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Shares in US film studios slid on Monday following a threat by US President Donald Trump to impose 100 percent tariffs on foreign-made productions.Meanwhile oil prices tumbled after OPEC+ countries announced an output hike despite oversupply concerns and growing fears that Trump’s trade war could weaken demand.Globally, stock markets were mixed in holiday-thinned trading ahead of central bank decisions on interest rates later in the week.Wall Street indices finished a choppy session lower, with the S&P 500 losing 0.6 percent to snap a nine-day streak of gains.US stocks are coming off two strong weeks, with gains last Friday driven by strong jobs data and improving sentiment about US-China trade talks. Monday’s retreat “was indicative of consolidation after the market’s solid run off April lows,” said Briefing.com, which pointed to “ongoing resilience” that limited Monday’s losses.Shares in entertainment firms slid after Trump said Sunday he was ordering new tariffs on all films made outside the United States, claiming Hollywood was being “devastated” by a trend of US filmmakers and studios working abroad.Lionsgate Studios dropped five percent, while Netflix, whose foreign productions for its subsidiaries have often become popular globally, saw its shares fall around two percent.Disney, Paramount and Warner Bros. Discovery also retreated.Shares in Berkshire Hathaway fell around five percent after influential investor Warren Buffett said Saturday that he would retire from leading the firm he built into a conglomerate worth more than $1 trillion.In Europe, Paris ended lower while Frankfurt climbed as Germany’s conservatives and center-left Social Democrats reached a coalition deal for governing.London was closed for a public holiday, as were Tokyo and Hong Kong in Asia.Investors are waiting for interest rate decisions this week, with the US Federal Reserve and the Bank of England holding policy meetings on Wednesday and Thursday respectively.”Our US economists expect the Fed to keep rates steady and avoid explicit forward guidance about the policy path ahead,” Deutsche Bank analysts said.- Brent below $60 per barrel -Oil prices fell sharply after Saudi Arabia, Russia and six other members of the OPEC+ oil cartel announced an output increase of 411,000 barrels a day for June, a month after a similar move had already caused prices to fall.Brent’s international benchmark crude fell below $60 per barrel for the first time since 2020 before rebounding somewhat.The price of crude has also been sliding because of fears of a global economic slowdown on the back of Trump’s tariff onslaught.Analysts were still trying to pinpoint the oil cartel’s motivation.”The weekend news wasn’t a shocker but the reasons behind the move remain uncertain,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.”The official communication says the group is bringing barrels back to the market because ‘fundamentals are healthy and inventories are low,'” Ozkardeskaya said.”Yet global growth expectations have been crumbling due to a heated trade war between the US and the rest of the world, and rising output only worsens oversupply concerns,” said Ozkardeskaya.- Key figures at around 2050 GMT -West Texas Intermediate: DOWN 2.0 percent at $57.13 per barrelBrent North Sea Crude: DOWN 1.7 percent at $60.23 per barrelNew York – Dow: UP 0.2 percent at 41,218.83 (close)New York – S&P 500: DOWN 0.6 percent at 5,650.38 (close)New York – Nasdaq Composite: DOWN 0.7 percent at 17,844.24 (close)Paris – CAC 40: DOWN 0.6 percent at 7,727.93 (close) Frankfurt – DAX: UP 1.1 percent at 23,344.54 (close)London – FTSE 100: closed for holidayTokyo – Nikkei 225: closed for holidayHong Kong – Hang Seng Index: closed for holiday Shanghai – Composite: closed for holidayEuro/dollar: UP at $1.1319 from $1.1297 on FridayPound/dollar: UP at $1.3296 from $1.3270Dollar/yen: DOWN at 143.72 yen from 144.92Euro/pound: UP at 85.10 pence from 84.10burs-jmb/bjt

OpenAI CEO Sam Altman announced Monday that the company behind ChatGPT will continue to be run as a nonprofit, abandoning a contested plan to convert into a for-profit organization.The structural issue had become a significant point of contention for the artificial intelligence (AI) pioneer, with major investors pushing for the change to better secure their returns.AI safety advocates had expressed concerns about pursuing substantial profits from such powerful technology without the oversight of a nonprofit board of directors acting in society’s interest rather than for shareholder profits.”OpenAI is not a normal company and never will be,” Altman wrote in an email to staff posted on the company’s website.”We made the decision for the nonprofit to stay in control after hearing from civic leaders and having discussions with