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China began construction last year on projects with the greatest combined coal power capacity since 2015, jeopardising its goal to peak carbon emissions by 2030, according to a report published on Thursday.The world’s second-largest economy is the biggest emitter of the greenhouse gases that drive climate change but is also a renewable energy powerhouse. It plans to reach net zero by 2060.Coal has been a pivotal energy source in China for decades but explosive growth in wind and solar installations in recent years has raised hopes that the country can wean itself off the dirty fossil fuel.However, according to a report from the Finland-based Centre for Research on Energy and Clean Air (CREA) and Global Energy Monitor (GEM) in the United States, China began construction on 94.5 gigawatts of coal power projects in 2024 — 93 percent of the global total. Although China also added a record 356 gigawatts of wind and solar capacity — 4.5 times the European Union’s additions — the uptick in coal power risks solidifying its role in its energy mix, the report said.”China’s rapid expansion of renewable energy has the potential to reshape its power system, but this opportunity is being undermined by the simultaneous large-scale expansion of coal power,” said Qi Qin, lead author of the report and China analyst at CREA. The rise comes despite a pledge by Chinese President Xi Jinping in 2021 to “strictly control” coal power projects and increases in coal consumption before “phasing it down” between 2026 and 2030.Coal production has risen steadily in recent years, from 3.9 billion tons in 2020 to 4.8 billion tons in 2024.”Without urgent policy shifts, China risks reinforcing a pattern of energy addition rather than transition, limiting the full potential of its clean energy boom,” the report said.- Coal prioritised -New permits for coal power projects fell 83 percent in the first half of 2024, prompting optimism that China’s clean energy transition was gathering pace.In November, a survey of experts by CREA and the Australian think tank International Society for Energy Transition Studies (ISETS) found 52 percent thought China’s coal consumption would peak in 2025.But coal power remained high in the latter months of 2024 despite China adding enough power from clean energy sources to cover its growth in electricity demand.That suggested coal power was being prioritised over renewable sources in some regions, the report said.”Chinese coal power and mining companies are sponsoring and building new coal plants beyond what is needed,” said Christine Shearer, research analyst at GEM.”The continued pursuit of coal is crowding out the country’s use of lower-cost clean energy.”Analyst David Fishman agreed with much of the report but said he was “more optimistic” that coal would be phased out in the coming years.The surge in coal power late last year may be “a short-term symptom of a market transitioning to true economic offtake… and not a sign of a system designed to benefit coal generators”, Fishman, senior manager at the Lantau Group, told AFP.- New targets -China is due to announce details of its 15th Five-Year Plan — for 2026 to 2030 — in the coming months, likely including updated emissions and energy goals.This month it was also due to submit new emissions targets, known as Nationally Determined Contributions (NDCs), under the 2015 Paris Agreement.Only a handful of countries have submitted new NDCs so far.China should “establish a total cap on coal-fired power generation” and formulate “a clear timetable for phasing out coal power”, Gao Yuhe, Beijing-based project lead at Greenpeace East Asia, told AFP.”The 2030 target for installed renewable energy capacity should be raised to expedite the replacement of coal power with renewable energy, aiming to achieve peak carbon emissions in the power sector before 2025,” she said.

