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A high-stakes father-and-son feud has plunged Singapore property giant City Developments Ltd (CDL) into turmoil, with the private boardroom dispute of one of the city-state’s wealthiest families erupting into public view this week. The battle of words between CDL’s executive chairman Kwek Leng Beng and his son Sherman Kwek has exposed deep rifts within the Forbes-ranked fourth-richest family in Singapore.Laced with allegations of corporate missteps, governance breaches and personal entanglements, the fight threatens to escalate into a bruising court battle over control for a slice of the multibillion-dollar real estate empire. The first public sign of trouble came Wednesday, when CDL — a component of Singapore Exchange’s benchmark Straits Times Index — abruptly called for a trading halt, followed by a statement cancelling its scheduled financial year 2024 results briefing.Then came the bombshell: The 84-year-old patriarch publicly accused his son and CDL’s chief executive of orchestrating an “attempted coup at the board level”. The younger Kwek, along with the majority of the board, had appointed two additional directors to “consolidate control of the Board” and CDL, he said.To block the alleged power grab, Kwek Leng Beng filed a lawsuit and later announced he had secured a court order to halt the changes to the CDL Group’s board and management.Sherman Kwek, 49, a Boston University graduate, denied the allegations, saying “there has been no attempt by us to oust the chairman”.Calling his father’s move an “ambush”, he instead pointed to a deeper source of tension — Catherine Wu, a board adviser to a CDL subsidiary, but who his son accused of interfering in the company’s affairs.”She has been interfering in matters going well beyond her scope, and she wields and exercises enormous influence. These matters have troubled us as directors,” Sherman Kwek said.”Due to her long relationship with the Chairman, efforts that were made to manage the situation were done sensitively, but to no avail.”The dispute has exposed a power struggle within CDL — Singapore’s largest real estate company by market capitalisation — and the Kwek family, whose empire is worth $11.5 billion according to Forbes. In early February, Kwek Leng Beng had sought Sherman’s dismissal as CEO, saying his latest move came after “a long series of missteps”, citing a massive $1.4 billion loss in a 2020 “debacle”, and poor investment decisions in the UK. CDL’s share price has also “consistently underperformed peers since (Sherman) assumed leadership in 2018″, the patriarch said.”(Young) people may make business mistakes in their careers and that is understandable, but circumventing corporate governance laws is a red line,” Kwek Leng Beng said.”As a father, firing my son was certainly not an easy decision” but the stakes were “simply too high to allow reckless power grabs to destabilise the company”, he said. Shares of the $3.4 billion firm remain suspended, and CDL has been downgraded by firms including JPMorgan Chase & Co, according to Bloomberg.- ‘Reckless actions’ -CDL started out as a loss-making business when Kwek Leng Beng, his father Kwek Hong Ping, and his brother Kwek Leng Joo bought it in 1971.Under Kwek Leng Beng, it saw a massive expansion, with its portfolio today spanning residences, offices, hotels, retail malls and integrated developments in Singapore, as well as China, Japan, the United States and across Europe. Its move into hospitality turned subsidiary Millennium & Copthorne Hotels into the finance hub’s largest international hotel group, with assets that include The Biltmore hotel in London’s Mayfair and Millennium properties in New York’s Wall Street and Times Square.The elder Kwek said preserving his legacy was among the reasons why he was fighting his son and his boardroom allies.”The reckless actions of a faction seeking to consolidate unchecked control not only undermine the foundations of CDL’s governance but also put at risk the very legacy we have built over the decades,” Kwek Leng Beng said.With the courts now involved and CDL’s leadership in question, this bitter family dispute is far from over.Sherman Kwek has defended his move to get Catherine Wu off the Millennium & Copthorne board as “necessary” for CDL’s interest, adding that the majority directors will “continue to uphold corporate governance and accountability”. His father — who made no mention of Wu in his response — asserted that “stripping away any meaningful authority of the Executive Chairman is a coup”. “It is now a matter before the court and I will let the court decide. Justice always prevails,” Kwek Leng Beng said. 

