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Stock markets and the dollar advanced Monday after the European Union and United States struck a deal to avert a damaging trade war.The deal, announced by President Donald Trump and European Commission head Ursula von der Leyen on Sunday, followed several US trade agreements last week, including one with Japan, and comes ahead of a new round of China-US talks.The Paris stock market climbed 0.6 percent and Frankfurt gained 0.3 percent in early afternoon deals, while London flattened.Britain, which had already struck a deal on tariffs with the United States, is outside the EU. That agreement has helped push London’s benchmark FTSE 100 index to record highs in recent weeks.Trump and von der Leyen announced at his golf resort in Scotland that a baseline tariff of 15 percent would be levied on EU exports to the United States.”To many this seems a very one-sided deal, but the optimism shows throughout European equities” with investors welcoming at least the “clarity” it brought, said Joshua Mahony, chief market analyst at Rostro trading group.The levies would apply across the board, including for Europe’s crucial automobile sector, pharmaceuticals and semiconductors.”It’s a good deal,” von der Leyen said, adding that it will bring “stability” and “predictability”.Germany’s main auto industry group, the VDA, warned however that the 15-percent tariff on EU exports “burdens” carmakers. Shares in Volkswagen, Porsche and Mercedes were each down around one percent in Frankfurt. As part of the deal, Trump said the 27-nation EU bloc had agreed to purchase “$750 billion worth of energy” from the United States, as well as make $600 billion in additional investments.French Prime Minister Francois Bayrou and Hungarian Prime Minister Viktor Orban slammed the deal. Spanish Prime Minister Pedro Sanchez said he backed it, but “without any enthusiasm”.”There remains a prevailing sense that the agreement does not constitute a significant win,” said Jochen Stanzl, Chief Market Analyst at CMC Markets.”While it is positive that an escalation of tariffs has been avoided, the deal feels more like a compromise than a triumph,” he added.- US-China talks -In Asia, Hong Kong and Shanghai advanced, boosted by relief that countries were reaching deals with Washington.While Tokyo fell for a second day, having soared around five percent on Wednesday and Thursday in reaction to Japan’s US deal.The broad gains came after another record day on Friday for the S&P 500 and Nasdaq on Wall Street.Traders prepared for a busy week with US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng holding new trade talks in Stockholm. A 90-day truce, set to expire August 12, has seen US tariffs lowered to 30 percent and China’s to 10 percent after both sides imposed triple-digit duties in April.Also on the agenda are earnings from tech titans Amazon, Apple, Meta and Microsoft, as well as data on US economic growth and jobs.The Federal Reserve is expected to keep interest rates unchanged at its meeting this week, with investors focused on its outlook for the rest of the year given Trump’s tariffs and recent trade deals.The Bank of Japan is also forecast to hold off on any big moves on borrowing costs.- Key figures at around 1040 GMT -London – FTSE 100: FLAT at 9,116.29 pointsParis – CAC 40: UP 0.6 percent at 7,879.15 Frankfurt – DAX: UP 0.3 percent at 24,285.13Tokyo – Nikkei 225: DOWN 1.1 percent at 40,998.27 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 25,562.13 (close)Shanghai – Composite: UP 0.1 percent at 3,597.94 (close)New York – Dow: UP 0.5 percent at 44,901.92 (close)Dollar/yen: UP at 148.34 yen from 147.68 yen on FridayEuro/dollar: DOWN at $1.1668 from $1.1738Pound/dollar: DOWN at $1.3420 from $1.3431Euro/pound: DOWN at 86.93 pence from 87.40 penceBrent North Sea Crude: UP 1.1 percent at $68.39 per barrelWest Texas Intermediate: UP 1.1 percent at $65.89 per barrel

Hong Kong conglomerate CK Hutchison said Monday it was considering inviting a Chinese “major strategic investor” to join a US-led consortium negotiating the sale of its global ports business outside China, including operations at the Panama Canal.The firm said in March it was offloading the ports — including operations in the vital Central American waterway — to a group led by asset manager BlackRock for $19 billion in cash.The sale was seen as a political victory for US President Donald Trump, who had vowed to “take back” the Panama Canal from alleged Chinese control, prompting Beijing’s ire.China’s market regulator said in March it was reviewing the deal.”