diplomacy

Britain's Starmer hails 'good progress' after meeting China's Xi

BY ISABEL KUA AND MARIE HEUCLIN

  • "We did have a respectful discussion about that," Starmer said, adding that he and Chinese leaders also talked about the treatment of Uyghurs.
  • Britain's Prime Minister Keir Starmer hailed "really good progress" on issues including visa-free travel and tariffs during talks with Chinese leader Xi Jinping in Beijing on Thursday.
  • "We did have a respectful discussion about that," Starmer said, adding that he and Chinese leaders also talked about the treatment of Uyghurs.
Britain's Prime Minister Keir Starmer hailed "really good progress" on issues including visa-free travel and tariffs during talks with Chinese leader Xi Jinping in Beijing on Thursday.
Starmer's visit to China is the first by a British premier since 2018 and follows a slew of Western leaders seeking a rapprochement with Beijing recently, pivoting from an increasingly unpredictable United States.
Xi and Starmer met at the opulent Great Hall of the People and both stressed the need for closer relations in order to face geopolitical headwinds.
Starmer told Xi that China is a "vital player on the global stage" and that they needed to "build a more sophisticated relationship where we identify opportunities to collaborate".
The Chinese leader also stressed the need for stronger ties with a "long-term view" in the context of what he called a "complex" international situation.
Cooperation, he said, would unlock a "new chapter" in their relations.
Starmer, who is in China until Saturday, later told reporters that the bilateral relationship was in "a strong place", with progress made on issues such as whisky tariffs.
He signed a series of cooperation agreements after meeting Premier Li Qiang, with Downing Street announcing Beijing had agreed to visa-free travel for British passport holders visiting China for under 30 days.
That brings Britain in line with about 50 other countries allowed visa-free access, including France, Germany, Australia and Japan, and follows a similar agreement made between China and Canada this month.
The agreements also included cooperation on targeting supply chains used by migrant smugglers, as well as on British exports to China, health and strengthening a UK-China trade commission.
The issue of irregular migrants is highly sensitive for Starmer, who has promised to crack down on people smugglers and stem a wave of arrivals that has fuelled rising support for the far right.
Li hinted that "China and the UK can restart their golden era", enjoyed by the two countries a decade ago.
"China and the UK have successively resumed dialogue and exchanges in multiple fields... This fully demonstrates that China and the UK are adhering to development and cooperation," Li told Starmer.
The British leader in turn reiterated his commitment to "find ways to work together in a manner which is fit for these times".
Starmer will also travel to economic powerhouse Shanghai on Friday before making a brief stop in Japan to meet Prime Minister Sanae Takaichi.

Economic cooperation

Beijingers told AFP that Starmer's trip, as well as recent visits by other Western leaders, showed increased desire for economic cooperation with China.
Resident Xie Yu, who lived in London as a graduate student, said European economies have been hit hard by Trump's tariffs and were "struggling".
Xie said he hoped more Chinese would have the chance to study abroad as he did.
"Exchanges between young people can help be a foundation for overall ties between the two countries in the future."
Relations between China and the UK deteriorated from 2020 when Beijing imposed a national security law on Hong Kong and cracked down on pro-democracy activists in the former British colony.
Nevertheless, China -- the world's second-largest economy -- remains Britain's third-largest trading partner.
Starmer is accompanied by around 60 business leaders as well as cultural representatives, as his centre-left Labour government looks to fulfil its primary goal of boosting UK economic growth.
British pharmaceutical giant AstraZeneca announced during the visit it would invest $15 billion in China through 2030.
"China... has become a critical contributor to scientific innovation, advanced manufacturing, and global public health," AstraZeneca chief executive Pascal Soriot said in a statement.

