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Taiwanese chipmaking giant TSMC on Thursday announced a better-than-expected net profit for the fourth quarter as it benefits from booming demand for AI technology.Taiwan Semiconductor Manufacturing Company is the world’s largest contract maker of chips that are used in everything from Apple’s iPhones to Nvidia’s cutting-edge artificial intelligence hardware.The firm said net profit for the three months to December jumped 57 percent on-year to NT$374.7 billion (US$11.4 billion).That was better than the NT$369.8 billion forecast by analysts surveyed by Bloomberg News, and underscores expectations for sustained spending on AI infrastructure from the likes of Microsoft and Amazon.Net revenue for the fourth quarter rose 38.8 percent to NT$868.46 billion, TMSC said, beating forecasts.For the full year, net profit reached NT$1.2 trillion, up 40.5 percent. The firm said last week that net revenue rose 33.9 percent to NT$2.9 trillion.”We expect 2025 to be another strong growth year for TSMC” as AI-related demand continues to surge, chairman and chief executive C.C. Wei told an earnings conference.TSMC’s Taiwan shares surged 3.76 percent to close at NT$1,105 ahead of the announcement. The briefing was held as Nvidia boss Jensen Huang visited Taiwan where the government says the US chip giant plans to establish its Asia headquarters.TSMC’s full year revenue was expected to increase “by close to mid-20s percent in US dollar terms”, Wei said. Taiwan’s largest company is at the forefront of the AI revolution but it has been grappling with geopolitical tensions between Beijing and Washington over technology, trade and Taiwan.The United States this week tightened controls on high-end chip exports as it seeks to curb the flow of the advanced technology to China.Wei said the company was still analysing the potential impact from the US restrictions, but it appeared “manageable”.He added that TSMC would apply for “special permits” for customers and the company was confident that those not involved in AI would get “some permission”.TSMC has been under pressure to move more of its production away from Taiwan, where the bulk of its fabrication plants are located.While Taiwan is a self-ruled island, China claims it as part of its territory and has threatened to use force to bring it under its control. TSMC’s new factories overseas include three planned in the United States and one that opened in Japan last year. It is also moving into Europe.The United States will award TSMC up to US$6.6 billion in direct funding to help build “state-of-the-art facilities in Arizona”, officials said in November, finalising the deal before Donald Trump enters the White House.The funding is part of efforts to revive US manufacturing and secure the country’s access to chips.”Let me assure you that we have a very frank and open communication with the current (US) government and with the future one also,” Wei said. TSMC’s expansion overseas drove a surge in Taiwanese foreign direct investment in 2024, Bloomberg reported, citing figures from the Economic Ministry.Bloomberg said the data showed a “decoupling” from China, with investment in Japan and the United States by Taiwanese companies hitting a record as investment in China stagnated.

Beijing is hoping subsidies for rice cookers, microwave ovens and smartphones can boost sluggish spending and help the country weather an economic storm from incoming US president Donald Trump.Policymakers have struggled to get China’s billion-strong army of consumers to inject cash into the economy as a prolonged real estate crisis weighs on confidence.And last week, they expanded a subsidy scheme for common household items, from water purifiers and refrigerators to laptops and electric vehicles.Outside a bustling shopping centre in Sanlitun, one of the capital’s most popular commercial districts, 25-year-old Li Ling told AFP the policy could work as an “incentive”.”If someone’s budget is not very abundant, such policies can support them in their consideration about buying things,” she said.”I think the policy can just be regarded as an incentive,” she said.Beijing is nervously looking to the second administration of Donald Trump, who has vowed brutal tariffs on Chinese goods in retaliation for Beijing’s allegedly unfair trade practices — fuelling fears of another trade war.And experts say the country may need to shift towards a growth model driven largely by domestic consumption as those pressures mount.Under the broadened subsidy scheme, people can get 20 percent off microwave ovens, water purifiers, dishwashers and rice cookers, among other things — with the state covering the discount of up to 2,000 yuan ($275).Gadgets such as smartphones, tablets and smartwatches also now receive subsidies of up to 15 percent.