Afp Business Asia

Global stock markets dipped and the dollar steadied Wednesday as investors bided their time ahead of a highly anticipated Federal Reserve policy announcement later in the day.On Wall Street, the needle barely moved with the tech-heavy Nasdaq off just 0.1 percent shortly after the open. The Dow added a handful of points to rise 0.2 percent while the S&P index was flat a few minutes into the session. Some two hours from the European close, London managed a slight rise of 0.2 percent, while most European markets slipped, Frankfurt and Paris both off around 0.4 percent after a lacklustre session in Asia.With US central bankers expected to cut interest rates for the third straight session on Wednesday, the main focus is on their post-meeting statement, Fed boss Jerome Powell’s news conference and the “dot plot” forecast for 2026 policy.”While there is a 90-percent chance of a rate cut at this meeting, the outlook is less clear,” said Kathleen Brooks, research director at traders XTB. “In the lead up to this meeting, bond traders are scaling back their expectations for future rate cuts, with only two further reductions expected throughout 2026,” she added.Traders were generally expecting a ‘hawkish’ 25 basis points trim.After November’s tech-led swoon, stock markets have enjoyed a healthy run in recent weeks as weak jobs figures reinforced expectations for another step lower in borrowing costs.But that has cooled heading into the Fed gathering following the release of US inflation data that was slightly higher than expected.US data on Tuesday showing an uptick in job openings — against estimates for a drop — further tempered expectations for a string of cuts next year.Still, there is some hope that the Fed will turn more dovish next year with US President Donald Trump’s top economic aide Kevin Hassett — the frontrunner to succeed Powell in May — saying he sees plenty of room to substantially lower rates.After a weak showing Tuesday in New York, where the S&P 500 and Dow dropped, Asia fared no better Wednesday.Tokyo, Sydney, Singapore, Seoul, Mumbai, Wellington, Jakarta and Manila all fell, though Hong Kong and Taipei edged up.Shanghai dropped even as data showed China’s consumer prices rose last month at their fastest pace in almost two years, following an extended period of deflationary pressure in the world’s second-largest economy.The price of silver hit a record high at $61.6145 an ounce owing to high demand for the metal used by industry as well as for making jewellery.It topped $60 for the first time Tuesday also thanks to supply constraints.Investors are also keenly awaiting earnings from software giant Oracle and chipmaker Broadcom, which will be used to judge the outlook for the tech sector in the wake of huge investments in artificial intelligence.Markets have been pumped higher for the past two years by the surge into all things AI, though there has been some concern of late that the hundreds of billions splashed out might not see returns as early as hoped.- Key figures at around 1450 GMT -New York – Dow: UP 0.2 percent at 47,661.70 pointsNew York – S&P 500: FLAT at 6,841.85New York – Nasdaq Composite: DOWN 0.1 percent at 23,551.74London – FTSE 100: UP 0.2 percent at 9,665.52Paris – CAC 40: DOWN 0.4 percent at 8,023.72Frankfurt – DAX: DOWN 0.4 percent at 24,061.57Tokyo – Nikkei 225: DOWN 0.1 percent at 50,602.80 (close) Hong Kong – Hang Seng Index: UP 0.4 percent at 25,540.78 (close)Shanghai – Composite: DOWN 0.2 percent at 3,900.50 (close)Dollar/yen: DOWN at 156.59 yen from 156.90 yen on TuesdayEuro/dollar: UP at $1.1637 from $1.1630 Pound/dollar: UP at $1.3327 from $1.3300Euro/pound: DOWN at 87.32 pence from 87.43 penceBrent North Sea Crude: DOWN 0.5 percent at $61.63 per barrelWest Texas Intermediate: DOWN 0.5 percent at $57.94 per barrel

Stock markets mostly fell and the dollar steadied Wednesday following a tepid day on Wall Street as investors bided their time ahead of a highly anticipated Federal Reserve policy announcement later in the day.London managed a slight rise, while most European markets slipped around midday after a lacklustre session in Asia.With US central bankers expected to cut interest rates for the third straight session on Wednesday, the main focus is on their post-meeting statement, Fed boss Jerome Powell’s news conference and the “dot plot” forecast for 2026 policy.”While there is a 90 percent chance of a rate cut at this meeting, the outlook is less clear,” said Kathleen Brooks, research director at traders XTB. “In the lead up to this meeting, bond traders are scaling back their expectations for future rate cuts, with only two further reductions expected throughout 2026,” she added.After November’s tech-led swoon, stock markets have enjoyed a healthy