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Panama’s Supreme Court annulled on Thursday the concession allowing Hong Kong-based CK Hutchison to operate ports at the Panama Canal, a ruling that undermines Chinese sway over the waterway.As Beijing and Washington vie for global influence, container ports have become a prized currency — especially those situated in geopolitically strategic locations such as the Panama Canal. Just days into US President Donald Trump’s second term, he threatened to take back the canal — built by the United States and handed to Panama in 1999 — claiming Beijing was effectively “operating” it.Panama has rejected the claim that China had de facto control over the canal, which handles 40 percent of US container traffic, while taking actions to appease Trump.The firm has sought to sell its Panama Canal ports to a consortium led by US asset manager BlackRock. The status of that proposal is unclear following the court ruling.On Thursday the Supreme Court found the laws which allowed CK Hutchison Holdings to operate two of the five ports of the canal “unconstitutional,” according to a court statement.The CK Hutchison subsidiary concerned by the ruling rejected the judgement, saying that it “lacks legal basis”.The ruling “jeopardizes not only PPC (Panama Ports Company) and its contract, but also the well-being and stability of thousands of Panamanian families who depend directly and indirectly on port activity,” it said.Beijing, meanwhile, on Friday vowed to “take all necessary measures to resolutely safeguard the legitimate rights and interests of Chinese companies”.Hong Kong’s government also rejected the decision.The United States and China are the canal’s top users, with around five percent of global maritime trade transiting from there.Panama Ports Company — a CK Hutchison Holdings subsidiary — manages the ports of Cristobal on the canal’s Atlantic entrance and Balboa on the Pacific side.The concession was automatically renewed in 2021 for another 25 years.- Proposed sale status unclear -The lawsuit to cancel the concession was brought before the Panamanian high court last year on allegations that it was based on unconstitutional laws and that the Hong Kong business was not paying taxes.CK Hutchison Holdings is one of Hong Kong’s largest conglomerates, spanning finance, retail, infrastructure, telecoms and logistics.Shares in CK Hutchison declined more than 4 percent on the Hong Kong stock exchange on Friday.Chinese state media has previously slammed the proposed sale to BlackRock, while Beijing has warned parties involved to exercise “caution”, warning of legal consequences should they proceed without their clearance.In April, the Panamanian Comptroller’s Office accused the firm of allegedly failing to pay the state $1.2 billion from its operations, according to an audit by the agency in charge of overseeing public spending.Panama has been trying to avoid being dragged into what President Jose Raul Mulino last year called a “geopolitical conflict.”Mulino has insisted the canal’s neutrality is intact and has urged Washington not to entangle Panama in its rivalry with Beijing. Still, Panama has taken steps to ease the pressure from Washington.Last year it withdrew from China’s Belt and Road Initiative, and earlier this month it announced new joint US-Panama canal defense drills — the fourth since 2025 — aimed at boosting readiness around the 50‑mile (80‑kilometre) trade route.The canal has become a recurring flashpoint as Trump pursues what he calls the updated “Donroe Doctrine,” asserting expanded US authority in the Western Hemisphere.In his inauguration address, the US president said: “We didn’t give it to China, we gave it to Panama. And we’re taking it back.”At the same time, Beijing has sharply criticized moves against its assets in Panama, including the demolition late last year of a monument honoring Chinese workers who helped build the canal and the 19th‑century railway that preceded it.

