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The US Trade Representative said Thursday that its probe into China’s practices in the shipbuilding, maritime and logistics sectors found that Beijing’s undermining of fair competition warranted “urgent action.”The conclusion comes after the USTR launched an investigation last year, responding to a petition by five unions.”Beijing’s targeted dominance of these sectors undermines fair, market-oriented competition, increases economic security risks, and is the greatest barrier to revitalization of US industries,” USTR Katherine Tai said in a statement.Tai added that the findings, under Section 301 of the Trade Act, “set the stage for urgent action to invest in America and strengthen our supply chains.”Beijing’s commerce ministry hit back Friday, saying it was “strongly dissatisfied and firmly opposes” the probe, adding that its conclusions were “full of false accusations against China.”A Section 301 investigation was a key tool President-elect Donald Trump’s first administration used to justify tariff hikes on Chinese goods.Tai said Thursday that the United States builds fewer than five ships each year — a sharp decline from in the 1970s — while China builds more than 1,700.The USTR investigation found China’s efforts to dominate the sector “unreasonable” as they displace foreign firms and create dependencies on the world’s second biggest economy.The USTR added that Beijing also has “extraordinary control over its economic actors and these sectors.”In its Friday response, Beijing’s commerce ministry said that “historically, the decline of the US shipbuilding industry has had nothing to do with China.””China’s shipping market has always been open to the world and has never adopted discriminatory policies against foreign ships and foreign companies,” it said in a statement.It added that “China’s industrial policy is mainly guiding rather than mandatory and treats Chinese and foreign companies equally.””The US 301 investigation is based on domestic political needs and the aim to suppress China’s development,” it said.A decision on what actions to take would be considered in the next stage of the US probe.On Thursday, Alliance for American Manufacturing president Scott Paul applauded the pursuit of the investigation.”Failing to take decisive action will leave our shipbuilding capabilities at the mercy of Beijing’s persistent predatory market distortions,” Paul said.

Nintendo shares tumbled more than seven percent on Friday after the Japanese games giant failed to impress with a brief video preview of its highly anticipated new Switch 2 console.In late morning trade in Tokyo, Nintendo shares were down 7.04 percent after the company released a slick two-minute trailer on Thursday.The new gadget is bigger but broadly similar in design to the original hybrid Switch, which can be handheld or connected to a television screen.Nintendo stopped short of giving other details, including pricing, saying more would be revealed at an April 2 live-streamed event.The stakes were high for the announcement: the first Switch has sold more than 146 million units since its launch in 2017, making it the third-best-selling console ever after Sony’s PlayStation 2 and Nintendo’s DS.Krysta Yang of the Kit & Krysta Podcast said in a YouTube reaction video that a flood of unofficial previews and rumours in recent months may have spoiled the surprise for fans.”Basically every single leak, if we had a checklist… a bingo card of leaks, I think we got bingo, guys,” she said.”I guess because of all the information that was already out there, maybe people were just like, ‘this is what I expected’,” Yang added.”I’m sure there’s going to be more details that are fun and exciting, hopefully, and more games obviously, that we’ll see in the coming months.”Nintendo’s share price had risen strongly in recent months, gaining more than 12 percent in the last half-year.- Investor concerns -The Switch 2’s screen is larger, as are the overhauled “joy-con” controllers that appear to snap into place with magnets rather than sliding into position.Nintendo’s trailer also showed off a new version of the long-running Mario Kart series both on the new console’s built-in screen and on a TV.The previous instalment of the game, “Mario Kart 8”, has sold more than 64 million copies.The company said the new machine “plays Nintendo Switch 2 exclusive games, as well as both physical and digital Nintendo Switch games” — which would fulfil a November promise on backwards compatibility with the old console.But it added that “certain Nintendo Switch games may not be supported on or fully compatible with Nintendo Switch 2”, adding that further details would come “at a later date”.Bloomberg Intelligence technology analyst Nathan Naidu said while the new Mario Kart game was a “bright spot”, investors may be concerned about the release timeline for the new console.”As Switch 2’s release will be at least three months behind its predecessor, it might fail to top the 15 million units the Switch achieved in its first full year,” he said.Nintendo said Thursday that several “Nintendo Switch 2 Experience” events would be held around the world starting in early April to give gamers an opportunity to test the new console.With sales of the original Switch falling, Nintendo had promised to unveil the new console by the end of March.At the same time, the Kyoto-based company has been diversifying into theme parks and funding films based on its characters like 2023’s global second-place box office performer “The Super Mario Bros. Movie”.”However, Nintendo still generates approximately 91 percent of its revenue from its Nintendo Switch business, which shows the importance of the Switch 2,” said Darang Candra, an analyst with games market research firm Niko Partners.

