Afp Business Asia

Stock markets charged higher Monday as investors cheered prospects that the US government shutdown could be nearing an end, after lawmakers reached a deal likely to break the record 40-day impasse.The prospect of operations resuming in the world’s biggest economy helped temper lingering worries about extended tech valuations amid talk of an AI bubble.”Everyone’s now anticipating we’ll see the government reopen in the next couple of days,” said Jack Ablin from Cresset Capital. That’s “good for the consumer, good for investors, really good for anyone who travels,” Ablin said.A group of Democrats in the Senate sided with Republicans in a procedural vote on the deal Sunday evening, clearing the way for a formal debate after reaching a bipartisan agreement to fund government operations through January.A government re-opening could also provide clarity on US inflation and on the soft labor market, which will determine whether the Federal Reserve cuts interest rates again, as is widely expected next month.”If all goes well, some federal agencies could reopen as soon as Friday,” said David Morrison, senior analyst at Trade Nation. He noted that both investors and the Fed had been “flying blind since the beginning of October, with a near-complete absence of data”.”Fed Chair Jerome Powell has played down the prospect of another rate cut in December, as it is far from obvious that inflation has peaked,” Morrison added. But as the shutdown entered its 41st day on Monday, investors focused on the US government reopening. They had grown increasingly concerned about the impact of severe disruptions of food benefits to low-income households, and of air travel heading into the Thanksgiving holiday.”Shutdowns haven’t typically had a big bearing on the economy or on financial markets. But, this one…looked as though it might start to cause some trouble,” said analysts at Capital Economics.- Rebound after tech worries -Wall Street opened higher across the board following turbulent losses last week on fears that AI optimism might have pushed tech stocks such as chip heavyweight Nvidia to unsustainable highs.European indices also rose sharply, following similar gains across Asia, with investors also taking heart from a further easing of China-US tensions.Beijing on Monday said it would suspend for one year “special port fees” on US vessels, “simultaneously” with Washington’s pause on levies targeting Chinese ships.The dollar, which steadied versus the euro and the pound, rose against the yen, while oil prices gained slightly after losses last week over concerns of hefty supply amid uncertainty over global demand.”Risk is back on, and last week’s sell-off seems like a distant memory,” said Kathleen Brooks, research director at trading platform XTB.”There are some risks ahead, but unless we see a meaningful decline in Fed rate cut expectations, or a weak earnings report from (major computer chip-maker) Nvidia next week, then stocks could be poised to rally into year end,” she said.- Key figures at 2110 GMT -New York – Nasdaq: up 2.3 percent at 23,527.17 (close)New York – S&P 500: up 1.5 percent at 6,832.43 (close)New York – Dow:  UP 0.8 percent at 47,368.63 (close)London – FTSE 100: UP 1.1 percent at 9,787.15 (close)Paris – CAC 40: UP 1.3 percent at 8,055.51 (close)Frankfurt – DAX: UP 1.7 percent at 23,959.99 (close)Tokyo – Nikkei 225: UP 1.3 percent at 50,911.76 (close)Hong Kong – Hang Seng Index: UP 1.6 percent at 26,649.06 (close)Shanghai – Composite: UP 0.5 percent at 4,018.60 (close)Euro/dollar: DOWN at $1.1563 from $1.1566 on FridayPound/dollar: UP at $1.3182 from $1.3162Dollar/yen: UP at 154.03 yen from 153.42 yenEuro/pound: UP at 88.00 pence from 87.88 penceBrent North Sea Crude: UP 0.4 percent at $64.06 per barrelWest Texas Intermediate: UP 0.7 percent at $60.13 per barrel

Stock markets charged higher Monday as investors cheered prospects that the US government shutdown could be nearing an end, after lawmakers reached a deal likely to break the record 40-day impasse.The prospect of operations resuming in the world’s biggest economy helped temper lingering worries about extended tech valuations amid talk of an AI bubble.A group of Democrats in the Senate sided with Republicans in a procedural vote on the deal Sunday evening, clearing the way for a formal debate after reaching a bipartisan agreement to fund operations through January.A government re-opening could also provide clarity on US inflation and on the soft labour market, which will determine whether the Federal Reserve cuts interest rates again as widely expected next month.”If all goes well, some federal agencies could reopen as soon as Friday,” said David Morrison, senior analyst at Trade Nation. He noted that both investors and the Fed have been “flying blind since the beginning of October, with a near-complete absence of data”.”Fed Chair Jerome Powell has played down the prospect of another rate cut in December, as it is far from obvious that inflation has peaked,” Morrison added. But investors on Monday focused on the US government reopening, after growing increasingly concerned about the impact of severe disruptions of food benefits to low-income households, and of air travel heading into the Thanksgiving holiday.”Shutdowns haven’t typically had a big bearing on the economy or on financial markets. But, this one… looked as though it might start to cause some trouble,” said analysts at Capital Economics.