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Cartier owner Richemont posted Friday a hefty drop in net profit for the first half of the year as watch sales sank in China, where weak consumer spending has hit the luxury sector.Richemont said its profit after tax reached 457 million euros ($492 million), down from 1.5 billion euros in the same six-month period last year as it booked a 1.2-billion-euro write-down from the sale of its Yoox-Net-A-Porter online fashion business.Its net profit for continuing operations was 1.7 billion euros ($1.8 billion) in the six-month period ending in September, 20 percent lower than in 2023 and less than expected by analysts polled by Swiss news agency AWP.Global sales fell one percent to 10.1 billion euros.Sales from the Asia-Pacific region were down by almost a fifth while all other regions in the world posted “solid growth”, Richemont said in a results statement.Citing “reduced consumer spending” in China, Richemont said growth in other Asian countries was “more than offset” by a double-digit drop in sales in the world’s second biggest economy.”The global watch market is experiencing a slowdown, particularly in China, which is affecting all watchmaking brands globally, with the high-end segments showing greater resilience,” Richemont chairman Johann Rupert said in the statement.He said Chinese demand “will take longer to recover”.Last month, French group LVMH, the world’s biggest luxury company whose brands include Louis Vuitton, Dior and Bulgari, reported a 4.4 percent drop in third-quarter sales.Gucci owner Kering said its sales sank 15 percent in the same quarter due to slowing consumer spending in China.Richemont’s stock price fell more than four percent in the Swiss stock exchange.”There is a slowdown in China that we are experiencing like our competitors,” Richemont chief executive Nicolas Bos said in a conference call.”We have no clue on how long it will last and whether we’ve reached the bottom or not,” he said.

China on Friday unveiled some of its most ambitious plans in years to lift local government debt, following a meeting of lawmakers eyeing the possibility of intensified trade tensions with US president-elect Donald Trump.Local governments in China face a ballooning debt burden of $5.6 trillion, according to Beijing, raising worries about wider economic stability. The International Monetary Fund (IMF) put the figure at $8.4 trillion last year.Policymakers who gathered in Beijing this week voted to swap hidden debts — defined as borrowing for which a government is liable, but which is not disclosed to its citizens or to other creditors.The local government debt limit will be raised by six trillion yuan ($840 billion) which will be used to replace existing hidden debts, freeing up space for local governments to better develop the economy and protect people’s livelihood, state broadcaster CCTV said.The move was taken after “fully considering the international and domestic development environment, ensuring the smooth operation of the economy and finance,” finance minister Lan Fo’an told a press conference in Beijing.”Since the beginning of this year, some new situations and problems have arisen in economic operations,” he admitted.- ‘Cheaper debt ‘ -The debt ceiling will be raised every year from 2024 to 2026, with a total of $558 billion of hidden debt that can be replaced, Lan explained.And $112 billion “will be arranged from new local government special bonds every year for five consecutive years to supplement government financial resources”, he added.Lawmakers also approved a new energy law to promote carbon neutrality, as Beijing moves ahead with its pledge to decarbonise its economy by 2060.Zhiwei Zhang, the chief economist at Pinpoint Asset Management said the debt swap “is an important policy measure which helps local government to alleviate their debt burden”. But the programme was unlikely to be enough to “greatly release spending power of local governments”, Rhodium Group’s Allen Feng warned.”The debt is not gone,” he told AFP. “It’s cheaper and easier to roll over… but it’s not a gamechanger.”- Taking stock of Trump -Officials were this week keeping close tabs on the US vote as they gathered in the Chinese capital for a meeting of the country’s top lawmaking body.Trump has promised punishing tariffs on Chinese goods that threaten further grief for the world’s second-largest economy, which is already grappling with a prolonged housing crisis and sluggish consumption.Observers say Beijing could seek to cushion that blow with a long-awaited “bazooka stimulus” for the economy.This week’s meeting, originally scheduled for late October, was likely pushed back to allow “policymakers a chance to address a possible Trump win”, Lynn Song, chief economist for Greater China at ING, said.”In our view, the odds for a larger policy support package will rise somewhat with a Trump victory,” he added.Trump’s victory is “not necessarily bad for China as this may ‘pressure’ Beijing for a bigger stimulus”, Qi Wang, CIO of UOB Kay Hian Wealth Management, said on X.Beijing began to unveil a raft of measures in September aimed at boosting economic activity, including rate cuts and the easing of some home purchasing restrictions, but analysts have bemoaned the lack of detail so far.- ‘Turning point’ -Trump’s re-election provides a need for greater urgency, experts say, though caution may still prevail as officials try to avoid piling on more government debt.”Any potential stimulus size may be bigger, but so is the pressure,” Gary Ng, senior economist at Natixis, said.”The market may still not get the economic boosters it wants,” he warned.In Beijing on Friday, workers expressed cautious optimism about the future of the economy.Han Xi, a 32-year-old man from Shanxi province in northern China, began a new auditing job in Beijing this week after resigning from his previous company in April.”I have sent out resumes during this period, but you can see it takes more than half a year to get a new job,” Han told AFP, adding that “many companies are laying off employees right now”.”Even though we’re still in a downturn cycle, I think we are close to the turning point, though we haven’t quite reached it yet.”

