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Japanese retail giant Fast Retailing lifted its 2025-26 annual net profit forecast on Thursday, buoyed by a strong performance in mainland China.The parent company of Uniqlo “reported significant increases in both revenue and profit in the first quarter” of its fiscal year which runs from September, according to its financial statement.In particular, Uniqlo International saw “a rise in revenue and double-digit year-on-year profit growth” in mainland China due in part to cold October weather.As a result, Fast Retailing now expects a full-year net profit of 450 billion yen ($2.9 billion) for the fiscal year ending in August, compared with the previous estimate of 435 billion yen.

Equity markets mostly fell Thursday as the rally that has characterised the start of the year paused with investors looking ahead to the release of key US jobs data this week.Traders were also taking stock as they assessed the geopolitical outlook after the US toppling of Venezuela’s president and simmering tensions between China and Japan.A tepid lead from Wall Street, where the Dow and S&P 500 came off record highs, saw Asia players step back and take a breather before the US release of data on job openings and unemployment claims later in the day.They are followed Friday by the closely watched reading on non-farm payrolls, a crucial guide for Fed decision-makers, who meet at the end of the month amid debate on whether they will cut interest rates for a fourth successive time.”Attention is fixed squarely ahead, with Friday’s jobs report sitting dead centre in the crosshairs,” said Stephen Innes, managing partner at SPI Asset Management.”A very strong number forces markets to rethink timing. A very weak one reopens recession debates. Anything in between simply prolongs the range and keeps this market drifting sideways at altitude.”Equity markets in Asia struggled, with Tokyo, Hong Kong, Singapore, Shanghai, Taipei, Mumbai, Bangkok and Jakarta were all down.Sydney and Manila rose, while Wellington was flat.London opened on the back foot at the open with Paris, while Frankfurt was flat.Seoul edged marginally higher to another record, though tech giant Samsung sank even after saying it expected its fourth-quarter profit to reach a record $13.8 billion.Tokyo stocks were weighed after China announced an anti-dumping probe into imports from Japan of a key chemical used in making semiconductors, a day after it banned the export to the country of goods with potential military uses.The move adds to rising diplomatic tensions between the Asian giants since Japanese Prime Minister Sanae Takaichi suggested in November that her country may react militarily in any attack on Taiwan.Oil prices edged up after suffering a second successive steep fall Wednesday on the back of news that Venezuela would send the United States millions of barrels of crude following the latter’s ouster of President Nicolas Maduro at the weekend.Traders will also be keeping an eye on a Supreme Court ruling due Friday on the legality of Donald Trump’s punishing tariffs.The landmark case on the US president’s unprecedented use of powers for sweeping global levies strikes at the heart of his economic agenda.- Key figures at around 0815 GMT – Tokyo – Nikkei 225: DOWN 1.6 percent at 51,117.26 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 26,149.31 (close)Shanghai – Composite: DOWN 0.1 percent at 4,082.98 (close)London – FTSE 100: DOWN 0.2 percent at 10,023.82 Euro/dollar: DOWN at $1.1675 from $1.1682 on WednesdayPound/dollar: DOWN at $1.3441 from $1.3462Dollar/yen: DOWN at 156.52 yen from 156.60 yenEuro/pound: UP at 86.85 from 86.80 penceWest Texas Intermediate: UP 0.2 percent at $56.10 per barrelBrent North Sea Crude: UP 0.2 percent at $60.09 per barrelNew York – Dow: DOWN 0.94 percent at $48,996.08 (close)

A Cambodian bank founded by accused scam boss Chen Zhi, who has been indicted by the United States over multibillion-dollar fraud and extradited to China, was ordered liquidated Thursday, Cambodia’s central bank said.Prince Bank “has been placed under liquidation in accordance with the laws” of the country, the National Bank of Cambodia (NBC) said in a statement.Prince Bank has been “suspended from providing new banking services, including accepting deposits and providing credit”, it added.The NBC said it had appointed auditor Morisonkak MKA as the liquidator.Prince Bank is a subsidiary of Chen’s Prince Holding Group, one of Cambodia’s largest conglomerates, which Washington has said served as a front for “one of Asia’s largest transnational criminal organizations”.Customers who have deposits at Prince Bank “can withdraw money normally by preparing documents for withdrawal”, and borrowers “must continue to fulfill their obligations as normal”, the NBC added.Outside a Prince Bank location in the capital Phnom Penh, among 36 branches nationwide, an AFP journalist did not see any customers on Thursday morning.The bank has about a billion dollars in assets under management, according to its website.