- Rebound after tech worries -Reports that drugmaker Pfizer won a bidding war for the biotech obesity specialist Metsera over the weekend with a $10 billion offer also bolstered investor optimism.Wall Street opened higher across the board following turbulent losses last week on fears that AI optimism might have pushed tech stocks such as chip heavyweight Nvidia to unsustainable highs.European indices also rose sharply, following similar gains across Asia, with investors also taking heart from a further easing of China-US tensions.Beijing on Monday said it would suspend for one year “special port fees” on US vessels, “simultaneously” with Washington’s pause on levies targeting Chinese ships.The dollar, which steadied versus the euro and the pound, rose against the yen, while oil prices gained slightly after losses last week over concerns of hefty supply amid uncertainty over global demand.”Risk is back on, and last week’s sell-off seems like a distant memory,” said Kathleen Brooks, research director at trading platform XTB.”There are some risks ahead, but unless we see a meaningful decline in Fed rate cut expectations, or a weak earnings report from (major computer chip-maker) Nvidia next week, then stocks could be poised to rally into year end,” she said.- Key figures at 1640 GMT -New York – Nasdaq: up 1.4 percent at 23,320.27 pointsNew York – S&P 500: up 0.7 percent at 6,776.32New York – Dow: FLAT at 46,958.00London – FTSE 100: UP 1.1 percent at 9,787.15 (close)Paris – CAC 40: UP 1.3 percent at 8,055.51 (close)Frankfurt – DAX: UP 1.7 percent at 23,959.99 (close)Tokyo – Nikkei 225: UP 1.3 percent at 50,911.76 (close)Hong Kong – Hang Seng Index: UP 1.6 percent at 26,649.06 (close)Shanghai – Composite: UP 0.5 percent at 4,018.60 (close)Euro/dollar: DOWN at $1.1553 from $1.1563 on FridayPound/dollar: FLAT at $1.3158 from $1.3160Dollar/yen: UP at 153.94 yen from 153.46 yenEuro/pound: DOWN at 87.81 pence from 87.86 penceBrent North Sea Crude: DOWN 0.3 percent at $63.46 per barrelWest Texas Intermediate: DOWN 0.4 percent at $59.54 per barrel

Stock markets posted strong gains Monday as investors cheered prospects that the US government shutdown could be nearing an end, after reports said lawmakers had reached a deal to break the record 40-day impasse.The possibility of resuming operations in the world’s biggest economy helped temper lingering worries about extended tech valuations amid talk of an AI bubble.A group of Democrats in the Senate sided with Republicans in a procedural vote on the deal Sunday evening — clearing the way for a formal debate — after reaching a bipartisan agreement to fund operations through January.”The more risk-on mood means it’s pretty much a sea of green on the boards,” said Neil Wilson, UK Investor Strategist at Saxo.A government re-opening could also provide clarity on US inflation and on the soft labour market, which will determine whether the Federal Reserve cuts interest rates again as widely expected next month.”If all goes well, some federal agencies could reopen as soon as Friday,” said David Morrison, senior analyst at Trade Nation. He noted that both investors and the Fed have been “flying blind since the beginning of October, with a near-complete absence of data”.”Fed Chair Jerome Powell has played down the prospect of another rate cut in December, as it is far from obvious that inflation has peaked,” Morrison added. But investors on Monday focused on the US government reopening, after growing increasingly concerned about the impact of severe disruptions of food benefits to low-income households, and of air travel heading into the Thanksgiving holiday.”Shutdowns haven’t typically had a big bearing on the economy or on financial markets. But, this one… looked as though it might start to cause some trouble,” said analysts at Capital Economics.Reports that drugmaker Pfizer won a bidding war for the biotech obesity specialist Metsera over the weekend with a $10 billion offer also bolstered investor optimism.Wall Street opened higher across the board following turbulent losses last week on fears the AI investment boom might have pushed tech stocks to unsustainable highs. European indices also rose sharply, following similar gains across Asia, with investors also taking heart from a further easing of China-US tensions.Beijing on Monday said it would suspend for one year “special port fees” on US vessels, “simultaneously” with Washington’s pause on levies targeting Chinese ships.The dollar, which steadied versus the euro and the pound, rose against the yen, while oil prices gained slightly after losses last week over concerns of hefty supply amid uncertainty over global demand.