(CK Hutchison) remains in discussions with members of the consortium with a view to inviting (a) major strategic investor from (China) to join as a significant member of the consortium,” CK Hutchison said in a stock exchange filing Monday.The firm added that changes to the consortium’s membership and deal structure will be needed for the deal “to be capable of being approved by all relevant authorities”.It said the “period for exclusive negotiations” mentioned in the March announcement had expired, but discussions will continue.It did not name the major investor.China’s biggest shipping company Cosco was set to join the consortium and was requesting veto rights or equivalent powers, Bloomberg News reported.Bloomberg Intelligence analyst Denise Wong told the outlet that “ongoing negotiations and the reported inclusion of Cosco Shipping in the consortium have likely eased concerns over Chinese regulatory hurdles, strengthening investor confidence in the deal’s viability”.- ‘Keeping everyone happy’ -Gary Ng, senior economist for Asia Pacific at Natixis, said Monday’s developments show that “business deals can be increasingly subject to politics in the new economic and geopolitical reality” as the Hong Kong conglomerate seeks to “keep everyone happy”.CK Hutchison said it “intends to allow such time as is required for such discussions to achieve” a workable arrangement. It said it had stated on several occasions that it “will not proceed with any transaction that does not have the approval of all relevant authorities”.Chinese foreign ministry spokesman Guo Jiakun said Beijing will “carry out supervision in accordance with the law, firmly safeguard national sovereignty, security and development interests, and maintain a fair and just market”.CK Hutchison’s Hong Kong-listed shares fell 0.84 percent on Monday, while Cosco dropped 2.85 percent.The consortium’s original structure was designed to pass control of CK Hutchison’s two Panama ports to BlackRock’s Global Infrastructure Partners unit, while the remaining ports will go to Italian billionaire Gianluigi Aponte’s Terminal Investment Limited.AFP has contacted Cosco for comment.The Panama Ports Company, a CK Hutchison subsidiary, has managed the port of Cristobal on the canal’s Atlantic side and Balboa on the Pacific side since 1997, via a concession from the Panama government.

Stock markets rose in Europe and Asia on Monday after the European Union and United States hammered out a deal to avert a potentially damaging trade war.News of the deal, announced by Donald Trump and European Commission head Ursula von der Leyen on Sunday, followed a series of US trade agreements last week, including with Japan, and comes ahead of a new round of China-US talks.Investors were also gearing up for a busy week of data, central bank decisions and earnings from some of the world’s biggest companies.Trump and von der Leyen announced at his golf resort in Scotland that a baseline tariff of 15 percent would be levied on EU exports to the United States.”We’ve reached a deal. It’s a good deal for everybody. This is probably the biggest deal ever reached in any capacity,” Trump said, adding that the levies would apply across the board, including for Europe’s crucial automobile sector, pharmaceuticals and semiconductors.Brussels also agreed to purchase “$750 billion worth of energy” from the United States, as well as make $600 billion in additional investments.”It’s a good deal,” von der Leyen said. “It will bring stability. It will bring predictability. That’s very important for our businesses on both sides of the Atlantic.”Equities built on their recent rally, fanned by relief that countries were reaching deals with Washington.Paris rose one percent, with Frankfurt and London also tracking gains in Hong Kong, Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta.Tokyo fell for a second day, having soared about five percent on Wednesday and Thursday in reaction to Japan’s US deal. Singapore, Manila and Mumbai were also lower.The broad gains came after another record day for the S&P 500 and Nasdaq on Wall Street.”The news flow from both the extension with China and the agreement with the EU is clearly market-friendly, and should put further upside potential into the euro… and should also put renewed upside into EU equities,” said Chris Weston at Pepperstone.Traders are gearing up for a packed week, with a delegation including US Treasury Secretary Scott Bessent holding fresh trade talks with a Chinese team headed by Vice Premier He Lifeng in Stockholm.While in April both countries imposed tariffs that reached triple-digits, US duties this year have temporarily been lowered to 30 percent and China’s countermeasures slashed to 10 percent.The 90-day truce, instituted after talks in Geneva in May, is set to