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Stock markets diverged Wednesday as they digested a mixed bag of economic data and corporate reports, while bitcoin traded close to its record high with eyes on the upcoming US presidential election.The three main US stock indexes vacillated throughout the morning, but were all slightly higher in midday trading. Major European markets all closed sharply lower. Google-parent Alphabet was up almost six percent in New York after reporting positive results after Tuesday’s close, but that was outweighed by disappointing results and guidance from tech company AMD, down more than nine percent, and drugmaker Eli Lilly, down more than seven percent.  Microsoft and Facebook-parent Meta report later Wednesday. On the economic front, the US economy grew at a healthy 2.8 percent annual rate in the third quarter, even if it undershot analyst expectations and slowed slightly from the previous quarter.  “While the initial Q3 GDP report missed economists’ expectations, the miss was minor and reaffirms that the US economy remains on solid footing,” according to eToro analyst Bret Kenwell. On Thursday, the Federal Reserve’s favourite inflation measure will be released, while the monthly labour jobs report comes Friday.In the eurozone, Paris and Frankfurt closed down more than one percent. “Investors are in no mood to increase their exposure to equity markets, given the lack of a clear lead from the US where consolidation seems to be the order of the day,” said David Morrison, analyst at Trade Nation.The eurozone economy grew a better-than-expected 0.4 percent in the third quarter, the bloc reported Wednesday. But the spurt was largely due to one-off factors such as the Olympics, and next quarter’s report may not be so rosy, said Fawad Razaqzada, analyst at City Index. “Recent forward-looking surveys have been far from great, suggesting that the eurozone economy remained sluggish at the start of Q4,” he said. Outside the eurozone, London’s stock market dropped, though less than Paris and Frankfurt, as the UK’s new Labour government said it would raise taxes by 40 billion pounds and that the deficit will shrink next year.UBS shares slumped more than 4 percent after the Swiss bank highlighted a gloomy economic outlook despite making healthy profits in the third quarter.Asia’s top indices closed mostly down, while in foreign exchange the dollar was mixed against main rivals.Bitcoin steadied, a day after striking just shy of its all-time peak of $73,797.98 achieved in March.A recent surge in the price of bitcoin is seen as a bet on a Republican victory in next week’s US vote, as Donald Trump has emerged as the pro-crypto candidate.The outcome at the polls remains uncertain for many analysts, however, helping haven investment gold to a fresh record high of $2,789.86 an ounce Wednesday. The economic programmes of both candidates are expected to add greatly to the US debt load.Oil prices rebounded after a surprise decline in US petroleum reserves, even though concerns persist about whether there will be enough takers for an expected increase in global crude production next year.”It seems as if oil prices are ignoring improving economic data in the US and stimulus efforts from China to revive its struggling economy,” said Daniela Sabin Hathorn, senior market analyst at Capital.com.- Key figures around  1640 GMT -New York – Dow: UP 0.3 percent at 42,387.77 pointsNew York – S&P 500: UP 0.2 percent at 5,842.54 New York – Nasdaq Composite: UP 0.1 percent at 18,734.64 London – FTSE 100: DOWN 0.7 percent at 8,159.63 (close)Paris – CAC 40: DOWN 1.1 percent at 7,428.36 (close)Frankfurt – DAX: DOWN 1.1 at 19,257.34 (close)Tokyo – Nikkei 225: UP 1.0 percent at 39,277.39 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 20,380.64 (close)Shanghai – Composite: DOWN 0.6 percent at 3,266.24 (close)Euro/dollar: UP at $1.0863 from $1.0816 on TuesdayPound/dollar: DOWN at $1.3006 from $1.3010Dollar/yen: DOWN at 153.08 yen from 153.57 yenEuro/pound: UP at 83.53 pence from 83.13 penceBrent North Sea Crude: UP 2.3 percent at $72.77 per barrelWest Texas Intermediate: UP 2.5 percent at $68.90 per barrel