- Key figures at 1435 GMT -New York – Dow: UP 0.5 percent at 47,218.72 pointsNew York – S&P 500: up 1.0 percent at 6,797.57New York – Nasdaq: up 1.6 percent at 23,376.56London – FTSE 100: UP 1.0 percent at 9,781.55Paris – CAC 40: UP 1.4 percent at 8,063.78Frankfurt – DAX: UP 1.8 percent at 23,983.70Tokyo – Nikkei 225: UP 1.3 percent at 50,911.76 (close)Hong Kong – Hang Seng Index: UP 1.6 percent at 26,649.06 (close)Shanghai – Composite: UP 0.5 percent at 4,018.60 (close)Euro/dollar: FLAT at $1.1563 from $1.1563 on FridayPound/dollar: FLAT at $1.3162 from $1.3160Dollar/yen: UP at 154.10 yen from 153.46 yenEuro/pound: FLAT at 87.87 pence from 87.86 penceBrent North Sea Crude: UP 0.6 percent at $63.99 per barrelWest Texas Intermediate: UP 0.6 percent at $60.11 per barrel

China said on Monday it would suspend for one year “special port fees” on US vessels “simultaneously” with Washington’s pause on levies targeting Chinese ships, as a fragile trade truce between the superpowers takes shape.The United States and China have been engaged in a volatile trade and tariff war for months, but agreed to walk back some punitive measures after presidents Xi Jinping and Donald Trump met in South Korea last month.Duties on both sides had reached prohibitive triple-digit levels at one point, hampering trade between the world’s two largest economies and snarling global supply chains.The suspension of the port fees, which applied to ships operated by or built in the United States that visited Chinese ports, began at 13:01 (0501 GMT) on Monday, a transport ministry statement said.The US shipbuilding industry was dominant after World War II but has gradually declined and now accounts for just 0.1 percent of global output.The sector is now dominated by Asia, with China building nearly half of all ships launched, ahead of South Korea and Japan.Beijing also said separately it would suspend sanctions against US subsidiaries of Hanwha Ocean, one of South Korea’s largest shipbuilders.The year-long suspension of measures against Hanwha, effective from November 10, was linked to the US halting port fees it had levied on Chinese-built and operated ships, China’s commerce ministry said in an online statement.”In light of this (US suspension)… China has decided to suspend the relevant measures” for one year, it said.China had imposed sanctions on five US subsidiaries of Hanwha in October, accusing them of supporting a US government “Section 301” investigation that found Beijing’s dominance of the shipbuilding industry unreasonable.Organisations and individuals in China had been banned from cooperating with Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC and HS USA Holdings Corp.A planned probe into whether the Section 301 investigation affected the “security and development interests” of China’s shipbuilding industry and supply chain had also been shelved for one year, according to the transport ministry.Beijing “looks forward to the United States continuing to meet China halfway and jointly safeguarding fair competition in the global shipping and shipbuilding market”, the commerce ministry said in another statement.- Export controls -In another apparent move on Monday to implement recent agreements, China’s commerce ministry said it had added more than a dozen fentanyl precursors to a list of controlled exports to the United States, Mexico and Canada.Washington has long accused Beijing of failing to effectively crack down on flows of the deadly chemicals underpinning a devastating drug crisis in the United States.While the Chinese statement did not mention recent negotiations, the White House said on November 1 that Beijing had agreed to “stop the shipment of certain designated chemicals to North America” — part of “significant measures to end the flow of fentanyl”.The measures are the latest sign of a thaw in economic ties since the Xi-Trump meeting. China said on Wednesday it would extend the suspension of additional tariffs on US goods for one year, keeping them at 10 percent, and suspend some tariffs on soybeans and other US agricultural products.It also suspended an export ban on gallium, germanium and antimony, metals crucial for modern technology, on Sunday.Beijing also agreed following talks to halt restrictions on the export of rare earths technology for one year. Washington in turn agreed to suspend for one year export restrictions on affiliates of blacklisted foreign companies in which they had at least a 50 percent stake, the Chinese commerce ministry said on Wednesday.