expire on August 12.China said it was seeking “mutual respect and reciprocity” in the talks.Also on the agenda are earnings from tech titans Amazon, Apple, Meta and Microsoft, as well as data on US economic growth and jobs.The Federal Reserve’s latest policy meeting is expected to conclude with officials standing pat on interest rates, though investors are keen to see what their views are on the outlook for the rest of the year in light of Trump’s tariffs and recent trade deals.”We think the data supports a Fed on hold in July, but absent a significant upside surprise in the upcoming inflation data, September could be a ‘live’ meeting for a resumption of rate cuts, especially if economic activity data and possibly overwhelming political pressure force the Fed’s hand,” said Michael Krautzberger at Allianz.The Bank of Japan is also forecast to hold off on any big moves on borrowing costs.- Key figures at around 0715 GMT -Tokyo – Nikkei 225: DOWN 1.1 percent at 40,998.27 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 25,562.13 (close)Shanghai – Composite: UP 0.1 percent at 3,597.94 (close)London – FTSE 100: UP 0.3 percent at 9,143.68Dollar/yen: UP at 148.14 yen from 147.68 yen on FridayEuro/dollar: DOWN at $1.1687 from $1.1738Pound/dollar: DOWN at $1.3418 from $1.3431Euro/pound: DOWN at 87.10 pence from 87.40 penceWest Texas Intermediate: UP 0.3 percent at $65.34 per barrelBrent North Sea Crude: UP 0.3 percent at $68.67 per barrelNew York – Dow: UP 0.5 percent at 44,901.92 (close)

Most stock markets rose with the euro Monday after the European Union and United States hammered out the “biggest-ever” deal to avert a potentially damaging trade war.News of the deal, announced by Donald Trump and European Commission head Ursula von der Leyen on Sunday, followed US agreements last week, including with Japan, and comes ahead of a new round of China-US talks.Investors were also gearing up for a busy week of data, central bank decisions and earnings from some of the world’s biggest companies.Trump and von der Leyen announced at his golf resort in Scotland that a baseline tariff of 15 percent would be levied on EU exports to the United States.”We’ve reached a deal. It’s a good deal for everybody. This is probably the biggest deal ever reached in any capacity,” Trump said, adding that the levies would apply across the board, including for Europe’s crucial automobile sector, pharmaceuticals and semiconductors.Brussels also agreed to purchase “$750 billion worth of energy” from the United States, as well as make $600 billion in additional investments.”It’s a good deal,” von der Leyen said. “It will bring stability. It will bring predictability. That’s very important for our businesses on both sides of the Atlantic.”The news boosted the euro, which jumped to $1.1779 from Friday’s close of $1.1749.And equities built on their recent rally, fanned by relief that countries were reaching deals with Washington.Hong Kong led winners, jumping around one percent, with Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta also up, along with European and US futures.Tokyo fell for a second day, having soared about five percent on Wednesday and Thursday in reaction to Japan’s US deal. Singapore and Seoul were also lower.The broad gains came after another record day for the S&P 500 and Nasdaq on Wall Street.”The news flow from both the extension with China and the agreement with the EU is clearly market-friendly, and should put further upside potential into the euro… and should also put renewed upside into EU equities,” said Chris Weston at Pepperstone.Traders are gearing up for a packed week, with a delegation including US Treasury Secretary Scott Bessent holding fresh trade talks with a Chinese team headed by Vice Premier He Lifeng in Stockholm.While both countries in April imposed tariffs on each other’s products that reached triple-digit levels, US duties this year have temporarily been lowered to 30 percent and China’s countermeasures slashed to 10 percent.The 90-day truce, instituted after talks in Geneva in May, is set to expire on August 12.Also on the agenda are earnings from tech titans Amazon, Apple, Meta Microsoft, as well as data on US economic growth and jobs.The Federal Reserve’s latest policy meeting is expected to conclude with officials standing pat on interest rates, though investors are keen to see what their views are on the outlook for the rest of the year in light of Trump’s tariffs and recent trade deals.The Bank of Japan is also forecast to hold off on any big moves on borrowing costs.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.7 percent at 41,148.07 (break)Hong Kong – Hang Seng Index: UP 1.0 percent at 25,631.28Shanghai – Composite: UP 0.3 percent at 3,602.97Dollar/yen: UP at 147.74 yen from 147.68 yen on FridayEuro/dollar: UP at $1.1755 from $1.1738Pound/dollar: UP at $1.3436 from $1.3431Euro/pound: UP at 87.48 pence from 87.40 penceWest Texas Intermediate: UP 0.5 percent at $65.48 per barrelBrent North Sea Crude: UP 0.5 percent at $68.80 per barrelNew York – Dow: UP 0.5 percent at 44,901.92 (close)London – FTSE 100: DOWN 0.2 percent at 9,120.31 (close)

