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Japanese Prime Minister Sanae Takaichi was projected to have won a thumping victory in snap elections on Sunday, a result that could however rile China and worry financial markets.Capitalising on her honeymoon start as Japan’s first woman premier, Takaichi’s ruling bloc looked on course to have secured a two-thirds majority in the lower house, according to media estimates.If confirmed, it would be the best result for the Liberal Democratic Party (LDP) since elections in 2017 under Takaichi’s mentor, assassinated former prime minister Shinzo Abe.The LDP alone was seen winning about 300 of the 465 seats up for grabs, up from 198, and regaining a majority lost in 2024 — and potentially a super-majority on its own.”We received backing for Prime Minister Sanae Takaichi’s responsible, proactive fiscal policies and a strengthening of national defence capabilities,” LDP secretary general Shunichi Suzuki told Japanese media.The new Centrist Reform Alliance of the main opposition Constitutional Democratic Party (CDP) and the LDP’s previous partner Komeito looked to have lost more than two-thirds of its 167 seats.The anti-immigration Sanseito party was projected to have increased its seats from two to between five and 14, broadcaster NHK said.Takaichi has injected new life into the LDP, which has governed Japan almost non-stop for decades but which has shed support in recent elections because of unhappiness about rising prices and corruption.- A hit with voters -Takaichi, 64, was a heavy metal drummer in her youth, an admirer of Britain’s “Iron Lady” Margaret Thatcher, and on the ultra-conservative fringe of the LDP when she became party chief and prime minister in October.She has defied pessimists to be a hit with voters, especially young ones, with fans lapping up everything from her handbag to her jamming to a K-pop song with South Korea’s president.But she will have to deliver on the economy.”With prices rising like this, what matters most to me is what policies they’ll adopt to deal with inflation,” Chika Sakamoto, 50, told AFP at a voting station in a snowy Tokyo on Sunday.”Prices for just about everything are really going up, but incomes aren’t rising much, so our disposable income is shrinking,” she said.- Pandas and public debt -However, Takaichi has not had everything her own way, particularly with regard to worries about her stewardship of the public finances of Asia’s number-two economy.She followed up a $135 billion stimulus package aimed at easing the pain of inflation — a big cause of voter discontent — with a campaign promise to suspend a consumption tax on food.Japan’s debt is more than twice the size of the entire economy, and in recent weeks yields on long-dated bonds have hit record highs, causing jitters worldwide.”Various parties are proposing policies like abolishing the consumption tax. While that might be fine for now, I’m very worried about whether such measures are truly responsible for the generations that come after us,” voter Taku Sakamoto, 49, told AFP.”My biggest concern is not just the present, but what will become of Japan going forward,” he said.Takaichi’s election triumph may also cause consternation in Beijing.Barely two weeks in office, Takaichi — seen before assuming the premiership as a China hawk — suggested that Japan could intervene militarily if Beijing sought to take self-ruled Taiwan by force.China regards the democratic island as part of its territory and has not ruled out force to annex it.With Takaichi having days earlier pulled out all the stops to welcome US President Donald Trump, Beijing was furious with her unscripted remarks.It summoned Tokyo’s ambassador, warned its citizens against visiting Japan and conducted joint air drills with Russia. Japan’s last two pandas were even returned to China last month.Trump has not publicly weighed in on the spat but endorsed Takaichi last week as a “strong, powerful, and wise Leader, and one that truly loves her Country”.Margarita Estevez-Abe, associate professor of political science at Syracuse University, said the China episode raised Takaichi’s popularity even more.”Now she doesn’t have to worry about any elections until 2028, when the next upper house elections will take place,” Estevez-Abe told AFP before the election.”So the best scenario for Japan is that Takaichi kind of takes a deep breath and focuses on amending the relationship with China.”