- ‘Saving is meaningless’ -Shopper Yang Boyun told AFP that he recently took advantage of the new deal.”I bought three Xiaomi air conditioners,” he said, referring to one of China’s leading consumer goods brands. “They all only cost 8,000-9,000 yuan. Normally each one would cost more than 4,000 yuan,” he said.But Yang, a worker in the crisis-hit property sector, said much stronger action was needed for the country to reverse its economic malaise.”Only after some changes to the macroeconomic regulation of the country will individuals feel the effects,” he said.Beijing is set to release a tranche of economic data Friday and analysts expect the country to report its weakest growth in decades.In bustling Sanlitun, student Wang Jiaxin said she was prioritising spending on things she enjoyed.”If it’s on food and drinks and buying more beautiful clothes then I’ll spend a bit more,” she said.Next year Wang said she planned to enter China’s job market — beset in recent years with high youth unemployment — rather than continue studying.But she expressed cautious optimism about her chances.”I can definitely find a job. But what kind of job it is really depends,” she said. “I’m not sure I’ll be able to find a good one, but I’ll definitely be able to support myself.”Meanwhile, Yang told AFP his thinking on personal spending had shifted.”In the past I may have saved some money, but now I feel that one small thing may cause debt — like if you get sick, you will be in debt,” he said.”But money is something that should be used to enjoy the present,” he added. “Saving money is meaningless. The most important thing for us now is to be happy.”

The World Bank plans to loan cash-strapped Pakistan $20 billion over the coming decade to nurture its private sector and bolster resilience to climate change, Prime Minister Shehbaz Sharif said.Pakistan came to the brink of default in 2023, as a political crisis compounded shock from the global economic downturn and drove the nation’s debt burden to terminal levels.It was saved by a $7 billion bailout from the International Monetary Fund (IMF) and has enjoyed a degree of recovery, with inflation easing and foreign exchange reserves increasing.Sharif said the World Bank funding would be used for “child nutrition, quality education, clean energy, climate resilience, inclusive development and private investment”.The deal “reflects the World Bank’s confidence in Pakistan’s economic resilience and potential,” he said on social media platform X on Wednesday.Pakistan has for decades grappled with a chronically low tax base and mammoth amounts of external debt, which swallow up half its annual revenues.The IMF deal — Pakistan’s 24th since 1958 — came with stern conditions that the country improve income tax takings and cut popular power subsidies, cushioning costs of the inefficient sector.The World Bank said the new $20 billion scheme would begin in the fiscal year 2026 and last until 2035.”The economy is recovering from the recent crisis as the government has launched an ambitious programme of fiscal, energy and business environment reforms,” said a summary of the plan released by the World Bank.But it warned that a “track record of past stop-and-go reform episodes handicaps the government’s credibility”, meaning that new investment may be “slow to materialise”.The World Bank therefore plans for “more selective, stable, and larger investments in areas critical for sustained development and that require time and persistence for impact”, it said.The World Bank’s Pakistan director Najy Benhassine said in a statement the deal “represents a long-term anchor” that will “address some of the most acute development challenges facing the country”.

Speculation over Nintendo’s new console, a successor to the wildly popular Switch, reached a fever pitch Thursday with specialist media predicting an imminent announcement from the Japanese gaming giant.The Eurogamer website said it had heard “industry whispers” that the new gadget would be unveiled Thursday, the same date leaked by an influential podcaster.A reporter from tech outlet The Verge said Tuesday on X: “I’ve heard it should be the Switch 2 reveal this week”, further fuelling buzz among fans.Players have long been hungry for news on a follow-up to Nintendo’s hybrid Switch console, which can be handheld or connected to a TV screen.Since it hit shelves in 2017, more than 146 million units have been sold worldwide, making the Switch the third-best-selling console ever after Sony’s PlayStation 2 and Nintendo’s DS.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.But as the blockbuster Switch ages and sales decline, the Kyoto-based company said last year it would reveal its next console by the end of March 2025.A Nintendo spokesman told AFP on Thursday that there was “nothing we can share” regarding the announcement.In November, Nintendo promised users that games made for the original Switch would be playable on the new one.While the firm has kept tight-lipped on details of the new hardware, that hasn’t stopped a steady stream of leaks.Some purport to show the gadget in production, or accessories designed to fit the next console.A manufacturer called Genki even showed off a life-sized replica model of the console, featuring a bigger screen than its predecessor, at the CES tech show in Las Vegas this month.But the new Switch is likely already being made at factories “to ensure there is enough stock, as demand for the new console will certainly be very high”, said Darang Candra from game industry research firm Niko Partners.Gaming rival Sony faced a supply bottleneck that led to empty shelves when it launched the PlayStation 5 in 2020, something Nintendo will be keen to avoid.One fan, 29-year-old “Animal Crossing” streamer LottieRoseGames, told AFP her audience is “particularly excited” given the latest rumours.”People are just looking forward to the prospects of what a new console will bring in terms of new features — and of course mostly new games,” she said.

