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One of China’s leading electric vehicle makers XPeng plans to double the number of countries in which the company operates by the end of this year, its CEO said Saturday.Founded in 2014, XPeng is one of the Chinese firms in the sector with the strongest international ambitions, focusing in particular on cutting-edge technologies and design.”We are going to accelerate from the 30 countries and regions where we were present in 2024,” XPeng founder and chief executive officer He Xiaopeng told a news conference in the southern Guangzhou city, overseeing a shipment of XPeng cars to Thailand. “This year, we will increase to 60 and will have established more than 300 after-sales service points worldwide,” he said.XPeng which designs high-end cars, already has stores in several European countries, including France, Germany, Sweden and Norway.”Over the 10-year period from 2024 to 2033, we expect half of XPeng’s sales to come from outside China,” he said.The ambitious plan comes despite the obstacles posed by the European Union, which has imposed extra import tariffs on China-made electric vehicles of up to 35.3 percent after concluding Beijing’s state support was unfairly undercutting European automakers.XPeng is banking that its bespoke features — such as driving assistance, rapid recharging and modular interiors — would help it stand out from the crowd in the fiercely competitive Chinese market.On Saturday, He forecast the possible demise of certain Chinese electric vehicle manufacturers when faced with intense rivalry over price, service and technological advances. “This year marks the start of the elimination phase in China. I think it’s going to be extremely intense in 2025, 2026 and 2027,” He said.A record 10.9 million hybrid and electric vehicles were sold in the country last year, up more than 40 percent from 2023, according to the China Passenger Car Association (CPCA). The Chinese electric vehicle market has witnessed explosive growth in recent years, driven in part by generous subsidies from Beijing.China’s government has supported the development and production of less polluting battery-powered vehicles, a field where Chinese manufacturers such as BYD and XPeng are leading the way.

The Cook Islands said Saturday it has struck a five-year agreement with China to cooperate in exploring and researching the Pacific nation’s seabed mineral riches.A copy of the deal — signed during a state visit to China that has been criticised by former colonial ruler New Zealand — showed it covers working together in the “exploration and research of seabed mineral resources”.A joint committee would oversee the partnership, which also includes seabed minerals-related training and technology transfer, logistics support, and deep-sea ecosystems research.The Cook Islands government said the memorandum of understanding, signed with China on February 14, did not involve any agreement to give an exploration or mining licence.Cook Islands Prime Minister Mark Brown had already released details of a broader partnership agreement signed during his state visit to China this month.On Saturday, his office also published three others: the seabed minerals deal; a maritime industries agreement; and a Chinese development aid grant of 20 million yuan (US$2.7 million).The self-governing Cook Islands, a country of 17,000 people, has a “free association” relationship with New Zealand, which provides budgetary assistance as well as helping on foreign affairs and defence.Cook Islanders hold New Zealand citizenship.Brown said the seabed minerals deal supported the partnership pact he signed in China for the two countries to cooperate in trade, investment and the seabed minerals sector.”Our seabed minerals section remains under strict regulatory oversight, ensuring that all decisions are made transparently and in the best interest of the Cook Islands and its people,” he said in a statement.- New Zealand unnerved -New Zealand has already accused the Cook Islands government of a lack of consultation and transparency over the wider partnership agreement with China.It has demanded to see all the agreements signed during Brown’s China trip.”We note the release today of further agreements signed by the Governments of the Cook Islands and China,” said a spokesperson for New Zealand Foreign Minister Winston Peters. “We will now analyse the contents of these agreements — focusing on the implications they have for New Zealand, the Cook Islands people and the Realm of New Zealand.”New Zealand and its allies including Australia and the United States have been unnerved by China’s growing diplomatic, economic and military influence in the strategically important Pacific.But Brown has insisted his country’s relations with New Zealand and other partners are not affected by the partnership accord he signed with China.The Cook Islands has licensed three companies to explore the seabed for nodules rich in metals such as nickel and cobalt, which are used in electric car batteries.Despite issuing the five-year exploration licences in 2022, the Cook Islands government says it will not decide whether to harvest the potato-sized nodules until it has assessed environmental and other impacts.The Pacific country’s prime minister has nevertheless touted the benefits of the potentially multi-billion-dollar industry, saying previously that the Cook Islands needs to protect itself against climate change “through whatever revenues that we can get”.

