China’s next-gen AI‑chip ambitions,” said Dilin Wu, research strategist at Pepperstone.”Investors are buying into the story of China building a serious homegrown (graphics processing unit) amid global supply constraints,” she said.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: DOWN 1.1 percent at 50,491.87 (close) Hong Kong – Hang Seng Index: UP 0.6 percent at 26,085.08 (close)Shanghai – Composite: UP 0.7 percent at 3,902.81 (close)London – FTSE 100: UP 0.2 percent at 9,727.97 Euro/dollar: UP at $1.1660 from $1.1648 on ThursdayPound/dollar: UP at $1.3349 from $1.3335Dollar/yen: DOWN at 154.79 yen from 155.03 yenEuro/pound: UP at 87.34 pence from 87.00 penceWest Texas Intermediate: DOWN 0.2 percent at $59.58 per barrelBrent North Sea Crude: FLAT at $63.27 per barrelNew York – Dow: DOWN 0.1 percent at 47,850.94 (close)

TikTok said Friday it will comply with Australia’s imminent ban on under-16s joining social media on the day it comes into force, but told users the changes “may be upsetting”.Australia’s world-first legislation comes into effect December 10, curbing the world’s most popular social media platforms and websites, including TikTok, Instagram and YouTube.Companies face fines of Aus$49.5 million (US$32 million) if they fail to take “reasonable steps” to comply.TikTok will block under-16s in Australia on the day the law comes into effect, it said, meaning they will no longer be able to hold or create an account.”Teens with an existing account will be notified that they will no longer be able to use their existing account, which will become inactive,” it said.”If they previously published content, it will no longer be available for others to view on TikTok.”The social media giant said youngsters who have been blocked can submit an appeal to prove their age, including by facial images, credit card authorisation or official ID.”We understand that these changes may be upsetting, but they are necessary to ensure that TikTok complies with Australian law,” the company said in a statement.Teens who fall under the law will have a choice of confirming their age, downloading their information, deleting their account, or asking for a reminder to recover their TikTok accounts when they turn 16.TikTok urged parents to “have conversations” with their teens to ensure they are truthful about their age.A week ahead of the ban, Communications Minister Anika Wells said some Australian teens had killed themselves as social media algorithms “latched on” — targeting them with content that drained their self-esteem.”This specific law will not fix every harm occurring on the internet, but it will make it easier for kids to chase a better version of themselves,” she told reporters.An internet rights group last week launched a legal challenge to halt the ban.The Digital Freedom Project said it had challenged the laws in Australia’s High Court, calling them an “unfair” assault on freedom of speech.Australia’s restrictions have generated interest around the world as regulators wrestle with the potential dangers of social media.Malaysia indicated it was planning to block children under 16 from signing up to social media accounts next year, while New Zealand will introduce a similar ban.

SoftBank CEO and AI investor Masayoshi Son said Friday that advanced artificial intelligence could surpass humans to the extent that “we become fish” and could even win the Nobel Prize in Literature.Meeting South Korean President Lee Jae Myung in Seoul, Son, whose SoftBank is a major backer of ChatGPT maker OpenAI, described a future in which an advanced AI surpasses humans by a magnitude of 10,000.”The difference between the human brain and the… goldfish in the pot — the difference is 10,000 times,” he said.”But it’s going to be different — we will become fish, they (the AI) become like humans,” he said.”They will be 10,000 times smarter than us,” he told President Lee, who has vowed to turn South Korea into an AI powerhouse.Son compared the relationship between this artificial super intelligence (ASI) and humankind to relations between human beings and their pets.”We try to make them happy… we try to live in peace with them,” he said.”We don’t need to eat them… ASI does not eat protein. They don’t need to eat us — don’t worry.”Lee responded laughing that he was “a bit concerned now”.He asked Son whether ASI could win a Nobel Prize in Literature, won last year by South Korean author Han Kang.”I do not believe this is a desirable situation,” Lee said.”I think it will,” Son replied.ASI has been described as a hypothetical scenario when AI overtakes humans.Scientists still consider it a long way off, but say a crucial first step — artificial general intelligence (AGI), which would outperform humans across most tasks — could arrive within a decade.Lee said last month that Seoul would triple spending on AI next year — a move “aimed at propelling South Korea into the ranks of the world’s top three AI powers” behind the United States and China.Also on Friday, Lee’s office said South Korea would partner with Arm, SoftBank’s British semiconductor design unit, to train 1,400 chip professionals.The initiative would provide help in “strengthening areas where South Korea’s semiconductor industry is relatively weak,” said presidential policy adviser Kim Yong-beom.