Major stock markets mostly dropped Wednesday after a mixed bag of economic data and corporate reports, while bitcoin traded close to its record high with eyes on the upcoming US presidential election.The three main US stock indexes were slightly lower after opening, while key European markets were down more sharply in mid-afternoon trading.”Investors are in no mood to increase their exposure to equity markets, given the lack of a clear lead from the US where consolidation seems to be the order of the day,” said David Morrison, analyst at Trade Nation.Google-parent Alphabet was up almost six after reporting positive results after Tuesday’s close, but that was outweighed by negative results from tech company AMD, down almost nine percent, and drugmaker Eli Lilly, down more than 13 percent.  Microsoft and Facebook-parent Meta report later Wednesday. On the economic front, the US economy grew at a healthy 2.8 percent annual rate in the third quarter, even if it undershot analyst expectations and was a slight slowdown from the previous quarter.  On Thursday, the Federal Reserve’s favourite inflation measure will be released, while the monthly labour jobs report comes Friday.The eurozone economy grew a better-than-expected 0.4 percent in the third quarter, the bloc reported Wednesday. But the growth spurt may have been the result of one-off factors such as the Olympics, and next quarter’s report may not be so rosy, said Fawad Razaqzada, analyst at City Index. “Recent forward-looking surveys have been far from great, suggesting that the eurozone economy remained sluggish at the start of Q4,” he said. Outside the eurozone, London’s stock market dropped, though less than Paris and Frankfurt, as the UK’s new Labour government said it would raise taxes by 40 billion pounds and that the deficit will shrink next year.Asia’s top indices closed mostly down, while in foreign exchange the dollar was mixed against main rivals.Bitcoin steadied, a day after striking just shy of its all-time peak of $73,797.98 achieved in March.A recent surge in the price of bitcoin is seen as a bet on a Republican victory in next week’s US vote, as Donald Trump has emerged as the pro-crypto candidate.The outcome at the polls remains uncertain for many analysts, however, helping haven investment gold to a fresh record high of $2,789.86 an ounce Wednesday.Oil prices rebounded as volatility dominates crude trading amid twists and turns in the Middle East crisis, and concerns about whether there will be takers for an expected increase in production next year.”It seems as if oil prices are ignoring improving economic data in the US and stimulus efforts from China to revive its struggling economy,” said Daniela Sabin Hathorn, senior market analyst at Capital.com.- Key figures around  1345 GMT -New York – Dow: DOWN less than 0.1 percent at 42,219.45 pointsNew York – S&P 500: DOWN 0.2 percent at 5,823.89 New York – Nasdaq Composite: DOWN 0.2 percent at 18,871.59 London – FTSE 100: DOWN 0.4 percent at 8,186.78 Paris – CAC 40: DOWN 1.4 percent at 7,404.89Frankfurt – DAX: DOWN 1.2 at 19,254.09Tokyo – Nikkei 225: UP 1.0 percent at 39,277.39 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 20,380.64 (close)Shanghai – Composite: DOWN 0.6 percent at 3,266.24 (close)Euro/dollar: UP at $1.0830 from $1.0816 on TuesdayPound/dollar: DOWN at $1.2971 from $1.3010Dollar/yen: DOWN at 153.10 yen from 153.57 yenEuro/pound: UP at 83.51 pence from 83.13 penceBrent North Sea Crude: UP 1.5 percent at $72.15 per barrelWest Texas Intermediate: UP 1.4 percent at $68.15 per barrelburs-gv/rl