run in recent weeks as weak jobs figures reinforced expectations for another step lower in borrowing costs.But that has cooled heading into the Fed gathering following the release of US inflation data that was slightly higher than expected.US data on Tuesday showing an uptick in job openings — against estimates for a drop — further tempered expectations for a string of cuts next year.Still, there is some hope that the Fed will turn more dovish next year with US President Donald Trump’s top economic aide Kevin Hassett — the frontrunner to succeed Powell in May — saying he sees plenty of room to substantially lower rates.After a weak showing Tuesday in New York, where the S&P 500 and Dow dropped, Asia fared no better Wednesday.Tokyo, Sydney, Singapore, Seoul, Mumbai, Wellington, Jakarta and Manila all fell, though Hong Kong and Taipei edged up.Shanghai dropped even as data showed China’s consumer prices rose last month at their fastest pace in almost two years, following an extended period of deflationary pressure in the world’s second-largest economy.The price of silver hit a record high at $61.6145 an ounce owing to high demand for the metal used by industry as well as for making jewellery.It topped $60 for the first time Tuesday also thanks to supply constraints.Investors are also keenly awaiting earnings from software giant Oracle and chipmaker Broadcom, which will be used to judge the outlook for the tech sector in the wake of huge investments in artificial intelligence.Markets have been pumped higher for the past two years by the surge into all things AI, though there has been some concern of late that the hundreds of billions splashed out might not see returns as early as hoped.- Key figures at around 1100 GMT -London – FTSE 100: UP 0.1 percent at 9,649.85 pointsParis – CAC 40: DOWN 0.5 percent at 8,013.40Frankfurt – DAX: DOWN 0.5 percent at 24,035.46Tokyo – Nikkei 225: DOWN 0.1 percent at 50,602.80 (close) Hong Kong – Hang Seng Index: UP 0.4 percent at 25,540.78 (close)Shanghai – Composite: DOWN 0.2 percent at 3,900.50 (close)New York – Dow: DOWN 0.4 percent at 47,560.29 (close)Dollar/yen: DOWN at 156.77 yen from 156.90 yen on TuesdayEuro/dollar: UP at $1.1631 from $1.1630 Pound/dollar: UP at $1.3307 from $1.3300Euro/pound: DOWN at 87.40 pence from 87.43 penceBrent North Sea Crude: UP 0.2 percent at $62.08 per barrelWest Texas Intermediate: UP 0.3 percent at $58.44 per barrel

France is developing domestic production of electric vehicle batteries with an eye on industrial independence but Asian experts are proving key in launching operations.In the Verkor factory outside the northern city of Dunkirk, which will be inaugurated on Thursday, foreign specialists, notably from South Korea and Malaysia, are training the local staff.Verkor is the third battery gigafactory to open in northern France in a region that has become known as “Battery Valley”.At the AESC factory near the city of Douai, where production has been underway for several months, Chinese engineers and technicians supervise French recruits. “They are the ones who train us on the equipment, how to operate it, how to fix problems,” said Ericka Redjimi, 39.Redjimi arrived at AESC in May without any experience in the sector.”I sold clothes at open-air markets,” she said. Communication can prove complicated.”We use Google Translate often.” “I still need them, much less than at the beginning,” but “it’s reassuring that they are still here,” said Redjimi, who works in the section of the factory that makes battery cells.Once finished, autonomous robotic sleds transport the cells to another section of the factory where they are assembled into battery modules that are used to power Renault’s R4 and R5 models, as well as the Nissan Micra.- Skills transfer -By the end to the first quarter of 2026 the factory should be running at full speed, turning out batteries to equip 150,000 to 200,000 vehicles per year, said Ayumi Kurose, who heads up operations at AESC France.He said the first few months of production had gone pretty much as expected.”What’s always complicated is gaining mastery of the equipment” which often comes from Asia, and the training of staff, Kurose said.  Founded in Japan but now owned by China’s Envision, AESC has been manufacturing electric car batteries in Asia for 15 years.The group can rely on its in-house know-how to ensure “good practices from beginning” at its new factories elsewhere in the world, said Kurose.He said there are currently nearly 150 Chinese experts working at the Douai directing 800 local staff.These include experts in vision-based control of industrial machinery and cutting-edge soldering techniques.”The goal is really the transfer of skills,” said Kurose.The experts “come for between six months and two years, but they aren’t meant to stay,” he added.The Douai factory should be ready to operate on its own by the end of 2026, he estimated.One of the Chinese engineers also expressed confidence.”I have to say, my French colleagues, they are always working hard,” said He Xiaoming, 36.If they acquire the necessary knowledge and gain additional experience “they will go quite fast”, he added.