Thorny issues

Challenges to the bilateral relationship remain.
Starmer told reporters that he had also discussed with Xi the case of Hong Kong pro-democracy media mogul Jimmy Lai, 78, who is facing years in prison after being found guilty of collusion charges in December.
"We did have a respectful discussion about that," Starmer said, adding that he and Chinese leaders also talked about the treatment of Uyghurs.
Beijing has been accused of detaining more than a million Uyghurs and other Muslims since 2017.
Alleged spying and cyber attacks, and China's perceived support for Russia's war in Ukraine, have also strained ties.
The visit by Starmer, who took the helm in 2024, follows finance minister Rachel Reeves's trip to Beijing last year.
Starmer's trip comes as Britain faces a rift with its closest ally, the United States, following Trump's bid to seize Greenland and his brief threat of tariffs against Britain and other NATO allies.
mya-isk/dhw/pbt/ane

Global Edition

Gold surges further, oil jumps on Trump's Iran threat

  • Gold hit a new record at $5,595.47 an ounce as investors rush to assets deemed safe, including silver, which reached its own record of $120.44 an ounce.
  • Gold soared to a fresh record near $5,600 on Thursday and oil prices climbed after US President Donald Trump ramped up geopolitical tensions with threats of a military strike on Iran.
  • Gold hit a new record at $5,595.47 an ounce as investors rush to assets deemed safe, including silver, which reached its own record of $120.44 an ounce.
Gold soared to a fresh record near $5,600 on Thursday and oil prices climbed after US President Donald Trump ramped up geopolitical tensions with threats of a military strike on Iran.
"With the Middle East tinder box looking set to ignite again, oil prices have moved sharply higher, lifting shares in listed energy giants," said Susannah Streeter, chief investment strategist at Wealth Club.
Stock markets mostly rose in Asia and Europe as investors also pored over company earnings and the US Federal Reserve's latest policy update. 
Frankfurt slid almost one percent in midday deals, however, dragged down by German software giant SAP.
Its share price tumbled nearly 14 percent after the company warned it would see a slowdown in new cloud computing contracts this year after missing targets last year.
Gold hit a new record at $5,595.47 an ounce as investors rush to assets deemed safe, including silver, which reached its own record of $120.44 an ounce.
The precious metals are being helped by a softer dollar, sparked by speculation that Trump is happy to see the world's reserve currency weaken despite the potential risk of pushing up US inflation.
An uneventful policy announcement by the Fed on Wednesday did little to inspire buying, though observers said traders were optimistic that US interest rates will come down as Trump prepares to name his pick as the next governor of the central bank.
Trump has meanwhile warned that Tehran needed to negotiate a deal over its nuclear programme, which the West believes is aimed at making an atomic bomb.
"Hopefully Iran will quickly 'Come to the Table' and negotiate a fair and equitable deal -- NO NUCLEAR WEAPONS -- one that is good for all parties. Time is running out, it is truly of the essence!" Trump wrote on his Truth Social platform.
"The next attack will be far worse! Don't make that happen again," he added, referring to US strikes against Iranian targets in June.
International benchmark Brent crude oil briefly topped $70 a barrel Thursday for the first time since September with a gain of more than two percent.
On stock markets, Meta jumped in after-hours trade after the US parent of Facebook and Instagram published quarterly earnings that topped expectations, as revenue grew along with investments in artificial intelligence.
South Korean tech giant Samsung Electronics posted record quarterly profits Thursday, riding massive market demand for the memory chips that power AI. 
Ahead of the Wall Street open, US chemicals group Dow said it would slash 4,500 jobs and use artificial intelligence and automation to improve productivity and boost profitability by at least $2 billion.

Key figures at around 1145 GMT

Brent North Sea Crude: UP 2.2 percent at $6.03 per barrel
West Texas Intermediate: UP 2.6 percent at $64.88 per barrel
London - FTSE 100: UP 0.6 percent at 10,217.82 points
Paris - CAC 40: UP 0.5 percent at 8,110.53
Frankfurt - DAX: DOWN 0.9 percent at 24,597.26
Tokyo - Nikkei 225: FLAT at 53,375.60 (close)
Hong Kong - Hang Seng Index: UP 0.5 percent at 27,968.09 (close)
Shanghai - Composite: UP 0.2 percent at 4,157.98 (close)
New York - Dow: FLAT at 49,015.60 (close)
Euro/dollar: UP at $1.1952 from $1.1944 on Wednesday
Pound/dollar: UP at $1.3798 from $1.3797
Dollar/yen: UP at 153.49 yen from 153.38 yen
Euro/pound: UP at 86.62 pence from 86.56 pence
dan-bcp/ajb/js