European and Asian stock markets rallied Monday as investors cheered prospects that the US government shutdown could be nearing an end, after reports said lawmakers had reached a deal to break the record-breaking 40-day impasse.The possibility of resuming operations in the world’s biggest economy helped temper lingering worries about extended tech valuations amid talk of an AI bubble.”The more risk-on mood means it’s pretty much a sea of green on the boards,” Neil Wilson, UK Investor Strategist at Saxo, said of the gains across stock markets.”In the US, stock futures are pointing to solid gains,” he added.Frankfurt led the way in Europe, up 1.7 percent nearing midday after Hong Kong closed up by a similar amount.The dollar, which steadied versus the euro and British pound, rose against the yen. Oil prices gained slightly.Investors have been growing increasingly concerned about the financial impact of the US shutdown, which has seen several government services halted and air travel disrupted heading into the Thanksgiving holiday.A group of Democrats in the Senate sided with Republicans in a procedural vote on the deal Sunday evening — clearing the way for a formal debate — after reaching a bipartisan agreement to fund operations through January.The Senate will have up to 30 hours to debate before the measure is expected to be passed.Once it clears the Senate, it needs approval from the Republican-controlled House of Representatives before going to President Donald Trump for his signature.The vote came after weeks of wrangling over healthcare subsidies, food benefits and Trump’s firings of federal employees.The US president told reporters “it looks like we’re getting close to the shutdown ending”.Lawmakers said the deal would restore funding for food stamps, reverse Trump’s firings of thousands of federal workers and assure a vote on extending health care subsidies. The reopening would allow officials to resume the release of key economic data, including on the labour market, which is a key gauge for the Federal Reserve as it considers whether to cut interest rates again next month.Investors took heart also from a further easing of China-US tensions.Beijing on Monday said it would suspend for one year “special port fees” on US vessels “simultaneously” with Washington’s pause on levies targeting Chinese ships.- Key figures at around 1045 GMT -London – FTSE 100: UP 1.0 percent at 9,783.56 pointsParis – CAC 40: UP 1.4 percent at 8,057.33Frankfurt – DAX: UP 1.7 percent at 23,976.36Tokyo – Nikkei 225: UP 1.3 percent at 50,911.76 (close)Hong Kong – Hang Seng Index: UP 1.6 percent at 26,649.06 (close)Shanghai – Composite: UP 0.5 percent at 4,018.60 (close)New York – Dow: UP 0.2 percent at 46,987.10 (close)Euro/dollar: UP at $1.1564 from $1.1563 on FridayPound/dollar: DOWN at $1.3159 from $1.3160Dollar/yen: UP at 154.15 yen from 153.46 yenEuro/pound: UP at 87.87 pence from 87.86 penceBrent North Sea Crude: UP 0.2 percent at $63.73 per barrelWest Texas Intermediate: UP 0.2 percent at $59.87 per barrel

China said Monday it would suspend for one year “special port fees” on US vessels “simultaneously” with Washington’s pause on levies targeting Chinese ships, as a fragile trade truce between the superpowers continues to take shape.The United States and China have been involved in a volatile trade and tariff war for months, but agreed to walk back some punitive measures after presidents Xi Jinping and Donald Trump met last month in South Korea.At one point, duties on both sides had reached prohibitive triple-digit levels, hampering trade between the world’s two largest economies and snarling global supply chains.The suspension of the port fees, which applied to ships operated by or built in the United States that visited Chinese ports, began at 13:01 (0501 GMT) on Monday, a transport ministry statement said.The US shipbuilding industry was dominant after World War II but has gradually declined and now accounts for just 0.1 percent of global output.The sector is now dominated by Asia, with China building nearly half of all ships launched, ahead of South Korea and Japan.Separately, Beijing said it would suspend sanctions against US subsidiaries of Hanwha Ocean, one of South Korea’s largest shipbuilders.The year-long suspension of measures against Hanwha, effective from November 10, was linked to the US halting port fees it had levied on Chinese-built and operated ships, China’s commerce ministry said in an online statement.”In light of this (US suspension)… China has decided to suspend the relevant measures” for one year, it said.China had imposed sanctions on five US subsidiaries of Hanwha in October, accusing them of supporting a US government “Section 301” investigation that found Beijing’s dominance of the shipbuilding industry unreasonable.Organisations and individuals in China had been banned from cooperating with Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC and HS USA Holdings Corp.A planned probe into whether the Section 301 investigation impacted the “security and development interests” of China’s shipbuilding industry and supply chain had also been shelved for one year, according to the transport ministry.