- ‘Building pressure’ -Chinese-born Chen was sanctioned by Washington and London in October for directing alleged cyberfraud run by hundreds of scammers trafficked into compounds in Cambodia.Cambodian authorities said they arrested Chen and two other Chinese nationals and extradited them to China on Tuesday.The operation was carried out according to a request from Chinese authorities following months of “investigative cooperation”, Cambodia’s interior ministry said.Chinese authorities have not commented on Chen’s arrest since it was announced on Wednesday.The US Justice Department declined to comment on Wednesday.”This arrest comes after months of building pressure against the Cambodian government for continuing to harbor and abet a now famous criminal actor,” said Jacob Daniel Sims, a transnational crime expert and visiting fellow at Harvard University’s Asia Center.The “vast majority” of the dozens of scam compounds in Cambodia operated with “strong support” from the government, Sims told AFP, adding that a change in status quo could only happen if international pressure on the nation’s “scam-invested oligarchs” was sustained.Cambodian officials deny allegations of government involvement and say authorities are cracking down.But Amnesty International said last year that rights abuses in scam hubs were happening on a “mass scale”, and the government’s poor response suggested its complicity.Chen faces up to 40 years in prison if convicted in the United States on wire fraud and money laundering conspiracy charges involving approximately 127,271 bitcoin seized by the United States, worth more than $11 billion at current prices.Prince Group has denied the allegations.- Former adviser -US prosecutors in October unsealed an indictment accusing Chen of presiding over compounds in Cambodia where trafficked workers carried out cryptocurrency fraud schemes that netted billions.Victims were targeted through so-called “pig butchering” scams — investment schemes that build trust over time before stealing funds. The operations have caused billions in global losses.Scam centres across Cambodia, Myanmar and the region lure foreign nationals — many Chinese — with fake job ads, then force them under threat of violence to commit online fraud.Amnesty International has identified at least 53 scam compounds in Cambodia alone, where rights groups say criminal networks perpetrate human trafficking, forced labour, torture and slavery.Experts estimate tens of thousands of people work in the multibillion-dollar industry, some willingly and others trafficked.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 have said. Chen and top executives allegedly used political influence and bribed officials in multiple countries to shield illicit operations.In Cambodia, Chen served as an adviser to Prime Minister Hun Manet and his father, former leader Hun Sen. His Cambodian nationality was revoked in December, the interior ministry said.

Asian markets were mixed Thursday as the rally that has characterised the start of the year paused with investors looking ahead to the release of key US jobs data this week.Traders were also taking stock as they assessed the geopolitical outlook after the US toppling of Venezuela’s president and simmering tensions between China and Japan.A tepid lead from Wall Street, where the Dow and S&P 500 came off record highs, saw Asia players step back and take a breather before the US release of data on job openings and unemployment claims later in the day.They are followed Friday by the closely watched reading on non-farm payrolls, a crucial guide for Fed decision-makers, who meet at the end of the month amid debate on whether they will cut interest rates for a fourth successive time.”Attention is fixed squarely ahead, with Friday’s jobs report sitting dead centre in the crosshairs,” said Stephen Innes, managing partner at SPI Asset Management.”A very strong number forces markets to rethink timing. A very weak one reopens recession debates. Anything in between simply prolongs the range and keeps this market drifting sideways at altitude.”Equity markets in Asia struggled, with Tokyo, Hong Kong, Singapore, Wellington and Jakarta all down.Shanghai, Sydney, Taipei and Manila edged up.Seoul continued its rise to multiple records, though tech giant Samsung dipped even after saying it expected its fourth-quarter profit to reach a record $13.8 billion.Tokyo stocks were weighed after China announced an anti-dumping probe into imports from Japan of a key chemical used in making semiconductors, a day after it banned the export to the country of goods with potential military uses.The move adds to rising diplomatic tensions between the Asian giants since Japanese Prime Minister Sanae Takaichi suggested in November that her country may react militarily in any attack on Taiwan.Oil prices edged up after suffering a second successive steep fall Wednesday on the back of news that Venezuela would send the United States millions of barrels of crude following the latter’s ouster of President Nicolas Maduro at the weekend.Traders will also be keeping an eye on a Supreme Court ruling due Friday on the legality of Donald Trump’s punishing tariffs.The landmark case on the US president’s unprecedented use of powers for sweeping global levies strikes at the heart of his economic agenda.