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Blazing flames light the sky as Indian farmer Ali Sher burns his fields to clear them for new crops, a common but illegal practice that is fuelling deadly pollution killing millions.Burning strips the fertility of fields, has a ruinous impact on India’s economy and sends plumes of acrid smoke packed with dangerous cancer-causing particles drifting over a densely-populated belt of northern India, including capital New Delhi’s 30 million people.But it is cheap — for farmers at least — to carry out.Small-scale growers like Sher with less than two hectares (five acres) of land — who make up 86 percent of Indian farms, according to the World Economic Forum — say alternatives to burning simply do not allow them to make the profit they need to survive.The 55-year-old farmer is just one of the many thousands who torch the stubble left after their rice harvest to prepare the fields to plant a winter crop of wheat.”I am scared of the authorities finding out, but I can’t help it,” said Sher, from Haryana’s Jind district, as black plumes rose from his fields some 115 kilometres (70 miles) from the capital.He faces a hefty fine and loss of critical government farming subsidies if caught.But he said that burning provided the only way to clear the land in time to ensure wheat seeds are planted in the narrow weather window.”If I don’t plant the wheat now, it will be too late,” he said.Several studies indicate that farm fires turn the air in Delhi — a city already choked by too many polluting vehicles and regularly ranked as the worst capital city in the world for air quality  –- even more lethal.- Toxic smog -Those fires form a key part of the toxic smog impacting the health of millions, which, along with vehicle and factory emissions, create choking air that surges to more than 50 times the World Health Organization recommended limit of hazardous PM2.5 pollutants.A study in the Lancet medical journal attributed 1.67 million premature deaths in India to air pollution in 2019.India’s federal government has pumped in millions of dollars of subsidies to encourage modern machinery to stop the burning.That includes baling machines that gather the straw into blocks, as well as combined ploughing and planting tools, which return the stubble back into the soil while sowing the next crop.It makes economic sense on paper for the longterm, but the wider cost of burning is vast.One study by global consultancy firm Dalberg estimates air pollution overall drives losses to the tune of $95 billion annually, or roughly three percent of the country’s GDP.Burning fields also “reduces water retention and soil fertility by 25 to 30 percent”, according to the UN Environment Programme, thus requiring farmers to pay more in expensive fertilisers and irrigation systems.But small-scale farmers say the numbers do not add up for them.They cannot afford to buy the tractors needed, so they must rely on costly contractors to clear their fields.Rice and wheat farmer Ajay Saini said that slices into his already limited profits.”We spend money from our pockets in paying the contractor,” he said, adding that the straw bales collected had tumbled in value too.In a farming economy shifting from animal husbandry to tractors, straw bales once used for animal bedding and winter fodder are needed far less.”A small farmer burns his field out of necessity,” he said.Saini said he waited for two weeks for a contractor to clear his land, but they focused on big farms, and he could not afford to delay planting.”I called several times, but he just would not come to a small farm like mine,” he said. “If the moisture in the field is all gone, how will the wheat grow?” – ‘Land will become barren’ -Some farmers are slowly shifting to better practices.Farm fires have reduced by as much as half since 2017, according to some government estimates.Naresh, a farmer in his 60s who uses only one name, said he had stopped burning his fields.”It will only hurt us,” he said. “The microorganisms in the soil die, and our land will become barren.”The switch was aided by the Spanish rice exporting company Ebro, which buys his rice.In a bid to reduce its carbon footprint, Ebro supported several farmers in Naresh’s village to form a cooperative, providing them with a free seeder machine.Farmers had to promise not to set fire to their fields, and instead spray stubble with a natural fungal spray speeding up decomposition, developed by the Indian Agricultural Research Institute.That also reduces the need for fertilisers as it “recycles nutrients back into the soil”, said Ebro official Surendra Pal, working to ensure the company’s rice meets tougher European standards.  But for now, many farmers say burning is the only real option.”We know that it is bad for our fields,” said farmer Balkar Singh, from Haryana’s Panipat district. “We only do it because we have no other choice.” 