Japanese entertainment and electronics giant Sony upgraded its annual net profit forecast to $7.0 billion on Thursday thanks to its strong gaming business.The conglomerate said it now expects a net profit of 1.08 trillion yen in the year ending March 31, compared with an earlier projection of 980 billion yen.It also lifted its annual sales forecast to 13.2 trillion yen, from an earlier estimate of 12.7 trillion yen. The change came after Sony saw robust sales of its games, music and financial products in October-December, a key holiday shopping season, with the yen’s weakness against the dollar and euro also providing a boost.Sales reached 4.41 trillion yen in the quarter, up 18 percent on-year, giving a net profit of 373.7 billion yen, which was an increase of three percent.The firm also announced a share buyback worth up to 50 billion yen. During the three months, Sony sold 9.5 million of its PlayStation5 consoles, a healthy jump from the 8.2 million units sold in the same period the year before.Chief operating officer Hiroki Totoki, who is set to take over as chief executive officer in April, said the game business will see more strong titles in the next fiscal year as the segment continues to see active user numbers rise.”We saw a kind of momentum that went beyond our expectations,” he told a news conference.”During the third quarter, we saw high-quality third-party (game) soft titles, which created synergy effects” and drove up overall sales in the game business, he said.He added that the segment may see a drop during the three months to the end of March. “In the next fiscal year (from April), we plan to introduce strong titles… and should see even stronger momentum in that year,” he said. “I have high hopes.”Sony said its music business also enjoyed surging sales, thanks to “higher revenues from streaming services”.Music streaming is a key money-spinner for Sony, which has an impressive back catalogue and whose current roster includes major artists such as Beyonce.The firm is expanding its content businesses and in December paid $320 million for 10 percent of Kadokawa, a Japanese media conglomerate behind the smash-hit game “Elden Ring”, making it the firm’s biggest shareholder.The deal expanded Sony’s games and anime portfolio, after its 2021 purchase of Crunchyroll, a once semi-legal US-based sharing site that is now a streaming giant for Japanese anime.

Asian markets mostly rose Thursday and oil prices extended losses as forecast-topping US inflation was overshadowed by hopes for an end to the Ukraine war after news Donald Trump and Russia’s Vladimir Putin had discussed peace talks.The US president said he expected to meet his Russian counterpart in Saudi Arabia “in the not too distant future” to find a route to ending the three-year conflict, which has fanned geopolitical fears and energy costs.Trump said the two had held a “lengthy and highly productive” telephone conversation and added that he expected they would visit each other’s countries.The Kremlin said the call lasted nearly one-and-a-half hours and the leaders had agreed that the “time has come to work together”.Ukrainian President Volodymyr Zelensky said he had a “meaningful conversation” with Trump and that the leaders discussed ways to end the war.News of the apparent thaw between the nuclear-armed powers provided a boost to risk appetite, with the euro and pound both rallying against the dollar. Oil prices fell again Thursday, having shed more than two percent on Wednesday.”If this push for peace gains traction, expect an even bigger unwind in war-premium assets and a fresh bid for riskier plays,” said Stephen Innes at SPI Asset Management.Tokyo climbed more than one percent on a weaker yen, while Sydney, Seoul, Taipei, Mumbai, Bangkok and Manila were also higher.However, Hong Kong reversed early advances to end in negative territory following a recent AI-led rally, with losses also seen in Shanghai, Wellington and Jakarta. Singapore was flat.London, which ended at a record high for the third straight day Wednesday, fell even as data showed the UK economy expanded 0.1 percent in the final three months of 2024, beating forecasts for a contraction.Paris and Frankfurt were both up in early trade. The gains came despite losses on Wall Street where investors were jolted by data on Wednesday showing consumer prices rose three percent last month, above expectations and faster than December.Core prices, excluding food and energy, also came in hotter than estimates.The readings dealt a blow to hopes that the Fed would continue to lower rates this year, having cut three