- Key figures at around 0320 GMT – Tokyo – Nikkei 225: DOWN 0.6 percent at 51,660.50 (break)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 26,132.26Shanghai – Composite: UP 0.1 percent at 4089.17Euro/dollar: DOWN at $1.1680 from $1.1682 on WednesdayPound/dollar: DOWN at $1.3462 from $1.3463Dollar/yen: DOWN at 156.67 yen from 156.77 yenEuro/pound: UP at 86.77 pence from 86.76 penceWest Texas Intermediate: UP 0.3 percent at $56.17 per barrelBrent North Sea Crude: UP 0.3 percent at $60.16 per barrelNew York – Dow: DOWN 0.94 percent at $48,996.08 (close)London – FTSE 100: DOWN 0.74 percent at $10,048.21 (close)

Wall Street stock indices pulled back from records on Wednesday ahead of key US labor data, while oil prices fell further after US President Donald Trump said Venezuela would turn over millions of barrels to the United States.Both the Dow and S&P 500 retreated from Tuesday’s all-time records as markets digested reports showing a fall in US job openings in November and a lower-than-expected rise in private-sector hiring in December.More upbeat was a services sector survey by the Institute for Supply Management that showed healthier growth in December compared with November.The jobs data was not great, but did not “trigger changes to perceptions about future Fed rate cuts,” said Steve Sosnick of Interactive Brokers.”We attempted to follow through from the rallies of the last couple of days, and so far we haven’t been able to,” Sosnick said.The Dow finished down 0.9 percent, while the S&P 500 dropped 0.3 percent after both indices surged to new peaks amid bullish investor sentiment to start the 2026 trading year. The tech-focused Nasdaq edged up 0.2 percent. Futures markets expect the Fed to hold interest rates steady later this month, but concerns of a sharp slowdown in hiring could prompt a rethink. Analysts say Friday’s Labor Department report for December will be a critical input to the US central bank.In Europe, Frankfurt hit a record high above 25,000 points.Paris traded flat and London slid from a record high set on Tuesday as lower oil prices dragged on British heavyweights BP and Shell, which both fell more than three percent. Both main oil contracts dropped on Wednesday, having already lost ground a day earlier, after Trump’s latest statement on Venezuela.US Energy Secretary Chris Wright said Wednesday that Washington will control sales of Venezuelan oil “indefinitely”. Venezuela’s state petroleum firm said only that it was negotiating the sale of crude oil to the United States. Analysts said the shipments lowered the risk that Caracas would have to cut output owing to its limited storage capacity, easing supply concerns.But they added that the outlook for the commodity pointed to lower prices, as the market remains well stocked after OPEC+ agreed to boost output.Elsewhere, US defense stocks tumbled after Trump threatened to cap executive pay at major US defense contractors and ban shareholder dividends and stock buybacks. Lockheed Martin, General Dynamics and RTX all lost 2.5 percent or more.Shares in Warner Bros. Discovery edged higher after its board urged shareholders to reject an improved hostile takeover bid by rival Paramount, saying it was still inferior to Netflix’s offer.Shares in Netflix rose a scant 0.1 percent while Paramount fell 0.9 percent.- Key figures at around 2130 GMT – West Texas Intermediate: DOWN 2.0 percent at $55.99 per barrelBrent North Sea Crude: DOWN 1.2 percent at $59.96 per barrelNew York – Dow: DOWN 0.9 percent at 48,996.08 (close)New York – S&P 500: DOWN 0.3 percent at 6,920.93 (close)New York – Nasdaq Composite: UP 0.2 percent at 23,584.28 (close)London – FTSE 100: DOWN 0.7 percent at 10,048.21 (close)Paris – CAC 40: FLAT at 8,233.92 (close)Frankfurt – DAX: UP 0.9 percent at 25,122.26 (close)Tokyo – Nikkei 225: DOWN 1.1 percent at 51,961.98 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 26,458.95 (close)Shanghai – Composite: UP 0.1 percent at 4,085.77 (close)Euro/dollar: DOWN at $1.1682 from $1.1689 on TuesdayPound/dollar: DOWN at $1.3463 from $1.3501Dollar/yen: UP at 156.77 yen from 156.65 yenEuro/pound: UP at 86.76 pence from 86.57 penceburs-jmb/aha

