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The Bank of Japan is expected to hike interest rates Friday for the first time since January, pushing them to their highest level in 30 years and potentially exacerbating turmoil in debt markets.Yields on Japanese government bonds have risen in recent weeks on worries about Prime Minister Sanae Takaichi’s budget discipline, while the yen has weakened.Higher BoJ interest rates make Japanese bonds more attractive than other assets, pushing down their prices but sending yields — which move inversely — higher.Japan’s economy contracted 0.6 percent in the third quarter, but BoJ governor Kazuo Ueda said last weekthat the impact of US tariffs was less than feared.”So far, US corporates have swallowed the burden of tariffs without fully passing (them) through to consumer prices,” Ueda told the Financial Times.At the same time, inflation has been above the BoJ’s target of two percent for some time, with core consumer prices rising 3.0 percent in October.”The urgency stems from policymakers’ recognition that the window for hiking will close once external headwinds intensify,” said BMI (Fitch Solutions) in a note.- Record-high yields -The majority of economists polled by Bloombergexpect the BoJ to raise its main rate from 0.5 percent to 0.75 percent, which would be the highest since 1995.The BoJ only began raising rates from below zero in March 2024. The US Federal Reserve is now going in the other direction and cutting rates.The BoJ’s move should help keep inflation in check, which would be welcome news to Takaichi, Japan’s first woman prime minister.She hopes to avoid the fate of her predecessor Shigeru Ishiba, who suffered a string of election debacles in part because of anger over rising prices.The lower house last week approved an extra budget worth 18.3 trillion yen ($118 billion) to finance a major stimulus package to help households.But more than 60 percent of the planned spending will come from government borrowing, rekindling market anxiety about Japan’s fiscal health.The country already has the biggest ratio of debt to gross domestic product (GDP) among major economies, with the International Monetary Fund projecting it to hit 232.7 percent this year.Yields on 30-year bond yields reached a record high in early December, and 10-year yields last week hittheir highest level in 19 years.As well as pushing up bond yields, worries about Takaichi’s “responsible proactive fiscal policy” have added to pressure on the yen, which in turn fuels inflation since Japan is so reliant on imports.”These factors will offset the effects of the economic stimulus measures and undermine the medium- to long-term stability of the economy and financial markets,” said Takahide Kiuchi at the Nomura Research Institute.”This is the contradiction and weakness of the Takaichi administration’s proactive fiscal policy,” he said.

Crouched between mountains of discarded plastic, Lanh strips the labels off bottles of Coke, Evian and local Vietnamese tea drinks so they can be melted into tiny pellets for reuse.More waste arrives daily, piling up like technicolour snowdrifts along the roads and rivers of Xa Cau, one of hundreds of “craft” recycling villages encircling Vietnam’s capital Hanoi where waste is sorted, shredded and melted.The villages present a paradox: they enable reuse of some of the 1.8 million tonnes of plastic waste Vietnam produces each year, and allow employees to earn much-needed wages.But recycling is done with few regulations, pollutes the environment and threatens the health of those involved, both workers and experts told AFP.”This job is extremely dirty. The environmental pollution is really severe,” said Lanh, 64, who asked to be identified only by her first name for fear of losing her job.It is a conundrum facing many fast-growing economies, where plastic use and disposal has outpaced the government’s ability to collect, sort and recycle.Even in wealthy countries, recycling rates are often abysmal because plastic products can be expensive to repurpose and sorting rates are low.But the rudimentary methods used in Vietnam’s craft villages produce dangerous emissions and expose workers to toxic chemicals, experts say.”Air pollution control is zero in such facilities,” said Hoang Thanh Vinh, an analyst at the United Nations Development Programme focused on waste recycling.Untreated wastewater is often dumped directly into waterways, he added.The true scale of the problem is hard to judge, with few comprehensive studies.In one village, Minh Khai, Vinh said a sediment analysis found “very high contamination of lead and the presence of dioxins”, as well as furan — all of which have been linked to cancer.And in 2008, the life expectancy for residents of the villages was found to be a full decade shorter than the national average, according to the environment ministry.Local authorities and the environment ministry did not reply to AFP’s requests for comment.Lanh believes the toxic waste in Xa Cau gave her husband blood cancer, but she still spends her days sorting rubbish to pay his medical bills.”This village is full of cancer cases, people just waiting to die,” she said.