In Vietnam’s heavily polluted capital Hanoi, teenage taxi driver Phung Khac Trung rides his electric motorbike through streets jammed with two-wheelers belching toxic fumes.Trung, 19, is one of a growing number of Generation-Z workers driving an e-bike trend in the communist nation where 77 million — largely petrol — motorbikes rule the roads.A cheap set of electric wheels can now be had for as little as $500, but issues include wasting hours at charging stations and people finding it hard to give up their habits.Trung has long hated riding in Hanoi, rated among the world’s top 10 polluted capital cities in 2023 by air quality technology firm IQAir. The air “is unbearable for motorbike riders”, said Trung, who is working as a motorbike taxi driver before applying to university.”When stopping at T-junctions… my only wish is to run the red light. The smell of petrol is so bad,” he told AFP after a morning rush-hour shift in air labelled “unhealthy” by IQAir. More than two thirds of the poisonous smog that blankets Hanoi for much of the year is caused by petrol vehicles, city authorities said last year. The World Bank puts the figure at 30 percent. Vietnam officials have ordered that a quarter of two-wheelers across the country must be electric by 2030 to help battle the air crisis.In 2023 just nine percent of two wheelers sold were electric, according to the International Energy Agency — although only in China was the share higher.- Hard to give up -Low running costs and cheap prices are pulling in students, who account for 80 percent of electric two-wheeler users in Vietnam, transport analyst Truong Thi My Thanh said.But for older drivers, it is harder to give up what they know.Fruit vendor Tran Thi Hoa, 43, has been driving a petrol motorbike for more than two decades and has no intention of switching. “The gasoline motorbike is so convenient. It takes me just a few minutes to fuel up,” she said.”I know e-bikes are good for the environment and can help me save on petrol, but I am too used to what I have,” Hoa told AFP from behind her facemask.Although most electric two-wheelers can easily be charged at home, fears over battery safety cause many to instead use one of the 150,000 EV power points installed by Nasdaq-listed VinFast across the country.After a fire last year in Hanoi that killed 56 people, several apartment buildings temporarily restricted EV charging — before police later ruled out battery charging as a possible cause.But some remain fearful, while others living in crowded apartment shares have no space to power up.Trung, whose VinFast scooter has a 200-kilometre (124-mile) range, spends up to three hours a day drinking tea and scrolling on his phone while he waits for his battery to charge — time he could be picking up fares.But home-grown start-up Selex, which makes e-bikes and battery packs, has pioneered a quick-fix — stations where riders can instantly swap a depleted battery for a new one. – ‘Swapping is critical’ -Bowen Wang, senior sustainable transport specialist at the World Bank, told a news conference this month, that it was delivery and taxi firms, as well as rural drivers, who could really benefit.They “typically drive much longer distances than urban users”, he said. “That’s where the swapping is critical.”Selex, which is now backed by the Asian Development Bank, has partnerships with delivery giants Lazada Logistics and DHL Express, who use e-bikes for some of their shipments. Vingroup — helmed by Vietnam’s richest man — runs a taxi company with a fleet of thousands of e-bikes, mostly in major cities.Selex founder Nguyen Phuoc Huu Nguyen, who left his job on a top-secret defence ministry research project to set up the company, urged the government to help drive momentum through incentives. He suggested that a vehicle registration fee waiver for EVs would help “end-users see the benefits of buying an e-bike”.”We all understand that EVs are good for the environment. But it needs investment.”Transport analyst Thanh emphasises that Hanoi must also embrace public transport alongside EVs if it wants to free up gridlocked streets. But if a shift to electric cannot fully solve Hanoi’s issues, the growth in ownership “is a beacon of hope”, Thanh told AFP.

South Korean stocks sank more than two percent Wednesday while the won rebounded from earlier losses after President Yoon Suk Yeol dramatically declared martial law overnight before reversing the decision hours later.The shock announcement sent shivers through the trading floor in Seoul and fuelled a political crisis in Asia’s third-biggest economy, with the already unpopular Yoon facing a possible impeachment.Investors are now keeping a close eye on developments in the country, with analysts pointing out that the upheaval comes as authorities steeled for the second presidency of Donald Trump, who has vowed to reignite his hardball trade policy.The Kospi index shed as much as 2.3 percent at the open as traders fretted over the impact of the events overnight, when Yoon declared South Korea’s first martial law in more than four decades, catching its global allies off guard.He said the decision was made “to safeguard a liberal South Korea from the threats posed by North Korea’s communist forces and to eliminate anti-state elements plundering people’s freedom and happiness”.However, he backed down hours later when lawmakers voted to oppose the declaration, while thousands of protesters took to the streets and the nation’s largest umbrella labour union called an “indefinite general strike” until Yoon resigned.The won tumbled more than three percent to a two-year low of 1,444 per dollar after the declaration, then bounced back to around 1,415 following the U-turn.The South Korean finance ministry looked to provide stability, saying it would deploy “unlimited liquidity” into the country’s financial markets if necessary.Michael Wan at MUFG warned that the country could face turmoil.”While