Chinese electric vehicle giant BYD reported surging sales on Wednesday, surpassing global rival Tesla in quarterly revenue for the first time as its push into overseas markets advances.The EV and battery giant is a leading player in recent efforts by Chinese automotive firms to expand overseas — plans that are increasingly threatened by thorny trade disputes between Beijing and the West.BYD posted operating revenue of 201.1 billion yuan ($28.2 billion) during the third quarter, a filing at the Hong Kong Stock Exchange showed, up 24 percent from the same period last year.The Shenzhen-based firm’s quarterly revenue figure for the first time exceeded that of American EV powerhouse Tesla, which last week posted $25.2 billion in third-quarter revenue.BYD’s net profit during the period came in at 11.6 billion yuan ($1.6 billion), the filing showed, up 11.5 percent from the third quarter last year.Tesla’s profitability outlook had come under heightened scrutiny after slashing vehicle prices over the last year or so in response to increased offerings from other companies — including BYD — in the EV industry.But Elon Musk’s firm reported last week a third-quarter profit of $2.2 billion, up 17 percent from the same period last year.BYD — which adopts the English slogan “Build Your Dreams” — is the most prominent EV manufacturer in China, the world’s largest automotive market.The initial rapid sales growth of BYD and its industry peers in their home market was facilitated in part by generous subsidies from Beijing.But the European Union has said that the extensive state support enjoyed by Chinese firms has led to unfair competition, with an investigation by the bloc finding that Beijing’s subsidies were undercutting local competitors.The EU announced Tuesday that it would levy extra tariffs of up to 35.3 percent on Chinese EVs, a move described by trade chief Valdis Dombrovskis as “standing up for fair market practices and for the European industrial base”.- Intensifying battle -Beijing slammed the measures on Wednesday, saying it had lodged a complaint with the World Trade Organization and vowing to “take all necessary measures to firmly protect the legitimate rights and interests of Chinese companies”.Earlier this year, the United States and Canada raised customs duties on Chinese EVs to 100 percent.China is targeting car sales to be mainly made up of electric and hybrid models by 2035.Hopes of achieving those ambitions were bolstered in July when such vehicles accounted for more than half of all domestic sales for the first time, according to the China Association of Automobile Manufacturers.Originally specialising in the design and production of batteries, BYD diversified into the automotive industry in 2003.Its latest quarterly results come as China’s crowded EV sector is locked in a cut-throat price war that is weighing on profitability as smaller firms struggle to remain competitive.BYD said in an earnings report for the first half of this year that it had “effectively dealt with challenges brought by intensified industrial competition”.As the fight picks up in its home market, BYD has been ramping up a globalisation push, with plans to open factories in Hungary and Turkey.

Chinese electronics manufacturer Hisense deepened its relationship with FIFA on Wednesday as it became the first official sponsor of the controversial 2025 Club World Cup.The expanded tournament in the United States has come under fire for the extra workload it will place on players and football’s governing body is yet to announce any broadcast deals.The last edition of the Club World Cup featured seven teams but the new version will be considerably bigger with 32 sides including Real Madrid, Manchester City and Bayern Munich.FIFA said in a statement that the tie-up with Hisense “paves the way for further sponsorship deals for FIFA’s new flagship club competition to be announced in the coming weeks”.Speaking in Shanghai, FIFA president Gianni Infantino said: “Hisense’s commitment to innovation and technology aligns with our vision for this tournament, which will bring together the 32 best teams from around the world for an unforgettable celebration of our game that will revolutionise club football.”Hisense became a sponsor of the World Cup ahead of the tournament in 2018 in Russia.Infantino recently announced that Lionel Messi’s Inter Miami will kick off the club competition at Hard Rock Stadium, home of the NFL’s Miami Dolphins, on June 15.The participation of the eight-time Ballon d’Or winner is a much-needed boost to the profile of the new-look tournament.FIFA hopes the competition will capture the imagination of global television audiences as well as fans in the United States ahead of the World Cup in 2026.FIFA plan to hold the expanded tournament every four years.

