Global Edition

Crude tumbles, stocks rally on hopes for Iran war de-escalation

  • - Economic impact - Meanwhile, Tehran, in a message circulated by the International Maritime Organization, assured safe passage through the strait to "non-hostile vessels".
  • Oil prices tumbled and stocks rose Wednesday on hopes for a de-escalation of the Middle East war after reports said Washington had sent a peace plan to Iran, while Tehran announced it will let "non-hostile" oil vessels through the crucial Strait of Hormuz.
  • - Economic impact - Meanwhile, Tehran, in a message circulated by the International Maritime Organization, assured safe passage through the strait to "non-hostile vessels".
Oil prices tumbled and stocks rose Wednesday on hopes for a de-escalation of the Middle East war after reports said Washington had sent a peace plan to Iran, while Tehran announced it will let "non-hostile" oil vessels through the crucial Strait of Hormuz.
After nearly four weeks of conflict, investors jumped on the first signs that hostilities could wind down, though analysts pointed out that the arrival of more US troops in the region suggested the chance of escalation remained.
The economic impact of the crisis has begun to bite around the world, with governments looking to cut energy consumption and airlines scaling back flights.
Both main crude contracts plunged more than six percent -- with Brent back below $100 -- after US President Donald Trump voiced optimism at ending the war and said officials were "in negotiations right now". Iran has not confirmed any formal talks.
"They did something yesterday that was amazing actually. They gave us a present and the present arrived today. And it was a very big present worth a tremendous amount of money," Trump told reporters in the Oval Office.
"That meant one thing to me -- we're dealing with the right people."
He did not explain further but said it related to the Strait of Hormuz, through which a fifth of global oil and gas flows and which Iran has largely blockaded, sending global energy prices soaring and fuelling fears of another surge in inflation.
Trump said it "all starts with, they cannot have a nuclear weapon".
The New York Times quoted unnamed officials saying the 15-point peace proposal from US officials was sent through Pakistan.
Israel's Channel 12 said that Trump was suggesting a one-month ceasefire during which they would discuss handing over Iran's enriched uranium and banning further enrichment, while Tehran would also ensure safe passage through the Strait of Hormuz.
The Israeli report also said Iran would see an end to all sanctions and receive assistance in developing civil nuclear energy.

Economic impact

Meanwhile, Tehran, in a message circulated by the International Maritime Organization, assured safe passage through the strait to "non-hostile vessels".
Iran had already said it was not targeting friendly nations.
The news comes after Trump on Saturday gave Iran 48 hours to open Hormuz or he would strike the country's energy infrastructure, before making a surprise U-turn Monday, citing "very good" talks.
Equity traders pounced on the developments, with Tokyo and Seoul spiking more than three percent at one point, while Hong Kong, Sydney, Shanghai, Singapore, Wellington and Taipei also rallied.
However, violence continued, with an Iranian missile wounding people in Israel, which in turn pressed on multiple fronts and vowed to seize control of a strip of southern Lebanon.
"Markets have tentatively repriced towards a slightly higher probability of de-escalation, but conviction remains low," said Pepperstone's Chris Weston.
However, he added that "developments on the ground do not fully support a de-escalation narrative".
"Reports that the 82nd Airborne Division could deploy around 3,000 troops to the Middle East, alongside discussions around raising the US enlistment age from 34 to 42, point to continued preparation and an increased presence in the region, which in Trump's thinking could increase the pressure on Iran to forge an agreement in the reported upcoming talks."
The economic impact is becoming increasingly clearer. 
Data Tuesday showed business activity in the eurozone slowed significantly in March as energy prices surged and global supply chains were hit, while France's INSEE statistics agency trimmed its growth forecast for the first and second quarters of this year.
Philippine President Ferdinand Marcos declared a state of "national energy emergency", citing risks to domestic supplies, and Sri Lanka ordered street lights, neon signs and billboard lighting to be switched off.
Bangladesh raised jet fuel prices 79 percent and Ireland slashed the excise duty on petrol and diesel to stem surging prices at filling stations.
And major airlines Lufthansa, Cathay Pacific and Air France extended flight suspensions to destinations across the Middle East. 

Key figures at around 0210 GMT

West Texas Intermediate: DOWN 5.2 percent at $87.52 a barrel
Brent North Sea Crude: DOWN 6.3 percent at $97.90 a barrel
Tokyo - Nikkei 225: UP 2.7 percent at 53,664.86 
Hong Kong - Hang Seng Index: UP 1.0 percent at 25,321.32 
Shanghai - Composite: UP 0.9 percent at 3,916.28
Euro/dollar: UP at $1.1611 from $1.1583 on Tuesday
Pound/dollar: UP at $1.3414 from $1.3381
Dollar/yen: DOWN at 158.70 yen from 159.03 yen
Euro/pound: DOWN at 86.55 pence from 86.57 pence
New York - Dow: DOWN 0.2 percent at 46,124.06 (close)
London - FTSE 100: UP 0.7 percent at 9,965.16 (close)
dan/fox

music

BTS concert drew 18.4 million viewers, says Netflix

  • Netflix said its livestream of the show on Saturday "drew 18.4 million global viewers... proving the group's influence has only intensified during their time apart".
  • The comeback concert by K-pop megastars BTS drew an estimated 18.4 million viewers worldwide, streaming giant Netflix said Wednesday.
  • Netflix said its livestream of the show on Saturday "drew 18.4 million global viewers... proving the group's influence has only intensified during their time apart".
The comeback concert by K-pop megastars BTS drew an estimated 18.4 million viewers worldwide, streaming giant Netflix said Wednesday.
The seven-member group took to the stage together for the first time at the weekend following a years-long hiatus prompted by mandatory military service, and a day after releasing their latest studio album, "ARIRANG".
The comeback concert was held against the backdrop of the historic Gyeongbokgung Palace -- fitting for the "Kings of K-pop".
Netflix said its livestream of the show on Saturday "drew 18.4 million global viewers... proving the group's influence has only intensified during their time apart".
The live broadcast from Seoul's Gwanghwamun Square reached Netflix's weekly Top 10 in 80 countries and secured the number one spot in 24 countries, it said.
The event marked Netflix's first live event in South Korea, as well as its first instance of live-streaming a music performance on a global scale.
Netflix added that its estimates were derived from so-called first-party data.
During the performance, they sang "Body to Body," a track from the new album that incorporates a choral sample of the traditional Korean folk song Arirang, after which the album is named.
The folk song, about longing and separation, is often dubbed South Korea's unofficial national anthem.
Fans waved a sea of glowsticks and sang along to the group's hits, holding their phones aloft to film the performance as giant screens set up across the venue allowed the crowd to watch.
It drew more than 100,000 fans to central Seoul, according to the group's label.
The figure includes ticket holders and factors in data from the three major telecom carriers, budget mobile users and foreign visitors. 
According to the Seoul metropolitan government's crowd-tracking system, an estimated 40,000 to 50,000 people were in the area that night, a city official said.
Local reports said the figures vary as Seoul's crowd-tracking system relies largely on mobile base station connections and does not capture signals from foreign visitors.
The group's label, citing streaming platform Spotify, said "SWIM," the title track of its latest album, topped the Daily Top Songs Global chart for three straight days from March 20 to 22, while "Body to Body" held at No. 2 over the same period.
Around 15,000 police officers and security personnel were mobilised for the concert, with barricades lining the roads and nearby venues shut.
The latest album, "ARIRANG", released Friday, is billed as reflecting the maturing boy band's Korean identity. 
It sold nearly four million copies on its first day, according to the label.
Following Saturday's concert, the superstars will embark on their "ARIRANG" world tour, beginning April 9 in Goyang, South Korea.
The 2026–27 tour spans 82 concerts across 34 cities in Asia, North America, Europe and Latin America. 
Tickets for shows in South Korea, North America and Europe sold out within hours.
cdl/fox

US

War in the Middle East: latest developments

  • - Iran security chief - Iran named a former Revolutionary Guards commander, Mohammad Bagher Zolghadr, as head of Iran's Supreme National Security Council, succeeding Ali Larijani, who was killed last week in an Israeli strike. burs-ami/ceg
  • Here are the latest developments in the Middle East war: - Guards target US bases - Iran's Revolutionary Guards said they had fired missiles and drones at military bases hosting US forces in Kuwait, Jordan and Bahrain, as well as targets in Israel, according to a statement carried by Iranian state broadcaster IRIB. - Oil prices drop - Brent crude oil, the global market benchmark, was down 6.3 percent at $97.90 per barrel at around 0200 GMT.  Benchmark US oil contract, West Texas Intermediate, was down 5.2 percent at $87.52.
  • - Iran security chief - Iran named a former Revolutionary Guards commander, Mohammad Bagher Zolghadr, as head of Iran's Supreme National Security Council, succeeding Ali Larijani, who was killed last week in an Israeli strike. burs-ami/ceg
Here are the latest developments in the Middle East war:

Guards target US bases

Iran's Revolutionary Guards said they had fired missiles and drones at military bases hosting US forces in Kuwait, Jordan and Bahrain, as well as targets in Israel, according to a statement carried by Iranian state broadcaster IRIB.