natural-gas

Giant Mozambique gas project resumes after 5-year security suspension

  • The project's relaunch comes as TotalEnergies faces two legal proceedings in France, including a manslaughter investigation after survivors and relatives of victims of the 2021 attack on the port town of Palma, a few kilometres from the TotalEnergies site, accused the French energy giant of failing to protect its subcontractors.
  • French energy giant TotalEnergies relaunched construction Thursday on a massive gas project in northern Mozambique that was halted for five years after a jihadist attack that claimed hundreds of lives.
  • The project's relaunch comes as TotalEnergies faces two legal proceedings in France, including a manslaughter investigation after survivors and relatives of victims of the 2021 attack on the port town of Palma, a few kilometres from the TotalEnergies site, accused the French energy giant of failing to protect its subcontractors.
French energy giant TotalEnergies relaunched construction Thursday on a massive gas project in northern Mozambique that was halted for five years after a jihadist attack that claimed hundreds of lives.
Reportedly the largest private investment in Africa's energy infrastructure, the Mozambique liquefied natural gas project is expected to generate thousands of jobs and help make the country one of the world's biggest LNG exporters.
TotalEnergies chief executive Patrick Pouyanne announced the restart of work at a ceremony near the site of the project in the gas-rich Cabo Delgado province, which has been plagued by insurgency for around eight years.
"I am delighted to announce the full restart of the Mozambique LNG project... The force majeure is over," Pouyanne said at the event attended by President Daniel Chapo.
The $20 billion project near the border with Tanzania was suspended after a 2021 jihadist attack that killed an estimated 800 people.
There are already more than 4,000 workers on site and 80 percent are Mozambican nationals, said Pouyanne, whose company owns a 26.5 percent stake in the Mozambique LNG consortium.
"This project will make the region a new source of global energy security," he said.
TotalEnergies had already lifted in October the force majeure suspension it declared after the bloodshed.
It is seeking compensation of $4.5 billion in cost overruns linked to the delay from the Mozambique government.
It is also pushing for a 10-year extension to its concession, more than double the length of the delay, but it was not immediately clear if Maputo would approve. 

'Restoring confidence'

"It is a day of celebration for Mozambique, for Africa and for the world," Chapo said.
The resumption of work showed the country was "capable of overcoming challenges and restoring the confidence of domestic and foreign investors", he said.
Environmental groups have denounced the LNG project as a major "climate bomb" that would bring little benefit to Mozambicans, more than 80 percent of whom lived below the poverty line of $3 per day in 2022, according to World Bank data.
The TotalEnergies gas project is among several in the Cabo Delgado area, with others involving Italian group ENI and the American oil giant ExxonMobil.
Mozambique's deposits could make the impoverished nation one of the world's 10 largest natural gas producers, "contributing 20 percent of African production by 2040", according to a 2024 report by the audit firm Deloitte.
The TotalEnergies-led consortium initially secured a $15.4 billion financing agreement involving 30 lenders. 
But the British and Dutch governments withdrew financial support in early December 2025, including $1.15 billion promised by Britain via its export credit agency UKEF.
TotalEnergies subsequently announced that the other partners had "unanimously agreed to provide additional equity".
The project's relaunch comes as TotalEnergies faces two legal proceedings in France, including a manslaughter investigation after survivors and relatives of victims of the 2021 attack on the port town of Palma, a few kilometres from the TotalEnergies site, accused the French energy giant of failing to protect its subcontractors.
The multinational is also the subject of a complaint for "complicity in war crimes" filed by the European Center for Constitutional and Human Rights (ECCHR), a German NGO, with France's national anti-terrorism prosecutor.
TotalEnergies rejects all the accusations.
While Cabo Delgado has not experienced another attack on the scale of the 2021 assault, there are still regular attacks on civilians and troops, including beheadings and kidnappings. 
More than 6,400 people have been killed since the Islamic State-linked insurgency began in 2017, according to conflict tracking group ACLED. 
The violence has also displaced tens of thousands of people.
After Russia's Wagner Group failed to contain the long-running insurgency, Rwandan troops were deployed to the area in 2021. Three were killed in May 2025 and several Mozambican soldiers have also reportedly lost their lives.
bur-jcb/br/js

conflict

Northern Mozambique: massive gas potential in an insurgency zone

  • The African Development Bank estimated in 2018 the reserves at more than 5,000 billion cubic metres of gas -- enough to supply the United Kingdom, France, Germany and Italy for nearly 20 years.
  • Construction on a stalled $20-billion gas project by TotalEnergies in Mozambique officially resumed Thursday, nearly five years after it was suspended due to a deadly jihadist attack.
  • The African Development Bank estimated in 2018 the reserves at more than 5,000 billion cubic metres of gas -- enough to supply the United Kingdom, France, Germany and Italy for nearly 20 years.
Construction on a stalled $20-billion gas project by TotalEnergies in Mozambique officially resumed Thursday, nearly five years after it was suspended due to a deadly jihadist attack.
The French oil giant announced the restart of construction at a ceremony attended by President Daniel Chapo and TotalEnergies chief executive Patrick Pouyanne near the site of the project in Mozambique's northern Afungi peninsula.