Wall Street equities finished lower Thursday following a mixed US retail sales report, while European luxury stocks pushed higher following strong results from Cartier owner Richemont.Major US indices spent part of the day in positive territory but were unable to extend Wednesday’s rally in a session Briefing.com described as “lackluster.”US retail sales grew 0.4 percent from November to December, a slower pace than in November but still a solid increase. In a separate report, the National Retail Federation estimated the growth in US holiday sales at four percent for 2024, topping estimates.The retail figures came on the heels of Wednesday’s consumer price index figures, which eased concerns that the Federal Reserve will keep interest rates high. After major indices gained around two percent Wednesday, all three finished lower on Thursday.But bourses in Europe and Asia pushed higher.The Paris stock market surged more than two percent after Cartier owner Richemont reported record quarterly sales.The Swiss luxury firm ended the day more than 16 percent higher. Sales in Richemont’s Asia-Pacific region fell seven percent in the third quarter, dragged down by an 18 percent drop in China, Hong Kong and Macau.But the company enjoyed double-digit increases in Japan, Europe, the Middle East and Africa.”It seems that despite the challenging situation in China and in watches, Richemont has never been stronger,” said Jean-Philippe Bertschy, analyst at investment firm Vontobel.In Paris, shares of Louis Vuitton, Hermes and Gucci owner Kering rose, while Burberry forged higher in London.London rose more than one percent even as data showed the UK economy expanded at a slower pace than expected in November. “It is a sea of green in the European equity space…” noted Kathleen Brooks, research director at XTB trading group.”There are threats to inflation down the road, but they are concerns for another day. “For now, stocks are playing catch up, bonds remain stable and the weakening in the dollar in recent days has helped to boost risk sentiment.”Still, there remains a certain amount of caution ahead of Donald Trump returning to the White House on Monday. The Republican has promised to ramp up tariffs on imports, and slash taxes and regulations, something that many fear could reignite inflation.- Key figures around 2130 GMT -New York – Dow: DOWN 0.2 percent at 43,153.13 (close)New York – S&P 500: DOWN 0.2 percent at 5,937.34 (close)New York – Nasdaq Composite: DOWN 0.9 percent at 19,338.29 (close)London – FTSE 100: UP 1.1 percent at 8,391.90 (close) Paris – CAC 40: UP 2.1 percent at 7,634.74 (close)Frankfurt – DAX: UP 0.4 percent at 20,655.39 (close)Tokyo – Nikkei 225: UP 0.3 percent at 38,572.60 (close)Hong Kong – Hang Seng Index: UP 1.2 percent at 19,522.89 (close)Shanghai – Composite: UP 0.3 percent at 3,236.03 (close)Euro/dollar: UP at $1.0306 from $1.0289 on WednesdayPound/dollar: DOWN at $1.2237 from $1.2242Dollar/yen: DOWN at 155.17 yen from 156.47 yenEuro/pound: UP at 84.18 pence from 84.04 penceWest Texas Intermediate: DOWN 1.7 percent at $78.68 per barrelBrent North Sea Crude: DOWN 0.9 percent at $81.29 per barrelburs-jmb/dw

China is set on Friday to post some of its weakest growth in decades, as leaders grapple with economic doldrums and nervously eye a potential trade standoff with incoming US President Donald Trump.Beijing in recent months announced its most aggressive support measures in years, battling headwinds that include a prolonged property market debt crisis and sluggish consumer spending.But a survey of analysts by AFP estimated economic growth in the world’s number two economy reached 4.9 percent last year — down from the 5.2 percent recorded in 2023.The increase would be the lowest recorded by China since 1990, excluding the financially tumultuous years of the Covid-19 pandemic.That growth could fall to just 4.4 percent in 2025 and even drop below four percent the following year, the survey showed.China has so far failed to achieve a highly anticipated rebound from the pandemic, with domestic spending remaining mired in a slump and indebted local governments dragging on total growth.In a rare bright