Wearing a traditional Indonesian black hat and shirt, President Prabowo Subianto speaks to the camera in an Instagram video, asking his people how he can help them after his election last year.”Who hasn’t received aid from me? What are your needs right now?” Prabowo appears to ask viewers in the clip posted in November.But while the Indonesian leader’s mouth moves and his eyes blink, the words he utters are part of a fraudulent deepfake scam uncovered by police last month that has swindled Indonesians across 20 provinces.Those ensnared by the message were asked to contact a WhatsApp number and hand over between 250,000 and one million rupiah ($15-$60) as an “administrative fee” to get aid that never materialised.Since last year’s Indonesian election, experts have warned of a tidal wave of deepfakes — audio, images and video appearing to come from a known person but which are in fact the work of scammers using artificial intelligence tools.And victims say the hoaxes are so sophisticated they leave others vulnerable to being conned too.”People should be more careful. Don’t be easily fooled by the lure of prizes,” said Aryani, 56, who handed over 200,000 rupiah to fraudsters after seeing a deepfake video of a prominent Indonesian businessman.”I need money, but instead I’m asked to send money. They even made video calls with me, as if I were talking directly to them.”During the Southeast Asian country’s presidential campaign, deepfakes became a prominent tool to spread misinformation both harmful and helpful to candidates.But now that technology has fallen into the hands of criminals looking to make cold, hard cash.- Wide circulation -AFP’s fact-checkers found the account behind the Prabowo clip has posted dozens of similar videos appearing to show various high-profile figures, including Indonesian Vice President Gibran Rakabuming Raka.Those videos also promote the bogus financial aid.Police arrested a suspect who pocketed 65 million rupiah ($4,000) from the scam, Himawan Bayu Aji, director of the Indonesian National Cyber Crime Unit told reporters in February.He said officers detained a second person involved in another scam that also used deepfake technology, without disclosing the amount raised.AFP Fact Check’s investigation found the spread of such videos had a much wider reach than the two accounts that police announced.Deepfake videos of the president, a popular ex-general, were still circulating on social media after the arrests, including dozens on TikTok with the hashtag “Prabowo shares blessings”.At least 22 TikTok accounts were touting the same fraudulent scheme since Prabowo took office in October, AFP journalists found, with some appearing to take advantage of his recent rise to the presidency.One account with more than 77,000 followers racked up 7.5 million views on a fabricated video of Prabowo apparently doling out financial assistance.Another account with thousands of followers has shared 100 videos since January alone, the majority featuring deepfake videos of the president offering cash.TikTok said it had removed one of the deepfake scam videos and the associated account, adding it would continue to remove any that violated the platform’s community guidelines, which prohibit misleading posts.Facebook parent Meta did not respond to AFP’s request for comment.AFP, along with more than 100 other fact-checking organisations, is paid by TikTok and Meta to verify social media posts that potentially contain false information.- More accessible -Aribowo Sasmito, a co-founder of Indonesian fact-checking organisation Mafindo, said his team were finding new deepfake scams every week because of their prolific spread online.”We have started to see deepfake videos since last year as AI tools have become more accessible and affordable,” he told AFP.Schemes using deepfakes of prominent figures appear to be on the rise. Tech billionaire Elon Musk and Canada’s Prime Minister Justin Trudeau are among a string of celebrities targeted in recent years by sophisticated impersonations to push cash scams.Aribowo said his team of fact-checkers was working harder than ever to debunk these scams using the latest technology available to criminals.”We noticed the quality of these videos has improved over time. It has become more difficult to distinguish between fake and real videos,” he added.”The challenge is the volume of these scams.”

A simple handshake between President Xi Jinping and once-shunned entrepreneur Jack Ma sent Chinese tech stocks booming in recent weeks as it was interpreted as the latest sign the sector is being brought in from the cold — though experts advise caution.Beijing launched a regulatory blitz on the industry in 2020 that triggered a massive sell-off, wiping hundreds of billions of dollars from major tech firms’ market value.But there are increasing signals that it is adopting a friendlier attitude, as domestic economic woes persist and leaders nervously eye a heightened trade war with the United States.”Beijing cannot accomplish its national ambitions of technological independence from the United States and ultimate dominance of cutting-edge technologies without the private sector,” Shehzad Qazi, managing director of China Beige Book, told AFP.The shock release in late January of a sophisticated AI chatbot by Hangzhou-based start-up DeepSeek — which matched US rivals’ performance seemingly at a fraction of the cost — could be seen as a stark example of that.DeepSeek was praised by authorities, with its founder also present at the high-level business symposium where Xi met Ma in Beijing nearly two weeks ago. Xi’s warm greeting of the Alibaba co-founder, who had stayed out of the spotlight since making disparaging comments about the nation’s regulators in 2020, is “the latest sign of China more firmly aligning private enterprises with the (Communist) Party’s economic and national security ambitions”, said Qazi. But he warned that “Beijing isn’t interested in helping companies produce record-breaking earnings or spurring mega rallies in the stock market”. “The outlook for private enterprises is not nearly as bright as the recent market optimism would have you believe,” he said. Observers are keenly awaiting a key annual political gathering in Beijing in the coming days, in the hope it might show whether the government’s recently warmed attitude will translate into concrete actions.- Enter AI -A softening towards the tech sector has been under way since 2023, with regulators taking a more supportive stance in a bid to revive business confidence. China has struggled to meet official growth goals over the past few years as the world’s number two economy is beset by a property sector crisis and sluggish consumption.Stimulus measures unveiled last year are slowly taking effect, but a threatened trade war with US President Donald Trump’s new administration could cause further economic instability.With hurdles yet to be overcome, Beijing is now eyeing tech products — AI in particular — with renewed interest.”In theory, AI can help China break through stagnation and deflation” in addition to solving the future labour crunch caused by the country’s declining population, analysts at ANZ Research wrote in a recent note.The symposium of business leaders, they wrote, showed that adoption of AI in China now stands to be further accelerated by revamped policy support.Local authorities across the country have in recent weeks issued orders to promote the use of AI tools such as DeepSeek to assist in governance.”DeepSeek’s success in AI has revived investor hopes for broader AI adoption and increased enterprise demand in China,” said UBS in a note.The DeepSeek phenomenon has also ignited an intense race within the domestic industry to develop advanced chatbots, with Tencent’s release Thursday of its Hunyuan Turbo S model representing the newest contestant.Tencent claims the new model’s instant responses differentiate it from DeepSeek, which it said needs to “think before answering”, resulting in slight delays in generating results.- ‘Moment’s notice’ -In a move to reassure the business community, Chinese lawmakers last month advanced a draft law on the private sector that the state-backed Global Times said would “cement legal protection” for firms.But analysts say a private-sector boom will only be encouraged as long as it aligns with Beijing’s strategic objectives. During the 2010s tech giants were allowed to rapidly grow, but the Communist Party has historically been wary of runaway private-sector expansion.The recent gathering with entrepreneurs has echoes of a similar one held in 2018, when Xi told business leaders he was there to “boost (their) confidence”.Two years later Beijing launched its flurry of anti-monopoly and anti-competition charges against the firms.”Investors appear to have interpreted (the meeting with Xi and Ma) as a signal that the government’s pivot towards greater private-sector freedom, which has been underway since 2023, is set to be sustained,” wrote James Reilly, a senior economist at Capital Economics.However, he added that the “lack of checks and balances in China means that this attitude shift towards the tech sector could reverse at a moment’s notice”.

Wall Street stocks finished a downcast week on a positive note Friday on a mixed day for global equities, while bitcoin slid below $80,000 for the first time since November.US stocks, which have been under pressure in recent days, slipped into negative territory near midday following an extraordinary clash between US President Donald Trump and Ukrainian leader Volodymyr Zelensky at the White House.Following the stormy televised meeting with Trump, Zelensky left without a deal for joint development of his country’s minerals resources that was to be part of a post-war recovery in a potential US-brokered truce.But US stocks soon recovered, with major indices surging more than one percent. The late-day rally lifted the Dow into positive territory for the week while cutting losses for the S&P 500 and the Nasdaq.”It’s normal when the market is oversold for it to bounce,” said Adam Sarhan of 50 Park Investments, noting that markets were also encouraged by US inflation data released earlier Friday that did not show an uptick in pricing pressures. “Cooler heads” prevailed on trading desks after an initial sell-off following the Zelensky meeting as investors concluded there was no immediate market impact, Sarhan said.Markets are also grappling with Trump’s myriad tariff plans that are in various stages of execution.Trump this week confirmed that 25 percent tariffs on products from Mexico and Canada would be effective from March 4.He also announced another 10 percent hike on Chinese goods would go into effect