- Export controls -In another apparent move Monday to implement recent agreements, China’s commerce ministry said it had added more than a dozen fentanyl precursors to a list of controlled exports to the United States, Mexico and Canada.Washington has long accused Beijing of failing to effectively crack down on flows of the deadly chemicals underpinning a devastating drug crisis in the United States.While the Chinese statement did not mention recent negotiations, the White House said on November 1 that Beijing had agreed to “stop the shipment of certain designated chemicals to North America” — part of “significant measures to end the flow of fentanyl”.The measures are the latest sign of a thaw in economic ties since the Xi-Trump meeting. On Wednesday, China said it would extend the suspension of additional tariffs on US goods for one year, keeping them at 10 percent, and suspend some tariffs on soybeans and other US agricultural products. China also suspended an export ban on gallium, germanium and antimony, metals crucial for modern technology, on Sunday.Also following talks, Beijing agreed to halt for one year restrictions on the export of rare earths technology. Washington in turn agreed to suspend for one year export restrictions on affiliates of blacklisted foreign companies in which they had at least a 50 percent stake, the Chinese commerce ministry said Wednesday.

Equities rallied Monday on hopes that the US government shutdown could be nearing an end after reports said lawmakers had reached a deal to break the record-breaking 40-day impasse.The prospect of a resumption of operations in the world’s biggest economy helped temper lingering worries about extended tech valuations amid talk of an AI bubble following this year’s eye-watering rally.Investors have been growing increasingly concerned about the financial impact of the shutdown, which saw several government services halted and air travel disrupted heading into the Thanksgiving holiday.A University of Michigan survey last week showed a decline in consumer sentiment in November compared with October.A group of Democrats in the Senate sided with Republicans in a procedural vote on the deal Sunday evening —  clearing the way for a formal debate — after reaching a bipartisan agreement to fund operations through January.The Senate will have up to 30 hours to debate before the measure is expected to be passed.Once it clears the Senate, it needs approval from the Republican-controlled House of Representatives before going to President Donald Trump for his signature.The vote came after weeks of wrangling over health care subsidies, food benefits and Trump’s firings of federal employees.The US president told reporters “it looks like we’re getting close to the shutdown ending”.Republican Senate Majority Leader John Thune said: “After 40 days of uncertainty, I’m profoundly glad to be able to announce that nutrition programmes, our veterans, and other critical priorities will have their full-year funding.”Lawmakers said the deal would restore funding for food stamps, reverse Trump’s firings of thousands of federal workers and assure a vote on extending health care subsidies. “There is a growing sense of urgency to reach a compromise,” wrote National Australia Bank’s Rodrigo Catril.”The economic consequences are mounting: the Congressional Budget Office estimates the shutdown could shave 1.5 percentage (annualised) points off quarterly GDP growth by mid-November”.Optimism for an end to the standoff helped equities higher in Asia.Tokyo and Hong Kong each rose more than one percent and Seoul piled on three percent. There were also gains in Shanghai, Sydney, Bangkok, Taipei, Manila and Wellington, though there were losses in Singapore.London, Paris and Frankfurt rallied at the open.The reopening would allow officials to resume the release of key economic data, including on the labour market, which is a key gauge for the Federal Reserve as it considers whether to cut interest rates again next month.Traders have been forced to use private data to get an idea about the state of the economy, with a report from outplacement firm Challenger, Gray & Christmas last week showing US layoffs hit the highest level in 22 years in October.That boosted talk of another rate cut, though several key members of the central bank have said their main concern is stubbornly elevated inflation, rather than jobs.Chris Weston at Pepperstone said: “Markets currently price a 67 percent chance of a December rate cut.”However, recent comments from non-voting Fed members (Beth) Hammack and (Lorie) Logan — both suggesting they wouldn’t have supported the October cut — hint at a higher bar for additional easing.”The next wave of Tier 1 data, once government operations resume, will be critical for December expectations.”Investors also took heart in a further easing of China-US tensions after Beijing on Monday said it would suspend for one year “special port fees” on US vessels “simultaneously” with Washington’s pause on levies targeting Chinese ships.While markets are on the up at the start of the week, sentiment has been dented of late by concerns that stocks are overvalued and doubts over tens of billions of dollars in new artificial intelligence investments.