- Sickness and wealth -No data exists on cancer rates in the villages, but AFP spoke to more than half a dozen workers in Xa Cau and Minh Khai who reported colleagues or family members with cancer.Xuan Quach, coordinator of the Vietnam Zero Waste Alliance, said sustained exposure to the “toxic environment” made it inevitable that residents face “health risks that are of course higher”.Dat, 60, has been sorting plastic in Xa Cau for a decade and said the job “definitely affects your health”.  “There’s no shortage of cancer cases in this village.”But there is also no shortage of workers, keen for the economic lifeline recycling provides.In Xa Cau, plastic piles up around multi-storey homes, some with ornate facades noting the years they were built.”We get richer thanks to this business,” said 58-year-old Nguyen Thi Tuyen, who lives in a two-storey home.”Now all the houses are brick houses… In the past, we were just a farming village.” Most of the waste the villagers recycle is home-grown, researchers and residents say.But even though Vietnam only recycles about a third of its own plastic waste, it also imports thousands of tons annually from Europe, the United States and Asia.Imports soared after China stopped accepting plastic waste in 2018, though recently Vietnam has tightened regulations and announced plans to phase out imports too.For now, US and EU trade statistics show shipments to Vietnam from the two economies reached over 200,000 tonnes last year.In Minh Khai, the owner of a plant producing plastic pellets said domestic supply “is not enough”.”I have to import from overseas,” 23-year-old Dinh, who only gave one name, explained over the whir of heavy machinery. Most domestic waste doesn’t get sorted, so it cannot easily be reused. There have been efforts to improve the industry, including a ban on burning unrecyclable waste and building modern facilities.But burning continues and unusable waste is often dumped in empty lots, according to Vinh.He said the government should help recyclers move to industrial parks with better environmental safeguards, formalising a sector that handles a quarter of the country’s recycling.”The current way of recycling in recycling villages… is not good to the environment at all.”

Hong Kong pro-democracy media tycoon Jimmy Lai was found guilty on all three charges in his national security trial on Monday, convictions that rights groups denounced as the death knell for press freedoms in the Chinese financial hub.  Prosecutors said Lai was the mastermind behind two conspiracies to ask foreign countries to take action against Hong Kong or China, and accused him of publishing material that “excited disaffection” against the government.The 78-year-old, who pleaded not guilty, faces up to life in prison when he is sentenced. He can appeal against the convictions.”There is no doubt that (Lai) had harboured his resentment and hatred of the PRC,” Judge Esther Toh told the court, referring to the People’s Republic of China.She said he had invited the United States “to help bring down” the Chinese government, “with the excuse of helping the people of HK”. In Washington, President Donald Trump said he felt “badly” about Lai’s conviction and added that he had asked Chinese leader Xi Jinping to consider his release.”He’s an older man, and he’s not well. So I did put that request out. We’ll see what happens,” Trump said. Separately, US Secretary of State Marco Rubio noted that Lai’s health had reportedly deteriorated in prison and urged Beijing to “bring this ordeal to an end as soon as possible and to release Mr. Lai on humanitarian grounds”. Lai is a British citizen, and the UK government condemned his “politically motivated prosecution” in a statement calling for his release.