- Chinese partner -The nearby ACC factory, the first battery gigafactory to open in France in 2024, is also scaling up production after a difficult start.”What we manufacture in a day now took us a month to do at the beginning of the year,” said ACC’s chief executive Yann Vincent.”We’re not yet where we want to be”, but in terms of the rate of defective cells and volumes “we’ve made significant improvement.”A joint venture of carmakers Stellantis and Mercedes-Benz plus energy firm TotalEnergies, ACC earlier this year struck a temporary partnership with a Chinese battery manufacturer.The company, the name of which ACC hasn’t disclosed, will manage one of its three production lines from A to Z until mid-2026.Vincent said the Chinese have learned an enormous amount in two decades of manufacturing electric vehicle batteries, while France began from zero five years ago.So “it’s better to rely on the people who know best” to speed up learning a “really delicate” manufacturing process.ACC, which currently employs 1,200 people at its Billy-Berclau factory, aims to manufacture batteries for 250,000 electric vehicles next year, against 10,000 to date.

South Korea and Japan reacted furiously on Wednesday after Chinese and Russian military aircraft conducted joint patrols around the two countries, with both Seoul and Tokyo scrambling jets.South Korea said it had lodged a protest with representatives of China and Russia, while Japan said it had conveyed its “serious concerns” over national security.According to Tokyo, two Russian Tu-95 nuclear-capable bombers on Tuesday flew from the Sea of Japan to rendezvous with two Chinese H-6 bombers in the East China Sea, then conducted a joint flight around the country.The incident comes as Japan is locked in a dispute with China over comments Prime Minister Sanae Takaichi made about Taiwan.The bombers’ joint flights were “clearly intended as a show of force against our nation”, defence minister Shinjiro Koizumi wrote on X Wednesday.Top government spokesman Minoru Kihara said that Tokyo had “conveyed to both China and Russia our serious concerns over our national security through diplomatic channels”.Seoul said Tuesday the Russian and Chinese warplanes entered its air defence zone and that a complaint had been lodged with the defence attaches of both countries in the South Korean capital.”Our military will continue to respond actively to the activities of neighbouring countries’ aircraft within the KADIZ in compliance with international law,” said Lee Kwang-suk, director general of the International Policy Bureau at Seoul’s defence ministry, referring to the Korea Air Defence Identification Zone.South Korea also said it deployed “fighter jets to take tactical measures in preparation for any contingencies” in response to the Chinese and Russian incursion into the KADIZ.The planes were spotted before they entered the air defence identification zone, defined as a broader area in which countries police aircraft for security reasons but which does not constitute their airspace.Japan’s defence ministry also scrambled fighter jets to intercept the warplanes.- ‘Routine exercise’ -Beijing later Tuesday confirmed it had organised drills with Russia’s military according to “annual cooperation plans”.Moscow also described it as a routine exercise, saying it lasted eight hours and that some foreign fighter jets followed the Russian and Chinese aircraft.Since 2019 China and Russia have regularly flown military aircraft into South Korea’s air defence zone without prior notice, citing joint exercises. In November last year Seoul scrambled jets as five Chinese and six Russian military planes flew through its air defence zone.Similar incidents occurred in June and December 2023, and in May and November 2022.Meanwhile Tokyo said Monday it had scrambled jets in response to repeated takeoff and landing exercises involving fighter jets and military helicopters from China’s Liaoning aircraft carrier as it cruised in international waters near Japan.  It also summoned Beijing’s ambassador after military aircraft from the Liaoning locked radar onto Japanese jets, the latest incident in the row ignited by Takaichi’s comments backing Taiwan.Takaichi suggested last month that Japan would intervene militarily in any Chinese attack on the self-ruled island, which Beijing claims as its own and has not ruled out seizing by force.