Indian billionaire Gautam Adani on Saturday said “attacks” on his company made it “stronger”, days after US prosecutors accused him and other officials of fraud.The November 20 bombshell indictment in New York accused the industrialist and multiple subordinates of deliberately misleading international investors as part of a multi-million-dollar bribery scheme. Addressing the allegations for the first time, the 62-year-old tycoon said his conglomerate was committed to “world-class regulatory compliance”. “What I can tell you is that every attack makes us stronger and every obstacle becomes a stepping stone for a more resilient Adani Group,” he said at an awards ceremony in the northern Indian city of Jaipur.  Adani is suspected of having participated in a $250 million scheme to bribe Indian officials for lucrative solar energy supply contracts.The billionaire, however, said nobody from his company had been charged with any violation of corruption laws or “any conspiracy to obstruct justice”. The US Justice Department said Adani, his nephew Sagar Adani, and one other official were charged “with conspiracies to commit securities and wire fraud and substantive securities fraud”. Five others were charged “with conspiracy to violate the Foreign Corrupt Practices Act,” the department said.On Thursday, Adani’s company said it had suffered a loss of nearly $55 billion in market capitalisation across its 11 listed companies since the US indictment was filed. With a business empire spanning coal, airports, cement and media, Adani Group has weathered previous corporate fraud allegations, suffering a similar stock rout last year.The conglomerate saw $150 billion wiped from its market value in 2023 after a report by short-seller Hindenburg Research accused it of “brazen” corporate fraud.Adani is a close ally of Hindu nationalist Prime Minister Narendra Modi and was at one point the world’s second-richest man, and critics have long accused him of improperly benefitting from their relationship.

Greenpeace activists boarded a tanker off South Korea on Saturday in an action intended to draw attention to calls for a treaty to curb plastic pollution, the environmental group said.Nearly 200 countries are in Busan to negotiate the deal, but there is little sign of agreement with just a day left before talks are due to end.Greenpeace said the tanker Buena Alba, anchored off the Hanwha TotalEnergies complex, was scheduled to pick up propylene, which is used to manufacture plastic.”The activists boarded the vessel peacefully and met no reaction from the vessel crew,” said Greenpeace spokeswoman Angelica Pago.”We painted ‘PLASTIC KILLS’ on the side of the vessel and the climbers successfully set up a camp,” she told AFP.”They intend to stay in order to continue putting pressure on the negotiators to resist fossil fuel and petrochemical industry interference in the talks and to deliver a treaty that firmly cuts plastic production.”A spokesman for South Korea’s coast guard said police had been “deployed on the ship, and we are making warning announcements to facilitate a safe disembarkation”.He said a “thorough investigation” would be carried out to determine if there were any “illegal elements” to the protest.Attempts to reach an agreement on curbing plastic pollution have stalled over several key sticking points, including whether to cut new plastic production.Dozens of countries, backed by environmental groups, insist a treaty without production cuts will fail to solve the problem, but a group of largely oil-producing states is fiercely opposed.”The brave activists that boarded that vessel today show the courage and should inspire governments here to hold the line and do what everyone knows is obvious,” Greenpeace delegation head Graham Forbes told reporters in Busan.The negotiations have reached a “pivotal moment”, he said, but “a handful of governments… are looking backwards and refusing to take the steps necessary for us all to advance”.”I think we are at a very risky moment right now of being sold out, and that would be an absolute catastrophe,” Forbes said.Local police and Wooil Shipping, the Korean company that manages the vessel, told AFP later on Saturday that the ship was Japanese-owned.”It is private property, but activists are occupying it without permission,” a Wooil Shipping spokesman said. “As a result, we haven’t been able to load any cargo all day.”A spokesman from Hanwha TotalEnergies Petrochemical, contacted by AFP, was not able to comment directly on the incident.

