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The unfathomable scale of the world’s largest religious festival in India overshadows many nations in size — and for the economy, its impact is just as dramatic.”Business is booming everywhere for everyone across our city,” said taxi driver Manoj Kumar, whose northern Indian home of Prayagraj has swelled from its normal seven million residents dozens of times over.Religion, politics and the economy are deeply intertwined in India — and the six-week-long Hindu festival of the Kumbh Mela gives one of the clearest examples.The Hindu nationalist government of Prime Minister Narendra Modi has poured in funds for large-scale infrastructure upgrades.”We are seeing an unimaginable transformation of our city,” 37-year-old Kumar said.”There are new roads, bridges, additional flights and trains, new hotels and restaurants, and an unmet demand for workers.”The Kumbh’s extraordinary scale provides a major job boost, with millions of visitors splashing out on accommodation, transport and food.Kumar’s daily earnings shot up to around $250, roughly eight times as much as usual.”I’ve had some of the busiest 18-20 hour workdays of my life with little or no rest,” he said. “But I am not alone in benefiting — this is a life-changing event.”- ‘Big driver’ -The state government — led by firebrand Hindu monk Yogi Adityanath, chief minister of Uttar Pradesh state and a key leader in Modi’s Bharatiya Janata Party (BJP) — controls lucrative service contracts for its running. It is impossible to independently verify government statistics of a religious celebration that critics say is being cashed in on by Hindu nationalist leaders to burnish political credentials.That includes the reported more than 435 million pilgrims to have taken a ritual river dip so far — with the festival running until February 26 — that organisers say is based on artificial intelligence assessments from surveillance camera networks.It also includes the whopping $24 billion Adityanath projects it will contribute to the economy — that’s the equivalent of more than the population of the United States and Canada splashing out the entire annual GDP of Armenia.They are staggering statistics even for the world’s most populous nation of 1.4 billion people.Devendra Pratap Singh, president of Associated Chambers of Commerce and Industry in Uttar Pradesh and Uttarakhand states, puts the figure as even higher — at about $30 billion. “Our economy would obviously grow because of this mega event,” he told AFP. “We’re seeing its benefits at every stage, with impacts on transportation, hotels, food, and every other sector.”With the festival funnelling religious tourism on a vast scale, local reports say the state also expects $3 billion in additional government revenues including taxes and fees.”How gods drive India’s consumer economy,” The Economic Times newspaper said in a report last month. “The Kumbh is the most visible part of a big driver of India’s economy, the festival cycle.”Major household brands see the Kumbh as ripe for opportunity, setting up shops and pouring in advertising. In the crowded tent city along the river banks, where pilgrims come to take ritual dips, an army of vendors sells everything from food and clothes to prayer items, flowers and festival memorabilia.- ‘Phenomenal’ -Sanjeev Singh, from Adityanath’s office, says the Kumbh Mela makes global festivals look small — pointing to Brazil’s Rio Carnival with some seven million participants or the Muslim hajj in Saudi Arabia with nearly two million.”The sheer scale is mind-boggling,” Singh said. “This is phenomenal.”Hotel owner Deepak Kumar Mehrotra, 67, said his two properties have been fully booked. “Demand has really shot up,” Mehrotra said. “People across all strata are getting really good business.”Rooms, if available, are going for up to 10 times their regular rates — with top-end hotels charging $900-$1,200 per night — almost as much as the annual per capita income in Uttar Pradesh state.Meeting demand has been a challenge, with chefs, drivers and electricians in high demand.Travel agent Shahid Beg Romi, 62, who runs Sangam Travels, said businesses were struggling to “adjust to this drastic change in the footfall” in Prayagraj.”Even small areas 50 miles (80 kilometres) outside Prayagraj are packed,” Romi added. “People are staying and commuting to the Kumbh from there”.The impact is felt in other Hindu pilgrimage sites in the state, including Ayodhya and Varanasi, with devotees journeying on to pray there too.”Such mega-events obviously create new growth and work opportunities,” he said.