Massive reserves

Vast natural gas deposits were discovered off the coast of Mozambique's northern Cabo Delgado province in 2010, potentially positioning the impoverished southern African country as a major player in the global liquefied natural gas (LNG) market.
The find raised hopes that Mozambique -- where more than 80 percent of the population lives in poverty -- could become an African version of wealthy Qatar.
The African Development Bank estimated in 2018 the reserves at more than 5,000 billion cubic metres of gas -- enough to supply the United Kingdom, France, Germany and Italy for nearly 20 years.
Civil society and environmental groups led by local NGO Justica Ambiental have decried a "gas rush" as a "climate bomb" in a country considered extremely vulnerable to climate change.

Multiple multinational projects

TotalEnergies is the lead partner in the Mozambique LNG consortium, with a 26.5-percent stake. Pouyanne has said he hoped it would begin production in 2029.
Another project led by US giant ExxonMobil was also suspended following the 2021 attack that claimed an estimated 800 lives. It resumed construction in November and is expected to begin production in 2030.
TotalEnergies and ExxonMobil's projects require onshore facilities to liquefy the gas so it can be transported by sea.
The first exports of LNG from the area began in November 2022 from the Coral Sul offshore plant run by Italy's energy company Eni, which only has a quarter of the production capacity of the TotalEnergies site.
"The country's vast gas reserves could make Mozambique a top 10 global producer, responsible for 20 percent of Africa's output by 2040," according to a 2024 report by financial experts Deloitte. 

Insurgency

Northern Mozambique has been ravaged since October 2017 by attacks by an Islamic State-linked group that seeks to impose Sharia law in Cabo Delgado, a neglected outpost on the border with Tanzania.
In March 2021, the insurgents attacked the port town of Palma, a few kilometres from the TotalEnergies site, sending thousands of people fleeing into the surrounding forest.
Conflict tracker ACLED estimated more than 800 people were killed.
French prosecutors opened a manslaughter investigation against TotalEnergies after allegations that it failed to protect its subcontractors in the area, some of whom were among the dead.
The European Center for Constitutional and Human Rights, a German NGO, filed a legal complaint against TotalEnergies in November accusing it of complicity in alleged abuses by local troops in a task force deployed to protect TotalEnergies gas site.
Mozambique's National Human Rights Commission reportedly stated this month it had not found evidence of any such violations.
TotalEnergies rejects all these accusations.
The violence escalated in 2025, causing more than 100,000 people to flee their homes in the 10 months to October, the UN refugee agency said.
ACLED estimates the conflict has claimed more than 6,400 lives since 2017. 
Rwandan troops were deployed alongside Mozambican forces in 2021 but regular attacks continue, including kidnappings and beheadings of locals.
clv-bur-br/ho/kjm