times in 2024, with traders now pricing in just one, according to Bloomberg.The figures came a day after bank chief Jerome Powell warned that policymakers were in no hurry to loosen monetary policy further, remarks echoed by other officials.”In our view, the bottom line is clear: the Fed has no reason to cut further. Inflation seems to be stuck above target,” analysts at BoA Global Research said in a note.”The bar for hikes is still high, but they should be part of the conversation after today’s data.”Soon after the data was released, Trump hit out at predecessor Joe Biden for fanning prices.He also called for rates to be lowered, adding they would “go hand in hand” with his plans to impose tariffs on major US trading partners — despite many economists arguing that both measures would boost inflation. – Key figures around 0815 GMT -Tokyo – Nikkei 225: UP 1.3 percent at 39,461.47 (close)Hong Kong – Hang Seng Index: DOWN 0.2 percent at 21,814.37 (close)Shanghai – Composite: DOWN 0.4 percent at 3,332.48 (close)London – FTSE 100: DOWN 0.3 percent at 8,778.31Euro/dollar: UP at $1.0419 from $1.0387 on WednesdayPound/dollar: UP at $1.2496 from $1.2446Dollar/yen: DOWN at 154.30 yen from 154.39 yenEuro/pound: DOWN at 83.38 pence from 83.40 penceWest Texas Intermediate: DOWN 0.8 percent at $70.80 per barrelBrent North Sea Crude: DOWN 0.8 percent at $74.61 per barrelNew York – Dow: DOWN 0.5 percent at 44,368.56 (close)

China last year began construction on projects with the greatest combined coal power capacity since 2015, jeopardising the country’s goal to peak carbon emissions by 2030, according to a report published Thursday.The world’s second-largest economy is the biggest emitter of the greenhouse gases that drive climate change, but also a renewable energy powerhouse. It plans to reach net zero by 2060.While coal has been a pivotal energy source in China for decades, explosive growth in wind and solar installations in recent years has raised hopes that the country can wean itself off the dirty fossil fuel.But according to a report from the Finland-based Centre for Research on Energy and Clean Air (CREA) and Global Energy Monitor (GEM) in the United States, China began construction on 94.5 gigawatts of coal power projects in 2024 — 93 percent of the global total. Although the country also added a record 356 gigawatts of wind and solar capacity — 4.5 times the European Union’s additions — the uptick in coal power risks solidifying its role in China’s energy mix, the report said.”China’s rapid expansion of renewable energy has the potential to reshape its power system, but this opportunity is being undermined by the simultaneous large-scale expansion of coal power,” said Qi Qin, lead author of the report and China analyst at CREA. The rise comes despite a pledge by Chinese President Xi Jinping in 2021 to “strictly control” coal power projects and increases in coal consumption before “phasing it down” between 2026 and 2030.Coal production has risen steadily in recent years, from 3.9 billion tons in 2020 to 4.8 billion tons in 2024.”Without urgent policy shifts, China risks reinforcing a pattern of energy addition rather than transition, limiting the full potential of its clean energy boom,” the report said.- Coal prioritised -New permits for coal power projects fell 83 percent in the first half of 2024, prompting optimism that China’s clean energy transition was gathering pace.In November, a survey of experts by CREA and the Australian think tank International Society for Energy Transition Studies (ISETS) found 52 percent thought China’s coal consumption would peak in 2025.But coal power surged in the latter months of 2024, despite the country adding enough power from clean energy sources to cover its growth in electricity demand.That suggested coal power was being prioritised over renewable sources in some regions, the report said.”Chinese coal power and mining companies are sponsoring and building new coal plants beyond what is needed,” said Christine Shearer, research analyst at GEM.”The continued pursuit of coal is crowding out the country’s use of lower-cost clean energy.”China is due to announce details of its 15th Five-Year Plan — for 2026 to 2030 — in the coming months, likely including updated emissions and energy goals.This month it was also due to submit new emissions targets, known as Nationally Determined Contributions (NDCs), under the 2015 Paris Agreement.So far only a handful of countries have submitted new NDCs.In October, CREA urged China to set a “strong but achievable” target of slashing emissions by at least 30 percent by 2035.