Wall Street shares rose in a holiday-shortened session as the US Black Friday shopping spree got under way and traders speculated whether President-elect Donald Trump may temper his trade tariff threats.The yen rallied against the dollar as higher inflation in Japan fueled expectations that the central bank will hike interest rates again.Traders are closing out a rollercoaster month for assets caused largely by Trump winning a second US presidential election — and also a result of the wars in Ukraine and Gaza.Markets are tracking developments surrounding Trump’s pledge to hammer China, Canada and Mexico with hefty tariffs on his first day in office in January.US stock markets closed higher on a shortened trading day, with the Dow and S&P 500 hitting fresh records following Thursday’s Thanksgiving break.Chip companies notched gains after a news report that President Joe Biden’s administration was mulling further curbs on semiconductor equipment sales to China that were less severe than anticipated.Shares in Nvidia closed 2.2 percent up.The market appears to be “cruising along here without any interference,” said Patrick O’Hare of Briefing.com.The Paris and Frankfurt stock markets closed in the green, and London finished with more modest gains.”With many US investors still out after being off for Thanksgiving yesterday, the key theme that has emerged in the last few days is the easing of tariff fears,” said Fawad Razaqzada, market analyst at City Index and Forex.com.This came after a phone call between Trump and Mexican President Claudia Sheinbaum, who afterwards said: “There will not be a potential tariff war.”The focus was also on shoppers seeking bargains on Black Friday, a crucial day for retailers around the world.O’Hare noted that Black Friday has become less of a “frenetic rush” given the popularity of online shopping now — although there is still a lot of attention on the retail space.- Eurozone inflation rises -Investors in Europe digested data showing eurozone inflation accelerated again in November, as well as France’s ongoing political turmoil.Year-on-year consumer price increases reached 2.3 percent, the EU’s official data agency said, continuing to bounce back from a three-year low of 1.7 percent in September.Analysts said the latest reading was not expected to deter the European Central Bank from cutting interest rates next month as it focuses on addressing Europe’s sluggish growth.Investors have monitored uncertainty over budget cuts to reduce France’s huge deficit, as Prime Minister Michel Barnier’s government struggles amid tough opposition from the right and left.In Asia on Friday, forecast-busting consumer prices out of Tokyo boosted talk of another Japanese interest rate hike next month, in turn sending the yen strengthening one percent against the dollar.Consumer prices in Tokyo — seen as a bellwether for Japan as a whole — jumped 2.6 percent in the 12 months through November, well up from October’s rate and much more than expected.The Bank of Japan has hiked interest rates twice this year, while the yen was being supported also by forecasts that the Federal Reserve will lower US rates at its December meeting.The stronger yen Friday weighed on Japanese exporters, causing the Tokyo stock market to close lower.Hong Kong and Shanghai gained after Chinese authorities held a meeting to discuss plans to boost stunted consumption in China as they look to kickstart the world’s number two economy.- Key figures around 2010 GMT -New York – Dow: UP 0.4 percent at 44,910.65 points (close)New York – S&P 500: UP 0.6 percent at 6,032.38 (close)New York – Nasdaq: UP 0.8 percent at 19,218.17 (close)London – FTSE 100: UP 0.1 percent at 8,287.30 (close)Paris – CAC 40: UP 0.8 percent at 7,235.11 (close)Frankfurt – DAX: UP 1.0 percent at 19,626.45 (close)Tokyo – Nikkei 225: DOWN 0.4 percent at 38,208.03 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 19,423.61 (close)Shanghai – Composite: UP 0.9 percent at 3,326.46 (close)Dollar/yen: DOWN at 149.60 yen from 151.51 yen on ThursdayEuro/dollar: UP at $1.0580 from $1.0552Pound/dollar: UP at $1.2739 from $1.2687Euro/pound: DOWN at 83.04 from 83.18 penceWest Texas Intermediate: DOWN 1.1 percent at $68.00 per barrelBrent North Sea Crude: DOWN 0.5 percent at $72.94 per barrel