Global Edition

Gold demand hits record high on Trump policy doubts: industry

  • A fresh surge in gold's price this week was driven by "safe-haven demand, geopolitical tensions and... as investors shift to hard assets from traditional currencies and bonds", Liam Fitzpatrick, head of metals and mining research at Deutsche Bank, said Thursday. pml-ajb/bcp/js
  • Gold demand surged to a record high in 2025 as investors and central banks flocked to the safe-haven asset as protection against US President Donald Trump's unpredictable policies and their potential economic impact, industry data showed Thursday.
  • A fresh surge in gold's price this week was driven by "safe-haven demand, geopolitical tensions and... as investors shift to hard assets from traditional currencies and bonds", Liam Fitzpatrick, head of metals and mining research at Deutsche Bank, said Thursday. pml-ajb/bcp/js
Gold demand surged to a record high in 2025 as investors and central banks flocked to the safe-haven asset as protection against US President Donald Trump's unpredictable policies and their potential economic impact, industry data showed Thursday.
The price of gold has surged in response, pushing on with a meteoric rise this year that saw it near $5,600 a troy ounce (31.1 grams) on Thursday. 
Purchases hit all-time highs in both volume and value last year, the World Gold Council said in its annual report, with demand exceeding 5,000 tonnes and value reaching $555 billion -- a 45 percent increase year on year. 
"Uncertainty" has been the key driver of gold's strong performance, said WGC analyst Krishan Gopaul.
"On a geopolitical front, there were obviously concerns about the actions of the new Trump administration," he said.
The year was marked by Trump's tariff onslaught against major trading partners including China, the European Union and India, upending longstanding global free trade tenets. 
Adding to that, Trump's criticism of US monetary policy has fuelled concerns about the Federal Reserve's independence and contributed to a weakening dollar.
Those fears have led other central banks to significantly increase their gold reserves.
Although central bank purchases of gold fell slightly in volume from the previous year, their total value increased by 13 percent in 2025.
Gold now makes up more than 20 percent of central bank reserves, a level not seen since the early 1990s, the WGC said.
Demand was also boosted by enthusiasm for exchange-traded funds linked to the gold price.
"Gold ETFs have made gold more accessible to many investors" by making it as easy to buy as a company stock, Gopaul said.
A fresh surge in gold's price this week was driven by "safe-haven demand, geopolitical tensions and... as investors shift to hard assets from traditional currencies and bonds", Liam Fitzpatrick, head of metals and mining research at Deutsche Bank, said Thursday.
pml-ajb/bcp/js

diplomacy

UK drugs giant AstraZeneca announces $15 bn investment in China

  • It also plans to invest $50 billion by 2030 on boosting its US manufacturing and research operations.
  • British pharmaceutical group AstraZeneca said Thursday that it would invest $15 billion in China through 2030 to expand its medicines manufacturing and research, during a trip by UK Prime Minister Keir Starmer to Beijing.
  • It also plans to invest $50 billion by 2030 on boosting its US manufacturing and research operations.
British pharmaceutical group AstraZeneca said Thursday that it would invest $15 billion in China through 2030 to expand its medicines manufacturing and research, during a trip by UK Prime Minister Keir Starmer to Beijing.
AstraZeneca's chief executive Pascal Soriot was part of a delegation of business leaders accompanying Starmer on his visit. 
"China... has become a critical contributor to scientific innovation, advanced manufacturing, and global public health," Soriot said in a statement.
China is AstraZeneca's second-largest market after the United States, where the company has recently invested heavily under pressure from President Donald Trump. 
"This will be our largest investment in China to date," Soriot said at Beijing's opulent Great Hall of the People, a company spokesperson told AFP.
Starmer's visit to China is the first by a British prime minister since 2018, and follows a slew of Western leaders seeking a rapprochement with Beijing as they pivot away from an increasingly unpredictable United States.
"AstraZeneca's expansion and leadership in China will help the British manufacturer continue to grow -- supporting thousands of UK jobs," Starmer said in the statement shared by AstraZeneca.
"Unlocking opportunities for British businesses across the globe... is always the driving force behind my international engagements," he added.
AstraZeneca last year announced plans to invest $2.5 billion in China over five years to fund a strategic research and development centre. 
That announcement came as Leon Wang, former president of AstraZeneca China, was detained in the country in an investigation into suspected illegal data collection and drug imports by the group.
AstraZeneca has operated in China for more than thirty years.

US efforts

Britain's largest drugmaker has been making a recent shift towards the United States, which it hopes will account for half its global revenue by 2030.
AstraZeneca will start trading its shares on the New York Stock Exchange in February, while keeping its headquarters in the UK and keeping its primary listing on London's top-tier FTSE 100 index.
It also plans to invest $50 billion by 2030 on boosting its US manufacturing and research operations.
That announcement came after the United States in December exempted British pharmaceuticals from import tariffs under a unique deal that sees the UK increase spending on some drugs, including US treatments, by 25 percent.
Separately, the White House has delayed for three years tariffs for AstraZeneca after it agreed to invest in US manufacturing capacity.
The pharmaceutical industry remains a key target of Trump, with drugs tariffs imposed on other countries as he demands companies switch operations to the US. 
mhc-ajb/bcp/js

