Afp Business Asia

Indonesia has banned the sale of Google Pixel phones over the tech giant’s failure to meet investment regulations, its industry ministry said, days after blocking sales of Apple’s iPhone 16.Jakarta is seeking to boost investment from foreign tech companies with restrictive measures that require their phones to be 40 percent sourced from parts in Indonesia.”We declared that as long as those products don’t… meet the scheme we have required, they cannot be sold in Indonesia,” industry ministry spokesperson Febri Hendri Antoni Arif told a press briefing Thursday.”For Google Pixel, they have not obtained the TKDN certificate,” he added, using the acronym of the scheme that imposes the 40 percent rule.Google Indonesia did not immediately respond to an AFP request for comment.Southeast Asia’s biggest economy has a young, tech-savvy population with more than 100 million people under the age of 30 that tech companies are seeking to capitalise on.Around 22,000 Google Pixel phones had entered Indonesia this year, according to industry ministry data.Indonesia’s smartphone market shipment share in the second quarter of the year was dominated by China’s Xiaomi, Oppo and Vivo, as well as South Korea’s Samsung, according to Counterpoint Research.The ministry said last week phones blocked from commercial sale could still be carried into Indonesia as long as they were not being traded.It said iPhone 16 phones had also not met the 40 percent local part requirement.Apple does not have an official store in Indonesia, but chief executive Tim Cook visited in April as the firm explores ways to invest in the country.

Global stocks slid Thursday as investors fretted over results from tech giants and remained risk-averse ahead of a coin-toss US election.Data showing the US Federal Reserve’s preferred inflation measure cooled further last month — and now sits just above its long-term target — failed to boost sentiment, despite being a positive sign for future interest-rate cuts.All three major US indices fell, with the tech-rich Nasdaq Composite Index falling nearly three percent.Both Microsoft and Meta topped earnings estimates, but saw their share prices tumble after signaling plans to ratchet up AI investments. Microsoft ended down 6.1 percent while Meta lost 4.1 percent.”Earnings expectations have been high and they’re meeting, but they’re not meeting to the same degree they were,” said Jack Ablin, chief investment officer at Cresset Capital Management.Analysts have also been monitoring the rise in US Treasury bond yields amid expectations the Federal Reserve may back off significant interest rate cuts, amid US economic data that has generally been solid. “With the US election just around the corner, many investors are adopting a more cautious stance, sparking speculation of a much-anticipated correction in the S&P 500,” said City Index and FOREX.com analyst Fawad Razaqzada.The uncertainty of whether Kamala Harris or Donald Trump will emerge victorious in Tuesday’s election buoyed safe haven gold, which touched a fresh high of $2,790.10 an ounce on Thursday. In Europe, both Frankfurt and Paris ended the day lower around one percent after official data showed the eurozone’s annual inflation rebounded more than expected in October due to rising food costs.Shares in French bank Societe Generale jumped over 11 percent after it reported better-than-expected results. Meanwhile its rival BNP Paribas saw its shares slump nearly five percent after results fell short of expectations.London shed 0.6 percent after the new center-left government unveiled major tax hikes, mainly targeted at businesses, in its maiden budget. “This was one of the largest increases in tax, spending and borrowing in the UK’s budget history,” said Kathleen Brooks, research director at XTB.”For a government that planned to boost growth, they have fallen spectacularly at the first hurdle,” she added.Tokyo fell by half a percent, weighed down by a stronger yen and a drop in stocks linked to the semiconductor industry, which also dipped on Wall Street.The Bank of Japan decided to leave its main interest rate unchanged, saying in an outlook report that there were “high uncertainties surrounding Japan’s economic activities and prices.”Mainland Chinese markets, however, made healthy gains following a forecast-beating manufacturing report — in a piece of rare good news for leaders struggling to boost activity in the world’s second-largest economy.Oil prices continued their rebound, fueled by good news on demand from the United States, as well as by press reports that OPEC countries are considering postponing an increase in crude supply.- Key figures around 2030 GMT -New York – Dow: DOWN 0.9 percent at 41,763.46 (close)New York – S&P 500: DOWN 1.9 percent at 5,705.45 (close)New York – Nasdaq Composite: DOWN 2.8 percent at 18,095.15 (close)London – FTSE 100: DOWN 0.6 percent at 8,110.10 (close)Paris – CAC 40: DOWN 1.1 percent at 7,350.37 (close)Frankfurt – DAX: DOWN 0.9 percent at 19,077.54 (close)Tokyo – Nikkei 225: DOWN 0.5 percent at 39,081.25 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 20,317.33 (close)Shanghai – Composite: UP 0.4 percent at 3,279.82 (close)Euro/dollar: UP at $1.0883 from $1.0856 on WednesdayPound/dollar: DOWN at $1.2896 from $1.2981Dollar/yen: DOWN at 152.00 yen from 153.42 yenEuro/pound: UP at 84.38 from 83.63 penceBrent North Sea Crude: UP 0.8 percent at $73.16 per barrelWest Texas Intermediate: UP 1.0 percent at $69.26 per barrelburs-jmb/nro

