Japan government to approve $140bn stimulus
Japan’s minority government was set Friday to sign off on a $140-billion stimulus drive aimed at putting more money in consumers’ pockets after the ruling party’s worst election result in 15 years.The October 27 contest saw voters — angry over corruption in the Liberal Democratic Party (LDP) and inflation — deprive new Prime Minister Shigeru Ishiba’s coalition of a majority in parliament’s lower house.Chief government spokesman Yoshimasa Hayashi said Friday that the package — reportedly worth 21.9 trillion yen ($141.8 billion) — would be approved by Ishiba’s cabinet later in the day.”The package will have business impacts worth around 39 trillion yen and additional general account spending, which provide backing for the package, will be 13.9 trillion yen,” Hayashi said.”We aim to emerge out of the cost-cut style economy and transfer into the high added value creation economy,” he told reporters.It includes energy and fuel subsidies and cash handouts up to 30,000 yen ($194) to low-income households in the world’s fourth-biggest economy, according to the media.To pay for the package, the second in as many years, the government will table a supplementary budget by the end of the year in the lower house.To win enough lawmakers’ support, Ishiba agreed to include the lifting of an income tax threshold pushed by the opposition Democratic Party for the People (DPP).The smaller party says this will ease labour shortages and boost consumer spending by encouraging part-time staff to work longer hours and earn more.But critics worry that this will reduce tax revenues by trillions of yen and increase Japan’s huge debt pile, which equates to more than 200 percent of gross domestic product.The strain on Japan’s public finances is set to grow with the number of pensioners rising and the number of people working and paying into state coffers projected to decline.- ‘Quiet emergency’ -With the Bank of Japan expected to keep hiking interest rates, this debt mountain will also cost more and more, SMBC Nikko Securities economist Yoshimasa Maruyama said.Tax cuts “must be accompanied by a permanent source of revenue to fill the gap”, Maruyama wrote in a research note.Ishiba, 67, has promised to revitalise depressed rural regions and to address the “quiet emergency” of Japan’s shrinking population with measures to support families such as flexible working hours.Going forward, businesses worry that the need to curry favour with opposition parties means Ishiba will avoid reforms needed to improve Japan’s competitiveness.There are also concerns that the government may pressure the Bank of Japan to go slow on raising interest rates, even if this leads to a weaker yen.Government data Friday put headline inflation last month at a modest 2.3 percent, but it showed rice up nearly 60 percent year-on-year, revealing the pain for ordinary Japanese.The price of the staple rocketed because of hot weather and water shortages and after a “megaquake” warning in August led to hoarding. Record inflows of hungry tourists were also blamed.Separately, Ishiba has promised to spend 10 trillion yen through 2030 to boost Japan’s semiconductor and artificial intelligence sectors and help the nation regain its tech edge.The new stimulus package may include plans for the government to buy a 200-billion-yen stake in next-generation chip venture Rapidus, according to media reports.After dominating tech in the 1980s, “Japan had a quite a long period of almost just sitting back and observing a lot of this innovation, particularly when it comes to artificial intelligence”, said Kelly Forbes at the AI Asia Pacific Institute.”What we have seen in the last maybe two to three years is Japan really waking up to the potential” of such developments, she told AFP.
Most Asian markets track Wall St gains, bitcoin closes on $100,000
Most Asian markets gained Friday after a bounce on Wall Street, while bitcoin continued its march higher to move within touching distance of the $100,000 mark.Rising geopolitical tensions tempered the atmosphere and pushed oil higher after Russia hit Ukraine with a new-generation intermediate-range missile and sent a warning to the West.The gains in equities followed a retreat in most regional bourses Thursday after a forecast-topping earnings report from chip titan Nvidia still fell short of investors’ hopes and sparked worries that a tech-fuelled surge in markets may have run its course.However, all three main indexes on Wall Street ended on a positive note with observers saying traders had dialled back their gloom over Nvidia as they digested pledges by the firm over production of its keenly anticipated Blackwell line-up.Investors also took heart from comments by Chicago Federal Reserve chief Austan Goolsbee, who said he saw interest rates coming down