next week, and warned the European Union that it could be hit with 25 percent duties.”The countdown to Trump’s tariffs coming into force is now in the final few days and investors have got the jitters,” said Russ Mould, investment director at AJ Bell.Hong Kong and mainland Chinese stock markets fell sharply Friday, with China hitting back, saying further US tariffs would “seriously impact dialogue” between the two countries on narcotics control — Trump’s stated reason to hike tariffsIn Europe, London posted a solid gain after Trump held out the prospect of a “great” trade deal with Britain after meeting with Prime Minister Keir Starmer at the White House on Thursday.Eurozone stocks struggled for most of the day due to tariff concerns, but Paris ended the day with a small gain and Frankfurt flat.Bitcoin dived below $80,000 on Friday for the first time since November.”The crypto sector is suffering a bit of a meltdown today,” said Trade Nation analyst David Morrison.He noted that another popular cryptocurrency, ethereum, had lost nearly half its value since mid-December. “According to some analysts, that represents not just a correction, but a full-blown bear market,” he added, noting that bitcoin had lost most of the gains made since Trump was elected in November.Morrison said the gains were driven by hopes of a much friendlier regulatory environment, which have now unraveled to some extent.- Key figures around 2150 GMT -New York – Dow: UP 1.4 percent at 43,840.91 (close)New York – S&P 500: UP 1.6 percent at 5,954.50 (close)New York – Nasdaq Composite: UP 1.6 percent at 18,847.28 (close)London – FTSE 100: UP 0.6 percent at 8,809.74 (close)Paris – CAC 40: UP 0.1 percent at 8,111.63 (close)Frankfurt – DAX: FLAT at 22,551.43 (close)Tokyo – Nikkei 225: DOWN 2.9 percent at 37,155.50 (close)Hong Kong – Hang Seng Index: DOWN 3.3 percent at 22,941.32 (close)Shanghai – Composite: DOWN 1.9 percent at 3,370.52 (close)Euro/dollar: DOWN at $1.0375 from $1.0398 on ThursdayPound/dollar: DOWN at $1.2578 from $1.2601Dollar/yen: UP at 150.59 from 149.81 yenEuro/pound: DOWN at 82.48 pence from 82.51 pence West Texas Intermediate: DOWN 0.8 percent at $69.76 per barrelBrent North Sea Crude: DOWN 1.2 percent at $73.18 per barrelburs-jmb/wd

Bitcoin slumped below $80,000 on Friday for the first time since November, while equities diverged following President Donald Trump’s latest volley of tariffs.Concerns about the global economy fuelled by fears of a global trade war, coupled with disappointing results this week from AI chip darling Nvidia, have led investors to exit investments seen as risky.One of the most volatile assets currently is bitcoin, which briefly dived below $80,000 on Friday for the first time since November.Its low of $78,225.84 was more than 25 percent off the levels above $109,000 touched last month as Trump entered office, and was down 20 percent in the past week alone.”The crypto sector is suffering a bit of a meltdown today,” said Trade Nation analyst David Morrison.He noted that another popular cryptocurrency, ethereum, had lost nearly half its value since mid-December. “According to some analysts, that represents not just a correction, but a full-blown bear market,” he added, noting that bitcoin had lost most of the gains made since Trump was elected in November.Morrison said the gains were driven by hopes of a much friendlier regulatory environment, which have now unravelled to some extent.City Index and FOREX analyst Fawad Razaqzada said the broad tech-sector weakness and tariff threats were also putting downward pressure but that $80,000 was a key resistance level. “A decisive break below $80K would bring into focus the long-term support area” of around $70,000 he said.After a relatively upbeat month on equity markets, Trump dealt a fresh blow this week by confirming that 25 percent tariffs on products from Mexico and Canada would be effective from March 4.He also announced another 10 percent hike on Chinese goods would go into effect next week, and warned the European Union that it could be hit with 25 percent duties.”The countdown to Trump’s tariffs coming into force is now in the final few days and investors have got the jitters,” said Russ Mould, investment director at AJ Bell.Hong Kong and mainland Chinese stock markets fell sharply Friday, with China hitting back saying further US tariffs would “seriously impact dialogue” between the two countries on narcotics control, Trump’s stated reason to hike tariffs.”Tariffs are back in the crosshairs, and a market that had reduced its sensitivity to recent tariff headlines has had to reconsider that reaction function,” said Chris Weston, head of research at the broker Pepperstone.In Europe, London posted a solid gain after Trump held out the prospect of a “great” trade deal with Britain after meeting with Prime Minister Keir Starmer at the White House on Thursday.Eurozone stocks struggled for most of the day due to tariff concerns, but Paris ended the day with a small gain and Frankfurt flat, as Trump received Ukrainian President Volodymyr Zelensky at the White House.Wall Street stocks rose after the US Federal Reserve’s preferred inflation measure cooled slightly, dipping to 2.5 percent in the 12 months to January.eToro US investment analyst Bret Kenwell said the reading “takes some of the recent inflation worries off the table” and “may help spark a relief rally in stocks”.Stocks have struggled in recent weeks, many analysts warning that Trump’s plans to slash taxes, regulations and immigration will reignite inflation.A number of weak economic readings have also stoked concerns that the US economy is slowing down. – Key figures around 1630 GMT -New York – Dow: UP 0.3 percent at 43,352.92 pointsNew York – S&P 500: UP 0.2 percent at 5,872.39New York – Nasdaq Composite: UP 0.2 percent at 18,571.74London – FTSE 100: UP 0.6 percent at 8,809.74 (close)Paris – CAC 40: UP 0.1 percent at 8,111.63 (close)Frankfurt – DAX: FLAT at 22,551.43 (close)Tokyo – Nikkei 225: DOWN 2.9 percent at 37,155.50 (close)Hong Kong – Hang Seng Index: DOWN 3.3 percent at 22,941.32 (close)Shanghai – Composite: DOWN 1.9 percent at 3,370.52 (close)Euro/dollar: UP at $1.0400 from $1.0398 on ThursdayPound/dollar: DOWN at $1.2584 from $1.2600Dollar/yen: UP at 150.31 from 149.79 yenEuro/pound: UP at 82.65 pence from 82.52 pence West Texas Intermediate: DOWN 1.0 percent at $69.66 per barrelBrent North Sea Crude: DOWN 1.1 percent at $72.74 per barrelburs-rl/jj

India will finalise a “mutually beneficial” free trade deal with the European Union by the end of this year, Prime Minister Narendra Modi said Friday after meeting with EU chief Ursula von der Leyen.”We have asked our teams to work out a mutually beneficial bilateral free trade agreement by the end of this year,” Modi said in New Delhi.Von der Leyen, who is on a two-day visit to India with her college of commissioners, is seeking to hedge against her bloc’s souring relations with the United States and said they were “expecting a lot from our trade negotiators”.Deeper access to India’s rapidly expanding market was at the top of the delegation’s agenda, and the EU chief looked visibly pleased after her meeting with Modi and his ministers.The EU is already India’s largest trading partner, accounting for 124 billion euros ($130 billion) worth of trade in goods in 2023 — more than 12 percent of total Indian trade, according to Brussels.The Indian market offers many opportunities for sectors ranging from defence to agriculture, cars and clean energy. Yet, protected by high tariffs, it currently accounts for only 2.2 percent of EU trade in goods.”We have tasked our teams to build on this momentum and finalise our FTA before the end of the year,” von der Leyen said in a statement after the meeting.Standing beside Modi, the EU chief added: “We told them they should surprise us”. The bloc is pushing for a trade deal that lowers entry barriers for its cars, spirits, wines and other products.India meanwhile hopes for higher EU investments in areas such as clean energy, urban infrastructure and water management.New Delhi is also pushing for easier mobility for its skilled workforce and higher investments for ventures in India.Von der Leyen’s visit, billed as the first of its kind to the world’s fifth-largest economy, comes days after US President Donald Trump announced a slew of tariffs against both friends and foes.- ‘Blueprint’ for the future -The EU also hopes to find common ground with India on their shared concerns over China’s growing influence in the Asia-Pacific, building resilient supply chains, and the governance of new technologies including artificial intelligence.”I can announce that we are exploring a future Security and Defence Partnership with India in the mould of the partnerships we have with Japan and South Korea,” von der Leyen said on Friday before meeting Modi. “This will help us step up our work to counter common threats, whether on cross-border terrorism, maritime security threats, cyber-attacks or the new phenomenon we see: attacks on our critical infrastructure.”New Delhi hopes to gain from coordinated efforts towards building resilient supply chains by wooing businesses looking to move out of China with tax breaks, simplified investment laws, better infrastructure and access to its massive domestic market.Creating enough jobs for millions of workers in the world’s most populous country is one of the biggest challenges for Modi’s government.A joint statement late Friday said that the two leaders also discussed international issues, such as the conflict in the Middle-East and the war in Ukraine.”They expressed support for a just and lasting peace in Ukraine based on respect for international law, principles of the UN charter and territorial integrity and sovereignty,” it said. India has resisted Western pressure to distance itself from Moscow, its traditional supplier of military hardware, following Russia’s invasion of Ukraine.Indian officials said that the two sides discussed expanding defence exchanges, naval exercises, and cooperating on Indian efforts to diversify and localise its military hardware manufacturing.Their joint statement added that they’d also “further deepen” engagement on semiconductor ecosystems, trusted telecommunications, high-performance computing, recycling of batteries for electric vehicles and marine plastic litter.India and the EU “have a shared view on peace, security, stability and prosperity” of the Asia-Pacific region, Modi said after the meeting.This visit “is unprecedented… and we have taken many important decisions on trade, technology, innovation, green growth, security, skilling, and mobility — a blueprint (for future) has been prepared,” he added. 