Softbank CEO and AI investor Masayoshi Son said Friday that advanced artificial intelligence could surpass humans to the extent that “we become fish” and could even win the Nobel Prize in Literature.Meeting South Korean President Lee Jae Myung in Seoul, Son, whose SoftBank is a major backer of ChatGPT maker OpenAI, described a future in which an advanced AI surpasses humans by a magnitude of 10,000.”The difference between the human brain and the… goldfish in the pot — the difference is 10,000 times,” he said.”But it’s going to be different — we will become fish, they (the AI) become like humans,” he said.”They will be 10,000 times smarter than us,” he told President Lee, who had vowed to turn South Korea into an AI powerhouse. Son compared the relationship between this artificial super intelligence (ASI) and humankind to relations between human beings and their pets.”We try to make them happy… we try to live in peace with them,” he said.”We don’t need to eat them… ASI does not eat protein. They don’t need to eat us — don’t worry.”Lee responded laughing that he was “a bit concerned now”.He asked Son whether ASI could win a Nobel Prize in Literature, won last year by South Korean author Han Kang.”I do not believe this is a desirable situation,” Lee said.”I think it will,” Son replied.ASI has been described as a hypothetical scenario when AI overtakes humans.Scientists still consider it a long way off, but say a crucial first step — artificial general intelligence (AGI), which would outperform humans across most tasks — could arrive within a decade.

ChatGPT maker OpenAI and an Australian data centre operator have agreed to develop a multibillion-dollar AI centre in Sydney.Brisbane-headquartered NextDC said Friday it signed a memorandum of understanding with OpenAI to develop an artificial intelligence campus and a “supercluster” of graphics processing units. The two firms will collaborate on planning, development and operation of the AI infrastructure partnership in western Sydney, NextDC said in a statement.NextDC shares were up 4.1 percent in early afternoon trade.Australia’s government said the Aus$7 billion (US$4.6 billion) development would create thousands of direct and indirect jobs during its construction, and ongoing technical, manufacturing, engineering and operational roles.The project would use long-term power purchase agreements for new renewable energy sources and “next generation” features not requiring drinking water for cooling, the government said.”It’s more proof Australia has the talent, clean energy potential, trade partnerships, and policy settings needed to be one of the big winners when it comes to AI,” said Treasurer Jim Chalmers.”Partnerships like these will help create good jobs, boost skills, and spread AI adoption across our economy.”

Asian markets struggled into the weekend on Friday following a bland lead from Wall Street as a mixed bag of US data did little to move the needle on expectations the Federal Reserve will cut interest rates next week.Investors have in recent sessions struggled to match last week’s healthy gains fuelled by comments from central bank officials indicating their preference for a further easing of monetary policy.However, optimism has been helped by reports reinforcing the view that the jobs market is softening, including payrolls firm ADP saying more than 30,000 posts were lost in November.And while figures Thursday on jobless claims and layoffs came in slightly better than expected, markets have priced the chances of a rate cut Wednesday at around 90 percent.Focus is now on the release later Friday of the personal consumption expenditures (PCE) index, the Fed’s preferred gauge of inflation, with a below-forecast reading tipped to ramp up hopes for several more rate reductions in 2026.Data on income and spending is also due to come out.Still, debate continues to swirl over the bank’s plans for the next 12 months as inflation remains stubbornly above target.”While the US labour market is showing signs of slowing with the latest ADP report seeing a decline in hiring, there is a sense that it is still reasonably resilient,” said Michael Hewson at MCH Market Insights.With key jobs creation data not due until after the Fed’s decision, “any further move to cut rates by another 25 basis points could well be a leap of faith on the part of some members of the committee”, he wrote.He warned that “markets are pricing in the likelihood of another cut, which means any delay could prompt a significant adverse reaction”.”Of course, there is another scenario where the Fed cuts rates, but then signals a pause as it looks to assess the effect that three successive rate cuts have had on the US economy.”Wall Street ended on a tepid note, with the S&P 500 and Nasdaq slightly higher but the Dow marginally off.Tokyo shed more than one percent, having jumped more than two percent Thursday, while Hong Kong, Shanghai, Singapore and Wellington were also off. Sydney, Seoul, Taipei, Manila and Jakarta edged up.In corporate news, Chinese artificial intelligence chip maker Moore Threads Technology soared more than 450 percent on its debut in Shanghai after raising $1.13 billion in an initial public offering.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.1 percent at 50,465.14 (break) Hong Kong – Hang Seng Index: DOWN 0.5 percent at 25,800.74Shanghai – Composite: DOWN 0.2 percent at 3,868.09Euro/dollar: UP at $1.1652 from $1.1648 on ThursdayPound/dollar: DOWN at $1.3330 from $1.3335Dollar/yen: UP at 155.08 yen from 155.03 yenEuro/pound: UP at 87.40 pence from 87.00 penceWest Texas Intermediate: DOWN 0.3 percent at $59.52 per barrelBrent North Sea Crude: DOWN 0.1 percent at $63.17 per barrelNew York – Dow: DOWN 0.1 percent at 47,850.94 (close)London – FTSE 100: UP 0.2 percent at 9,710.87 (close)