spot, official data showed earlier this week that China’s exports reached a historic high last year.But gathering storm clouds over the country’s trade outlook in the year ahead mean that Beijing may not be able to count on exports to boost an otherwise lacklustre economy.Trump has promised to unleash biting sanctions on China during a second term due to begin next week, accusing Beijing of unfair trade practices and contributing to a devastating fentanyl crisis in the United States.Beijing has introduced a series of measures in recent months to bolster the economy, including key interest rate cuts, easing local government debt and expanding subsidy programs for household goods.- Confidence ‘crisis’ -Observers will be closely watching Friday’s data release — which will also include readings covering the final quarter of last year — for signs that those measures succeeded in reviving activity.China’s central bank has indicated in recent weeks that 2025 will see it implement further rate cuts, part of a key shift characterised by a “moderately loose” monetary policy stance.But analysts warn that more efforts are needed to boost domestic consumption as the outlook for Chinese exports becomes more uncertain.”Monetary policy support alone is unlikely to right the economy,” Harry Murphy Cruise from Moody’s Analytics told AFP.”China is suffering from a crisis of confidence, not one of credit; families and firms do not have the confidence in the economy to warrant borrowing, regardless of how cheap it is to do so,” he wrote.”To that end, fiscal supports are needed to grease the economy’s wheels.”One component of Beijing’s newest policy toolbox is a subsidy scheme — now expanded to include more household items including rice cookers and microwave ovens — that it hopes will encourage spending.But recent data show that government efforts have not yet achieved a full rebound in consumer activity.China narrowly avoided a slip into deflation in December, statistics authorities said last week, with prices rising at their slowest pace in nine months.China emerged from a four-month period of deflation in February, a month after suffering the sharpest fall in prices for 14 years.Deflation can pose a threat to the broader economy as consumers tend to postpone purchases under such conditions, hoping for further reductions.

Strong bank earnings failed to sustain a rally on Wall Street, but stocks in Europe and Asia pushed higher.More US banks reported robust earnings Thursday, but US retail sales data disappointed. “There is a good bit of news to digest this morning, including another batch of better-than-expected earnings results from the likes of Bank of America, Morgan Stanley, US Bancorp, and PNC Financial Services,” said Briefing.com analyst Patrick O’Hare.Shares in Morgan Stanley jumped 3.4 percent, but Bank of America and US Bancorp shares retreated.US equities had rallied on Wednesday thanks to strong bank earnings and inflation data that provided a much-needed shot of relief to investors, reviving hopes of further cuts to interest rates.”Wall Street’s relief rally on Wednesday highlights how worried investors have become, particularly about rate cuts and inflation,” said Bret Kenwell, US investment analyst at eToro trading platform.But data released Thursday showed gains in US retail spending had slowed to 0.4 percent in December, missing market expectations of a 0.5 percent gain.European and Asian indices gained after Wednesday’s Wall Street rally. The Paris stock market surged 2.1 percent on big gains for the luxury sector after Cartier owner Richemont reported record quarterly sales.Shares in the Swiss luxury firm ended the day up more than 16 percent.London rose more than one percent even as data showed the UK economy expanded at a slower pace than expected in November. “It is a sea of green in the European equity space…” noted Kathleen Brooks, research director at XTB trading group.”There are threats to inflation down the road, but they are concerns for another day. “For now, stocks are playing catch up, bonds remain stable and the weakening in the dollar in recent days has helped to boost risk sentiment.”Still, there