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Chinese tech giant Huawei will on Tuesday launch its first smartphone equipped with a fully homegrown operating system, a key test in the firm’s fight to challenge the dominance of Western juggernauts.Apple’s iOS and Google’s Android are currently used in the vast majority of mobile phones, but Huawei is looking to change that with its newest Mate 70 devices, which run on the company’s own HarmonyOS Next.The launch caps a major turnaround in the fortunes of Huawei, which saw its wings clipped by gruelling US sanctions in recent years but has since bounced back with soaring sales.”The search for a viable, scaleable mobile operating system largely free of Western company control has been a lengthy one in China,” Paul Triolo, a Partner for China and Technology Policy Lead at consulting firm Albright Stonebridge Group, told AFP.But the new smartphone — also powered by an advanced domestically produced chip — shows Chinese tech firms can “persevere”, he said.The Mate 70 is set to be unveiled at a company launch event on Tuesday afternoon at its Shenzhen headquarters.More than three million have been pre-ordered, according to Huawei’s online shopping platform, though that does not require them to be purchased.The risks are high — unlike a previous iteration, based on Android’s open-source code, HarmonyOS Next requires a complete rewiring of all apps on the smartphones it powers.”HarmonyOS Next is the first home-grown operating system, a milestone for China to move away from reliance on Western technologies for software with performance improvement,” Gary Ng, a senior economist at Natixis, told AFP.But, “while Chinese firms may be willing to allocate resources to contribute to Huawei’s ecosystem, there are challenges to whether HarmonyOS Next can offer the same number of apps and functionalities to global consumers”, Ng said.- ‘High expectations’ -Huawei found itself at the centre of an intense tech rivalry between Beijing and Washington, with US officials warning its equipment could be used to spy on behalf of Chinese authorities — allegations they deny.Since 2019, US sanctions have cut Huawei off from global supply chains for technology and US-made components, a move that initially hammered its production of smartphones.That fight is only set to intensify under US President-elect Donald Trump, who has promised huge tariffs on Chinese imports in response to what he says are Beijing’s unfair trade practices.”Rather than Huawei inspiring the tech industry as a whole, it is the self-reliance trend of the Chinese tech industry that has made Huawei’s progress possible,” Toby Zhu, a senior analyst at technology research firm Canalys, told AFP.The success of Huawei’s new generation of smartphone products will be a key gauge of whether that drive has worked, said Zhu.”This generation of products cannot afford to miss the mark because everyone has high expectations for them,” he added.Huawei was once China’s largest domestic smartphone maker before it became embroiled in a tech war between Washington and Beijing.The company shipped more than 10.8 million smartphone units in the third quarter — capturing just 16 percent of the Chinese market, according to a recent Canalys report.In September the firm unveiled the world’s first triple-folding phone at more than three times the price of the newest iPhone, the Mate XT, priced at an eye-watering $2,800.The Mate 70 is unlikely to cost that much — while its price is not yet public, its predecessor launched with a starting price of $750.And it’s unclear whether developers overseas will be willing to spend the money needed to build a completely new version of their apps for the latest smartphones, Rich Bishop, co-founder and CEO of AppInChina, a publisher of international software in China, told AFP.One third-party agency in China quoted a price of two million yuan ($275,500) to custom-fit a foreign app for HarmonyOS Next, he said.To convince them, “Huawei needs to continuously improve the software, provide better support for developers, and convince the developer community that it is committed to the long-term development of the Harmony ecosystem”, said Triolo.