Top economic officials from the United States and China are set to renew negotiations Monday — with an extension of lower tariff levels on the cards — as President Donald Trump’s trade policy enters a critical week.Talks between the world’s top two economies are slated to happen over two days in the Swedish capital Stockholm, and they come as other countries are also rushing to finalise deals with Washington.For dozens of trading partners, failing to strike an agreement in the coming days means they could face significant tariff hikes on exports to the United States come Friday, August 1.The steeper rates, threatened against partners like Brazil and India, would raise the duties their products face from a “baseline” of 10 percent now to levels up to 50 percent.Tariffs imposed by the Trump administration have already effectively raised duties on US imports to levels not seen since the 1930s, according to data from The Budget Lab research centre at Yale University.For now, all eyes are on discussions between Washington and Beijing as a delegation including US Treasury Secretary Scott Bessent meets a Chinese team led by Vice Premier He Lifeng in Sweden.While both countries in April imposed tariffs on each other’s products that reached triple-digit levels, US duties this year have temporarily been lowered to 30 percent and China’s countermeasures slashed to 10 percent.But the 90-day truce, instituted after talks in Geneva in May, is set to expire on August 12.Since the Geneva meeting, the two sides have convened in London to iron out disagreements.- China progress? -“There seems to have been a fairly significant shift in (US) administration thinking on China since particularly the London talks,” said Emily Benson, head of strategy at Minerva Technology Futures.”The mood now is much more focused on what’s possible to achieve, on warming relations where possible and restraining any factors that could increase tensions,” she told AFP.Talks with China have not produced a deal but Benson said both countries have made progress, with certain rare earth and semiconductor flows restarting.”Secretary Bessent has also signalled that he thinks a concrete outcome will be to delay the 90-day tariff pause,” she said. “That’s also promising, because it indicates that something potentially more substantive is on the horizon.”The South China Morning Post, citing sources on both sides, reported Sunday that Washington and Beijing are expected to extend their tariff pause by another 90 days.Trump has announced pacts so far with the European Union, Britain, Vietnam, Japan, Indonesia and the Philippines, although details have been sparse.An extension of the US-China deal to keep tariffs at reduced levels “would show that both sides see value in continuing talks”, said Thibault Denamiel, a fellow at the Centre for Strategic and International Studies.US-China Business Council President Sean Stein said the market is not anticipating a detailed readout from Stockholm: “What’s more important is the atmosphere coming out.””The business community is optimistic that the two presidents will meet later this year, hopefully in Beijing,” he told AFP. “It’s clear that on both sides, the final decision-maker is going to be the president.”Sweden’s Prime Minister Ulf Kristersson said both countries’ willingness to meet was a “positive development”. – Far from ideal -For others, the prospect of higher US tariffs and few details from fresh trade deals mark “a far cry from the ideal scenario”, said Denamiel.But they show some progress, particularly with partners Washington has signalled are on its priority list like the EU, Japan, the Philippines and South Korea.The EU unveiled a pact with Washington on Sunday while Seoul is rushing to strike an agreement, after Japan and the Philippines already reached the outlines of deals.Breakthroughs have been patchy since Washington promised a flurry of agreements after unveiling, and then swiftly postponing, tariff hikes targeting dozens of economies in April.Denamiel warned of overlooking countries that fall outside Washington’s priority list.Solid partnerships are needed, he said, if Washington wants to diversify supply chains, enforce advanced technology controls, and tackle excess Chinese capacity.