the worst negative economic impact to South Korea including on tourism and domestic activity, may have been averted in the near-term, political uncertainty could still remain,” he said in a commentary. “From a macro perspective, South Korea was already one of the more vulnerable countries to the impact of Trump’s proposed tariffs, and this recent development could raise some further risk premium on the currency at least until we get clarity on political stability.”The losses in Seoul came as most other markets in Asia struggled, with Tokyo, Hong Kong, Sydney and Wellington down. Singapore, Taipei and Manila rose.Wall Street had provided a healthy lead, with the S&P 500 and Nasdaq hitting fresh records as investors try to assess the chances of the Federal Reserve slashing interest rates again this month.Meanwhile, Germany’s DAX ended above 20,000 for the first time.Even Paris eked out gains despite the brewing political crisis in France, where opposition lawmakers vowed to topple the three-month-old minority government of Prime Minister Michel Barnier in a no-confidence vote owing to a budget standoff.The euro remained wedged around a 14-month low of $1.0500 on concerns about the outlook for the eurozone’s number two economy.Oil prices were barely moved after surging around 2.5 percent Tuesday on reports that major producers at the OPEC+ grouping were close to a deal to extend output limits.- Key figures around 0230 GMT -Seoul – Kospi Index: DOWN 2.0 percent at 2,450.89Tokyo – Nikkei 225: DOWN 0.4 percent at 39,077.04 (break)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 19,687.75Shanghai – Composite: DOWN 0.2 percent at 3,372.50Euro/dollar: DOWN at $1.0504 from $1.0511 on TuesdayPound/dollar: DOWN at $1.2668 from $1.2673Dollar/yen: UP at 149.91 yen from 149.53 yen Euro/pound: DOWN at 82.92 from 82.94 penceWest Texas Intermediate: FLAT at $69.96 per barrelBrent North Sea Crude: FLAT at $73.64 per barrelNew York – Dow: DOWN 0.2 percent at 44,705.53 (close)London – FTSE 100: UP 0.6 percent at 8,359.41 (close)

Global stocks mostly rose Tuesday, with US and German indices posting records, as markets weighed Chinese stimulus hopes, political tensions in France and the US interest-rate outlook.Germany’s blue-chip DAX stock index jumped above 20,000 points for the first time and Paris rebounded even as France braced for new political turmoil. In New York, both the S&P 500 and Nasdaq narrowly rose to finish at records, while the Dow pulled back.Oil prices jumped more than two percent following reports that crude exporters were near an agreement to extend production limits.A closely-watched labor market report showed an increase in US job openings in October, but also a decline in new job postings during the month, a less upbeat sign.Samuel Tombs, chief US economist at Pantheon Macroeconomics, said the data overall provides “good grounds” for the Federal Reserve to lower interest rates again this month.Still, the choppiness of Tuesday’s trading session in New York points to reticence among US investors following a series of post-election records that many pundits believe have left stocks overvalued.”There wasn’t a lot of conviction behind the upside moves,” said Briefing.com. “The overall vibe in the market was more negative.”Stocks in Paris edged higher even as France headed into a new political crisis as opposition lawmakers vowed to topple the minority government of Prime Minister Michel Barnier in a no-confidence vote after just three months in office.Germany’s DAX, meanwhile, scored a fresh milestone, defying multiple headwinds battering Europe’s biggest economy.The German economy, hit hard by a manufacturing slowdown and weak demand for its exports, has struggled in 2024. Yet the DAX has advanced in large part because companies in the index do heavy business abroad. In addition, the euro’s recent weakness has boosted Germany’s export-oriented companies, while easing interest rates both in the eurozone and the United States have also helped sentiment.Investors greeted a Bloomberg report that China’s top leaders, including President Xi Jinping, would hold a two-day economic work conference next week to outline their targets and stimulus plans for next year.The report followed manufacturing activity data on Monday that suggested China’s economic struggles may be coming to an end, but investors are looking for Beijing to step up support for the economy.The news helped push Hong Kong and Shanghai stock markets higher despite Washington announcing new export restrictions taking aim at Beijing’s ability to make advanced semiconductors.The moves step up existing US efforts to tighten curbs on exports of state-of-the-art AI chips to China.Beijing hit back by saying it would restrict exports to the United States of some key components in making semiconductors.Oil prices jumped ahead of a meeting Thursday of members of the OPEC oil cartel and its allies”The forecast is that they will announce an extension until the end of the first quarter of 2025, and this should help put a floor under prices,” said Trade Nation analyst David Morrison.- Key figures around 2130 GMT -New York – Dow: DOWN 0.2 percent at 44,705.53 (close)New York – S&P 500: UP 0.1 percent at 6,049.88 (close)New York – Nasdaq Composite: UP 0.4 percent at 19,480.91 (close)London – FTSE 100: UP 0.6 percent at 8,359.41 (close)Paris – CAC 40: UP 0.3 percent at 7,255.42 (close)Frankfurt – DAX: UP 0.4 percent at 20,016.75 (close)Tokyo – Nikkei 225: UP 1.9 percent at 39,248.86 (close)Hong Kong – Hang Seng Index: UP 1.0 percent at 19,746.32 (close)Shanghai – Composite: UP 0.4 percent at 3,378.81 (close)Euro/dollar: UP at $1.0511 from $1.0498 on MondayPound/dollar: UP at $1.2673 from $1.2655Dollar/yen: DOWN at 149.53 yen from 149.60 yen Euro/pound: DOWN at 82.94 from 82.95 penceBrent North Sea Crude: UP 2.5 percent at $73.62 per barrelWest Texas Intermediate: UP 2.7 percent at $69.94 per barrelburs-jmb/dw