Wall Street stocks mostly fell Wednesday after US inflation data exceeded expectations, while the euro strengthened on signs Russia and Ukraine could be closer to a peace agreement.Major US indices began the day firmly in the red after January US consumer price index data showed inflation grew, raising questions about whether the Federal Reserve’s progress on bringing down prices was reversing.While both the Dow and S&P 500 dropped, they finished well above session lows. The Nasdaq mustered a small gain.”Equities were a lot more resilient than I would have expected given the news we had this morning,” said Jack Ablin of Cresset Capital.Still, US Treasury yields advanced, a sign investors see lower odds for Fed interest rate cuts.”Investors were looking for reassurance in this morning’s inflation report — and they didn’t get it,” said Bret Kenwell, US investment analyst at the trading platform eToro.He said the “higher-than-expected print further lowers the odds of rate cuts from the Fed this year and stokes investors’ reflationary fears.”Analysts warn that US President Donald Trump’s tariffs — and plans to slash taxes, regulations and immigration — risked reigniting inflation.”What makes today’s rise in CPI inflation data so precarious is that many believe this is just the beginning, as tariffs could push inflation even higher,” said Jochen Stanzl, chief market analyst at financial services firm CMC Markets.The dollar initially strengthened after the inflation report, but weakened later against the euro following news that Trump held talks with Russian President Vladimir Putin about immediately starting Ukraine peace talks.Later Wednesday, Ukrainian President Volodymyr Zelensky said he had had a “meaningful conversation” with Trump and that the leaders discussed ways to end Russia’s nearly three-year invasion of Ukraine.However, crude oil prices finished down more than two percent due in part to expectations for increased Russian oil output.- Heineken fizzes -In Asian markets, Hong Kong led gains thanks to another tech rally. In Europe, London and Frankfurt hit fresh record highs, with support coming from cuts to interest rates in Britain and the eurozone, as well as positive company earnings. Shares in Dutch brewer Heineken fizzed as traders cheered better-than-expected beer sales. The stock surged 14 percent, making it the biggest gainer on the Amsterdam market.But Chevron fell 1.6 percent after announcing it will cut 15 to 20 percent of its workforce as part of a reorganization to save money and to position the oil giant for the long-term.- Key figures around 2150 GMT -New York – Dow: DOWN 0.5 percent at 44,368.56 (close)New York – S&P 500: DOWN 0.3 percent at 6,051.97 (close)New York – Nasdaq: UP less than 0.1 points at 19,649.95 (close)London – FTSE 100: UP 0.3 percent at 8,807.44 (close)Paris – CAC 40: UP 0.2 percent at 8,042.19 (close)Frankfurt – DAX: UP 0.5 percent at 22,148.03 (close)Tokyo – Nikkei 225: UP 0.4 percent at 38,963.70 (close)Hong Kong – Hang Seng Index: UP 2.6 percent at 21,857.92 (close)Shanghai – Composite: UP 0.9 percent at 3,346.39 (close)Euro/dollar: UP at $1.0387 from $1.0307 on TuesdayPound/dollar: UP at $1.2446 from $1.2368Dollar/yen: UP at 154.39 yen from 152.00 yenEuro/pound: UP at 83.40 pence from 83.33 penceWest Texas Intermediate: DOWN 2.7 percent at $71.37 per barrelBrent North Sea Crude: DOWN 2.4 percent at $75.18 per barrelburs-jmb/jgc

US stock markets tumbled on Wednesday as an inflation reading came in hotter than expected, fanning fears that the Federal Reserve will keep interest rates higher for longer. Following days of attention on US President Donald Trump’s tariff moves, traders were focusing on the January consumer inflation data, which is set to play a role in the Fed’s next interest rate decision.”Investors were looking for reassurance in this morning’s inflation report — and they didn’t get it,” said Bret Kenwell, US investment analyst at eToro trading platform.He said the “higher-than-expected print further lowers the odds of rate cuts from the Fed this year and stokes investors’ reflationary fears”.The consumer price index (CPI) edged up to 3.0 percent in January from a year ago, after hitting 2.9 percent in December, official data showed. Analysts had expected inflation to ease to 2.8 percent.Wall Street’s three main indexes opened sharply in the red following the data’s release and only barely recovered some ground in morning trading.US President Donald Trump, who made tackling inflation and the cost of living a priority during his election campaign, blamed his predecessor Joe Biden for the unexpected uptick.He also reiterated his call for the Fed to cut rates, saying on his Truth Social platform that it “would go hand in hand with upcoming Tariffs!!!”