European and Asian stock markets mostly retreated Friday as US and China policy updates cause concern about growth outlooks in the world’s two biggest economies.There is unease that US president-elect Donald Trump’s planned tax cuts and import tariffs will rekindle inflation in the United States and beyond, which could in turn see the Federal Reserve scale back on interest-rate cuts.Europe’s main stock markets lost almost one percent around midday, despite Wall Street striking fresh record highs Thursday after the Fed trimmed US borrowing costs by 25 basis points.The dollar traded mixed against main rivals Friday.”(Fed) news which ordinarily would have drawn a lot of the market’s focus has been pushed down the agenda as attention is turned to the implications of Donald Trump’s return to the White House,” noted Russ Mould, investment director at AJ Bell trading group.Chinese stocks ended lower Friday ahead of fresh announcements aimed at stimulating China’s struggling economy.China unveiled some of its most ambitious plans in years to lift local government debt following a meeting of lawmakers eyeing the possibility of intensified trade tensions with Trump.Chinese media said officials in Beijing would raise the debt ceiling for local governments by $840 billion.”The market reaction shows that traders do not see these measures as boosting consumption, and instead they are designed to stop a financial crisis domestically in China,” concluded Kathleen Brooks, research director at traders XTB. China broadcaster CCTV described the move as the country’s “most powerful debt reduction measure in recent years”, adding it would free “up space for local governments to better develop the economy and protect people’s livelihood”.It came amid uncertainty about the outlook for China after the election of Trump, who warned during his campaign that he would hit imports from the country with huge tariffs of up to 60 percent.”On balance, it is likely that Trump’s electoral victory presents additional downward pressure to China’s growth in the next few years (depending on various policy responses in both the US and China),” said National Australia Bank’s Gerard Burg.- Key figures around 1130 GMT -London – FTSE 100: DOWN 0.9 percent at 8,064.58 pointsParis – CAC 40: DOWN 0.9 percent at 7,356.75Frankfurt – DAX: DOWN 0.9 percent at 19,193.31Tokyo – Nikkei 225: UP 0.3 percent at 39,500.37 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 20,728.19 (close)Shanghai – Composite: DOWN 0.5 percent at 3,452.30 (close)New York – Dow: FLAT at 43,729.34 (close)Euro/dollar: DOWN at $1.0795 from $1.0801 on ThursdayPound/dollar: DOWN at $1.2973 from $1.2985Dollar/yen: DOWN at 152.31 yen from 152.92 yenEuro/pound: UP at 83.20 pence from 83.18 penceWest Texas Intermediate: DOWN 1.1 percent at $71.56 per barrelBrent North Sea Crude: DOWN 0.9 percent at $74.95 per barrel

Sony’s net profit jumped in the second quarter thanks to stronger sales in gaming, music and imaging sensors, the PlayStation maker said Friday as it left its annual profit forecasts unchanged.The yen’s weakness against the dollar and euro had a positive impact on takings in those key sectors, the Japanese conglomerate said.However, Sony Pictures suffered from “lower series deliveries” for television, “in part due to production delays related to the strikes in Hollywood”.Sony’s earnings release comes a day after its PlayStation 5 Pro console hit shelves, with a price tag that has raised eyebrows among gamers.In Europe the device costs an eye-watering 799.99 euros ($860) — 250 euros higher than the older version — and almost 120,000 yen ($780) in Sony’s home market of Japan.Sony president Hiroki Totoki told reporters that while “various people have made various comments” about the price, it has not had a negative impact on sales.For July-September, Sony logged net profit of 338.5 billion yen ($2.2 billion), up 69 percent from 200.1 billion yen in the same period a year ago.It still forecasts a full-year net profit of 980 billion yen.The company also maintained its operating profit outlook, but revised its sales forecast upwards slightly.The company said Friday that an increase in sales for imaging sensors — used in phone cameras — as well as the “positive impact of foreign exchange rates” contributed to growth in the operating profit for that segment.The yen hit a four-decade low against the dollar in July, having plunged in value since early 2022.Reforms to Sony’s gaming business, including in cost reduction and sales marketing, “brought a relatively good result for this period”, Totoki said on Friday.Music streaming is also a