Asian markets extended a global rally Thursday after below-forecast US inflation provided a much-needed shot of relief to investors and revived hopes for interest rate cuts this year.Strong earnings from Wall Street banking titans and a ceasefire deal between Israel and Hamas added to the optimistic mood on trading floors.Still, there remains a certain amount of caution ahead of Donald Trump returning to the White House next week, having promised to ramp up tariffs on imports, and slash taxes and regulations that many fear could reignite inflation.Data on Wednesday showing core consumer prices rose less than expected in December helped spur a surge in New York-listed stocks led by tech giants including Nvidia, Amazon and Google-parent Alphabet.The S&P 500 and the Dow piled on more than one percent and the Nasdaq more than two percent, putting them back in the green for 2025, with healthy earnings reports from Goldman Sachs, JPMorgan Chase, BlackRock and Bank of New York Mellon also lifting sentiment.The inflation figures tempered worries that the Federal Reserve might not cut rates this year — or possibly even hike them — following a blockbuster jobs report on Friday.Swap traders are now eyeing a reduction in July, having been looking at September or October at best.New York president John Williams also provided some soothing comments, saying “the process of disinflation remains in train”.Preston Caldwell, chief US economist at Morningstar, said: “Data on economic growth has continued to roll in stronger than expected, contributing to the upward revision in our 2024 expectation.”However, strong growth has helped generate a large rise in bond yields. If it persists, higher borrowing costs will seriously degrade (gross domestic product) growth in 2025 and 2026.”Still, we expect the Fed to respond adroitly to decelerating growth in 2025 and 2026 with hefty rate cuts, ultimately triggering a growth rebound in 2027 and 2028.”Asian markets rose across the board.Hong Kong, Sydney, Seoul, Taipei, Manila and Jakarta all piled on more than one percent, while there were also gains in Shanghai, Singapore and Wellington.Tokyo also edged up but was limited by a pick-up in the yen against the dollar after the inflation data and as investors assess the chances of a rate hike by the Bank of Japan at its meeting next week.Oil prices also extended a surge this week fuelled by fresh US-UK sanctions on Russia’s energy sector and amid fears Trump will ramp up measures against key producer Iran when he takes the Oval Office.Meanwhile, data Wednesday showed US inventories fell for an eighth week to their lowest since April 2022, with the International Energy Agency saying a colder winter has pushed global demand higher. – Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 38,551.96 (break)Hong Kong – Hang Seng Index: UP 1.5 percent at 19,577.59Shanghai – Composite: UP 0.7 percent at 3,249.96Euro/dollar: UP at $1.0297 from $1.0293 on WednesdayPound/dollar: DOWN at $1.2236 from $1.2239Dollar/yen: DOWN at 155.65 yen from 156.52 yenEuro/pound: UP at 84.15 pence from 84.08 penceWest Texas Intermediate: UP 0.3 percent at $80.27 per barrelBrent North Sea Crude: UP 0.2 at $82.22 per barrelNew York – Dow: UP 1.7 percent at 43,221.55 points (close)London – FTSE 100: UP 1.2 percent at 8,301.13 (close) 

Stock markets surged on Wednesday, buoyed by robust US bank earnings and encouraging inflation data from the United States and Britain.Wall Street’s three main indexes closed sharply higher after US financial titans Goldman Sachs, JPMorgan Chase, BlackRock and others posted stellar quarterly results.Fresh data published earlier Wednesday showed headline inflation in the Untied States accelerated in the 12 months to December, but actually slightly eased once volatile food and energy prices were stripped out, fueling optimism in the markets.”There’s a lot of relief from the (inflation) data this morning,” Angelo Kourkafas from Edward Jones told AFP, noting there had been a positive market reaction to the decline in the so-called “core” inflation measure.European stock markets closed firmly in the green, while Asia finished on a mixed note.- ‘Look through price increases’ -Kathleen Brooks, research director at trading platform XTB, noted that the US Federal Reserve closely looks at core inflation to make decisions on interest rates.”The Fed could choose to look through price increases for volatile commodities that they cannot control,” she said. “Instead, the Fed may focus on core inflation,” she said.Analysts have pared back their expectations on the number of Fed rate cuts for this year.They believe policymakers will hold borrowing costs steady at the next decision-making meeting later this month as inflation remains above its two-percent target.In Britain, official figures showed that inflation unexpectedly cooled to 2.5 percent in December, easing some pressure on the Labour government as it struggles to grow the economy.The pound rose against the dollar, with analysts forecasting that the Bank of England would likely cut its key interest rate next month as the rate of price increases cools.Separate official data showed Europe’s biggest economy Germany contracted for a second straight year in 2024, with little hope of a strong recovery ahead of national elections next month.