US stock markets wobbled and gold hit fresh highs Tuesday as traders kept a nervous eye on US President Donald Trump’s next tariff moves and worried about inflation and interest rates.European markets rose, with both Frankfurt and London again setting records, while Asian equity markets struggled for direction.All three major US indices had opened lower, but the Dow finished positive and the S&P 500 ended unchanged. The Nasdaq dropped 0.4 percent.LBBW’s Karl Haeling said the market’s ability to avoid a major selloff amid the tariff uncertainty reflected “underlying optimism” about economic conditions in spite of tariff and interest rate uncertainty.Trump has lived up to his campaign pledges to resume his hardball trade diplomacy.US trading partners expressed dismay and vowed retaliation to Trump’s latest move — a plan to enact 25 percent tariffs on imported aluminum and steel from March 12.Still, caution looms over trading floors as dealers brace for the next announcement out of the White House.For tariffs to be effective, “the administration needs to keep everyone guessing and this creates uncertainty for financial markets,” noted AJ Bell investment director Russ Mould.”The administration is clearly prepared to implement tariffs rather than just using them as a negotiating tactic,” he added.The uncertainty fueled by Trump’s moves has pushed safe-haven gold ever higher. It extended gains Tuesday to hit a new peak above $2,942 an ounce, before retreating.Fears that Trump’s tariffs, along with tax cuts and deregulation, will reignite inflation and force the Federal Reserve to keep interest rates elevated have sent the dollar up against most of its peers, although it traded mixed on Tuesday.Fed Chair Jerome Powell reiterated in congressional testimony that the US central bank was in no hurry to adjust monetary policy, leaving a cloudy outlook for additional interest rate cuts.Investors expect two cuts at most this year.Focus remained also on the latest company earnings season which was nearing its end.Shares in Britain’s BP slid after it pledged to “fundamentally reset” its strategy in the face of tumbling profits. The loss came despite rising oil prices.”Signs of tighter Russian supply in addition to increasing supply risks provoked a fourth straight day of gains,” said IG’s Rudolph.Coca-Cola jumped 4.7 percent after reporting an 11 percent increase in profits to $2.2 billion in results that topped estimates.- Key figures around 21430 GMT -New York – Dow: UP 0.3 percent at 44,593.65 (close)New York – S&P 500: FLAT at 6,068.50 (close)New York – Nasdaq Composite: DOWN 0.4 percent at 19,643.86 (close)London – FTSE 100: UP 0.1 at 8,777.39 (close) Paris – CAC 40: UP 0.3 percent at 8,028.90 (close)Frankfurt – DAX: UP 0.6 percent at 22,037.83 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 21,294.86 (close)Shanghai – Composite: DOWN 0.1 percent at 3,318.06 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: UP at $1.0360 from $1.0307 on MondayPound/dollar: UP at $1.2446 from $1.2368Dollar/yen: UP at 152.45 yen from 152.00 yenEuro/pound: DOWN at 83.24 from 83.33 penceWest Texas Intermediate: UP 1.4 percent at $73.32 per barrelBrent North Sea Crude: UP 1.5 percent at $77.00 per barrelburs-jmb/st

Canada, Mexico and the EU on Tuesday slammed US President Donald Trump’s “unjustified” decision to impose tariffs on steel and aluminium imports, which has raised fears of a broader trade war.Trump signed executive orders to impose 25 percent tariffs on imports of the metals starting March 12, triggering a flurry of angry reactions.The European Union and Canada vowed to retaliate firmly.Such tariffs would be “entirely unjustified”, Canadian Prime Minister Justin Trudeau said at an artificial intelligence conference in Paris.”Our response will of course be firm and clear,” Trudeau told AFP, as Canadian steelmakers warned of “massive” disruption from Trump’s move.In Mexico — the third-largest steel exporter to the United States, after Canada and Brazil — a top minister urged Trump not to “destroy” four decades of North American trade ties. Economy Minister Marcelo Ebrard said the balance of trade in steel and aluminium between Mexico and the United States was in Washington’s favour by almost $6.9 billion in 2024, and tariffs were therefore “not justified”.In Brussels, European Commission chief Ursula von der Leyen warned that “unjustified tariffs on the EU… will trigger firm and proportionate countermeasures”.EU trade ministers will discuss the 27-country bloc’s next steps in a video conference Wednesday, while Trudeau will separately discuss strategy with top officials in Brussels.Brazil, for its part, said it had no intention of entering into a trade war with the United States, despite President Luiz Inacio Lula da Silva having vowed reciprocation if Trump imposed tariffs.