the offices of the Attorneys General of California and Delaware,” he added. OpenAI was founded as a nonprofit in 2015 and later created a “capped” for-profit entity allowing limited profit-making to attract investors, with cloud computing giant Microsoft becoming the largest early backer.This arrangement nearly collapsed in 2023 when the board unexpectedly fired Altman. Staff revolted, leading to Altman’s reinstatement while those responsible for his dismissal departed.Alarmed by the instability, investors demanded OpenAI transition to a more traditional for-profit structure within two years.Under its initial reform plan revealed last year, OpenAI would have become an outright for-profit public benefit corporation (PBC), reassuring investors considering the tens of billions of dollars necessary to fulfill the company’s ambitions.Any status change, however, requires approval from state governments in California and Delaware, where the company is headquartered and registered, respectively.The plan faced strong criticism from AI safety activists and co-founder Elon Musk, who sued the company he left in 2018, claiming the proposal violated its founding philosophy.In the revised plan, OpenAI’s money-making arm will now be fully open to generate profits but, crucially, will remain under the nonprofit board’s supervision.”We believe this sets us up to continue to make rapid, safe progress and to put great AI in the hands of everyone,” Altman said.- SoftBank sign-off -OpenAI’s major investors will likely have a say in this proposal, with Japanese investment giant SoftBank having made the change to being a for-profit a condition for their massive $30 billion investment announced on March 31.In an official document, SoftBank stated its total investment could be reduced to $20 billion if OpenAI does not restructure into a for-profit entity by year-end.The substantial cash injections are needed to cover OpenAI’s colossal computing requirements to build increasingly energy-intensive and complex AI models.The company’s original vision did not contemplate “the needs for hundreds of billions of dollars of compute to train models and serve users,” Altman said.SoftBank’s contribution in March represented the majority of the $40 billion raised in a funding round that valued the ChatGPT maker at $300 billion, marking the largest capital-raising event ever for a startup.The company, led by Altman, has become one of Silicon Valley’s most successful startups, propelled to prominence in 2022 with the release of ChatGPT, its generative AI chatbot.

Oil prices slumped on Monday after OPEC+ countries announced a production hike despite oversupply concerns and growing fears that US President Donald Trump’s trade war could weaken demand.Stock markets were mostly down in holiday-thinned trading ahead of central bank decisions later in the week, while shares in film companies fell after Trump announced tariffs on movies made outside the United States.Saudi Arabia, Russia and six other members of the oil cartel announced over the weekend an output increase of 411,000 barrels a day for June, a month after a similar move had already caused prices to fall.The price of crude has also been sliding because of fears of a global economic slowdown on the back of Trump’s tariff onslaught.The OPEC+ move “confirms a stark turnaround away from the production cuts that have persisted since 2022″, said a Deutsche Bank research note.Oil prices fell almost four percent before paring back some losses. Brent, the international benchmark, briefly fell below $60 per barrel for the first time since 2020.Analysts were still trying to pinpoint the oil cartel’s motivation.”The weekend news wasn’t a shocker but the reasons behind the move remain uncertain,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.”The official communication says the group is bringing barrels back to the market because ‘fundamentals are healthy and inventories are low’,” Ozkardeskaya said.”Yet global growth expectations have been crumbling due to a heated trade war between the US and the rest of the world, and rising output only worsens oversupply concerns. So the real reason must be something else,” she added.She said some argued that the Saudis were “punishing” OPEC members who had not complied fully with the previous policy of cutting production.Other theories include that Trump has pressed for lower oil prices to hurt Russian finances and speed up the end of the Ukraine war, or that Riyadh wants to push out US shale businesses and increase its market share.”We don’t know for sure. The exact motive remains unclear,” Ozkardeskaya said.