In a dark stable under a heaving highway in Indonesia’s capital, trucks rumble past emaciated carriage horses tied to pillars in ramshackle wooden stalls, their ribs protruding.The steeds are used to pull traditional wooden carriages known as delman, once a staple of colonial-era transportation, but fading from view in Jakarta in an era dominated by ride-hailing apps.Now limited to just a few areas of the city, only several hundred delman horses remain to ferry tourists on weekends or public holidays. Animal rights activists say the conditions under which the horses are kept are so harsh the practice must end.”Thank God, in here, at least the horses are protected from the sun’s heat and rain,” 52-year-old carriage driver Sutomo told AFP under the highway. On central Jakarta’s bustling streets, the horse-drawn carriage bells can be heard clinking in rhythm with clopping hooves that compete with the blare of car engines and horns.But Sutomo says a 4.5-kilometre (2.8-mile) jaunt around Indonesia’s national monument, or Monas, can fetch just 50,000 rupiah ($3.10) — a trip he only makes two or three times a day.”When income is low, my son, who works at a company, shares some of his salary. Thank God at least that can cover food for my family. But for the horse, we have to reduce its food,” he said.Rights groups say such limited income has forced owners and some who rent the horses to ignore proper horse care, leading to malnutrition and poor living conditions.There are about 200 carthorses still in service at around 20 stables, according to estimates, including one squalid encampment holding 15 horses seen by AFP. It was surrounded by garbage and plastic debris next to a smelly, polluted river.”The conditions are really, really bad,” said Karin Franken, co-founder of Jakarta Animal Aid Network (JAAN), an NGO that has been advocating for delman horses since 2014.”They are not treating the horses very well (but) very aggressively, very rough.”- ‘Extreme abuse, neglect’ -To a tourist’s eye, the delman can appear as a colourful addition to the city, adorned by decorations and small bells that jingle when the horse moves.But some owners still rely on harmful traditional medications, including puncturing the horse’s muscles with bamboo sticks to pass a rope through to “cleanse” its blood. During the Covid-19 pandemic some horses also died of starvation, said Franken, calling for the delman to be gradually phased out. “The life as a delman horse, especially in Jakarta, is really terrible,” said Franken.While there is a national law on animal protection, there is little monitoring of violations according to JAAN.The local government said it remained committed to animal welfare but needed more help.”We need support from other parties… to be able to provide services such as free medical check-ups,” Suharini Eliawati, head of the Jakarta Food Security, Maritime and Agriculture Agency, told AFP.”The owners must obey the rules in animal welfare protection.”Franken said JAAN also tries to educate the delman workers on how to provide better treatment for the horses, in exchange for free medical care for the animals.But many people do not comply on grounds of tradition or financial issues.”They can barely take care of themselves and their families, let alone horses. It’s very sad for both,” Franken said.”There still are, unfortunately, cases of extreme abuse or neglect.”Young delman drivers are open to moving to other jobs like ride-hailing motor-taxi driver, but older ones are more stubborn “because they say it’s the only thing they can do”, said Franken.Some are likely to keep trying to make a penny, despite pushing their equine breadwinners to the brink.”I like animals, I also like this job,” said delman owner Novan Yuge Prihatmoko, as he guided his horse through West Jakarta, adding that he can earn 150,000 rupiah ($9.20) a day.”I feel comfortable, so why not? I just keep doing this for a living.”

