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Accused scam boss Chen Zhi has been extradited to China from Cambodia, Beijing confirmed on Thursday, after he was indicted by the United States over alleged multibillion-dollar fraud.Video released by China’s Ministry of Public Security on Thursday showed Chen in handcuffs as security forces lifted a black bag off his head, after he was escorted off a China Southern plane with black-clad armed guards waiting on a runway.Cambodia said earlier on Thursday that the bank founded by Chen, Prince Bank, had been put into liquidation.The bank is a subsidiary of Chen’s Prince Holding Group, one of Cambodia’s biggest conglomerates, which Washington alleges has served as a front for “one of Asia’s largest transnational criminal organizations”.China’s public security ministry said Chen had been brought back to China from Phnom Penh and lauded the “major achievement in China–Cambodia law enforcement cooperation”.Chinese authorities will soon issue arrest warrants for “the first batch of key members of Chen Zhi’s criminal group, and will resolutely apprehend the fugitives”, it said in a statement.The National Bank of Cambodia (NBC), the Southeast Asian country’s central bank, said Prince Bank had been placed into liquidation and “suspended from providing new banking services, including accepting deposits and providing credit”.It said in a statement auditor Morisonkak MKA has been appointed as liquidator. Prince Bank has about a billion dollars in assets under management, according to its website.Customers “can withdraw money normally” and borrowers “must continue to fulfill their obligations”, the NBC said.- ‘Building pressure’ -Chinese-born Chen was sanctioned by Washington and London in October for directing alleged cyberfraud run by hundreds of scammers trafficked into compounds in Cambodia.Cambodian authorities said they arrested Chen and two other Chinese nationals this week and extradited them at China’s request.Chinese courts have sentenced people to death over involvement in scams, including more than a dozen people last year for their participation in criminal groups with fraud operations in Myanmar’s Kokang region, which borders China.The US Justice Department declined to comment on Wednesday.Jacob Sims, a transnational crime expert and visiting fellow at Harvard University’s Asia Center, said the “vast majority” of the dozens of scam compounds in Cambodia operated with “strong support” from the government”This arrest comes after months of building pressure against the Cambodian government for continuing to harbor and abet a now famous criminal actor,” Sims told AFP.A change in status quo could only happen if international pressure on Cambodia’s “scam-invested oligarchs” was sustained, he said.Cambodian officials deny allegations of government involvement and say authorities are cracking down.However, Amnesty International said last year that rights abuses in scam hubs were happening on a “mass scale”, and the government’s poor response suggested its complicity.Chen was charged by US authorities of wire fraud and money laundering conspiracy charges involving approximately 127,271 seized bitcoin, worth more than $11 billion at current prices.Prince Group has denied the allegations.Prince Bank and a law firm that issued a statement on the group’s behalf in November did not respond immediately to AFP requests for comment.- Former adviser -US prosecutors accused Chen of presiding over compounds in Cambodia where trafficked workers carried out cryptocurrency fraud schemes that netted billions.Victims were targeted through “pig butchering” scams — investment schemes that build trust over time before stealing funds. The operations have caused billions in global losses.Scam centres across Cambodia, Myanmar and the region lure foreign nationals — many Chinese — with fake job ads, then force them under threat of violence to commit online fraud.Amnesty International has identified at least 53 scam compounds in Cambodia alone, where rights groups say criminal networks perpetrate human trafficking, forced labour, torture and slavery.Experts estimate tens of thousands of people work in the multibillion-dollar industry, some willingly and others trafficked.Prince Group has operated across more than 30 countries since 2015 under the guise of legitimate real estate, financial services and consumer businesses, US prosecutors have said.Prince Bank opened in 2015 as a microfinance institution and became a commercial bank in 2018.In Cambodia, Chen served as an adviser to Prime Minister Hun Manet and his father, former leader Hun Sen, but his Cambodian nationality was revoked in December.