Political uncertainty after Japan’s election shock risks slowing economic reforms, pushing up government spending and even holding up the Bank of Japan’s exit from its outlier monetary policy, economists said.Post-war Japan has long been a byword for political stability with the conservative, market-friendly Liberal Democratic Party (LDP) in power for all but four of the last 69 years.But the LDP-Komeito coalition lost its majority on Sunday, likely forcing Prime Minister Shigeru Ishiba into a minority government that would need support from other parties to pass legislation.Businesses and economists worry that as concessions to other parties, Ishiba, 67, will offer tax cuts and higher spending, and go slow on reforms needed to improve Japan’s competitiveness.Since 2021 “the country has had three prime ministers and Ishiba probably won’t last very long in office, either”, predicted Marcel Thieliant at Capital Economics.”That means that sweeping reform projects are unlikely,” he said — changes that were already “few and far between” in the past decade.Syetarn Hansakul from the Economist Intelligence Unit also anticipated a “dilution of (the LDP’s) reform agenda”, which included plans to increase spending on defence and social welfare.In addition to investor sentiment, this will “dent confidence among households and businesses. Domestic demand recovery could suffer as a result,” she said.Ishiba has promised more support for households, to accelerate wage increases and help revitalise rural areas, but some opposition parties want more.The Democratic Party for the People (DPP), a potential kingmaker, wants energy subsidies for consumers and lower taxes for part-time workers.But while aimed at reducing worker shortages in ageing Japan, this would also reduce the government’s tax revenues.Japan already has one of the world’s highest debt-to-output ratios at around 250 percent of gross domestic product. Media reports suggest that Ishiba will issue a new economic policy package next month and plans to include some proposals from the DPP.”(Although) Ishiba appears to appreciate fiscal discipline, he will likely continue to compromise and refrain from discussing additional revenue measures even though they are important in the long run,” said Shigeto Nagai at Oxford Economics.The Japan Business Federation, or Keidanren, urged parties to overcome differences and concentrate on growing the economy.”Japan cannot afford the luxury of delay in addressing these issues,” the head of the Japan Association of Corporate Executives said.All parties should “face the reality of the situation, engage in thorough discussions, and move forward with the necessary policies”, he said.- Cautious about rate hikes? -Another uncertainty is the Bank of Japan (BoJ) which only this year has cautiously begun moving away from an ultra-loose monetary stance and towards greater alignment with other central banks.Before being appointed LDP leader, Ishiba openly backed this continuing but after the yen surged and stocks tumbled following his appointment he rowed back.The BoJ was expected to stand pat on borrowing costs at its regular meeting on Thursday but most economists expect the next move upwards in December.Many in the opposition though want a pause in order to avoid higher interest rates for consumers and businesses, even if this means a weaker yen and with it higher import prices.Higher interest rates will also make servicing Japan’s colossal debts more expensive.”Becoming desperate to win the Upper House election next year, the Ishiba administration could become more cautious about the pace of rate hikes,” Nagai said.But Masamichi Adachi at UBS said he still expects a hike in December.”It is true that if financial markets remain volatile the BoJ is unlikely to raise the rate, but we think political instability will settle once a new government is formed, at least for the time being,” Adachi said.