Wall Street stocks tumbled Friday on worries about slowing US growth, concluding the week on a downcast note following gains in Asia and a mixed session on European bourses.Major US indices spent the entire day in the red before closing about two percent lower after economic data added to worries about the outlook of the US economy as President Donald Trump presses on with tariffs and government job cuts that could boost unemployment.”You are starting to see some disappointment in the economic data,” said Tom Cahill of Ventura Wealth Management, who tied Friday’s big drop in the 10-year US Treasury note yield to economic worries.On Friday, an S&P Global reading on US services industry activity fell to a 25-month low, while a University of Michigan survey of consumer sentiment tumbled nearly 10 percent from January.LBBW’s Karl Haeling said both are considered “secondary” economic reports, but they corroborate other major data points on employment and retail sales that have also pointed to weakness.”Investors ever since the election have been very bullish,” he said, but the market may be at an inflection point due to “all the uncertainty coming from Trump.”The trading day started off with gains in Asian equities, with Shanghai rising and Hong Kong piling on four percent to hit a three-year high fueled by tech firms. China’s Alibaba rocketed more than 14 percent following its forecast-busting earnings figures the previous day. The firm has bounced nearly 70 percent higher since the turn of the year.Other household names pushed the Hang Seng Index higher, with Tencent adding more than six percent, and JD.com and XD Inc gaining more than five percent.China’s tech sector has been on a roll this year, and has been given an extra boost since startup DeepSeek unveiled a chatbot that upended the global AI sector.Frankfurt stocks dipped and the euro retreated against the dollar ahead of the German election on Sunday, with investors expecting a more expansionary fiscal policy from Berlin to revive Europe’s largest economy.”The election comes against a difficult backdrop for Germany right now, as their economy has just experienced two consecutive annual contractions over 2023 and 2024,” said Deutsche Bank’s Jim Reid.In Tokyo, the yen retreated for most of the day after Japanese Finance Minister Katsunobu Kato said Friday that rising government bond yields — which are at their highest since 1999 — could weigh on economic growth.That dented expectations the Bank of Japan would announce a series of rate hikes this year, even as data showed Japanese core inflation hit a 19-month high.Crude prices fell by around three percent as traders expect the US to ease the sanctions that have limited Russian oil exports, leading to greater supply.”It is now clear that it is only a matter of time before Trump lifts sanctions against Russia,” said Arne Lohmann Rasmussen, chief analyst with Global Risk Management.”Although the EU is unlikely to follow suit, such a decision would enable increased Russian exports -– particularly to refineries in China and India,” he added.- Key figures around 2150 GMT -New York – Dow: DOWN 1.7 percent at 43,428.02 (close)New York – S&P 500: DOWN 1.7 percent at 6,013.13 (close)New York – Nasdaq Composite: DOWN 2.2 percent at 19,524.01 (close)London – FTSE 100: FLAT at 8,659.37 (close)Paris – CAC 40: UP 0.4 percent at 8,154.51 (close)Frankfurt – DAX: DOWN 0.1 percent at 22,287.56 (close)Tokyo – Nikkei 225: UP 0.3 percent at 38,776.94 (close) Hong Kong – Hang Seng Index: UP 4.0 percent at 23,477.92 (close)Shanghai – Composite: UP 0.9 percent at 3,379.11 (close)Euro/dollar: DOWN at $1.0462 from $1.0501 on ThursdayPound/dollar: DOWN at $1.2628 from $1.2670Dollar/yen: DOWN at 149.32 from 149.64 yenEuro/pound: DOWN at 82.81 pence from 82.89 pence West Texas Intermediate: DOWN 3.0 percent at $70.40 per barrelBrent North Sea Crude: DOWN 2.7 percent at $74.43 per barrelburs-jmb/acb

Global stock markets diverged on Friday, with Hong Kong leading gains in Asia thanks to a surge in tech stocks led by e-commerce titan Alibaba. However, Wall Street was lower at the end of a week marked by uncertainty as traders weighed the economic outlook in light of Donald Trump’s threatened tariffs and geopolitical machinations.Oil prices fell by two percent with traders looking to a possible return of Russian oil to international markets.The trading day started off with gains in Asian equities, with Shanghai rising and Hong Kong piling on four percent to hit a three-year high fuelled by tech firms. “The gains in Hong Kong and China came amid renewed excitement about the tech sector in the region as Alibaba announced big AI spending plans,” said AJ Bell investment director Russ Mould. China’s Alibaba rocketed more than 14 percent following its forecast-busting earnings figures the previous day. The firm has bounced nearly 70 percent higher since the turn of the year.Other household names pushed the Hang Seng Index higher, with Tencent adding more than six percent, and JD.com and XD Inc gaining more than five percent.China’s tech sector has been on a roll this year, and has been given an extra boost since startup DeepSeek unveiled a chatbot that upended the global AI sector.Frankfurt stocks dipped and the euro