Most markets fell Wednesday following a tepid day on Wall Street as investors bided their time ahead of a highly anticipated Federal Reserve policy announcement later in the day.Earnings from tech giants Oracle and Broadcom this week are also in view amid lingering worries about an artificial intelligence-fuelled bubble that caused some panic on trading floors last month.With US central bankers expected to cut interest rates for the third straight session later Wednesday, the main focus is on their post-meeting statement, boss Jerome Powell’s news conference and the “dot plot” forecast for 2026 policy.After November’s tech-led swoon, markets have enjoyed a healthy run in recent weeks as weak jobs figures reinforced expectations for another step lower in borrowing costs.But that has cooled heading into the Fed gathering amid speculation it will announce a “hawkish cut” that plays down the chances of a fourth successive reduction.Data on Tuesday showing an uptick in job openings — against estimates for a drop — further tempered expectations for a string of cuts next year, with markets now pricing in two more over the next 12 months, compared with three previously seen.Pepperstone’s Chris Weston said the figures “catalysed a repricing of US forward Fed rate expectations”.After a weak day in New York, where the S&P 500 and Dow dropped, Asia fared no better.Tokyo, Sydney, Singapore, Seoul, Mumbai, Wellington, Jakarta and Manila all fell, though Hong Kong and Taipei edged up.Shanghai dropped even as data showed China’s consumer prices rose last month at their fastest pace in almost two years, following an extended period of deflationary pressure in the world’s second-largest economy.London, Paris and Frankfurt opened in the red.Still, there is some hope that the Fed will turn more dovish next year with President Donald Trump’s top economic aide Kevin Hassett — the frontrunner to succeed Powell in May — saying he sees plenty of room to substantially lower rates.”While he has indicated that he would respond to the data and that he would not bow to political pressure to decide whether to cut interest rates, if he becomes the next chair, it is clear that on the current backdrop he is comfortable with more easing” than many board members, wrote National Australia Bank’s Taylor Nugent.Aside from the Fed saga, investors are also keenly awaiting earnings from software giant Oracle and chipmaker Broadcom, which will be used to judge the outlook for the tech sector in the wake of huge investments in artificial intelligence.Markets have been pumped higher for the past two years by the surge into all things AI, though there has been some concern of late that the hundreds of billions splashed out might not see returns as early as hoped.”Oracle may not have a substantial weight in the S&P 500 or NAS100 to move the index on its own,” said Pepperstone’s Weston. “But what they detail on its capex intentions and future funding plans could resonate across the AI space.”- Key figures at around 0815 GMT -Tokyo – Nikkei 225: DOWN 0.1 percent at 50,602.80 (close) Hong Kong – Hang Seng Index: UP 0.4 percent at 25,540.78 (close)Shanghai – Composite: DOWN 0.2 percent at 3,900.50 (close)London – FTSE 100: DOWN 0.1 percent at 9,629.99 Dollar/yen: DOWN at 156.68 yen from 156.90 yen on TuesdayEuro/dollar: UP at $1.1643 from $1.1630 Pound/dollar: UP at $1.3322 from $1.3300Euro/pound: DOWN at 87.40 pence from 87.43 penceWest Texas Intermediate: UP 0.2 percent at $58.36 per barrelBrent North Sea Crude: UP 0.2 percent at $62.06 per barrelNew York – Dow: DOWN 0.4 percent at 47,560.29 (close)

China’s mammoth trade surplus with Europe as well as challenges faced by foreign firms in the country are incentivising Brussels to adopt more “offensive” policies, a business lobby warned Wednesday.The report by the European Union Chamber of Commerce in China underscores the turbulence in economic ties between the key trading partners, as they navigate heightened uncertainty sparked by Beijing-Washington tensions.Data this week showed that China’s global exports in the first 11 months of the year outpaced imports by more than $1 trillion, reaching the historic milestone even before December.A significant portion of that surplus was generated by shipments to the European Union, which last year ran a trade deficit with the country of more than $350 billion.China is “continuing to export ever greater quantities of goods to the EU — in part to compensate for weak domestic demand relative to supply growth”, wrote the EU Chamber of Commerce in China in a report Wednesday.Beijing is also “failing to address several long-standing concerns that European companies have about the country’s business environment”, it added.The trends mean that “China is pushing the EU to take a more offensive approach to its China policy than it currently does”, the report said.The warning comes less than a week after French President Emmanuel Macron said Europe would consider adopting strong measures against China — including tariffs — if the trade imbalance was not addressed.It also follows the Chamber’s publication of a survey earlier this month showing that one in three member companies were looking to shift sourcing out of China in response to tight export controls introduced this year by Beijing.The measures, which sent shockwaves across global manufacturing industries, include licence requirements for shipments of rare earth elements crucial to automobiles, defence equipment and other items.Beijing maintains its steps were necessary for national security, though they were widely viewed as retaliation in its trade war with the United States, now paused in a precarious truce.”The rare earths situation was a wake-up call for Europe,” said EU Chamber of Commerce in China president Jens Eskelund at a media event this week ahead of the report’s release.”You cannot assume that you will not inadvertently become collateral damage to someone else’s fight,” he added.The predicament is “scary” for companies and governments alike, said Eskelund.”It’s no longer just trade disputes; it’s been veering into security, and that is a different discussion.”

