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What began as a quiet meetup of Pokemon enthusiasts at a US store ended with an armed robbery in which masked men held the group at gunpoint to steal more than $100,000 in trading cards.The January heist in New York was the latest in a string of thefts targeting collectors of Pokemon, the Japanese media franchise that marks its 30th anniversary on Friday.Pokemon cards, bearing “little monsters” that attract children as well as adult superfans, have soared in value in recent years. US influencer Logan Paul this month set a new world record by banking $16.5 million with his sale of a rare Pikachu card — arguably the most iconic Pokemon character.But high prices have attracted criminals keen to cash in. Pokemon cards “are high value in a small footprint, demand is broad and consistent, and the resale ecosystem is large,” said Nick Jarman, founder and CEO of the Certified Trading Card Association.”That combination means stolen product can move quickly — sometimes across state lines — through a mix of online marketplaces, card shows, and informal buyer networks,” he told AFP.- ‘Big target’ -The New York robbery, which police are yet to solve, was not an isolated incident.Thieves in California made off this month with about $180,000 worth of Pokemon trading cards after drilling through a wall to access a store. “We got a big target on our back in this trading card, collectible world now,” owner Duy Pham told CBS News after the burglary.It was the second time in less than a year that his shop was robbed.Similar thefts have also been reported in Japan, Britain, Canada and Australia.”In some cases, incidents appear opportunistic, smash-and-grab, while others look more targeted — suggesting prior knowledge of store layouts, closing routines, or where higher-value inventory is kept,” Jarman said.He noted that many shops operate on thin margins, so boosting security measures can be a financial burden. – ‘Not fun anymore’ -Ranging from Pikachu the mouse to Jigglypuff the balloon, there are now more than 1,000 different Pokemon characters, with new “generations” released every few years.Collecting Pokemon cards has become a form of investment beyond collecting, trading or playing. One website, Collectr, offers trading card portfolio management and valuation tools for users looking to track their assets.Factors determining value include Pokemon cards’ rareness, the character and the artist, who is indicated on the card.But for some, the surge in prices has yanked the joy from what was a casual hobby. Grace Klich, a US-based Pokemon influencer, told AFP she had pulled back from collecting after becoming “fatigued.””When it gets to the point where local card stores are being broken into and people are getting a gun shoved in their face over cards, it is not all fun and cute anymore,” she said.”It was never about the value of items, or gaining respect, it was because I had a genuine love for such a wonderful franchise,” she said. 

Stock markets diverged on Thursday as investors digested company earnings, including better-than-forecast but not stellar results from chip titan Nvidia.Oil prices rose even as Iran and the United States began a new round of indirect talks on the Islamic republic’s nuclear programme, in a last-ditch bid to avert war. The market response to Nvidia’s earnings Wednesday was muted as initial excitement over its record quarterly revenue gave way to concerns that sky-high expectations for AI have become almost impossible to meet.Shares in the firm — which last year became the first to top $5 trillion in market capitalisation — dipped in after-hours trade in New York Wednesday and then fell 4.3 percent in trading on Thursday.”It says a lot when a stock market darling beating revenue forecasts by billions of dollars can no longer muster a positive share price reaction,” said Dan Coatsworth, head of markets at AJ Bell.”The mood music is changing on Nvidia, and it represents a significant shift in investor sentiment,” he added.Trade Nation analyst David Morrison noted that Nvidia’s shares had risen ahead of the earnings announcement.Moreover, the announcement “wasn’t the ‘stellar’ results with which the market has become accustomed, and this has left many investors pondering: ‘What next?'”Wall Street’s main indices were mixed in early afternoon trading, with the blue-chip Dow flat but both the broader S&P 500 and tech-heavy Nasdaq Composite indices lower.