- Family anguish -The media mogul, wearing a light green cardigan and grey jacket, listened impassively as the verdicts were read out.He nodded to his wife Teresa and his son Lai Shun-yan in the public gallery as he left the court, an AFP reporter saw.Defence lawyer Robert Pang told reporters that Lai was “in fine spirits” and that they would need to read the 886-page verdict before deciding on their next steps.Lai’s other son Sebastien urged Britain to “do more” to help free his father.”It’s time to put action behind words and make my father’s release a pre-condition to closer relationships with China,” he told a press conference in London.In Washington, his daughter Claire Lai warned China her father would be a “martyr” if he dies in prison, as she voiced alarm again for his health.US, EU and French consular representatives were in court, as well as veterans from Hong Kong’s pro-democracy camp.The European Union said the conviction was “emblematic of the erosion of democracy and fundamental freedoms in Hong Kong since the imposition of the National Security Law”, imposed by Beijing after huge and sometimes violent pro-democracy protests in 2019.Beijing hit back at the international criticism, saying it opposed the “smearing of the judicial system in Hong Kong by certain countries”.- Self-censorship, fear -Lai, who founded the now-shut Apple Daily newspaper, has been behind bars since 2020.His case has been widely criticised as an example of eroding political freedoms under the national security law.The Hong Kong Journalists Association described a Hong Kong media climate of self-censorship and fear.Beijing’s national security agency in Hong Kong and its Liaison Office in the city both called Lai a “pawn” for anti-China forces.Lai looked thinner on Monday than when he first entered custody, an AFP reporter saw, and some of his supporters who gathered at dawn in front of the court expressed concern for his well-being.”I really want to see what’s happening with ‘the boss’,” said Tammy Cheung, who worked at Lai’s newspaper for nearly two decades.- Health concerns -Authorities have said Lai was receiving “adequate and comprehensive” care, and that he had been held in solitary confinement “at his own request”.Prosecutors cited 161 items Apple Daily published in their case against Lai.Those items, including opinion articles with Lai’s byline and talk shows he hosted, were deemed seditious under a colonial-era law because they “excited disaffection” against the government.Lai maintained that he never sought to influence other countries’ foreign policies, saying Apple Daily represented Hongkongers’ core values, including “rule of law, freedom, pursuit of democracy”.Apple Daily was forced to close in 2021 following police raids. Six top executives were charged as co-defendants and have already pleaded guilty.

European stock markets recovered upward momentum on the back of interest rate optimism Monday following a brief correction affecting mostly the tech sector, but gains were pared as Wall Street teetered.The week is filled with economic data and central bank decisions, keeping investors on their toes.Wall Street seemed poised early Monday to match European gains but tech worries crept back into the market, causing key indices to reverse their early upward move.Gold climbed closer to its all-time high and the dollar dropped as traders bet on further cuts to US interest rates by the Federal Reserve next year.”The coming week is shaping up to be a significant one for global markets,” said Jim Reid, managing director at Deutsche Bank.The European Central Bank is expected to hold interest rates steady on Thursday, while the Bank of England is forecast to trim borrowing costs, as policymakers react to cooler inflation in the eurozone and UK.However the Bank of Japan is expected to hike its main rate on Friday with the yen weak.Traders will also digest key US data, including a report on jobs with partial October figures and November’s numbers, both delayed by a government shutdown. Investors will study a US inflation reading this week as well.Markets will pour over the reports for hints on how they could affect the Fed’s January rate decision.”The Fed is still making it clear that it’s concentrated more on the employment side of the mandate,” said Patrick O’Hare of Briefing.com. The central bank has dual goals of maximum employment and stable prices.The bank has lowered borrowing costs at its past three meetings, citing concerns about a struggling American labor market, although there has been dissent including from policymakers concerned about persistently high inflation.Also in view is the race for who will take the helm at the Fed after boss Jerome Powell steps down in May, with US President Donald Trump’s top economic aide Kevin Hassett and Fed governor Kevin Warsh said to be the front-runners.For now, “investors appear indecisive about making gutsy maneuvers prior to a heavy plate of high-profile economic data starting tomorrow,” said Jose Torres of Interactive Brokers.Concerns about the AI-fuelled tech rally returned to the spotlight late last week too after poorly-received earnings from US giants Oracle and Broadcom revived questions about the vast sums invested in the sector.After hefty losses on Wall Street on Friday, where the S&P 500 and Nasdaq indices both shed more than one percent, Asia in turn suffered a tech-led retreat Monday.