AFP - Squid Business

Asian markets build on Trump rally, yen steady ahead of BoJ

Asian markets rose Friday after a record day on Wall Street in response to Donald Trump’s tax-cut pledge, while the yen weakened slightly ahead of an expected interest rate hike by the Bank of Japan later in the day.In a much-anticipated speech via video link at the Davos World Forum in Switzerland, the new president pushed for lower interest rates and said he would cut taxes for companies investing in the United States while imposing tariffs on those who do not.He also called on Saudi Arabia and OPEC to lower oil prices, adding that “when the oil comes down, it’ll bring down prices” and in turn bring interest rates down. His comments come after he said on the campaign trail that he would slash taxes, regulations and immigration while hitting key trading partners with tariffs.That fuelled worries among some economists that he could reignite inflation and cause the Federal Reserve to pause its recent run of rate cuts, or even increase them.US traders appeared to welcome the speech, with the S&P 500 hitting a record high, while the Dow and Nasdaq also advanced.Asia mostly followed suit, with Tokyo, Hong Kong, Shanghai, Sydney, Seoul and Singapore all up, though Shanghai and Manila slipped with Manila barely changed.Markets have enjoyed a broadly positive start to the president’s second term amid relief that while he has warned about imposing big tariffs on key partners, he has so far been less abrasive than his first four years.Matt Burdett and Adam Sparkman at Thornburg Investment Management said that could be due to circumstances.”Eight years ago, Trump’s aggressive trade policies were implemented against a backdrop of low inflation and low rates, creating room for bold actions,” they said in a commentary. “Today, elevated price levels are a key concern for voters and policymakers alike. Given this reality, we question if Trump’s tariff posturing may now be aimed more at pressuring China and other foreign countries into negotiating favourable trade terms for the US.”The yen was slightly down on the dollar, with a rate hike largely priced in when the Bank of Japan ends its meeting Friday, with data showing another jump in inflation last month reinforcing expectations.The forecast increase to 0.5 percent would mark the highest level since 2008.”With no market turbulence after Trump’s inauguration,” conditions for the BoJ to hike its policy rate have been met, said Ko Nakayama, chief economist of Okasan Securities Research.”Raising just 25 basis points to 0.5 percent won’t cool the economy,” he said. Analysts are tipping the lift even as the economy struggles, but Moody’s Analytics said “the weak yen is a key reason”, along with a run of forecast-beating inflation prints.The yen has come under pressure against the dollar in recent months after the Fed dialled back its expectations for rate cuts this year and the concerns over Trump’s impact on inflation.The BoJ decision comes ahead of the Fed’s meeting next week, which will be closely watched for its views on the outlook under the new president.Oil prices extended Thursday’s losses after Trump’s call to Riyadh and OPEC, with a recent build in US stockpiles adding to the weakness.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 0.6 percent at 40,192.85 (break)Hong Kong – Hang Seng Index: UP 1.7 percent at 20,032.67Shanghai – Composite: UP 0.2 percent at 3,237.43Dollar/yen: UP at 156.31 yen from 156.03 yen on ThursdayEuro/dollar: DOWN at $1.0413 from $1.0415Pound/dollar: UP at $1.2354 from $1.2352Euro/pound: DOWN at 84.30 pence from 84.31 penceWest Texas Intermediate: DOWN 0.4 percent at $74.34 per barrelBrent North Sea Crude: DOWN 0.4 percent at $77.99 per barrelNew York – Dow: UP 0.9 percent at 44,565.07 (close)London – FTSE 100: UP 0.2 percent at 8,565.20 (close)