retreated against the dollar ahead of the German election on Sunday, with investors expecting a more expansionary fiscal policy from Berlin to revive Europe’s largest economy.”The election comes against a difficult backdrop for Germany right now, as their economy has just experienced two consecutive annual contractions over 2023 and 2024,” said Deutsche Bank’s Jim Reid.Wall Street’s main stocks indices fell, with the Dow Jones dragged lower due to a nearly nine percent drop in UnitedHealth Group shares following a report that it is under federal fraud investigation for some of its billing practices. “This news has undercut the stocks of other Medicare Advantage providers,” noted Briefing.com analyst Patrick O’Hare.In Tokyo, the yen retreated for most of the day after Japanese Finance Minister Katsunobu Kato said Friday that rising government bond yields — which are at their highest since 1999 — could weigh on economic growth.That dented expectations the Bank of Japan would announce a series of rate hikes this year, even as data showed Japanese core inflation hit a 19-month high.Nissan shares jumped nearly 10 percent in Tokyo after a report that a Japanese group including a former prime minister plans to ask US electric vehicle giant Tesla to invest in the automaker. Crude prices fell by around two percent as traders expect the US to ease the sanctions that have limited Russian oil exports, leading to greater supply.”It is now clear that it is only a matter of time before Trump lifts sanctions against Russia,” said Arne Lohmann Rasmussen, chief analyst with Global Risk Management.”Although the EU is unlikely to follow suit, such a decision would enable increased Russian exports -– particularly to refineries in China and India,” he added.- Key figures around 1630 GMT -New York – Dow: DOWN 0.9 percent at 43,792.04 pointsNew York – S&P 500: DOWN 0.6 percent at 6,081.74New York – Nasdaq Composite: DOWN 0.7 percent at 19,819.47London – FTSE 100: FLAT at 8,659.37 (close)Paris – CAC 40: UP 0.4 percent at 8,154.51 (close)Frankfurt – DAX: DOWN 0.1 percent at 22,287.56 (close)Tokyo – Nikkei 225: UP 0.3 percent at 38,776.94 (close) Hong Kong – Hang Seng Index: UP 4.0 percent at 23,477.92 (close)Shanghai – Composite: UP 0.9 percent at 3,379.11 (close)Euro/dollar: DOWN at $1.0454 from $1.0505 on ThursdayPound/dollar: DOWN at $1.2641 from $1.2668Dollar/yen: DOWN at 149.45 from 149.65 yenEuro/pound: DOWN at 82.69 pence from 82.90 pence West Texas Intermediate: DOWN 2.2 percent at $70.89 per barrelBrent North Sea Crude: DOWN 2.0 percent at $74.94 per barrelburs-rl/cw

US Treasury Secretary Scott Bessent and his Chinese counterpart He Lifeng raised mutual concerns on trade and economic issues in their introductory call Friday, as tensions between the world’s two biggest economies simmer under President Donald Trump’s second term.The talks came shortly after Trump imposed additional tariffs on imports from China over its alleged role in the deadly fentanyl trade, which Beijing has pushed back against.”Secretary Bessent expressed serious concerns about the PRC’s counternarcotics efforts, economic imbalances, and unfair policies,” said a Treasury Department readout, referring to the People’s Republic of China.Meanwhile, Chinese Vice Premier He Lifeng “expressed serious concerns about the recent restrictive measures, such as increased tariffs, imposed on China by the United States,” according to state broadcaster CCTV.Trump has wielded the threat of tariffs against allies and adversaries alike — including China — since taking office last month.He imposed additional customs duties of 10 percent on all products imported from China at the start of this month, and has threatened further moves while also suggesting a trade deal with Beijing is possible.But Beijing has strongly opposed tariffs imposed “under the pretext of the fentanyl issue,” according to its foreign ministry, arguing that such levies cannot solve what it called a US domestic problem.Minutes after the fresh US tariffs took effect this month, China unveiled levies on imports of US energy, vehicles and equipment.- Protecting US economy -In the call Friday, Bessent also stressed the Trump administration’s “commitment to pursue trade and economic policies that protect the American economy, the American worker, and our national security.”But Bessent and He agreed to remain in communication going forward.”Both sides recognized the importance of China-US economic and trade relations, and agreed to continue to maintain communication on issues of mutual concern,” CCTV said.The call took place at Bessent’s request, according to the Chinese broadcaster.Bessent’s predecessor Janet Yellen held several meetings and calls with He, and visited Beijing in an effort to stabilize bilateral economic ties ahead of announcing targeted tariff hikes.Washington has long accused Beijing of failing to crack down on the production of chemical components that are typically exported to Mexico and made into fentanyl before being transported into the United States.Asked on Thursday about Trump’s comments on a prospective trade deal, China’s foreign ministry said the two countries “should resolve their concerns through dialogue and consultation based on equality and mutual respect.”