- Key figures at around 2105 GMT -New York – Dow: DOWN 0.1 percent at 48,416.56 points (close)New York – NASDAQ: DOWN 0.6 percent at 23,057.41 (close)New York – S&P 500: DOWN 0.2 percent at 6,816.51 (close)London – FTSE 100: UP 1.1 percent at 9,751.31 (close)Paris – CAC 40: UP 0.7 percent at 8,124.88 (close)Frankfurt – DAX: UP 0.2 percent at 24,229.91 (close)Tokyo – Nikkei 225: DOWN 1.3 percent at 50,168.11 (close)Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,628.88 (close)Shanghai – Composite: DOWN 0.6 percent at 3,867.92 (close)Euro/dollar: UP at $1.1750 from $1.1742 on FridayDollar/yen: DOWN at 155.25 yen from 155.83Pound/dollar: UP at $1.3372 from $1.3368Euro/pound: UP at 87.87 pence from 87.83West Texas Intermediate: DOWN 1.1 percent at $56.82 per barrelBrent North Sea Crude: DOWN 0.9 percent at $60.56 per barrelburs-tmc-bys/jgc

Stock markets on both sides of the Atlantic recovered upward momentum on the back of interest rate optimism Monday, following a brief correction affecting mostly the tech sector.The week is filled with economic data and central bank decisions.Gold climbed closer to its all-time high and the dollar dropped as traders bet on further cuts to US interest rates by the Federal Reserve next year. “The coming week is shaping up to be a significant one for global markets, with a dense calendar of economic releases and major central bank decisions,” said Jim Reid, managing director at Deutsche Bank.The European Central Bank is expected to hold interest rates on Thursday, when the Bank of England is forecast to trim borrowing costs, as policymakers react to cooler inflation in the eurozone and UK. However the Bank of Japan is expected to hike its main rate on Friday with the yen weak.Attention turns also to key US data, including reports on jobs for October and November, which were delayed by a government shutdown. Investors will also study a US inflation reading this week.The data will be pored over for an idea about the Fed’s plans for next month’s rate decision.The US central bank has lowered borrowing costs at the past three meetings, citing concerns about a struggling American labour market, though there has been some dissent among policymakers who are concerned about persistently high inflation.Also in view is the race to take the helm at the Fed after boss Jerome Powell steps down in May, with US President Donald Trump’s top economic aide Kevin Hassett and Fed governor Kevin Warsh said to be the front-runners.Concerns about the AI-fuelled tech rally returned to the spotlight late last week after poorly-received earnings from US giants Oracle and Broadcom revived questions about the vast sums invested in the sector.After hefty losses on Wall Street on Friday, where the S&P 500 and Nasdaq indices both shed more than one percent, Asia in turn suffered a tech-led retreat Monday.- Key figures at around 1440 GMT -New York – Dow: UP 0.2 percent at 48,557.21 pointsNew York – NASDAQ: UP 0.4 percent at 23,281.37 New York – S&P 500: UP 0.3 percent at 6,848.68London – FTSE 100: UP 1.0 percent at 9,741.91Paris – CAC 40: UP 1.0 percent at 8,148.61Frankfurt – DAX: UP 0.3 percent at 24,256.41Tokyo – Nikkei 225: DOWN 1.3 percent at 50,168.11 (close)Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,628.88 (close)Shanghai – Composite: DOWN 0.6 percent at 3,867.92 (close)New York – Dow: DOWN 0.5 percent at 48,458.05 (close)Euro/dollar: UP at $1.1753 from $1.1742 on FridayDollar/yen: DOWN at 155.05 yen from 155.83Pound/dollar: UP at $1.3392 from $1.3368Euro/pound: DOWN at 87.77 pence from 87.83West Texas Intermediate: DOWN 0.5 percent at $57.17 per barrelBrent North Sea Crude: DOWN 0.3 percent at $60.92 per barrelburs/jh/rlp