Chinese-born tycoon Chen Zhi, who was indicted by the United States on fraud and money-laundering charges for running a multibillion-dollar cyberscam network from Cambodia, has been arrested there and extradited to China, Phnom Penh said Wednesday.Chen allegedly 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.Since the US indictment and sanctions by Washington and London in October, authorities in Europe, the United States and Asia have targeted Chen’s firm, Prince Holding Group, with a frenzy of asset confiscations.Chen founded Prince Group, a multinational conglomerate that authorities say served as a front for “one of Asia’s largest transnational criminal organizations,” according to the US Justice Department.Cambodian authorities “have arrested three Chinese nationals namely Chen Zhi, Xu Ji Liang, and Shao Ji Hui and extradited (them) to the People’s Republic of China,” Cambodia’s interior ministry said in a statement on Wednesday.The operation was carried out on Tuesday “within the scope of cooperation in combating transnational crime” and according to a request from Chinese authorities “following several months of joint investigative cooperation,” it said.Chen’s Cambodian nationality was “revoked by a Royal Decree” in December, the interior ministry added.Chinese authorities did not immediately comment late Wednesday on Chen’s arrest and extradition.The US Justice Department also declined to comment Wednesday.US authorities in October unsealed an indictment against Chen, a businessman accused of presiding over compounds in Cambodia where trafficked workers carried out cryptocurrency fraud schemes that have netted billions of dollars.He faces up to 40 years in prison if convicted in the United States on wire fraud and money laundering conspiracy charges involving approximately 127,271 bitcoin seized by Washington, worth more than $11 billion at current prices.Prince Group has denied the allegations.According to the US charges, scam workers were forced — under threat of violence — to execute so-called “pig butchering” scams, cryptocurrency investment schemes that build trust with victims over time before stealing their funds.The schemes target victims worldwide, causing billions in losses.Scam centers across Cambodia, Myanmar and the region use fake job ads to attract foreign nationals — many of them Chinese — to purpose-built compounds, where they are forced to carry out online fraud.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.Chen and top executives allegedly used political influence and bribed officials in multiple countries to protect their illicit operations. In Cambodia, Chen has served as an adviser to Prime Minister Hun Manet and his father, former leader Hun Sen.The Southeast Asian nation hosts dozens of scam centres with tens of thousands of people perpetrating online scams — some willingly and others trafficked — in the multibillion-dollar industry, experts say.

Oil prices fell further Wednesday after President Donald Trump said Venezuela would turn over millions of barrels to the United States.Meanwhile equities wobbled after a record-breaking start to the year.Crude has seen wild swings since Trump ordered the toppling of Nicolas Maduro, his counterpart in Caracas, on Saturday and said Washington would run the country while demanding “total access” to its oil.Both main oil contracts dropped on Wednesday, having already lost ground Tuesday, after Trump announced the latest development.”The Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America,” he wrote on his Truth Social platform.”This oil will be sold at its market price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States.”US Energy Secretary Chris Wright said Wednesday that Washington will control sales of Venezuelan oil “indefinitely”.Analysts said the shipments lowered the risk that Caracas would have to cut output owing to its limited storage capacity, easing supply concerns.But they added that the outlook for the commodity pointed to lower prices, as the market remains well stocked after OPEC+ agreed to boost output.Venezuela sits on about a fifth of the world’s oil reserves, but observers pointed out that a quick ramp-up of output would be hamstrung by several issues including its creaking infrastructure, low prices and political uncertainty.Crude prices only briefly picked up after US forces seized a Russian-flagged oil tanker in the North Atlantic for alleged sanctions violations, before sinking again.US forces said they also seized another tanker in the Caribbean.In equities trading, the Dow initially edged higher from a record closes on Tuesday, but then turned lower.”US job openings falling to their lowest level since December 2020 and modest — below expectations — US private sector jobs growth dampened the bullish mood,” said IG trading platform analyst Axel Rudolph.The broader S&P 500 managed to edge higher from its record close Tuesday and set another all-time high, while the tech-heavy Nasdaq rose.In Europe, Frankfurt hit a record high above 25,000 points.Paris traded flat and London slid from a record high set on Tuesday as lower oil prices dragged on British heavyweights BP and Shell, which both fell more than three percent. Equity markets have had a strong start to the year thanks to the relentless rush into all things artificial intelligence.Shares in Warner Bros. Discovery edged higher after its board urged shareholders to reject an improved hostile takeover bid by rival Paramount, saying it was still inferior to Netflix’s offer.Shares in both Netflix and Paramount shares dipped lower.