US President-elect Donald Trump said Monday he intends to impose sweeping tariffs on goods from Mexico, Canada and China, prompting a swift warning from Beijing that “no one will win a trade war.”In a series of posts to his Truth Social account, Trump vowed to hit some of the United States’ largest trading partners with duties on all goods entering the country.”On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25 percent tariff on ALL products coming into the United States,” he wrote. In another post, Trump said he would also be slapping China with a 10 percent tariff, “above any additional Tariffs,” in response to what he said was its failure to tackle fentanyl smuggling.  Tariffs are a key part of Trump’s economic agenda, with the Republican vowing wide-ranging duties on allies and adversaries alike while he was on the campaign trail.Both China and Canada issued swift responses, each calling their trade relationships with the United States “mutually beneficial.” “No one will win a trade war,” Liu Pengyu, a spokesman for China’s embassy in the United States, told AFP by email, defending Beijing’s efforts to curb fentanyl smuggling.”China believes that China-US economic and trade cooperation is mutually beneficial in nature,” Liu added.Canada said it was “essential” to US energy supplies, and insisted the relationship benefits American workers.”We will of course continue to discuss these issues with the incoming administration,” said the statement from Deputy Prime Minister Chrystia Freeland.Trump’s first term in the White House was marked by an aggressive and protectionist trade agenda that also targeted China, Mexico and Canada, as well as Europe.While in the White House, Trump launched an all-out trade war with China, imposing significant tariffs on hundreds of billions of dollars of Chinese goods. At the time he cited unfair trade practices, intellectual property theft, and the trade deficit as justifications. China responded with retaliatory tariffs on American products, particularly affecting US farmers.The US, Mexico and Canada are tied to a three-decade-old free trade agreement, now called the USMCA, that was renegotiated under Trump after he complained that the US businesses, especially automakers, were losing out.”Mexico and Canada remain heavily dependent on the US market so their ability to walk away from President-elect Trump’s threats remains limited,” Wendy Cutler, vice president at the Asia Society Policy Institute, and former US trade official, told AFP.By citing the fentanyl crisis and illegal immigration, Trump appeared to be using national security concerns as a means to break that deal, something that is usually allowed under the rules set by the World Trade Organization or in trade deals.But most countries and the WTO treat national security exceptions as something to be used sparingly, not as a routine tool of trade policy.Trump in 2018 cited national security justifications to impose tariffs on steel and aluminum imports that targeted close allies like Canada, Mexico, and the European Union. This led to retaliatory measures from the trading partners.- ‘Bet on China tariffs’ -Many economists have warned that tariffs would hurt growth and push up inflation, since they are primarily paid by importers bringing the goods into the US, who often pass those costs on to consumers.But those in Trump’s inner circle have insisted that the tariffs are a useful bargaining chip for the US to push its trading partners to agree to more favorable terms, and to bring back manufacturing jobs from overseas.Trump has said he will put his commerce secretary designate Howard Lutnick, a China hawk, in charge of trade policy.Lutnick has expressed support for a tariff level of 60 percent on Chinese goods alongside a 10 percent tariff on all other imports.William Reinsch, senior adviser at the Center for Strategic and International Studies, said that that move was classic Trump: “threaten, and then negotiate.””In terms of what might actually happen, I’d bet on some China tariffs going into effect. That’s legally easier and politically more palatable,” he said.”On Canada and Mexico there was going to be a renegotiation of their trade deal (the USMCA) anyway in 2026.” da-bys-arp-st/jgc