Ice in the sky: Thailand’s fight against air pollution

Un juge suspend la remise en cause du droit du sol ordonnée par Trump

Un juge américain a suspendu temporairement jeudi la remise en cause du droit du sol ordonnée par Donald Trump, signe que l’offensive anti-immigration voulue par le milliardaire républicain est promise à une longue bataille judiciaire.”Il s’agit d’un ordre manifestement inconstitutionnel”, a estimé le magistrat fédéral John Coughenour, cité par des médias locaux lors d’une audience à Seattle. Joint par téléphone, un greffier du tribunal a confirmé la suspension à l’AFP.Dans la foulée de son investiture présidentielle lundi, Donald Trump a signé un décret revenant sur le droit du sol, un principe consacré par le 14e amendement de la constitution américaine et appliqué depuis plus de 150 ans aux Etats-Unis. Cette mesure a immédiatement été contestée en justice par 22 États américains, dont la Californie et New York, et plusieurs associations. Ils ont intenté plusieurs procédures pointant son inconstitutionnalité.”Franchement, j’ai du mal à comprendre comment un membre du barreau peut affirmer sans équivoque qu’il s’agit d’un ordre constitutionnel”, a ajouté le juge Coughenour, en suspendant le décret. “Cela me laisse perplexe.”Le décret devait interdire au gouvernement fédéral de délivrer des passeports, des certificats de citoyenneté ou d’autres documents aux enfants dont la mère séjourne illégalement ou temporairement aux Etats-Unis, et dont le père n’est pas citoyen américain ou résident permanent – titulaire de la fameuse carte verte.M. Trump a annoncé jeudi que son administration ferait “évidemment” appel de cette décision. Le ministère de la Justice a assuré de son côté que le décret présidentiel “interprète correctement” le 14e amendement. L’affaire est susceptible de remonter jusqu’à la Cour suprême.En signant le décret, le président avait lui-même reconnu s’attendre à des contestations devant les tribunaux. Il avait également jugé que le droit du sol est un principe “ridicule”, et avait faussement affirmé que les Etats-Unis seraient “les seuls” à l’appliquer. En réalité, des dizaines de pays reconnaissent le droit du sol, dont le Canada, le Mexique et la France.- “Antiaméricain” -La procédure jugée jeudi à Seattle était portée par les procureurs généraux de quatre Etats: celui de Washington, l’Arizona, l’Oregon et l’Illinois.Ils soulignaient que ce décret pourrait priver de droit 150.000 nouveaux-nés chaque année aux Etats-Unis, et risquaient de rendre certains d’entre eux apatrides.”Il faut espérer que ce décret anticonstitutionnel et antiaméricain n’entrera jamais en vigueur”, a estimé le procureur général de l’Etat de Washington, Nick Brown, dans un communiqué saluant la suspension.”La citoyenneté ne peut pas être conditionnée par la race, l’appartenance ethnique ou l’origine des parents”, a ajouté le démocrate. “C’est la loi de notre nation, reconnue par des générations de juristes, de législateurs et de présidents, jusqu’à l’action illégale du président Trump.””Le droit du sol est aussi américain que la tarte aux pommes”, a réagi Ted Lieu, élu de Californie, sur les réseaux sociaux. “Si vous êtes nés aux Etats-Unis, vous êtes Américain”, a-t-il ajouté.La procureure générale d’Arizona, Kris Mayes, a de son côté salué “une victoire pour l’État de droit””Aucun président ne peut modifier la Constitution sur un coup de tête et la décision d’aujourd’hui l’affirme”, a ajouté cette élue démocrate dans un communiqué.Selon elle, cette décision “est la première de nombreuses victoires à venir (…) contre les cas d’excès de pouvoir de l’exécutif”.Outre la remise en cause du droit du sol, M. Trump a signé d’autres décrets lundi pour lancer une vaste offensive anti-immigration, qu’il a érigée en priorité absolue de son retour au pouvoir.Il a notamment déclaré l’état d’urgence à la frontière entre les Etats-Unis et le Mexique, et y a envoyé l’armée pour en assurer la surveillance. Il compte également s’attaquer au droit d’asile.”L’administration va vraiment essayer de repousser les limites” et voir si ses mesures “survivent aux tribunaux”, avait expliqué lundi à l’AFP Cris Ramon, de l’ONG UnidosUS, en rappelant que le rôle de l’armée est lui aussi circonscrit par la loi.Le premier mandat du président républicain avait déjà été marqué par de nombreuses passes d’armes judiciaires sur l’immigration avec plusieurs Etats dirigés par des démocrates et les associations de défense des migrants.