Stock markets diverged Monday at the start of a week filled with economic data and central bank decisions, following a tech sell-off on Wall Street.London, Frankfurt and Paris rose solidly around midday after major Asian indices slid.Gold climbed closer to its all-time high as the dollar dropped, as traders bet on further cuts to US interest rate by the Federal Reserve next year. “The coming week is shaping up to be a significant one for global markets, with a dense calendar of economic releases and major central bank decisions,” said Jim Reid, managing director at Deutsche Bank.The European Central Bank is expected to hold interest rates on Thursday, when the Bank of England is forecast to trim borrowing costs, as policymakers react to cooler inflation in the eurozone and UK. However the Bank of Japan is expected to hike its main rate on Friday amid a weak yen. Attention turns also to key US data, including reports on jobs for October and November, which were delayed by the government shutdown. Investors will also study a US inflation reading this week.The data will be pored over for an idea about the Fed’s plans for next month’s rate decision, even if traders have pared back their expectations for cuts next year.The US central bank has lowered borrowing costs at the past three meetings, citing concerns about a struggling American labour market, though there has been some dissent among policymakers who are concerned about persistently high inflation.Also in view is the race to take the helm at the Fed after boss Jerome Powell steps down in May, with US President Donald Trump’s top economic aide Kevin Hassett and Fed governor Kevin Warsh said to be the front-runners.- Tech sell-off -Concerns about the AI-fuelled tech rally have meanwhile returned to the spotlight after last week’s poorly-received earnings from US giants Oracle and Broadcom revived questions about the wisdom of the vast sums invested in the sector.After hefty losses on Wall Street on Friday, where the S&P 500 and Nasdaq indices both shed more than one percent, Asia suffered a tech-led retreat Monday.Tokyo and Seoul, which have chalked up multiple record highs this year on the back of the tech surge, were among the biggest losers along with Taipei and Hong Kong.  Shanghai was also down as another round of weak data showing Chinese retail sales rose at the slowest pace since December 2022.Among the biggest losers were South Korean chip giants Samsung and SK hynix, while Japanese tech investment titan SoftBank tanked more than seven percent.Tech firms have been at the forefront of a global surge in equity markets for the past two years as they pumped cash into all things linked to artificial intelligence, with chip giant Nvidia becoming the first to top $5 trillion in market valuation in October.But they have hit a sticky patch in recent weeks amid worries that their valuations have gone too far and the AI investments will take some time to make returns, if at all.- Key figures at around 1115 GMT -London – FTSE 100: UP 0.9 percent at 9,734.14 pointsParis – CAC 40: UP 1.1 percent at 8,155.43Frankfurt – DAX: UP 0.5 percent at 24,303.89Tokyo – Nikkei 225: DOWN 1.3 percent at 50,168.11 (close)Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,628.88 (close)Shanghai – Composite: DOWN 0.6 percent at 3,867.92 (close)New York – Dow: DOWN 0.5 percent at 48,458.05 (close)Euro/dollar: UP at $1.1747 from $1.1742 on FridayDollar/yen: DOWN at 155.03 yen from 155.83Pound/dollar: UP at $1.3386 from $1.3368Euro/pound: DOWN at 87.76 pence from 87.83West Texas Intermediate: DOWN 0.2 percent at $57.35 per barrelBrent North Sea Crude: DOWN 0.2 percent at $61.04 per barrel

Thailand’s next general election will take place on February 8, the election commission said Monday, and parties must nominate their candidates for prime minister before the end of this year.”Today the Election Commission has drafted election details and proposed to the Commissioner who agreed that Sunday, February 8, 2026 will be the election day,” the commission said in a statement.Advance voting will take place on February 1.Prime Minister Anutin Charnvirakul, of the conservative Bhumjaithai party, assumed office in September after his predecessor was removed over an ethics violation.He dissolved parliament on Friday, paving the way for the national poll — which under Thai law must be held between 45 to 60 days after the dissolution.The move comes as a conflict stemming from a decades-long border dispute between Thailand and Cambodia reignited this month, with ongoing military clashes killing at least 31 people and displacing around 800,000. Anutin, a cannabis-championing conservative, took power with coalition backing conditional on dissolving parliament, becoming the kingdom’s third leader in two years.