- UK, Australia contacts -South Korea, the fourth-biggest steel exporter to the United States, also vowed to protect its companies’ interests.Acting President Choi Sang-mok said Seoul would seek to reduce uncertainties “by building a close relationship with the Trump administration and expanding diplomatic options”.A spokesman for British Prime Minister Keir Starmer said London was “engaging with our US counterparts to work through the detail” of the tariffs.Britain’s steel industry body called the tariff plan a “devastating blow”, while its European counterpart said it would worsen “an already dire market environment”.In Monday’s executive order, Trump said “all imports of aluminium articles and derivative aluminium articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK” will be subject to additional tariffs.The same countries are named in his executive order on steel, along with Brazil, Japan and South Korea.Trump said he was “simplifying” US tariffs, adding: “It’s 25 percent without exceptions or exemptions.”But Australian Prime Minister Anthony Albanese said the United States was considering an exemption for his country after he spoke to Trump by phone.- ‘No need to panic’ -The tariffs also appear to indirectly target China, with the executive orders detailing how Chinese producers are “using” Mexico’s tariff exemption to “funnel” aluminium into the United States.Trump has signalled he would look at imposing additional tariffs on automobiles, pharmaceuticals and computer chips, and has promised an announcement Tuesday or Wednesday on broader “reciprocal tariffs” to match those of other governments.During his 2017-2021 presidency, Trump imposed sweeping tariffs to counteract what he saw as unfair competition faced by US industries from Asian and European countries.As it weighs how to respond to Trump, the EU bloc could simply revisit its retaliatory tariffs from 2018, which were suspended after a truce with president Joe Biden.Those would come back into force when a deadline expires at the end of March, affecting a range of US goods including bourbon.Brussels has given no indication as to what action it might take but German Chancellor Olaf Scholz said the EU would present a united front.Around a quarter of European steel exports go to the United States, according to the consulting firm Roland Berger.”There is definitely no need to panic,” an EU diplomat told AFP, calling Trump’s tariff move “stupid, but predictable.”The diplomat voiced doubt, however, that “dialogue is enough”, saying the United States would most likely “expect gestures or ‘deals’.” Ford CEO Jim Farley said Tuesday that Trump’s tariffs and other measures were creating “a lot of cost and a lot of chaos” for his company and other US carmakers.burs-raz/mlr/js

Canada and the EU vowed Tuesday to stand firm against US President Donald Trump’s move to impose tariffs on steel and aluminium imports — pushing Washington further towards a trade war with key global partners.Trump signed executive orders to impose 25 percent tariffs on steel and aluminium imports from March 12, triggering a flurry of reactions and promises to protect workers.Such tariffs would be “entirely unjustified” and “Canadians will resist strongly and firmly if necessary”, Prime Minister Justin Trudeau said during a conference on artificial intelligence in Paris.”Our response will of course be firm and clear,” Trudeau told AFP — with Canadian steelmakers warning of “massive” disruption from Trump’s move.The European Union swiftly vowed to retaliate with “firm and proportionate countermeasures”.EU chief Ursula von der Leyen will meet US Vice President JD Vance on Tuesday in Paris where they are expected to discuss Trump’s orders.”The EU will act to safeguard its economic interests. We will protect our workers, businesses and consumers,” von der Leyen said in a statement.EU trade ministers will discuss the 27-country bloc’s next steps during a meeting by video link on Wednesday, officials told AFP.South Korea — the fourth biggest steel exporter to the United States, following Canada, Brazil and Mexico — vowed to protect its companies’ interests.South Korean acting President Choi Sang-mok said Seoul would seek to reduce uncertainties “by building a close relationship with the Trump administration and expanding diplomatic options.”The spokesman of British Prime Minister Keir Starmer said London was “engaging with our US counterparts to work through the detail” of the tariffs.In Monday’s executive order, Trump said “all imports of aluminium articles and derivative aluminium articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK” will be subject to additional tariffs.The same countries are named in his executive order on steel, along with Brazil, Japan and South Korea.”I’m simplifying our tariffs on steel and aluminium,” Trump said in the Oval Office. “It’s 25 percent without exceptions or exemptions.”