Asian stock markets slumped and Europe mostly retreated Friday after President Donald Trump’s latest volley of tariffs, though London edged higher amid hopes of a US-UK trade deal.Concerns about the global economy fuelled by fears of a global trade war, coupled with disappointing results this week from AI chip darling Nvidia, have caused an exit from investments seen as risky.One of the most volatile assets currently is bitcoin, which dived below $80,000 on Friday for the first time since November. Its low of $78,225.84 was more than 25 percent off the levels above $109,000 touched last month as Trump entered office.”The countdown to Trump’s tariffs coming into force is now in the final few days and investors have got the jitters,” said Russ Mould, investment director at AJ Bell.After a relatively upbeat month on markets, Trump dealt a fresh blow this week by confirming that 25 percent tariffs on products from Mexico and Canada would be effective from March 4.He also warned the European Union that it could be hit with 25 percent duties.But Trump has held out the prospect of a “great” trade deal with London that could see Britain avoid tariffs.”We’re going to have a great trade agreement, one way or the other,” Trump said at a press conference Thursday with British Prime Minister Keir Starmer at the White House, adding that a new deal could come together “rather quickly”. That contrasted with China, which hit back Friday at a warning of further US measures against its goods, saying they would “seriously impact dialogue” between the two countries on narcotics control.”Tariffs are back in the crosshairs, and a market that had reduced its sensitivity to recent tariff headlines has had to reconsider that reaction function,” said Chris Weston, head of research at the broker Pepperstone.China’s leadership is due to meet next week to map out plans for the economy this year, with Trump high on the agenda along with how to kickstart consumer activity and support the crucial property sector.President Xi Jinping said Friday that the economy faced “numerous difficulties” in an article to be published ahead of the meeting.On trading floors, the tech sector led losses ahead of the weekend pause.Among the worst hit were chip firms, with Samsung and SK hynix dropping in Seoul, Advantest tanking almost nine percent in Tokyo, and Tokyo Electron shedding more than four percent. Japanese tech investor SoftBank was also sharply lower.The losses followed a painful day on Wall Street, where the Nasdaq dived more than three percent as US tech firms led by the so-called Magnificent 7 continued to suffer a pull-back.That followed a long-running rally fuelled by investors’ voracious appetite for all things linked to artificial intelligence.A number of weak economic readings have also stoked concerns that the US economy is slowing down, with many analysts warning that Trump’s plans to slash taxes, regulations and immigration will reignite inflation.- Key figures around 1040 GMT -London – FTSE 100: UP 0.2 percent at 8,771.09 pointsParis – CAC 40: DOWN 0.3 percent at 8,078.03Frankfurt – DAX: DOWN 0.2 percent at 22,504.42 Tokyo – Nikkei 225: DOWN 2.9 percent at 37,155.50 (close)Hong Kong – Hang Seng Index: DOWN 3.3 percent at 22,941.32 (close)Shanghai – Composite: DOWN 1.9 percent at 3,370.52 (close)New York – Dow: DOWN 0.5 percent at 43,239.50 (close)Euro/dollar: UP at $1.0403 from $1.0398 on ThursdayPound/dollar: UP at $1.2602 from $1.2600Dollar/yen: UP at 150.30 from 149.79 yenEuro/pound: UP at 82.54 pence from 82.52 pence West Texas Intermediate: DOWN 1.1 percent at $69.59 per barrelBrent North Sea Crude: DOWN 1.1 percent at $73.23 per barrel

China missed a key climate target in 2024 and emissions in the world’s second-largest economy rose slightly as coal remained dominant despite record renewable additions, official data showed Friday.The figures mean the world’s biggest emitter is off-track on a key commitment under the Paris climate agreement, analysts said.Beijing’s National Bureau of Statistics (NBS) said carbon intensity, which measures emissions of planet-warming carbon dioxide per unit of GDP, fell 3.4 percent in 2024 — short of an official target of 3.9.That also put the country well behind on its goal for an 18-percent reduction from 2020 to 2025.The data showed carbon emissions rose slightly from last year, though far short of previous jumps, as experts speculate about whether China may have reached peak emissions ahead of a 2030 target.Still, the data showed it will be “extremely hard” for China to meet a pledge to reduce carbon intensity by 65 percent of 2005 levels by 2030, said Lauri Myllyvirta, lead analyst at the Centre for Research on Energy and Clean Air.”Even with optimistic assumptions for 2025, carbon dioxide intensity must fall by 22 percent in (the period) 2026-2030 to meet China’s key Paris target”, Myllyvirta said.”This is a key test of China’s commitment to its pledges under the agreement.”