Thais voted Sunday in an election where progressive reformists were the clear opinion poll leaders but the incumbent conservative was expected to remain prime minister, extending the country’s political impasse.The Southeast Asian nation’s next government will need to contend with anaemic economic growth — the tourism sector vital but arrivals yet to return to their pre-Covid highs.Multibillion-dollar transnational cyberscam networks operate from several neighbouring countries, and a longstanding border dispute with Cambodia erupted into deadly fighting twice last year.”We need a strong leader who can protect our sovereignty,” said Yuernyong Loonboot, 64, the first voter to cast his ballot at a polling station in Buriram, the hometown of incumbent prime minister Anutin Charnvirakul.”Living here, the border conflict has made me anxious. War was never something we used to think about.”No party is forecast to win an outright majority, and coalition negotiations are expected to follow the results, expected later Sunday after polls closed at 5:00 pm (1000 GMT).The progressive People’s Party was the runaway leader in opinion polls ahead of the vote.But while its previous incarnation, Move Forward, won the most seats at the last poll three years ago, its candidate was blocked from the premiership and the party was later dissolved.Party leader Natthaphong Ruengpanyawut said after casting his ballot in Bangkok that he expected to “get the mandate from the people”.”We promise to the people that we’ll form the people’s government to bring policies that benefit all, not the few in the country,” he added.But ahead of voting day, political scientist Thitinan Pongsudhirak cautioned: “There are forces beyond the political arena in Thailand that call the final shots.”It’s not about the election, it’s about the dissolutions.”The Pheu Thai party of now jailed former prime minister Thaksin Shinawatra came second in 2023 and formed a coalition with the third-placed conservatives Bhumjaithai, only to have its prime minister removed by court order.He was succeeded by Thaksin’s daughter Paetongtarn, who was judicially ousted in turn before parliament anointed Bhumjaithai leader Anutin in September — the country’s third prime minister in two years.Thailand’s political history is replete with military coups, bloody street protests and judicial bans on prime ministers and parties.A constitution drafted under military rule following the last coup in 2014 gives significant power to institutions appointed by the senate, which is not directly elected.”People who are elected have been able to be undermined by people who are not elected,” said political scientist Napon Jatusripitak.”That’s not necessarily a good thing for a country where democratic experience has been turbulent.”- Populist handouts -Move Forward was dissolved after the constitutional court ruled its pledge to reform the strict royal insult law amounted to an attempt to overthrow the constitutional monarchy.The issue did not feature in the People’s Party campaign this time.Anutin told reporters he hoped voters would “trust us”. His Bhumjaithai party is second in the polls and analysts anticipate the conservative leader, who championed the legalisation of cannabis, could retain the premiership by again allying with Pheu Thai, now ranked third.Thailand’s most successful political party of modern times, Pheu Thai has fallen from grace after Paetongtarn was dismissed by the constitutional court over her handling of the Cambodia dispute, and with Thaksin jailed for corruption.His nephew Yodchanan Wongsawat, seeking to become the family’s fifth prime minister, said Sunday that “Thailand must change”, but pollster NIDA puts the party on just 16 percent, a far cry from its heyday.While Bhumjaithai touts its national defence credentials, especially after last year’s clashes with Cambodia, the People’s Party is advocating ending conscription and cutting the number of generals.All three major parties offer various populist handouts and socioeconomic policies, including Pheu Thai’s pledge to award nine daily prizes of one million baht ($31,000) each to boost the economy.A referendum ballot on Sunday also gives voters a chance to voice whether they want constitutional reform in principle, but with no specific measures on the table.

Even with its legendary image of glitz and glamour, diamond icon De Beers has struggled to attract a buyer after nearly two years on a market dulled by falling prices and the allure of lab-grown gems.The seller, mining titan Anglo American, even warned Thursday it may take a third writedown in as many years on the company that was born in South Africa 130 years ago and went on to dominate the global diamond market.This is after a $2.9  billion drop last year and $1.6 billion charge the year before, bringing its estimated value to about $5 billion, according to company records. Anglo’s bid to offload its loss-making company is not only being thwarted by the depressed market for mined diamonds, particularly in China, according to analysts. It is also complicated by a crowded field of suitors circling the sale, including at least three sub-Saharan governments and various private bidders, which makes any deal as political as it is financial, they added.Botswana has perhaps been the most ardent in its ambition to acquire a controlling stake in the company that oversees the world trade in the stones on which its economy depends.Botswana and its president, Duma Boko, De Beers’ biggest producer partner with a 15-percent holding, led a determined push to finalise a deal by last year but to no avail.Other diamond‑rich governments such as Angola and Namibia have also signalled interest, as have various sovereign wealth funds and a consortium led by former De Beers chief executive Gareth Penny.