US tariff negotiations with key trading partners have shifted into high gear as economies race to avoid steeper duties before an August 1 deadline.Many of these tariff hikes were part of a package first announced in April, under which dozens of economies were due to face higher levies — up from a 10 percent level — over their trade surpluses with the United States.The twice-postponed deadline for duties to take effect is now Friday, August 1.But Washington has expanded its group of targets coming up against these tariffs, while announcing agreements with the European Union, Britain, Vietnam, Japan, Indonesia and the Philippines.A deal with the European Union unveiled on Sunday sees a 15 percent tariff imposed on European exports to the United States, down from the 30 percent that Trump earlier threatened.Where do other US trade talks stand?- South Korea: Heightened pressure -Seoul is racing to reach a deal with Washington, as Tokyo’s success in landing an agreement has “amped up the pressure for South Korea,” a government source told AFP.Local media reported that Seoul was preparing to propose more than $100 billion in investment as part of a broader agreement, with expected participation by major firms such as Samsung and Hyundai Motor. The South Korean government did not confirm this.But South Korean officials have outlined proposals to deepen collaboration in sectors like shipbuilding, semiconductors and batteries.National Security Advisor Wi Sung-lak has told reporters that the two countries are in “the final and most crucial phase of negotiations” to avert Trump’s proposed 25 percent duty.- India: Cautious optimism -Indian Commerce Minister Piyush Goyal told Bloomberg Television Thursday that he was optimistic his country could reach an agreement with the United States to avert Washington’s 26 percent tariff threat.Goyal insisted there were not any sticking points in the US-India relationship or in trade talks, and clarified that immigration rules —- including those around H-1B visas for skilled workers — had not come up in negotiations.Despite Goyal’s remarks, local media reported the prospects of an interim deal before August 1 had dimmed.- Taiwan: Working hard -Taiwanese Premier Cho Jung-tai said Thursday that officials are “working hard” on negotiations, amid worries that an unfavorable tariff level could hit the self-ruled island’s economy.Vice President Hsiao Bi-khim said Taipei’s negotiating team was “working almost 24 hours a day to achieve trade balance and Taiwan’s industrial interests, and even to further deepen cooperation.”- Canada, Mexico: Deal unclear -Although Canada and Mexico were spared from Trump’s “reciprocal” tariffs announced in April, goods from both countries entering the United States generally face a separate 25 percent duty if they fall outside a North American trade pact.This figure stands to jump to 30 percent for Mexico come August 1, while the level for Canada was set at 35 percent.Mexican President Claudia Sheinbaum said her administration was “doing everything” possible to avert the duties and that she would speak with Trump if necessary to try to reach a pact.Trump told reporters Friday there was no deal with Canada so far.- Brazil: Political nature -Brazil is girding for a virtual trade embargo on its planes, grains and other goods if Trump’s threatened 50 percent tariff on its exports takes effect on August 1.The United States runs a trade surplus with Latin America’s biggest economy, which was not originally expected to face steeper tariffs under Trump’s “reciprocal” duties plan.Trump has not attempted to hide the political motivation in targeting Brazil, citing a judicial “witch hunt” against his right-wing ally, former president Jair Bolsonaro, when he unveiled the tariff rate.The political nature of the spat makes a last-minute deal appear less likely.burs-jug-bys/sst

Dozens of economies including India, Canada and Mexico face threats of higher tariffs Friday if they fail to strike deals with Washington.Here is a summary of duties President Donald Trump has introduced in his second term as he pressures allies and competitors alike to reshape US trade relationships.- Global tariffs -US “reciprocal” tariffs — imposed under legally contentious emergency powers — are due to jump from 10 percent to various steeper levels for a list of dozens of economies come August 1, including South Korea, India and Taiwan.The hikes were to take effect July 9 but Trump postponed them days before imposition, marking a second delay since their shock unveiling in April.A 10 percent “baseline” levy on most partners, which Trump imposed in April, remains in place.He has also issued letters dictating tariff rates above 10 percent for individual countries, including Brazil, which has a trade deficit with the United States and was not on the initial list of higher “reciprocal” rates.Several economies — the European Union, Britain, Vietnam, Japan, Indonesia and the Philippines — have struck initial tariff deals with Washington, while China managed to temporarily lower tit-for-tat duties.Certain products like pharmaceuticals, semiconductors and lumber are excluded from Trump’s “reciprocal” tariffs, but may face separate action under different authorities.This has been the case for steel, aluminum, and soon copper. Gold and silver, alongside energy commodities, are also exempted.Excluded too are Mexico and Canada, hit with a different set of tariffs, and countries like Russia and North Korea as they already face sanctions.- Canada, Mexico -Canadian and Mexican products were hit by 25 percent US tariffs shortly after Trump returned to office, with a lower rate for Canadian energy. Trump targeted both neighbors over illegal immigration and fentanyl trafficking, also invoking emergency powers.But trade negotiations have been bumpy. This month, Trump said Canadian goods will face a higher 35 percent duty from August 1, and Mexican goods will see a 30 percent level.Products entering the United States under the USMCA North American free trade pact, covering large swaths of goods, are expected to remain exempt — with Canadian energy resources and potash, used as fertilizer, to still face lower rates.