money-spinner for Sony, which has an impressive back catalogue and whose current roster includes top artists such as Beyonce and Lil Nas X.According to recent reports in Variety and the Financial Times, citing sources, British rockers Pink Floyd have agreed to sell their recorded music and name-and-likeness rights to Sony Music for around $400 million.Acquiring back catalogues “shows our commitment to artists” and “is expected to have a positive impact on our music business”, Totoki said without giving details.When asked about Donald Trump’s victory in this week’s US presidential election, Totoki said Sony was considering, in a broad sense, how best to deal with any new tariffs that could be imposed.”Our position is that we respect the US citizens’ choice, and as I’m not a geopolitics specialist, I’ll let those specialists give their analysis,” he said.But “the impact the US economy has on the global economy and on geopolitics is extremely big, and that in turn would have impact on our business”.”So we’ll squarely observe the facts, make forecasts, and do whatever we can.”

Asia’s markets rally stuttered Friday after early gains as traders struggled to keep up with another Wall Street record following the Federal Reserve’s interest rate cut, while they were also weighing the outlook with another Trump administration.Traders were also awaiting the end of a week-long meeting of key Chinese officials who have been hammering out a major stimulus package for the world’s number two economy with an eye on the US election result.While there are concerns that another four years of Donald Trump could see a rise in tensions between Beijing and Washington, investors are optimistic that his plans to slash taxes and push through more deregulation will boost companies’ bottom lines.There are worries that the Republican’s policies could stoke inflation again, dealing a blow to the Fed’s long-running battle against prices.But central bank boss Jerome Powell added to the upbeat mood Thursday by insisting that the outcome of this week’s vote would have no impact on policymakers’ decision-making, adding that they would make their decisions based on data.After the policy board cut rates 25 basis points to 4.50-4.75 percent, as expected following September’s 50-point reduction, Powell said: “We don’t guess, we don’t speculate, and we don’t assume.”The Fed’s post-meeting statement said that “labour market conditions have generally eased” since earlier in the year and noted progress in bringing inflation down to its two percent target. Traders are now trying to ascertain the outlook for another cut in December.”With Powell squarely focused on labour, the combination of an inflation rate now in the realm of the Fed’s target means it can easily justify further cuts,” said Robert Tipp and Tom Porcelli at PGIM Fixed Income.”Although uncertainty abounds, the Fed’s year-end 2025 forecast for a Fed funds rate of 3.5 percent is still a useful starting point for where this cycle is going.”On Wall Street, the S&P 500 and Nasdaq rallied again to hit fresh records, helped by strong performances by tech titans Apple, Google parent Alphabet and Facebook’s Meta.Asia took up the baton in early trade but some markets fell away in the afternoon.Tokyo, Sydney, Singapore, Wellington, Taipei and Jakarta rose.But Hong Kong and Shanghai turned negative along with Seoul, Manila, Mumbai and Bangkok.London edged up at the open while Paris and Frankfurt were flat.On currency markets, the dollar fell against the yen, extending Thursday’s losses in reaction to the Fed cut, while bitcoin hit another all-time peak of more than 76,956 on hopes of more support from a crypto-friendly Trump White House.After markets closed, Chinese media said officials in Beijing would raise the debt ceiling for local governments by $840 billion in a bid to boost the country’s faltering economy.Broadcaster CCTV described the move as China’s “most powerful debt reduction measure in recent years”, adding the move would free “up space for local governments to better develop the economy and protect people’s livelihood”.The meeting came amid uncertainty about the outlook for China after the election of Trump, who warned during his campaign that he would hit imports from the country with huge tariffs of up to 60 percent.”On balance, it is likely that Trump’s electoral victory presents additional downward pressure to China’s growth in the next few years (depending on various policy responses in both the US and China),” said National Australia Bank’s Gerard Burg.However, Michael Hewson at MCH Market Insights, added: “There is a sense of deja vu with respect to Donald Trump winning the US presidential election, both politically as well as from a market point of view.”On the one hand, we have some serious hand-wringing going on as some parts of the political spectrum go into a collective pearl-clutching meltdown at the prospect of four years of unfettered Trumpism.”As far as the markets are concerned the response has been more tempered to the one we observed eight years ago, when the volatility was much more pronounced.”