Global stocks slid Thursday as investors digested disappointing tech results and remained risk-adverse ahead of a coin-toss US election.Data showing the US Federal Reserve’s preferred inflation measure cooled further last month and now sits just above its long-term target — a positive sign for future interest-rate cuts — failed to boost sentiment.Microsoft and Facebook-parent Meta reported expectations-beating results Wednesday following the closing bell, but saw their share prices fall.”Both Microsoft and Meta topped earnings expectations, yet the stocks are being victimized by high expectations, valuation angst, and festering concerns about the timing and scope of returns on their massive AI investment activity,” said Briefing.com analyst Patrick O’Hare.Microsoft shares fell five percent after the opening bell. Meta shares slid 1.6 percent.”The response to their reports has tempered investor enthusiasm for the reports from Apple and Amazon.com after today’s close,” he added.Wall Street’s three main indices slid at the start of trading, with O’Hare also pointing to an increase in US government bond yields as also weighing upon equities.Stephen Innes of SPI Asset Management said traders were “wary of taking on new risk as the US election countdown begins”.Uncertainty over the outcome of the upcoming US elections, meanwhile, buoyed safe haven gold, which touched a fresh high of $2,790.10 an ounce on Thursday. In Europe, both Frankfurt and Paris were lower after official data showed the eurozone’s annual inflation rebounded more than expected in October due to rising food costs.Shares in French bank Societe Generale jumped over 10 percent after it reported better-than-expected results. Meanwhile its rival BNP Paribas saw its shares slump over four percent after results fell short of expectations.London shed 0.8 percent after the new centre-left government unveiled major tax hikes, mainly targeted at businesses, in its maiden budget. “This was one of the largest increases in tax, spending and borrowing in the UK’s budget history”, said Kathleen Brooks, research director at traders XTB.”For a government that planned to boost growth, they have fallen spectacularly at the first hurdle,” she added.Tokyo fell by half a percent, weighed down by a stronger yen and a drop in stocks linked to the semiconductor industry, which also dipped on Wall Street.The Bank of Japan decided to leave its main interest rate unchanged, saying in an outlook report that there were “high uncertainties surrounding Japan’s economic activities and prices”.Mainland Chinese markets, however, made healthy gains following a forecast-beating manufacturing report — in a piece of rare good news for leaders struggling to boost activity in the world’s second-largest economy.Oil prices continued their rebound, fuelled by good news on demand from the United States, as well as by press reports that OPEC countries are considering postponing an increase in crude supply.- Key figures around 1330 GMT -New York – Dow: DOWN 0.8 percent at 41,938.08 pointsNew York – S&P 500: DOWN 0.8 percent at 5,768.215New York – Nasdaq Composite: DOWN 1.8 percent at 18263.77London – FTSE 100: DOWN 0.8 percent at 8,092.36Paris – CAC 40: DOWN 0.7 percent at 7,376.98Frankfurt – DAX: DOWN 0.5 percent at 19,171.51Tokyo – Nikkei 225: DOWN 0.5 percent at 39,081.25 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 20,317.33 (close)Shanghai – Composite: UP 0.4 percent at 3,279.82 (close)Euro/dollar: UP at $1.0883 from $1.0861 on WednesdayPound/dollar: UP at $1.2989 from $1.2969Dollar/yen: DOWN at 152.69 yen from 153.35 yenEuro/pound: UP at 83.80 from 83.75 penceBrent North Sea Crude: UP 1.2 percent at $72.99 per barrelWest Texas Intermediate: UP 1.3 percent at $69.47 per barrelburs-rl/cw