Oil prices drop

Brent crude oil, the global market benchmark, was down 6.3 percent at $97.90 per barrel at around 0200 GMT. 
Benchmark US oil contract, West Texas Intermediate, was down 5.2 percent at $87.52.

Fire at Kuwait airport

Drones hit a fuel tank and sparked a fire at Kuwait International Airport, the Gulf state's civil aviation authority said, reporting no casualties.

Deadly strikes on Lebanon

Lebanese state media reported that Israeli strikes killed at least six people in a town and a Palestinian refugee camp in the southern Sidon area, and three more in another town.
There was no immediate comment from the Israeli military, which earlier warned of an imminent attack on Beirut's southern suburbs, a Hezbollah stronghold that has been targeted multiple times during the war.

Strait of Hormuz transit

Iran has said "non-hostile vessels" can transit the Strait of Hormuz, according to a statement released to the International Maritime Organization.

Missiles target Israel

Israel's military said air defences responded to missiles launched from Iran, with blasts heard late Tuesday in Jerusalem and over the city of Jericho in the occupied West Bank.

Iraq summons US, Iran diplomats after deadly strikes

Iraq said it would summon the US charge d'affaires and the Iranian ambassador after deadly strikes blamed on their countries, as Baghdad granted targeted former paramilitary groups the "right to respond".

Iran says strike hit Bushehr nuclear plant

The UN nuclear watchdog said Iran had informed it that "another projectile hit the premises" of the Bushehr nuclear power plant on Tuesday, without damaging it.

Trump says Iran gave US 'gift'

US President Donald Trump said he was upbeat about a negotiated deal with Iran after its surviving leadership gave him a "very big present" related to the Strait of Hormuz, "worth a tremendous amount of money".
He earlier said negotiations to end the Middle East war were under way "right now," adding that Tehran wants to make a deal "so badly".

US to deploy 82nd Airborne: media

The United States is planning to send some 3,000 soldiers from its elite 82nd Airborne Division to the Middle East to support operations against Iran, US media reported.

Hezbollah backs Iran diplomat

Hezbollah called Lebanon's decision to expel the newly appointed Iranian ambassador a "national and strategic sin", and demanded authorities "immediately reverse" the move. 

China, France encourage talks

China's top diplomat Wang Yi told his Iranian counterpart Abbas Araghchi in a phone call that "talking is always better than to keep fighting," after Tehran denied Trump's claim that negotiations had taken place.
Separately, French President Emmanuel Macron called on Iran to "engage in good faith" in talks to end the war, after a call with his Iranian counterpart, Masoud Pezeshkian.

Islamabad talks offer

Pakistani Prime Minister Shehbaz Sharif said Islamabad is prepared to host negotiations to stop the US-Israeli war with Iran, after mounting speculation it could act as a mediator.
- Iran arrests - 
Iranian authorities said that 466 people have been arrested, accused of seeking to destabilise the country through their online activity. 

Iran security chief

Iran named a former Revolutionary Guards commander, Mohammad Bagher Zolghadr, as head of Iran's Supreme National Security Council, succeeding Ali Larijani, who was killed last week in an Israeli strike.
burs-ami/ceg

US

Middle East war: global economic fallout

  • - Economic activity slows  - Business activity in the eurozone and the United States slowed in March as war in the Middle East drove energy prices higher and disrupted global supply chains, surveys showed. 
  • Here are the latest economic events in the Middle East war: - Vietnam diesel prices surge - The price of diesel in Vietnam has more than doubled since the start of the Middle East war, according to figures released by the country's trade ministry.
  • - Economic activity slows  - Business activity in the eurozone and the United States slowed in March as war in the Middle East drove energy prices higher and disrupted global supply chains, surveys showed. 
Here are the latest economic events in the Middle East war:

Vietnam diesel prices surge

The price of diesel in Vietnam has more than doubled since the start of the Middle East war, according to figures released by the country's trade ministry.
Vietnam has recently asked for fuel support from several countries, including Qatar, Kuwait, Algeria and Japan, and on Monday signed a deal with Russia on oil and gas production in both countries.

Oil drops on hope of de-escalation

Crude oil prices tumbled in early Wednesday trading on hopes of de-escalation after US President Donald Trump voiced optimism about ending the nearly month-old war.
After rising in Europe and the United States on Tuesday, Brent crude was down 6.3 percent at $97.90 a barrel, and the contract, West Texas Intermediate, was down 5.2 percent at $87.52.
The closure of the Strait of Hormuz in the Gulf has roiled energy and financial markets, with oil prices up around 40 percent since the start of the fighting.

'Non-hostile vessels' in Hormuz?

Iran has said "non-hostile vessels" can transit the Strait of Hormuz if they meet safety and security regulations in coordination with the relevant authorities, the International Maritime Organization (IMO) said Tuesday.
In a statement, Iran insisted that "vessels, equipment and any assets belonging to the aggressor parties -- namely the United States and the Israeli regime -- as well as other participants in the aggression do not qualify for innocent or non-hostile passage".

Suspect betting

Thousands of oil contracts -- a far higher volume than normal -- were traded 15 minutes before Trump pledged to halt strikes on Iranian energy infrastructure, sending prices tumbling, data showed Tuesday.
Bloomberg estimated the value of oil contracts that changed hands between 1049 and 1050 GMT was $650 million, with people who bet on prices dropping ahead of Trump's announcement potentially pocketing millions. 
No evidence of insider trading has so far been established.

Strike near Iran nuclear plant

The UN nuclear watchdog said Iran informed it that "another projectile hit the premises" of the Bushehr nuclear power plant on Tuesday, without damaging the plant itself.
"IAEA Director General Rafael Grossi reiterates call for maximum restraint to avoid nuclear safety risks during conflict," the International Atomic Energy Agency (IAEA) said.

Philippines declares 'energy emergency'

Philippine President Ferdinand Marcos declared a state of "national energy emergency", citing risks to the domestic fuel supply. 
The state of emergency was declared hours after the country's energy secretary said the Philippines planned to boost the output of its coal-fired power plants to keep electricity costs down as the war wreaks havoc with gas shipments.

Sri Lanka switches off lights

Sri Lanka ordered street lights, neon signs and billboard lighting to be switched off as part of measures to cut energy consumption by 25 percent and tackle supply shortages.
Government spokesman Nalinda Jayatissa said all state institutions had been asked to reduce the use of air conditioning.
Sri Lanka has already raised fuel prices by a third, and last week, President Anura Kumara Dissanayake urged electric car owners to avoid overnight charging.

Economic activity slows  

Business activity in the eurozone and the United States slowed in March as war in the Middle East drove energy prices higher and disrupted global supply chains, surveys showed. 
The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global fell to 50.5 from 51.9 in February. A reading above 50 indicates growth, while a figure below 50 shows contraction.
"The flash Eurozone PMI is ringing stagflation alarm bells as the war in the Middle East drives prices sharply higher while stifling growth," said Chris Williamson, chief business economist at S&P Global Market Intelligence.
Meanwhile the initial reading for the S&P composite US PMI dipped to an 11-month low of 51.4 points in March from 51.9 points in February.

France cuts growth outlook

France's INSEE statistics agency trimmed its growth forecast for the first and second quarters of this year to 0.2 percent as the country's economy is "struck by global turmoil".

Bangladesh hikes jet fuel costs

Bangladesh raised jet fuel prices by 79 percent as costs surge in the wake of the war.
The order by the Bangladesh Energy Regulatory Commission, the second this month, means jet fuel prices have surged by 111 percent since the start of the war.