- Stellantis, Rolls-Royce up -Shares in multinational automaker Stellantis, which makes brands such as Jeep and Fiat, climbed six percent as trading got underway in New York.The company posted a net loss of 22.3 billion euros ($26.3 billion) for last year, but it was mostly due to write-downs of assets as the carmaker shifts away from electric vehicles.Major European indices advanced. London set a fresh record, boosted by a 4.5 percent rise in Rolls-Royce shares after the British engine-maker upgraded its guidance, announced a share buyback and posted soaring annual profits.Paris’s CAC 40 index crossed the 8,600 level for the first time and Frankfurt also rose. In Asia, Tokyo hit a new record, while Hong Kong edged down and Shanghai was flat.Asian tech firms have enjoyed a blockbuster start to the year as investors reassess their AI bets. Attention is turning to “upstream” firms such as chipmakers and away from Wall Street’s “downstream” companies that run apps and software.The shift has come amid growing concerns about the hundreds of billions of dollars pumped into AI and when that will see a return, while a slew of new tools has raised fears the technology will disrupt other businesses.Seoul nevertheless climbed more than three percent to a fresh peak on Thursday, led again by surges in Samsung and rival chipmaker SK hynix. The Kospi index is now up nearly 50 percent already this year.On currency markets, the yen clawed back some losses against the dollar that came after it emerged that Japanese Prime Minister Sanae Takaichi had nominated two academics to the Bank of Japan board who are considered policy doves.That came after earlier reports had said she had told the central bank’s boss Kazuo Ueda of her concern about hiking interest rates further.- Key figures at around 1630 GMT -New York – Dow: FLAT at 49,502.22 pointsNew York – S&P 500: DOWN 0.6 percent at 6,903.70New York – Nasdaq Composite: DOWN 1.2 percent at 22,864.45London – FTSE 100: UP 0.4 percent at 10,846.70Paris – CAC 40: UP 0.9 percent at 8,634.74Frankfurt – DAX: UP 0.5 percent at 25,289.02Tokyo – Nikkei 225: UP 0.3 percent at 58,753.39 (close)Hong Kong – Hang Seng Index: DOWN 1.4 percent at 26,381.02 (close)Shanghai – Composite: FLAT at 4,146.63 (close)Dollar/yen: DOWN at 156.21 yen from 156.46 yen on WednesdayEuro/dollar: DOWN at $1.1793 from $1.1805Pound/dollar: DOWN at $1.3512 from $1.3554Euro/pound: UP at 87.31 pence from 87.10 penceWest Texas Intermediate: UP 1.7 percent at $66.52 per barrelBrent North Sea Crude: UP 2.1 percent at $72.17 per barrelburs-rl/sbk

Canadian Prime Minister Mark Carney was flying to Asia on Thursday for a three-country tour with a first stop in India, where he hopes to double trade to offset the damage of his country’s fracturing relations with the United States.Carney’s India visit marks the latest effort to reset bilateral ties that effectively collapsed after Ottawa accused New Delhi of orchestrating a deadly campaign against Sikh activists on Canadian territory.For Carney, the trip that includes stops in Australia and Japan is part of a broad effort to pivot the Canadian economy away from excessive reliance on its southern neighbor.In 2024, before US President Donald Trump returned to office and upended global trade through a flurry of tariffs, more than 75 percent of Canadian exports went to the United States. Two-way trade that year exceeded $900 billion.So far Trump broadly adhered to the North American free trade agreement he signed during his first term and about 85 percent of US-Canada trade remains tariff-free. But at the same time, he also imposed painful industry-specific tariffs and there are fears that if he scraps the broader trade deal, the Canadian economy will be hit hard.Carney has made boosting commerce with Europe and Asia cornerstones of his strategy to backstop Canada’s economy, should free trade with Washington collapse.University of Toronto public policy expert Drew Fagan said Carney was wise to pursue other markets, calling for a strategy that seeks to do “more elsewhere, when there’s an opportunity.”The prime minister has said he wants to more than double two-way trade with India by 2030, eyeing a target of Can$70 billion ($51 billion) by 2030.Fagan cautioned that progress with countries like India cannot mitigate the damage of a US rupture.”It’s not a solution. It’s not a replacement and it never will be,” Fagan told AFP.- Transnational repression -Carney left Ottawa on Thursday morning en route to Mumbai. He is expected to meet with business groups in the Indian city over the weekend before heading to New Delhi for talks with Prime Minister Narendra Modi, a meeting that will be closely watched. Before Carney took office last year, Ottawa accused Modi’s government of direct involvement in the 2023 killing of Hardeep Singh Nijjar, a naturalized Canadian citizen who advocated for an independent Sikh state called Khalistan.Former prime minister Justin Trudeau’s government further charged India with directing a campaign of intimidation against Sikh activists across Canada.India has denied those allegations.Canadian Foreign Minister Anita Anand was asked Monday if Canadian concerns about transnational repression would feature at the New Delhi talks.”Yes, that is always at the forefront of our minds,” Anand told reporters in Ottawa.Carney’s hopes for trade growth with Australia and Japan are more modest, but his office said cooperation over critical mineral supply chains will be a priority.Advanced economies have made a push to deepen critical mineral cooperation, especially in the processing of rare earth elements essential to power many high-tech products.China currently has dominant control of rare earth supply chains, a concern that Canada highlighted throughout its just-concluded G7 presidency.