Wall Street shares rose in a holiday-shortened session as the Black Friday shopping spree got under way and traders speculated whether Donald Trump may temper his trade tariff threats.The yen rallied against the dollar as higher inflation in Japan fuelled expectations that the central bank will hike interest rates again.Traders are closing out a rollercoaster month for assets caused largely by Trump winning a second US presidential election — and also a result of the wars in Ukraine and Gaza.Markets are tracking developments surrounding Trump’s pledge to hammer China, Canada and Mexico with hefty tariffs on his first day in office in January.US stock markets were up nearing midday deals following Thursday’s Thanksgiving break, with investors set to go home early on Friday.The euro fell slightly against the dollar but the Paris and Frankfurt stock markets closed in the green. London finished with more modest gains.”With many US investors still out after being off for Thanksgiving yesterday, the key theme that has emerged in the last few days is the easing of tariff fears,” said Fawad Razaqzada, market analyst at City Index and Forex.com.This came after a phone call between Trump and Mexican President Claudia Sheinbaum, who afterwards said: “There will not be a potential tariff war.”The focus was also on shoppers seeking bargains on Black Friday, a crucial day for retailers around the world.- Eurozone inflation rises -Investors in Europe digested data showing eurozone inflation accelerated again in November, as well as France’s ongoing political turmoil.Year-on-year consumer price increases reached 2.3 percent, the EU’s official data agency said, continuing to bounce back from a three-year low of 1.7 percent in September.Analysts said the latest reading was not expected to deter the European Central Bank from cutting interest rates next month as it focuses on addressing Europe’s sluggish growth.Investors have monitored uncertainty over budget cuts to reduce France’s huge deficit, as Prime Minister Michel Barnier’s government struggles amid tough opposition from the right and left.- Yen rally -In Asia on Friday, forecast-busting consumer prices out of Tokyo boosted talk of another Japanese interest-rate hike next month, in turn sending the yen strengthening one percent against the dollar.Consumer prices in Tokyo — seen as a bellwether for Japan as a whole — jumped 2.6 percent in the 12 months through November, well up from October’s rate and much more than expected.The Bank of Japan has hiked interest rates twice this year, while the yen was being supported also by forecasts that the Federal Reserve will lower US rates at its December meeting.The stronger yen Friday weighed on Japanese exporters, causing the Tokyo stock market to close lower.Hong Kong and Shanghai gained after Chinese authorities held a meeting to discuss plans to boost stunted consumption in China as they look to kickstart the world’s number two economy.- Key figures around 1640 GMT -New York – Dow: UP 0.6 percent at 44,974.40 pointsNew York – S&P 500: UP 0.6 percent at 6,033.83New York – Nasdaq: UP 0.8 percent at 19,206.34London – FTSE 100: UP 0.1 percent at 8,287.30 (close)Paris – CAC 40: UP 0.8 percent at 7,235.11 (close)Frankfurt – DAX: UP 1.0 percent at 19,626.45 (close)Tokyo – Nikkei 225: DOWN 0.4 percent at 38,208.03 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 19,423.61 (close)Shanghai – Composite: UP 0.9 percent at 3,326.46 (close)Dollar/yen: DOWN at 150.45 yen from 151.51 yen on ThursdayEuro/dollar: DOWN at $1.0548 from $1.0552Pound/dollar: UP at $1.2692 from $1.2687Euro/pound: DOWN at 83.05 from 83.18 penceWest Texas Intermediate: UP 0.8 percent at $69.30 per barrelBrent North Sea Crude: UP 0.2 percent at $72.93 per barrel

The yen rallied against the dollar and the euro also advanced versus the US unit Friday as traders reacted to news of higher inflation in Japan and the eurozone.European and Asian stock markets traded mixed before Wall Street reopens from a break Thursday for the Thanksgiving holiday, and as consumers in the United States and elsewhere sought Black Friday bargains.Traders closed out a rollercoaster month for assets caused largely by Donald Trump winning a second US presidential election — and also a result of the wars in Ukraine and Gaza. Markets are tracking in particular developments surrounding Trump’s pledge to hammer China, Canada and Mexico with hefty tariffs on his first day in office in January.In Asia on Friday, “expectations for a rate hike by the Bank of Japan firmed up after a hotter than expected inflation print”, noted Derren Nathan, head of equity research at Hargreaves Lansdown.Forecast-busting consumer prices out of Tokyo boosted talk of another Japanese interest-rate hike next month, in turn sending the yen strengthening one percent against the dollar.Consumer prices in Tokyo — seen as a bellwether for Japan as a whole — jumped to 2.6 percent in November, well up from October and much more than expected.The Bank of Japan has hiked interest rates twice this year, while the yen was being supported also by forecasts that the Federal Reserve will lower US rates at its December meeting.The BoJ lifted rates in March for the first time in 17 years followed by a second increase in July.The stronger yen Friday weighed on Japanese exporters, causing the Tokyo stock market to close lower.Hong Kong and Shanghai gained after Chinese authorities held a meeting to discuss plans to boost stunted consumption in China — a key goal for Beijing as it looks to kickstart the world’s number two economy.