Ireland cuts fuel taxes

Ireland slashed the excise duty on petrol and diesel in a bid to stem surging prices at filling stations.
Excise duty on diesel will fall by 20 euro cents a litre and by 15 cents a litre on petrol until the end of May, said Irish prime minister Micheal Martin.
burs-rl-bys/js/md/ceg

US

Top WTO official sounds fertiliser warning over Middle East war

BY AGNèS PEDRERO

  • "But with the risks linked to the war in the Middle East, there is once again a risk of falling off track," Paugam warned. apo/ag/pdw/giv/lb
  • Disruptions to fertiliser supplies caused by the Middle East war pose a double threat to global food security through scarcity and high prices, a top World Trade Organization official has warned.
  • "But with the risks linked to the war in the Middle East, there is once again a risk of falling off track," Paugam warned. apo/ag/pdw/giv/lb
Disruptions to fertiliser supplies caused by the Middle East war pose a double threat to global food security through scarcity and high prices, a top World Trade Organization official has warned.
Iran has virtually shut the Strait of Hormuz, choking a vital transit route for oil and gas -- as well as fertilisers.
A third of the world's fertilisers normally transit the strait, and the disruption has prompted multiple warnings about the impact on food production.
"Fertilisers are the number one issue of concern today. If there is no more fertiliser, there is an impact on quantities but also on prices," WTO Deputy Director-General Jean-Marie Paugam told AFP in an interview in Yaounde.
"The effect compounds the following year: harvests shrink and prices rise." 
The Gulf's ample supplies of natural gas, a key ingredient in artificial fertilisers, have made the region a major manufacturer.
But production has been severely impeded by the war, with some major facilities forced to shut down.
Major food exporters such as India, Thailand and Brazil depend on the Gulf for urea, a nitrogen-based fertiliser, making them vulnerable.
Because the war is only a few weeks old, there is currently no fertiliser shortage, Paugam said. 
"But if fertilisers from the Gulf do not circulate, we will feel a direct impact on supplies to major producer countries just as planting seasons begin for the crops that will be harvested next year," he said.
"If the Strait of Hormuz is blocked for three months, the impact will be significant."

Risk of stockpiling

Net food-importing countries would be in a very bad position, including "a large part of west Africa and north Africa", Paugam noted.
This effect can be amplified if countries start stockpiling, as happened during disruptions to international trade at the height of the Covid-19 pandemic.
Covid set back the fight against hunger worldwide. Since then, the world returned to its trajectory towards eliminating hunger by 2030, one of the goals adopted by UN member states in 2015. 
"But with the risks linked to the war in the Middle East, there is once again a risk of falling off track," Paugam warned.
apo/ag/pdw/giv/lb

manufacturing

Dirty diapers born again in Japan recycling breakthrough

BY HIROSHI HIYAMA

  • In 2024, Japan produced 9.6 billion adult diapers and incontinence pads, compared to eight billion for babies, according to the Japan Hygiene Products Industry Association.
  • Billions of dirty diapers end up buried or burned every year in Japan  -- more from seniors than babies -- but a recycling breakthrough has given them a new lease of life, one hot mess at a time.
  • In 2024, Japan produced 9.6 billion adult diapers and incontinence pads, compared to eight billion for babies, according to the Japan Hygiene Products Industry Association.
Billions of dirty diapers end up buried or burned every year in Japan  -- more from seniors than babies -- but a recycling breakthrough has given them a new lease of life, one hot mess at a time.
A pilot project, billed as a world first, reuses the main ingredient in nappies to make new ones, offering hopes to ease bloated landfill sites and respond to a growing need for adult diapers in ageing Japan.
"Demand for baby diapers is falling. But a growing number of elderly people wear diapers, and more recently, even pets do too," Takahisa Takahara, president of Japanese hygiene product maker Unicharm, the firm behind the new initiative, told AFP.
"If we can transform the sense of guilt ordinary consumers may feel about using disposable products into something positive, and make using recycled products the norm in society, it will become economically viable," he said.
Unicharm is testing the scheme in two pioneering southern Japanese municipalities, Shibushi and Osaki, which recycle 80 percent of household waste -- four times the Japanese average.
The two localities, home to about 40,000 people, decided to take radical action around 25 years ago after predictions that their communal rubbish dump would be full by 2004.
Now, the landfill site will stay open for another four decades.
In 2024, diapers were included in the recycling drive, with residents required to write their names on designated bin bags.
"Ultimately, our top priority is to reduce our trash and extend the life of the landfill," Shibushi environment official Kenichi Matsunaga told AFP.

Nappy ending

The collected diapers are shredded, washed and separated into pulp, plastic and super-absorbent polymer (SAP).
Unicharm has been able to recycle these materials into products with less rigorous sanitary requirements, like toilet paper.
It has also achieved the breakthrough of managing to use the pulp, which makes up the bulk of a diaper, to make new ones.
The process follows a special ozone treatment for sterilisation, bleaching and deodorisation.
By 2028, Unicharm aims to recycle the plastic and absorbent polymer from soiled diapers to make new ones as well, Tsutomu Kido, senior executive officer of Unicharm's recycling business, told AFP.
For now, its recycled products are on sale only in some local stores, priced around 10 percent higher than those with fresh raw materials, or distributed to selected childcare and senior care centres.
The company is also testing a method to cut the amount of water in the recycling process, and aims to team up with 20 municipalities by 2035 to recycle their diapers.  

Ageing nation

Japan has a poor recycling rate, reusing not even 20 percent of municipal waste, according to the National Institute for Environmental Studies.
That compares to 67 percent in Germany, 44 percent in Britain and around 32 percent in the United States.
Waste per capita, however, is less than two-thirds the OECD average -- a typical American throws almost three times more.
Japan does relatively well on generating electricity by incinerating trash, too.
In the ageing nation, home to almost 100,000 people over 100, diapers and related products are used more by seniors than babies.
In 2024, Japan produced 9.6 billion adult diapers and incontinence pads, compared to eight billion for babies, according to the Japan Hygiene Products Industry Association.
The group predicts Japan will throw away 2.6 million tons of dirty diapers every year by 2030, up from around 2.2 tons in 2020.
By that date, the share of dirty diapers in Japanese trash by weight will rise to 7.1 percent from 5.2 percent in 2020, the environment ministry said.
By 2030, the national government wants at least 100 of more than 1,700 municipalities to start recycling diapers, or at least talk about it.
hih/stu/cms/lb

AI

OpenAI kills Sora video app in pivot toward business tools

  • "We respect OpenAI's decision to exit the video generation business and to shift its priorities elsewhere," a Disney spokesman told The Reporter. 
  • OpenAI said Tuesday that it would shut down its artificial intelligence video generation app Sora barely six months after its launch, as the company shifts toward business tools ahead of a potential stock market debut.
  • "We respect OpenAI's decision to exit the video generation business and to shift its priorities elsewhere," a Disney spokesman told The Reporter. 
OpenAI said Tuesday that it would shut down its artificial intelligence video generation app Sora barely six months after its launch, as the company shifts toward business tools ahead of a potential stock market debut.
"We're saying goodbye to Sora," the company posted on X.
The shutdown marks the end of one of the most high-profile consumer AI product launches of the past year.
OpenAI said it would later provide timelines for winding down the standalone app, as well as details on how people can preserve their work.
The closing comes at a sensitive time for OpenAI, which faces increasing questions about the sustainability of its business model, with costs skyrocketing far faster than revenue despite having about one billion daily users worldwide.
According to The Wall Street Journal, OpenAI chief executive Sam Altman announced the changes to staff on Tuesday.
It also follows reports that OpenAI's applications chief, Fidji Simo, told staff this month that they could not be distracted by "side quests," outlining a push toward agentic AI capabilities.
These are AI systems that can work autonomously on computers to write software, analyze data and carry out other tasks.
The Hollywood Reporter meanwhile said the end of Sora would mean the end of a megadeal signed in December with Disney, which was to invest $1 billion in OpenAi and allow the licensing of its popular characters for making videos.
Citing a source close to the matter, the report said the ultimate goal had been access to Sora for the Disney+ streaming service.
"We respect OpenAI's decision to exit the video generation business and to shift its priorities elsewhere," a Disney spokesman told The Reporter. 
"We will continue to engage with AI platforms to find new ways to meet fans where they are while responsibly embracing new technologies that respect IP and the rights of creators."
arp/js/md