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: UP 1.3 percent at 50,911.76 (close)Hong Kong – Hang Seng Index: UP 1.6 percent at 26,649.06 (close)Shanghai – Composite: UP 0.5 percent at 4,018.60 (close)London – FTSE 100: UP 0.6 percent at 9,742.26Euro/dollar: UP at $1.1570 from $1.1563 on FridayPound/dollar: DOWN at $1.3157 from $1.3160Dollar/yen: UP at 154.06 yen from 153.46 yenEuro/pound: UP at 87.94 pence from 87.86 penceWest Texas Intermediate: UP 0.8 percent at $60.22 per barrelBrent North Sea Crude: UP 0.7 percent at $64.06 per barrelNew York – Dow: UP 0.2 percent at 46,987.10 (close)

China said Monday it would suspend sanctions against US subsidiaries of Hanwha Ocean, one of South Korea’s largest shipbuilders, as a fragile trade truce between Washington and Beijing continued to take shape.The United States and China have been involved in a volatile trade and tariff war for months, but agreed to walk back some punitive measures after leaders Xi Jinping and Donald Trump met last month in South Korea.The year-long suspension of measures against Hanwha, effective from November 10, was linked to the US halting port fees it had levied on Chinese-built and operated ships, China’s commerce ministry said in an online statement.”In light of this (US suspension)… China has decided to suspend the relevant measures” for one year, the statement said.China had imposed sanctions on five US subsidiaries of Hanwha in October, accusing them of supporting a US government “Section 301” investigation that found Beijing’s dominance of the shipbuilding industry unreasonable.Organisations and individuals in China had been banned from cooperating with Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC and HS USA Holdings Corp.Hanwha announced a $5 billion investment in Philly Shipyard, in the US city of Philadelphia, in August.

Shein opened its first physical store worldwide in Paris under the eye of riot police, as the French government said it was suspending the Asian e-commerce giant’s online platform following outrage over its sale of childlike sex dolls.Hundreds of shoppers streamed into Shein’s permanent physical store on the sixth floor of the BHV department store, a landmark that has stood across from Paris City Hall since 1856.Police patrolled the street and put up barriers, keeping nearby protesters from approaching the waiting shoppers. Soon after the launch of the shop, the French government said it was suspending the Shein digital platform until the company complied with French legislation.Despite an uproar in the couture capital over the Asian brand’s fast fashion business model and its environmental impact, the first shoppers queued for hours outside the luxury department store.Some of the crowd — ranging from older couples to mothers with young kids and trendy 20-somethings — said they arrived out of curiosity, while others pointed to the brand’s affordability.”Times have changed, generations have changed,” Mohamed Joullanar, a 30-year-old who already buys from Shein online, told AFP.”I’d never thought of going to BHV before,” the Moroccan masters student told AFP. “I always heard it was expensive, luxury products. But now, thanks to Shein, I’m here.”Hammani Souhaila bought a 16.49-euro ($18.93) T-shirt for her 17-year-old daughter at the store but expressed regret that the Shein items sold at BHV were “more expensive than online”.- ‘Crimes against children’ -Nearby children’s rights activists staged a protest.”We protect Shein and the culture of crimes against children while survivors of childhood sexual violence with their signs are pushed aside,” protester Caroline Di Ruzza from Mouv’Enfants, an association for the protection of children, told AFP.Leftist political groups gave speeches and distributed flyers, including one denouncing “suspected forced labour” and “pollution”, and urging passersby to sign a petition against Shein’s presence in the Paris store.Shein, which was founded in China in 2012 but is now based in Singapore, has faced criticism over working conditions at its factories and the environmental impact of its ultra-fast fashion business model, among other concerns.Its arrival in France has been opposed by politicians, unions and top fashion brands.Just days before the planned opening, a new controversy erupted over the sale of childlike sex dolls on Shein’s platform. The discovery triggered a new political outcry and the opening of a judicial investigation against Shein, and also rival online retailer AliExpress, over the sale of the sex dolls.But the queues still formed despite the uproar. “The dolls didn’t stop me from coming,” said Fatima Mriouch, a 48-year-old education worker.  On Wednesday, the government said it was moving to suspend the Shein website in France “for the time necessary for the platform to demonstrate to the public authorities that all of its content is finally in compliance with our laws”.The retailer said it wanted dialogue with the French authorities, and separately said it was suspending products from third-party sellers in France.