Un juge suspend la remise en cause du droit du sol ordonnée par Trump

Climate change cooks up Japanese ‘cabbage shock’

Japan’s much-loved “tonkatsu” pork cutlets come with a mound of freshly shredded cabbage, but a surge in the price of the humble vegetable has prompted chef Katsumi Shinagawa to skimp on servings.The culprit is a changing climate. Last year’s record summer heat and heavy rain ruined crops, driving up the cost of the leafy green in what media have dubbed a “cabbage shock”.It is the latest pain point for shoppers and eateries already squeezed by inflation, with energy bills up along with the price of staples from rice to flour and cooking oil.Shinagawa’s Tokyo restaurant Katsukichi offers free cabbage refills alongside its juicy, deep-fried cutlets — a common practice with tonkatsu, a national comfort food.But with cabbage now over three times more expensive than usual, according to the agriculture ministry, the restaurant has had to make each serving slightly smaller.”I was ready to cope when the price of flour started rising, but not cabbage,” Shinagawa told AFP, explaining that “tonkatsu and cabbage are like inseparable friends”.”Cabbages sold at supermarkets are now mind-blowingly expensive,” he added. “Half-sized ones used to be around 100 yen ($0.60) per head, but they are now like 400 yen.”It has become a hot topic on social media, with many users aghast after a head of cabbage was recently given an eye-popping price tag of 1,000 yen at a supermarket in the Hyogo region.”I never imagined cabbage would ever become so expensive that it’s basically a delicacy,” one user lamented on X.- Extreme heat -Climate change has made extreme weather more frequent and heatwaves more intense worldwide.Last year Japan sweltered through its joint hottest summer since records began, followed by its warmest autumn.”It was so hot that some cabbages were seared to death. The heat dehydrated them and made them wither,” said Morihisa Suzuki from a federation of agricultural cooperatives in Aichi, one of Japan’s largest cabbage-growing regions.Days of intense localised rain, then a prolonged dry period with little sunshine have made things worse.As a result, farmers in Aichi are grappling with yields an estimated 30 percent lower than usual, the groupsays.Neighbouring South Korea — where a different variety of cabbage is fermented to make the all-important side dish kimchi — has also suffered.Government data shows that in mid-January, cabbage prices soared 75 percent there compared to the same period last year.Shin Mi-ja, a shopkeeper in Seoul, told AFP that cabbage prices were high “because of the heatwave and heavy rains”.”Overall prices for vegetables have risen, so people don’t really want to buy” cabbage, even with the Lunar New Year holiday approaching, she said.- Inflation -In Japan, the heat has also made lettuce, green onion and “daikon” radish more expensive at the checkout.And rice prices are soaring after harvests were hit by high temperatures and water shortages.Official inflation data released Friday showed that the grain jumped a whopping 64.5 percent in December year-on-year.Overall consumer prices were up 3.6 percent, or 3.0 percent when adjusted for food prices. The Bank of Japan was expected to raise interest rates later Friday.Meanwhile bird flu outbreaks have created supply shortages for eggs, pushing up their price too.The weak yen as well as labour shortages and rising transport costs have also created a perfect storm for Japanese restaurants.Japan saw a record 894 restaurant bankruptcies last year due to inflation, the cheaper yen and the end of pandemic-era government subsidies, according to research firm Teikoku Databank.Teikoku expects price rises in 2025 for around 6,000 food items, from bread to beer and noodles.And convenience chain 7-Eleven said this week it would raise prices nationwide for onigiri rice balls, sushi and other rice-based items.Chef Shinagawa does not want to pass on the price increases to his customers, however.For now, “we’re persevering,” he said.