Stock markets traded mixed on Thursday as investors digested company earnings, including better-than-forecast results from chip titan Nvidia.Oil prices fell as Iran and the United States began a new round of indirect talks on the Islamic republic’s nuclear programme, in a last-ditch bid to avert war. The market response to Nvidia’s earnings Wednesday was muted as initial excitement over its record quarterly revenue gave way to concerns that sky-high expectations for AI have become almost impossible to meet.Shares in the firm — which last year became the first to top $5 trillion in market capitalisation — dipped in after-hours trade in New York Wednesday.”It says a lot when a stock market darling beating revenue forecasts by billions of dollars can no longer muster a positive share price reaction,” said Dan Coatsworth, head of markets at AJ Bell.”The mood music is changing on Nvidia, and it represents a significant shift in investor sentiment,” he added.Nvidia shares fell two percent as trading got underway in New York on Thursday.Trade Nation analyst David Morrison, noted that Nvidia’s shares had risen ahead of the earnings announcement.Moreover, the announcement “wasn’t the ‘stellar’ results with which the market has become accustomed, and this has left many investors pondering: ‘What next?'”Wall Street opened mixed, with the Dow rising, the S&P 500 flat and the tech-heavy Nasdaq slipping.- Stellantis, Rolls-Royce up -Shares in multinational automaker Stellantis, which is behind brands such as Jeep and Fiat, climbed six percent as trading got underway in New York.The company posted a net loss of 22.3 billion euros ($26.3 billion) for last year, but it was mostly due to write-downs of assets as the carmaker shifts away from EVs.Major European indices advanced in afternoon trading on Thursday. London was boosted by a six-percent rise in Rolls-Royce shares after the British engine-maker upgraded its guidance, announced a share buyback and posted soaring annual profits.Paris’s CAC 40 index crossed the 8,600 level for the first time and Frankfurt also rose. In Asia, Tokyo hit a new record, while Hong Kong edged down and Shanghai was flat.Asian tech firms have enjoyed a blockbuster start to the year as investors reassess their AI bets. Attention is turning to “upstream” firms such as chipmakers and away from Wall Street’s “downstream” companies that run apps and software.The shift has come amid growing concerns about the hundreds of billions of dollars pumped into AI and when that will see a return, while a slew of new tools has raised fears the technology will disrupt other businesses.Seoul nevertheless climbed more than three percent to a fresh peak on Thursday, led again by surges in chipmaker Samsung and rival SK hynix. The Kospi index is now up nearly 50 percent already this year.On currency markets the yen clawed back some losses against the dollar that came after it emerged that Japanese Prime Minister Sanae Takaichi had nominated two academics to the Bank of Japan board who are considered policy doves.That came after earlier reports had said she had told the central bank’s boss Kazuo Ueda of her concern about hiking interest rates further.- Key figures at around 1430 GMT -New York – Dow: UP 0.4 percent at 49,685.19 pointsNew York – S&P 500: FLAT at 6,946.44New York – Nasdaq Composite: DOWN 0.2 percent at 23,099.40London – FTSE 100: UP less than 0.1 percent at 10,814.78 Paris – CAC 40: UP 0.8 percent at 8,624.93Frankfurt – DAX: UP 0.4 percent at 25,279.76Tokyo – Nikkei 225: UP 0.3 percent at 58,753.39 (close)Hong Kong – Hang Seng Index: DOWN 1.4 percent at 26,381.02 (close)Shanghai – Composite: FLAT at 4,146.63 (close)Dollar/yen: DOWN at 156.09 yen from 156.46 yen on WednesdayEuro/dollar: UP at $1.1810 from $1.1805Pound/dollar: DOWN at $1.3546 from $1.3554Euro/pound: UP at 87.19 pence from 87.10 penceWest Texas Intermediate: DOWN 1.9 percent at $64.21 per barrelBrent North Sea Crude: DOWN 1.2 percent at $69.84 per barrelburs-rl/jj