- Nintendo jump -In Asia, Tokyo’s stock market ended down, though games giant Nintendo piled on more than two percent and briefly hit a record high as traders anticipated it would soon release its much-anticipated Switch 2 console. The Nikkei 225’s drop also came as the yen strengthened, with traders weighing the chances of a rate hike by the Bank of Japan this month.Oil prices soared more than 2.6 percent after the International Energy Agency said a colder winter has pushed global demand higher. Oil traders were also digesting recent US sanctions on Russia and Iran, raising fears they could restrict supplies from those countries.The market optimism also trickled through into the cryptocurrency markets, with bitcoin briefly returning above $100,000 before paring some gains.- Key figures around 2130 GMT -New York – Dow: UP 1.7 percent at 43,221.55 points (close)New York – S&P: UP 1.8 percent at 5,949.91 (close)New York – Nasdaq Composite: UP 2.5 percent at 19,511.23 (close)London – FTSE 100: UP 1.2 percent at 8,301.13 (close) Paris – CAC 40: UP 0.7 percent at 7,474.59 (close)Frankfurt – DAX: UP 1.5 percent at 20,574.68 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 38,444.58 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 19,286.07 (close)Shanghai – Composite: DOWN 0.4 percent at 3,227.12 (close)Euro/dollar: DOWN at $1.0293 from $1.0310 on TuesdayPound/dollar: UP at $1.2239 from $1.2211Dollar/yen: DOWN at 156.52 yen from 157.98 yenEuro/pound: DOWN at 84.08 pence from 84.40 penceBrent North Sea Crude: UP 2.6 at $82.03 per barrelWest Texas Intermediate: UP 3.3 percent at $80.04 per barrelburs-rl/sbk/da-tmc/bs

The United States unveiled further export controls Wednesday 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 — part of a series of actions before President Joe Biden leaves office — comes days after US officials announced fresh curbs on AI chip exports, seeking to make it harder for Beijing to access the advanced technology.”These rules will further target and strengthen our controls to help ensure that the PRC and others who seek to circumvent our laws and undermine US national security fail in their efforts,” Commerce Secretary Gina Raimondo said, referring to the People’s Republic of China.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.But there have been worries about circumvention.The latest controls aim to hold back China from getting high-end computing semiconductors needed to develop advanced artificial intelligence capabilities, the US commerce department said.”By enhancing due diligence requirements, we are holding foundries accountable for verifying that their chips are not being diverted to restricted entities,” said Alan Estevez, Commerce Department under-secretary for industry and security.The outgoing Biden administration’s moves have drawn ire, with China’s commerce ministry saying Beijing was “strongly dissatisfied and firmly opposed” to them.The ministry vowed in a statement Wednesday that China would take measures to safeguard its interests.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.- Blacklist -The department on Wednesday placed 25 China-based entities, alongside two Singapore ones, on a trade blacklist as well.Companies added to the so-called Entity List are restricted from obtaining US items and technologies without a license.Among those impacted was Sophgo Technologies, which was said to have been involved in Huawei accessing chips from Taiwanese chip giant TSMC.Some of the Entity List additions were made because the businesses helped advance China’s military modernization through the development of AI research, a government posting said.Others were accused of aiding the development of advanced computing integrated circuits that further China’s progress in weapons systems, or posing a risk of diversion to Huawei — which has itself been blacklisted.Such activities, according to the postings, were contrary to US national security and foreign policy interests.Apart from chip export controls, Washington finalized a rule this week effectively barring Chinese technology from cars in the American market.The announcement took aim at software and hardware from the world’s second-largest economy over national security risks.US officials are also mulling new restrictions to address risks posed by drones containing tech from adversaries like China and Russia.Beijing said Wednesday that the Biden administration’s measures have “seriously infringed upon” Chinese companies’ rights and interests.But the rollout of many plans will fall to US President-elect Donald Trump, who returns to the White House next week.