- ‘Market volatility’ -Fed boss Jerome Powell on Tuesday repeated that the US central bank was in no hurry to lower borrowing costs further.The Fed, whose inflation target is at two percent, kept rates unchanged last month after three consecutive cuts. At the end of 2024, Fed policymakers pared back the number of rate cuts they expect this year to two, some citing concerns about trade uncertainty following Trump’s election victory.Analysts warn that Trump’s tariffs — and plans to slash taxes, regulations and immigration — risked reigniting inflation.”What makes today’s rise in CPI inflation data so precarious is that many believe this is just the beginning, as tariffs could push inflation even higher,” said Jochen Stanzl, chief market analyst at financial services firm CMC Markets.”Market volatility is set for a perfect storm as the mix of higher inflation and the threat of tariffs serve to scare investors,” Stanzl said.”Given today’s inflation numbers, it is questionable whether the Fed will be able to deliver on its two rate cuts planned for 2025.” – Heineken fizzes -In Asian markets, Hong Kong led gains thanks to another tech rally. In Europe, London and Frankfurt hit fresh record highs, with support coming from cuts to interest rates in Britain and the eurozone, as well as positive company earnings. Shares in Dutch brewer Heineken fizzed as traders cheered better-than-expected beer sales. The stock surged 14 percent, making it the biggest gainer on the Amsterdam market.Oil prices slumped after data confirmed a large increase in US inventories. City Index and FOREX.com market analyst Fawad Razaqzada said an upward revision by the US Energy Information Agency to its US crude production forecast reinforced concerns about the market being oversupplied.There were worries too that trade tensions were weighing on sentiment, he added.”If trade conflicts escalate further, the prospect of slower economic expansion could weigh heavily on energy markets, adding another layer of uncertainty to crude oil forecast,” he said.- Key figures around 1630 GMT -New York – Dow: DOWN 0.9 percent at 44,180.71 pointsNew York – S&P 500: DOWN 0.7 percent at 6,025.74New York – Nasdaq: DOWN 0.5 points at 19,546.00London – FTSE 100: UP 0.3 percent at 8,807.44 (close)Paris – CAC 40: UP 0.2 percent at 8,042.19 (close)Frankfurt – DAX: UP 0.5 percent at 22,148.03 (close)Tokyo – Nikkei 225: UP 0.4 percent at 38,963.70 (close)Hong Kong – Hang Seng Index: UP 2.6 percent at 21,857.92 (close)Shanghai – Composite: UP 0.9 percent at 3,346.39 (close)Euro/dollar: UP at $1.0361 from $1.0360 on TuesdayPound/dollar: DOWN at $1.2412 from $1.2446Dollar/yen: UP at 154.77 yen from 152.45 yenEuro/pound: UP at 83.48 pence from 83.24 penceWest Texas Intermediate: DOWN 1.7 percent at $72.11 per barrelBrent North Sea Crude: DOWN 1.5 percent at $75.85 per barrelburs-rl/jj

Asian stock markets rose and there were fresh record highs for leading European indices Wednesday as attention turned to upcoming US inflation data.Following days of attention on US President Donald Trump’s tariffs, traders switch focus to the latest Consumer Price Index (CPI) which could alter Federal Reserve thinking on the outlook for interest rates.”Bar a major surprise in today’s price data, one month’s worth of data is unlikely to sway the Federal Reserve,” noted Kathleen Brooks, research director at XTB. “However, CPI is a major market release, and it can have a big impact on financial markets, at least in the short term.”Fed boss Jerome Powell on Tuesday reiterated that the US central bank was in no hurry to cut interest rates further.It comes as analysts warn that Trump’s tariffs — and plans to slash taxes, regulations and immigration — risked reigniting prices.”The impact could be higher inflation, higher (US) interest rates to combat that inflation, or higher taxes for households,” said Hetal Mehta, head of economic research at St James’s Place.Wall Street ended Tuesday on a mostly positive note, despite tech stocks dragging the Nasdaq into the red.Hong Kong led gains across most Asian stocks markets Wednesday thanks to another rally by its tech firms. In Europe, London and Frankfurt hit fresh record highs, with support coming from cuts to interest rates in Britain and the eurozone, as well as thanks to positive company earnings.Shares in Dutch brewer Heineken fizzed Wednesday as traders cheered better-than-expected beer sales.The stock surged almost 13 percent, making it the biggest gainer on the Amsterdam market, which was up slightly overall approaching midday.