remains a certain amount of caution ahead of Donald Trump returning to the White House next week. The Republican has promised to ramp up tariffs on imports, and slash taxes and regulations, something that many fear could reignite inflation.Oil prices fell amid uncertainty over a ceasefire deal between Israel and Hamas.Gaza’s civil defence agency said Thursday that Israel had pounded several areas of the Palestinian territory since the announcement of a ceasefire deal, killing at least 80 people and wounding hundreds.Israel accused Hamas of backtracking on parts of the deal announced Wednesday.Crude futures had won strong support since the announcement Friday of fresh US-UK sanctions on Russia’s energy sector — and amid fears Trump will ramp up measures against key producer Iran.- Key figures around 1600 GMT -New York – Dow: FLAT at 43,211.87 pointsNew York – S&P 500: UP less than 0.1 percent at 5,954.97New York – Nasdaq Composite: DOWN 0.2 percent at 19,476.15London – FTSE 100: UP 1.1 percent at 8,391.90 (close) Paris – CAC 40: UP 2.1 percent at 7,634.74 (close)Frankfurt – DAX: UP 0.4 percent at 20,655.39 (close)Tokyo – Nikkei 225: UP 0.3 percent at 38,572.60 (close)Hong Kong – Hang Seng Index: UP 1.2 percent at 19,522.89 (close)Shanghai – Composite: UP 0.3 percent at 3,236.03 (close)Euro/dollar: UP at $1.0301 from $1.0293 on WednesdayPound/dollar: DOWN at $1.2232 from $1.2239Dollar/yen: DOWN at 155.27 yen from 156.52 yenEuro/pound: UP at 84.21 pence from 84.08 penceWest Texas Intermediate: DOWN 1.8 percent at $77.27 per barrelBrent North Sea Crude: DOWN 1.7 percent at $80.67 per barrelburs-rl/sbk

Nintendo is betting on the 2025 release of a bigger, better version of its blockbuster Switch console to keep up the success of the third best-selling games machine of all time.But the Japanese giant is keeping players waiting for full details of the successor model, showing off the console’s appearance in a slick video Thursday but delaying any detailed information until an April 2 livestream.In the just over two-minute video, Nintendo shows off a console that looks similar to the original hybrid Switch, which can be handheld or connected to a TV screen.The Switch 2 boasts a larger central tablet-like screen with a kickstand and a similar layout to its predecessor, with paired “joy-con” controllers that clip to its sides with magnets.During the video, the console also shows off a new version of the long-running Mario Kart series both on its built-in screen and on a TV, after the latest instalment, “Mario Kart 8”, sold more than 64 million copies.The company said in a statement Thursday that the new machine “plays Nintendo Switch 2 exclusive games, as well as both physical and digital Nintendo Switch games” — which would fulfil a promise on backwards compatibility with the old console that it made in November.But it added that “certain Nintendo Switch games may not be supported on or fully compatible with Nintendo Switch 2” — adding that further details would come “at a later date”.- ‘Just what folks wanted’ -Nintendo’s announcement was “just what was expected and what folks wanted. A bigger, more powerful Switch,” Mat Piscatella, an analyst at market research firm Circana, posted on Bluesky.”It should sell very well, and be a big boost to the existing market, but (I) don’t see expanded reach,” he added.Nintendo also said that several “Nintendo Switch 2 Experience” events would be held in major cities around the world starting April 4 to give gamers an opportunity to test the new console.Players have long been hungry for news on a follow-up to the original Switch, which has sold more than 146 million units worldwide since hitting shelves in 2017.That makes the Switch the third-best-selling console ever after Sony’s PlayStation 2 and Nintendo’s DS.Mounting speculation had been stoked in recent weeks by leaks about some technical details.Nintendo estimates it has sold 1.3 billion copies of Switch titles, including “Animal Crossing: New Horizons”, which became a must-play among all age groups during Covid-19 lockdowns.