- China focus -Trump has also taken special aim at China. The world’s two biggest economies engaged in an escalating tariffs war this year before their temporary pullback.The countries imposed triple-digit duties on each other at one point, a level described as a trade embargo.After high level talks, Washington lowered its levies on Chinese goods to 30 percent and Beijing slashed its own to 10 percent.This pause is set to expire August 12, and officials will meet for further talks on Monday and Tuesday in the Swedish capital Stockholm.The US level is higher as it includes a 20 percent tariff over China’s alleged role in the global fentanyl trade.Beyond expansive tariffs on Chinese products, Trump ordered the closure of a duty-free exemption for low-value parcels from the country. This adds to the cost of importing items like clothing and small electronics.- Autos, metals -Trump has targeted individual business sectors too, under more conventional national security grounds, imposing a 25 percent levy on steel and aluminum imports which he later doubled to 50 percent.The president has unveiled plans for a 50 percent tariff on copper imports starting August 1 as well and rolled out a 25 percent tariff on imported autos, although those entering under the USMCA can qualify for a lower rate.Trump’s auto tariffs impact vehicle parts too, but new rules ensure automakers paying vehicle tariffs will not also be charged for certain other duties.He has ongoing investigations into imports of lumber, semiconductors, pharmaceuticals and critical minerals that could trigger further duties.- Legal challenges -Several legal challenges have been filed against the tariffs Trump invoked citing emergencies.The US Court of International Trade ruled in May that the president had overstepped his authority, but a federal appeals court has allowed the duties to remain while it considers the case.If these tariffs are ultimately ruled illegal, companies could possibly seek reimbursements.

Serving craft beer, playing mahjong, stacking shelves and boxing, the dozens of humanoid robots at Shanghai’s World AI Conference (WAIC) this weekend were embodiments of China’s growing AI prowess and ambition.The annual event is primed at showcasing China’s progress in the ever-evolving field of artificial intelligence, with the government aiming to position the country as a world leader on both technology and regulation as it snaps at the United States’ heels.Opening the event on Saturday, Premier Li Qiang announced China would set up a new organisation for cooperation on AI governance, warning the benefits of development must be balanced with the risks.But in the cavernous expo next door, the mood was more giddy than concerned.”Demand is currently very strong, whether in terms of data, scenarios, model training, or artificial construction. The overall atmosphere in all these areas is very lively,” said Yang Yifan, R&D director at Transwarp, a Shanghai-based AI platform provider. This year’s WAIC is the first since a breakthrough moment for Chinese AI this January when startup DeepSeek unveiled an AI model that performed as well as top US systems for an apparent fraction of the cost.Organisers said the forum involved more than 800 companies, showcasing over 3,000 products — the undeniable crowd pleasers being the humanoid robots and their raft of slightly surreal party tricks. At one booth, a robot played drums, half a beat out of time, to Queen’s “We Will Rock You” while a man in safety goggles and a security vest hyped up a giggling crowd.Other droids, some dressed in working overalls or baseball caps, manned assembly lines, played curling with human opponents or sloppily served soft drinks from a dispenser.  While most of the machines on display were still a little jerky, the increasing sophistication year-on-year was clear to see. The Chinese government has poured support into robotics, an area in which some experts think China might already have the upper hand over the United States. At Hangzhou-based Unitree’s stall, its G1 android — around 130 centimetres (four feet) tall, with a two-hour battery life — kicked, pivoted and punched, keeping its balance with relative fluidity as it shadowboxed around a ring.Ahead of the conference’s opening, Unitree announced it would launch a full-size humanoid, the R1, for under $6,000. – ‘Digital humans’ -Most high-tech helpers don’t need hardware though. At the expo, AI companions — in the form of middle-aged businessmen, scantily clad women and ancient warriors — waved at people from screens, asking how their day was, while other stalls ran demos allowing visitors to create their own digital avatars.Tech giant Baidu on Saturday announced a new generation of technology for its “digital humans” — AI agents modelled on real people, which it says are “capable of thinking, making decisions, and collaborating”.The company recently ran a six-hour e-commerce broadcast hosted by the “digital human” of a well-known streamer and another avatar. The two agents beat the human streamer’s debut sales in some categories, Baidu said.Over ten thousand businesses are using the technology daily already, the department’s head Wu Chenxia told AFP. Asked about the impact on jobs — one of the major concerns raised around widespread AI adoption — Wu insisted that AI was a tool that should be used to improve quality and save time and effort, which still required human input.In China, the integration of AI into everyday life is beginning to pick up pace. At WAIC, Baidu also announced it had been granted a permit to operate fully driverless robotaxis in parts of the massive Pudong district, the service’s first foray into downtown Shanghai.For now, few visitors to the WAIC expo seemed worried about the potential ramifications of the back-flipping dog robots they were excitedly watching. “When it comes to China’s AI development, we have a comparatively good foundation of data and also a wealth of application scenarios,” said Transwarp’s Yang.   “There are many more opportunities for experimentation.”