- ‘Misguided path’ -The tariffs also appear to indirectly target China, with the executive orders detailing how certain countries — particularly Mexico — were “using” their exemptions to get Chinese imports into the United States. “Chinese producers are using Mexico’s general exclusion from the tariff to funnel Chinese aluminium to the United States through Mexico,” it said.Trump has also signalled he would look at imposing additional tariffs on automobiles, pharmaceuticals and computer chips, and promised an announcement Tuesday or Wednesday on broader “reciprocal tariffs” to match the levies other governments charge on US products.During his 2017-2021 presidency, he had imposed sweeping tariffs as he believed US industries faced unfair competition from Asian and European countries. German Chancellor Olaf Scholz said the EU will present a united front to Washington, though “I hope that we are spared the misguided path of tariffs and counter-tariffs.”French President Emmanuel Macron vowed in an interview aired Sunday to go head-to-head with Trump over his wider tariff threats against the EU.Around 25 percent of European steel exports go to the United States, according to consultancy Roland Berger.”There is definitely no need to panic,” an EU diplomat told AFP, qualifying Trump’s tariff move as “stupid, but predictable.”The diplomat voiced doubt, however, that “dialogue is enough”, saying the United States would most likely “expect gestures or ‘deals’.” Britain’s steel industry body called the tariff plan a “devastating blow”.- ‘No winner in trade war’ -Trump has shown his determination to weaponise the United States’ power as the world’s largest economy, ordering tariffs on key trade partners China, Mexico and Canada soon after taking office.He paused 25 percent levies against Canada and Mexico for a month after both countries vowed to step up measures to counter flows of the drug fentanyl and the crossing of undocumented migrants into the United States.But Trump went ahead with tariffs on China, the world’s second-biggest economy, with products entering the United States facing an additional 10 percent levy.Chinese retaliatory tariffs targeting US coal and liquified natural gas came into play Monday. Chinese foreign ministry spokesman Guo Jiakun said “there is no winner in a trade war and tariff war.”burs-dk-raz/ec/lth

Chinese battery giant CATL started the application process on Tuesday to be listed in Hong Kong and named seven banks as overall coordinators, according to stock exchange filings.CATL, which produces more than a third of the EV batteries sold worldwide, filed a 527-page document to the Hong Kong Stock Exchange with offer-related information redacted.It is the first step in what analysts say could be a jumbo initial public offering that could boost Hong Kong’s fortunes as a listing hub. The firm submitted an application proof in “draft form”, which includes financial information and corporate details with redactions.CATL said in another exchange filing dated Tuesday that it had appointed overall coordinators and listed seven financial institutions. The company is publicly traded in Shenzhen and its plans to seek a secondary listing in Hong Kong were announced in an exchange filing in December.Founded in 2011 in the eastern coastal Chinese city of Ningde, CATL has grown into the world’s largest EV battery maker and supplies firms including Mercedes-Benz, BMW, Volkswagen, Toyota, Honda and Hyundai.CATL said in the exchange filing that it had “established six major (research and development) centers and 13 battery manufacturing bases worldwide, with service outlets spanning 64 countries and regions” as of September.”By the end of November 2024, our EV batteries were installed in approximately 17 million vehicles, which represents one in every three EVs worldwide,” it said.The funds raised will be used “to advance the construction of Phase I and II of our Hungary project”, as well as for “working capital and other general corporate purposes”, according to the document.CATL is building its second European factory in Hungary after launching its first in Germany in January 2023.- Robust support -In January, the US Department of Defense added CATL to a list of companies it says are affiliated with Beijing’s military.China has denounced the move as “suppression”, while CATL denied engaging “in any military related activities”.CATL’s Shenzhen shares are down nearly three percent since the start of the year.The company has benefited from robust financial support from Beijing, which has prioritised the development of domestic high-tech industries that it views as strategically advantageous.At home, the firm’s success in recent years has been galvanised by rapid growth in the domestic market.Hong Kong’s stock exchange is eager for the return of big-name Chinese listings in the hope of regaining its crown as the world’s top IPO venue. The Chinese finance hub saw a steady decline in new offerings after a regulatory crackdown by Beijing starting in 2020 led some Chinese mega-companies to put their listing plans on hold.