Wall Street stocks finished mixed at the end of a choppy session Thursday as markets digested varying labor market data and looked ahead to next week’s Federal Reserve decision.Strong gains by Facebook parent Meta and tech giant Salesforce helped lift the Nasdaq into positive territory, while the Dow finished slightly lower.Earlier, bourses in London, Paris and Frankfurt all pushed higher.A weekly report of initial US jobless claims showed a drop of 27,000. That upbeat figure came on the heels of data on Wednesday from private payroll firm ADP that showed a surprise decline in hiring last month.A separate report Thursday by the executive placement firm Challenger, Gray & Christmas showed a jump in job cuts in November, lifting the 2025 total to the highest level since 2020.”The market is trying to figure out how to interpret the jobs data today,” said Tom Cahill of Ventura Wealth Management. “There’s some confusion.”Cahill said widespread expectations that the Fed will cut interest rates next week is “putting a floor under equity prices and other risk assets.”Tokyo earlier rallied more than two percent in a positive Asian session which also saw Hong Kong, Sydney, Taipei and Bangkok finish higher.A healthy 30-year Japanese government bond sale provided some support as it slightly eased tensions about a possible rate hike by the central bank this month. The news compounded a strong response to a 10-year auction earlier in the week that settled some nerves.Elsewhere, oil prices advanced about one percent, with analysts pointing to uncertainty over the prospects for diplomatic efforts to end the Russia-Ukraine war.Shares in Meta rose 3.4 percent after a report that the Facebook parent is significantly cutting back on virtual-reality investments in a pivot toward artificial intelligence.According to Bloomberg, Meta plans to cut its Metaverse costs by 30 percent — news that drove its share price up as much as four percent in Thursday trading on Wall Street.Salesforce jumped 3.7 percent as the tech giant raised its full-year sales forecast.- Key figures at around 2115 GMT -New York – Dow: DOWN 0.1 percent at 47,850.94 (close)New York – S&P 500: UP 0.1 percent at 6,857.12 (close)New York – Nasdaq Composite: UP 0.2 percent at 23,505.14 (close)London – FTSE 100: UP 0.2 percent at 9,710.87 (close)Paris – CAC 40: UP 0.4 percent at 8,122.03 (close)Frankfurt – DAX: UP 0.8 percent at 23,882.03 (close)Tokyo – Nikkei 225: UP 2.3 percent at 51,028.42 (close) Hong Kong – Hang Seng Index: UP 0.7 percent at 25,935.90 (close)Shanghai – Composite: DOWN 0.1 percent at 3,875.79 (close)Euro/dollar: DOWN at $1.1648 from $1.1671 on WednesdayPound/dollar: DOWN at $1.3335 from $1.3353Dollar/yen: DOWN at 155.03 yen from 155.25 yenEuro/pound: DOWN at 87.00 pence from 87.40 penceBrent North Sea Crude: UP 0.9 percent at $63.26 per barrelWest Texas Intermediate: UP 1.1 percent at $59.67 per barrel