Hong Kong’s stock exchange reported record profits for the second consecutive year on Thursday, after the finance hub topped the global rankings for initial public offerings in 2025.Profit attributable to shareholders rose 36 percent to US$2.3 billion, while total revenue and other income jumped 30 percent to also hit a peak of US$3.7 billion.Core business revenue climbed 32 percent from the previous year, thanks to increases in trading and clearing fees driven by record volumes across capital markets.Hong Kong Exchanges and Clearing (HKEx) chairman Carlson Tong said the performance was driven by “strong interest and increasing participation of international and Chinese Mainland investors, amid the ongoing dynamic macro backdrop”.”In 2025, HKEx reinforced its role as a global superconnector, regained its position as the world’s leading venue for IPOs and set new trading as well as financial performance records,” chief executive Bonnie Chan said.The firm expects volatility to “persist amid the prevailing macro landscape in 2026”, she added.But she said there was cause for optimism in capital markets as global investors seek diversification and risk management opportunities in Asian and Chinese assets.HKEx’s net investment income is expected to be affected in part by interest rate movement and the redemptions from the external portfolio, Herbert Hui, the exchange’s chief financial officer, said Thursday.- Behind the surge -Hong Kong’s IPO market welcomed 119 new listings and raised a total of US$36.7 billion in 2025, a 226 percent year-over-year increase.Dozens of companies from China piled into the city last year to raise overseas capital thanks to policy support from Beijing and optimised listing rules by Hong Kong regulators.The renewed interest in Chinese assets is partly because investors are seeking alternatives outside of the US market and are realising “that the performance of some sectors in China aren’t as bad as the feeble wider economy suggest”, China-focused economist Kelvin Lam told AFP.But over exposure to Chinese companies may pose potential risk to Hong Kong’s equity market, as they “can be volatile at times through policy and regulatory changes, sometimes not very transparent,” said Lam, who works for Pantheon Macroeconomics.The exchange operator is processing more than 400 listing applications, HKEx’s database shows.Amid the surge, Hong Kong’s market regulator, the Securities and Futures Commission (SFC), said in late January it had directed 13 IPO sponsors to conduct internal reviews to “rectify serious deficiencies” in preparing listing documents.The related behaviours also include sponsors’ misconduct and significant mismanagement of resources.The contacted sponsors are handling 70 percent of IPO applications in Hong Kong.Earlier this month, exchange head Bonnie Chan told reporters the review request was a “friendly reminder” from the regulators.She said Thursday that HKEx will continue to roll out listing rules to “support the development of the real economy”.HKEx is also dedicated to improving its market’s structure and efficiency, including shortening stock clearing time, she said.She added the bourse operator would “carefully consider” market calls to broaden the scope of confidential IPO filings. She did not provide details.In his annual budget on Wednesday, the city’s finance chief Paul Chan said the exchange would continue to explore establishing a multi‑asset post‑trade securities platform to cover China and Hong Kong equity and debt markets.Shares in HKEx were up 0.78 percent on Thursday.