tourism

US scrutiny of visitors' social media could hammer tourism: trade group

  • Under the new rules, the collection of social media data including use history from the past five years would become a "mandatory" part of ESTA applications.
  • A US plan to step up scrutiny of foreign visitors' social media use threatens to cut tourist spending by up to $15.7 billion this year as people decide to stay away, an industry group said Thursday.
  • Under the new rules, the collection of social media data including use history from the past five years would become a "mandatory" part of ESTA applications.
A US plan to step up scrutiny of foreign visitors' social media use threatens to cut tourist spending by up to $15.7 billion this year as people decide to stay away, an industry group said Thursday.
A survey of potential travellers to the United States from visa-exempt countries found that 34 percent said they were "somewhat or much less likely to visit the US in the next two to three years" if the policy goes into effect, according to the World Travel and Tourism Council.
It estimated that could lead to 4.7 million fewer international arrivals this year, a 24 percent drop from average levels, and potentially reduce US tourism sector jobs by 157,000.
The US proposal laid out in December would apply to visitors from 42 countries, including Britain, France, Australia and Japan, who do not need a visa to enter the United States.
Currently, those travellers need apply only for a waiver known as the Electronic System for Travel Authorization (ESTA).
Under the new rules, the collection of social media data including use history from the past five years would become a "mandatory" part of ESTA applications.
Applicants would also have to complete other "high-value data fields" including phone numbers from the last five years, email addresses from the past decade, personal details of family members and biometric information.
The WTTC, made up of leading travel firms, said most respondents in its survey said the proposed requirements "would make the US feel less welcoming and less attractive for both leisure and business travel".
"Security at the US border is vital but the planned policy changes will damage job creation," the council's president Gloria Guevara said in a statement.
It had already warned last May that an immigration crackdown by US President Donald Trump's administration, with masked agents fanning out across cities in controversial patrols, could result in a loss of $12.5 billion in foreign tourism revenue in 2025.
In 2024, the tourism sector contributed $2.6 trillion to the US economy and supported more than 20 million jobs. It also generated over $585 billion in tax revenues, or almost seven percent of the total.
kap/js/yad

conflict

Russia's sanctioned oil firm Lukoil to sell foreign assets to Carlyle

  • Lukoil "informs that it signed an agreement with US investment company Carlyle on the sale of Lukoil International GmbH," Russia's second-biggest oil producer said, without disclosing the deal's value.
  • Russia's oil giant Lukoil, sanctioned by Washington over the Ukraine war, said Thursday that it would sell its foreign assets to the US investment firm The Carlyle Group.
  • Lukoil "informs that it signed an agreement with US investment company Carlyle on the sale of Lukoil International GmbH," Russia's second-biggest oil producer said, without disclosing the deal's value.
Russia's oil giant Lukoil, sanctioned by Washington over the Ukraine war, said Thursday that it would sell its foreign assets to the US investment firm The Carlyle Group.
At the end of October 2025, in order to put pressure on Russia's state finances, the United States added Moscow's two largest oil producers, Lukoil and Rosneft, to its blacklist of sanctioned entities. 
Companies working with the sanctioned firms risk secondary sanctions that would deny them access to US banks, traders, transporters, and insurers -- the backbone of the commodities market. 
Lukoil "informs that it signed an agreement with US investment company Carlyle on the sale of Lukoil International GmbH," Russia's second-biggest oil producer said, without disclosing the deal's value.
The deal excluded assets in Kazakhstan and will  require US Treasury approval, Lukoil said, adding that it was still negotiating with other investors. 
Carlyle, in a statement to AFP, said that the agreement "has been structured to be fully compliant" with US Treasury policies and that it was "conditional upon Carlyle's due diligence and regulatory approvals".  
The Kremlin declined to comment specifically on the deal but said the interests of the Russian company need to be "ensured and upheld" and called the sanctions "illegal."
The US had initially given the oil firm one month to sell the holdings before gradually extending it as negotiations dragged on. 
Lukoil shares rose 3.5 percent on the news, according to the Moscow stock exchange.
The firm's vast foreign assets include shares in oil fields and refineries across the globe including in Iraq, Azerbaijan, Egypt, the United Arab Emirates, Nigeria and Mexico.
The Russian economy has been stuttering as the financial burden of the nearly four-year assault on Ukraine and ensuing Western sanctions have pushed up inflation and weighed on growth.
In 2025, Moscow's oil and gas revenues -- which provide roughly a quarter of state budget income and help fund its offensive in Ukraine -- fell to a five‑year low.
bur/js