TikTok faces an imminent shutdown in the United States after Congress passed a law last year forcing its Chinese owner ByteDance to either sell the platform or close it on Sunday.The US Supreme Court is expected to rule this week on TikTok’s challenge to the law.Following a hearing last Friday, expectations are high that the law will stand. Here is a review of what could happen next for TikTok in the United States.- App store ban -To execute a ban, the US government would direct Apple and Google to remove TikTok from their app stores, preventing new downloads on January 19, a day before President-elect Donald Trump takes office.In that scenario, the app could remain on the phones of the existing 170 million US users unless TikTok directly blocks their access. But TikTok lawyer Noel Francisco stated the site would “go dark” on Sunday if the justices fail to block the ban, and a media report said the company was planning a full suspension of service in the US.According to The Information, users attempting to open the app after the deadline will encounter a message redirecting them to a statement about the federally mandated ban, along with options to download their personal data.In an internal email obtained by The Verge on Tuesday, TikTok assured its US employees that their “employment, pay, and benefits are secure” and offices will remain open even if the situation remains unresolved by Sunday’s deadline.- Workarounds -Even if TikTok keeps its app accessible, US users would stop receiving security and software updates, leading to gradual deterioration in quality and increased vulnerabilities.As a workaround, users might turn to VPNs (virtual private networks) to mask their location by routing through countries where TikTok remains available.Another possibility is that TikTok could update from non-US servers through partnerships with foreign, non-Chinese companies — though this would constitute direct defiance of US authorities and likely intensify scrutiny of ByteDance’s US operations.- Defiance? -Once Trump takes office, the law’s implementation will fall to his attorney general, who could choose not to enforce it, or stall, defying Congress’s overwhelming support for the legislation.The Trump administration might also approach the Republican majority in Congress to modify the law, potentially giving ByteDance more time to find a buyer or devise alternative solutions.- Alternatives -Once banned, the assumption is that TikTok users will move to other apps, like Instagram Reels and YouTube shorts, TikTok copycats that have grown and will directly benefit from their rival’s demise. Elon Musk’s X could also benefit and the tycoon has made it known that he wants his platform, formerly Twitter, to more closely resemble TikTok, with video content and shopping features.Trump has expressed concern that a ban would primarily be to the advantage of Meta-owned Instagram, which may explain Mark Zuckerberg’s recent public support for Trump.Some American content creators have already migrated to Xiaohongshu (Red Note), another Chinese social media app that recently topped the Apple App Store downloads.- Investor rescue? -Several potential buyers have emerged, including a group led by Frank McCourt, former owner of the Los Angeles Dodgers, even if ByteDance has ruled out a sale for now.His partner in the bid, Canadian businessman Kevin O’Leary, recently golfed with Trump and reported the president-elect’s desire to use the TikTok saga as leverage in US-China relations.A report that the Chinese authorities would be open to a buyout by Musk was denied by TikTok.Former Activision Blizzard CEO Bobby Kotick also remains interested in buying TikTok, according to the Information.For now, TikTok’s fate rests with the Supreme Court, with the company lawyers asking the nine justices for a delay to any ban to provide “breathing space” for a solution.”Nobody knows what they can do and who’s going to do it until they hear from the Supreme Court,” Trump told Newsmax on Monday.