After steel and aluminium, US President Donald Trump has set his sights on slapping 25 percent tariffs on semiconductors, cars and pharmaceuticals. Trump has already slapped additional 10 percent tariffs on goods from China and has also threatened tariffs on Canada and Mexico, plus ordered a study into putting into place reciprocal tariffs.Here’s a look who would be hit the hardest if US import tariffs on semiconductors, cars and pharmaceuticals go into force.- Semiconductors: Asia in the crosshairsSemiconductors, or microchips, are the brains in our electronic devices and demand has soared with the development of AI, which relies on thousands of them to crank through reams of information.Asia is a major centre of manufacturing of semiconductors.The United States exported $70 billion of electronic components last year, but imported double that amount, according to the US Commerce Department.Imports from Taiwan alone represented nearly $37 billion. The island is home to chip manufacturing giant TSMC and a big portion of its factories. Tariffs could encourage it to diversify its production sites further. It already has plans to build three new factories in the United States. Taiwanese President Lai Ching-te said last week that Taiwan would “expand investment and procurement in the United States to promote bilateral trade balance”.South Korea, home to Samsung, saw its exports of electronic components double last year to more than $8 billion, according the country’s customs data. Its components are the country’s second-largest export item to the United States behind cars.”Disrupting the supply chain… would create serious challenges for the whole world, including the United States,” said an executive of the trade association for South Korea’s electronics industry. – Everyone impacted by car tariffs -The United States, the world’s number two auto market behind China — imported $269 billion in vehicles last year according to US Commerce Department figures.Of those, $95 billion came from Mexico. Japan, South Korea, Canada and Germany are also major importers of vehicles into the United States.US auto exports totalled only $72 billion.   Additional tariffs would affect all carmakers, with US automakers having factories in Mexico and Canada. US carmakers would also be affected through components suppliers located abroad, noted Matthieu Noel at the Roland Berger consultancy.Laurel Broten, who heads up Canada’s agency that attracts foreign investment, Invest in Canada, gave an example of an auto component that crossed the US-Canadian border eight times before being installed into a vehicle.”Tariffs on ‘Canadian cars’ are also tariffs on US players in the supply chain,” she told AFP.Moreover, carmakers from all countries, including the United States, built factories “in Mexico to tap into lower wages”, noted Noel.For US consumers, “the price of vehicles will rise considerably. When one adds 25 percent import tariffs that can’t be totally absorbed by margins,” he said.But many international brand cars are now made in the United States.The world’s largest carmaker, Japan’s Toyota, sold 2.3 million vehicles in the United States last year. But more than half were manufactured in the United States, where it will soon open its eleventh factory. German carmakers Volkswagen, BMW and Mercedes already manufacture SUVs in the United States.Stellantis, which owns the Jeep, Ram, Dodge and Chrysler brands in addition to a number of European marques — said it wants to boost its US production even before Trump’s latest announcements.- Pharmaceuticals: limited impact? -Ireland alone accounted for 30 percent of US pharmaceutical imports in 2024. The country’s favourable tax rates have attracted drugs manufacturers, including US firms.Italy was the top source for US antibiotics imports, followed closely by China.Nearly a quarter of Germany’s pharmaceutical exports — in particular vaccines and immunology products, head to the United States.Some products are in very high demand by Americans, particularly the weight-loss treatments Ozempic and Wegovy made by Danish drugmaker Novo Nordisk.But the drugs market is not like others, noted analysts at Moody’s.”Patients’ medical needs, lack of substitutes, insurance coverage and doctor preferences limit the effects of price changes on demand,” it said in a recent note.”Most branded pharmaceutical companies have diversified manufacturing, including US facilities, and can absorb tariff increases thanks to high profit margins,” it added.US consumers might see more price increases on generic drugs made abroad as manufacturers have tight margins and would likely pass on the cost of tariffs.