- Key figures around 1030 GMT -London – FTSE 100: UP 0.1 percent at 8,782.94 pointsParis – CAC 40: UP 0.2 percent at 8,047.61Frankfurt – DAX: UP 0.3 percent at 22,104.52Tokyo – Nikkei 225: UP 0.4 percent at 38,963.70 (close)Hong Kong – Hang Seng Index: UP 2.6 percent at 21,857.92 (close)Shanghai – Composite: UP 0.9 percent at 3,346.39 (close)New York – Dow: UP 0.3 percent at 44,593.65 (close)Euro/dollar: UP at $1.0373 from $1.0360 on TuesdayPound/dollar: DOWN at $1.2441 from $1.2446Dollar/yen: UP at 153.68 yen from 152.45 yenEuro/pound: UP at 83.38 pence from 83.24 penceWest Texas Intermediate: DOWN 1.2 percent at $72.47 per barrelBrent North Sea Crude: DOWN 1.0 percent at $76.24 per barrel

Asian equities rose while London and Frankfurt hit fresh highs Wednesday as traders took in their stride a warning from Federal Reserve boss Jerome Powell that the US central bank was in no hurry to cut interest rates.The remarks, reflecting similar sentiments from another top monetary policymaker, came a day before the release of closely watched inflation data and reinforced expectations that borrowing costs would likely remain elevated for some time.Asia’s gains came despite worries about where US President Donald Trump’s next tariffs salvo will land after he imposed 25 percent duties on aluminium and steel imports and said he was considering further measures.Powell told lawmakers at a congressional hearing that with policy “now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust” rates.”We know that reducing policy restraint too fast or too much could hinder progress on inflation,” he said. “At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment.”The Fed cut rates three times last year as inflation continued to slow and the labour market softened but expectations for more reductions over the next 12 months have been pared because progress is slow.Observers said worries that Trump’s tariffs, and plans to slash taxes, regulations and immigration, could reignite prices had also played a role in traders scaling back their rate-cut bets.”One way or another the US consumer will pay for tariffs — they are on the hook,” said Hetal Mehta, head of economic research at St James’s Place.”The impact could be higher inflation, higher (US) interest rates to combat that inflation, or higher taxes for households.”New York Fed chief John Williams said the economy and consumer spending remained strong going into 2025, adding that inflation will continue to ease to the bank’s two percent target.However, he warned “it will take time before we can achieve that target on a sustained basis” and he did not expect the target to be reached this year.In a reference to Trump, he added that, despite the strong fundamentals, “the economic outlook remains highly uncertain, particularly around potential fiscal, trade, immigration, and regulatory policies”.Readings on the US consumer and producer price indexes due this week will be pored over for an idea about the Fed’s plans.Wall Street ended Tuesday on a mostly positive note, despite tech stocks dragging the Nasdaq into the red.Hong Kong led gains across most Asian markets thanks to another rally in its tech firms, while Shanghai, Tokyo, Sydney, Seoul, Singapore, Mumbai, Manila and Jakarta were also well up. London and Frankfurt extended gains at the open, having finished at a record high Tuesday. Paris also rose.- Key figures around 0815 GMT -Tokyo – Nikkei 225: UP 0.4 percent at 38,963.70 (close)Hong Kong – Hang Seng Index: UP 2.6 percent at 21,857.92 (close)Shanghai – Composite: UP 0.9 percent at 3,346.39 (close)London – FTSE 100: UP 0.1 percent at 8,784.89 Euro/dollar: UP at $1.0366 from $1.0360 on TuesdayPound/dollar: UP at $1.2448 from $1.2446Dollar/yen: UP at 153.48 yen from 152.45 yenEuro/pound: UP at 83.28 from 83.24 penceWest Texas Intermediate: DOWN 0.6 percent at $72.90 per barrelBrent North Sea Crude: DOWN 0.5 percent at $76.59 per barrelNew York – Dow: UP 0.3 percent at 44,593.65 (close)