European and Asian markets struggled for direction and gold hit a fresh high Tuesday as traders kept a nervous eye on Donald Trump’s next tariff moves.The US president has lived up to his campaign pledges to resume his hardball trade diplomacy, signing off on steel and aluminium tariffs and warning of more measures to come.While the moves have jolted sentiment, equities have held up since Trump took office, with analysts saying measures have so far been less severe than feared.Still, caution looms over trading floors as dealers brace for the next announcement out of the White House.Asian markets struggled to maintain the momentum from Monday, with Hong Kong and Shanghai falling.In Europe, Frankfurt’s stock market edged up, while Paris and London were flat.For tariffs to be effective, “the administration needs to keep everyone guessing and this creates uncertainty for financial markets”, noted AJ Bell investment director Russ Mould.”The administration is clearly prepared to implement tariffs rather than just using them as a negotiating tactic,” he added.The uncertainty fuelled by Trump’s moves has pushed safe-haven gold ever higher. It extended gains Tuesday to hit a new peak above $2,942 an ounce.All three main US indices started the week on the front foot thanks to a rally in tech firms.Fears that Trump’s tariffs, along with tax cuts and deregulation, will reignite inflation and force the Federal Reserve to keep interest rates elevated have sent the dollar up against most of its peers.Readings on consumer and producer price indexes this week will provide a fresh snapshot of inflation, while Fed boss Jerome Powell is also due to give depositions to US lawmakers.Both will be pored over for an idea about the bank’s plans for rates, with forecasts for two cuts at most this year.Focus remained also on the latest company earnings season which was nearing its end.Britain’s BP shares rose slightly after it pledged to “fundamentally reset” its strategy in the face of tumbling profits. – Key figures around 1100 GMT -London – FTSE 100: FLAT at 8,765.36 pointsParis – CAC 40: FLAT at 8,009.53Frankfurt – DAX: UP 0.1 percent at 21,930.62Hong Kong – Hang Seng Index: DOWN 1.1 percent at 21,294.86 (close)Shanghai – Composite: DOWN 0.1 percent at 3,318.06 (close)Tokyo – Nikkei 225: Closed for a holidayNew York – Dow: UP 0.4 percent at 44,470.41 (close)Euro/dollar: UP at $1.0316 from $1.0308 on MondayPound/dollar: DOWN at $1.2360 from $1.2364Dollar/yen: UP at 152.10 yen from 151.97 yenEuro/pound: UP at 83.46 from 83.35 penceWest Texas Intermediate: UP 1.2 percent at $73.15 per barrelBrent North Sea Crude: UP 1.2 percent at $76.77 per barrel

US President Donald Trump signed executive orders to impose 25 percent tariffs on steel and aluminum imports from March 12, ramping up a long-promised trade war despite warnings from Europe and China.The European Union swiftly vowed to retaliate with “firm and proportionate countermeasures”.In an executive order released Monday, Trump said: “As of March 12, 2025, all imports of aluminum articles and derivative aluminum articles from Argentina, Australia, Canada, Mexico, EU countries, and the UK shall be subject to the additional ad valorem tariff.” He issued a separate order for steel, which said it would apply to all imports from the same countries the aluminum tariffs hit, as well as to Brazil, Japan and South Korea. “I’m simplifying our tariffs on steel and aluminum,” Trump said earlier in the Oval Office. “It’s 25 percent without exceptions or exemptions.”The tariffs also appear to indirectly target China, with the executive orders detailing how certain countries — particularly Mexico — were “using” their exemptions to get Chinese imports into the United States. “Chinese producers are using Mexico’s general exclusion from the tariff to funnel Chinese aluminum to the United States through Mexico,” it said.Mexico’s increased volume of steel imports from China also “support a conclusion that there is transshipment or further processing of steel mill articles… from countries seeking to evade quantitative restrictions.”Canada, Mexico and Brazil are among the biggest steel importers to the United States, followed by South Korea. South Korea’s acting President Choi Sang-mok vowed