Asian markets fell and the dollar rallied Tuesday after Donald Trump warned he would impose huge new tariffs on China, Mexico and Canada on his first day in office, dealing a blow to hopes of a more moderate approach to trade policy.The former and next president said on his Truth Social account that he would hammer the United States’ largest trading partners in response to the illegal drug trade and immigration.The news dampened optimism that his pick to lead the Treasury, Scott Bessent, could temper the tycoon’s assertiveness, with fears now of another trade war with China and warnings that the move — along with promised tax cuts — will reignite US inflation.”On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25 percent tariff on ALL products coming into the United States, and its ridiculous Open Borders,” he wrote. In another post, he added that he would hit China with a 10 percent tariff “above any additional Tariffs” on all of its products entering the US, citing Beijing’s failure to tackle fentanyl smuggling.  The announcement fuelled a sell-off across most Asian markets, though Hong Kong and Shanghai advanced in early exchanges. The dollar surged more than one percent against its Canadian equivalent and Mexico’s peso as well as the Chinese yuan. However, the yen strengthened thanks to its safe haven status.”In a striking return to hardline policies, President-elect Trump has dramatically escalated tensions with a brash promise to impose a sweeping 25 percent tariff on all imports from Canada and Mexico the moment he reassumes office,” said SPI Asset Management’s Stephen Innes. He said the declaration “shatters any lingering hopes that… Scott Bessent might usher in an era of moderation”.”Initially hailed as a beacon of stability, Bessent’s influence now seems overshadowed by a resurgence of Trump’s uncompromising ‘America First’ doctrine, which starkly excludes even the closest of allies from its protective embrace.”Asia’s struggles came after another up day on Wall Street, where the Dow ended at a second successive record, helped by the choice of Bessent, though US futures were down Tuesday.Bitcoin struggled below $95,000 after dropping to a six-day low of around $92,600 Monday as the Trump-fuelled rally that had seen it surge around 50 percent to within a whisker of $100,000 ran out of steam.Oil prices extended Monday’s losses of around three percent that came after an official said Israel’s security cabinet was to decide Tuesday on whether to accept a ceasefire in its war with Hezbollah in Lebanon. The stronger dollar was also depressing the commodity.The United States, European Union and United Nations have all pushed in recent days for a truce in the long-running hostilities between Israel and Hezbollah, which flared into all-out war in late September.- Key figures around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.3 percent at 38,260.38 (break)Hong Kong – Hang Seng Index: UP 0.7 percent at 19,276.74Shanghai – Composite: UP 0.4 percent at 3,266.88Euro/dollar: DOWN at $1.0454 from $1.0495 on MondayPound/dollar: DOWN at $1.2527 from $1.2564Dollar/yen: DOWN at 154.07 yen from 154.23 yenEuro/pound: DOWN at 83.46 pence from 83.51 penceWest Texas Intermediate: DOWN 0.1 percent at $68.85 per barrelBrent North Sea Crude: DOWN 0.1 percent at $72.95 per barrelNew York – Dow: UP 1.0 percent at 44,736.57 (close)London – FTSE 100: UP 0.4 percent at 8,291.68 (close)

US stocks rose Monday, with the Dow finishing at a fresh record as markets greeted Donald Trump’s pick for treasury secretary, while oil prices retreated on hopes for a ceasefire between Israel and Hezbollah.The Dow climbed one percent to a second straight all-time closing high on news of the selection of hedge fund manager Scott Bessent to lead the critical economic policy position.A widely respected figure on Wall Street, Bessent is seen as being in favor of growth and deficit reduction policies and not known overly fond of trade tariffs.The market “breathed a sigh of relief” at Bessent’s selection, said Art Hogan from B. Riley Wealth Management.But after an initial surge Monday, the gains in US equities moderated somewhat. While investors are enthusiastic about the possibility of tax cuts and regulatory relief under Trump, “we do have to face the potential for tariffs being a negative as well as a very tight market around immigration, which is not positive for the economy,” Hogan said.Earlier, equity gains were limited in Europe as growth concerns returned to the fore with Germany’s Thyssenkrupp announcing plans to cut or outsource 11,000 jobs in its languishing steel division.Currently around 27,000 people are employed in the steel division, which has been battered by high production costs and fierce competition from Asian