- Fed move -On stock markets, Wall Street’s three main indices slid lower at the opening bell.US stocks are coming off two strong weeks, with gains last Friday driven by strong jobs data and improving sentiment about US-China trade talks.Shares in Berkshire Hathaway fell more than five percent after influential billionaire investor Warren Buffett said Saturday he would retire from leading the firm which he built into a conglomerate worth more than $1 trillion.Shares in entertainment firms slid after Trump said Sunday he was ordering new tariffs on all films made outside the United States, claiming Hollywood was being “devastated” by a trend of US filmmakers and studios working abroad.Shares in Netflix and Warner Bros. Discovery were down around three percent, while Lionsgate fell more than five percent.Shares in Paramount dropped more than two percent and Disney 1.5 percent.In Europe, Paris was down in afternoon deals while Frankfurt pushed higher.London was closed for a public holiday, as were Tokyo and Hong Kong in Asia.Investors are waiting for interest rate decisions this week, with the US Federal Reserve and Bank of England holding policy meetings on Wednesday and Thursday respectively.”Our US economists expect the Fed to keep rates steady and avoid explicit forward guidance about the policy path ahead,” Deutsche Bank analysts said.The dollar fell against other major currencies.But the Australian dollar gained against the US dollar after Prime Minister Anthony Albanese’s election victory on Saturday, while the S&P/ASX 200 fell almost one percent.- Key figures at around 1330 GMT -West Texas Intermediate: DOWN 1.7 percent at $57.29 per barrelBrent North Sea Crude: DOWN 1.5 percent at $60.37 per barrelNew York – Dow: DOWN 0.5 percent at 41,107.23 pointsNew York – S&P 500: DOWN 0.7 percent at 5,647.28New York – Nasdaq Composite: DOWN 0.8 percent at 17,832.95Paris – CAC 40: DOWN 0.6 percent at 7,726.57 Frankfurt – DAX: UP 0.8 percent at 23,273.07London – FTSE 100: closed for holidayTokyo – Nikkei 225: closed for holidayHong Kong – Hang Seng Index: closed for holiday Shanghai – Composite: closed for holidayEuro/dollar: UP at $1.1359 from $1.1299 on FridayPound/dollar: UP at $1.3329 from $1.3268Dollar/yen: DOWN at 143.67 yen from 144.97Euro/pound: UP at 85.21 pence from 85.14burs-rl/lth

Cash-strapped Maldives has signed a deal with a Dubai-based company to establish an $8.8 billion investment zone aimed at diversifying the tourism hotspot into a “financial freezone”, the government said Monday.Three residential and office towers, a convention centre and hotels will form part of the Maldives International Financial Centre (MIFC), President Mohamed Muizzu’s office said in a statement.”It will… position Male as the premier global business and financial hub in the Indian Ocean,” the statement said, adding it would allow the Indian Ocean archipelago to “diversify beyond tourism”.The $6.5 billion economy of the Maldives has been facing foreign exchange shortages since the Covid-19 pandemic and has been warned of a potential foreign debt crisis.The announcement followed an agreement signed late Sunday with MBS Global Investments, a company owned by wealthy Qatari Sheikh Nayef bin Eid Al Thani.The MIFC zone will have no residency requirements and offer “no corporate tax, tax-free inheritance…and privacy” the statement added.It is set for completion by 2030 with its projected revenue “to be well over $1 billion by the fifth year”, according to the government.In February, the IMF said the Maldives required “urgent and stronger” fiscal consolidation to stabilise its troubled economy, despite a thriving tourism industry.The upmarket holiday destination expects its economy to grow by five percent in 2025, but the IMF warned that the sunny outlook masked significant risks.The tiny nation declined an International Monetary Fund bailout loan late last year, with the government instead announcing severe spending cuts.Muizzu has taken a 50 percent pay cut, and introduced a mandatory 10 percent pay cut across most public sector jobs.In September, the Maldives described its financial difficulties as “temporary” and said it had no plans to seek a bailout, despite warnings of a possible sovereign default.The Maldives is on the frontline of the battle against global warming, which could raise sea levels and swamp the nation of 1,192 tiny coral islands scattered across the equator.China and India are the two largest bilateral lenders. Beijing has pledged further funding since Muizzu’s 2023 election victory, with the president thanking China for its “selfless assistance” in providing development funds.Muizzu was welcomed in New Delhi in October by Indian Prime Minister Narendra Modi, who announced financial support to bolster the archipelago’s struggling economy.Official data showed the Maldives’ foreign debt stood at $3.37 billion in the first quarter of 2024, equivalent to around 45 percent of GDP.China accounted for about 20 percent of the external debt, while India held just under 18 percent.

Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water in thin trade with major markets closed.The output increase of 411,000 barrels a day announced by Saudi Arabia, Russia and six other members of the oil cartel on Saturday added to concerns about over-supply.The price of crude has already been sliding because of fears of a global economic slowdown on the back of US President Donald Trump’s tariff onslaught.”OPEC+ has just thrown a bombshell to the oil market,” Jorge Leon, analyst with Rystad Energy, told AFP.”(Saturday’s) decision is a definitive message that the Saudi-led group is changing strategy and pursuing market share after years of cutting production,” he added.On equity markets, Tokyo was closed for a holiday along with Hong Kong and mainland China. Taiwan edged lower while the Jakarta Composite Index gained.The Australian dollar gained against the US dollar after Prime Minister Anthony Albanese’s election victory on Saturday, while the S&P/ASX 200 fell almost one percent.Wall Street stocks concluded a strong week on a winning note Friday, notching solid gains on good US jobs data and improving sentiment about US-China trade talks.In Europe, Paris and Frankfurt rose over two percent as markets brushed off official data showing eurozone inflation remained unchanged at slightly above the European Central Bank’s two-percent target.London also gained ground, with mining and commodity stocks — sensitive to Chinese demand — performing particularly well amid optimism for the potential Beijing-Washington talks, according to analysts.Stephen Innes at SPI Asset Management said that the “market (is) catching its breath before the next directional catalyst drops”.This could come from progress — or an absence of it — in easing trade tensions between the United States and China or budget negotiations in Washington. – Key figures at around 0300 GMT -Tokyo – Nikkei 225: closed for holiday Hong Kong – Hang Seng Index: closed for holiday Shanghai – Composite: closed for holidayEuro/dollar: UP at $1.1341 from $1.1299 on FridayPound/dollar: UP at $1.3295 from $1.3268Dollar/yen: DOWN at 144.14 yen from 144.97Euro/pound: UP at 85.31 pence from 85.14West Texas Intermediate: DOWN 3.8 percent at $56.08 per barrelBrent North Sea Crude: DOWN 3.5 percent at $59.17 per barrelNew York – Dow: UP 1.4 percent at 41,317.43 (close)London – FTSE 100: UP 1.2 percent at 8,596.35 (close)

Voters have handed Singapore’s long-time ruling party a landslide election victory, offering Prime Minister Lawrence Wong a clear mandate to navigate the trade-orientated Southeast Asian nation through economic upheaval sparked by looming US tariffs.Wong’s People’s Action Party took all but 10 seats in the 97-seat unicameral legislature with a total of 65.57 percent of the more than 2.4 million votes cast in the wealthy island state in Saturday’s polls.”Singaporeans gave the PAP a strong mandate to govern,” Wong told a news conference hours after the official results were announced.”The results will put Singapore in a better position to face this turbulent world,” he said, adding they were a “clear signal of trust, stability and confidence in your government”.Wong was facing his first major test against a rejuvenated opposition and had urged voters to offer him a strong show of support amid the global economic uncertainties brought on by US President Donald Trump’s tough tariffs policy.The PAP, which has steered the country to prosperity during its decades in power while being criticised for suppressing dissent, was always expected to easily retain a clear majority in the legislature.Though its dominance had been increasingly challenged by a more vocal electorate over the years, the vote saw the PAP’s popularity climb as compared with 2020 elections. Popular after leading Singapore’s Covid task force, Wong took over last year from his predecessor Lee Hsien Loong, the son of founding premier Lee Kuan Yew, who ruled the island state after its bitter break-up with Malaysia in 1965.- ‘Reliable’ -Wong had warned Singapore would be hit hard if Trump went ahead with the tariffs he announced — and then paused — for most countries, and that it needed to stay open and competitive to counter their effects.He has also said the ructions caused could require a major restructuring of Singapore’s economy. “The intense campaigning by PM Lawrence Wong and former PM Lee Hsien Loong in the hot seats must have helped a lot and the fear of Trump’s tariffs must have worried voters as well,” political observer and veteran former editor P.N Balji told AFP.At a post-vote rally attended by cheering PAP supporters wearing white and waving flags with the party’s red lightning bolt symbol, one supporter said Singaporeans had voted for stability.”The PAP is the government and most of the time, things have been going smoothly,” said Arham, an 18-year-old student. “To me, the PAP is reliable.”