Asian stocks took a hit on Friday amid fresh worries over vast investments in artificial intelligence, gold and silver tumbled after hitting multiple record highs, and oil retreated on hopes for an easing of US-Iran tensions.Markets have endured a rollercoaster ride this week as traders weathered a weaker dollar, Donald Trump’s threats against Tehran, a resumption of tariff warnings and a possible US government shutdown.Fresh optimism in the tech sector about the future of AI has provided support, however, with healthy earnings from companies including Meta, Samsung and SK hynix providing much cheer.However, the positivity took a hit on Thursday after Microsoft announced a surge in spending on AI infrastructure and revived concerns that companies could take some time before seeing a return on their investments.There are also fears that firms’ valuations may be a little too stretched and markets could be in a bubble, having soared in recent years to record highs on the back of a tech-fuelled rally.”Microsoft suffered its worst session since the COVID‑era crash, falling 12 percent and accounting for over two‑thirds of the S&P 500’s decline,” wrote National Australia Bank’s Rodrigo Catril.”Concerns centred on rising investment spending, slower Azure (cloud service) growth, and a longer runway to monetising AI.”- Trump Fed pick -Wall Street ended mostly in the red, with Dow the only advancer.Asia also struggled amid speculation Trump will pick Kevin Warsh, a former Fed governor and a man considered more hawkish on interest rates, as the next boss of the central bank. The president has said he will name a successor to Jerome Powell on Friday morning US time.Hong Kong, Shanghai, Tokyo, Sydney, Singapore, Taipei and Bangkok were all down. Seoul, Manila and Wellington rose.Paris was flat as data showed France’s economy grew slower last year than 2024. London opened lower but Frankfurt rose.Jakarta rose after a two-day rout sparked by index compiler MSCI calling on regulators to look into ownership concerns.The compiler said: “If insufficient progress is made towards achieving necessary transparency enhancements by May 2026, MSCI will reassess Indonesia’s market accessibility status.”It warned this could result in “a weighting reduction in MSCI Emerging Markets Indexes for all Indonesian securities and a potential reclassification of Indonesia from Emerging Market to Frontier Market status”.Gold was also in retreat, sitting around $5,150 an ounce, a day after topping out above $5,595. Silver was at $106 from a peak of more than $121.The precious metals were also weighed by a slight uptick in the dollar, having tumbled on Trump appearing to be happy to see the world’s reserve currency weaken despite the potential risk of pushing up US inflation.Investors are keeping tabs on developments in the Middle East after the US president sent an “armada” to the region and warned Iran of possible strikes if it did not reach a fresh nuclear deal.Both main contracts were down more than one percent, having spiked as much as five percent Thursday.Still, concerns remain about a conflict in the crude-rich region, which would send prices soaring, also putting upward pressure on inflation.In Washington, the US Senate edged closer to a vote on a funding deal to avert a government shutdown following a bitter standoff over Trump’s sweeping immigration crackdown.Current government funding lapses at midnight on Friday.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: DOWN 0.1 percent at 53,322.85 (close)Hong Kong – Hang Seng Index: DOWN 2.1 percent at 27,387.11 (close)Shanghai – Composite: DOWN 1.0 percent at 4,117.95 (close)London – FTSE 100: DOWN 0.2 percent at 10,150.97 West Texas Intermediate: DOWN 1.7 percent at $64.32 per barrelBrent North Sea Crude: DOWN 1.6 percent at $68.50 per barrelEuro/dollar: DOWN at $1.1940 from $1.1962 on ThursdayPound/dollar: DOWN at $1.3781 from $1.3800Dollar/yen: UP at 153.74 yen from 153.04 yenEuro/pound: DOWN at 86.63 pence from 86.67 penceNew York – Dow: UP 0.1 percent at 49,071.56 (close)