rivals.Elsewhere, crude oil prices fell decisively as Israel’s security cabinet prepared to decide whether to accept a ceasefire in its war with Hezbollah, an official said Monday.The United States, the European Union and the United Nations have all pushed in recent days for a truce in the long-running hostilities between Israel and Hezbollah, which flared into all-out war in late September.Speaking on condition of anonymity, an Israeli official told AFP the security cabinet “will decide on Tuesday evening on the ceasefire deal.”And bitcoin’s push toward $100,000 ran out of steam after coming within a whisker of the mark last week, on hopes that Trump would enact policies to bring the cryptocurrency more into the mainstream.Bitcoin was recently trading under $96,000, having set a record high of $99,728.34 Friday — the digital currency has soared about 50 percent in value since Trump’s election.This week’s data includes a reading of consumer confidence and an update of personal consumption prices, a key inflation indicator.Those reporting earnings include Best Buy, Dell and Dick’s Sporting Goods.- Key figures around 2140 GMT -New York – Dow: UP 1.0 percent at 44,736.57 (close)New York – S&P 500: UP 0.3 percent at 5,987.37 (close)New York – Nasdaq: UP 0.3 percent at 19,054.84 (close)London – FTSE 100: UP 0.4 percent at 8,291.68 (close)Paris – CAC 40: FLAT at 7,257.47 (close)Frankfurt – DAX: UP 0.4 percent at 19,405.20 (close)Tokyo – Nikkei 225: UP 1.3 percent at 38,780.14 (close)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close)Shanghai – Composite: DOWN 0.1 percent at 3,263.76 (close)Euro/dollar: UP at $1.0495 from $1.0418 on FridayPound/dollar: UP at $1.2564 from $1.2530Dollar/yen: DOWN at 154.23 yen from 154.78 yenEuro/pound: UP at 83.51 pence from 83.14 penceWest Texas Intermediate: DOWN 3.2 percent at $68.94 per barrelBrent North Sea Crude: DOWN 2.9 percent at $73.01 per barrel

Stocks rose Monday on both sides of the Atlantic as traders welcomed Donald Trump’s pick for Treasury secretary, seen as a reassuring choice promising ambitious goals to spur growth in the world’s biggest economy.The nomination of billionaire investor Scott Bessent also pushed down the dollar, on hopes he would pursue lower inflation that would limit the Federal Reserve’s need to keep interest rates high.A widely respected figure on Wall Street, Bessent is seen as being in favour of growth and deficit reduction policies, analysts say.”Known for his moderate stance on tariffs, Bessent is seen as a steady hand, likely to bring more stability to the US economy and financial markets,” said Fawad Razaqzada, an analyst at Forex.com.But the gains were limited in Europe as growth concerns returned to the fore with Germany’s Thyssenkrupp announcing plans to cut or outsource 11,000 jobs in its languishing steel division.And bitcoin’s push toward $100,000 ran out of steam after coming within a whisker of the mark last week, on hopes that Trump would enact policies to bring the cryptocurrency more into the mainstream.Bitcoin was trading at around $96,000, having set a record high of $99,728.34 Friday — the digital currency has soared about 50 percent in value since Trump’s election.The stock gains came before key US data over coming days that could provide fresh clues about the Federal Reserve’s plans for interest rates.This week sees the Fed’s preferred gauge of inflation and minutes from the bank’s most recent policy meeting, along with data on economic growth and jobless claims.Oil prices dipped after a recent run-up fuelled by concerns over Israel’s wars with Hamas and Hezbollah.Support had come also from the strike by major fossil-fuel producer Russia against Ukraine with a new-generation intermediate-range missile last week, and a threat that Moscow could target any country providing weapons to Kyiv. – Key figures around 1645 GMT -New York – Dow: UP 0.7 percent at 44,611.79 pointsNew York – S&P 500: UP 0.3 percent at 5,985.79New York – Nasdaq: UP 0.4 percent at 19,079.47London – FTSE 100: UP 0.4 percent at 8,291.68 (close)Paris – CAC 40: FLAT at 7,257.47 (close)Frankfurt – DAX: UP 0.4 percent at 19,405.20 (close)Tokyo – Nikkei 225: UP 1.3 percent at 38,780.14 (close)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close)Shanghai – Composite: DOWN 0.1 percent at 3,263.76 (close)Euro/dollar: UP at $1.0507 from $1.0418 on FridayPound/dollar: UP at $1.2584 from $1.2530Dollar/yen: DOWN at 153.79 yen from 154.83 yenEuro/pound: UP at 83.51 pence from 83.11 penceWest Texas Intermediate: DOWN 2.5 percent at $69.48 per barrelBrent North Sea Crude: DOWN 2.3 percent at $72.91 per barrel