- Man arrested over childlike doll -In a new development, prosecutors said a man was arrested in southern France after ordering a childlike sex doll from China.The parcel did not come from Shein, prosecutor Jean-Luc Blachon told AFP.The man, who was taken into custody, had previously been convicted of sexual assault and “admitted to having ordered the doll for sexual purposes”, prosecutors said.Shein has already pledged to “fully cooperate” with French authorities over the probe into the retailer, and announced it was imposing a ban on all sex dolls.Frederic Merlin, the 34-year-old director of the SGM company that operates BHV, has said he considered pulling the plug on the partnership with Shein but later changed his mind.Merlin, who expressed hope that Shein will help increase footfall at the department store, made an appearance at the entrance shortly before the official opening. Shein is also scheduled to open five shops in other French cities, including Dijon, Grenoble and Reims.ole-hrc-sw-as/sjw/phz/jhb

Asian e-commerce giant Shein Tuesday pledged to “cooperate fully” with French judicial authorities after an uproar over it selling childlike sex dolls, and said it was prepared to disclose the names of people who bought them.The controversy comes as the ultra-fast fashion giant is set to open its first bricks and mortar store in the world, in the prestigious BHV department store in central Paris on Wednesday.”We will cooperate fully with the judicial authorities,” Shein’s spokesman in France, Quentin Ruffat, told RMC radio, adding the company was prepared to share the names of those who have bought such dolls.”We will be completely transparent with the authorities,” he said.”We will put the necessary safeguards in place to ensure that this does not happen again,” Ruffat added.The Paris prosecutor’s office said it had opened investigations against Shein, and also rival online retailer AliExpress, over the sale of sex dolls.The probes were also for distributing “messages that are violent, pornographic or improper, and accessible to minors”, the office told AFP.The investigations were launched after France’s anti-fraud unit reported on Saturday that Shein, a Singapore-based company which was originally founded in China, was selling childlike sex dolls.French media published a photo of one of the dolls sold on the platform, accompanied by an explicitly sexual caption.The pictured doll measured around 80 centimetres (30 inches) in height and held a teddy bear.Ruffat described what had happened as “serious, unacceptable, intolerable.”He chalked up the sale of the dolls to “a malfunction in our processes and governance”.- ‘Who can stop it?’ -On Monday, Shein announced it was imposing a “total ban on sex-doll-type products” and had deleted all listings and images linked to them.  Shein’s meteoric rise has been a bane for traditional retail fashion companies and, even before the uproar over the dolls, the arrival of Shein in the fashion capital had sparked controversy.Critics fear that Shein will further hurt stores in France that have had to lay off staff or close.”Shein in France. Who can stop it?” left-leaning French daily Liberation said on its front page.Frederic Merlin, the 34-year-old director of the SGM company that operates BHV, has been criticised for partnering up with Shein, which has been accused of unfair competition, environmental pollution and poor working conditions.Merlin admitted on Tuesday that he considered pulling the plug on the partnership with Shein after the latest uproar.”It’s despicable,” he told broadcaster RTL.”I find it sickening to know that we can freely sell this kind of stuff on the internet,” Merlin added.But he said he had reconsidered, adding that Shein’s stance and readiness to cooperate with the French authorities “convinced me to continue”.He said he was confident about the Shein products that will be sold at the department store, and denounced a “general hypocrisy” surrounding Shein and its “25 million French customers”.He expressed hope that the Asian giant would help increase footfall at the department store.- ‘Shein has to pay’ -Shein is also scheduled to open several shops in Galeries Lafayette department stores run by SGM in other parts of France.But the Galeries Lafayette group has refused to be associated with Shein.On Tuesday, it ended a partnership with SGM, likely meaning it will withdraw its name from seven such department stores in France, including in the cities of Dijon and Grenoble, the group and SGM said.The mayor of Dijon, Nathalie Koenders, deplored Shein’s upcoming arrival in her city, calling on legislators and European institutions to take action.On Monday, an association fighting to protect children from all forms of violence staged a protest in front of the BHV department store in Paris.”Shame on Shein,” one of the signs read.”Shein has to pay, politically speaking,” said Arnaud Gallais, co-founder and president of the Mouv’Enfants association.egu-ac-jul-as/ah/rl/jhb