- Key figures around 0710 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 39,500.37 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 20,728.19 (close)Shanghai – Composite: DOWN 0.5 percent at 3,452.30 (close)London – FTSE 100: UP 0.2 percent at 8,155.56Euro/dollar: DOWN at $1.0779 from $1.0801 on ThursdayPound/dollar: DOWN at $1.2965 from $1.2985Dollar/yen: DOWN at 152.62 yen from 152.92 yenEuro/pound: DOWN at 83.15 pence from 83.18 penceWest Texas Intermediate: DOWN 0.9 percent at $71.74 per barrelBrent North Sea Crude: DOWN 0.7 percent at $75.09 per barrelNew York – Dow: FLAT at 43,729.34 (close)

China is expected to unveil a huge support package for the struggling economy Friday as officials wrap up a key meeting eyeing on the possibility of intensified trade tensions with US president-elect Donald Trump.Economists predict Beijing will approve hundreds of billions of dollars of help, with a focus on indebted local governments as well as cash for banks aimed at writing off non-performing loans.Policymakers were keeping tabs on the US vote as they gathered in the Chinese capital this week for a meeting of the country’s top lawmaking body.Trump promised during his campaign of punishing tariffs on Chinese goods that threaten further grief for the world’s second-largest economy, which is already grappling with a prolonged housing crisis and sluggish consumption.Observers say Beijing could seek to cushion that blow with a long-awaited “bazooka stimulus” for the economy — though caution details might still take time.The meeting, originally scheduled for late October, was likely pushed back to allow “policymakers a chance to address a possible Trump win”, Lynn Song, chief economist for Greater China at ING, said.”In our view, the odds for a larger policy support package will rise somewhat with a Trump victory,” he added.Trump’s victory is “not necessarily bad for China as this may ‘pressure’ Beijing for a bigger stimulus”, Qi Wang, CIO of UOB Kay Hian Wealth Management, said on X.State media this week reported that officials had reviewed a bill to raise local government debt ceilings.That move, touted last month, would allow authorities to borrow more to fund the acquisition of unused land for development — a move aimed at pulling the property market out of a prolonged slump.Beijing began to unveil a raft of measures in September aimed at boosting economic activity, including rate cuts and the easing of some home purchasing restrictions, but analysts have bemoaned the lack of detail so far.Trump’s re-election provides a need for greater urgency, experts say, though caution may still prevail as officials try to avoid piling on more government debt.”Any potential stimulus size may be bigger, but so is the pressure,” Gary Ng, senior economist at Natixis, said.”The market may still not get the economic boosters it wants,” he warned.- ‘Turning point’ -In Beijing on Friday, people acknowledged recent woes but expressed cautious optimism about the future of their country’s economy.Han Xi, a 32-year-old man from Shanxi province in northern China, began a new auditing job in Beijing this week after resigning from his previous company in April.”I have sent out resumes during this period, but you can see it takes more than half a year to get a new job,” Han told AFP, adding that “many companies are laying off employees right now”.”But from a macroeconomic perspective, I’m generally optimistic,” Han added.”Even though we’re still in a downturn cycle, I think we are close to the turning point, though we haven’t quite reached it yet.”Guo Hailong, a 35-year-old from the northern China’s Inner Mongolia region, told AFP on Friday that his Beijing noodle shop was receiving noticeably fewer customers.But he told AFP that he was confident in Chinese leaders’ ability to effectively steer the economy through its current headwinds.”We just do our business well, provide good service, produce good products and ensure quality,” Guo said.”We can’t do anything if customers don’t come to eat.”China’s Premier Li Qiang this week said he was “fully confident” that the country would hit its growth target of around five percent for 2024, even after figures showed the economy saw its slowest expansion in a year and a half during the third quarter.And in a rare bright spot, data Thursday showed the nation’s exports surged last month at their fastest pace in more than two years.But Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, warned “we cannot rely on exports to carry China’s economy”. 