- ‘For better or worse’ -It is a complicated sale that — if it goes through — would mark one of the most significant shifts in the diamond industry in a quarter of a century, said independent analyst Paul Zimnisky. “The new owner will be in a position to fundamentally pave the future of the entire industry, for better or worse,” the diamond industry analyst told AFP. Botswana’s bid underscores its belief that it must manage the resource, which contributes about a third of its GDP, in order to capture more of the value chain and secure its economic future.But the International Monetary Fund has cautioned the mostly desert nation that concentrating more of its state resources in the diamond sector could heighten fiscal risks and leave it more exposed to swings in global demand.Zimnisky was also wary of what could amount to the “nationalisation” of De Beers.”In general, I think that a more private or capitalistic business model works better than a more government-run or social one,” he told AFP.”It is pertinent to have some private money involved as well as executives with relevant experience,” said the US-based analyst.- Patience -Anglo American has kept details of the sale negotiations under wraps, with chief executive Duncan Wanblad saying on Thursday only that the separation is “progressing”.The mining giant announced in 2024 — after fending off a hostile takeover bid from Australian rival BHP — that it would sell off De Beers and its coal and nickel operations in order to focus on iron ore and copper.”De Beers isn’t a single, clean asset, it spans mining, marketing, and retail, and it includes a government partner,” leading diamond industry analyst Edahn Golan told AFP. “From a buyer’s perspective, this is actually an attractive moment to step in. From a seller’s perspective, there’s a compelling argument for waiting until the market improves and capturing more of the upside,” he said.Demand for natural diamonds has weakened as younger buyers spend less on traditional jewellery and are drawn to cheaper lab‑grown gems.US tariffs and shifting trade routes are meanwhile disrupting flows through key cutting and polishing hubs.As the sector weathers a period of unprecedented uncertainty, retailers and manufacturers are sitting on their biggest polished‑stone stockpiles in years. Despite the gloomy market, Anglo would not be “interested in fire-selling” De Beers, Zimnisky said. “They can be patient,” he added.Golan agreed. “My hope is that the outcome is a company that both brings prosperity to the communities in which it operates and succeeds in rebuilding consumer interest in diamonds,” he said. 

India and Malaysia pledged Sunday to deepen their semiconductor partnership as the Indian Ocean neighbours ramp up trade and security links during a visit by Prime Minister Narendra Modi.Modi touched down in Malaysia on Saturday, his first visit in more than a decade, where he inked a number of agreements with Malaysian counterpart Anwar Ibrahim, including deals on renewable energy, health care and artificial intelligence.”Along with AI and digital technologies, we will advance our partnership in semiconductors, health, and food security,” Modi said.”This meeting and these exchanges are very vital, very strategic and critical to advance and enhance relations between India and Malaysia,” Anwar added at a news conference in Malaysia’s administrative capital Putrajaya.Malaysia ranks sixth in worldwide exports of semiconductors, while the sector contributes around 25 percent of gross domestic product, according to Malaysian government figures.India’s foreign ministry said the Southeast Asian nation had a “very strong semiconductor ecosystem”.”They have almost 30 to 40 years of experience in those areas,” the ministry added in a statement ahead of Modi’s arrival.”Our companies are… interested in collaborating with Malaysia,” it said, including in research and development and building manufacturing and testing plants.For instance, Tata Electronics was in talks last June with global semiconductor companies to buy a fabrication or outsourced semiconductor assembly or test plant in Malaysia, Indian and Malaysian news reports said at the time.Last year India exported $7.32 billion in goods, mainly in engineering and petroleum products, said the India Brand Equity Foundation.Imports from Malaysia amounted to $12.54 billion, mainly minerals, vegetable oil and electrical machinery and equipment.Malaysia also has a large Indian-origin population, around 6.8 percent, or almost three million people, official statistics said.”This living bridge… of diaspora is a great strength for us. The steps taken for their welfare lend a human foundation to our relationship,” Modi said.