From his newly built three-storey home outside Hanoi, Trinh Tat Thang has watched the surging global gold price with mounting dread.The Vietnamese have a long tradition of holding their wealth in gold, and a parallel practice of borrowing the asset from relatives to build homes, rather than cash from a bank.But the debt must be repaid in gold.Family members loaned Thang four glittering one-luong bars — a standard Vietnamese unit equivalent to 1.2 troy ounces — to break ground on his house in 2022.At the time, they were worth around $10,000 on the local market. Prices have nearly tripled since then and he now owes the equivalent of more than $29,000.”I truly don’t know when and how I can settle the debts,” said the 44-year-old, who earns less than $700 a month from his job in pharmaceutical marketing.”This crazy high cost for gold worries me sick,” Thang said.The extraordinary run-up in gold prices — which topped $5,000 an ounce for the first time on Sunday — has brought unexpected windfalls to millions of Vietnamese holding hallmarked bars and rings seen as symbols of luck.But it has also touched off a wave of speculation, made traditional wedding gifts unaffordable for many, and all but ended the informal gold mortgage system.”There probably aren’t many people left in this country who would borrow gold these days,” said Thang.”I have a good house, but also a huge debt on my shoulders. It wasn’t worth it.”- ‘Suddenly rich’ -Despite a recent boom in real estate and cryptocurrency investment, many Vietnamese families still see physical gold as the safest place to park their savings.Gold bars, rings and necklaces can be handed down to the next generation as wedding gifts or inheritance bequests. They also offer a hedge against inflation.Vietnamese savers have socked away around 400 tonnes of the precious metal at home, according to government auditors.Among them is 74-year-old Tran Thi Lan, who has amassed a treasure trove of gold rings, bracelets and bars over decades.She has given much of it away to her children and grandchildren, but keeps the rest hidden away in her wardrobes “for future needs”.”I have suddenly become very rich. I am a billionaire now,” said the retired shop owner, counting in Vietnamese dong.”My kids always made fun of me for my obsession with gold. But now they admit that my traditional saving style was efficient.”- ‘Queuing for gold’ –Vietnam does not have a national gold exchange, and domestic banks do not offer individuals access to online trading platforms for precious metals.Bars and rings trade at a premium to the world price at gold and jewellery shops across the country, where bullion emblazoned with dragons is sold alongside ornate goldware inlaid with pearls and rubies.Demand has soared along with the market price, and eager buyers queue up every day for the chance to buy what they hope will be an appreciating asset.Many jewellers in the Vietnamese capital say they regularly run out of stock, and some buyers are willing to pay cash now for gold that will not be delivered for weeks.For the last year, office worker Huong has taken half a day off every month to stand in line to buy gold on Hanoi’s Tran Nhan Tong street.”My efforts have paid off,” she said, adding she would “earn quite an amount” if she sold her holdings now.Still, she wishes she had heeded earlier the advice of her mother and grandmother who “always reminded me that gold is the safest haven”.But for the many not looking to cash in on the gold rally, the run-up has turned traditional rites such as weddings into financial hardships.When her best friend got married seven years ago, Tran Tu Linh gave her a gold ring weighing just over 0.1 ounces.But the 29-year-old would not expect her friend to return the favour if she were to marry now, saying the cost would be a “burden”.She added: “Life will be easier without being obsessed with the gold price.”

Oil prices surged Thursday after US President Donald Trump ramped up geopolitical tensions with threats of a military strike on Iran, while safe-haven gold fell back after hitting a fresh record near $5,600.”With the Middle East tinder box looking set to ignite again, oil prices have moved sharply higher, lifting shares in listed energy giants,” said Susannah Streeter, chief investment strategist at Wealth Club.Global stocks were mixed as markets pored over Wednesday’s Federal Reserve decision and mixed tech industry earnings that sent Microsoft and Meta in opposite directions.Trump meanwhile warned that Tehran must negotiate a deal over its nuclear program, which the West believes is aimed at making an atomic bomb.”The next attack will be far worse! Don’t make that happen again,” he added, referring to US strikes against Iranian nuclear targets in June.An Iranian military spokesman warned Tehran’s response to any US action would be “delivered instantly.” International benchmark Brent crude oil topped $70 a barrel Thursday for the first time since September, a gain of five percent. Prices later eased somewhat, showing gains of more than three percent.”Strikes on Iran would risk causing oil prices to jump and threaten to boost inflation in much of the world, reducing the pace or number of interest rate cuts by major central