- ‘Well-loved franchises’ -With sales of the original Switch falling, Nintendo had promised to unveil the new console by the end of March this year.At the same time, the Kyoto-based company has been diversifying into theme parks around the world and funding films based on its games and characters, like 2023’s global second-place box office performer “The Super Mario Bros. Movie”.”However, Nintendo still generates approximately 91 percent of its revenue from its Nintendo Switch business, which shows the importance of the Switch 2,” said Darang Candra, an analyst with games market research firm Niko Partners.Candra said the long life of the first Switch was Nintendo’s attempt to create a precedent, getting out of the rat-race of rapid updates to hardware.”Development costs and timelines have increased significantly in recent years in a way that may not be sustainable, particularly as the games industry sees a downturn in the last year,” he added.That appears to be in line with expectations from some lovers of Nintendo’s games.”The fans of Nintendo love what Nintendo does at its core — which is creating new content for existing and well-loved franchises that players have played since they were kids,” said LottieRoseGames, a 29-year-old streamer specialising in “Animal Crossing”.

Global equities mostly pushed higher on Thursday as strong earnings and inflation data reassured investors.On Wall Street, both the S&P 500 and Nasdaq pushed higher at the opening bell thanks to robust bank earnings.”There is a good bit of news to digest this morning, including another batch of better-than-expected earnings results from the likes of Bank of America, Morgan Stanley, US Bancorp, and PNC Financial Services,” said Briefing.com analyst Patrick O’Hare.Shares in Bank of America rose 0.7 while those in Morgan Stanley jumped 2.5 percent.Shares in US Bancorp slumped 3.9 percent.US equities had rallied on Wednesday thanks to strong bank earnings and inflation data that provided a much-needed shot of relief to investors, reviving hopes of further cuts to interest rates.”Wall Street’s relief rally on Wednesday highlights how worried investors have become, particularly about rate cuts and inflation,” said Bret Kenwell, US investment analyst at eToro trading platform.Data out Thursday showed gains in US retail spending had slowed to 0.4 percent in December, missing market expectations of a 0.5 percent gain.”Combined with overwhelming negative sentiment, the latest ‘good not great’ retail sales figure might be enough to thread the needle for Wall Street right now and keep Wednesday’s rally intact,” Kenwell added.European and Asian indices gained after a Wall Street rally on Wednesday. It was also driven by strong bank earnings as well as inflation data that provided a much-needed shot of relief to investors and revived hopes of further cuts to interest rates.The Paris stock market surged around two percent on big gains for the luxury sector after Cartier owner Richemont reported record quarterly sales.London rose even as data showed the UK economy expanded at a slower pace than expected in November. “It is a sea of green in the European equity space…” noted Kathleen Brooks, research director at XTB trading group.”There are threats to inflation down the road, but they are concerns for another day. “For now, stocks are playing catch up, bonds remain stable and the weakening in the dollar in recent days has helped to boost risk sentiment.”Still, there remains a certain amount of caution ahead of Donald Trump returning to the White House next week. He has promised to ramp up tariffs on imports, and slash taxes and regulations, something that many fear could reignite inflation.Oil prices eased despite uncertainty over a ceasefire deal between Israel and Hamas.Gaza’s civil defence agency said Thursday that Israel had pounded several areas of the Palestinian territory since the announcement of a ceasefire deal, killing at least 73 people and wounding hundreds.Israel accused Hamas of backtracking on parts of the deal announced Wednesday.Crude futures had won strong support since the announcement Friday of fresh US-UK sanctions on Russia’s energy sector — and amid fears Trump will ramp up measures against key producer Iran.