- Eurozone inflation -In Europe, the euro firmed against the dollar as official data showed the eurozone’s annual inflation rate rebounded further in November on resilient energy prices.Year-on-year consumer price increases reached 2.3 percent, the EU’s official data agency said, continuing to bounce back from a three-year low of 1.7 percent in September.Analysts said the latest reading was not expected to deter the European Central Bank from cutting interest rates next month as it focuses on addressing Europe’s sluggish growth.Eurozone assets remained under pressure owing to uncertainty over budget cuts to reduce France’s huge deficit, and as Prime Minister Michel Barnier’s government struggles amid tough opposition from the right and left.Economic weakness in Germany in particular has also dampened enthusiasm for the euro. London’s stock market and pound were little changed heading into the weekend.The Bank of England on Friday warned that growing geopolitical tensions pose a “significant” risk to banks and broader financial stability.A half-yearly report from the BoE on risks to the financial system did not mention Trump, but noted the potential for “increased global fragmentation” of trade amid a broad range of geopolitical issues.In commodities trading, oil prices slipped Friday with the OPEC+ alliance having postponed a meeting planned for this weekend until Thursday, with analysts saying there were signs of disagreement among the group over plans to increase output.Bitcoin was sitting at about $97,500, having suffered a big drop at the start of the week. – Key figures around 1230 GMT -London – FTSE 100: UP 0.1 percent at 8,284.40 pointsParis – CAC 40: UP 0.4 percent at 7,205.93Frankfurt – DAX: UP 0.4 percent at 19,503.03Tokyo – Nikkei 225: DOWN 0.4 percent at 38,208.03 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 19,423.61 (close)Shanghai – Composite: UP 0.9 percent at 3,326.46 (close)Dollar/yen: DOWN at 150.08 yen from 151.51 yen on ThursdayEuro/dollar: UP at $1.0559 from $1.0552 Pound/dollar: UP at $1.2690 from $1.2687Euro/pound: FLAT at 83.18 pence West Texas Intermediate: DOWN 0.1 percent at $68.63 per barrelBrent North Sea Crude: DOWN 0.5 percent at $72.91 per barrel

Hong Kong property developer New World Development said on Friday that Eric Ma will step down as chief executive officer after having spent just two months on the job.The sprawling business empire, run by Hong Kong’s third-richest family, reported an annual loss of over US$2.5 billion in late September. Former Hong Kong development minister Ma took over as CEO from Adrian Cheng, a grandson of the founder, when the losses were announced. But in a Friday stock exchange filing, New World said Ma had “tendered his resignation as an Executive Director and the chief executive officer of the Company in order to pursue his other personal commitments”.Company executive director Huang Shaomei, also known as Echo Huang, has been appointed CEO effective on Friday for a term of three years, New World said.Patriarch Henry Cheng said in a statement that he was “very pleased to have found a more suitable candidate”, saying Huang had extensive experience in real estate and corporate management.Cheng said that reviewing the firm’s development direction showed that “timely phased changes need to be made, and the role of the CEO also requires to be adjusted”.New World’s share price fell by around six percent before trading was halted shortly after Friday lunchtime.The company said trading will resume on Monday.The property arm is the largest unit of New World, whose interests also span jewellery, department stores and logistics.That has left it vulnerable as Hong Kong suffers the longest property market downturn since the SARS outbreak in 2003.Once a blue-chip stock, New World will be removed from Hong Kong’s benchmark Hang Seng Index starting next month, a sign of its declining value in recent years.Morningstar analyst Jeff Zhang told Bloomberg News that Ma’s departure will not have a significant impact on New World’s operations.”The company will continue to promote residential sales and asset divestment in the future to accelerate deleveraging,” Zhang said.The developer on Thursday sold its stake in Hong Kong’s largest sports complex, Kai Tak sports park, to an investment vehicle owned by the family. 