- Controversies -The overwhelming PAP majority has become a norm in Singapore’s political landscape.But in the run-up to the latest polls, the PAP has faced a series of controversies.Lee Hsien Loong is locked in a bitter feud with his brother Lee Hsien Yang, who vehemently supports the opposition and who has sought political asylum in Britain.The long-running family row centres on allegations made by Lee Hsien Yang that his brother is seeking to block the demolition of a family bungalow to capitalise on Lee Kuan Yew’s legacy — something he has denied.Last year, former transport minister S. Iswaran was thrown in jail for graft and in 2023, the parliament speaker and a lawmaker resigned over an “inappropriate” affair.At the same time, younger voters showed themselves to be increasingly receptive to alternative political voices.In 2020, the country’s largest opposition group, the Workers’ Party (WP), made historic gains, winning 10 of the 93 seats at stake — a significant jump from its previously held four seats.The WP — which has become politically slicker — has been hoping to build on that momentum this time around with a slate of charismatic candidates, including a top lawyer.The party pulled in massive crowds at its campaign rallies, but just like in previous elections, those big numbers failed to translate into major electoral gains.

Massive planned US duties on solar panels made in Southeast Asia could be a chance for the region to ramp up its own long-stalled energy transition, experts say.Earlier this month, Washington announced plans for hefty duties on solar panels made in Cambodia, Vietnam, Thailand and Malaysia.The levies follow an investigation, launched before US President Donald Trump took office, into “unfair practices” in the countries, particularly by Chinese-headquartered firms.If approved next month, they will pile upon tariffs already imposed by the Trump administration, including blanket 10-percent levies for most countries, and 145 percent on Chinese-made goods.For the US market, the consequences are likely to be severe. China makes eight out of every 10 solar panels globally, and controls 80 percent of every stage of the manufacturing process.The new tariffs “will practically make solar exports to US impossible commercially”, said Putra Adhiguna, managing director at the Energy Shift Institute think tank.Southeast Asia accounted for nearly 80 percent of US solar panel imports in 2024.And while investment in solar production has ramped up in the United States in recent years, the market still relies heavily on imported components.For Chinese manufacturers, already dealing with a saturated domestic market, the raft of tariffs is potentially very bad news.Many shifted operations to Southeast Asia hoping to avoid punitive measures imposed by Washington and the European Union as they try to protect and nurture domestic solar industries.The proposed new duties range from around 40 percent for some Malaysian exports to an eye-watering 3,521 percent for some Cambodia-based manufacturers.- Tariffs ‘accelerate’ transition -But there may be a silver lining for the region, explained Ben McCarron, managing director at Asia Research & Engagement.”The tariffs and trade war are likely to accelerate the energy transition in Southeast Asia,” he said.China will “supercharge efforts” in regional markets and push for policy and implementation plans to “enable fast adoption of green energy across the region”, driven by its exporters.Analysts have long warned that countries in the region are moving too slowly to transition from planet-warming fossil fuels like coal.”At the current pace, it (Southeast Asia) risks missing out on the opportunities provided by the declining costs of wind and solar, now cheaper than fossil fuels,” said energy think tank Ember in a report last year.For example, Malaysia relied on fossil fuels for over 80 percent of its electricity generation last year. It aims to generate 24 percent from renewables by 2030, a target that has been criticised as out of step with global climate goals.The tariff regime represents a double opportunity for the region, explained Muyi Yang, senior energy analyst at Ember.So far, the local solar industry has been “largely opportunistic, focused on leveraging domestic resources or labour advantages for export gains”, he told AFP.Cut off from the US market, it could instead focus on local energy transitions, speeding green energy uptake locally and driving a new market that “could serve as a natural hedge against external volatility”.Still, replacing the US market will not be easy, given its size and the relatively nascent state of renewables in the region.”Success hinges on turning this export-led momentum into a homegrown cleantech revolution,” said Yang.”Clearance prices” may be attractive to some, but countries in the region and beyond may also be cautious about a flood of solar, said Adhiguna.Major markets like Indonesia and India already have measures in place intended to favour domestic solar production.”Many will hesitate to import massively, prioritising trade balance and aims to create local green jobs,” he said.