Asian markets dropped Monday as concerns about the AI-fuelled tech rally returned to the spotlight after weak earnings from two big-name firms revived questions about the wisdom of the vast sums invested in the sector.The selling came as traders turned their attention away from the Federal Reserve’s monetary policy after it cut interest rates for a third successive meeting on Wednesday.However, there will be plenty of interest in key US data over the next few days — including on jobs creation and inflation — that could play a big role in the central bank’s decision-making at next month’s meeting.Tech firms have been at the forefront of a global surge in equity markets for the past two years as they pumped cash into all things linked to artificial intelligence, with chip giant Nvidia becoming the first to top $5 trillion in October.But they have hit a sticky patch in recent weeks amid worries that their valuations have gone too far and the AI investments will take some time to make returns, if at all.Those concerns were compounded last week following disappointing earnings from sector giants Oracle and Broadcom.After hefty losses on Wall Street on Friday, where the S&P 500 and Nasdaq both shed more than one percent, Asia suffered a tech-led retreat.Tokyo and Seoul, which have chalked up multiple record highs this year on the back of the tech surge, as well as Taipei and Hong Kong were among the biggest losers Monday. There was also heavy selling in Sydney, Singapore and Mumbai, though Manila and Bangkok edged up and Wellington was flat.Shanghai was was also down as another round of weak data showing Chinese retail sales rose at the slowest pace since December 2022.Among the biggest losers were South Korean chip giants Samsung and SK hynix, while Japanese tech investment titan SoftBank tanked more than seven percent.London, Frankfurt and Paris rose at the open after ending Friday with losses.Investors are also bracing for a heavy week of data, including the reports on US jobs for October and November, which were delayed by the government shutdown, as well as inflation.The readings will be pored over for an idea about the Fed’s plans for January’s rate decision, even as traders pare back their expectations for cuts next year.The bank has lowered borrowing costs at the past three meetings citing worries about the labour market, though there has been some dissent among policymakers who are concerned about persistently high inflation.Also in view is the race to take the helm at the Fed after boss Jerome Powell steps down in May, with Donald Trump’s top economic aide Kevin Hassett and Fed governor Kevin Warsh said to be the front-runners.The US president said that whoever takes over should consult with him, telling the Wall Street Journal: “Typically, that’s not done anymore.”It used to be done routinely. It should be done.” He added: “It doesn’t mean — I don’t think he should do exactly what we say. I’m a smart voice and should be listened to.”When asked where interest rates should be in a year’s time, he replied, “One percent, and maybe lower than that”.”We should have the lowest rate in the world,” he said.Friday sees the Bank of Japan’s own policy decision, with forecasts for a rate hike to push borrowing costs to their highest level in 30 years, though analysts were cautious on the outlook.”The central bank will frame Friday’s move as a response to a stronger economy and more durable inflation,” wrote analysts at Moody’s. “A solid December Tankan survey (of Japanese business sentiment) early in the week and sticky consumer price inflation data on Friday will reinforce that narrative, but the real driver will be the weak yen.”The Japanese currency has weakened to more than 150 per dollar since October amid growing concerns about the country’s economy and Prime Minister Kasuo Takaichi’s plans to boost spending that would need more borrowing.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: DOWN 1.3 percent at 50,168.11 (close)Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,628.88Shanghai – Composite: DOWN 0.6 percent at 3,867.92 (close)London – FTSE 100: UP 0.4 percent at 9,688.80Euro/dollar: DOWN at $1.1733 from $1.1742 on FridayDollar/yen: DOWN at 155.15 yen from 155.83Pound/dollar: UP at $1.3370 from $1.3368Euro/pound: DOWN at 87.77 pence from 87.83West Texas Intermediate: UP 0.4 percent at $57.65 per barrelBrent North Sea Crude: UP 0.4 percent at $61.34 per barrelNew York – Dow: DOWN 0.5 percent at 48,458.05 (close)