Bitcoin was close to $73,000 in Asian trade Wednesday, approaching a record high with investors keeping a cautious eye on the US presidential election.The leading digital currency was trading around $72,470 at 0800 GMT, after climbing as high as $73,563.63 in late US trade, just shy of its all-time peak of $73,797.98 in March.The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has emerged as the pro-crypto candidate.The price of bitcoin closely follows Trump’s standing in the polls because a Republican victory would lead to an increase in demand for the digital currency, said Russ Mould, an analyst at AJ Bell.During his presidency Trump referred to cryptocurrencies as a scam, but has since radically changed his position, presenting himself as a “pro-bitcoin president” if elected and even launching his own crypto platform.With the uncertainty surrounding the very tight US election, safe-haven gold also reached a record high of $2,787.07 on Wednesday.Oil prices rebounded slightly after falling sharply earlier in the week as fears of an escalation in the Middle East eased after Israel’s strikes on Iran avoided the country’s energy infrastructure.”The broader performance in oil prices seems slightly discordant with what is happening across the globe,” said Daniela Sabin Hathorn, senior market analyst at Capital.com.”It seems as if oil prices are ignoring improving economic data in the US and stimulus efforts from China to revive its struggling economy.”Asian stocks fell following a mixed lead from Wall Street, with markets in a risk-off, wait-and-see mode ahead of the US election and the Federal Reserve’s rate decision next week.Tokyo was virtually the sole advancer, closing one percent higher as the Nikkei continued its run-up on the yen’s weakness and tech gains. Manila was the only other market in the green.Hong Kong led the decliners, falling 1.6 percent, while Shanghai, Sydney, Seoul, Singapore, Taipei, Kuala Lumpur and Bangkok also retreated.In Europe, London, Paris and Frankfurt were all lower in opening trade.”Asian markets are mostly down Wednesday, with investors on edge and wary of making big moves in local markets as the US presidential election looms large with pre-election de-risking taking hold,” said Stephen Innes, analyst at SPI Asset Management.”Even China’s rumoured 10 trillion yuan ($1.4 trillion) stimulus plan is getting a lukewarm reception as investors weigh its potential impact — or lack thereof — on the broader economy,” he said.Investors are hoping a key political meeting in Beijing next week will roll out a major stimulus plan for the Chinese economy, which has struggled to recover from the pandemic, with growth dragged down by a debt crisis in the property sector.Markets are also awaiting a raft of key US economic data for more clues about the health of the world’s largest economy and the direction of the Fed’s interest rate policy.Third-quarter GDP growth estimates will be released later Wednesday, with inflation data and the closely watched monthly labour market report out Thursday and Friday, respectively.Data released Tuesday showed US job openings fell to the lowest level since 2021 and below market expectations, indicating the labour market could be cooling.Yields on 10-year US Treasuries have edged up to above 4.3 percent this week, the highest since early July, suggesting that some market participants are increasingly counting on more limited rate cuts from the Fed at its November 7 meeting.- Key figures around 0810 GMT -Tokyo – Nikkei 225: UP 1.0 percent at 39,277.39 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 20,380.64 (close)Shanghai – Composite: DOWN 0.6 percent at 3,266.24 (close)London – FTSE 100: DOWN 0.5 percent at 8,177.75Euro/dollar: UP at $1.0841 from $1.0816 on TuesdayPound/dollar: UP at $1.3018 from $1.3010Dollar/yen: DOWN at 153.12 yen from 153.57 yenEuro/pound: UP at 83.28 pence from 83.13 penceBrent North Sea Crude: UP 0.8 percent at $71.65 per barrelWest Texas Intermediate: UP 0.9 percent at $67.79 per barrelNew York – Dow: DOWN 0.4 percent at 42,233.05 (close)

The flower fields of Nepal’s Gundu village glimmer yellow, orange and purple as women harvest blooms, a flourishing industry changing tough village lives by providing garlands for Hindu festivals.Nestled on the rim of Kathmandu Valley, Gundu is renowned for supplying the brightly-coloured globe amaranth and marigold flowers, with demand surging for this week’s Tihar celebrations, also known as Diwali, the Hindu festival of lights.At dawn, the village women gather in the fields to harvest the blooms, that will, by the day’s end, be woven into garlands to adorn homes and temples.The women of Gundu have turned this seasonal bloom into a thriving industry, despite a labour-intensive process of picking and weaving them into garlands. “This has provided more jobs for women of our village,” said flower farmer Saraswoti Bista, 56.”We don’t have to leave home, and by weaving garlands, we earn a good income,” she added.- Flourishing -Nepal, a majority-Hindu Himalayan nation, has a GDP per capita of $1,324, according to the World Bank.The flourishing trade has transformed Gundu into a model for flower production, with nearly 500 households supplying over one million garlands every year, generating over $133,000, according to the local village authority.As the festival peaks, garlands spill from rooftops and porches, filling the village with vibrant purple, red, and orange, a floral hub in Nepal.The dramatic deep purple-coloured globe amaranth, known in Nepal as makhmali, is in special demand during the five-day festival of Tihar.The dried blooms can last for months — or even years — with proper care.The garlands are given by sisters to their brothers on the fifth day of Tihar, as a symbolic offering wishing for their long life. Nepal produced an estimated 2.5 million garlands of globe amaranth flowers in 2024, a 10 percent increase since last year, according to the Floriculture Association Nepal.”It also supplies to different countries,” said flower association representative Dilip Bade.The country is set to export 200,000 garlands, valued at $1.4 million, to the United States, Australia, South Korea, Japan, and Europe, according to the floriculture association.But while the flower industry is blossoming, heavy flooding worsened by climate change hit the floriculture sector hard, resulting in estimated losses of over $1.1 million.