Stock markets mostly extended gains on Thursday as investors digested company earnings, including forecast-beating results from chip titan Nvidia. Oil prices fell as Iran and the United States began a new round of indirect talks on the Islamic republic’s nuclear programme, in a last-ditch bid to avert war. The market response to Nvidia’s earnings Wednesday was muted as initial excitement over its record quarterly revenue gave way to concerns that sky-high expectations for AI have become almost impossible to meet. Shares in the firm — which last year became the first to top $5 trillion in market capitalisation — dipped in after-hours trade in New York.”It says a lot when a stock market darling beating revenue forecasts by billions of dollars can no longer muster a positive share price reaction,” said Dan Coatsworth, head of markets at AJ Bell.”The mood music is changing on Nvidia, and it represents a significant shift in investor sentiment,” he added.Major European indices advanced nearing midday trade on Thursday. London was boosted by a more than six percent rise in Rolls-Royce shares after the British engine-maker upgraded its guidance, announced a share buyback and posted soaring annual profits.Paris and Frankfurt also rose. In Asia, Tokyo hit a new record, while Hong Kong edged down and Shanghai was flat.Asian tech firms have enjoyed a blockbuster start to the year as investors reassess their AI bets, with attention turning to “upstream” firms such as chipmakers and away from Wall Street’s “downstream” companies that run apps and software.The shift has come amid growing concerns about the hundreds of billions of dollars pumped into AI and when that will see a return, while a slew of new tools has raised fears the technology will disrupt other businesses.Still, Seoul climbed more than three percent to a fresh peak on Thursday, led again by surges in chipmaker Samsung and rival SK hynix. The Kospi index is now up nearly 50 percent already this year.On currency markets the yen clawed back some losses against the dollar that came after it emerged that Japanese Prime Minister Sanae Takaichi had nominated two academics to the Bank of Japan board who are considered policy doves.That came after reports had earlier said she had told the central bank’s boss Kazuo Ueda of her concern about hiking interest rates further.- Key figures at around 1100 GMT -London – FTSE 100: UP 0.2 percent at 10,826.63 pointsParis – CAC 40: UP 0.8 percent at 8,623.54Frankfurt – DAX: UP 0.2 percent at 25,235.17Tokyo – Nikkei 225: UP 0.3 percent at 58,753.39 (close)Hong Kong – Hang Seng Index: DOWN 1.4 percent at 26,381.02 (close)Shanghai – Composite: FLAT at 4,146.63 (close)New York – Dow: UP 0.6 percent at 49,482.15 (close)Dollar/yen: DOWN at 155.97 yen from 156.46 yen on WednesdayEuro/dollar: DOWN at $1.1798 from $1.1805Pound/dollar: DOWN at $1.3535 from $1.3554Euro/pound: UP at 87.16 pence from 87.10 penceWest Texas Intermediate: DOWN 1.7 percent at $64.32 per barrelBrent North Sea Crude: DOWN 1.4 percent at $69.71 per barrel

Seoul’s Kospi index hit another record high Thursday on a mixed day for equities following a strong lead from Wall Street but with traders giving a tepid response to forecast-beating earnings from chip titan Nvidia.Asian tech firms have enjoyed a blockbuster start to the year as investors reassess their AI bets, with attention turning to “upstream” firms such as chipmakers and away from Wall Street’s “downstream” companies that run apps and software.The shift has come amid growing concerns about the hundreds of billions of dollars pumped into artificial intelligence and when that will see a return, while a slew of new tools has raised fears the technology will disrupt other businesses.Still, Seoul climbed more than three percent to a fresh peak Thursday, a day after breaking 6,000 points for the first time, led again by a 7.1 percent surge in chipmaker Samsung and an 8.2 percent rally in rival SK hynix. The Kospi index is now up nearly 50 percent already this year.Tokyo hit a new record, too, while Sydney, Wellington, Manila, Bangkok and Jakarta also enjoyed buying. Hong Kong, Singapore and Mumbai edged down, with Shanghai and Taipei flat.London opened in the red with Frankfurt while Paris edged up.While the mood remains upbeat, sentiment was tempered by disappointment over Nvidia’s earnings, despite posting record revenue of $68.1 billion in October-December, thanks to insatiable demand for its AI chips.It also forecast first-quarter revenue of between $76.4 billion and $79.6 billion, far above estimates of $72.8 billion.Shares in the firm — which last year became the first to top $5 trillion in market capitalisation — dipped in after-hours trade in New York, with analysts saying expectations had become almost impossible to meet.”There was a time when beating the number was enough. Now you have to beat the whisper, crush the dream, and torch the most optimistic sell-side spreadsheet in Silicon Valley just to keep the tape happy,” wrote SPI Asset Management’s Stephen Innes.”On paper, this was another thunderclap quarter. And yet the stock dipped. The market is no longer pricing growth. It is pricing perpetuity.”And Charu Chanana at Saxo said: “We’ve moved from Phase One, where (capital expenditure) automatically meant upside for the entire ecosystem, to Phase Two, where investors want proof of monetisation and spending discipline.”The key question is no longer ‘who can spend the most’, but ‘who can turn that spend into durable profits’.”That’s why AI volatility can continue even after a big Nvidia beat.”Futures in all three main indexes on Wall Street were in the red, after they had enjoyed a strong run-up Wednesday.On currency markets the yen clawed back some losses against the dollar that came after it emerged that Japanese Prime Minister Sanae Takaichi had nominated two academics to the Bank of Japan board who are considered policy doves.That came after reports had earlier said she had told the central bank’s boss Kazuo Ueda of her concern about hiking interest rates further.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 58,753.39 (close)Hong Kong – Hang Seng Index: DOWN 1.4 percent at 26,381.02 (close)Shanghai – Composite: FLAT at 4,146.63 (close)London – FTSE 100: DOWN 0.3 percent at 10,774.79 Dollar/yen: DOWN at 156.05 yen from 156.46 yen on WednesdayEuro/dollar: UP at $1.1816 from $1.1805Pound/dollar: DOWN at $1.3548 from $1.3554Euro/pound: UP at 87.22 pence from 87.10 penceWest Texas Intermediate: UP 0.1 percent at $65.48 per barrelBrent North Sea Crude: UP 0.1 percent at $70.95 per barrelNew York – Dow: UP 0.6 percent at 49,482.15 (close)

Zimbabwe’s ban on raw lithium exports is forcing Chinese miners to rethink their strategy, speeding up plans to process the metal locally instead of shipping it to China’s vast rechargeable battery industry.The country is Africa’s largest lithium producer and has one of the world’s largest reserves, according to the US Geological Survey (USGS).Zimbabwe already banned the export of lithium ore in 2022 and in 2025 announced it would halt exports of lithium concentrates from January 2027.But on Wednesday it imposed the ban with immediate effect, leaving unclear what the lithium mining sector will do in the short term as Zimbabwe currently has no facilities to process lithium concentrates.The move, which also included a blanket ban on export of all raw minerals, aims to capture the added value of refining and processing, thus creating jobs and additional government tax revenue.But critics say the push to refine should have come sooner, with Zimbabwe already having lost out on several years of revenues for the hard-pressed local economy.Prospect Lithium Zimbabwe, owned by Zhejiang Huayou Cobalt, has spent $400 million on a processing plant that should be operational in the coming weeks, its representative Patience Chizodza told state broadcaster ZBC. It will reportedly be the first factory in Africa to refine lithium concentrate into lithium sulfate — a powdered form that is one step closer to the product used in batteries.The facility should be capable of handling 400,000 tonnes a year of concentrate.The Zimbabwe state-owned Mutapa Energy Minerals is set to start work in the coming months on a similar plant, chief executive officer Innocent Rukweza told reporters earlier this month.”We expect that by mid-year — around June at the latest — construction of a concentrate-processing plant will be under way,” Rukweza said.The $270-million facility funded by Chinese firms would be able to process 600,000 tonnes annually, he said. – ‘Too little, too late’ – Bikita Minerals, Zimbabwe’s largest lithium mine and owned by Sinomine Resources Group, is working on feasibility studies for the construction of a lithium sulphate plant in December, spokesperson Tinomuda Chakanyuka said.”The project, which will be developed in phases, represents an estimated investment of approximately $500 million from shareholders,” Chakanyuka told AFP. He said the facility will increase local capacity to separate minerals and “contribute to Zimbabwe’s broader industrialisation and export diversification objectives.”Global demand for the soft, white metal was up 20 percent last year from 2024, with a key factor being EV sales growth in China and Europe and increased demand for batteries, the USGS said.Zimbabwe’s