The unfathomable scale of the world’s largest religious festival in India overshadows many nations in size — and for the economy, its impact is just as dramatic.”Business is booming everywhere for everyone across our city,” said taxi driver Manoj Kumar, whose northern Indian home of Prayagraj has swelled from its normal seven million residents dozens of times over.Religion, politics and the economy are deeply intertwined in India — and the six-week-long Hindu festival of the Kumbh Mela gives one of the clearest examples.The Hindu nationalist government of Prime Minister Narendra Modi has poured in funds for large-scale infrastructure upgrades.”We are seeing an unimaginable transformation of our city,” 37-year-old Kumar said.”There are new roads, bridges, additional flights and trains, new hotels and restaurants, and an unmet demand for workers.”The Kumbh’s extraordinary scale provides a major job boost, with millions of visitors splashing out on accommodation, transport and food.Kumar’s daily earnings shot up to around $250, roughly eight times as much as usual.”I’ve had some of the busiest 18-20 hour workdays of my life with little or no rest,” he said. “But I am not alone in benefiting — this is a life-changing event.”- ‘Big driver’ -The state government — led by firebrand Hindu monk Yogi Adityanath, chief minister of Uttar Pradesh state and a key leader in Modi’s Bharatiya Janata Party (BJP) — controls lucrative service contracts for its running. It is impossible to independently verify government statistics of a religious celebration that critics say is being cashed in on by Hindu nationalist leaders to burnish political credentials.That includes the reported more than 435 million pilgrims to have taken a ritual river dip so far — with the festival running until February 26 — that organisers say is based on artificial intelligence assessments from surveillance camera networks.It also includes the whopping $24 billion Adityanath projects it will contribute to the economy — that’s the equivalent of more than the population of the United States and Canada splashing out the entire annual GDP of Armenia.They are staggering statistics even for the world’s most populous nation of 1.4 billion people.Devendra Pratap Singh, president of Associated Chambers of Commerce and Industry in Uttar Pradesh and Uttarakhand states, puts the figure as even higher — at about $30 billion. “Our economy would obviously grow because of this mega event,” he told AFP. “We’re seeing its benefits at every stage, with impacts on transportation, hotels, food, and every other sector.”With the festival funnelling religious tourism on a vast scale, local reports say the state also expects $3 billion in additional government revenues including taxes and fees.”How gods drive India’s consumer economy,” The Economic Times newspaper said in a report last month. “The Kumbh is the most visible part of a big driver of India’s economy, the festival cycle.”Major household brands see the Kumbh as ripe for opportunity, setting up shops and pouring in advertising. In the crowded tent city along the river banks, where pilgrims come to take ritual dips, an army of vendors sells everything from food and clothes to prayer items, flowers and festival memorabilia.- ‘Phenomenal’ -Sanjeev Singh, from Adityanath’s office, says the Kumbh Mela makes global festivals look small — pointing to Brazil’s Rio Carnival with some seven million participants or the Muslim hajj in Saudi Arabia with nearly two million.”The sheer scale is mind-boggling,” Singh said. “This is phenomenal.”Hotel owner Deepak Kumar Mehrotra, 67, said his two properties have been fully booked. “Demand has really shot up,” Mehrotra said. “People across all strata are getting really good business.”Rooms, if available, are going for up to 10 times their regular rates — with top-end hotels charging $900-$1,200 per night — almost as much as the annual per capita income in Uttar Pradesh state.Meeting demand has been a challenge, with chefs, drivers and electricians in high demand.Travel agent Shahid Beg Romi, 62, who runs Sangam Travels, said businesses were struggling to “adjust to this drastic change in the footfall” in Prayagraj.”Even small areas 50 miles (80 kilometres) outside Prayagraj are packed,” Romi added. “People are staying and commuting to the Kumbh from there”.The impact is felt in other Hindu pilgrimage sites in the state, including Ayodhya and Varanasi, with devotees journeying on to pray there too.”Such mega-events obviously create new growth and work opportunities,” he said.