banks,” said Jason Tuvey, an emerging markets economist at research group Capital Economics, in a note. – Gold falls back -Gold tumbled back after hitting a new record at $5,595.47 an ounce as investors rushed to assets deemed safe, including silver, which reached its own record of $120.44 an ounce.The dollar steadied after losing ground most of this week.Gold declined more than five percent and silver plunged more than eight percent, while copper and nickel prices also fell, as traders reassessed the market.”The parabolic rally had to come to an end,” as commodity prices had “gone up too far, too quickly”, Kathleen Brooks, research director at XTB trading group, told AFP.Demand for the precious metals is also being spurred by worries about the weakening dollar, sparked by speculation that Trump is happy to see the world’s reserve currency weaken despite the potential risk of pushing up US inflation.An uneventful policy announcement by the Fed on Wednesday did little to inspire buying, though observers said traders were optimistic that US interest rates will come down as Trump prepares to name his pick as the next governor of the central bank.On stock markets, Meta rocketed by more than 10 percent after the US parent of Facebook and Instagram published quarterly earnings that topped expectations, as revenue grew along with huge investments in artificial intelligence.But Microsoft, whose earnings disappointed analysts, tumbled around 10 percent on concern for the return on investment for the software giant’s AI spending.”Companies are increasing AI infrastructure spending, but the market is differentiating now and rewarding those companies that can turn these investments into profits, while for others, there’s more scrutiny,” said Angelo Kourkafas of Edward Jones.- Key figures at around 2110 GMT -Brent North Sea Crude: UP 3.4 percent at $70.71 per barrelWest Texas Intermediate: UP 3.5 percent at $65.42 per barrelNew York – Dow: UP 0.1 percent at 49,071.56 (close)New York – S&P 500: DOWN 0.1 percent at 6,969.01 (close)New York – NASDAQ Composite: DOWN 0.7 percent at 23,685.12 (close)London – FTSE 100: UP 0.2 percent at 10,171.76 points (close)Paris – CAC 40: UP 0.1 percent at 8,071.36 (close)Frankfurt – DAX: DOWN 2.1 percent at 24,309.46 (close)Tokyo – Nikkei 225: FLAT at 53,375.60 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 27,968.09 (close)Shanghai – Composite: UP 0.2 percent at 4,157.98 (close)Euro/dollar: UP at $1.1962 from $1.1954 on WednesdayPound/dollar: DOWN at $1.3800 from $1.3808Dollar/yen: DOWN at 153.04 yen from 153.41 yenEuro/pound: UP at 86.67 pence from 86.57 pence

Britain’s Prime Minister Keir Starmer hailed “really good progress” on issues including visa-free travel and tariffs during talks with Chinese leader Xi Jinping in Beijing on Thursday.Starmer’s visit to China is the first by a British premier since 2018 and follows a slew of Western leaders seeking a rapprochement with Beijing recently, pivoting from an increasingly unpredictable United States.Xi and Starmer met at the opulent Great Hall of the People and both stressed the need for closer relations in order to face geopolitical headwinds.Starmer told Xi that China is a “vital player on the global stage” and that they needed to “build a more sophisticated relationship where we identify opportunities to collaborate”.The Chinese leader also stressed the need for stronger ties with a “long-term view” in the context of what he called a “complex” international situation.Starmer, who is in China until Saturday, later told reporters that the bilateral relationship was in “a strong place”, with progress made on issues such as whisky tariffs.Downing Street said whisky exported to China would now be subject to a five-percent tariff, down from 10 percent.The Scotch Whisky Association welcomed the move, saying it “has the potential to re-energise exports” to what it called “a priority growth market”.- Visa deal -Starmer signed a series of cooperation agreements after meeting Premier Li Qiang, with Downing Street announcing Beijing had agreed to visa-free travel for British passport holders visiting China for under 30 days.That brings Britain in line with about 50 other countries allowed visa-free access, including France, Germany, Australia and Japan, and follows a similar agreement made between China and Canada this month.The agreements also included cooperation on targeting supply chains used by migrant smugglers, as well as on British exports to China, health and strengthening a UK-China trade commission.The issue of irregular migrants is highly sensitive for Starmer, who has promised to crack down on people