Tuesday to protect domestic firms’ interests and reduce uncertainties “by building a close relationship with the Trump administration and expanding diplomatic options.”Trump had also signaled he would look at imposing additional tariffs on automobiles, pharmaceuticals and computer chips, and promised an announcement on Tuesday or Wednesday on broader “reciprocal tariffs” to match the levies other governments charge on US products.During his 2017-2021 presidency, he had imposed sweeping tariffs as he believed US industries faced unfair competition from Asian and European countries. – ‘Misguided path’ -Canadian steelmakers warned of “massive” disruption, while the European Commission said it would “react to protect the interests of European businesses, workers and consumers from unjustified measures.”EU chief Ursula von der Leyen on Tuesday slammed Trump’s decision, vowing the bloc would retaliate.”Unjustified tariffs on the EU will not go unanswered — they will trigger firm and proportionate countermeasures,” she said in a statement. German Chancellor Olaf Scholz said the bloc will provide a united front to Washington, though “I hope that we are spared the misguided path of tariffs and counter-tariffs.”French President Emmanuel Macron vowed in an interview aired Sunday to go head-to-head with Trump over his wider tariff threats against the European Union, though he also said the United States should focus its efforts on China.Around 25 percent of European steel exports go to the United States, according to consultancy Roland Berger.Britain’s steel industry body called the tariff plan a “devastating blow.”Trump has already shown his fondness for weaponizing the United States’ power as the world’s largest economy, ordering tariffs on key trade partners China, Mexico and Canada soon after he took office.He paused 25 percent levies against Canada and Mexico for a month after both countries vowed to step up measures to counter flows of the drug fentanyl and the crossing of undocumented migrants into the United States.- Economic ‘pain’ to come? -But Trump went ahead with tariffs on China, the world’s second-biggest economy, with products entering the United States facing an additional 10 percent levy.Chinese retaliatory tariffs targeting US coal and liquified natural gas came into play on Monday. Chinese foreign ministry spokesman Guo Jiakun said “there is no winner in a trade war and tariff war.”Trump also focused on steel during a visit by Japanese Prime Minister Shigeru Ishiba last week. The American leader said he had secured an agreement for Japan’s Nippon Steel to make a major investment in US Steel, instead of seeking to take over the troubled firm.Trump has insisted the impact of any tariffs would be borne by foreign exporters without being passed on to US consumers, despite most experts saying the contrary.But he did acknowledge this month that Americans might feel economic “pain” from the levies.Wall Street’s main indices finished up Monday despite the tariff threat, though Asian and European markets were mixed by Tuesday.burs-dk/dhc/sco

New Zealand is considering withdrawing its support for an international ban on deep-sea mining, the country’s resources minister told AFP on Tuesday. Resources Minister Shane Jones said opposition to the fledgling industry was rooted in “shrill” environmental alarmism and “luxury beliefs” that ignored the need for economic growth. New Zealand backed a ban on deep-sea mining under former progressive prime minister Jacinda Ardern in 2022, citing the risk of “irreversible” damage in poorly understood ecosystems. However Jones, a senior minister in the governing centre-right coalition, said officials were rethinking that stance. “We’re talking about this with our foreign affairs minister,” he told AFP in an interview. “We can’t deny ourselves the option where critical minerals have an increasingly critical role to play. “We can’t afford these luxury beliefs that have been imposed upon us.” Companies stand to earn billions of dollars by scraping the ocean floor for polymetallic nodules that are loaded with manganese, cobalt, copper and nickel — metals used to build batteries for electric vehicles. But the industry faces sharp criticism from scientists and environmental advocates, who fear new techniques could wreak havoc in poorly understood ecosystems. “I personally think that seabed mining has become the last green trophy, so people are tossing around the most absurd, untested theories,” Jones said. “And I’m not going to back down from these shrill voices.”  – Theatre and posturing -Jones was unruffled by suggestions a pro-mining stance could weaken support among New Zealand’s climate-threatened Pacific Island neighbours. “I understand there’s a lot of theatre and posturing that happens when small island nations go to international fora,” he said. “We’ve imposed upon ourselves an ideological corset, which we can no longer afford to wear.” Deep-sea mining is one of the few issues on which Pacific Island nations are divided.Nauru and Tonga are pushing for deep-sea mining in international waters, while Palau, Samoa and Fiji are staunchly opposed. Canada-based The Metals Company has been working with the Nauru government in the hope of starting mining by 2026. Harvard-educated Jones recently unveiled a pro-mining agenda differing wildly from the environmentally friendly policies of Ardern’s former government.Under Jones, the isolated island nation will look to dig up everything from critical minerals to coal and iron-rich sands at the bottom of the sea.New Zealand’s desire to scoop up this sand differs from deep-sea mining, which targets polymetallic lumps nestled in much deeper waters. – ‘Tiny pimple’ -“We think that the seabed is a legitimate part of our broader primary sector economy,” Jones said.”It would seem odd that we were mining minerals in our own oceanic environment but we are telling others not to do it.”New Zealand has long traded on a “clean green” image that highlights its rolling pastures, untouched rainforests and pristine waterways. Ardern was lauded during her term as a climate hero when she banned offshore gas exploration in 2018.However the current government has already moved to unwind that ban, with Jones occasionally voicing the “drill, baby, drill” mantra favoured by US President Donald Trump.”The pendulum swung too far driven by woke climate catastrophisation where mining became demonised,” Jones said.”Climate change will require us to adapt but New Zealand is such a tiny pimple in relation to the world’s emissions, we are arguably irrelevant.”

Asian markets struggled on Tuesday as traders keep a nervous eye on Donald Trump’s next moves after he signed off on tariffs for steel and aluminium imports and warned of more measures to come.The US president has lived up to his campaign pledges to resume his hardball trade diplomacy to extract concessions on a range of issues, including commerce, immigration and drug trafficking.While the moves have jolted sentiment, equities have held up since Trump took office, with analysts saying measures have so far been less severe than feared.Still, caution looms over trading floors as dealers brace for the next announcement out of the White House, with Maurice Obstfeld, senior fellow at the Peterson Institute for International Economics, saying “the degree of uncertainty about trade policy has basically exploded”.The latest US duties will take effect on March 12.”Today, I’m simplifying our tariffs on steel and aluminum,” Trump said in the Oval Office on Monday as he signed off on them. “It’s 25 percent without exceptions or exemptions.”He also signalled he would look at additional tariffs on automobiles, pharmaceuticals and computer chips.Charu Chanana, chief investment strategist at Saxo Markets, said: “These expanding trade actions beyond previous threats to Canada, Mexico and China are leading to potential new import restrictions and retaliation, signalling more bouts of volatility for investors. “Tariffs are being used not just to tax imports but also as tools for national security, economic leverage and revenue generation, indicating a shift towards long-term economic policy rather than short-term trade disputes.”All three main indexes started the week on the front foot thanks to a rally in tech firms.But Asia struggled to maintain its momentum from Monday, with Hong Kong, Shanghai, Singapore, Mumbai, Jakarta and Manila falling.Seoul, Wellington, Bangkok and Taipei rose with London and