exports of lithium concentrate rose to 1.5 million metric tonnes last year, generating government revenue of $571.6 million, the Minerals Marketing Authority of Zimbabwe (MMCZ) announced in early February.The Zimbabwean government’s moves to ban exports of raw minerals didn’t impress its critics.”Government is doing too little, too late,” said Farai Maguwu, executive director of Zimbabwe’s Centre for Natural Resource Governance (CNRG).With the new rush for critical minerals around the world, “people are asking serious questions about the benefits to the producer country,” he said.”A country like Zimbabwe is exporting raw lithium and, in the process, enriching China at its own expense,” Maguwu said.Instead it should be building its own “mine-to-market ecosystem” that manufactures and markets lithium products, he added.Economist Godfrey Kanyenze accused the government of a “deficit in policy implementation” when it effectively gave a five-year grace period on the 2022 lithium ore ban by allowing exports of raw concentrates.Kanyenze said state oversight at Chinese-owned lithium mines was limited, making it difficult to determine how much companies actually produced and earned.There have also been allegations of environmental damage and exploitation of workers, including by paying low wages.”Zimbabwe must learn from countries like Norway, Botswana and Kuwait, which safeguard their natural resources through firm, consistent and strategic policy frameworks,” he said.

Seoul’s Kospi index hit another record high Thursday on a mixed day for Asian equities following a strong lead from Wall Street but with traders giving a tepid response to forecast-beating earnings from chip titan Nvidia.Tech firms in the region have enjoyed a blockbuster start to the year as investors reassess their AI bets, with attention turning to “upstream” firms such as chipmakers and away from Wall Street’s “downstream” companies that run apps and software.The shift has come amid growing concerns about the hundreds of billions of dollars pumped into artificial intelligence and when that will see a return, while a slew of new tools has raised fears the technology will disrupt other businesses.Still, South Korea’s Kospi climbed two percent to a fresh peak Thursday, a day after breaking 6,000 points for the first time, led again by chipmakers Samsung and SK hynix.Tokyo also hit a new record, while Sydney, Wellington, Manila and Jakarta also enjoyed buying. Hong Kong, Shanghai, Singapore and Taipei edged down.While the mood remains upbeat, sentiment was tempered by disappointment over Nvidia’s earnings, despite posting record revenue of $68.1 billion in October-December, thanks to insatiable demand for its AI chips.It also forecast first-quarter revenue of between $76.4 billion and $79.6 billion, far above estimates of $72.8 billion.Shares in the firm — which last year became the first to top $5 trillion in market capitalisation — dipped in after-hours trade in New York, with analysts saying expectations had become almost impossible to meet.”There was a time when beating the number was enough. Now you have to beat the whisper, crush the dream, and torch the most optimistic sell-side spreadsheet in Silicon Valley just to keep the tape happy,” wrote SPI Asset Management’s Stephen Innes.”On paper, this was another thunderclap quarter. And yet the stock dipped. The market is no longer pricing growth. It is pricing perpetuity.”And Charu Chanana at Saxo said: “We’ve moved from Phase One, where (capital expenditure) automatically meant upside for the entire ecosystem, to Phase Two, where investors want proof of monetisation and spending discipline.”The key question is no longer ‘who can spend the most’, but ‘who can turn that spend into durable profits’.”That’s why AI volatility can continue even after a big Nvidia beat.”Futures in all three main indexes on Wall Street were in the red, after they had enjoyed a strong run-up Wednesday.On currency markets the yen clawed back some losses against the dollar that came after it emerged that Japanese Prime Minister Sanae Takaichi had nominated two academics to the Bank of Japan board who are considered policy doves.That came after reports had earlier said she had told the central bank’s boss Kazuo Ueda of her concern about hiking interest rates further.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 0.5 percent at 58,856.98 (break)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 26,644.06Shanghai – Composite: DOWN 0.1 percent at 4,141.41Dollar/yen: DOWN at 155.84 yen from 156.46 yen on WednesdayEuro/dollar: UP at $1.1825 from $1.1805Pound/dollar: UP at $1.3569 from $1.3554Euro/pound: UP at 87.15 pence from 87.10 penceWest Texas Intermediate: UP 0.3 percent at $65.63 per barrelBrent North Sea Crude: UP 0.4 percent at $71.10 per barrelNew York – Dow: UP 0.6 percent at 49,482.15 (close)London – FTSE 100: UP 1.2 percent at 10,806.41 (close)