Japan’s unpopular minority government approved on Friday an extra budget to help pay for a massive stimulus package after the ruling coalition’s worst election result in 15 years.The hoped-for lift to the economy is also aimed at boosting Prime Minister Shigeru Ishiba’s popularity after a gaffe-riddled start including an embarrassing video of him eating.The extra budget approved by the cabinet is worth 13.9 trillion yen ($92 billion) and is expected to be approved in parliament by the end of the year.It will be partly funded by issuing bonds worth over 6.6 trillion yen.It includes 1.5 trillion yen to boost Japan’s chip and AI sectors, part of a 10-trillion-yen push over the coming years previously announced.Last week Ishiba’s cabinet approved a 21.9-trillion-yen stimulus drive, with the overall impact expected to be worth 39 trillion yen.It includes handouts of around 30,000 yen for low-income households, fuel and energy subsidies, and assistance to small businesses.Ishiba, 67, took office on October 1 following the resignation of unpopular predecessor Fumio Kishida, and called snap elections soon afterwards.But the move backfired, with voters angry over corruption within the ruling Liberal Democratic Party (LDP) — which has governed almost non-stop for decades — and price rises.The ruling coalition of the LDP and the smaller Komeito party were deprived of a majority in the lower house of parliament for the first time since 2009.Ishiba has promised to revitalise depressed rural regions and to address the “quiet emergency” of Japan’s shrinking population, the world’s second-oldest.A poll in the Mainichi Shimbun daily on Sunday put the cabinet’s approval rating at 31 percent, down 15 points from early October. The disapproval score was 50 percent.Ishiba drew ridicule after being snapped apparently napping in parliament this month, and for failing to stand up to greet other world leaders at a gathering in South America.Worse was a video that emerged of Ishiba eating an onigiri rice ball — a popular snack — whole and munching on it without closing his mouth.”He eats like a three-year-old,” one user said on X. “How could he have risen to the top with these manners?” asked another.

The yen rallied Friday after forecast-busting inflation data out of Tokyo boosted talk of another Japanese interest rate cut next month, while equity markets were mixed as traders weigh the economic outlook during a second Trump administration.With Wall Street closed for the Thanksgiving break, there were few catalysts to drive business heading into the weekend and at the end of a rollercoaster month dominated by uncertainty in the wake of Donald Trump’s election victory.Traders are tracking developments surrounding the tycoon as he builds a hawkish cabinet and outlines his plans, including a threat to hammer China, Canada and Mexico with hefty tariffs on his first day.Eyes were also on Japan, where figures showed consumer prices in Tokyo — seen as a bellwether for the country — jumped to 2.6 percent in November, well up from October and much more than expected.The news ignited speculation the central bank will hike rates for a third time this year.Expectations for an increase in borrowing costs have picked up pace in recent weeks after Bank of Japan governor Kazuo Ueda said officials would have to tighten policy if the economy continued to perform in line with forecasts.Friday’s price data came as separate figures showed the jobs market remained tight. Bets on a rate increase have risen to more than 60 percent, according to Bloomberg News.The yen rallied Friday, hitting less than 150 per dollar for the first time in a month.The currency was also supported by forecasts that the Federal Reserve will lower US rates at its December meeting — narrowing the yield differential and making the Japanese unit more attractive to investors.The report “will probably strengthen the BoJ’s conviction that inflation momentum is building, with its two percent target looking (increasingly) secure”, said Taro Kimura, an economist with Bloomberg Economics.The BoJ hiked rates in March for the first time in 17 years as it looked to move away from a long-running ultra-loose monetary policy.However, a second surprise lift at the end of July sparked turmoil on markets and led to a major unwind of the so-called “yen carry trade” in which investors used the cheaper currency to purchase higher-yielding assets.The stronger yen weighed Japanese exporters and pushed Tokyo stocks lower on Friday.Other Asian markets fluctuated, with Sydney, Seoul, Singapore, Manila, Jakarta and Taipei in the red, while Wellington, Mumbai and Bangkok were slightly higher.Hong Kong and Shanghai gained after Chinese authorities held a meeting to discuss plans to boost stunted consumption, a key goal for Beijing as they look to kickstart the world’s number two economy.London was barely moved at the open while Frankfurt and Paris retreated.The euro edged up but remained under pressure owing to uncertainty over budget cuts to reduce France’s huge deficit, and as Prime Minister Michel Barnier’s government struggles amid tough opposition from the right and left.Economic weakness in Germany in particular has also dampened enthusiasm in Europe. Oil prices slipped after the OPEC+ alliance postponed a weekend meeting to December 5, with analysts saying there were signs of disagreement among the group over plans to increase output.Bitcoin was sitting at about $96,500, having suffered a big drop at the start of the week following its worst run since Trump’s electoral success.Still, it is widely tipped to top $100,000 on expectations the new president will ease restrictions on the digital currency market.