- Coal to decline -Despite being the largest emitter of the greenhouse gases that drive climate change, China is also a renewable energy powerhouse.It plans to peak carbon emissions by 2030 and reach net zero by 2060, and some analysts have speculated that slowing growth and rapid renewable installations mean emissions have already levelled off.Determining an emissions peak is likely to require several more years of data and will only be possible retrospectively.”Regardless of whether it’s a peak or a plateau, I don’t see the structural conditions in place for meaningful (emissions) decline between now and the official peak (target) in 2030″, analyst David Fishman told AFP.Before large amounts of planned nuclear and hydro power come online around 2030, coal will continue to grow, albeit slowly, Fishman, senior manager at the Lantau Group, said.For now, growth in China’s carbon-hungry industrial sector is holding back progress towards its climate goals, said Muyi Yang, senior energy analyst for Asia at think tank Ember.”Rapid industrial growth has driven energy demand to increase at a pace that outstrips the buildup of clean energy infrastructure”, he told AFP.Reforms like increasing flexibility in the energy market and adding clean energy infrastructure are needed to ensure industrial output growth “doesn’t come at the expense of a sustainable energy future”, he added.Total energy consumption was up 4.3 percent over that of 2023, the NBS report said.Coal, a major source of carbon emissions, provided over half the country’s energy, though renewables also saw a sharp jump last year.”China is fast approaching the stage where all incremental electricity demand will be satisfied by renewable sources”, analyst Yang said.Once that threshold is crossed and new demand is covered by solar and other renewables, “coal power will start declining in absolute terms.”  Beijing is due to announce details of its 15th Five-Year Plan — for 2026 to 2030 –- later this year, likely including updated emissions and energy goals.In February, it was also due to submit new emissions targets, known as Nationally Determined Contributions (NDCs), under the Paris Agreement. The submission is meant to update its goals and detail plans through 2035.Like many countries, it missed that deadline, though UN officials have said they expect most NDCs to be submitted this year.

Asian and European markets tumbled on Friday as US President Donald Trump’s volley of tariffs sparked fresh fears about a global trade war that could hammer struggling economies.Disappointing earnings from chip darling Nvidia added to the sense of unease on trading floors, with investors questioning their positions after China’s DeepSeek upended a blockbuster rally in the US tech sector.Economists are increasingly concerned for the world outlook owing to Trump’s insistence on hammering partners blamed for unfair practices, drug trafficking and immigration issues — and warning of levies on key sectors including auto, semiconductors and commodities.That has sent shivers through major exporter countries from the Americas to Europe to East Asia.After a relatively upbeat month on markets, Trump dealt a fresh blow this week, confirming that 25 percent tariffs on Mexico and Canada would go into effect on March 4.He had also warned the European Union that it could be hit with 25 percent duties.China hit back at a warning of further measures against its goods, saying Friday such a move would “seriously impact dialogue” between the two countries on narcotics control and accused Washington of “blackmail”.”Tariffs are back in the crosshairs, and a market that had reduced its sensitivity to recent tariff headlines has had to reconsider that reaction function,” said Chris Weston, of Pepperstone Group.China’s leadership is due to meet next week to map out their plans for the economy this year, with Trump high on the agenda, along with how to kickstart consumer activity and support the crucial property sector.President Xi Jinping said Friday that the economy faced “numerous difficulties” in an article set to be published this week ahead of the meeting.Asian markets ended a volatile week on a painful note.Seoul tanked more than three percent and Tokyo lost 2.9 percent, while Shanghai, Manila and Jakarta were at least two percent lower.Sydney, Mumbai and Bangkok dropped more than one percent, with Singapore also lower.Among the worst-hit were chip firms, with Samsung and SK hynix well down in Seoul, Advantest tanking almost nine percent in Tokyo, and Tokyo Electron shedding more than four percent. Japanese tech investor SoftBank was also sharply lower.Among auto firms, Toyota, Nissan and Suzuki all fell deep into the red in Tokyo.Hong Kong was off more than three percent, with high-flying tech firms also weighed by profit-taking at the end of a blockbuster February that has helped the Hang Seng Index to a three-year high.London, Paris and Frankfurt all opened in the red.Market uncertainty also dealt a blow to the crypto sphere, with bitcoin diving below $80,000 for the first time since November. Its low of $78,956 was more than 25 percent off the levels above $109,000 touched last month.The losses followed a painful day on Wall Street, where the Nasdaq dived more than three percent as US tech firms — led by the so-called Magnificent 7 — continue to suffer a pull-back following a long-running rally that was fuelled by investors’ voracious appetite for all things linked to AI.A number of weak economic readings have recently started to stoke concerns that the world’s top economy is slowing down, and analysts warn that Trump’s plans to slash taxes, regulations and immigration will reignite inflation.”A macro storm is brewing as a barrage of high-stakes economic data collides with escalating trade