When Nepal’s government was toppled in September after deadly youth-led protests against economic stagnation and corruption, many in the impoverished country hoped for a period of meaningful political change.But experts warn that the upheaval — which killed 76 people and left thousands of buildings including parliament damaged — has pushed the nation backwards economically.Three months on from the September 8–9 protests, and with three months to go before elections on March 5, Nepal faces daunting challenges including rising unemployment and collapsing foreign investment.”My family depended entirely on my salary,” said Kamal Gautam, who lost his job as a kitchen worker at the Hyatt Regency when it was closed after rioters looted the hotel.”It’s been three months since my salary stopped, and I have no idea how to support my family,” 40-year-old Gautan, the sole breadwinner for his family of four, told AFP in their cramped one-room home in Kathmandu.Protests, initially triggered by anger over a brief government ban on social media, were spearheaded by protesters under the loose “Gen Z” umbrella.But anger at economic woes and a political elite accused of creaming off cash had primed the Himalayan nation of 30 million people for upheaval.After police cracked down on the protesters, the riots spread and on the second day more than 2,700 structures were torched, looted or damaged.- ‘Economic uncertainty’ -A preliminary report from the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) estimates losses exceeding $278 million, with nearly 15,000 people losing their jobs.Foreign direct investment commitments plunged 91 percent to just $14 million in the three months since mid-August, according to government data.Even before the unrest, the World Bank estimated that 82 percent of Nepal’s workforce was in informal employment, while one in five Nepalis aged 15–24 was jobless.In November, the bank revised its projections, warning that “reflecting the recent unrest and heightened political and economic uncertainty, real GDP growth is projected to slow to 2.1 percent” in 2025, from an earlier forecast of 5.1 percent.  It also raised its poverty estimate to 6.6 percent of the population this financial year, up from 6.2 percent. Some of Nepal’s largest companies — major contributors to state revenue — suffered heavy losses, including Bhat-Bhateni supermarkets, the Chaudhary Group conglomerate and the telecom provider Ncell.”Multinational companies are psychologically disturbed, even national entrepreneurs are in the position of wait and see,” economist Chandra Mani Adhikari told AFP.”We assume that, even now, only half of the country’s economy is running.”- ‘Loss is immense’ -Remittance inflows surged between mid-September and mid-October, crossing 200 billion Nepali rupees ($1.4 billion) in a single month for the first time. Remittances make up the equivalent of around a third of Nepal’s gross domestic product.Tourism — which contributes about 6.6 percent to GDP — was also hit hard. Visitor numbers plunged 18 percent year-on-year in September.In Pokhara, one of Nepal’s key tourist hubs, Hotel Sarowar was set ablaze.”The loss is immense,” chairman Bharat Raj Pahari told AFP. “It has directly affected 750 family members.”Mani Raj Lamichhane, the head of the Nepal Tourism Board in Pokhara for Gandaki province, estimated the industry lost more than $20 million. “Many tourists cancelled their travel to Pokhara, and hotel occupancy dropped by over 90 percent throughout September,” he said.While visitor numbers rebounded in November, the effects of the unrest continue to ripple, and workers like Kamal Gautam are still adrift.”I can neither go back to the village, nor can I live in this expensive city,” he said.