banking

Money laundering probe overshadows Deutsche Bank's record profits

BY SAM REEVES

  • - Run of scandals - The Sueddeutsche Zeitung newspaper reported details of the money-laundering probe, which it said involved the bank's dealings with companies linked to Abramovich.
  • Deutsche Bank said Thursday it aimed to become a "European champion" after reporting record profits in 2025, even as the results were overshadowed by a money-laundering probe reportedly linked to Russian billionaire Roman Abramovich.
  • - Run of scandals - The Sueddeutsche Zeitung newspaper reported details of the money-laundering probe, which it said involved the bank's dealings with companies linked to Abramovich.
Deutsche Bank said Thursday it aimed to become a "European champion" after reporting record profits in 2025, even as the results were overshadowed by a money-laundering probe reportedly linked to Russian billionaire Roman Abramovich.
Germany's biggest lender reported pre-tax profits of 9.7 billion euros ($11.6 billion) for last year, an 84 percent jump on 2024, extending a run of good performance in part due to higher long-term interest rates.
But the shine was taken off the results by the money-laundering investigation, which saw prosecutors and police raid the bank's headquarters in Frankfurt and its office in Berlin on Wednesday.
Media reports said it was linked to Abramovich, who has been sanctioned by the European Union.
The investigation is a blow for a bank that had worked hard in recent years to shed its reputation as a magnet for scandals, and CEO Christian Sewing sounded disappointed.
"We had actually hoped that your full attention this week would be focused on our annual results," he told reporters. 
"Since yesterday, we know that this is not entirely the case," he added, while refusing to answer questions when asked about the bank's past business with Abramovich.
Sewing nevertheless struck an upbeat note about Deutsche Bank's results and future prospects, saying it had hit all its 2025 goals.
"This gives us the strongest possible foundation for the next phase of our strategy," he said, adding that the bank aimed to become "the European champion".
Earnings rose last year across all main divisions, including investment and corporate banking as well as asset management, and revenues were up seven percent to 32.1 billion euros. 
Net profit attributable to shareholders was 6.1 billion euros, more than double that of 2024, when it was weighed down by legal costs related to a troubled takeover.
Its shares fell two percent in Frankfurt Thursday after the results were released.

Run of scandals

The Sueddeutsche Zeitung newspaper reported details of the money-laundering probe, which it said involved the bank's dealings with companies linked to Abramovich.
Abramovich, who had ties to Russian President Vladimir Putin and is the former owner of English football club Chelsea, was sanctioned by the EU following Russia's full-scale invasion of Ukraine in 2022.
Prosecutors have not confirmed who was being targeted.
Sewing said the probe involved allegations that a report related to suspected money-laundering was filed late, and concerned transactions between 2013 and 2018.
"We are of course cooperating fully with the authorities," he added.
Deutsche Bank has faced scrutiny on several occasions in recent years over suspicious transactions, and has previously been fined for failing to report suspicious activity quickly enough.
The bank also ran into trouble after expanding aggressively in the early 2000s in a bid to compete with Wall Street giants.
It was drawn into multiple scandals, and was hit in 2017 with a multi-billion-dollar fine in the United States to settle lawsuits over its role in the "subprime" mortgage crisis, which contributed to the global financial crisis. 
The lender, which has almost 90,000 employees, has undergone a major restructuring under Sewing, focusing more on Europe and corporate and retail banking, and shifting away from overly risky investment banking activities.
sr/fz/yad