New Zealand sheep farmers are fighting to stop the loss of pasture to fast-spreading pine plantations, which earn government subsidies to soak up carbon emissions.Concern over the scale of the farm-to-forest switch led the government to impose a moratorium in December on any new conversions not already in the pipeline.But farmers say forestry companies are flouting the clampdown.Last month, farmers launched a “Save our Sheep” campaign to reverse the loss of productive farmland.Sheep numbers have plummeted to around 23 million, down from a peak of around 70 million in the 1980s, according to official figures.Falling wool prices and rising milk and beef costs initially drove the decline, but the emissions trading since 2008 has added to the strain.The government is now investigating potential breaches of its moratorium by forestry companies, which have been buying up farmland as recently as June.Federated Farmers — a lobby group for rural communities — submitted to the government “a list of properties we believe have been sold for carbon forestry” since the halt, a spokesman said.The federation is concerned about the sale of more than 15,200 hectares (37,600 acres) of farmland, he told AFP.Dean Rabbidge, who runs a farm outside the Southland town of Wyndham, said some of the newly purchased farms had already been planted with pine trees.- ‘Criminal’ -“They’re just ploughing on ahead, effectively giving the middle finger to the government announcement,” Rabbidge told AFP.The moratorium had created a “gold rush”, he said.”It’s criminal what’s happening.”Agriculture and Forestry Minister Todd McClay said the government would change the law by October because it had become more profitable to plant pine forests than to farm sheep.”The law will include clarity on what qualifies as legitimate evidence of a pre-December investment and enable any specific cases to be properly assessed,” McClay said.”Anyone who has bought land since December 4, 2024, irrespective of whether they also had trees or not, will not be able to register this land into the emissions trading scheme.”Rural New Zealand once abounded with rolling pastures, rickety wire fences hemming in millions of sheep chewing on the green grass.But Rabbidge said those days were gone.”You won’t see anything now,” he said. “You’re just driving through long pine tree tunnels — shaded, wet, and damp.”New Zealand is one of the rare countries to allow 100 percent of carbon emissions to be offset by forestry.”We’re not anti planting trees,” sheep farmer Ben Fraser told AFP. “There are areas of land that should be retired, that aren’t necessarily productive.”But the trading scheme had driven an excessive loss of sheep pastures to forestry, he said.”That’s the issue here.”- ‘So short-sighted’ -Fraser, who farms near the North Island town of Ohakune, said he had seen an exodus of people from the district in recent years.”Since 2018, there’ve been 17 farms converted to forestry,” he said. “That’s about 18,000 hectares gone. So you’re looking at about 180,000 sheep gone out of the district, plus lambs.”The loss of sheep impacted the region.”If the farms thrive, then the towns thrive because people come in and spend their money,” he said.”You’ve got farm suppliers, your fertiliser guys, your supermarkets, your butchers, all of that stuff struggling.”The local schools now have less kids in them. The people who stayed are now isolated, surrounded by pine trees.”Rabbidge said the same was happening in Southland.”This whole thing is just so short-sighted,” Rabbidge said.”Businesses here are forecasting anywhere between a 10 and 15 percent revenue reduction for the next financial year, and that’s all on the back of properties that have sold or have been planted out in pine trees,” he said.- ‘Lamb on a plate’ -“Think of all the shearers, the contractors, the transporters, the farm supply stores, the workers, the community centres, the schools, rugby clubs. Everything is affected by this.”Government figures from 2023 show agriculture accounted for more than half of New Zealand’s total greenhouse gas emissions.But farmers argue they have been working hard to reduce emissions, down more than 30 percent since the 1990s.”I could put a leg of lamb on a plate in London with a lower emissions profile, transport included, than a British farmer,” Rabbidge said.”We just use our natural resources. We’re not housing animals indoors and carting feed in and manure out.”Everything’s done outside and done at low cost, low and moderate intensity.”