Asian markets retreated Wednesday following a tepid day on Wall Street as investors bided their time ahead of a highly anticipated Federal Reserve policy announcement later in the day.Earnings from tech giants Oracle and Broadcom this week are also in view amid lingering worries about an AI-fuelled bubble that caused some panic on trading floors last month.With US central bankers expected to cut interest rates for the third straight session later Wednesday, the main focus is on their post-meeting statement, boss Jerome Powell’s news conference and the “dot plot” forecast for 2026 policy.After November’s tech-led swoon, markets have enjoyed a healthy run in recent weeks as weak jobs figures reinforced expectations for another step lower in borrowing costs.But that has cooled heading into the Fed gathering amid speculation it will announce a “hawkish cut” that plays down the chances of a fourth successive reduction.Data on Tuesday showing an uptick in job openings — against estimates for a drop — further tempered expectations for a string of cuts next year, with markets now pricing in two more over the next 12 months, compared with three previously seen.Pepperstone’s Chris Weston said the figures “catalysed a repricing of US forward Fed rate expectations”.After a weak day in New York, where the S&P 500 and Dow dropped, Asia fared no better.Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Wellington, Jakarta and Manila all fell, though Taipei edged up and Seoul was flat.Still, there is some hope that the Fed will turn more dovish next year with President Donald Trump’s top economic aide Kevin Hassett — the frontrunner to succeed Powell in May — saying he sees plenty of room to substantially lower rates”While he has indicated that he would respond to the data and that he would not bow to political pressure to decide whether to cut interest rates, if he becomes the next chair, it is clear that on the current backdrop he is comfortable with more easing” than many board members, wrote National Australia Bank’s Taylor Nugent.Aside from the Fed saga, investors are also keenly awaiting earnings from software giant Oracle and chipmaker Broadcom, which will be used to judge the outlook for the tech sector in the wake of huge investments in artificial intelligence.Markets have been pumped higher for the past two years by the surge into all things AI, though there has been some concern of late that the hundreds of billions splashed out might not see returns as early as hoped.”Oracle may not have a substantial weight in the S&P 500 or NAS100 to move the index on its own,” said Pepperstone’s Weston. “But what they detail on its capex intentions and future funding plans could resonate across the AI space.”- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.4 percent at 50,448.28 (break) Hong Kong – Hang Seng Index: DOWN 0.2 percent at 25,393.52Shanghai – Composite: DOWN 0.5 percent at 3,888.30Dollar/yen: DOWN at 156.65 yen from 156.90 yen on TuesdayEuro/dollar: DOWN at $1.1625 from $1.1630 Pound/dollar: DOWN at $1.3298 from $1.3300Euro/pound: DOWN at 87.41 pence from 87.43 penceWest Texas Intermediate: UP 0.3 percent at $58.43 per barrelBrent North Sea Crude: UP 0.3 percent at $62.12 per barrelNew York – Dow: DOWN 0.4 percent at 47,560.29 (close)London – FTSE 100: FLAT at 9,642.01 (close) 

Australia banned under-16s from social media in a world-first crackdown on Wednesday, declaring it was time to “take back control” from formidable tech giants.A raft of popular apps and websites — Facebook, YouTube, Instagram and X among them — face US$33 million fines if they fail to purge Australia-based users younger than 16.Australia becomes one of the first nations to push back so forcefully against tech companies with immense political power, in a move other countries are looking at closely. “Enough is enough,” Prime Minister Anthony Albanese said.  “It is one of the biggest social and cultural changes that our nation has faced.”We will take back control.”The government says unprecedented measures are needed to protect children from “predatory algorithms” filling phone screens with bullying, sex and violence. The laws came into effect after midnight local time across Australia. Hundreds of thousands of adolescents woke up to find themselves locked out of apps they once scrolled through for hours each day.Bianca Navarro, 10, was already counting the years until she could log in again to YouTube. “It will be pretty sad because I have six years until I can watch it,” she told AFP. – Blacklisted -Facebook, Instagram, YouTube, TikTok, Snapchat and Reddit are forbidden from creating or keeping accounts belonging to users in Australia under 16. Streaming platforms Kick and Twitch are also on the government’s blacklist, as are Threads and X. The ban has been hailed as a godsend for parents sick of seeing children stuck to their phones. Mia Bannister blamed social media for the suicide of her teenage son Ollie, who killed himself last year after he was bullied online. He was also being served endless dieting videos that fuelled an eating disorder, she said. “I’m sick of the social media giants shirking responsibility,” she told AFP in the lead-up to the ban. “The problem is we hand them a phone and we hand them the greatest weapon we could hand them.”A growing body of research suggests too much time online is taking a toll on teen wellbeing. But it is hard to draw firm conclusions that separate phone use from other lifestyle factors, experts say.Father-of-five Dany Elachi said the restrictions were a long-overdue “line in the sand”. “We need to err on the side of caution before putting anything addictive in the hands of children,” he told AFP.