Leading Chinese artificial intelligence startup Zhipu AI soared as it went public in Hong Kong on Thursday, a day before rival MiniMax also makes its market debut in a litmus test for the country’s rapidly developing sector.Shares in Zhipu AI, which runs the Z.ai tool, rose more than 12 percent on Thursday after its oversubscribed initial public offering raised HK$4.35 billion (US$558 million).This week’s flotations come before any IPO announcements from top US startups OpenAI, the maker of ChatGPT, and Anthropic, known for its Claude chatbot.But analysts said profits were unlikely any time soon from either company — the first two IPOs among China’s so-called “six tigers”, generative AI providers competing with tech giants such as Alibaba and ByteDance.”Zhipu is honoured to stand at this historic juncture as a representative of China’s large model sector,” company chairman Liu Debing said at Thursday’s listing ceremony.Zhipu AI was founded in 2019 and is a major provider of large language model (LLM) services to businesses and government clients in the world’s second-largest economy.Proceeds from the IPO will go towards developing general-purpose large AI models, including key algorithms and system infrastructure, the firm said.MiniMax, established in 2022, targets the consumer market, particularly outside China, with its generative AI tools for speech, music and video, as well as text.”Once the market matures through full competition, more people will understand the capabilities, performance and pricing of these models reaching a state of equilibrium,” Liu told Bloomberg Television Thursday.He added that Zhipu AI has seen a trend of computing costs for AI development “gradually decreasing”.China tech analyst Poe Zhao, founder of the Hello China Tech newsletter, told AFP that the two IPOs “demonstrate both the revenue potential and the fundamental challenges facing this new generation of LLM companies”.”The high demand definitely reflects broader optimism about Chinese AI,” he said.An AI boom has helped push tech stocks to record highs in recent months, but they are also volatile as global investors watch intently for any signs of a bubble.”Do I think there’s a bubble? Yes. But I want to distinguish between ‘bubble’ and ‘bubble risk’. These companies need capital intensity,” Zhao said.- Disney lawsuit -The LLM market in China is estimated to grow to 101.1 billion yuan (US$14.5 billion) by 2030, according to consultancy Frost and Sullivan.In January 2025, Chinese startup DeepSeek shook the tech world with a low-cost, high-performance reasoning model that upended assumptions of US dominance in the sensitive sector.A year ago, Washington put Zhipu, backed by conglomerate Tencent, on its export control blacklist over national security concerns.And Disney along with other US entertainment outfits including Universal is suing MiniMax for copyright infringement.Zhao said he did not expect Zhipu or MiniMax to be profitable “any time soon”.”That depends on two industry-wide shifts: significantly lower computing costs and much larger AI demand to spread those costs across,” he explained.Beijing has reportedly been encouraging tech firms to use homegrown microchips owing to Washington’s on-and-off restrictions on top-end Nvidia chips, used to train and run AI systems.Investor faith in the potential of China’s chip industry to challenge US powerhouse Nvidia last month sent shares in semiconductor companies Moore Threads and MetaX skyrocketing on their market debuts.Earlier this month, Baidu, the operator of China’s top search engine, said its AI chip unit Kunlunxin has filed a listing application in Hong Kong.For chatbot providers, the picture is nuanced, said Shengyun Lu, founder of LSY Consulting.”To run a foundational model company, it costs a lot and takes a lot of time,” he cautioned.”IPOs allow the companies to raise money for financing their future research activities, but on the other hand, the initial investors are seeking an exit.”