Asian equities extended gains Friday, tracking another Wall Street record after the Federal Reserve cut interest rates and on the prospect of market-friendly policies from a Trump administration.Traders are also keenly awaiting the end of a week-long meeting of key Chinese officials who have been hammering out a major stimulus package for the world’s number two economy with an eye on the US election result.While there are concerns that another four years of Donald Trump could see a rise in tensions between Beijing and Washington, investors are optimistic that his plans to slash taxes and push through more deregulation will boost companies’ bottom lines.There are also worries that the Republican’s policies could stoke inflation again, dealing a blow to the Fed’s long-running battle against prices.But central bank boss Jerome Powell added to the upbeat mood Thursday by insisting that the outcome of this week’s vote would have no impact on policymakers’ decision-making, adding that they would make their decisions based on data.After the policy board cut rates 25 basis points to 4.50-4.75 percent, as expected following September’s 50-point reduction, Powell said: “We don’t guess, we don’t speculate, and we don’t assume.”The Fed’s post-meeting statement said that “labour market conditions have generally eased” since earlier in the year and noted progress in bringing inflation down to its two percent target. Traders are now trying to ascertain the outlook for another cut in December.”With Powell squarely focused on labour, the combination of an inflation rate now in the realm of the Fed’s target means it can easily justify further cuts,” said Robert Tipp and Tom Porcelli at PGIM Fixed Income.”Although uncertainty abounds, the Fed’s year-end 2025 forecast for a Fed funds rate of 3.5 percent is still a useful starting point for where this cycle is going.”On Wall Street, the S&P 500 and Nasdaq rallied again to hit fresh records, helped by strong performances by tech titans Apple, Google parent Alphabet and Facebook’s Meta.Asia took up the baton in early trade, with Tokyo, Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington and Jakarta all higher heading into the weekend.On currency markets, the dollar edged up slightly against the yen after dropping in reaction to the Fed cut.Investors are eyeing the outcome of the week-long gathering in Beijing of officials working to hash out a stimulus to kickstart China’s economy.Economists expect lawmakers to approve hundreds of billions of dollars in extra budget, with a lot of focus on helping indebted local governments as well as cash for banks, aimed at writing off non-performing loans over the past four years.The meeting comes amid uncertainty about the outlook for China after the election of Trump, who warned during his campaign that he would hit imports from the country with huge tariffs of up to 60 percent.”On balance, it is likely that Trump’s electoral victory presents additional downward pressure to China’s growth in the next few years (depending on various policy responses in both the US and China),” said National Australia Bank’s Gerard Burg.However, Michael Hewson at MCH Market Insights, added: “There is a sense of déjà vu with respect to Donald Trump winning the US presidential election, both politically as well as from a market point of view.”On the one hand we have some serious hand-wringing going on as some parts of the political spectrum go into a collective pearl-clutching meltdown at the prospect of four years of unfettered Trumpism.”As far as the markets are concerned the response has been more tempered to the one we observed eight years ago, when the volatility was much more pronounced.”- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 39,515.36 (break)Hong Kong – Hang Seng Index: UP 0.6 percent at 21,084.10Shanghai – Composite: UP 0.6 percent at 3,490.75Euro/dollar: DOWN at $1.0789 from $1.0801 on ThursdayPound/dollar: DOWN at $1.2975 from $1.2985Dollar/yen: UP at 153.00 yen from 152.92 yenEuro/pound: DOWN at 83.15 pence from 83.18 penceWest Texas Intermediate: DOWN 0.5 percent at $72.00 per barrelBrent North Sea Crude: DOWN 0.4 percent at $75.35 per barrelNew York – Dow: FLAT at 43,729.34 (close)London – FTSE 100: DOWN 0.3 percent at 8,140.74 (close)