- Key figures around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.4 percent at 38,208.03 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 19,423.61 (close)Shanghai – Composite: UP 0.9 percent at 3,326.46 (close)London – FTSE 100: FLAT at 8,280.84Dollar/yen: DOWN at 159.99 yen from 151.51 yen on ThursdayEuro/dollar: UP at $1.0577 from $1.0552 Pound/dollar: UP at $1.2724 from $1.2687Euro/pound: DOWN at 83.13 pence from 83.18 pence West Texas Intermediate: DOWN 0.3 percent at $68.52 per barrelBrent North Sea Crude: DOWN 0.7 percent at $72.75 per barrel

World Trade Organization chief Ngozi Okonjo-Iweala is expected to be reappointed Friday for a second term, in the shadow of the coming return of Donald Trump and his disdain for international trade rules.Okonjo-Iweala, the first woman and the first African to head the WTO, is the only candidate in the race, paving the way for the body’s 166 members to re-elect the 70-year-old Nigerian at a closed-door meeting.”It’s not so much that everyone loves Ngozi,” a source close to the discussions told AFP.Rather, members were “worried that if she doesn’t get reinstated, then it’s possible that the administration in Washington would slow things (or) block other contenders”, leaving a void at the top, the source said.”The alternative of no one leading the organisation is unacceptable to them.”Directors-general are typically chosen by consensus.This made it possible in 2020 for Trump to block Okonjo-Iweala’s appointment for months, forcing her to wait to take the reins until after President Joe Biden entered the White House in early 2021. Her term ends in August 2025, and the appointment process expected to lead to her next term had initially been scheduled to take months.But once it became clear that Okonjo-Iweala was the sole candidate, the discussions chair determined there was backing for a proposal by African states to bring forward the appointment.- Tensions – The unstated objective is to “accelerate the process, because they did not want Trump’s team to come in and veto her as they did four years ago”, said Keith Rockwell, a senior research fellow at the Hinrich Foundation.Rockwell, a former WTO spokesman, said that speeding up Okonjo-Iweala’s reappointment “creates tensions in the relationship with the United States, for sure — tensions which would probably have been there under any circumstances, but now this raises the stakes”. During Trump’s first term, the WTO also faced relentless attacks from his administration, which crippled the organisation’s dispute settlement appeal system, and threatened to pull the United States out of the organisation altogether.Trump has already signalled he is preparing to launch all-out trade wars, threatening to unleash a flurry of tariffs on China, Canada and Mexico on his first day in office on January 20.”The festival of tariffs announced to date shows that he has no intention of following any rules,” said Elvire Fabry, a researcher at the Institut Jacques Delors think-tank.”The United States would not even need to withdraw from the WTO,” she told AFP. “They are freeing themselves from the WTO rules”. In this context, the WTO chief will have “a firefighter role”, she said. – ‘Very difficult’ -It will be a question of “saving what can be saved, and making the case that there is no real alternative to the WTO rules”, said another source close to the discussions on speeding up Okonjo-Iweala’s reappointment.”It will be a very difficult mandate, with little certainty about what will happen.” Rockwell noted that the WTO’s problems were not solely linked to Washington.”It is a time right now in which application of the WTO rules has deteriorated,” he said.”You can’t blame all of this on the United States. That’s true of many other members as well.”Dmitry Grozoubinski, author of the book “Why Politicians Lie about Trade”, agreed.”Governments are increasingly turning to trade measures to address issues like national security, environmental competition, and re-industrialisation, and policymakers aren’t as moved as they once were by arguments that their ideas violate the letter or spirit of WTO commitments,” he told AFP. “If president-elect Trump makes destroying the WTO a priority,” he said, the organisation’s “options will be limited as the institution is not built to withstand overt demolition from within its membership”.Since taking the WTO reins, Okonjo-Iweala has tried to breathe new life into the fragile organisation, pushing for fresh focus on areas like climate change and health. But pressure is growing for WTO reform, in particular of the moribund appeals portion of its dispute settlement system, which collapsed during the first Trump presidency as Washington blocked the appointment of judges.