Global markets mostly rose on Friday, with Hong Kong leading the way thanks to a surge in tech stocks led by e-commerce titan Alibaba.The gains followed a week marked by uncertainty as traders weighed the economic outlook in light of Donald Trump’s threatened tariffs and geopolitical machinations.Asian equities led gains, with Shanghai rising and Hong Kong piling on four percent to hit a three-year high fuelled by tech firms. “The gains in Hong Kong and China came amid renewed excitement about the tech sector in the region as Alibaba announced big AI spending plans,” said AJ Bell investment director Russ Mould. China’s Alibaba rocketed more than 14 percent following its forecast-busting earnings figures the previous day. The firm has bounced nearly 70 percent higher since the turn of the year.Other household names pushed the Hang Seng Index higher, with Tencent adding more than six percent, and JD.com and XD Inc gaining more than five percent.China’s tech sector has been on a roll this year, and has been given an extra boost since startup DeepSeek unveiled a chatbot that upended the global AI sector.In the eurozone, Paris and Frankfurt markets rose after a closely watched survey showed that business activity grew again, albeit at a very small pace.London’s FTSE 100 also edged up, shrugging off the same survey that showed UK private sector activity was little changed from a month earlier. The euro retreated against the dollar ahead of the German election on Sunday, with investors expecting a more expansionary fiscal policy from Berlin to revive Europe’s largest economy.”The election comes against a difficult backdrop for Germany right now, as their economy has just experienced two consecutive annual contractions over 2023 and 2024,” said Deutsche Bank’s Jim Reid.Wall Street opened mixed, with the Dow Jones dropping thanks in large part due to a nine percent drop in UnitedHealth Group shares following a report that it is under federal fraud investigation for some of its billing practices. “This news has undercut the stocks of other Medicare Advantage providers,” noted Briefing.com analyst Patrick O’Hare.In Tokyo, the yen retreated after Japanese Finance Minister Katsunobu Kato said Friday that rising government bond yields — which are at their highest since 1999 — could weigh on economic growth.That dented expectations the Bank of Japan would announce a series of rate hikes this year, even as data showed Japanese core inflation hit a 19-month high.Nissan shares jumped nearly 10 percent in Tokyo after a report that a Japanese group including a former prime minister plans to ask US electric vehicle giant Tesla to invest in the automaker. Crude prices fell by more than one percent as traders expect the US to ease the sanctions that have limited Russian oil exports, leading to greater supply.”It is now clear that it is only a matter of time before Trump lifts sanctions against Russia,” said Arne Lohmann Rasmussen, chief analyst Global Risk Management.”Although the EU is unlikely to follow suit, such a decision would enable increased Russian exports – particularly to refineries in China and India,” he added.- Key figures around 1430 GMT -New York – Dow: DOWN 0.6 percent at 44, pointsNew York – S&P 500: DOWN less than 0.1 percent at 6,112.52New York – Nasdaq Composite: UP 0.2 percent at 19,995.94London – FTSE 100: FLAT at 8,148.72 Paris – CAC 40: UP 0.3 percent at 8,148.72Frankfurt – DAX: UP 0.1 percent at 22,339.00Tokyo – Nikkei 225: UP 0.3 percent at 38,776.94 (close) Hong Kong – Hang Seng Index: UP 4.0 percent at 23,477.92 (close)Shanghai – Composite: UP 0.9 percent at 3,379.11 (close)Euro/dollar: DOWN at $1.0478 from $1.0505 on ThursdayPound/dollar: DOWN at $1.2654 from $1.2668Dollar/yen: UP at 150.26 from 149.65 yenEuro/pound: DOWN at 82.81 pence from 82.90 pence West Texas Intermediate: DOWN 1.3 percent at $71.54 per barrelBrent North Sea Crude: DOWN 1.2 percent at $75.60 per barrelburs-rl/gv

Asian markets rose Friday, with Hong Kong leading the way thanks to a surge in tech stocks led by ecommerce titan Alibaba.The gains put the region on course to end a positive week on a strong note and came as traders weigh the economic outlook in light of Donald Trump’s tariffs drive and geopolitical machinations.The yen pulled back a day after rallying past the 150-per-dollar mark following a warning on rising bond yields by Japan’s finance minister saw a rethink over bets on how many interest rate hikes the central bank will announce this year.Traders have been dealing with a series of Trump headlines this week that have made them consider their investment strategies, with his mulling of more tariffs adding to inflation worries.Minutes from the Federal Reserve’s January policy meeting, released this week, showed officials concerned that the president’s trade wars and pledges to cut taxes, regulations and immigration will force them to pause their rate cutting for now.The first high-level discussions between Washington and Moscow since Russia invaded Ukraine — without the presence of Europe or