US stock markets wobbled and gold hit fresh highs Tuesday as traders kept a nervous eye on US President Donald Trump’s next tariff moves and worried about inflation and interest rates.European markets rose, with both Frankfurt and London again setting records, while Asian equity markets struggled for direction.All three major US indices had opened lower, but the Dow finished positive and the S&P 500 ended unchanged. The Nasdaq dropped 0.4 percent.LBBW’s Karl Haeling said the market’s ability to avoid a major selloff amid the tariff uncertainty reflected “underlying optimism” about economic conditions in spite of tariff and interest rate uncertainty.Trump has lived up to his campaign pledges to resume his hardball trade diplomacy.US trading partners expressed dismay and vowed retaliation to Trump’s latest move — a plan to enact 25 percent tariffs on imported aluminum and steel from March 12.Still, caution looms over trading floors as dealers brace for the next announcement out of the White House.For tariffs to be effective, “the administration needs to keep everyone guessing and this creates uncertainty for financial markets,” noted AJ Bell investment director Russ Mould.”The administration is clearly prepared to implement tariffs rather than just using them as a negotiating tactic,” he added.The uncertainty fueled by Trump’s moves has pushed safe-haven gold ever higher. It extended gains Tuesday to hit a new peak above $2,942 an ounce, before retreating.Fears that Trump’s tariffs, along with tax cuts and deregulation, will reignite inflation and force the Federal Reserve to keep interest rates elevated have sent the dollar up against most of its peers, although it traded mixed on Tuesday.Fed Chair Jerome Powell reiterated in congressional testimony that the US central bank was in no hurry to adjust monetary policy, leaving a cloudy outlook for additional interest rate cuts.Investors expect two cuts at most this year.Focus remained also on the latest company earnings season which was nearing its end.Shares in Britain’s BP slid after it pledged to “fundamentally reset” its strategy in the face of tumbling profits. The loss came despite rising oil prices.”Signs of tighter Russian supply in addition to increasing supply risks provoked a fourth straight day of gains,” said IG’s Rudolph.Coca-Cola jumped 4.7 percent after reporting an 11 percent increase in profits to $2.2 billion in results that topped estimates.- Key figures around 21430 GMT -New York – Dow: UP 0.3 percent at 44,593.65 (close)New York – S&P 500: FLAT at 6,068.50 (close)New York – Nasdaq Composite: DOWN 0.4 percent at 19,643.86 (close)London – FTSE 100: UP 0.1 at 8,777.39 (close) Paris – CAC 40: UP 0.3 percent at 8,028.90 (close)Frankfurt – DAX: UP 0.6 percent at 22,037.83 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 21,294.86 (close)Shanghai – Composite: DOWN 0.1 percent at 3,318.06 (close)Tokyo – Nikkei 225: Closed for a holidayEuro/dollar: UP at $1.0360 from $1.0307 on MondayPound/dollar: UP at $1.2446 from $1.2368Dollar/yen: UP at 152.45 yen from 152.00 yenEuro/pound: DOWN at 83.24 from 83.33 penceWest Texas Intermediate: UP 1.4 percent at $73.32 per barrelBrent North Sea Crude: UP 1.5 percent at $77.00 per barrelburs-jmb/st