A rags-to-riches tycoon, Hong Kong media boss Jimmy Lai is a self-styled “troublemaker” who has long been a thorn in Beijing’s side with his caustic tabloids and unapologetic support for democracy.The 78-year-old was found guilty on Monday on three charges in his national security trial widely condemned by Western nations as an attack on political liberties and press freedoms.Lai told AFP in June 2020 he was “prepared for prison”, where he has been held since late that year.Those remarks came two weeks before Beijing imposed a sweeping national security law on the finance hub after huge, and sometimes violent, pro-democracy protests the previous year.He was arrested under the new security law that August, fulfilling his prediction that he was a prime target for prosecution.”If (prison) comes, I will have the opportunity to read books I haven’t read. The only thing I can do is to be positive,” he said at the time.Few Hong Kongers generate the same level of vitriol from Beijing as Lai.He is an unlikely hero for many in the semi-autonomous city: a pugnacious, self-made tabloid owner and the only tycoon willing to lampoon Beijing.But according to China’s state media, he is a “traitor”, the biggest “black hand” behind the pro-democracy protests and the head of a new “Gang of Four” conspiring with foreign nations to undermine the motherland.- Tiananmen watershed -Lai rose from poverty, like many Hong Kong tycoons.He was born into a wealthy family in mainland China’s Guangdong province, but they lost their fortune when the communists took power in 1949.Smuggled into Hong Kong aged 12, Lai toiled in sweatshops, taught himself English and eventually founded the hugely successful Giordano clothing empire.His path diverged from his contemporaries when China sent tanks to crush protests in Beijing’s Tiananmen Square in 1989.He founded his first publication shortly after and wrote columns critical of senior Chinese leaders.Authorities began closing his mainland clothing stores, so Lai sold up and ploughed the money into a tabloid empire.Lai was the subject of other lawsuits, including one where he was acquitted of intimidating a journalist from a rival newspaper.But his embrace of 2019’s pro-democracy movement landed him in deeper trouble and he was jailed for 20 months over his participation in some rallies.An additional fraud case over an office lease added almost six more years to his sentence.Those cases pale in comparison to Monday’s verdicts.Lai was found guilty on two counts of “conspiracy to foreign collusion” under the national security law — with a maximum penalty of life in prison — and one count of “conspiracy to publish seditious publications”.He pleaded not guilty to all charges.Asked why he did not keep quiet and enjoy his wealth like Hong Kong’s other tycoons, Lai said in 2020 he “just fell into it, but it feels right doing it”.”Maybe I’m a born rebel, maybe I’m someone who needs a lot of meaning to live my life besides money,” he said.- ‘Delivering freedom’ -Lai also said then he had no plans to leave Hong Kong despite his wealth and the risks he faced.”I’m a troublemaker. I came here with nothing, the freedom of this place has given me everything. Maybe it’s time I paid back for that freedom by fighting for it,” he said.Lai’s two primary publications — the Apple Daily newspaper and the digital-only Next magazine — openly backed democracy protests in a city where competitors either support Beijing or tread a far more cautious line.The two publications were largely devoid of advertisements for years as brands steered clear of incurring Beijing’s wrath. Lai plugged the losses with his own cash.They were popular, offering a heady mix of celebrity news, sex scandals and genuine investigations.Apple Daily was forced to close in 2021 after police raids and the arrests of senior editors. Next also closed. Lai defended his paper during more than 40 days of spirited courtroom testimony.”The core values of Apple Daily are actually the core values of the people of Hong Kong… (including) rule of law, freedom, pursuit of democracy, freedom of speech, freedom of religion, freedom of assembly,” he told the court in November 2024.”To participate in delivering freedom is a very good idea for me,” Lai said. “The more you are in the know, the more you are free.”