- Key figures at around 1630 GMT – West Texas Intermediate: DOWN 1.3 percent at $56.40 per barrelBrent North Sea Crude: DOWN 0.7 percent at $60.25 per barrelNew York – Dow: DOWN 0.3 percent at 49,305.05 pointsNew York – S&P 500: UP less than 0.1 percent at 6,949.00New York – Nasdaq Composite: UP 0.4 percent at 23,643.75 London – FTSE 100: DOWN 0.7 percent at 10,048.21 (close)Paris – CAC 40: FLAT at 8,233.92 (close)Frankfurt – DAX: UP 0.9 percent at 25,122.26 (close)Tokyo – Nikkei 225: DOWN 1.1 percent at 51,961.98 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 26,458.95 (close)Shanghai – Composite: UP 0.1 percent at 4,085.77 (close)Euro/dollar: DOWN at $1.1688 from $1.1693 on TuesdayPound/dollar: DOWN at $1.3474 from $1.3503 Dollar/yen: UP at 156.74 yen from 156.59 yenEuro/pound: UP at 86.73 pence from 86.58 penceburs-rl/jh

Oil prices wavered Wednesday after President Donald Trump said Venezuela would turn over millions of barrels to the United States and seized a Russian-flagged oil tanker.Meanwhile equities continued a record-breaking start to the year.Crude has seen wild swings since Trump ordered the toppling of Nicolas Maduro, his counterpart in Caracas, on Saturday and said Washington would run the country while demanding “total access” to its oil.Both main oil contracts dropped on Wednesday, having already lost ground Tuesday, after Trump announced the latest development.”The Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America,” he wrote on his Truth Social platform.”This oil will be sold at its market price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States.”Analysts said the shipments lowered the risk that Caracas would have to cut output owing to its limited storage capacity, easing supply concerns.But they added that the outlook for the commodity pointed to lower prices, as the market remains well stocked after OPEC+ agreed to boost output.Venezuela sits on about a fifth of the world’s oil reserves, but observers pointed out that a quick ramp-up of output would be hamstrung by several issues including its creaking infrastructure, low prices and political uncertainty.But crude prices briefly picked up as US forces seized a Russian-flagged oil tanker in the North Atlantic for alleged sanctions violations, raising supply concerns.US forces said they also seized another tanker in the Caribbean.In equities trading, the Dow and S&P 500 edged higher from record closes on Tuesday as trading got underway on Wall Street.”The bull market carries on in spite of the geopolitical drama and notwithstanding a possible Supreme Court ruling this Friday on President Trump’s tariff authority,” said Briefing.com analyst Patrick O’Hare.”In short, there is a lot of sound and fury in the background, but in the foreground is a stock market that has kept calm and carried on,” he added.In Europe, Frankfurt hit a record high above 25,000 points.Paris traded flat and London slid from a record high set on Tuesday as lower oil prices dragged on British heavyweights BP and Shell, which were both down more than three percent. Equity markets have had a strong start to the year thanks to the relentless rush into all things artificial intelligence.Shares in Netflix rose more than one percent as trading got underway in New York after the board of Warner Bros. Discovery urged shareholders to reject an improved hostile takeover bid by rival Paramount, saying it was still inferior to Netflix’s offer.Shares in Warner Bros. dipped while Paramount shares wobbled.- Key figures at around 1430 GMT – West Texas Intermediate: DOWN 0.8 percent at $56.70 per barrelBrent North Sea Crude: DOWN 0.3 percent at $60.51 per barrelNew York – Dow: UP 0.2 percent at 49,573.77 pointsNew York – S&P 500: UP less than 0.1 percent at 6,949.46New York – Nasdaq Composite: FLAT percent at 23,547.02 London – FTSE 100: DOWN 0.8 percent at 10,045.35Paris – CAC 40: FLAT at 8,236.88Frankfurt – DAX: UP 0.8 percent at 25,100.52Tokyo – Nikkei 225: DOWN 1.1 percent at 51,961.98 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 26,458.95 (close)Shanghai – Composite: UP 0.1 percent at 4,085.77 (close)Euro/dollar: DOWN at $1.1691 from $1.1693 on TuesdayPound/dollar: DOWN at $1.3488 from $1.3503 Dollar/yen: DOWN at 156.51 yen from 156.59 yenEuro/pound: UP at 86.68 pence from 86.58 penceburs-rl/js