Cambodia’s Prime Minister Hun Manet said on Wednesday that scam centres were destroying his country’s economy and giving the nation a bad name — pushing back on allegations of government connivance.The nation has emerged as a hotspot for crime syndicates running a multibillion-dollar fraud industry that sees scammers lure internet users globally into fake romantic relationships and cryptocurrency investments.”The scam network, what we call the black economy, is destroying our honest economy. It has put a bad reputation on Cambodia,” Hun Manet told AFP in a rare interview with international media, saying this was harming tourism and investment.”This is the reason why we need to clean this out.” A clampdown has resulted in thousands of arrests, according to government officials, and the recent extradition to China of a former adviser to Cambodia’s leaders.But some industry experts have questioned the authenticity of such efforts, pointing to alleged links between Cambodian officials and cyberscam networks.Hun Manet, who took over as prime minister from his father Hun Sen in 2023, conceded the crime had indirectly boosted some business activities and provided jobs in the country, but denied Cambodia had profited from it.”Yes, the scam centre may produce some direct result to real estate, to some investment, the building, the buying, how to make the centres,” he said.”But most of the proceeds do not go into the government of Cambodia,” the prime minister said.Cambodia hosts dozens of the scam centres with an estimated 100,000 people — many victims of human trafficking — perpetrating online scams, experts say.A 2024 report by the United States Institute of Peace estimated the return on cyberscamming in Cambodia to exceed $12.5 billion annually — half the country’s formal GDP — but Hun Manet denied the country was dependent on scams.”A lot of people were saying that the GDP of Cambodia relies on the scam. No. We rely on pure economies such as tourism, manufacturing, and others,” he said.Operating from various Southeast Asian countries, those conducting the scams are sometimes willing volunteers, sometimes trafficked foreign nationals who have been trapped and forced to work under threat of torture.Initially largely targeting Chinese speakers — from whom they have extracted billions, prompting rising public anger — the scammers have expanded their operations into multiple languages to steal vast sums from victims around the world.- ‘Kingpin’ -Last year, a series of crackdowns largely driven by Beijing — which wields significant economic and diplomatic influence in the region — saw thousands of scam workers released from centres in Myanmar and Cambodia and repatriated to their home countries, many of them to China.The push netted its biggest player so far in January, with the arrest and extradition of Chinese-born tycoon Chen Zhi from Cambodia.Chen, who had been indicted in October by US authorities, served as an adviser to both Hun Manet and his father.”We did not know that he was the kingpin,” Hun Manet told AFP in Brussels, where he stopped as part of an international trip to shore up diplomatic support over a border conflict with Thailand. A background check did not raise red flags, he added, noting that Chen’s Prince Group conglomerate, which US authorities say was a cover for a “sprawling cyber-fraud empire”, had a presence in many countries including Britain.Since around 2015, Prince Group has operated across more than 30 countries under the guise of legitimate real estate, financial services and consumer businesses, US prosecutors said.Before allegations against him were brought forward, to Phnom Penh he was “just a businessman, contributing to the economy”.”Whatever the activities, we (did) not know,” Hun Manet said, adding the authorities took action when they learnt about the alleged wrongdoing.Chen directed operations of forced labour compounds across Cambodia, where trafficked workers were held in prison-like facilities surrounded by high walls and barbed wire, according to US prosecutors.Prince Group has denied the allegations.Hun Manet said his former advisor was extradited to China rather than the US due to his citizenship. Chen was stripped of his Cambodian nationality after it emerged he used a fake document to obtain it, the prime minister said. That left him with “only Chinese nationality” — compelling Cambodian authorities to extradite him to his home country, he added.