Venerated as incarnations of Hindu deities, India’s sacred cows are also being touted as agents of energy transition by a government determined to promote biogas production to cut its dependence on coal.It is an understatement to say that Nakul Kumar Sardana is proud of his new plant at Barsana, in India’s northern Uttar Pradesh state.Firstly, says the vice-president of a biomass joint venture between India’s Adani Group and France’s TotalEnergies, because it occupies “one of the holiest sites in the world”.A four-hour drive south of the smog-filled capital New Delhi, among fields bristling with brickyard smokestacks, the small town of Barsana welcomes pilgrims who come to honour the Hindu goddess Radha.But Sardana is also proud because his methanisation plant that opened in March is the “most technologically advanced and the largest biogas facility” in India.It was built in Barsana to be as close as possible to its raw fuel — cattle dung and harvest stubble.”This region is home to a million cows,” he said. “Their dung has been used as fuel for centuries in cooking”.Cows have been blamed for contributing to global warming because they produce methane — a powerful greenhouse gas — in their manure or when they belch.But in this case, the region is finding a creative use for the waste produced by the cattle, which are used for their milk. Eating them is taboo for many Hindus. Stalks left behind after the rice harvest — that would otherwise be burned — join the slurry.”Farmers are traditionally burning them, creating smog and pollution”, he added.”In using natural waste, we are not only producing compressed biogas, but also high-quality organic fertiliser.”Long lines of tractors dump dung and straw in the factory’s tanks, from which 10 tonnes of gas and 92 tonnes of fertiliser are produced each day.- ‘Convert waste’ -In its endless quest for power to fuel its economic growth, the world’s most populous nation — and third-largest fossil fuel polluter —  has pushed biogas to achieve a much-promised transition to carbon neutrality by 2070.In 2018, the government set itself an ambitious goal of building 5,000 biogas plants in six years.But despite generous subsidies and the introduction of a buyback guarantee, the project attracted little initial interest — until the government forced the hand of producers. From April 2025, at least one percent of liquid gas fuelling both vehicles and for domestic use must be biogas — rising to five percent by 2028.That prompted a response from key players, starting with billionaires Mukesh Ambani and Gautam Adani — both close to Prime Minister Narendra Modi — eying lucrative public contracts.Ambani promised his Reliance group would build 55 biogas plants by the end of 2025 to convert “food producers to energy producers” and generate 30,000 jobs.His rival Adani plans to invest around $200 million in the sector in the next three to five years.”The government is pushing to convert waste for the wealth of the country,” said Suresh Manglani, CEO of Adani Total Gas.The International Energy Agency (IEA) says both China and India are leading global growth in bioenergy, seen as one solution to mitigate global heating.Even though biofuel remains more expensive than conventional gas, Indian production is expected to grow by 88 percent by 2030, it predicts.Biogas is considered a clean energy because the waste used to produce it is completely natural, said Suneel Pandey of The Energy and Resources Institute.It is “a sustainable solution to make wealth from waste,” he told AFP.- ‘Potential is huge’ -But the contribution of biogas to India’s transition away from heavily polluting coal — currently fuelling nearly 70 percent of electricity — will be relatively small.India plans to more than double the share of gas in its energy mix — from six to 15 percent by 2030.But the bulk of that will be liquefied natural gas (LNG), with Adani and TotalEnergies opening an LNG port on India’s eastern coast at Dhamra.Burning gas to produce electricity also releases damaging emissions, although less than coal and oil.Total argues its backing of biogas is more about environmental responsibility than commercial opportunity.”Biogas goes way beyond figures and business plans,” said Sangkaran Ratnam, TotalEnergies chairman and managing director for India.”It has also a tremendously positive knock-on effect on the rural communities in terms of jobs, in terms of care for the environment, and alternative forms of income.” Tejpreet Chopra, head of renewable energy company Bharat Light and Power, said the biogas market is “small in the big picture of things” but the “potential is huge”.But the investments required are vast. The Barsana plant cost $25 million, while the price of biogas remains uncompetitive: $14 per cubic metre, compared to $6 for LNG.Yet Sardana remains more convinced than ever that biogas is key.”We will learn the nuts and bolts of it and improve all processes,” he said. “We stop wasting energy, we create rural jobs, and we are contributing to a more sustainable environment.”