Oil prices extended losses Wednesday after President Donald Trump said Venezuela would turn over millions of barrels to the United States, while equities wavered after a record-breaking start to the year.Frankfurt was a rare riser, hitting a record high above 25,000 points, while London fell and Paris was flat. Lower oil prices dragged on British heavyweights BP and Shell, which were both down more than three percent. Crude has seen wild swings since Trump ordered the toppling of Nicolas Maduro, his counterpart in Caracas on Saturday and said Washington would run the country while demanding “total access” to its oil.But both main oil contracts dropped on Wednesday, having already lost ground Tuesday, after Trump announced the latest development.”The Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America,” he wrote on his Truth Social platform.”This oil will be sold at its market price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States.”Analysts said the shipments lowered the risk that Caracas would have to cut output owing to its limited storage capacity, easing supply concernsBut they added that the outlook for the commodity pointed to lower prices, as the market remains well stocked after OPEC+ agreed to boost output.Venezuela sits on about a fifth of the world’s oil reserves, but observers pointed out that a quick ramp-up of output would be hamstrung by several issues including its creaking infrastructure, low prices and political uncertainty.”Today’s move lower is a sign that the oil price continues to be sensitive to any shift in supply dynamics,” said Kathleen Brooks, research director at the trading group XTB. Equity markets fluctuated after a strong start to the year that has already seen Seoul follow London and New York in hitting record highs thanks to the relentless rush into all things artificial intelligence.Shanghai also edged up, while Hong Kong closed lower and Tokyo shed more than one percent after China imposed tougher export controls on products sent to Japan with potential military uses.Still, despite rising geopolitical tensions, analysts remain upbeat about the outlook for equities this year.”Participants remained squarely focused on what remains a robust bull case of resilient economic growth and robust earnings growth, largely in keeping with that which powered the market higher last year,” wrote Michael Brown, senior research strategist at Pepperstone.He pointed to “expectations for considerably looser monetary and fiscal backdrops through the next twelve months”.- Key figures at around 1100 GMT – West Texas Intermediate: DOWN 0.7 percent at $56.73 per barrelBrent North Sea Crude: DOWN 0.4 percent at $60.47 per barrelLondon – FTSE 100: DOWN 0.6 percent at 10,058.55 pointsParis – CAC 40: FLAT at 8,240.23Frankfurt – DAX: UP 0.7 percent at 25,057.40Tokyo – Nikkei 225: DOWN 1.1 percent at 51,961.98 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 26,458.95 (close)Shanghai – Composite: UP 0.1 percent at 4,085.77 (close)New York – Dow: UP 1.0 percent at 49,462.08 (close)Euro/dollar: DOWN at $1.1691 from $1.1693 on TuesdayPound/dollar: DOWN at $1.3501 from $1.3503 Dollar/yen: DOWN at 156.49 yen from 156.59 yenEuro/pound: UP at 86.60 pence from 86.58 pence

President Prabowo Subianto said on Wednesday that Indonesia’s rice production met all domestic demand, hailing a landmark achievement for food security — one of his key campaign promises.In a speech to farmers in Karawang, east of the capital Jakarta, Prabowo celebrated an “important victory” in achieving rice self-sufficiency within just over a year since he entered office in October 2024.”No nation is truly free if food is not available to its people. A nation cannot be independent if its food supply depends on other countries,” he said.Indonesia last achieved rice self-sufficiency in 2008, and before that in the mid-1980s.Rice is a staple food in the Southeast Asian nation of 286 million people.According to the National Food Agency, a government body aimed at advancing food security, Indonesia produced 34.71 million tonnes of rice in 2025, exceeding annual consumption needs of 31.19 million tonnes.”Today is a happy day for me,” said Prabowo, who at the start of his administration set a four-year target for rice self-sufficiency.It was achieved years ahead of schedule, with the government citing increased subsidies for farmers and streamlined regulations.”If many critics sneer and say we can’t achieve food self-sufficiency, today we prove that we are food self-sufficient,” Prabowo said.According to Statistics Indonesia, Southeast Asia’s largest economy used to import rice from major exporters Vietnam, Thailand and India.But according to the government, Indonesia did not import any rice at all in 2025.On the campaign trail, Prabowo put food security and agricultural self-sufficiency at the forefront.After assuming the presidency he launched a free meal initiative aimed at tackling child malnutrition, which he said provided nutritious food to 55 million people.But critics have argued that Prabowo’s flagship programme took away financial resources from other important initiatives, and pointed to more than 10,000 cases of food poisoning linked to the free meal scheme.