Hong Kong pro-democracy media tycoon Jimmy Lai was found guilty Monday on three national security charges, a conviction rights groups denounced as a death knell for press freedoms in the Chinese financial hub.Prosecutors said Lai was the mastermind behind two conspiracies to ask foreign countries to take action against Hong Kong or China, and accused him of publishing materials they said “excited disaffection” against the government.The 78-year-old, who pleaded not guilty to the charges, now faces a maximum penalty of life in prison when he is sentenced. He can appeal Monday’s convictions.”There is no doubt that (Lai) had harboured his resentment and hatred of the PRC for many of his adult years,” Judge Esther Toh told the court, referring to the People’s Republic of China.”His constant invitation to the US to help bring down the Government of the PRC with the excuse of helping the people of HK would be analogous to the situation where an American national asks for help from Russia to bring down the US Government under the guise of helping the State of California.”Lai, wearing a light green cardigan and grey jacket, looked impassive as he listened to the verdicts with folded arms, and did not speak.As he left, he nodded to his wife Teresa and his son Lai Shun-yan, who were sitting in the public gallery, an AFP reporter inside the court saw.His defence lawyer Robert Pang told reporters as he left court that Lai “is in fine spirits”.Dozens of police officers were deployed around around the West Kowloon court in the morning, with an armoured car positioned nearby.Consular representatives, including those from the United States, the European Union and France, were among those in attendance, as well as veterans from Hong Kong’s pro-democracy camp, including Cardinal Joseph Zen and former legislator Emily Lau.- ‘Death knell for press freedom’ -The founder of the now-shut Apple Daily newspaper has been behind bars since 2020.His case has been widely criticised as an example of eroding political freedoms under the national security law Beijing imposed on Hong Kong following huge and sometimes violent pro-democracy protests in 2019.”The predictability of today’s verdict does not make it any less dismaying — the conviction of Jimmy Lai feels like the death knell for press freedom in Hong Kong,” Amnesty International said in a statement.Reporters Without Borders called the “unlawful conviction” illustrative of “the alarming deterioration of media freedom in the territory”, while the Committee to Protect Journalists called it a “sham conviction” and “a disgraceful act of persecution”.Beijing, meanwhile, said Friday it “firmly supports” Hong Kong in “safeguarding national security” from criminal acts.Lai once described himself as a “born rebel” and defied the Chinese Communist Party for years while amassing millions from his clothing and media empires.The 78-year-old is a British citizen, and UK Prime Minister Keir Starmer faces pressure from rights groups to secure his release.Before Monday’s verdict, another former Apple Daily employee surnamed Chan recalled that Lai wished for a “free and democratic China”.”He loved the country a lot, he just didn’t love the regime. (The situation) is absurd,” Chan told AFP outside court.- Health concerns -Lai looked thinner than when he first entered custody, and some of the dozens of supporters who gathered at dawn in front of the court expressed concern for his wellbeing.”I really want to see what’s happening with ‘the boss’, to see if his health has deteriorated,” said Tammy Cheung, who worked at Lai’s newspaper for nearly two decades.Lai’s family recently said he had lost weight and had visible decay to his nails and teeth since his long imprisonment.His daughter Claire told AFP last week that Lai, a diabetic, had “lost a very significant amount of weight” and showed nail and teeth decay.National security police chief superintendant Steve Li told a press conference on Monday that Claire Lai’s concerns as to her father’s health were smearing.Authorities have said Lai was receiving “adequate and comprehensive” care, and that he had been held in solitary confinement “at his own request”.- Sprawling trial -Prosecutors cited 161 items Apple Daily published in their case against Lai.Those items, including opinion articles with Lai’s byline and talk shows he hosted, were deemed seditious under a colonial-era law because they “excited disaffection” against the government.Prosecutors also accused Lai of being the mastermind and financial backer of the protest group “Stand with Hong Kong, Fight for Freedom”.Lai countered that he had never sought to influence other countries’ foreign policies, saying Apple Daily represented Hongkongers’ core values: “rule of law, freedom, pursuit of democracy, freedom of speech, freedom of religion, freedom of assembly”.Apple Daily was forced to close in 2021 following police raids. Six top executives were charged as co-defendants and have already pleaded guilty.