Stocks rose Monday on both sides of the Atlantic as traders welcomed Donald Trump’s pick for Treasury secretary, seen as a steady hand with ambitious goals to spur growth in the world’s biggest economy.The nomination of billionaire investor Scott Bessent also pushed down the dollar, on hopes he would pursue lower inflation that would limit the Federal Reserve’s need to keep interest rates high.A widely respected figure on Wall Street, Bessent is seen as being in favour of growth and deficit reduction policies, analysts say.”Known for his moderate stance on tariffs, Bessent is seen as a steady hand, likely to bring more stability to the US economy and financial markets,” said Fawad Razaqzada, an analyst at Forex.com.But gains were limited in Europe as growth concerns returned to the fore with Germany’s Thyssenkrupp announcing plans to cut or outsource 11,000 jobs in its languishing steel division.And bitcoin’s push toward $100,000 ran out of steam after coming within a whisker of the mark last week, on hopes that Trump will enact policies to bring the cryptocurrency more into the mainstream.Bitcoin was trading at around $96,400, having set a record high of $99,728.34 Friday — the digital currency has soared about 50 percent in value since Trump’s election.The stock gains came before key US data over coming days that could provide fresh clues about the Federal Reserve’s plans for interest rates.This week sees the Fed’s preferred gauge of inflation and minutes from the bank’s most recent policy meeting, along with data on economic growth and jobless claims.Oil prices dipped after a recent run-up fuelled by concerns over Israel’s wars with Hamas and Hezbollah.Support had come also from the strike by major fossil-fuel producer Russia against Ukraine with a new-generation intermediate-range missile last week, and a threat that Moscow could target any country providing weapons to Kyiv. – Key figures around 1450 GMT -New York – Dow: UP 1.1 percent at 44,765.26New York – S&P 500: UP 0.7 percent at 6,013.39New York – Nasdaq: UP 0.8 percent at 19,145.90London – FTSE 100: UP 0.4 percent at 8,297.20 pointsParis – CAC 40: UP 0.2 percent at 7,266.08Frankfurt – DAX: UP 0.5 percent at 19,420.00Tokyo – Nikkei 225: UP 1.3 percent at 38,780.14 (close)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close)Shanghai – Composite: DOWN 0.1 percent at 3,263.76 (close)Euro/dollar: UP at $1.0511 from $1.0418 on FridayPound/dollar: UP at $1.2588 from $1.2530Dollar/yen: DOWN at 153.76 yen from 154.83 yenEuro/pound: UP at 83.50 pence from 83.11 penceWest Texas Intermediate: DOWN 1.4 percent at $70.23 per barrelBrent North Sea Crude: DOWN 1.5 percent at $73.55 per barrel

Major stock markets mostly rose Monday as traders welcomed Donald Trump’s pick for Treasury secretary, while bitcoin’s push to $100,000 ran out of steam after coming within a whisker of the mark last week.The equity gains came before key US data over coming days that could provide fresh clues about the Federal Reserve’s plans for interest rates.This came amid expectations the next president’s planned tax cuts and tariffs will reignite inflation, tempering bets on reductions to borrowing costs. The dollar was down against main rivals Monday after recent strength caused by interest rates staying high for longer. Equity investors gave the thumbs-up to news that billionaire investor Scott Bessent would lead the Treasury, with optimism he will take a considered approach to the economy.Bessent, CEO of hedge fund manager Key Square Group, has called for an extension of tax cuts from Trump’s first term. He also wants to reassert American energy dominance and believes it is necessary to deal with the budget deficit.”US president-elect Donald Trump’s pick for Treasury secretary got a warm reception from the market,” noted AJ Bell investment director Russ Mould.This week sees the Fed’s preferred gauge of inflation, minutes from the bank’s most recent policy meeting, economic growth, and jobless claims.Bitcoin sat at around $98,000, having set a record high of $99,728.34 Friday.The digital currency has soared about 50 percent in value since Trump’s election at the start of the month, with hopes he will usher in measures to ease regulation on the sector.Oil prices dipped after a recent run-up fuelled by concerns over Israel’s wars with Hamas and Hezbollah.Support had come also from the decision by major fossil-fuel producer Russia to hit Ukraine with a new-generation intermediate-range missile that ramped up tensions with the West.On the company front, shares in Anglo American gained 1.7 percent in London morning deals after the mining group agreed a multi-billion dollar deal to offload its remaining coal mines used for steel production.Italy’s second-largest bank Unicredit dropped 3.4 percent after bidding 10.1 billion euros ($10.6 billion) in an all-share deal for rival Banco BPM, which won 1.8 percent in midday Milan deals.