Influential billionaire investor Warren Buffett said Saturday he would retire from leading his Berkshire Hathaway business group by the end of the year and that he would recommend his chosen successor Greg Abel take over.Buffett’s success, coupled with his ability to explain his thinking in clear soundbites, has made him highly influential in the business and financial communities, earning him the nickname “The Oracle of Omaha.”Buffett indicated several years ago 62-year-old Abel would be his pick for successor.”The time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett, 94, told an annual shareholder meeting in Omaha, the Midwestern city where Berkshire is based. Buffett said he believed the board of directors would be “unanimously in favor of” his recommendation.”I would still hang around and could conceivably be useful in a few cases, but the final word would be what Greg said in operations, in capital deployment, whatever it might be,” he added.Buffett transformed Berkshire Hathaway from a medium-sized textile company when he bought it in the 1960s into a giant conglomerate, now valued at more than $1 trillion and with liquid assets of $300 billion.- ‘Wizard of Wall Street’ – Peter Cardillo of Spartan Capital Securities described Buffett as the “Wizard of Wall Street” and said his announcement could come as a relief to those worried about succession. “This helps alleviate concerns about who will replace him and may very well be well received by his followers,” Cardillo told AFP.The company on Saturday reported first-quarter profits of $9.6 billion, down 14 percent. That works out to $4.47 per share, also down sharply.And Buffett’s net worth as of Saturday was $168.2 billion, according to Forbes magazine’s real-time rich list.”I have no intention — zero — of selling one share of Berkshire Hathaway. I will give it away eventually,” Buffett told shareholders, who responded with a standing ovation.”The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.””So that’s the news hook for the day,” Buffett quipped.Abel, a long-time core figure of Berkshire, joined the group in the energy division in 1992 and has been on the board of directors since 2018.”Greg Abel and the rest of the team has huge shoes to fill, and they have immense amounts of cash to put to work if they so desire,” said Steve Sosnick of Interactive Brokers.”This is truly the end of an era,” he added.- Trade ‘should not be a weapon’ -Buffett earlier used the stage to declare that “trade should not be a weapon,” in remarks clearly targeting US President Donald Trump’s aggressive use of tariffs against countries around the world.”There is no question that trade can be an act of war,” he said, without mentioning Trump by name.Those comments came as analysts in the United States and abroad have expressed growing concern that tariffs could seriously slow global growth.Two months ago, Buffett told a CBS interviewer that tariffs “are a tax on goods” — and not a relatively painless revenue-raiser, as Trump has suggested — adding, “I mean, the Tooth Fairy doesn’t pay ’em!”On Saturday Buffett urged Washington to continue trading with the rest of the world, saying, “We should do what we do best and they should do what they do best.”Achieving prosperity is not a zero-sum game, with one country’s successes meaning another’s losses, he said. Both can prosper.”I do think that the more prosperous the rest of the world becomes, it won’t be at our expense. The more prosperous we’ll become, and the safer we’ll feel,” Buffett said.He added that it can be dangerous for one country to offend the rest of the world while claiming superiority.”It’s a big mistake, in my view, when you have seven and a half billion people that don’t like you very well, and you got 300 million that are crowing in some way about how well they’ve done,” Buffett told shareholders.Compared to that dynamic, he said, the financial markets’ recent gyrations are “really nothing.”