Wall Street stock indices ended at fresh records Friday as US investors bet on additional trade deals following this week’s breakthrough with Japan.US President Donald Trump cautioned that striking a deal with the European Union to reduce import tariffs will be a challenge. Trump has set an August 1 deadline for an accord.”I would say that we have a 50/50 chance, maybe less than that, but a 50/50 chance of making a deal with the EU,” Trump told reporters at the White House Friday.But US investors have adopted an optimistic stance about further accords given Trump’s record of suspending or delaying the most onerous tariffs. The S&P 500 finished at a fifth straight record and the tech-rich Nasdaq at a third straight record, capping an upbeat week. Equity markets elsewhere were more subdued.London, after a strong run on positive corporate news, finished slightly lower as did Frankfurt, while Paris closed just ahead after Asia lost ground.”There is no unifying theme across financial markets this month — instead markets are moving to the beat of their own drums,” concluded Kathleen Brooks, research director at XTB.Sentiment had been lifted earlier in the week by the announcement of a Japan-US deal, as well as signals that the EU could be closing in on its own accord with Washington.The “momentum has not been kept up, and European stocks are weaker at the end of the week,” noted Brooks.The EU is still forging ahead with contingency plans in case talks fail, with member states approving a 93 billion-euro ($109 billion) package of retaliatory counter-tariffs.With few positive catalysts to drive buying, Asian markets turned lower heading into the weekend.Tokyo retreated after a two-day rally and Hong Kong declined following five days of gains. Shanghai was also down. The dollar gained against major currencies, a reversal of the trend throughout much of 2025. The dollar fell the most in the first six months of 2025 since 1973.Trump said Friday that a weaker dollar can boost exports and tourism. “It doesn’t sound good, but you make a hell of a lot more money with a weaker dollar, not a weak dollar, but a weaker dollar, than you do with a strong dollar,” he told reporters at the White House.In corporate news, German auto giant Volkswagen said US tariffs had cost it 1.3 billion euros ($1.5 billion) in the first half of the year as it reported falling profits.After an initial drop, shares in the carmaker rose four percent in Frankfurt. German sportswear maker Puma saw its shares tumble around 16 percent after slashing its sales forecast and warning of a full year loss.Intel dropped 8.5 percent after reporting a $2.9 billion loss as it announced further cost-cutting initiatives. The company said it has cut about 15 percent of its workforce.- Key figures at around 2030 GMT -New York – Dow: UP 0.5 percent at 44,901.92 (close)New York – S&P 500: UP 0.4 percent at 6,388.64 (close)New York – Nasdaq Composite: UP 0.2 percent at 21,108.32 (close)London – FTSE 100: DOWN 0.2 percent at 9,120.31 (close)Paris – CAC 40: UP 0.2 percent at 7,834.58 (close)Frankfurt – DAX: DOWN 0.3 percent at 24,217.50 (close)Tokyo – Nikkei 225: DOWN 0.9 percent at 41,456.23 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 25,388.35 (close)Shanghai – Composite: DOWN 0.3 percent at 3,593.66 (close)Dollar/yen: UP at 147.68 yen from 147.01 yen on ThursdayEuro/dollar: DOWN at $1.1738 from $1.1749Pound/dollar: DOWN at $1.3431 from $1.3510Euro/pound: UP at 87.40 pence from 86.97 penceWest Texas Intermediate: DOWN 1.3 percent at $65.16 per barrelBrent North Sea Crude: DOWN 1.1 percent at $68.44 per barrel