- Key figures around 1045 GMT -London – FTSE 100: UP 0.2 percent at 8,276.64 pointsParis – CAC 40: UP 0.2 percent at 7,267.42Frankfurt – DAX: UP 0.4 percent at 19,392.54Tokyo – Nikkei 225: UP 1.3 percent at 38,780.14 (close)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close)Shanghai – Composite: DOWN 0.1 percent at 3,263.76 (close)New York – Dow: UP 1.0 percent at 44,296.51 (close)Euro/dollar: UP at $1.0489 from $1.0418 on FridayPound/dollar: UP at $1.2578 from $1.2530Dollar/yen: DOWN at 154.44 yen from 154.83 yenEuro/pound: UP at 83.41 pence from 83.11 penceWest Texas Intermediate: DOWN 0.4 percent at $70.97 per barrelBrent North Sea Crude: DOWN 0.3 percent at $74.38 per barrel

Most markets rose Monday following a record close on Wall Street as traders welcomed Donald Trump’s pick for Treasury secretary, while bitcoin’s push to $100,000 ran out of steam after coming within a whisker of the mark at the end of last week.The gains came ahead of the release of key US data that could provide a fresh idea about the Federal Reserve’s plans for interest rates amid expectations the next president’s tax and tariffs plans will reignite inflation, tempering rate cut bets. Investors are also keeping tabs on the Ukraine and Middle East conflicts, which have helped push oil prices higher in recent weeks.Investors gave the thumbs-up to news that US president-elect Trump had chosen billionaire investor Scott Bessent to lead the Treasury, with optimism he will take a considered approach to the economy.Bessent, CEO of hedge fund manager Key Square Group, has called for an extension of tax cuts from Trump’s first term. He also wants to reassert American energy dominance and believes it is necessary to deal with the budget deficit.Recently, he has called for tax reform and deregulation to spur growth and wrote in a Wall Street Journal opinion piece that this would be key to “restarting the American growth engine” and keeping prices in check.This month, he called tariffs “a negotiating tool with our trading partners” in an opinion piece for Fox News, adding it was “a means to finally stand up for Americans”.While his views are seen as hawkish, markets started on a bright note.”(Bessent) brings this sense of almost gradualism to the administration as opposed to taking a big bang approach to making big policy changes,” Brian Jacobsen, chief economist at Annex Wealth Management, told Bloomberg TV.Markets may be relieved that the pick signals “an ‘America First’ kind of administration but not an ‘America Exclusively’ kind of administration”, he added.After a strong finish Friday on Wall Street — where the Dow ended on a record — Asian markets were broadly stronger.Tokyo advanced more than one percent, even as the yen pushed up against the dollar, while Sydney, Seoul, Singapore, Taipei, Mumbai, Bangkok, Wellington, Manila and Jakarta also sat in positive territory.However, after a healthy start, Hong Kong, Shanghai and Bangkok turned negative.London, Paris and Frankfurt rose at the open.Bitcoin sat at around $98,000, having set a record high of $99,728.34 on Friday, with traders awaiting the next catalyst to push it past the $100,000 mark.The digital currency has bounded about 50 percent higher since Trump’s election at the start of the month, with hopes he will usher in measures to ease restrictions on it.Attention this week will be on a series of releases out of Washington that could sway US central bankers ahead of their next rate decision in December.Among the key points of interest are the Fed’s preferred gauge of inflation, minutes from the bank’s most recent policy meeting, economic growth, and jobless claims.Oil prices dipped after a recent run-up fuelled by concerns over Israel’s ongoing wars with Hamas and Hezbollah, as well as Russia’s decision to hit Ukraine with a new-generation intermediate-range missile that ramped up tensions with the West.- Key figures around 0810 GMT -Tokyo – Nikkei 225: UP 1.3 percent at 38,780.14 (close)Hong Kong – Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close)Shanghai – Composite: DOWN 0.1 percent at 3,263.76 (close)London – FTSE 100: UP 0.5 percent at 8,301.95Euro/dollar: UP at $1.0464 from $1.0418 on FridayPound/dollar: UP at $1.2584 from $1.2530Dollar/yen: DOWN at 154.15 yen from 154.83 yenEuro/pound: UP at 83.15 pence from 83.11 penceWest Texas Intermediate: DOWN 0.9 percent at $70.59 per barrelBrent North Sea Crude: DOWN 0.8 percent at $74.54 per barrelNew York – Dow: UP 1.0 percent at 44,296.51 (close)