Australia’s left-leaning Prime Minister Anthony Albanese triumphed Saturday in national elections, crushing his conservative rival in a contest swayed by economic upheaval and US President Donald Trump. Albanese’s slow-but-steady leadership resonated at a time of global tumult, analysts said, with voters deserting hard-nosed opposition leader Peter Dutton in droves.Not only was Albanese’s Labor Party on track for an unexpectedly large parliamentary majority, but former police officer Dutton endured the rare humiliation of losing his seat. Projections by national broadcaster ABC pointed to a landslide, with Labor taking 85 seats so far in the 150-member parliament. Dutton’s coalition had 41, other parties nine, and another 15 were in doubt.”Today the Australian people have voted for Australian values. For fairness, aspiration and opportunity for all,” Albanese told a raucous crowd in his victory speech.”In this time of global uncertainty, Australians have chosen optimism and determination.”Elated Labor supporters swigged craft beers emblazoned with Albanese’s face at an election party in Sydney, chanting his “Albo” nickname as results were declared on television. Albanese has promised to embrace renewable energy, tackle a worsening housing crisis, and pour money into a creaking healthcare system.  Dutton wanted to slash immigration, crack down on crime and ditch a longstanding ban on nuclear power.Trump cast a shadow over the six-week election campaign, sparking keen global interest in whether his tariff-induced economic chaos would influence the result.Congratulations for Albanese came from US Secretary of State Marco Rubio, who called Australia a “valued ally, partner, and friend of the United States”.Sydney politics lecturer Henry Maher told AFP that “in times of instability, we expect people to go back to a kind of steady incumbent”.Dutton’s policy to slash the public service rankled many as similar cuts, led by billionaire Trump advisor Elon Musk, brought chaos in the United States. His flagship proposal to dot Australia with nuclear reactors was also widely seen as a liability.”Our government will choose the Australian way,” Albanese said late Saturday. “We do not need to beg, or borrow, or copy from anywhere else. We do not seek our inspiration from overseas.”- ‘Mad as a cut snake’ -Hungry voters munched on barbecued “democracy sausages” after casting ballots — a polling day rite of passage — while others in bright swimwear crammed into voting booths after taking an early morning plunge.Before the first vote was even counted, speculation was mounting over whether Dutton could survive an election loss.”We didn’t do well enough during this campaign. That much is obvious tonight and I accept full responsibility,” Dutton told supporters in a concession speech.Some pre-vote polls showed Dutton leaking support because of Trump, whom he praised this year as a “big thinker” with “gravitas” on the global stage. “I mean, Donald Trump is as mad as a cut snake, and we all know that,” voter Alan Whitman, 59, said before casting his ballot. “And we’ve got to tiptoe around that.”Voting is compulsory, enforced with fines of Aus$20 (US$13), leading to turnouts above 90 percent.- High prices -As Australians soured on Trump, both Dutton and Albanese took on more pugnacious tones. Albanese condemned Trump’s tariffs as an act of “economic self-harm” and “not the act of a friend”, while Dutton said in April he would “in a heartbeat” fight any world leader, including Trump, to advance Australia’s interests.Economic concerns have dominated the contest for the many Australian households struggling to pay inflated prices for milk, bread, power and petrol. “The cost of living — it’s extremely high at the moment… Petrol prices, all the basic stuff,” human resources manager Robyn Knox told AFP in Brisbane.- Campaign stumbles -Albanese’s government has embraced the global push towards decarbonisation, warning of a future in which iron ore and polluting coal exports no longer prop up the economy.The 36-day campaign was a largely staid affair but there were moments of unscripted levity.Albanese tumbled backwards off the stage at a heaving campaign rally, while Dutton drew blood when he hit an unsuspecting cameraman in the head with a stray football.Rubio said that Washington hoped to “advance our common interests and promote freedom and stability in the Indo-Pacific and globally” — sentiments echoed by European Commission President Ursula von der Leyen and Indian Prime Minister Narendra Modi.An unnamed Chinese foreign ministry spokesperson said Beijing was “ready to work” with Australia’s new government to further a “more mature, stable and productive” partnership, according to state news agency Xinhua.Ukrainian President Volodymyr Zelensky said Kyiv “sincerely values Australia’s unwavering support and its principled stance on ending Russia’s war”.