The US Federal Reserve shrugged off concerns about the economic impact of Donald Trump’s election victory and moved ahead with a quarter point cut Thursday.   The Fed sits just a short walk from the White House, where Democratic President Joe Biden will in January hand back the keys to Trump following the Republican’s election win.But as expected, policymakers did their best to ignore the political drama playing out up the road, voting unanimously to trim interest rates by 25 basis points to between 4.50 and 4.75 percent, according to a Fed statement.”In the near term, the election will have no effects on our policy decisions,” Fed Chair Jerome Powell told reporters after the rate cut was announced, noting there was still uncertainty about what President-elect Trump’s actual economic agenda would be.”We don’t guess, we don’t speculate, and we don’t assume,” he said. Powell also insisted he would not resign if asked to leave early by the president-elect, adding that firing any of the other leaders among the Fed’s seven governors was “not permitted under the law.”The US central bank’s rate decision should help ease the costs of mortgages and other loans — welcome news for consumers, who had widely cited the cost of living as a top concern ahead of Tuesday’s vote. But the cost of borrowing will also depend on how financial markets think a Trump victory will impact the economy over the longer term, and where the Fed’s interest rates will need to settle to ensure inflation remains under control.Powell “stayed clear of commenting on the election outcome,” Nationwide chief economist Kathy Bostjancic told AFP on Thursday. “But I do think as we get into 2025 they are going to have to consider that.”- ‘Economy looks quite resilient’ -Polls and surveys indicate that Trump’s victory was aided by unhappiness over a post-pandemic surge in US inflation — which saw consumer prices rise more than 20 percent.Thursday’s decision adds to a previous rate cut in September, when the Fed kicked off its easing cycle with a larger half point decrease, and penciled in additional rate reductions this year.The Fed’s favored inflation gauge has since eased to 2.1 percent in September, while economic growth has remained robust.The labor market has also stayed strong overall, despite a sharp hiring slowdown last month attributed in large part to adverse weather conditions and a labor strike.”Generally speaking, the US economy looks quite resilient, and the labor market still looks very good,” Jim Bullard, the long-serving former St Louis Fed president, told AFP in an interview ahead of Election Day.”While the December meeting will depend on the data over the next six weeks, the tone from Powell today made us marginally more confident in our call for another 25bp (basis point) cut then,” JP Morgan’s chief US economist, Michael Feroli, wrote in a note to clients on Thursday.  – Fiscal discipline ‘broken down’ -With a Trump victory assured, a lot still depends on whether Republicans can hold onto the House of Representatives, as they appear on track to do — giving them a “Red Sweep” of both houses of Congress along with the White House.”Markets tend to like divided government as a way to control spending and keep deficits down,” said Bullard, who is now dean of the Daniels School of Business at Purdue University.”What’s distressing to an economist like me is that, really, fiscal discipline has broken down for both political parties,” he said.Trump’s victory also raises questions about the independence of the Fed. The president-elect has repeatedly accused Powell — whom he first appointed to run the US central bank — of working to favor the Democrats, and has suggested he would look to replace him once his term expires in 2026. Republicans are now in control of the US Senate, which votes on nominations to the Fed, giving Trump significant control over who the next head of the US central bank will be. Trump has also said he would like “at least” a say over setting the Fed’s interest rate — something that runs against the bank’s dual mandate to act independently of Congress and the White House to tackle inflation and unemployment.