tech

New Mexico jury finds Meta liable for endangering children

  • A separate jury in California is weighing whether Meta and YouTube should be held liable for harms caused to children on their platforms, including by making them addictive.
  • A New Mexico jury on Tuesday found social media giant Meta liable for endangering children by making them vulnerable to predators on its platforms and other dangers.
  • A separate jury in California is weighing whether Meta and YouTube should be held liable for harms caused to children on their platforms, including by making them addictive.
A New Mexico jury on Tuesday found social media giant Meta liable for endangering children by making them vulnerable to predators on its platforms and other dangers.
The verdict came after roughly a day of deliberations following a six-week trial in which the state accused Facebook and Instagram's parent company of failing to protect minors from sexual abuse, online solicitation and human trafficking.
The state had sought the maximum $2.2 billion in damages, but the jury awarded a lesser amount of $375 million.
The case, tried in a Santa Fe court, is among the first involving social media platforms and child safety to produce a jury verdict.
"The jury's verdict is a historic victory for every child and family who has paid the price for Meta's choice to put profits over kids' safety," said New Mexico Attorney General Raul Torrez, who brought the case.
"Meta executives knew their products harmed children, disregarded warnings from their own employees, and lied to the public about what they knew," he added.
Meta said it would challenge the decision.
"We respectfully disagree with the verdict and will appeal," a company spokesperson said.
"We work hard to keep people safe on our platforms and are clear about the challenges of identifying and removing bad actors or harmful content."
The jury reached its verdict following a trial that heard testimony from 40 witnesses, including employees-turned-whistle-blowers, and reviewed hundreds of documents, reports and emails.
Torrez filed suit in 2023 against Meta — parent company of Facebook, Instagram and WhatsApp — and CEO Mark Zuckerberg, alleging the company failed to protect children from online dangers.
During closing arguments, prosecution attorney Linda Singer told jurors that Meta's algorithms had directed adults toward content posted by teenage users while the company concealed internal findings about the risks to young people.
The jury found Meta violated the state's Unfair Practices Act by misleading consumers about the safety of its products for children.
A second phase of proceedings is scheduled to begin May 4, when a judge will hear the state's claim that Meta should be ordered to pay additional penalties and make specific changes to its platforms and company operations.
A separate jury in California is weighing whether Meta and YouTube should be held liable for harms caused to children on their platforms, including by making them addictive.
That case is considered a bellwether that could influence the outcome of thousands of similar lawsuits against social media companies across the United States.
arp/md

Iran

Oil, stock trading spiked before Trump's Iran remarks

  • Between 1049 GMT and 1050 GMT, 734 oil contracts changed hands, and in the next minute that number surged to 2,168 -- 16 times higher than the average observed through the day up to that time.
  • Thousands of oil contracts -- a far higher volume than normal -- were traded 15 minutes before US President Donald Trump pledged to halt strikes on Iranian energy infrastructure, sending prices tumbling, data showed on Tuesday.
  • Between 1049 GMT and 1050 GMT, 734 oil contracts changed hands, and in the next minute that number surged to 2,168 -- 16 times higher than the average observed through the day up to that time.
Thousands of oil contracts -- a far higher volume than normal -- were traded 15 minutes before US President Donald Trump pledged to halt strikes on Iranian energy infrastructure, sending prices tumbling, data showed on Tuesday.
Between 1049 GMT and 1050 GMT, 734 oil contracts changed hands, and in the next minute that number surged to 2,168 -- 16 times higher than the average observed through the day up to that time.
Bloomberg estimated the value of oil contracts that changed hands between 1049 and 1050 GMT was $650 million.
At 1105 GMT, Trump stepped back from a threat to attack Iranian energy sites, citing "very good" talks to end the war in a social media post.
The statement sent crude prices plunging more than 14 percent in a fresh burst of trading activity.
Traders who bet on prices dropping ahead of the announcement would likely have profited from Trump's sudden reversal, prompting analysts to question whether some market participants had acted on prior information.
"What stands out here isn't just the size of the trades, but the timing," Stephen Innes, an analyst at SPI Asset Management, told AFP.
"Traders are not clairvoyant. When positioning shifts minutes ahead of a market-moving headline, it usually means someone is acting on... intel before the story broke," he added.
No evidence of insider trading had been established as of Tuesday.
The Chicago Mercantile Exchange (CME) and the Commodity Futures Trading Commission (CFTC), the US regulator of financial derivatives, did not immediately respond to an AFP request for comment.
The White House also did not respond to an AFP request for comment on the issue.

'Mind-blowing corruption'

Similarly, S&P 500 stock index futures showed an unusual burst of trading activity early Monday, about 15 minutes before Trump's social media post, CNBC reported.
US Senator Chris Murphy, responding to a social media post that alleged a single $1.5 billion purchase of S&P 500 futures just before Trump's announcement, called it an example of "mind blowing corruption."
"A $1.5 BILLION BET... 5 minutes before Trump's post. Who was it? Trump? A family member? A White House staffer? This is corruption. Mind blowing corruption," the Democratic lawmaker said on X.
The speculation about insider trading has also spread to prediction markets, which allow people to bet on the likelihood of thousands of global events.
CNN reported that one trader made $1 million from dozens of well-timed bets on Polymarket that correctly predicted US and Israeli military actions against Iran. 
Based on findings from Bubblemaps, an analytics company that tracks blockchain transactions, this particular bettor has had a pattern of prescient bets, including hours before Israeli's October 2024 strikes on Iran, CNN reported.
Innes noted that the oil market is "not just traders speculating on price; it's a tightly connected ecosystem of physical players, refiners, shippers and governments, all operating within overlapping information channels."
He added that the activity could have been driven by a large producer hedging against a potential price drop, given that oil futures had surged 40 percent since the start of the war.
A few hours after Trump's announcement, Tehran's parliamentary speaker, Mohammad Bagher Ghalibaf, reportedly involved in talks, said "no negotiations" were under way, insisting Trump was seeking "to manipulate the financial and oil markets."
bur-ajb-aha-elm/bgs

Global Edition

Oil prices jump as Trump's Iran claims raise doubts

  • "The flash Eurozone PMI is ringing stagflation alarm bells as the war in the Middle East drives prices sharply higher while stifling growth," said Chris Williamson, chief business economist at S&P Global Market Intelligence, which published the findings.
  • Oil prices jumped Tuesday as traders turned cautious over the prospect of a negotiated agreement between the United States and Iran to end the Middle East war.
  • "The flash Eurozone PMI is ringing stagflation alarm bells as the war in the Middle East drives prices sharply higher while stifling growth," said Chris Williamson, chief business economist at S&P Global Market Intelligence, which published the findings.
Oil prices jumped Tuesday as traders turned cautious over the prospect of a negotiated agreement between the United States and Iran to end the Middle East war.
European stocks held largely steady while Wall Street's major indexes lost ground, after strong gains Monday on President Donald Trump's delay of strikes on Iranian energy sites his announcement of positive talks with Iran.
Asian equities caught up with the strong gains Tuesday but the rally fizzled in the European and US sessions.
Oil prices, which tumbled on Monday, rebounded with Brent popping back above $100 a barrel.
"The Iran war is not over, and the Strait of Hormuz remains closed," said Kathleen Brooks, research director at XTB.
"It will take more conciliatory remarks from Donald Trump to extend Monday's recovery rally and give hope that the war is close to wrapping up," she said.
Patrick O'Hare of Briefing.com said he believed the market's mixed showing reflected how it was "caught in limbo," not knowing what happens next in the war.
"It's tough to have conviction one way or the other, knowing you can get burned one way or the other based on what could happen overnight," he said.
Although Trump stepped back Monday from his threat to attack energy sites, citing "very good" talks to end the war, Tehran's parliamentary speaker said "no negotiations" were underway.
The speaker, Mohammad Bagher Ghalibaf, also alleged that Trump was seeking "to manipulate the financial and oil markets."
Hours after Trump's apparent U-turn, Iranian media reported that Israeli-US strikes targeted two gas facilities and a pipeline.

Growing questions

"Markets (are) increasingly questioning the validity of Trump's claim of positive negotiations with Iran," said Joshua Mahony, chief market analyst at Scope Markets.
The economic impact of the war is also becoming clearer. 
Business activity in the eurozone slowed significantly in March, according to a closely watched survey published Tuesday, as the war sent energy prices surging and disrupted global supply chains.
The HCOB Flash Eurozone purchasing managers' index registered a significantly lower figure of 50.5 for March, down from 51.9 in February. A reading above 50 indicates growth.
"The flash Eurozone PMI is ringing stagflation alarm bells as the war in the Middle East drives prices sharply higher while stifling growth," said Chris Williamson, chief business economist at S&P Global Market Intelligence, which published the findings.
Iran's choking of the Strait is also impacting airlines, with Lufthansa, Cathay Pacific and Air France extending flight suspensions to destinations across the Middle East. 
Lufthansa shares fell nearly two percent and Air France-KLM shares ended the day down three percent. 