Kyiv — saw the two appoint teams to negotiate an end to the war.Disappointing earnings from retail titan Walmart sparked worries about US consumer activity and the impact on the world’s top economy, and weighed on Wall Street with all three main indexes ending in negative territory.But Asia fared, with Hong Kong piling on more four percent to hit a three-year high.The rally was fuelled by tech firms, and particularly Alibaba, which rocketed more than 14 percent a day after it released forecast-busting earnings figures. The firm is now up nearly 70 percent since the turn of the year, and the Hang Seng Index more than 17 percent.The Hang Seng tech index surged more than six percent, with other household names making big moves higher.Tencent added more than six percent, JD.com and XD Inc gained more than five percent, and Meituan jumped 3.8 percent.China’s tech sector has been on a roll this year, and has been given an extra boost since startup DeepSeek unveiled a chatbot that upended the global AI sector.Elsewhere in Asia, Tokyo, Shanghai, Singapore, Seoul, Taipei, Manila, Bangkok and Jakarta also rose, along with Frankfurt and Paris.But London fell at the open.The yen retreated after Japanese Finance Minister Katsunobu Kato said Friday that rising government bond yields — which are at their highest since 1999 — could weigh on economic growth.The yen was back above 150 to the dollar, having strengthened to below that figure for the first time since December.That dented expectations the Bank of Japan will announce a series of rate hikes this year, even after data Friday showed Japanese core inflation hit a 19-month high of 3.2 percent in January.”Kato’s remarks had traders rethinking whether the BoJ would really push ahead aggressively or if they might be nudged into a more measured, summer one-and-done approach in 2025,” said SPI Asset Management’s Stephen Innes.”Most economists expect the next BoJ rate hike to land in the summer, but the market isn’t entirely convinced.”Stronger-than-expected fourth-quarter GDP growth figures, notably hawkish remarks from BoJ board member Hajime Takata, and a hotter CPI have amplified speculation that the tightening cycle could move faster than anticipated.”Rania Gule, a senior market analyst at XS.com, added: “Kato’s remarks brought things back into focus, confirming that the central bank is not completely independent from the Ministry of Finance, which is grappling with unprecedented levels of debt to GDP.”- Key figures around 0815 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 38,776.94 (close) Hong Kong – Hang Seng Index: UP 4.0 percent at 23,477.92 (close)Shanghai – Composite: UP 0.9 percent at 3,379.11 (close)London – FTSE 100: DOWN 0.1 percent at 8,653.98 Euro/dollar: DOWN at $1.0492 from $1.0505 on ThursdayPound/dollar: UP at $1.2669 from $1.2668Dollar/yen: UP at 150.53 from 149.65 yenEuro/pound: DOWN at 82.82 pence from 82.90 pence West Texas Intermediate: DOWN 0.4 percent at $72.22 per barrelBrent North Sea Crude: DOWN 0.3 percent at $76.24 per barrelNew York – Dow: DOWN 1.0 percent at 44,176.65 (close)

Only around one in six Japanese citizens hold valid passports, fresh data shows, with the number of residents travelling abroad slowly recovering but still below pre-pandemic levels.The latest rate is far below the half of Americans with passports, a level that has soared from around five percent in 1990.And in neighbouring South Korea, the figure is around 60 percent, Seoul says.As of December 2024, there were 21.6 million valid Japanese passports in circulation, representing around 17.5 percent of the overall population, the foreign ministry said Thursday.Before the Covid-19 pandemic, about a quarter of Japanese people held valid passports.The country’s travel document is tied with neighbour South Korea’s passport as the world’s second strongest after Singapore, allowing visa-free entry to 190 destinations, according to this year’s Henley Passport Index.Outbound travel from Japan has gradually resumed after the quarantine measures and border closures of the pandemic era, according to the ministry.But the weakness of the yen — which has shed a third of its value in the past five years — is one factor deterring Japanese travellers along with inflation and a renewed interest in domestic travel, analysts say.The new data comes as the nation welcomes a record influx of tourists from other countries, with more than 36 million visits recorded last year and many flocking to hotspots like Kyoto.International travel by Japanese nationals began to increase sharply in the boom years of the late 1980s.In 1990, more than 10 million people from Japan travelled abroad, a figure that rose to 20 million before the pandemic. This year around 14.1 million Japanese are expected to travel abroad, according to top Japanese travel agency JTB.”In recent years, the rapid depreciation of the yen has caused some to refrain from overseas travel, but once the currency market calms, overseas travel is expected to pick up steam,” said its study, issued in January.