Social media giant TikTok plans to completely shut down its operations in the United States this Sunday if a ban ordered by legislators goes through as planned, a report said.The platform, which counts over 170 million American users, will implement an immediate blackout rather than allowing existing users continued access as had been expected, according to sources who spoke to The Information.The apparent shutdown comes as TikTok faces a January 19 legislative deadline to sever ties with its Chinese parent company ByteDance or cease US operations. While the law only requires app stores to remove TikTok and cloud providers to stop hosting US user data, the company will opt for a full suspension of service, The Information said.Users attempting to open the app after the deadline will encounter a message redirecting them to a statement about the federally mandated ban, along with options to download their personal data, the report said.TikTok’s reported plan would follow skeptical questioning from Supreme Court justices during oral arguments last Friday, suggesting they would uphold the ban. The company has challenged the law on First Amendment grounds, which protect freedom of speech.The shutdown would coincide with the US presidential transition, as Donald Trump, who has expressed opposition to the ban, takes office Monday. ByteDance has so far refused to sell TikTok’s US operations, though analysts say this position could shift as the reality of a forced market exit looms.In an internal email obtained by The Verge on Tuesday, TikTok assured its US employees that their “employment, pay, and benefits are secure” and offices will remain open even if the situation remains unresolved by Sunday’s deadline. The company told staff it was “planning for various scenarios.”TikTok declined to comment when contacted by AFP.

European stock markets rose Wednesday as traders focused on inflation data in Britain and the United States.London led the way in Europe as official figures showed an unexpected dip to UK annual inflation, easing some pressure on the Labour government as it struggles with growing the economy.The pound steadied versus the dollar and euro, with analysts forecasting that the Bank of England would likely cut its key interest rate next month as the rate of price increases cools.Separate official data showed Europe’s biggest economy Germany contracted for a second straight year in 2024, with little hope of a strong recovery ahead of national elections next month.Market watchers are now awaiting the release of US consumer-price inflation data later in the day.A below-forecast read on US wholesale prices provided a little relief and helped the Dow and S&P 500 end higher Tuesday, though sentiment remains clouded by expectations that the Federal Reserve will not cut interest rates as much as hoped this year.After Wall Street’s broadly positive lead, Asian markets fluctuated Wednesday.”The S&P 500 is expected to trade flat at the open as investors wait on tenterhooks for the latest US inflation snapshot,” noted Susannah Streeter, head of money and markets at Hargreaves Lansdown.”If there’s a jump in the core rate of inflation in the US it could quash hopes of an interest-rate cut this year and could lead to fresh market jitters,” she added.In Asia, Tokyo’s stock market ended down, though games giant Nintendo piled on more than two percent and briefly hit a record high as traders anticipate it will soon release its much-anticipated Switch 2 console. The Nikkei 225’s drop also came as the yen strengthened, with traders weighing the chances of a rate hike by the Bank of Japan this month.Also in focus this week is the release of Chinese 2024 growth data, with expectations that it could come in below the previous year and be among the slowest in more than three decades.Leaders have unveiled a string of measures to reignite the economy, with a particular emphasis on consumers and the troubled property sector, though there are fears the return of President-elect Donald Trump could see another painful China-US trade war.Trump has warned he will impose tariffs of as much as 60 percent on imports from China, and observers say Beijing has likely kept its powder dry with regards stimulus as it prepares for the next four years.- Key figures around 1100 GMT -London – FTSE 100: UP 0.7 percent at 8,262.19 points Paris – CAC 40: UP 0.4 percent at 7,450.52Frankfurt – DAX: UP 0.7 percent at 20,414.20Tokyo – Nikkei 225: DOWN 0.1 percent at 38,444.58 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 19,286.07 (close)Shanghai – Composite: DOWN 0.4 percent at 3,227.12 (close)New York – Dow: UP 0.5 percent at 42,518.28 (close)Euro/dollar: UP at $1.0311 from $1.0310 on TuesdayPound/dollar: UP at $1.2228 from $1.2211Dollar/yen: DOWN at 156.78 yen from 157.98 yenEuro/pound: DOWN at 84.33 pence from 84.40 penceBrent North Sea Crude: FLAT at $79.93 per barrelWest Texas Intermediate: UP 0.2 percent at $76.50 per barrel