Indian farmers have expressed concern that New Delhi has made too many concessions to Washington after the two countries brokered a new trade deal that would lower tariffs.Under the terms of the deal that was laid out in a joint statement from both countries released on Saturday, India will “eliminate or reduce tariffs on all US industrial goods” and other food and agricultural products.Meanwhile, the US will apply a reciprocal tariff rate of 18 percent on goods from India, including textiles and apparel, leather and footwear, plastic and rubber, organic chemicals, and certain machinery, the joint statement added. The terms were released after US President Donald Trump announced a trade deal with India, stating that Prime Minister Narendra Modi had promised to halt Russian oil purchases.Modi lauded the new trade deal in a post on the social media platform X later on Saturday, saying it would open up opportunities and generate jobs.But Indian farmer unions weren’t convinced, calling the deal a “total surrender” to American agricultural giants. “Indian industry, agriculture… are now under grave threat of cheap imports that will be dumped into Indian markets,” the Samyukt Kisan Morcha (SKM), a coalition of multiple farmers’ unions, said in a statement following the announcement.The group also called on farmers to join a nationwide protest on February 12.- What’s on the table? -The joint statement states that India will “eliminate or reduce” tariffs on a “wide range of US food and agricultural products”.This includes tree nuts, some fresh fruit, soybean oil, wine, spirits and other “additional products” that were not specified.Siraj Hussain, a former agriculture ministry top official, said Indian consumers were purchasing more nuts, “so it’s import may not have much impact on local production”, and will help satisfy high demand. Domestic growers do worry, however, about cheap imports on items such as apples, which they believe could have dire impacts on local producers. “Import of fresh fruits such as apples… will ruin the farmers,” SKM said. Officials hope safeguards included into the agreement — such as import quotas or minimum import prices for commodities including apples — will reduce the impact of foreign competition. New Delhi’s promise of lower duties on dried distillers’ grains and red sorghum for animal feed could also reduce the need for local soybean meal. Opposition lawmaker Jairam Ramesh said the move to ease imports of dried distillers’ grains and soybean oil would hurt “millions of soybean farmers” in key Indian states such as Maharashtra and Madhya Pradesh.- What’s off the table? -To stem concerns, India’s Trade Minister Piyush Goyal reassured farmers that their interests would be safeguarded, adding that the key red lines that had been drawn by New Delhi had not been crossed. He said “no concessions” had been extended in “sensitive areas” such as grains, spices, dairy, poultry, meat and several vegetables and fruits — including potatoes, oranges and strawberries. The trade minister also said genetically modified crops were not part of the agreement.This includes GM soybean, which the US has searched hard to find new markets for.- Small farms ‘can’t compete’ -While the farm sector contributes just 16 percent to India’s GDP, it provides livelihood to over 45 percent of the population. This makes the industry a key voting bloc often wooed by political parties. Farmer groups have also shown, on multiple occasions, that they are a street force to be reckoned with. In 2021, the government abandoned plans to reform the sector after months of intense protests that blocked the national capital’s highways and led to Delhi’s historic Red Fort complex being stormed by tractors. “Indian farms are very small and they can’t really compete with highly subsidised US agriculture,” Hussain, the former agriculture ministry official, said.- India and US trade -Between January-November 2025, when New Delhi was negotiating with Washington, Indian imports of American agricultural goods rose 34 percent year-on-year, raking in just under $2.9 billion. Top imports included cotton, soybean oil, ethanol and various nuts such as almonds. This happened even before the trade deal, although the rise is partly due to India reducing tariffs on some of these US items. Experts have said that a further reduction on duties for products such as soybean oil, which was announced in the joint statement, will likely lead to a jump in goods being imported by India from the US. 

A South Korean cryptocurrency exchange apologised on Saturday after mistakenly transferring more than $40 billion worth of bitcoin to users, which briefly prompted a selloff on the platform.Bithumb said it accidentally sent 620,000 bitcoins, currently worth more than $40 billion, and blocked trading and withdrawals for the 695 affected users within 35 minutes after the error occurred on Friday.According to local reports, Bithumb was meant to send about 2,000 won ($1.37) to each customer as part of a promotion, but mistakenly transferred roughly 2,000 bitcoins per user.”We sincerely apologise for the inconvenience caused to our customers due to the confusion that occurred during the distribution process of this (promotional) event,” Bithumb said in a statement.The platform said it had recovered 99.7 percent of the mistakenly sent bitcoins, and that it would use its own assets to fully cover the amount that was lost in the incident.It admitted the error briefly caused “sharp volatility” in bitcoin prices on the platform as some recipients sold the tokens, adding that it brought the situation under control within five minutes.Its charts showed the token’s prices briefly went down 17 percent to 81.1 million won on the platform late Friday.In a separate statement released later on Saturday, Bithumb said some trades were executed at unfavourable prices for users due to a price drop during the incident Friday, including “panic selling”.The platform said it would compensate affected customers, covering the full price difference as well as a 10-percent bonus.It estimated losses at about 1 billion won.The platform earlier stressed that the incident was “unrelated to external hacking or security breaches”.Bitcoin, the world’s biggest cryptocurrency, sank this week, wiping out gains sparked by US President Donald Trump’s presidential election victory in November 2024.