Asian markets rose Monday following a record close on Wall Street as traders welcomed Donald Trump’s pick for Treasury secretary, while bitcoin’s push to $100,000 ran out of steam after coming within a whisker of the mark at the end of last week.The gains came ahead of the release of key US data that could provide a fresh idea about the Federal Reserve’s plans for interest rates amid expectations the next president’s tax and tariffs plans will reignite inflation, tempering rate cut bets. Investors are also keeping tabs on the Ukraine and Middle East conflicts, which have helped push oil prices higher in recent weeks.Investors gave the thumbs-up to news that Trump had fingered billionaire investor Scott Bessent to lead the Treasury, with optimism he will take a considered approach to the economy.Bessent, CEO of hedge fund manager Key Square Group, has called for an extension of tax cuts from Trump’s first term, wants to reassert American energy dominance, and believes it is necessary to deal with the budget deficit.In recent times, he has called for tax reform and deregulation to spur growth, and wrote in a Wall Street Journal opinion piece that this would be key to “restarting the American growth engine” and keeping prices in check.This month, he called tariffs “a negotiating tool with our trading partners” in an opinion piece for Fox News, adding it was “a means to finally stand up for Americans”.While his views are seen as hawkish, markets started on a bright note, with Brian Jacobsen, chief economist at Annex Wealth Management, telling Bloomberg TV: “(Bessent) brings this sense of almost gradualism to the administration as opposed to taking a big bang approach to making big policy changes.” Markets may be relieved that the pick signals “an ‘America First’ kind of administration but not an ‘America Exclusively’ kind of administration”, he added.After a strong finish Friday on Wall Street — where the Dow ended on a fresh record — Asian markets followed suit.Tokyo advanced more than one percent, even as the yen pushed up against the dollar, while Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington, Manila and Jakarta also sat in positive territory.Bitcoin sat at around $97,600, having set a record high of $99,728.34 on Friday, with traders awaiting the next catalyst to push it past the historic $100,000 mark.The digital currency has bounded about 50 percent higher since Trump’s election at the start of the month, with hopes he will usher in measures to ease restrictions on it.Attention this week will be on a series of releases out of Washington that could sway US central bankers ahead of their next rate decision in December.Among the key points of interest are the Fed’s preferred gauge of inflation, minutes from the bank’s most recent policy meeting, economic growth, and jobless claims.Oil prices dipped after a recent run-up fuelled by concerns over Israel’s ongoing wars with Hamas and Hezbollah as well as Russia’s decision to hit Ukraine with a new-generation intermediate-range missile that ramped up tensions with the West.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 1.5 percent at 38,868.68 (break)Hong Kong – Hang Seng Index: UP 0.4 percent at 19,300.00Shanghai – Composite: UP 0.5 percent at 3,283.13Euro/dollar: UP at $1.0484 from $1.0418 on FridayPound/dollar: UP at $1.2599 from $1.2530Dollar/yen: DOWN at 153.68 yen from 154.83 yenEuro/pound: UP at 83.20 pence from 83.11 penceWest Texas Intermediate: FLAT at $71.24 per barrelBrent North Sea Crude: DOWN 0.1 percent at $75.13 per barrelNew York – Dow: UP 1.0 percent at 44,296.51 (close)London – FTSE 100: UP 1.4 percent at 8,262.08 (close)