Bamboo farm gets chopping for US zoo’s hungry new pandas

On a snow-blanketed field in Virginia, a handful of workers were silent but for the groan of a chainsaw chopping through bamboo — a delicacy for their furry clients down the road in the US capital of Washington.The team, bundled up for the cold, then stuffed up to 700 bamboo stalks into a pickup truck to be driven 70 miles (110 kilometres) to the Smithsonian’s National Zoo to feed, among others, its newly arrived pandas.Bao Li, a male, and female Qing Bao, landed in the United States from China in October as part of a decade-long breeding and research agreement.Public visitors are this week finally allowed to see the pair at the free-entry zoo and more likely than not, the pandas will be snacking on bamboo harvested at this hilly farm.But satisfying these bears — who can spend up to 16 hours a day feeding on up to 100 pounds (45 kilos) of bamboo — is no easy feat.Their appetites are so ravenous because pandas’ digestive systems are designed to process meat yet they have evolved to be almost entirely dependent on bamboo, which is of little nutritional value.”Bamboo harvest is probably one of the most rigorous things that we do,” said Mike Maslanka, head of nutrition for the zoo, his hands plunged into pockets to guard against the 10 degree Fahrenheit (minus 12 degree Celsius) temperatures at the site in the Shenandoah Valley.Trudging through ankle-deep snow, three young men chopped down scores of bamboo stems — some reaching 20 feet high — and began piling them up.After harvesting, the bamboo must pass quality control, where leafless stems are cast aside and only the greenest ones make it to the zoo’s bamboo fanatics, which also include Asian elephants and gorillas.- Picky eaters -The pandas add to the already high demands, with Maslanka saying the bamboo farm team is now operating four days a week, up from three days last year.It also means learning the new arrivals’ eating habits. Qing Bao is proving a “little bit more finicky in terms of palate,” said Maslanka, who wore a black beanie emblazoned with a panda, while Bao Li is “OK with just about anything that we offer.”Maslanka added that this was a common thread among pandas, whose reputation as picky eaters has prompted deep discussion — and confusion — about their feeding habits. “We’ve tried to pin it down to species or age or location or soil type, slope, elevation. We can’t, there’s no rhyme or reason,” he said.”We’ll offer this bamboo to them tomorrow and they won’t like it. We’ll offer it to them the next day, they’ll think it’s the best thing ever,” added Maslanka, who has over 15 years of experience with the Smithsonian National Zoo.This makes it a delicate task ensuring the bamboo is up to the pandas’ standards.Before being served to the bears, Maslanka said the bamboo is placed into an air-conditioned shed which is cooled to around 55 degrees Fahrenheit and equipped with misters to keep the stems moist.The Washington pandas are among just a few that remain in the United States, including a pair that arrived at San Diego’s zoo last summer.Their presence is part of the so-called panda diplomacy carried out by Beijing, in which its black-and-white bears are sent across the globe as soft-power diplomats.Thanks to conservation efforts, the giant panda was downgraded last year from “endangered” to “vulnerable” on the global list of species at risk of extinction.

Bamboo farm gets chopping for US zoo’s hungry new pandas

Smog chokes Baghdad as oil-fired factories belch out smoke

Iraqi grocery store owner Abu Amjad al-Zubaidi is grappling with asthma, a condition his doctor blames on emissions from a nearby power plant that fills his Baghdad neighbourhood with noxious smoke.In winter, a thick smog frequently envelops the city of nine million people as the fumes belched out by its many oil-fired factories are trapped by a layer of cold air.The stench of sulphur permeates some districts, where brick and asphalt factories run on heavy fuel oil, taking advantage of generous state subsidies in the world’s sixth biggest oil producer.In a bid to tackle the worsening air quality, authorities recently shut down dozens of oil-fired factories and instructed others to phase out their use of heavy fuel oil.”Every time I went to the doctor he told me to stop smoking. But I don’t smoke,” Zubaidi told AFP.When his doctor finally realised that Zubaidi lived just metres from the Dora power plant in south Baghdad, he told him its emissions were the likely cause of his asthma.Power plants and refineries spew thick grey smoke over several areas of Baghdad.”We can’t go up to our roofs because of the fumes,” Zubaidi said.”We appealed to the prime minister, the government and parliament. Lawmakers have come to see us but to no avail,” the 53-year-old complained. He is not the only victim of air pollution. Many of his neighbours suffer from chronic asthma or allergies, he said.Waste incineration and the proliferation of private generators in the face of patchy mains supply also contribute significantly to Baghdad’s air pollution.- Sixth most polluted -In 2023, the air monitoring site IQAir ranked Iraq as the sixth most polluted country in terms of air quality.Levels of the cancer-causing PM2.5 pollutants, microparticles small enough to enter the bloodstream through the lungs, are seven to 10 times the World Health Organization (WHO) guideline values. IQAir warned that exposure to PM2.5 “leads to and exacerbates numerous health conditions, including but not limited to asthma, cancer, stroke and lung disease”.It found that air pollution levels in Baghdad were “unhealthy for sensitive groups”.According to the US embassy, air quality in the capital frequently enters the red zone, leading to “health effects”, particularly for vulnerable groups.In October, Prime Minister Mohammed Shia al-Sudani ordered a committee to investigate the causes of the “odorous sulphur emissions” so that they can be stopped.Environment ministry spokesperson Amir Ali attributed the pollution to “industrial activities near the capital” — particularly the brickworks and asphalt plants in the Nahrawan industrial zone in southeast Baghdad.There lie “the largest number of factories responsible for the emissions”, he said.Ali also blamed private generators and refineries, including in Dora.The pollution was exacerbated by “weather conditions, shifts in temperature, the direction of the wind, and increased humidity”, his ministry said.- Green belt –In December, authorities announced the closure of 111 brickworks “due to emissions” that breach environmental standards, along with 57 asphalt plants in the Nahrawan industrial zone.The industry ministry has also instructed brickworks to phase out their use of heavy fuel oil within 18 months and replace it with liquefied natural gas.The government has banned waste incineration inside and outside landfills and has said it will improve “fuel quality at Dora refinery and address gas emissions and wastewater discharges”.Iraq is one of the world’s largest oil producers, and sales of crude oil account for 90 percent of state revenues, so its transition to renewable fuels remains a distant goal.Environmental activist Husam Sobhi urged authorities to keep up their efforts to phase out heavy fuel oil.”It is difficult for a country like Iraq to let go of oil but we can use better quality oil than heavy fuel oil,” Sobhi said.He also called on planning authorities to put a stop to the city’s sprawl into the surrounding countryside.”Baghdad is in dire need of a green belt which would serve as a lung for the city to breathe,” he said.