Australia’s left-leaning Prime Minister Anthony Albanese triumphed Saturday in national elections, crushing his conservative rival in a contest swayed by economic upheaval and Donald Trump. Albanese’s slow-but-steady leadership resonated at a time of global tumult, analysts said, with voters deserting hard-nosed opposition leader Peter Dutton in droves.Not only was Albanese’s Labor Party on track for an unexpectedly large parliamentary majority, but former police officer Dutton endured the rare humiliation of losing his seat. Projections by national broadcaster ABC pointed to a landslide, with Labor taking 85 seats so far in the 150-member parliament. Dutton’s coalition had 41, other parties nine, and another 15 were in doubt.”Today the Australian people have voted for Australian values. For fairness, aspiration and opportunity for all,” Labor leader Albanese told a raucous crowd in his victory speech.”In this time of global uncertainty, Australians have chosen optimism and determination,” he added.Elated Labor supporters swigged craft beers emblazoned with Albanese’s face at an election party in Sydney, chanting his “Albo” nickname as results were declared on TV. Albanese has promised to embrace renewable energy, tackle a worsening housing crisis, and pour money into a creaking healthcare system.  Dutton wanted to slash immigration, crack down on crime and ditch a longstanding ban on nuclear power.US President Trump cast a long shadow over the six-week election campaign, sparking keen global interest in whether his tariff-induced economic chaos would influence the result.Congratulations for Albanese came from US Secretary of State Marco Rubio, who called Australia a “valued ally, partner, and friend of the United States”.Sydney politics lecturer Henry Maher told AFP that “in times of instability, we expect people to go back to a kind of steady incumbent”.Dutton’s policy to slash the public service rankled many as similar cuts, led by Elon Musk, brought chaos in the United States. His flagship proposal to dot the country with nuclear reactors was also widely seen as a liability.”Our government will choose the Australian way,” Albanese said on Saturday night. “We do not need to beg, or borrow, or copy from anywhere else. We do not seek our inspiration from overseas.”- ‘Mad as a cut snake’ -Hungry voters munched on barbecued “democracy sausages” after casting their ballot — a polling day rite of passage — while others in bright swimwear crammed into voting booths after taking an early morning plunge.Before the first vote was even counted, speculation was already mounting over whether Dutton could survive an election loss.”We didn’t do well enough during this campaign. That much is obvious tonight and I accept full responsibility,” Dutton told supporters in a concession speech.Some pre-vote polls showed Dutton leaking support because of Trump, who he praised this year as a “big thinker” with “gravitas” on the global stage. “I mean, Donald Trump is as mad as a cut snake, and we all know that,” said voter Alan Whitman, 59, before casting his ballot on Saturday. “And we’ve got to tiptoe around that.”Voting is compulsory, enforced with fines of Aus$20 (US$13), leading to turnouts that top 90 percent.- High prices -As Australians soured on Trump, both Dutton and Albanese took on a more pugnacious tone. “If I needed to have a fight with Donald Trump or any other world leader, to advance our nation’s interest, I’d do it in a heartbeat,” Dutton said in April. Albanese condemned Trump’s tariffs as an act of “economic self-harm” and “not the act of a friend”.Economic concerns have dominated the contest for the many Australian households struggling to pay inflated prices for milk, bread, power and petrol. “The cost of living — it’s extremely high at the moment. So, taxes as well, is also another really big thing. Petrol prices, all the basic stuff,” human resources manager Robyn Knox told AFP in Brisbane.- Campaign stumbles -Albanese’s government has embraced the global push towards decarbonisation, warning of a future in which iron ore and polluting coal exports no longer prop up the economy.The 36-day campaign was a largely staid affair but there were a few moments of unscripted levity.Albanese tumbled backwards off the stage at a heaving campaign rally, while Dutton drew blood when he hit an unsuspecting cameraman in the head with a stray football.Rubio said that Washington “looks forward to deepening its relationship with Australia to advance our common interests and promote freedom and stability in the Indo-Pacific and globally.”This was echoed by European Commission President Ursula von der Leyen and by India Prime Minister Narendra Modi, who said he was keen to “advance our shared vision for peace, stability and prosperity in the Indo-Pacific”.Ukrainian President Volodymyr Zelensky said Kyiv “sincerely values Australia’s unwavering support and its principled stance on ending Russia’s war”.