When Zainab Ferozi saw Afghan women struggling to feed their families after Taliban authorities took power, she took matters into her own hands and poured her savings into starting a business.Two-and-a-half years after putting 20,000 Afghanis ($300) earned from teaching sewing classes into a carpet weaving enterprise, she now employs around a dozen women who lost their jobs or who had to abandon their education due to Taliban government rules. Through her business in the western province of Herat, the 39-year-old also “covers all the household expenses” of her family of six, she told AFP from her office where samples of brightly coloured and exquisitely woven rugs and bags are displayed.Her husband, a labourer, cannot find work in one of the poorest countries in the world. Ferozi is one of many women who have launched small businesses in the past three years to meet their own needs and support other Afghan women, whose employment sharply declined after the Taliban took power in 2021. Before the Taliban takeover, women made up 26 percent of public sector workers, a figure that “has effectively decreased to zero”, according to UN Women.Girls and women have also been banned from secondary schools and universities under restrictions the UN has described as “gender apartheid”.  Touba Zahid, a 28-year-old mother-of-one, started making jams and pickles in the small basement of her home in the capital Kabul after she was forced to stop her university education. “I came into the world of business… to create job opportunities for women so they can have an income that at least covers their immediate needs,” Zahid said. Half a dozen of her employees, wearing long white coats, were busy jarring jams and pickles labelled “Mom’s delicious homecooking”. – Growing number of businesses -While women may be making the stock, running the shops in Afghanistan remains mostly a man’s job. Saleswomen like Zahid “cannot go to the bazaar to promote and sell their products” themselves, said Fariba Noori, chairwoman of the Afghanistan Women’s Chamber of Commerce and Industry (AWCCI).Another issue for Afghan businesswomen is the need for a “mahram” — a male family member chaperone — to accompany them to other cities or provinces to purchase raw materials, said Noori. After 40 years of successive conflicts, many Afghan women have been widowed and lost many male relatives. Despite these challenges, the number of businesses registered with AWCCI has increased since the Taliban takeover, according to Noori. The number went “from 600 big companies to 10,000″ mainly small, home-based businesses and a few bigger companies, said Noori, herself a businesswoman for 12 years. Khadija Mohammadi, who launched her eponymous brand in 2022 after she lost her private school teaching job, now employs more than 200 women sewing dresses and weaving carpets”I am proud of every woman who is giving a hand to another woman to help her become independent,” said the 26-year-old. Though businesses like Mohammadi’s are a lifeline, the salaries ranging from 5,000 to 13,000 Afghanis, cannot cover all costs and many women are still stalked by economic hardship.Qamar Qasimi, who lost her job as a beautician after the Taliban authorities banned beauty salons in 2023, said that even with her salary she and her husband struggle to pay rent and feed their family of eight.”When I worked in the beauty salon, we could earn 3,000-7,000 Afghanis for styling one bride, but here we get 5,000 per month,” said the 24-year-old.”It’s not comparable but I have no other choice,” she added, the room around her full of women chatting as they worked at 30 looms. – Women-only spaces -The closure of beauty salons was not only a financial blow, but also removed key spaces for women to socialise. Zohra Gonish decided to open a restaurant to create a women-only space in northeastern Badakhshan province.”Women can come here and relax,” said the 20-year-old entrepreneur. “We wanted the staff to be women so that the women customers can feel comfortable here.”But starting her business in 2022, aged 18 was not easy in a country where the labour force participation for women is 10 times lower than the world average, according to the World Bank.  It took Gonish a week to convince her father to support her.Aside from helping their families and having space to socialise, some women said work has given them a sense of purpose.Sumaya Ahmadi, 15, joined Ferozi’s carpet company to help her parents after she had to leave school and became “very depressed”.”(Now) I’m very happy and I no longer have any mental health problems. I’m happier and I feel better.”The work has also given her a new goal: to help her two brothers build their futures.”Because schools’ doors are closed to girls, I work instead of my brothers so they can study and do something with their lives.”