tensions, putting markets on edge as February draws to a chaotic close,” said Stephen Innes at SPI Asset Management.”The AI darlings that led Wall Street’s charge over the past two years are suddenly looking vulnerable, with macro headwinds shifting sentiment from ‘unstoppable’ to deeply ‘unsettled’,” he added.”Nvidia’s post-earnings sell-off was a canary in the coal mine, signalling that even top-tier growth names are struggling to find footing in this environment.”And Saxo markets’ Charu Chanana said: “While the Magnificent 7 have dominated US markets, China’s tech landscape offers compelling alternatives, particularly as Beijing increases support for the sector. “With regulatory pressures easing and AI, cloud computing, and semiconductors driving growth, investors are looking at China’s version of big tech and beyond.”- Key figures around 0815 GMT -Tokyo – Nikkei 225: DOWN 2.9 percent at 37,155.50 (close)Hong Kong – Hang Seng Index: DOWN 3.3 percent at 22,941.32 (close)Shanghai – Composite: DOWN 1.9 percent at 3,370.52 (close)London – FTSE 100: DOWN 0.3 percent at 8,728.25Euro/dollar: DOWN at $1.0390 from $1.0398 on ThursdayPound/dollar: DOWN at $1.2584 from $1.2600Dollar/yen: UP at 150.35 from 149.79 yenEuro/pound: UP at 82.57 pence from 82.52 pence West Texas Intermediate: DOWN 1.0 percent at $69.64 per barrelBrent North Sea Crude: DOWN 1.0 percent at $73.32 per barrelNew York – Dow: DOWN 0.5 percent at 43,239.50 (close)

Patterned poop bags, frilly dog dresses and exotic animals including minks and meerkats were on display at a bustling pet expo in Beijing, where the industry continues to thrive despite a sluggish economy.China is battling slowing growth as a real-estate crisis, persistently low consumption and high youth unemployment plague the world’s second-biggest economy.Yet the pet industry is one sector that has defied the downturn.This week, throngs of pet lovers packed into large exhibition halls in Beijing’s suburbs, eager to shop for new furry companions and accessories ranging from pearl necklaces for cats to raincoats for dogs. The expo runs until Sunday and has attracted thousands of pet lovers and businesses from all around China. In one section of the fair, vendors showcased an array of exotic pets, including crabs and lizards — drawing in curious visitors.Animal rights groups have raised concerns about the exotic pet trade, often linked to poor welfare standards. The pandemic also sparked fears that animals may be carriers of diseases including Covid-19, which was widely believed to have originated in bats.But exotic pets remain popular in China, particularly among young people, with videos on how to raise them widely shared on local social media platforms.At one booth, shop owner Zhao Tingting displayed colourful beds and transparent handbags, accessories specially designed to carry sugar gliders — a small, nocturnal possum she sells alongside other animals like meerkats.A small crowd gathered around as a sugar glider nestled itself inside a worker’s hoodie, occasionally sticking its head out to peep at the mesmerised onlookers.Zhao cradled a meerkat dressed in a warm shirt in her arms. “Many people, as soon as they see this, feel that it’s soft, cuddly and extremely cute,” she told AFP.”It can melt your heart. There are really a lot of people who want one now,” the 35-year-old said, adding that demand for these exotic pets has grown in recent years.”Our customers start with one, then it becomes two, then three, and some even end up having more than ten or even 20.”-‘Flourishing sector’ – In 2022, China’s pet market reached a revenue of around 493.6 billion yuan ($67.8 billion) and it is expected to double this year, according to a report by research group Daxue Consulting.”The Chinese pet market represents a flourishing sector in the country’s economy,” the report said. By 2030, China’s pet population will be well on its way to doubling that of its young children, according to US investment bank Goldman Sachs.Wandering down aisles lined with transparent enclosures, cat-lover Guo inspected a variety of felines, from hairless Sphynx cats to fluffy Maine Coons.The 50-year-old had flown from the eastern province of Fujian specially for the event, and was on the lookout for a new whiskered friend, specifically a Silver Shaded British Shorthair.”We already have two at home…they are relatively affordable and not too expensive,” Guo told AFP after completing his rounds.While the broader economy “isn’t great at the moment”, people are willing to spend on the things they love, including pets, said Guo, who works in the agri-livestock industry.”You can take a look at the exhibition today — it’s absolutely packed with people.””Having a cat can provide some comfort and emotional support…and can help alleviate people’s negative emotions,” he said.Cat seller Dong has also seen customer numbers rise in recent years.”A few years ago, there seemed to be some resistance when it came to pets but now people are more open-minded,” Dong told AFP, gently stroking a British Longhair while dangling a toy wand in front of it.Some parents who may be reluctant to have more children may opt to get a pet for their child to keep them company, Dong said.And many Chinese people have a “natural love” for animals, she added. “When they see these incredibly cute, fluffy animals, it brings them joy and happiness.”