Hello Kitty, the cute, enigmatic character that adorns everything from handbags to rice cookers, turns 50 on Friday — and is still making millions for her Japanese creators.The simple design of the character — who is not a cat, but a little girl from London according to Sanrio, the company behind Kitty — has mileage as a money-spinner for years to come, experts say.One woman in the US state of California has amassed so much Hello Kitty merchandise that her husband built her a pink so-called “she-shed” to keep it in.Stuffed inside are thousands of toys and other items featuring Kitty and her eye-catching red bow, including rows of sunglasses, a swivel chair and novelty gumball dispensers.”People my age, you know, we are told many times, ‘Hello Kitty is for little kids,’ and I laugh at that,” said Helen from Riverside County, conceding she is “50-plus”.Helen, who drives a Hello Kitty-decorated SUV and runs the local fan club “Hello Kitty SoCal Babes”, has been “obsessed” with the character since its 1970s US debut.Her vast collection of Hello Kitty plushies “make me feel warm”, she said, describing spending hours among the soft toys, many of them rare, on a regular basis.”Something in my inner child gets healed,” she said.Hello Kitty started life as an illustration on a vinyl coin purse.It has since appeared on tens of thousands of products — official and unofficial — including tie-ups with Adidas, Balenciaga and other top brands.The phenomenon shows no sign of slowing, with a Warner Bros movie in the pipeline and a new Hello Kitty theme park due to open next year on China’s tropical Hainan island.Sanrio’s share price has soared more than seven-fold, pushing its market cap over one trillion yen ($6.8 billion), since young CEO Tomokuni Tsuji took over from his grandfather in 2020.- ‘Pure product’ -“We’d be foolishly cynical to say that we don’t need these soft, fluffy, pink things,” Christine R. Yano of the University of Hawaii told AFP.In fact, “given the fraught nature of our contemporary lives, perhaps we need it now more than ever”, said Yano, author of the book “Pink Globalization” about Hello Kitty.”This is not a phenomenon that has died or is going to die, at least soon,” she added.Unlike other Japanese cultural exports such as Pokemon or Dragon Ball, there is minimal narrative around the character, whose full name is Kitty White.She has a twin sister Mimmy, a boyfriend called Dear Daniel, and a pet cat of her own, Sanrio says. She loves her mother’s apple pie and dreams of becoming a pianist or poet.The rest is left to fans’ imaginations — just like the “abstract, bare design that can speak with a kind of simplicity and elegance to more people”, Yano said.”I call her a pure product,” the researcher added.Some feminists say Hello Kitty’s lack of a mouth is a symbol of disempowerment, but Yuko Akiyama, Sanrio’s head of global brand management, said it allows the character to “reflect” different emotions.”So if they’re sad, Hello Kitty will comfort you. If you are happy, Hello Kitty is there to share the happiness with you,” Akiyama said.- Kawaii -Famous Hello Kitty fans include Lady Gaga, Nicki Minaj and Katy Perry, and her appeal extends to royalty: Britain’s King Charles wished her a happy birthday this year.On Hello Kitty’s TikTok account — whose bio is “CEO of supercute” — sardonic memes and footage from “Hello Kitty Day” at US baseball games delight 3.5 million followers.Hello Kitty is the epitome of Japan’s “kawaii”, or cute, soft power, and she is the mascot of a campaign promoting tourist etiquette in Tokyo.Posters celebrating the 50th anniversary are on display at Sanrio Puroland theme park, where businesswoman Kim Lu from Manila had brought her four-year-old niece during their holiday.”This really is our priority here in Tokyo,” she said.”To be honest, we really don’t know” the reason for Hello Kitty’s ineffable success, said