Key figures at around 2005 GMT

Brent North Sea Crude: UP 4.6 percent at $104.49 a barrel
West Texas Intermediate: UP 4.8 percent at $92.35 a barrel
New York - Dow: DOWN 0.2 percent at 46,124.06 points (close)
New York - S&P 500: DOWN 0.4 percent at 6,556.37 (close)
New York - Nasdaq Composite: DOWN 0.8 percent at 21,761.89 (close)
London - FTSE 100: UP 0.7 percent at 9,965.16 (close)
Paris - CAC 40: UP 0.2 percent at 7,743.92 (close)
Frankfurt - DAX: DOWN less than 0.1 percent at 22,636.91 (close)
Tokyo - Nikkei 225: UP 1.4 percent at 52,252.28 (close)
Hong Kong - Hang Seng Index: UP 2.8 percent at 25,063.71 (close)
Shanghai - Composite: UP 1.8 percent at 3,881.28 (close)
Euro/dollar: DOWN at $1.1583 from $1.1616 on Monday
Pound/dollar: DOWN at $1.3381 from $1.3437
Dollar/yen: UP at 159.03 yen from 158.34 yen
Euro/pound: UP at 86.57 pence from 86.45 pence
burs-rl-bys/js

US

Data canary shows economy already suffering from Middle East war

BY MARTINE PAUWELS

  • "The flash PMI survey data for March signal an unwelcome combination of slower growth and rising inflation following the outbreak of war in the Middle East," said Chris Williamson, chief business economist at S&P Global Market Intelligence. 
  • Soaring fuel prices due to the Middle East war and snarled supply chains are already hurting businesses, business survey data published Tuesday showed.
  • "The flash PMI survey data for March signal an unwelcome combination of slower growth and rising inflation following the outbreak of war in the Middle East," said Chris Williamson, chief business economist at S&P Global Market Intelligence. 
Soaring fuel prices due to the Middle East war and snarled supply chains are already hurting businesses, business survey data published Tuesday showed.
Now in its fourth week, the war sparked by US and Israeli strikes on Iran has seen global oil prices soar by more than 40 percent as Tehran has effectively shut the Strait of Hormuz through which a fifth of oil and liquefied natural gas supplied flowed before the conflict began.
Economists have warned that if they persist higher energy prices could trigger a fresh surge in inflation and slow economic growth.
The Purchasing Managers' Indices compiled monthly by S&P Global are the data equivalent of the canary in the coal mine. 
They survey managers who have their thumbs on the pulse of businesses across many industries, and often reveal changes in business conditions months before official government data.
The latest batch of PMI surveys, which included the period since the war broke out on February 28, showed that businesses activity is already slowing and prices rising.
The initial reading for the composite US PMI dipped to an 11-month low of 51.4 points in March from 51.9 points in February, with services taking a hit while manufacturing edged higher. 
A reading above 50 points indicates economic growth.
"The flash PMI survey data for March signal an unwelcome combination of slower growth and rising inflation following the outbreak of war in the Middle East," said Chris Williamson, chief business economist at S&P Global Market Intelligence. 
"Companies are reporting a hit to demand from the additional uncertainty and cost of living impact generated by the conflict," he added.

Stagflation threat

Williamson said that the price component of the surveys indicated inflation rising back to around four percent "hinting at a growing risk of the US moving into an environment of stagflation."
Stagflation is a period of little or no economic growth and high inflation, which poses a quandary for central bankers as raising interest rates to reduce inflation is a sure recipe to trigger a recession.
Meanwhile the eurozone PMI dropped to 10-month low of 50.5 in March, down from 51.9 in February, signalling a near stop in growth and weakening demand.  
"The flash Eurozone PMI is ringing stagflation alarm bells," said Williamson.
Analysts said the data is a warning signal.
"The risk is that the PMI data, which is a lead indicator, is the start of a wave of weaker economic data to come down the line," said Kathleen Brooks, research director at XTB.

Growth at near stop

Christophe Boucher at ABN AMRO Investment Solutions said the impact of the war in Iran is visible in the PMI data in three ways: a slowdown in the growth in services, an increase in manufacturing prices and a degradation in the global outlook.
Services is by far the main largest economic sector, and in the United States the services PMI dipped to an 11-month low of 51.1.
In Europe it fell to 50.1, a 10-month low.
Germany however saw manufacturing output jump to a four-year high thanks in part a major public investment programme to boost the economy. 
But "the problem with German industry is that it is extremely dependent upon access to fossil fuels" which raises concern that it will also face headwinds, said Christopher Dembik, investment strategist at Pictet Asset Management. 
In France, the private sector registered its strongest contraction since October at 48.3 points.
The same slowdown trend was observed in PMIs in Britain and Australia. 

Inflationary spiral

The survey found war-related shipping issues were a key cause of longer supply delivery times. 
In the eurozone, input prices increased at the fastest pace since February 2023, with both manufacturing and services facing steeper inflation, due to higher energy prices.
In the United States, input prices rose at the fastest rate in 10 months, and companies passed the higher costs to clients, with selling prices jumping at the fastest rate in over three-and-a-half years.
ABN AMRO's Boucher said it is important to watch for companies passing on higher costs to clients.
"What seems to be the most important to monitor, particularly in case of an extended conflict, is the risk of the transmission of inflation in the services sector which would signal the second-round effects," he said. 
While Iran and Israel traded strikes on Tuesday, there was still cautious optimism that talks US President Donald Trump evoked on Monday to justify postponing threatened attacks on Iranian energy infrastructure might lead to a deescalation.
"With the Ukraine conflict in 2022 it took five weeks to realize that it wasn't temporary and was becoming structural," Pictet AM's Dembik told AFP, referring to the rise in energy prices triggered by Russia's invasion of its neighbour.
"Today, with some twenty days of fighting, we're still in the middle of the zone of uncertainty," he added.
Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics, said "if energy prices remain high, worse could be to come."
mpa/rl/giv

economy

ConocoPhillips chief seeks extra US protection of Mideast assets

  • "We're obviously a big investor in Qatar, so a lot of my conversations with the administration is really pleading to try to get extra protection around the US-owned assets in Qatar," Lance said.
  • US oil giant ConocoPhillips has been urging President Donald Trump's administration to provide extra protection around assets in Qatar where the company has invested significantly, its chief executive said Tuesday.
  • "We're obviously a big investor in Qatar, so a lot of my conversations with the administration is really pleading to try to get extra protection around the US-owned assets in Qatar," Lance said.
US oil giant ConocoPhillips has been urging President Donald Trump's administration to provide extra protection around assets in Qatar where the company has invested significantly, its chief executive said Tuesday.
CEO Ryan Lance's comments at the CERAWeek energy conference in Houston come as war rages on in the Middle East, after US-Israeli strikes on Iran on February 28 triggered Tehran's retaliation.
In addition to bringing commercial shipping to a virtual halt through the vital Strait of Hormuz, Iran has also attacked energy infrastructure in the region.
"We're obviously a big investor in Qatar, so a lot of my conversations with the administration is really pleading to try to get extra protection around the US-owned assets in Qatar," Lance said.
"As they protect naval and air force bases and our servicemen and embassies and US citizens, putting US assets on that list to protect there in Qatar is very important," he added.
Lance also said that his company had to evacuate a number of staff over the last few weeks, adding that the situation has been difficult to assess.
Oil prices have soared since the war began, with the price of a barrel of international benchmark Brent crude surging by more than 40 percent.
As of Tuesday afternoon, Brent prices hovered above $104.30 per barrel.
Normally, around a fifth of the world's oil and liquefied natural gas passes through the Strait of Hormuz.
ni-bys/msp

trial

Meta awaits verdict in New Mexico child safety trial

  • The New Mexico jury began its work following closing arguments and a six-week trial involving testimony from 40 witnesses, including employees turned whistle-blowers, and hundreds of documents, reports and emails.
  • A New Mexico jury began its first full day of deliberations on Tuesday in a trial where social media giant Meta is accused of endangering children by making them vulnerable to predators.
  • The New Mexico jury began its work following closing arguments and a six-week trial involving testimony from 40 witnesses, including employees turned whistle-blowers, and hundreds of documents, reports and emails.
A New Mexico jury began its first full day of deliberations on Tuesday in a trial where social media giant Meta is accused of endangering children by making them vulnerable to predators.
The state of New Mexico is seeking billions of dollars in penalties in one of two major US cases against the company now in jury hands.
A separate jury in California is weighing whether Meta and YouTube should be held liable for harms caused to children on their platforms, including by making them addictive.
That case is considered a bellwether that could influence the outcome of thousands of similar lawsuits against social media companies across the United States.
The New Mexico jury began its work following closing arguments and a six-week trial involving testimony from 40 witnesses, including employees turned whistle-blowers, and hundreds of documents, reports and emails.
New Mexico Attorney General Raul Torrez filed suit in 2023 against Meta — parent company of Facebook, Instagram and WhatsApp — and CEO Mark Zuckerberg, alleging the company failed to protect children from sexual abuse, online solicitation and human trafficking.
Prosecution attorney Linda Singer told jurors in closing arguments that Meta's algorithms had directed adults toward content posted by teenage users while the company concealed internal findings about the risks to young people.
"Meta failed to explain that the algorithm was designed to maximize teen time spent on the platform," Singer said, according to the Albuquerque Journal. "Meta didn't disclose the likelihood that the algorithm would introduce predators to teens, that it would recommend such sensational and harmful content."
A Meta spokesperson said the state's case was "sensationalist" and based on "cherry-picked" documents. "The State failed to prove its case," the spokesperson said. "We're focused on demonstrating our longstanding commitment to supporting young people."
The state is seeking the maximum civil penalty of $5,000 for each of an estimated 221,000 New Mexico teenagers it says use Facebook and Instagram, a figure that is contested by Meta.
New Mexico's attorneys must prove Meta violated the state's Unfair Practices Act by misleading residents about the safety of its products for children. 
The case, tried before First Judicial District Court Judge Bryan Biedscheid, is among the first involving social media platforms and child safety to reach a jury.
A second phase of proceedings in New Mexico is scheduled for May, when a judge will hear the state's claim that Meta created a public nuisance and should fund programs to address alleged harms to children.
arp/msp