smugglers and stem a wave of arrivals that has fuelled rising support for the far right.Starmer will also travel to economic powerhouse Shanghai on Friday before making a brief stop in Japan to meet Prime Minister Sanae Takaichi.Beijingers told AFP that Starmer’s trip, as well as recent visits by other Western leaders, showed increased desire for economic cooperation with China.Resident Xie Yu, who lived in London as a graduate student, said European economies have been hit hard by Trump’s tariffs and were “struggling”.Xie said he hoped more Chinese would have the chance to study abroad as he did.”Exchanges between young people can help be a foundation for overall ties between the two countries in the future.”- Economic cooperation -Relations between China and the UK deteriorated from 2020 when Beijing imposed a national security law on Hong Kong and cracked down on pro-democracy activists in the former British colony.Nevertheless, China — the world’s second-largest economy — remains Britain’s third-largest trading partner.Starmer is accompanied by around 60 business leaders as well as cultural representatives, as his centre-left Labour government looks to fulfil its primary goal of boosting UK economic growth.British pharmaceutical giant AstraZeneca announced during the visit it would invest $15 billion in China through 2030, hailing the country as “a critical contributor to scientific innovation”.Challenges to the bilateral relationship remain.Starmer told reporters that he had also discussed with Xi the case of Hong Kong pro-democracy media mogul Jimmy Lai, 78, who is facing years in prison after being found guilty of collusion charges in December.”We did have a respectful discussion about that,” Starmer said, adding that he and Chinese leaders also talked about the treatment of Uyghurs.Beijing has been accused of detaining more than a million Uyghurs and other Muslims since 2017.Alleged spying and cyber attacks, and China’s perceived support for Russia’s war in Ukraine, have also strained ties.Opposition UK politicians have criticised the trip, with Conservative leader Kemi Badenoch responding to speculation Xi could now visit Britain.”We should not roll out the red carpet for a state that conducts daily espionage in our country, flouts international trading rules and aids Putin in his senseless war on Ukraine,” she said.The visit by Starmer, who took the helm in 2024, follows finance minister Rachel Reeves’s trip to Beijing last year.Starmer’s trip comes as Britain faces a rift with its closest ally, the United States, following Trump’s bid to seize Greenland and his brief threat of tariffs against Britain and other NATO allies.burs-jj/rh

Oil prices surged Thursday after US President Donald Trump ramped up geopolitical tensions with threats of a military strike on Iran, while safe-haven gold soared to a fresh record near $5,600.”With the Middle East tinder box looking set to ignite again, oil prices have moved sharply higher, lifting shares in listed energy giants,” said Susannah Streeter, chief investment strategist at Wealth Club.Stock markets mostly rose in Asia and Europe as investors also pored over company earnings and the US Federal Reserve’s latest policy update.London’s FTSE index hit a record in afternoon training, driven by surging mining shares.Frankfurt slid almost one percent, however, dragged down by German software giant SAP.Its share price tumbled nearly 15 percent after the company warned it would see a slowdown in new cloud computing contracts, a key metric for analysts, this year after missing targets last year.Gold eased after hitting a new record at $5,595.47 an ounce as investors rushed to assets deemed safe, including silver, which reached its own record of $120.44 an ounce.Demand for the precious metals is also being spurred by worries about the weakening dollar, sparked by speculation that Trump is happy to see the world’s reserve currency weaken despite the potential risk of pushing up US inflation.An uneventful policy announcement by the Fed on Wednesday did little to inspire buying, though observers said traders were optimistic that US interest rates will come down as Trump prepares to name his pick as the next governor of the central bank.Trump has meanwhile warned that Tehran must negotiate a deal over its nuclear programme, which the West believes is aimed at making an atomic bomb.”The next attack will be far worse! Don’t make that happen again,” he added, referring to US strikes against Iranian targets in June.International benchmark Brent crude oil topped $70 a barrel Thursday for the first time since September with a gain of five percent.On stock markets, Meta rocketed by 10 percent at the opening after the US parent of Facebook and Instagram published quarterly earnings that topped expectations, as revenue grew along with huge investments in artificial intelligence.Microsoft, whose earnings disappointed analysts, tumbled 10 percent on concern for the return on investment for the software giant’s spending on AI.South Korean tech giant Samsung Electronics posted record quarterly profits Thursday, riding massive market demand for the memory chips that power AI.