Lu, 36.”I think it’s the kawaii charm.”Sanrio owns the copyright to hundreds of other popular characters, and Hello Kitty now accounts for 30 percent of profits, down from 75 percent a decade ago.But Kitty is still a favourite of 23-year-old Rio Ueno, who took an overnight bus from Japan’s northern Niigata region to visit the park with a friend.”I’ve had Kitty goods around me since I was a small child,” said Ueno, dressed in a fluffy Hello Kitty sweater, sporting a Kitty bag, and clutching a Kitty doll.”She is someone who is always close to me, and I want it to stay that way.”kaf-pr-hih-nf/smw

A Malaysian court ruled Wednesday that jailed former prime minister Najib Razak will have to defend himself against charges of abuse of power and money laundering linked to the scandal-wracked 1MDB sovereign wealth fund.Presiding judge Collin Lawrence Sequerah said the prosecution successfully established that Najib had a case to answer for on four counts of abuse of power linked to alleged bribes worth 2.27 billion ringgit ($517 million) as well as 21 counts of money laundering.”After a maximum evaluation of the evidence, I find that the prosecution has proven the ingredients of the charges,” Sequerah told the court.Six years after first being charged, Najib was in court decked out in a navy blue suit on Wednesday and appeared calm after hearing the decision.The 71-year-old told the court he would take the stand in his defence at the trial, which is slated to get under way on December 2.Najib’s lead lawyer Muhammad Shafee Abdullah said his client was “extremely disappointed” by the court’s decision, as the defence had presented arguments they thought would warrant serious consideration.  “If you were to ask me what do we feel? Extremely disappointed,” he told reporters outside the court complex on Wednesday.”But we are not giving up, we are going to fight this case, and we are more determined because of the decision today.”Each count of abuse of power is punishable by up to 20 years in jail and a fine of up to five times the amount of the bribe. Each money laundering count can incur a maximum fine of 5 million ringgit and imprisonment of up to five years, or both. The hearing came just days after Najib issued an apology that the 1MDB scandal happened during his tenure, but maintained he had no knowledge of illegal transfers from the now-defunct state fund.”It pains me every day to know that the 1MDB debacle happened under my watch as minister of finance and prime minister,” Najib wrote in a statement read by his son Mohamad Nizar last Thursday.”For that, I would like to apologise unreservedly to the Malaysian people.”Allegations that billions of dollars were pilfered from investment vehicle 1MDB and used to buy everything from a super-yacht to artwork played a major role in prompting voters to oust Najib and the long-ruling United Malays National Organisation party in 2018 elections.The 1MDB scandal sparked investigations in the United States, Switzerland and Singapore, whose financial systems were believed to have been used to launder the money.The current case is one of five brought against Najib in 2018 and involves Tanore Finance Corp, which US authorities have said was used to siphon money from 1MDB. Najib began serving a 12-year jail term in August 2022 for offences linked to the misuse of public money from former 1MDB unit SRC International. The sentence was later halved by Malaysia’s pardons board.His 1MDB audit tampering trial ended with an acquittal at the High Court in 2023. Najib, the UK-educated son of one of Malaysia’s founding fathers, still has a pending case of criminal breach of trust involving 6.6 billion ringgit, as well as a money laundering trial involving 27 million ringgit.The US Justice Department has said more than $4.5 billion was stolen from 1MDB between 2009 and 2015 by high-level officials at the fund and their associates.