more as the US central bank makes progress in bringing inflation down to its two percent target.He pointed out that regarding the jobs market and prices “things are getting close to where we want to settle”, adding that “it follows that we will probably need to move rates to where we think they should settle, too”.”If we look out over the next year or so, it feels to me like rates will end up a fair bit lower than where they are today,” he said.The remarks helped temper recent worries that the Fed will have to scale back its rate plans if US President-elect Donald Trump pushes through his promised tax cuts and import tariffs, which some warn could reignite inflation.The gains in New York filtered through to Asia.Tokyo climbed one percent as the government prepares to announce a $140 billion stimulus package to kickstart the country’s stuttering economy, while Sydney, Seoul, Singapore, Wellington, Taipei and Jakarta also rose.Hong Kong, Shanghai and Manila slipped.Bitcoin, meanwhile, continued its heady run higher and broke $99,000 for the first time.While it eased back slightly soon after, there is a broad expectation that it will soon burst through $100,000 as investors grow increasingly hopeful that Trump will pass measures to deregulate the crypto sector.Bets on an easier environment for digital units in a Trump White House have seen bitcoin soar more than 40 percent since his election victory this month, while it has more than doubled since the turn of the year.Adding to the positive vibes was news that Securities and Exchange Commission chair Gary Gensler — who oversaw a number of measures to rein in cryptocurrencies — intends to leave when Trump takes office on January 20, Bloomberg reported. Oil prices edged higher on rising Ukraine worries after Russian President Vladimir Putin said Thursday that the conflict had characteristics of a “global” war and did not rule out strikes on Western countries.His comments came after Moscow test-fired a new missile at its neighbour, which Ukraine President Volodymyr Zelensky called a major ramping up of the “scale and brutality” of the war.Both main crude contracts extended the two percent gains seen Thursday when natural gas prices also hit their highest level in a year.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 1.0 percent at 38,415.32 (break)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 19,561.61Shanghai – Composite: DOWN 0.4 percent at 3,355.75Euro/dollar: DOWN at $1.0470 from $1.0476 on ThursdayPound/dollar: DOWN at $1.2585 from $1.2587Dollar/yen: DOWN at 154.42 yen from 154.54 yenEuro/pound: DOWN at 83.18 pence from 83.20 penceWest Texas Intermediate: UP 0.4 percent at $70.39 per barrel    Brent North Sea Crude: UP 0.4 percent at $74.49 per barrelNew York – Dow: UP 1.1 percent at 43,870.35 (close)London – FTSE 100: UP 0.8 percent at 8,149.27 (close)
‘Moment of truth’ for world-first plastic pollution treatyFri, 22 Nov 2024 03:07:37 GMT
Plastic pollution litters our seas, our air and even our bodies, but negotiators face an uphill battle next week to agree on the world’s first treaty aimed at ending the problem.Countries will have a week in South Korea’s Busan from Monday to round off two years of negotiations.They remain deeply divided on whether the deal …
‘Moment of truth’ for world-first plastic pollution treatyFri, 22 Nov 2024 03:07:37 GMT Read More »
Macron juge les dirigeants haïtiens “complètement cons”, vive protestation d’Haïti
Le président Emmanuel Macron a jugé les responsables d’Haïti “complètement cons” d’avoir limogé il y a dix jours leur Premier ministre, s’attirant les foudres de Port-au-Prince qui a protesté auprès du chef de la diplomatie française Jean-Noël Barrot et convoqué son ambassadeur.Tout est parti d’une vidéo tournée mercredi en marge du sommet du G20 à Rio, en dehors de la présence de la presse, et qui a circulé sur les réseaux sociaux.M. Macron quittait alors le Brésil pour le Chili.Dans cette vidéo, le chef de l’État répond, selon son entourage, à un Haïtien qui l’interpelle “de manière insistante” en l’accusant lui et la France “d’être responsables de la situation en Haïti”. “Là franchement, c’est les Haïtiens qui ont tué Haïti, en laissant le narcotrafic”, lui répond Emmanuel Macron. “Et là , ce qu’ils ont fait, le Premier ministre était super, je l’ai défendu, ils l’ont viré!”, ajoute-t-il en référence au limogeage le 10 novembre du chef du gouvernement Garry Conille, nommé cinq mois plus tôt, par le Conseil présidentiel de transition haïtien (CPT).