Federal judge blocks Trump bid to restrict birthright citizenship

A federal judge blocked Donald Trump’s attempt to restrict birthright citizenship in the United States on Thursday as liberal states scored their first victory against the new president’s hardline agenda.The ruling imposes a 14-day stay on the enforcement of one of the most controversial executive orders Trump signed in the hours after he was sworn into office for a second term.”This is a blatantly unconstitutional order,” US District Judge John Coughenour was reported as saying during the hearing in Washington state.”I’ve been on the bench for over four decades, I can’t remember another case where the question presented is as clear as this one is,” said Coughenour, who was appointed by a Republican president, Ronald Reagan.Trump told reporters his administration would “obviously” appeal the ruling, while the Department of Justice said it would defend the executive order, which a spokesman said “correctly interprets” the US Constitution.”We look forward to presenting a full merits argument to the court and to the American people, who are desperate to see our nation’s laws enforced,” the spokesman said.Birthright citizenship is enshrined in the US Constitution under the 14th Amendment which decrees that anyone born on US soil is a citizen.It says, in part: “All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside.”Trump’s order was premised on the idea that anyone in the United States illegally, or on a visa, was not “subject to the jurisdiction” of the country, and therefore excluded from this category.An incredulous Coughenour chided Justice Department attorney Brett Shumate over his assertion that Trump’s order was constitutional.”Frankly, I have difficulty understanding how a member of the bar could state unequivocally that this is a constitutional order,” Coughenour said. “It just boggles my mind.”- ‘On a whim’ -The ruling comes after a flurry of lawsuits filed by 22 states, two cities and numerous civil rights groups.It was hailed by states that took part in the legal actions.”No president can change the constitution on a whim and today’s decision affirms that,” Arizona Attorney General Kris Mayes said.The ruling is “the first of many wins to come as my office fights instances of executive overreach and any illegal actions the new administration may take.”Washington Attorney General Nick Brown said Trump’s order was “un-American.””Birthright citizenship makes clear that citizenship cannot be conditioned on one’s race, ethnicity or where their parents came from,” he said after the ruling.”It’s the law of our nation, recognized by generations of jurists, lawmakers and presidents, until President Trump’s illegal action.”Ted Lieu, a congressman from California said the matter was clear.”Birthright citizenship is as American as apple pie,” he wrote on social media.”If you’re born in America, you’re a citizen.”The legal challenge was no surprise, and Trump had acknowledged it was likely when he signed the order.He has repeatedly — and wrongly — asserted that the United States is the only country in the world with birthright citizenship; in fact more than 30 others also have it, including Canada and Mexico.Trump’s opponents have argued that the 14th Amendment, which was ratified in 1868 as the United States sought to knit itself back together after the Civil War, has been settled law for over a century.They have cited an 1898 US Supreme Court ruling in the case of a San Francisco-born Chinese American man named Wong Kim Ark.Wong was denied entry back into the United States after visiting relatives in China on the grounds that he was not a citizen.The court affirmed that children born in the United States, including those born to immigrants, could not be denied citizenship.