The EU on Thursday hit Chinese-founded shopping platform Temu with a probe over concerns the site is doing too little to stop the sale of illegal products, in an investigation that could lead to large fines.Extremely popular in the European Union despite having entered the continent’s market only last year, Temu has on average around 92 million monthly active users in the bloc.The investigation will also look at dangers from the platform’s use of gamification and “potentially addictive design” that could hurt users’ “physical and mental well-being,” said the European Commission, the EU’s powerful digital watchdog.The probe is being launched under a mammoth law known as the Digital Services Act (DSA) that forces the world’s largest tech firms to do more to protect European consumers online.”We want to ensure that Temu is complying with the Digital Services Act. Particularly in ensuring that products sold on their platform meet EU standards and do not harm consumers,” EU tech chief Margrethe Vestager said in a statement.The EU wants to know more about the systems Temu has in place to “limit the sale” and how it avoids the “reappearance” of illegal products — once removed — such as pharmaceuticals, chemicals and toys as well as counterfeit goods.The company said it “takes its obligations under the DSA seriously”.”We will cooperate fully with regulators to support our shared goal of a safe, trusted marketplace for consumers,” a Temu spokesperson said in a statement.Temu is in talks about joining a European agreement facilitated by the commission that brings shopping platforms and others together to stop the sale of fake products online.- ‘Promising step’ -The company will also have to explain what measures it is taking to address any risks from its service, including game-like reward programmes.The probe comes after Temu submitted a risk assessment report to the EU, as well as replies to several demands for information, the latest issued on October 11.The firm can avoid fines if it makes commitments during the investigation that the EU believes alleviates its concerns.European consumer groups have previously warned that Temu breaches EU law.They lodged a complaint in May with the commission, accusing Temu of using “manipulative techniques” to make users spend more and other violations.Europe’s BEUC umbrella consumer rights group on Thursday welcomed the probe.”This decision by the commission is a promising step, but only the first. Now, it’s important the commission keeps up the pressure on Temu and pushes the company to comply with the law as soon as possible,” said BEUC’s Fernando Hortal Foronda.- Multiple probes -The EU probe will also look at Temu’s systems and how they recommend content and products to users and analyse the platform’s data access to researchers.Temu will also have to provide more details about the “parameters” of its recommender systems, which are used by platforms to push more personalised content.The EU stressed that the “opening of formal proceedings does not prejudge its outcome” and there is no deadline for the probe’s completion.Temu is among 25 “very large” online platforms that must comply with the DSA or risk fines that could reach as high as six percent of their global turnover, or even a ban for serious and repeated violations.Other shopping platforms that must comply with the DSA include Chinese online retailer AliExpress, US giant Amazon and Chinese-founded Shein.Other DSA investigations have targeted AliExpress, social media platform X, which is owned by tech billionaire Elon Musk and used to be called Twitter, as well as Facebook and Instagram owned by Meta.

European and Asian stocks were mostly down Thursday following a weak lead from Wall Street, as investors digested mixed company earnings and remained risk-adverse ahead of a coin-toss US election.Investors will also be eyeing US personal consumption expenditures data — the Federal Reserve’s prefered inflation measure — released later in the day for signals about the pace of future interest-rate cuts.The three main US stock indices lost ground on Wednesday, with shares in Microsoft and Facebook-parent Meta dropping in after-hours trading. Despite both tech giants delivering upbeat results, investors “baulked at the expectation of increased AI spending”, said Joshua Mahony, chief market analyst at Scope Markets.Analyst said that tech losses, including losses for the semiconductor industry, also led declines in European indices. Frankfurt retreated 0.5 percent and Paris lost 0.9, as official data showed the eurozone’s annual inflation rebounded more than expected in October due to rising food costs.Shares in French bank Societe General jumped over eight percent after it reported better-than-expected results. Meanwhile its rival BNP Paribas saw its shares slump around six percent after results fell short of expectations.London shed 0.8 percent after the new centre-left government unveiled major tax hikes, mainly targeted at businesses, in its maiden budget. “This was one of the largest increases in tax, spending and borrowing in the UK’s budget history”, said Kathleen Brooks, research director at traders XTB.”For a government that planned to boost growth, they have fallen spectacularly at the first hurdle,” she added.Tokyo fell by half a percent, weighed down by a stronger yen and a drop in stocks linked to the semiconductor industry, which also dipped on Wall Street.The Bank of Japan decided to leave its main interest rate unchanged, saying in an outlook report that there were “high uncertainties surrounding Japan’s economic activities and prices”.Stephen Innes of SPI Asset Management attributed Asian markets’ wobble to pre-vote “jitters”, saying traders were “wary of taking on new risk as the US election countdown begins”.Mainland Chinese markets, however, made healthy gains following a forecast-beating manufacturing report — in a piece of rare good news for leaders struggling to boost activity in the world’s second-largest economy.Uncertainty over the outcome of the upcoming US elections, meanwhile, buoyed safe haven gold, which touched a fresh high of $2,790.10 an ounce on Thursday. Oil prices continued their rebound, fuelled by good news on demand from the United States, as well as by press reports that OPEC countries are considering postponing an increase in crude supply.- Key figures around 1110 GMT -London – FTSE 100: DOWN 0.8 percent at 8,093.07 pointsParis – CAC 40: DOWN 0.9 percent at 7,359.92Frankfurt – DAX: DOWN 0.5 percent at 19,159.72Tokyo – Nikkei 225: DOWN 0.5 percent at 39,081.25 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 20,317.33 (close)Shanghai – Composite: UP 0.4 percent at 3,279.82 (close)New York – Dow: DOWN 0.2 percent at 42,141.54 points (close)Euro/dollar: UP at $1.0865 from $1.0861 on WednesdayPound/dollar: UP at $1.2986 from $1.2969Dollar/yen: DOWN at 152.69 yen from 153.35 yenEuro/pound: DOWN at 83.64 from 83.75 penceBrent North Sea Crude: UP 0.5 percent at $72.52 per barrelWest Texas Intermediate: UP 0.5 percent at $68.94 per barrel