- “Premier ministre formidable” -“C’est terrible. C’est terrible. Et moi, je ne peux pas le remplacer. Ils sont complètement cons, ils n’auraient jamais dû le sortir, le Premier ministre était formidable”, poursuit-il avant que la vidéo s’interrompe.Les autorités d’Haïti, pays pauvre des Caraïbes en plein chaos politique, socio-économique, sécuritaire et humanitaire, ont vivement réagi.Le ministre des Affaires étrangères Jean-Victor Harvel Jean-Baptiste a convoqué jeudi l’ambassadeur de France Antoine Michon et protesté contre les “propos jugés inacceptables” du président Macron, selon un communiqué officiel obtenu par l’AFP.Port-au-Prince a exprimé “l’indignation du Pouvoir de Transition face à ce qu’il considère comme un geste inamical et inapproprié qui mérite d’être rectifié” et “une lettre de protestation adressée au ministre de l’Europe et des Affaires étrangères Jean-Noël Barrot a été remise à l’ambassadeur” Michon.Selon la diplomatie haïtienne, le diplomate français a “reconnu qu’il s’agissait de propos malheureux”. Arrivé jeudi au Chili, Emmanuel Macron est revenu sur la crise haïtienne lors d’un discours sur la relation avec l’Amérique latine prononcé devant le Congrès du Chili, à Valparaiso.”La France continuera d’apporter son soutien au peuple haïtien et de soutenir toutes les initiatives visant à rétablir la sécurité et recréer un chemin vers une situation politique stable. Les Haïtiens le méritent”, a-t-il déclaré.La décision de démettre Garry Conille est survenue alors que le CPT souhaitait changer des responsables des ministères de la Justice, des Finances, de la Défense et de la Santé, contre son avis. Pour M. Conille, “la résolution du Conseil présidentiel de transition (…) est clairement entachée d’illégalité”. Il a été remplacé dès le 11 novembre par l’homme d’affaires Alix Didier Fils-Aimé qui a promis de rétablir la sécurité et d’organiser les premières élections depuis 2016.Privé de président depuis 2021, Haïti pâtit depuis des dizaines d’années d’une instabilité politique chronique. Le pays fait aussi face à la violence des gangs, accusés de meurtres, d’enlèvements et de violences sexuelles.Au moins 150 personnes ont été tuées en une semaine dans la capitale Port-au-Prince, contrôlée dorénavant à 85% par ces bandes criminelles, portant le bilan à au moins 4.544 morts dans le pays depuis le début de l’année, selon l’ONU.burs-nr/cha
Global stocks mostly cheer Nvidia results as bitcoin gains
Global stocks mostly rose Thursday following strong earnings from artificial intelligence leader Nvidia as bitcoin prices zoomed near $100,000 and oil prices rose.Nvidia itself had a volatile day, finishing modestly higher after several reversals. The chip company reported a whopping $19 billion in profits, although investors wondered if its current rate of stupendous growth is sustainable.But stocks rose as a “relief trade” after the Nvidia report, said Briefing.com analyst Patrick O’Hare, who noted that investors had feared a disappointing Nvidia announcement would spark a tech sell-off.All three major US indices rose, led by the Dow, which won more than one percent.The pickup on US markets also helped European bourses shake off early weakness.O’Hare called Thursday’s rally a “broad-based move,” noting nine of 11 US sectors rose and adding that investors are hopeful about a year-end rally.But worsening tensions between Russia and Ukraine also loom as a risk.Russian President Vladimir Putin said Thursday that the conflict in Ukraine had characteristics of a “global” war and did not rule out strikes on Western countries.Putin spoke out after a day of frayed nerves, with Russia test-firing a new generation intermediate-range missile at Ukraine.Ukraine’s President Volodymyr Zelensky branded the strike a major ramping up of the “scale and brutality” of the war by a “crazy neighbor”, while Kyiv’s main backer the United States said that Russia was to blame for escalating the conflict “at every turn”.The tension helped push oil prices up around two percent and played a role in lifting natural gas prices to their highest level in a year.The dollar also continued to push higher, boosted by the falling odds of further Federal Reserve interest rate cuts, as well as the greenback’s status as a haven currency.But the day’s most impressive action may have been bitcoin, which soared above $99,000. The cryptocurrency has been lifted by expectations that Donald Trump, spurred by cryptocurrency cheerleader Elon Musk, will bring it further into everyday use upon re-entering the White House in January.”Will Americans be able to use crypto to pay their taxes in the future? There is a bigger possibility of this happening now than before the election,” said Kathleen Brooks, research director at XTB.In Asia, shares in Indian conglomerate Adani Group tanked after US prosecutors charged its owner Gautam Adani with handing out more than $250 million in bribes for key contracts.Flagship operation Adani Enterprises dived almost 20 percent, while several of its subsidiaries — from coal to media businesses — lost 10 to 20 percent. Among other companies, Google parent Alphabet tumbled 4.6 percent after the Justice Department asked a federal court to order Google to sell its widely used Chrome browser in a major antitrust crackdown.DOJ also asked the court to ban deals for Google to be the default search engine on smartphones and prevent it from exploiting its Android mobile operating system.