Paris, though Frankfurt dipped. Sydney was flat.The uncertainty fuelled by Trump’s moves has pushed safe-haven gold ever higher. On Monday, it broke above $2,900 for the first time. It extended gains Tuesday to hit a new peak above $2,942.Fears that Trump’s tariffs, along with tax cuts and deregulation, will reignite inflation and force the Federal Reserve to keep interest rates elevated have sent the dollar up against most of its peers.Readings on consumer and producer price indexes this week will provide a fresh snapshot of inflation, while Fed boss Jerome Powell is also due to give depositions to US lawmakers.Both will be pored over for an idea about the bank’s plans for rates, with forecasts for two cuts at most this year.- Key figures around 0815 GMT -Hong Kong – Hang Seng Index: DOWN 1.1 percent at 21,294.86 (close)Shanghai – Composite: DOWN 0.1 percent at 3,318.06 (close)London – FTSE 100: UP 0.2 percent at 8,784.63Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.0305 from $1.0308 on MondayPound/dollar: DOWN at $1.2345 from $1.2364Dollar/yen: DOWN at 151.96 yen from 151.97 yenEuro/pound: UP at 83.48 from 83.35 penceWest Texas Intermediate: UP 0.7 percent at $72.83 per barrelBrent North Sea Crude: UP 0.8 percent at $76.45 per barrelNew York – Dow: UP 0.4 percent at 44,470.41 (close)

Asian markets were mixed Tuesday following the previous day’s global rally as traders keep a nervous eye on Donald Trump’s next moves after he signed off on 25 percent tariffs for steel and alumium imports, having warned of more measures to come.The president has lived up to his campaign pledges to resume his hardball trade diplomacy to extract concessions on a range of issues, including commerce, immigration and drug trafficking.However, while the moves have jolted sentiment, equities have held up since Trump took office — London and Frankfurt even hit record highs Monday — with analysts saying measures have so far been less severe than feared.Still, caution looms over trading floors as dealers brace for the next announcement out of the White House, with Maurice Obstfeld, senior fellow at the Peterson Institute for International Economics, saying “the degree of uncertainty about trade policy has basically exploded”.And Charu Chanana, chief investment strategist at Saxo Markets, said: “These expanding trade actions beyond previous threats to Canada, Mexico and China are leading to potential new import restrictions and retaliation, signalling more bouts of volatility for investors. “Tariffs are being used not just to tax imports but also as tools for national security, economic leverage, and revenue generation, indicating a shift towards long-term economic policy rather than short-term trade disputes.”All three main indexes started the week on the front foot thanks to a rally in tech firms.But Asia struggled to maintain its momentum from Monday, with Hong Kong flitting between gains and losses, while Shanghai, Singapore and Manila fell.Seoul, Sydney, Wellington and Taipei rose.The uncertainty fuelled by Trump’s moves has pushed safe haven gold ever-higher. On Monday, it broke above $2,900 for the first time. It extended gains Tuesday to hit a new peak above $2,938.Fears that Trump’s tariffs, along with tax cuts and deregulation, will reignite inflation and force the Federal Reserve to keep interest rates elevated have sent the dollar up against most of its peers.Readings on consumer and producer price indexes this week will provide a fresh snapshot of inflation, while Fed boss Jerome Powell is also due to give depositions to US lawmakers.Both will be pored over for an idea about the bank’s plans for rates, with forecasts for two cuts at most this year.- Key figures around 0220 GMT -Hong Kong – Hang Seng Index: FLAT to 21,513.37Shanghai – Composite: DOWN 0.3 percent to 3,313.01Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: DOWN at $1.0300 from $1.0308 on MondayPound/dollar: DOWN at $1.2361 from $1.2364Dollar/yen: UP at 151.99 yen from 151.97 yenEuro/pound: DOWN at 83.33 from 83.35 penceWest Texas Intermediate: UP 0.1 percent at $72.37 per barrelBrent North Sea Crude: UP 0.1 percent at $75.98 per barrelNew York – Dow: UP 0.4 percent at 44,470.41 (close)London – FTSE 100: UP 0.8 percent at 8,767.80 (close)