Xiaomi

Xiaomi quarterly profit slumps despite annual EV gains

  • Electric vehicles were a bright spot.
  • Chinese electronics giant Xiaomi announced a dip in quarterly profit on Tuesday after slower smartphone sales, while electric vehicles drove a modest surge in annual revenue.
  • Electric vehicles were a bright spot.
Chinese electronics giant Xiaomi announced a dip in quarterly profit on Tuesday after slower smartphone sales, while electric vehicles drove a modest surge in annual revenue.
The Beijing-based firm, one of the world's largest smartphone makers, has expanded rapidly since its launch in 2011 to produce home appliances and electric vehicles and is now eyeing the artificial intelligence market.
Its performance is considered a bellwether for consumer sentiment in China, where authorities are seeking to make domestic spending the main driver of economic growth.
Xiaomi's total revenue last year was 457 billion yuan ($66 billion), up 25 percent from the previous year, according to a filing with the Hong Kong Stock Exchange.
Adjusted annual net profit reached 39 billion yuan, up 43.8 percent compared to 2024.
However, adjusted net profit was down 23.7 percent on-year in the last three months of 2025, the first quarterly decline since mid-2024 and the biggest drop since the same period in 2022.
Xiaomi said "headwinds" at the end of last year had hurt its business but defended its economic strength.
"In the fourth quarter of 2025, despite headwinds such as significantly increased memory (chip) costs and intensifying industry competition, we maintained resilience across all business segments," the company said in the statement.
Electric vehicles were a bright spot.
Xiaomi entered China's highly competitive EV market in 2024, aiming to win over buyers with a range of high-tech features.
It reached 411,082 vehicle deliveries in 2025 -- surpassing a goal of 350,000 -- to notch 106.1 billion yuan in revenue from its business segment covering smart EVs and AI.
"In 2026, we will strive to achieve the target of delivering 550,000 vehicles for the entire year," Xiaomi said in the statement.
Its business segment that includes smartphones, the company's traditional strength, still accounted for the bulk of sales, with revenue reaching 351.2 billion yuan last year.
However, sales have slowed.
Revenue from smartphones alone in 2025 was 186.4 billion yuan, down 2.8 percent from 191.8 billion yuan in 2024.
Fourth-quarter smartphone revenue was 44.3 billion yuan, down 13.6 percent on-year. 
mya/pbt/abs

trade

Australia, EU agree sweeping new trade pact eight years in the works

BY KIRSTY NEEDHAM

  • In that context, she said the EU and Australia were bound by common values and must work together to mitigate over-reliance on countries such as China for rare-earth minerals.
  • The European Union and Australia struck a long-awaited free-trade deal on Tuesday, while also agreeing to boost defence cooperation and access to crucial rare-earth minerals in the face of global uncertainty over trade.
  • In that context, she said the EU and Australia were bound by common values and must work together to mitigate over-reliance on countries such as China for rare-earth minerals.
The European Union and Australia struck a long-awaited free-trade deal on Tuesday, while also agreeing to boost defence cooperation and access to crucial rare-earth minerals in the face of global uncertainty over trade.
EU chief Ursula von der Leyen's visit to Australia comes as the 27-nation bloc and the import-reliant nation navigate renewed energy vulnerability sparked by the war in the Middle East.
The accord is the latest agreed by Brussels in a push to diversify trade as Europe faces challenges from the United States and China.
Key sticking points on Australian use of European geographical names as well as how much beef can be exported to the continent were overcome to reach the deal after eight years of negotiations.
Another compromise will see Australian winemakers allowed to use the term "prosecco" domestically, but they must stop using it for exports after 10 years.
Australia will also be allowed to keep using some geographical names, such as feta and gruyere, in cases where producers have used the name for at least five years.
And European carmakers will benefit from Australia raising the threshold for a luxury car tax on electric vehicles -- three-quarters will now be exempt.
The two sides also agreed to step up cooperation on defence as well as on critical raw materials.
Addressing the Australian parliament on Tuesday, von der Leyen described a world that was "brutal, harsh and unforgiving".
In that context, she said the EU and Australia were bound by common values and must work together to mitigate over-reliance on countries such as China for rare-earth minerals.
"We cannot be over dependent on any supplier for such crucial ingredients, and that is precisely why we need each other," she said.
"Our security is your security, and with our new security and defence partnership, we have each other's back."
Beijing's foreign ministry urged the EU on Tuesday to abandon its "zero-sum thinking". 
"We hope the European side will... refrain from adopting protectionist measures, and view China's development in a rational and objective light," spokesman Lin Jian said when asked at a regular news briefing about von der Leyen's comments.

A 'fair deal'

Von der Leyen told Australian lawmakers that the agreement on trade was a "fair deal, and one that delivers for your businesses and one that delivers for our businesses".
Under the accord, the EU said it expected exports to Australia to grow by a third over a decade.
The quota of Australian beef allowed into the bloc will increase more than 10 times the current level over the next decade. 
That upset both Australian farmers, who had hoped for more, and their European peers, who had pushed for the opposite.
Australia's National Farmers' Federation said it was "extremely disappointed" by a deal that European agriculture lobby group Copa-Cogeca said included "unacceptable" concessions.
Others were more pleased. European carmakers group ACEA welcomed the pact and the EU's top business lobby, BusinessEurope, hailed it as "a win for both sides, geopolitically and economically".
EU firms exported 37 billion euros (US$42.9 billion) of goods to Australia last year, and 31 billion euros of services in 2024.
And Australia said the deal could add AU$7.8 billion (US$5.4 billion) to its gross domestic product by 2030.
Australia's largest export market is China, and the United States is its largest source of investment.
However, Canberra has redoubled efforts to diversify export markets for farmers since a 2020 dispute with Beijing saw agriculture shipments blocked for several years, and the global imposition of US tariffs last year.
Likewise, the EU is on a drive to strike new partnerships in the face of US levies and Chinese export controls. It recently signed trade deals with India and South American bloc Mercosur, with more in the works. 
Von der Leyen's visit was overshadowed by the war in the Middle East, which has sent oil prices soaring.
The EU chief said this month the conflict had served as a "stark reminder" of Europe's vulnerabilities.
And on Tuesday she called for an immediate end to hostilities in the face of a "critical" situation for energy supply chains globally.
Australia -- which is heavily reliant on fuel from abroad -- has also felt the pressure from the global energy squeeze.
oho-isk-ub/raz/gv

US

Gas shortages push India's poor back to wood and coal

BY UZMI ATHAR

  • "The next best option for us was going back to wood and coal."
  • Soaring black-market prices of cooking gas in India's capital are pushing poorer families back to wood and coal, raising health risks and worsening air quality in the highly polluted megacity.
  • "The next best option for us was going back to wood and coal."
Soaring black-market prices of cooking gas in India's capital are pushing poorer families back to wood and coal, raising health risks and worsening air quality in the highly polluted megacity.
India is the world's second-largest buyer of liquefied petroleum gas (LPG), which is used for cooking and predominantly sourced from the Middle East -- and supplies have been strangled by the ongoing war.
India's Prime Minister Narendra Modi has urged states to curb black marketing and avoid panic, stressing that India's energy supplies remain stable.
In the low-income Madanpur Khadar neighbourhood, 36-year-old domestic helper Sheela Kumari says she has been forced to abandon LPG cooking gas cylinders for cooking after prices more than doubled.
"We used to buy cylinders for 1,800–2,000 rupees ($19-$21), but now on the black market it has gone up to 5,000 ($53)," she told AFP, nearly as much as she entire monthly salary of 6,000 rupees.
"It is unimaginable for us," she said. "The next best option for us was going back to wood and coal."
Kumari said a 14 kilogramme cylinder lasts only 15–20 days for her family of six, even when they stretch its use out.
But she says a 10 kilogramme bundle of firewood, lasting several days, costs 30 rupees ($0.30).
"There are health repercussions, and my children cough," she said. "But tell me a way out?"