- Key figures around 2130 GMT -New York – Dow: UP 1.1 percent at 43,870.35 (close)New York – S&P 500: UP 0.5 percent at 5,948.71 (close)New York – Nasdaq: UP less than 0.1 percent at 18,972.42 (close)London – FTSE 100: UP 0.8 percent at 8,149.27 (close)Paris – CAC 40: UP 0.2 percent at 7,213.32 (close)Frankfurt – DAX: UP 0.7 percent at 19,146.17 (close)Tokyo – Nikkei 225: DOWN 0.9 percent at 38,026.17 (close)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 19,601.11 (close)Shanghai – Composite: UP 0.1 percent at 3,370.40 (close)Euro/dollar: DOWN at $1.0476 from $1.0544 on WednesdayPound/dollar: DOWN at $1.2587 from $1.2652Dollar/yen: DOWN at 154.54 yen from 155.44 yenEuro/pound: DOWN at 83.20 pence from 83.33 penceBrent North Sea Crude: UP 2.0 percent at $74.23 per barrelWest Texas Intermediate: UP 2.0 percent at $70.10 per barrel   Â
Algérie: Emmanuel Macron “très préoccupé” par la “disparition” de l’écrivain Boualem Sansal
Le président français Emmanuel Macron est “très préoccupé par la disparition” de l’écrivain franco-algérien Boualem Sansal qui, selon plusieurs médias, a été arrêté en Algérie, a indiqué jeudi l’entourage du chef de l’Etat.”Les services de l’État sont mobilisés pour clarifier sa situation”, a-t-on précisé, ajoutant que “le président de la République exprime son attachement indéfectible à la liberté d’un grand écrivain et intellectuel”.L’auteur de 75 ans, qui a obtenu cette année la nationalité française, a été arrêté samedi à l’aéroport d’Alger, en provenance de France, ont rapporté plusieurs médias français.Les raisons de son arrestation ne sont pas connues. Selon l’hebdomadaire Marianne, il “ne donnait plus de nouvelles à ses proches depuis son arrivée à Alger”.Plusieurs responsables politiques français, appartenant surtout à la droite et au centre-droit, ont aussi exprimé leur inquiétude et leur soutien envers l’écrivain, connu pour sa liberté de pensée, que ce soit contre le pouvoir algérien ou l’intégrisme religieux, depuis qu’il s’est lancé en littérature en 1999.”Il incarne tout ce que nous chérissons: l’appel à la raison, à la liberté et à l’humanisme contre la censure, la corruption et l’islamisme”, a lancé l’ex-Premier ministre Edouard Philippe sur X, en appelant aux “autorités françaises et européennes pour obtenir des informations précises et faire en sorte qu’il puisse circuler librement et revenir quand il le souhaitera en France”.- “Moyens de pression” -“Tous les moyens de pression sur l’Algérie doivent être activés pour obtenir la libération de notre compatriote, le grand écrivain Boualem Sansal”, a renchéri le chef de file des députés LR (Républicains, droite) Laurent Wauquiez.La cheffe de file des députés du Rassemblement national (RN) Marine Le Pen a demandé au gouvernement français d'”agir pour obtenir sa libération immédiate”, saluant en Boualem Sansal un “combattant de la liberté et courageux opposant à l’islamisme”.Boualem Sansal a rencontré dès ses débuts le succès avec “Le serment des barbares”, un roman racontant la montée en puissance des intégristes qui a contribué à faire plonger son pays dans une guerre civile ayant fait au moins 200.000 morts entre 1992 et 2002.Ses livres, édités en France, sont vendus librement en Algérie mais l’auteur y est controversé, notamment depuis une visite en Israël en 2014.Un autre écrivain franco-algérien, Kamel Daoud, Goncourt 2024 pour “Houris”, est au coeur d’une polémique en Algérie, accusé par une victime de la guerre civile d’avoir exploité son histoire.”Kamel Daoud fait l’objet de violentes campagnes diffamatoires orchestrées par certains médias proches d’un régime dont nul n’ignore la nature”, a dénoncé lundi le dirigeant de sa maison d’édition, Gallimard, qui s’est vu interdire de participer au Salon international du livre d’Alger.Kamel Daoud a pris la plume jeudi soir dans le Figaro. “J’espère vivement que mon ami Boualem reviendra parmi nous très bientôt”, a-t-il dit dans une tribune, tout en confiant son incompréhension face à l”imprudence” dont aurait fait preuve, selon lui, Boualem Sansal en se rendant en Algérie.Ces événements interviennent dans un contexte diplomatique tendu entre France et l’Algérie, après l’appui de Paris au plan d’autonomie marocain pour le territoire disputé du Sahara occidental fin juillet. Le Sahara occidental, ancienne colonie espagnole, est contrôlé de facto en majeure partie par le Maroc. Mais il est revendiqué par les indépendantistes sahraouis du Front Polisario, qui réclament un référendum d’autodétermination et sont soutenus par Alger.