- Key figures at around 1445 GMT -Brent North Sea Crude: UP 4.3 percent at $70.27 per barrelWest Texas Intermediate: UP 4.71 percent at $66.19 per barrelNew York – Dow: UP 0.28 percent at 49,152.75New York – S&P 500: DOWN 0.29 percent at 6,957.50New York – NASDAQ Composite: DOWN 0.91 percent at 23,639.46London – FTSE 100: UP 1.1 percent at 10,268.73 pointsParis – CAC 40: UP 0.7 percent at 8,123.61Frankfurt – DAX: DOWN 1 percent at 24,578.16Tokyo – Nikkei 225: FLAT at 53,375.60 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 27,968.09 (close)Shanghai – Composite: UP 0.2 percent at 4,157.98 (close)Euro/dollar: UP at $1.1965 from $1.1944 on WednesdayPound/dollar: UP at $1.3830 from $1.3797Dollar/yen: DOWN at 153.20 yen from 153.38 yenEuro/pound: DOWN at 86.52 pence from 86.56 pence

Gold soared to a fresh record near $5,600 on Thursday and oil prices climbed after US President Donald Trump ramped up geopolitical tensions with threats of a military strike on Iran.”With the Middle East tinder box looking set to ignite again, oil prices have moved sharply higher, lifting shares in listed energy giants,” said Susannah Streeter, chief investment strategist at Wealth Club.Stock markets mostly rose in Asia and Europe as investors also pored over company earnings and the US Federal Reserve’s latest policy update. Frankfurt slid almost one percent in midday deals, however, dragged down by German software giant SAP.Its share price tumbled nearly 14 percent after the company warned it would see a slowdown in new cloud computing contracts this year after missing targets last year.Gold hit a new record at $5,595.47 an ounce as investors rush to assets deemed safe, including silver, which reached its own record of $120.44 an ounce.The precious metals are being helped by a softer dollar, sparked by speculation that Trump is happy to see the world’s reserve currency weaken despite the potential risk of pushing up US inflation.An uneventful policy announcement by the Fed on Wednesday did little to inspire buying, though observers said traders were optimistic that US interest rates will come down as Trump prepares to name his pick as the next governor of the central bank.Trump has meanwhile warned that Tehran needed to negotiate a deal over its nuclear programme, which the West believes is aimed at making an atomic bomb.”Hopefully Iran will quickly ‘Come to the Table’ and negotiate a fair and equitable deal — NO NUCLEAR WEAPONS — one that is good for all parties. Time is running out, it is truly of the essence!” Trump wrote on his Truth Social platform.”The next attack will be far worse! Don’t make that happen again,” he added, referring to US strikes against Iranian targets in June.International benchmark Brent crude oil briefly topped $70 a barrel Thursday for the first time since September with a gain of more than two percent.On stock markets, Meta jumped in after-hours trade after the US parent of Facebook and Instagram published quarterly earnings that topped expectations, as revenue grew along with investments in artificial intelligence.South Korean tech giant Samsung Electronics posted record quarterly profits Thursday, riding massive market demand for the memory chips that power AI. Ahead of the Wall Street open, US chemicals group Dow said it would slash 4,500 jobs and use artificial intelligence and automation to improve productivity and boost profitability by at least $2 billion.- Key figures at around 1145 GMT -Brent North Sea Crude: UP 2.2 percent at $6.03 per barrelWest Texas Intermediate: UP 2.6 percent at $64.88 per barrelLondon – FTSE 100: UP 0.6 percent at 10,217.82 pointsParis – CAC 40: UP 0.5 percent at 8,110.53Frankfurt – DAX: DOWN 0.9 percent at 24,597.26Tokyo – Nikkei 225: FLAT at 53,375.60 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 27,968.09 (close)Shanghai – Composite: UP 0.2 percent at 4,157.98 (close)New York – Dow: FLAT at 49,015.60 (close)Euro/dollar: UP at $1.1952 from $1.1944 on WednesdayPound/dollar: UP at $1.3798 from $1.3797Dollar/yen: UP at 153.49 yen from 153.38 yenEuro/pound: UP at 86.62 pence from 86.56 pence