'Too expensive'

Her neighbour, 45-year-old Munni Bai, who has asthma, had switched to using an electric cooker as well as biogas from cow dung, to help her breathing.
But now she said she was being forced to resume use of alternative fuels.
"Gas is too expensive," she said. "We cannot depend on it -- we moved from coal and wood, due to my health issue, but now it is difficult to sustain."
But activists say the problem is more about access.
Many migrant workers lack documentation needed for subsidised LPG and rely on informal markets, where hoarding has pushed up prices.
"There is no major shortage yet, but hoarding has increased," said Deepak, who uses only one name, from the Centre for Advocacy and Research (CFAR).
"Many migrants depend on black-market cylinders, and prices have gone up two to three times".
New Delhi, and its wider sprawling metropolitan region of 30 million residents, is regularly ranked among the world's most polluted capitals, due to a deadly mix of emissions from power plants, heavy traffic, as well as the burning of rubbish and crops.
For the past decades, India's government has pushed its "Ujjwala" or "light" clean-energy scheme, to provide over 100 million LPG connections to poor households.
Burning wood, coal and biomass indoors exposes families to high levels of smoke and toxic particles, increasing the risk of respiratory illnesses.
Women and children, who spend more time near cooking areas, are especially vulnerable.
uzm/pjm/ane

economy

'Plundered': Senegal fishers feel sting of illegal, industrial vessels

BY BECCA MILFELD

  • Colourful pirogues are ubiquitous along Senegal's 700-kilometre (435-mile) coast.
  • Ibrahima Mar first lost his livelihood then lost his son when the fish off Senegal's coast began to disappear, rupturing a way of life that had sustained his family for generations.
  • Colourful pirogues are ubiquitous along Senegal's 700-kilometre (435-mile) coast.
Ibrahima Mar first lost his livelihood then lost his son when the fish off Senegal's coast began to disappear, rupturing a way of life that had sustained his family for generations.
Industrial and illegal fishing, among other factors, have contributed to a sharp decline in the region's fish stock, robbing the west African nation of a traditional source of nutrition and income.
In recent years, fish have been "increasingly plundered", said Mar, who lives in a fishing village in the Dakar suburb of Rufisque.
The 55-year-old fisherman, a member of the Lebou ethnicity, a traditional fishing people, spoke to AFP from one of Rufisque's boat landings, explaining that the fish had been "taken from our path. So, there's no hope left".
Bottom trawlers and other industrial ships, generally flagged to Senegal but whose owners' real nationalities are difficult to trace, send their catches abroad.
"If you dig a little deeper into the ultimate beneficial ownership" the boats are Spanish, Italian, French, Chinese and Turkish, among other nationalities, Bassirou Diarra, country manager for Senegal at the Environmental Justice Foundation (EJF), told AFP.
"Not only is there a shortage of fish for the Senegalese market, for food security, but the money that should come back in terms of currency for the national economy isn't coming back," he said.
Destructive and illegal practices meanwhile include "fishing in prohibited areas, nets that do not comply with regulations, MPA (marine protected area) rules that are not respected, and the abusive granting of licences", Diarra said.

Fish dependency

A 2025 EJF report suggests that 57 percent of fish populations exploited in Senegal are in a state of collapse.
Members of coastal fishing communities have become increasingly desperate, illegally immigrating in traditional wooden canoes called pirogues along the deadly Atlantic migration route to Europe.
That includes two of Mar's sons, both fishermen.
After one succeeded, Mar received a call several years ago from his other son, in his late teens.
He phoned "to tell me he was in a pirogue heading for Spain. That pirogue had 140 people on it," Mar said.
The family waited the five- to six-day journey for news of his arrival, then 15 days, 20 and 30.
But they never heard from him again.
Colourful pirogues are ubiquitous along Senegal's 700-kilometre (435-mile) coast.
"What a pirogue used to catch in two months, now that same pirogue can fish for six or seven months to catch the same amount, which is a problem," Mamadou Diouf Sene, president of the Fishing Wharf Revenue Commission of Rufisque, told AFP from the city's wharf.
A web of professions from cart driver to ice seller, as well as fishmonger and processor, depend on fish.
Fishmonger Fatou Seck, 39, sat at the Rufisque wharf alongside several other women with small trays of sea bream, white carp and mullet.
"Times are really tough right now," the mother of six told AFP, adding that "many of us base our hopes on this work, which is our only source of income to feed our children".
More than 82,000 people in Senegal work in fishing according to latest census information, comprising some two percent of the workforce in 2023.
A surge of artisanal fishermen has additionally contributed to fish population decline, as people flock to the profession which requires minimal training.
Estimates on pirogue numbers in Senegal vary but generally fall between 12,000 to 19,000.
Meanwhile, climate change is pushing west Africa's small pelagic fish -- smaller, often schooling species caught by artisanal fishers -- to move northward, according to research.

Wild West

Fish have declined for some 40 years but artisanal fishers really took note when small pelagics like sardinella and horse mackerel started vanishing some 15 years ago.
The prospect of Senegal having to import fish, a part of its cultural identity and a major natural resource, "is catastrophic", Mar said.
Cheikh Salla Ndiaye of Senegal's Directorate of Fisheries Protection and Surveillance described monitoring the sea as "very difficult", even with assistance from the navy and air force.
Mar recently spent time on a Greenpeace ship with four other fishermen learning how to better spot and report illegal fishing.
"We used to call the high seas like the Wild West because there was no way to see what was happening out there," Sophie Cooke, a fishing vessel analyst with Greenpeace, told AFP aboard the ship.
But technologies such as tracking devices, satellite radar and even smartphones, which fishermen can use to take pictures and pinpoint boats' locations, are changing that, she said.
Mar intends to take these tools back to his community.
With his two fishermen sons now gone, one in Spain and the other taken by the sea, Mar's experience with declining fish stocks is deeply personal.
As for his third son, Mar said: "I put him in a training centre. He's learning metal welding."
bfm/giv/kjm

US

Back to black: facing energy shock, Asia turns to coal

BY SARA HUSSEIN

  • - Higher prices - Compounding the problem, most Asian countries do not have underground gas storage, according to the Institute for Energy Economics and Financial Analysis, leaving them especially vulnerable to price spikes.
  • Asian countries are ramping up use of polluting coal to tackle energy shortages and price spikes linked to the Iran war, but the crisis could have an environmental silver lining.
  • - Higher prices - Compounding the problem, most Asian countries do not have underground gas storage, according to the Institute for Energy Economics and Financial Analysis, leaving them especially vulnerable to price spikes.
Asian countries are ramping up use of polluting coal to tackle energy shortages and price spikes linked to the Iran war, but the crisis could have an environmental silver lining.
While leaning on the fossil fuel will raise emissions in the near term, the energy crisis is demonstrating the risks of energy import dependence, and could push policymakers to embrace renewables faster, analysts told AFP.
"The ongoing Iran oil and gas crisis shows the importance of having domestic energy sources that are not exposed to the global commodity market, which coal is," said Amy Kong, research analyst at Zero Carbon Analytics.
"Countries like Vietnam who have rapidly increased their share of solar generation, have a stronger buffer against rising energy import prices," Kong said.
Much of Asia is heavily exposed to the energy crisis that has unfolded since the US-Israel attack on Iran began last month.
More than 80 percent of the crude oil and liquified natural gas (LNG) that passes through the Strait of Hormuz heads to Asia, according to the US Energy Information Administration.
Pakistan, India and Bangladesh are all major importers of LNG from Qatar, which said last week that its export capacity had been slashed by 17 percent because of Iranian attacks.
It warned it would be forced to declare force majeure for up to five years on some long-term LNG contracts, signalling it may be unable to fulfill the agreements.

Higher prices

Compounding the problem, most Asian countries do not have underground gas storage, according to the Institute for Energy Economics and Financial Analysis, leaving them especially vulnerable to price spikes.
As a result, many nations are bumping up use of coal, which can be sourced regionally or even domestically, to prevent power outages and protect citizens from severe price shocks.
While it cannot be substituted directly in LNG plants, countries can run existing coal power plants at a higher capacity or bring idle units back online.
The shift has come in wealthy and developing economies alike.
In South Korea, a cap on how much power can be generated from coal has been lifted, while Thailand is preparing to resume operations at two coal power units decommissioned last year.
In India, already highly dependent on coal for electricity generation, the fuel is now being substituted for cooking gas. 
And in the Philippines, energy secretary Sharon Garin told AFP authorities "plan to ramp up cheaper coal, (domestic) natural gas, and renewables".
The increase in demand has pushed coal prices higher and even sparked talk of a windfall tax in coal-producing Indonesia, which reversed a decision taken last year to reduce production.
The shift is bad news for the environment in the short term. Coal is a top contributor to planet-warming greenhouse gases, and also a powerful air pollutant that is harmful for human health.