- ‘Really distracted’ -Tech-savvy teenagers the world over have taken an interest in Australia’s measures. “Students nowadays, they are really distracted,” said Nigerian high-schooler Mitchelle Okinedo, 15.”Social media today is very important for expressing yourself, no matter how old you are,” said Santiago Ramirez Rojas, 16, from Mexico City. YouTube, Meta and other social media giants have lined up to condemn the ban.Meta, the parent company of Facebook and Instagram, said children were already flocking to darker online spaces.”We’ve consistently raised concerns that this poorly developed law could push teens to less regulated platforms or apps,” the US-based firm told AFP in a statement. “We’re now seeing those concerns become reality.”Elon Musk’s X told young users the ban was “not our choice”.”It’s what the Australian law requires.” Lesser-known chat and image-sharing apps Lemon8 and yope, which are not currently listed in the social media ban, have shot up the download charts in Australia.While most platforms have begrudgingly agreed to comply, for now, legal challenges are in the wind. Online discussion site Reddit said Tuesday it could not confirm local media reports that said it would seek to overturn the ban in Australia’s High Court. An Australian internet rights group has launched its own bid to have teenagers re-instated to social media. – Rushed or reasonable? -Australia’s efforts will be closely watched by all those worried about the dangers of social media. New Zealand and Malaysia are mulling similar restrictions. The Australian government concedes the ban will be far from perfect at the outset and canny teenagers will find ways to slip through the cracks. But platforms face the threat of Aus$49.5 million (US$33 million) fines if they fail to take “reasonable steps” to stop this happening.  It remains to be seen how Australia’s internet safety regulator will interpret what counts as reasonable. Social media companies bear the sole responsibility for checking users are 16 or older.Some platforms say they will use AI tools to estimate ages based on photos, while young users may also choose to prove their age by uploading government ID. Which platforms fall under the ban continues to be debated. Popular apps and websites such as Roblox, Pinterest and WhatsApp are currently exempt — but the government has stressed that the list remains under review.Most social media platforms already require users be at least 13, a legacy of US laws setting the minimum age for data collection without parental consent. 

South Korean chip giant SK hynix said on Wednesday it was considering a US stock market listing using treasury shares as part of efforts to boost shareholder value.SK hynix is one of the world’s leading memory chip makers — along with Samsung Electronics — manufacturing chips essential for artificial intelligence products and the data centres that the fast-evolving industry relies on.In a regulatory filing, SK hynix said it was “considering various measures to enhance shareholder value, including listing on the US stock market using treasury shares, but no decisions have been finalised yet”.The company said it was considering listing its treasury shares as American Depositary Receipts (ADRs), instruments representing a foreign stock that is traded on a US exchange.”We will make a further announcement once the specific details are finalised, or within one month,” it added.SK hynix shares were up 4.6 percent in early trading in Seoul.Industry sources have speculated that SK hynix could be seeking underwriters for a potential ADR programme using treasury shares — shares bought back by the company that issued them.ADRs, issued by US depositary banks, allow foreign shares to trade in the United States like domestic stocks.South Korea’s government has said it will triple spending on artificial intelligence next year as it hopes to propel the country into the ranks of the world’s top three AI powers alongside the United States and China.Analysts say SK hynix’s US listing could unlock pent-up valuation in the South Korean market by drawing in global investors.They are also seen as potentially narrowing the valuation gap between the South Korean chip giant and US peers like Micron.In October the firm reported record profit in the third quarter, boosted by strong demand for artificial intelligence.The strong performance followed signed partnerships with AI giants including OpenAI and Broadcom to supply advanced memory chips.South Korea’s presidential office is also set to hold a meeting on its national chip strategy Wednesday, attended by government officials as well as executives from Samsung and SK hynix.