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

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

A Cambodian bank founded by accused scam boss Chen Zhi, who has been indicted by the United States over multibillion-dollar fraud and extradited to China, was ordered liquidated Thursday, Cambodia’s central bank said.Prince Bank “has been placed under liquidation in accordance with the laws” of the country, the National Bank of Cambodia (NBC) said in a statement.Prince Bank has been “suspended from providing new banking services, including accepting deposits and providing credit”, it added.The NBC said it had appointed auditor Morisonkak MKA as the liquidator.Prince Bank is a subsidiary of Chen’s Prince Holding Group, one of Cambodia’s largest conglomerates, which Washington has said served as a front for “one of Asia’s largest transnational criminal organizations”.Customers who have deposits at Prince Bank “can withdraw money normally by preparing documents for withdrawal”, and borrowers “must continue to fulfill their obligations as normal”, the NBC added.Outside a Prince Bank location in the capital Phnom Penh, among 36 branches nationwide, an AFP journalist did not see any customers on Thursday morning.The bank has about a billion dollars in assets under management, according to its website.- ‘Building pressure’ -Chinese-born Chen was sanctioned by Washington and London in October for directing alleged cyberfraud run by hundreds of scammers trafficked into compounds in Cambodia.Cambodian authorities said they arrested Chen and two other Chinese nationals and extradited them to China on Tuesday.The operation was carried out according to a request from Chinese authorities following months of “investigative cooperation”, Cambodia’s interior ministry said.Chinese authorities have not commented on Chen’s arrest since it was announced on Wednesday.The US Justice Department declined to comment on Wednesday.”This arrest comes after months of building pressure against the Cambodian government for continuing to harbor and abet a now famous criminal actor,” said Jacob Daniel Sims, a transnational crime expert and visiting fellow at Harvard University’s Asia Center.The “vast majority” of the dozens of scam compounds in Cambodia operated with “strong support” from the government, Sims told AFP, adding that a change in status quo could only happen if international pressure on the nation’s “scam-invested oligarchs” was sustained.Cambodian officials deny allegations of government involvement and say authorities are cracking down.But Amnesty International said last year that rights abuses in scam hubs were happening on a “mass scale”, and the government’s poor response suggested its complicity.Chen faces up to 40 years in prison if convicted in the United States on wire fraud and money laundering conspiracy charges involving approximately 127,271 bitcoin seized by the United States, worth more than $11 billion at current prices.Prince Group has denied the allegations.- Former adviser -US prosecutors in October unsealed an indictment accusing Chen of presiding over compounds in Cambodia where trafficked workers carried out cryptocurrency fraud schemes that netted billions.Victims were targeted through so-called “pig butchering” scams — investment schemes that build trust over time before stealing funds. The operations have caused billions in global losses.Scam centres across Cambodia, Myanmar and the region lure foreign nationals — many Chinese — with fake job ads, then force them under threat of violence to commit online fraud.Amnesty International has identified at least 53 scam compounds in Cambodia alone, where rights groups say criminal networks perpetrate human trafficking, forced labour, torture and slavery.Experts estimate tens of thousands of people work in the multibillion-dollar industry, some willingly and others trafficked.Since around 2015, Prince Group has operated across more than 30 countries under the guise of legitimate real estate, financial services and consumer businesses, US prosecutors have said. Chen and top executives allegedly used political influence and bribed officials in multiple countries to shield illicit operations.In Cambodia, Chen served as an adviser to Prime Minister Hun Manet and his father, former leader Hun Sen. His Cambodian nationality was revoked in December, the interior ministry said.

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

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

Chinese-born tycoon Chen Zhi, who was indicted by the United States on fraud and money-laundering charges for running a multibillion-dollar cyberscam network from Cambodia, has been arrested there and extradited to China, Phnom Penh said Wednesday.Chen allegedly directed operations of forced labour compounds across Cambodia, where trafficked workers were held in prison-like facilities surrounded by high walls and barbed wire, according to US prosecutors.Since the US indictment and sanctions by Washington and London in October, authorities in Europe, the United States and Asia have targeted Chen’s firm, Prince Holding Group, with a frenzy of asset confiscations.Chen founded Prince Group, a multinational conglomerate that authorities say served as a front for “one of Asia’s largest transnational criminal organizations,” according to the US Justice Department.Cambodian authorities “have arrested three Chinese nationals namely Chen Zhi, Xu Ji Liang, and Shao Ji Hui and extradited (them) to the People’s Republic of China,” Cambodia’s interior ministry said in a statement on Wednesday.The operation was carried out on Tuesday “within the scope of cooperation in combating transnational crime” and according to a request from Chinese authorities “following several months of joint investigative cooperation,” it said.Chen’s Cambodian nationality was “revoked by a Royal Decree” in December, the interior ministry added.Chinese authorities did not immediately comment late Wednesday on Chen’s arrest and extradition.The US Justice Department also declined to comment Wednesday.US authorities in October unsealed an indictment against Chen, a businessman accused of presiding over compounds in Cambodia where trafficked workers carried out cryptocurrency fraud schemes that have netted billions of dollars.He faces up to 40 years in prison if convicted in the United States on wire fraud and money laundering conspiracy charges involving approximately 127,271 bitcoin seized by Washington, worth more than $11 billion at current prices.Prince Group has denied the allegations.According to the US charges, scam workers were forced — under threat of violence — to execute so-called “pig butchering” scams, cryptocurrency investment schemes that build trust with victims over time before stealing their funds.The schemes target victims worldwide, causing billions in losses.Scam centers across Cambodia, Myanmar and the region use fake job ads to attract foreign nationals — many of them Chinese — to purpose-built compounds, where they are forced to carry out online fraud.Since around 2015, Prince Group has operated across more than 30 countries under the guise of legitimate real estate, financial services and consumer businesses, US prosecutors said.Chen and top executives allegedly used political influence and bribed officials in multiple countries to protect their illicit operations. In Cambodia, Chen has served as an adviser to Prime Minister Hun Manet and his father, former leader Hun Sen.The Southeast Asian nation hosts dozens of scam centres with tens of thousands of people perpetrating online scams — some willingly and others trafficked — in the multibillion-dollar industry, experts say.

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

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