- Key figures around 1600 GMT -New York – Dow: FLAT at 43,219.04 pointsNew York – S&P 500: UP 0.2 percent at 5,960.99New York – Nasdaq Composite: UP 0.3 percent at 19,577.87London – FTSE 100: UP 0.9 percent at 8,371.95  Paris – CAC 40: UP 2.0 percent at 7,621.56Frankfurt – DAX: UP 0.3 percent at 20,639.21Tokyo – Nikkei 225: UP 0.3 percent at 38,572.60 (close)Hong Kong – Hang Seng Index: UP 1.2 percent at 19,522.89 (close)Shanghai – Composite: UP 0.3 percent at 3,236.03 (close)Euro/dollar: DOWN at $1.0275 from $1.0293 on WednesdayPound/dollar: DOWN at $1.2184 from $1.2239Dollar/yen: DOWN at 155.98 yen from 156.52 yenEuro/pound: UP at 84.31 pence from 84.08 penceWest Texas Intermediate: DOWN 0.1 percent at $78.60 per barrelBrent North Sea Crude: DOWN 0.1 percent at $81.95 per barrelburs-rl/jj

The head of one of China’s biggest property firms has been “taken away” by police, state-backed media reported Thursday, as a prolonged housing slump continues to hit the world’s second-largest economy.Zhu Jiusheng, CEO of Vanke, was “taken away by public security authorities”, the Economic Observer reported, citing sources.Hong Kong-listed Vanke, which is part-owned by the government of Shenzhen, was China’s fourth-largest real-estate firm by sales last year, according to research firm CRIC.It reported a net loss of 9.9 billion yuan ($1.35 billion) in the first half of 2024, its revenue plunging as home sales slumped.The Economic Observer reported that “several sources” said Zhu had been taken away, without specifying whether he had been formally detained or what offences he may be alleged to have committed.Calls and messages to Zhu and people close to him had gone unanswered, the outlet said.AFP has contacted Vanke for comment.The company has been caught in a debt crisis in China’s real estate sector that has left developers in financial trouble.In September, rating agency Moody’s downgraded Vanke’s credit rating to B1, signifying it was “highly speculative”.

China said Thursday it would launch a probe into US exports of chips used in everything from cars to home appliances over concerns about alleged dumping and subsidies.Washington has expanded its efforts in recent years to curb exports of state-of-the-art chips to China, concerned that these can be used to advance Beijing’s military systems and other tech capabilities.Beijing has accused Washington of protectionism, vowing to defend its interests and urging Washington to halt its “wrong practices”.And on Thursday China’s commerce ministry said domestic firms had accused the US administration of President Joe Biden of having “provided substantial subsidies to the chip sector”.This, they said, gave “US companies an unfair competitive advantage”.”Companies have been exporting related mature-process chip products to China at low prices, harming the legitimate interests of the domestic industry,” a ministry spokesperson said.”The concerns of China’s domestic industry are reasonable, and they have the right to request a trade remedy investigation,” they said.Beijing did not say when the probe would be launched, nor how long it would take.- Chip for tat -But its launch comes a day after the United States unveiled further export controls on advanced computing semiconductors, increasing due diligence requirements for businesses as it seeks to prevent diversion of tech to China despite existing restrictions.The move also followed US officials announcing fresh curbs on AI chip exports, seeking to make it harder for Beijing to access the advanced technology.With the new rules, foundries and packaging companies that want to export certain advanced chips face broader license requirements unless they meet several conditions.The rules also aim to enhance reporting for transactions involving newer customers “who may pose a heightened risk of diversion,” said the US commerce department.Thursday’s probe focuses on US subsidies of “mature” semiconductors, also known as “legacy” chips.While cutting-edge chips are typically used in critical technologies with sensitive military and defence uses, “legacy” chips are used in household items like broadband and medical devices, according to the CSIS think tank.