Global stocks mostly rose Thursday, with US indices hitting fresh records as a Federal Reserve interest rate cut extended a post-election rally.While the Dow finished flat, both the S&P 500 and Nasdaq jumped to new all-time highs as the Fed shrugged off concerns about the impact of Donald Trump’s election victory and moved ahead with a quarter point interest rate cut.The central bank voted unanimously to reduce interest rates by 25 basis points to between 4.50 and 4.75 percent.Markets were cheered by Fed Chair Jerome Powell’s tone, which kept the door open to further interest rate cuts.”Of course, there’s going to be a debate about the pace of rate cuts, but policy makers and chair Powell mentioned that they continue to think that policy is restrictive,” said Angelo Kourkafas, senior investment strategist at Edward Jones.All three major indices had hit all-time highs on Wednesday as markets greeted Trump’s election win with the hope that tax cuts and the scaling back of regulation would offset the hit from higher tariffs.Analysts have cautioned that aggressive growth-oriented policies could reignite inflation.But Powell noted there was still uncertainty about what Trump’s actual economic agenda would be.”We don’t guess, we don’t speculate, and we don’t assume,” he said at a news conference.Large tech companies were big winners, with Apple, Google parent Alphabet and Facebook parent Meta all up more than two percent.But banking shares pulled back after a torrid session on Wednesday. Bank of America dropped 1.4 percent, while JPMorgan Chase fell 4.3 percent.Earlier, the Bank of England announced a widely expected 25-basis-point cut, its second reduction since August, as inflation in Britain fell below its target rate.  Sweden’s central bank also dropped borrowing costs by 50 basis points, its biggest reduction in a decade, while Norway made no change.Frankfurt stocks rose by 1.7 percent as the conservative opposition heaped pressure on German Chancellor Olaf Scholz’s crisis-hit government to allow for speedy elections by calling a confidence vote next week rather than in 2025.Christian Democrats chief Friedrich Merz made the demand after Scholz’s three-party coalition imploded Wednesday over the 2025 budget and fiscal policy.In Asia on Thursday, Chinese stocks rallied as investors brushed off concerns that China in particular would be the target of Trump’s tariffs.- Key figures around 2130 GMT -New York – Dow: FLAT at 43,729.34 (close)New York – S&P 500: UP 0.7 percent at 5,973.10 (close)New York – Nasdaq Composite: UP 1.5 percent at 19,269.46 (close)London – FTSE 100: DOWN 0.3 percent at 8,140.74 (close)Paris – CAC 40: UP 0.8 percent at 7,425.60 (close)Frankfurt – DAX: UP 1.7 percent at 19,362.52 (close)Tokyo – Nikkei 225: DOWN 0.3 percent at 39,381.41 (close)Hong Kong – Hang Seng Index: UP 2.0 percent at 20,953.34 (close)Shanghai – Composite: UP 2.6 percent at 3,470.66 (close)Euro/dollar: UP at $1.0801 from $1.0729 on WednesdayPound/dollar: UP at $1.2985 from $1.2879Dollar/yen: DOWN at 152.92 yen from 154.63 yenEuro/pound: DOWN at 83.18 pence from 83.31 penceWest Texas Intermediate: UP 0.9 percent at $72.36 per barrelBrent North Sea Crude: UP 1.0 percent at $75.63 per barrelburs-jmb/sst