Gold demand surged to a record high in 2025 as investors and central banks flocked to the safe-haven asset as protection against US President Donald Trump’s unpredictable policies and their potential economic impact, industry data showed Thursday.The price of gold has surged in response, pushing on with a meteoric rise this year that saw it near $5,600 a troy ounce (31.1 grams) on Thursday. Purchases hit all-time highs in both volume and value last year, the World Gold Council said in its annual report, with demand exceeding 5,000 tonnes and value reaching $555 billion — a 45 percent increase year on year. “Uncertainty” has been the key driver of gold’s strong performance, said WGC analyst Krishan Gopaul.”On a geopolitical front, there were obviously concerns about the actions of the new Trump administration,” he said.The year was marked by Trump’s tariff onslaught against major trading partners including China, the European Union and India, upending longstanding global free trade tenets. Adding to that, Trump’s criticism of US monetary policy has fuelled concerns about the Federal Reserve’s independence and contributed to a weakening dollar.Those fears have led other central banks to significantly increase their gold reserves.Although central bank purchases of gold fell slightly in volume from the previous year, their total value increased by 13 percent in 2025.Gold now makes up more than 20 percent of central bank reserves, a level not seen since the early 1990s, the WGC said.Demand was also boosted by enthusiasm for exchange-traded funds linked to the gold price.”Gold ETFs have made gold more accessible to many investors” by making it as easy to buy as a company stock, Gopaul said.A fresh surge in gold’s price this week was driven by “safe-haven demand, geopolitical tensions and… as investors shift to hard assets from traditional currencies and bonds”, Liam Fitzpatrick, head of metals and mining research at Deutsche Bank, said Thursday.

British pharmaceutical group AstraZeneca said Thursday that it would invest $15 billion in China through 2030 to expand its medicines manufacturing and research, during a trip by UK Prime Minister Keir Starmer to Beijing.AstraZeneca’s chief executive Pascal Soriot was part of a delegation of business leaders accompanying Starmer on his visit. “China… has become a critical contributor to scientific innovation, advanced manufacturing, and global public health,” Soriot said in a statement.China is AstraZeneca’s second-largest market after the United States, where the company has recently invested heavily under pressure from President Donald Trump. “This will be our largest investment in China to date,” Soriot said at Beijing’s opulent Great Hall of the People, a company spokesperson told AFP.Starmer’s visit to China is the first by a British prime minister since 2018, and follows a slew of Western leaders seeking a rapprochement with Beijing as they pivot away from an increasingly unpredictable United States.”AstraZeneca’s expansion and leadership in China will help the British manufacturer continue to grow — supporting thousands of UK jobs,” Starmer said in the statement shared by AstraZeneca.”Unlocking opportunities for British businesses across the globe… is always the driving force behind my international engagements,” he added.AstraZeneca last year announced plans to invest $2.5 billion in China over five years to fund a strategic research and development centre. That announcement came as Leon Wang, former president of AstraZeneca China, was detained in the country in an investigation into suspected illegal data collection and drug imports by the group.AstraZeneca has operated in China for more than thirty years.- US efforts -Britain’s largest drugmaker has been making a recent shift towards the United States, which it hopes will account for half its global revenue by 2030.AstraZeneca will start trading its shares on the New York Stock Exchange in February, while keeping its headquarters in the UK and keeping its primary listing on London’s top-tier FTSE 100 index.It also plans to invest $50 billion by 2030 on boosting its US manufacturing and research operations.That announcement came after the United States in December exempted British pharmaceuticals from import tariffs under a unique deal that sees the UK increase spending on some drugs, including US treatments, by 25 percent.Separately, the White House has delayed for three years tariffs for AstraZeneca after it agreed to invest in US manufacturing capacity.The pharmaceutical industry remains a key target of Trump, with drugs tariffs imposed on other countries as he demands companies switch operations to the US. 