Beijing said Wednesday it had lodged a complaint with the World Trade Organization over the European Union’s decision to impose hefty tariffs on Chinese-made electric cars.The extra taxes of up to 35 percent were announced Tuesday after an EU probe found Chinese state subsidies were undercutting European automakers, but the move has faced opposition from Germany and Hungary, which fear provoking Beijing’s ire and setting off a bitter trade war.China slammed Brussels’s decision on Wednesday morning, saying it did not “agree with or accept” the tariffs and had filed a complaint under the World Trade Organization’s (WTO) dispute settlement mechanism.”China will… take all necessary measures to firmly protect the legitimate rights and interests of Chinese companies,” Beijing’s commerce ministry said.EU trade chief Valdis Dombrovskis said Tuesday that “by adopting these proportionate and targeted measures after a rigorous investigation, we’re standing up for fair market practices and for the European industrial base”. “We welcome competition, including in the electric vehicle sector, but it must be underpinned by fairness and a level playing field,” he said.But Germany’s main auto industry association warned the tariffs heightened the risk of “a far-reaching trade conflict”, while a Chinese trade group slammed the “politically motivated” decision even as it urged dialogue between the two sides.The duties will come on top of the current 10 percent on imports of electric vehicles from China.The decision became law following its publication in the EU’s official journal on Tuesday, and the duties will enter into force from Wednesday.Once they do, the tariffs will be definitive and last for five years.The extra duties also apply, at various rates, to vehicles made in China by foreign groups such as Tesla, which faces a tariff of 7.8 percent.Chinese car giant Geely — one of the country’s largest sellers of EVs — faces an extra duty of 18.8 percent, while SAIC will be hit with the highest at 35.3 percent.- Ailing companies -The tariffs do not have the support of the majority of the EU’s 27 member states but in a vote early this month, the opposition was not enough to block them, which would have required at least 15 states representing 65 percent of the bloc’s population.The EU launched the probe in a bid to protect its automobile industry, which employs around 14 million people.France, which pushed for the investigation, welcomed the decision.”The European Union is taking a crucial decision to protect and defend our trade interests, at a time when our car industry needs our support more than ever,” French Finance Minister Antoine Armand said in a statement.But Europe’s bigger carmakers, including German auto titan Volkswagen, have criticised the EU’s approach and have urged Brussels to resolve the issue through talks.The extra tariffs are “a step backwards for free global trade and thus for prosperity, job preservation and growth in Europe”, the German Association of the Automotive Industry’s president Hildegard Mueller said on Tuesday after the announcement.Volkswagen, which has been hit hard by rising competition in China, has previously said the tariffs would not improve the competitiveness of the European automotive industry.That warning came weeks before the ailing giant announced plans on Monday to close at least three factories in Germany and cull tens of thousands of jobs.- Retaliatory moves -Talks continue between the EU and China, and the duties can be lifted if they reach a satisfactory agreement, but officials on both sides have pointed to differences.Discussions have been focused on minimum prices that would replace the duties and force carmakers in China to sell vehicles at a certain cost to offset subsidies.”We remain open to a possible alternative solution that would be effective in addressing the problems identified and WTO-compatible,” Dombrovskis said.The Chinese Chamber of Commerce to the EU urged Brussels and Beijing “to accelerate talks on establishing minimum prices and, ultimately, to eliminate these tariffs”.The EU could now face Chinese retaliation, with Beijing already saying on October 8 it would impose provisional tariffs on European brandy.Beijing has also launched probes into EU subsidies of some dairy and pork products imported into China.Trade tensions between China and the EU are not limited to electric cars, with Brussels also investigating Chinese subsidies for solar panels and wind turbines.The EU is not alone in levying heavy tariffs on Chinese electric cars.Canada and the United States have in recent months imposed much higher tariffs of 100 percent on Chinese electric car imports.burs-pfc/smw