'Transition fuel'

The shift will "impose substantial environmental and public health costs," said Dinita Setyawati, senior energy analyst for Asia at think tank Ember.
Asia's vulnerability is due in part to its heavy reliance on LNG, often promoted as a "transition fuel" -- a less polluting option than coal that can "bridge the gap" as countries move towards renewable energy.
Upfront costs for LNG plants can be lower than for renewables that may require grid upgrades.
But renewables are now cheaper in the long run, and the current crisis is illustrating their benefits in terms of stable supply, said Putra Adhiguna, managing director at Energy Shift Institute, an energy finance think tank.
"The story of gas as a stable transition fuel is highly in question," he said.
And while temporary increases in coal capacity are an attractive stopgap, the banking sector is reluctant to finance construction of new coal projects, concerned about stranded assets as nations are forced to phase down fossil fuels to meet their climate obligations.
That could help refocus policymakers' attention on the benefits of renewables, said Adhiguna.
"I think we already see a bit of that coming from Southeast Asian countries," he said.
"There have been all these debates about how we can't afford to spend the money (on renewables) upfront, but I think this security of supply issue is going to override that."
sah/dan

tourism

'Perfect Japan' posts spark Gen Z social media backlash

  • The short video posts on platforms like TikTok show how even just the words "Tokyo, Japan" with a cherry blossom emoji can make an otherwise banal street scene more appealing for some users.
  • Take an everyday video on any suburban transport network, add anime-style music and a rosy filter, and it's suddenly a scene from the Japanese holiday of your dreams.
  • The short video posts on platforms like TikTok show how even just the words "Tokyo, Japan" with a cherry blossom emoji can make an otherwise banal street scene more appealing for some users.
Take an everyday video on any suburban transport network, add anime-style music and a rosy filter, and it's suddenly a scene from the Japanese holiday of your dreams.
That's the "Japan effect": a Gen Z social media trend satirising the often-romanticised image of the Asian country, which welcomed a record number of visitors last year.
Residents of Kyoto and other tourist hotspots have expressed exasperation with selfie-taking crowds, and now an online backlash against Japan fever is growing.
The short video posts on platforms like TikTok show how even just the words "Tokyo, Japan" with a cherry blossom emoji can make an otherwise banal street scene more appealing for some users.
"The point is to make fun of Japan's 'cute' image online, with all its cliches and stereotypes," 25-year-old French YouTuber Rocky Louzembi, who analyses internet culture, told AFP.
Along with the chronically weak yen, the booming popularity of anime and game franchises such as Pokemon is drawing tourists to the nation.
But some people take their love of Japan too far, said Louzembi, who goes by the handle rockylevrai.
To describe the phenomenon, he used the slang word "glazing" -- to excessively praise something.
A "Japan glazer" is "someone who puts everything that comes from Japan on a pedestal, while disparaging things that come from their own country", Louzembi said.

'Not that clean'

Japan logged a record 42.7 million tourist arrivals in 2025, despite a steep fall in Chinese visitors in December due to a diplomatic row.
Many visitors post online about their trip -- making pilgrimages to real-life locations from cartoons or joking about spending $1,000 on flights just so they can eat a $1 convenience store rice ball.
"The 'Japan' portrayed in an anime world is often quite different from how Japanese society is", said Marika Sato, a 29-year-old who works in marketing in Tokyo.
For instance, many women have experienced groping, said Sato, a contributor to "Blossom The Project", an Instagram account focused on Japanese social issues.
Graphic designer and fellow Blossom contributor Maya Kubota, 28, said that she appreciates people liking Japan and wanting to visit.
But over-the-top comments such as "Japanese people are next level" give her an "icky vibe", Kubota told AFP.
Some of the online Gen Z pushback focuses on the exaggerated idea that Japan's streets are so spotless people don't even have to wear shoes.
"Japan is clean but not THAT clean," joked a US couple who post social media content about the country under the name The Hitobito -- showing off their dirty white socks after a real-life experiment.

Viral effect

Japan's tourist boom has forced some authorities to take action.
A cherry blossom festival boasting a highly Instagrammable view of Mount Fuji was cancelled this year after residents complained of overtourism.
"People associate Japan with carefully composed visuals," said Seio Nakajima, a professor in the Graduate School of Asia-Pacific Studies at Waseda University.
That could be because of the detailed, beautiful backgrounds in anime, or because of a deeper "cultural tradition of emphasising form".
"If people focus on form rather than meaning, it becomes easier to go viral. Because you don't need to think," Nakajima told AFP.
Japan's formalities -- from the complexity of polite language to extreme attention to detail in packaging or wrapping -- may surprise visitors, he said.
But "Japan is not always clean and aesthetic. That's only part of the reality."
Despite the backlash, tourists in Tokyo's busy Tsukiji market told AFP that the country had lived up to their expectations.
"In Russia, it's very popular to hype Japan," said Tatiana Mokeeva, 25.
When asked if posts about Japan could be unrealistic, she said: "To tell the truth, no... I love all about Japan."
str/kaf/ane/ceg

addiction

US social media addiction trial jury struggles for consensus

BY ROMAIN FONSEGRIVES

  • A 20-year-old California woman identified as Kaley G.M. testified at the trial that YouTube and Instagram fueled her depression and suicidal thoughts as a child, telling jurors that she became obsessed with social media, starting with YouTube videos, when she was six.
  • Jurors resume deliberations on Tuesday in a landmark social media trial after signaling that they were having trouble agreeing when it comes to one of the two defendants, Meta and YouTube.
  • A 20-year-old California woman identified as Kaley G.M. testified at the trial that YouTube and Instagram fueled her depression and suicidal thoughts as a child, telling jurors that she became obsessed with social media, starting with YouTube videos, when she was six.
Jurors resume deliberations on Tuesday in a landmark social media trial after signaling that they were having trouble agreeing when it comes to one of the two defendants, Meta and YouTube.
"The jury has difficulty coming to a consensus regarding one defendant, do you have any advice on how to move forward?" the jurors told Judge Carolyn Kuhl, according to a note she read out loud. 
Kuhl responded by asking the jurors to continue their deliberations.
"If you are unable to reach a verdict, the case will have to be applied before another jury selected in the same manner and from the same community from which you were chosen, and add additional cost to everyone," she told the jurors.
The afternoon ended with no verdict, meaning the panel will return on Tuesday to continue its quest for consensus.
The jury's first full week of deliberations ended Friday with the panel sending the judge a query related to calculating damages in the case, which is expected to set a precedent for thousands of similar suits in the United States.
That indicated enough jurors agreed that one or both of the tech platforms was negligently or harmfully designed and users should have been warned, according to verdict forms.
The lawsuit is one of hundreds accusing social media firms of luring young users into becoming addicted to their content and potentially suffering from depression, eating disorders, psychiatric hospitalization and even suicide.

'Negligent' designs

Internet titans have long shielded themselves with Section 230 of the US Communications Decency Act, which frees them of responsibility for what social media users post.
But this case argues that the firms are responsible for defective products, with business models designed to hold people's attention and to promote content that can harm their mental health.
The verdict could turn on the question of whether familial strife and other real-world trauma, or rather YouTube and Meta apps such as Instagram, are to blame for the mental woes of the woman who filed the suit.
A 20-year-old California woman identified as Kaley G.M. testified at the trial that YouTube and Instagram fueled her depression and suicidal thoughts as a child, telling jurors that she became obsessed with social media, starting with YouTube videos, when she was six.
Under cross examination, however, Kaley also talked about feeling neglected, berated and picked on by family members.
A jury form given to jurors asks the panel to decide whether Meta or YouTube should have known their services posed a danger to children or if they were negligent in design.
If so, jurors are to decide if Meta or YouTube were "substantial factors" in causing Kaley's woes and how much they should pay in damages.
The trial was selected as a "bellwether" proceeding, the outcome of which establishes a precedent for resolving other lawsuits that blame social media for fueling an epidemic of mental and emotional trauma.
However, being unable to agree on a verdict regarding Meta or YouTube could result in a different case setting that standard.
"We're reading tea leaves and we don't know what they mean," said plaintiff's attorney Mark Lanier.
"I don't think that we're even remotely close to the issue of a mistrial."
rfo-arp-gc/jgc