Gold prices soared to a fresh record near $5,600 on Thursday, while oil rallied after Donald Trump ramped up geopolitical tensions with his threatened military strike on Iran.The surge in safe-haven precious metals also saw silver hit another peak and has been helped by a softer dollar sparked by speculation that the US president is happy to see the world’s reserve currency weaken.An uneventful policy announcement by the Federal Reserve did little to inspire buying, although observers said traders are optimistic interest rates will come down as Trump prepares to name his pick as the next governor.Bullion piled on more than $300 at one point to top $5,595 after Trump said Tehran needed to negotiate a deal over its nuclear programme, which the West believes is aimed at making an atomic bomb.”Hopefully Iran will quickly ‘Come to the Table’ and negotiate a fair and equitable deal — NO NUCLEAR WEAPONS — one that is good for all parties. Time is running out, it is truly of the essence!” he wrote on his Truth Social platform.”The next attack will be far worse! Don’t make that happen again,” he added, referring to US strikes against Iranian targets in June.A US naval strike group Trump described as an “armada”, led by aircraft carrier the USS Abraham Lincoln, is now in Middle East waters, with the president saying it was “ready, willing and able to rapidly fulfill its mission, with speed and violence, if necessary”.CNN said he was mulling an attack after nuclear talks failed to advance.Iran’s foreign minister Abbas Araghchi warned on Wednesday that Tehran would respond immediately and forcefully to any US military operation — adding that its forces have their “fingers on the trigger” — but did not rule out a new nuclear deal.- ‘Inverse of confidence’ -Stephen Innes said the surge in gold indicated deeper structural concerns.”After blowing through $5,500 in early Asia, bullion is no longer trading like a commodity. It is trading like a referendum. Not on inflation. Not on rates. On trust,” he wrote.”Gold is the inverse of confidence. When belief in policy coherence weakens, gold ceases to behave like a hedge and instead acts as an alternative. That is what we are watching now. This is not fear of recession. There is doubt about fiat stewardship.”Rising tensions sent oil prices up more than one percent — with WTI at its highest since September and Brent at levels not seen since July — amid supply worries.On equity markets Hong Kong, Shanghai, Singapore, Mumbai and Seoul rose, while Tokyo was flat. Sydney, Wellington, Taipei and Bangkok dropped. London and Frankfurt edged up at the open but Paris fell.Manila sank as data showed the Philippines economy grew last year at its slowest non-pandemic rate since 2011.Jakarta tanked eight percent, prompting a temporary halt and extending Wednesday’s collapse that came after index compiler MSCI called on regulators to look into ownership concerns. Stocks later pared those losses to sit around three percent lower.MSCI also said it would hold off adding Indonesian stocks to its indexes or increasing their weighting, while there are concerns it could announce a downgrade from emerging market to frontier market, which could spark an outflow of foreign capital.”I think this sharp downward pressure may last one or two days,” said Hans Kwee, a stock analyst at PasarDana. “It was yesterday and today; at most, tomorrow it starts to move sideways.”Then next week the market should be more normal.”The dollar remained under pressure, even after Treasury Secretary Bessent told CNBC that “the US always has a strong dollar policy”, a day after Trump appeared to welcome its recent weakness.The Fed’s policy meeting ended with few surprises as boss Jerome Powell said officials were keeping tabs on data.But Matthias Scheiber and Rushabh Amin at Allspring Global Investments said attention was now on Trump’s choice to take the helm when Powell steps down in May.”The big focus will remain on the announcement of the new Fed chair, with the race wide open though a general expectation of someone more dovish to succeed Jerome Powell,” they wrote in a commentary.Hong Kong-listed property stocks surged on the back of a report saying Chinese leaders had rowed back on stringent measures aimed at reining in borrowing, which helped spark a chronic debt crisis in the country’s real estate sector that is still weighing on the economy.Troubled developers soared, with Country Garden up around 17 percent, Sunac rocketing 30 percent and Agile Group 15 percent higher.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: FLAT at 53,375.60 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 27,968.09 (close)Shanghai – Composite: UP 0.2 percent at 4,157.98 (close)London – FTSE 100: UP 0.4 percent at 10,189.97West Texas Intermediate: UP 1.6 percent at $64.24 per barrelBrent North Sea Crude: UP 1.5 percent at $69.43 per barrelDollar/yen: DOWN at 153.21 yen from 153.38 yen on WednesdayEuro/dollar: UP at $1.1974 from $1.1944Pound/dollar: UP at $1.3829 from $1.3797Euro/pound: UP at 86.58 pence from 86.56 penceNew York – Dow: FLAT at 49,015.60 (close)