politics

Mali's troubled tourism sector crosses fingers for comeback

  • Cisse left after the security situation deteriorated in the city, which is listed as a UNESCO World Heritage site and is home to the Great Mosque of Djenne, the largest mud-brick structure in the world.
  • Oumar Cisse used to lead tours of Djenne, an ancient, fabled city in central Mali known for its towering mud-brick mosque, but he now ekes out a living driving an old motorcycle taxi in Bamako.
  • Cisse left after the security situation deteriorated in the city, which is listed as a UNESCO World Heritage site and is home to the Great Mosque of Djenne, the largest mud-brick structure in the world.
Oumar Cisse used to lead tours of Djenne, an ancient, fabled city in central Mali known for its towering mud-brick mosque, but he now ekes out a living driving an old motorcycle taxi in Bamako.
Mali's once robust tourism sector has dried up in recent years after an iron-fisted junta came to power in back-to-back coups in 2020 and 2021 and as Al-Qaeda-linked jihadists waged a campaign of attacks.
"Under my fingernails, it's no longer the sacred earth of Djenne, but engine grease," Cisse told AFP, overcome with nostalgia for his former life.
Cisse left after the security situation deteriorated in the city, which is listed as a UNESCO World Heritage site and is home to the Great Mosque of Djenne, the largest mud-brick structure in the world.
He is now focused on feeding his children, hopeful that they will remember that their father was once "a guide, a man of culture".
"I could talk to you for three hours about the family lineages, the mosques' minarets and why the mud-brick walls never collapse in the rain," he told AFP.
"The tourists listened to me with wide eyes, they wrote everything down in their little notebooks," he said.

Out of favour

Since 2012, Mali has faced a profound security crisis, fuelled by attacks not just from Al-Qaeda-linked jihadists, but also those with ties to the Islamic State group, as well as rebel groups and criminal networks.
The country, which has four UNESCO World Heritage sites, was long a major destination for those interested in west African culture, before gradually falling out of favour with foreign tourists.
The sites range from the historic city of Timbuktu to the mud-brick Tomb of Askia in Gao, which UNESCO says "bears testimony to the power and riches" of an empire that flourished in the 15th and 16th centuries through control of trans-Saharan trade.
However, tourists have been missing from the UNESCO sites and many other landmarks for more than a decade now.
"Westerners used to visit Timbuktu and the sand dunes. Arab princes came to hunt bustard birds, first getting permits and hiring guides. Now there's nothing," said Sidy Keita, director of Mali Tourism, the national tourism promotion agency.
Mali's security crisis has led to the "abandonment of destinations, the closure of some tourism establishments and destruction of others, and the dismissal or temporary layoff of employees", according to the Mali Tourism website.
Meanwhile, "many hotels have closed due to a lack of customers. Worse, the owners are in debt", a member of the Malian Association of Hoteliers told AFP.
According to Mali Tourism, between 200,000 and 300,000 tourists visited Mali each year during its peak tourism era, generating annual revenue of around 120 billion CFA francs ($215 million).
The sector, which previously accounted for nearly three percent of GDP, now accounts for only one percent, Mali Tourism Minister Mamou Daffe said in July on public television.
- Local tourists - 
Mali has tried to revive its tourism industry in recent years by focusing on domestic travellers.
Programmes have encouraged civil servants and the public to explore their own country, with subsidised tours in the capital Bamako and the regions.
In December, foreign tourists were able to visit Timbuktu for the first time in a decade after jihadists rendered it too dangerous.
They came for the Mali Cultural and Artistic Biennial, which was hosted by the city.
There were "strict security protocols in place with all foreigners required to have a police escort", said Ulf Laessing, head of the regional Sahel programme at the Konrad Adenauer Foundation, who was present for the biennial.
Private airline Sky Mali said it transported nearly 1,000 passengers to Timbuktu for the biennial aboard 12 regular flights plus two additional chartered ones, just after Western embassies told their citizens to leave Mali amid a jihadist fuel blockade.
Meanwhile, according to Keita, the director of Mali Tourism, about 100 Russian tourists visited for the biennial in Timbuktu.
"Hope is being rekindled," he said, adding that "this is a new clientele. We hope there will be more, that this will be the relaunch of the tourism industry."
Mali's military regime has turned its back on its former colonial power France, drawing closer to Russia, now one of its biggest allies and a partner in the energy, defence and higher education sectors.
The authorities recently announced their intention to develop "joint tourism" within the framework of the Alliance of Sahel States (AES), a confederation that brings together junta-run Mali, Burkina Faso and Niger.
lar-str-bdi/bfm/kjm

law

Ghana moves to rewrite mining laws for bigger share of gold revenues

BY WINIFRED LARTEY

  • In Ghana, the world's sixth-largest gold producer, gold production is largely dominated by foreign companies such as the US's Newmont, South Africa's Gold Fields and AngloGold Ashanti and Australia's Perseus Mining.
  • Ghana is preparing to overhaul its mining laws to increase its share of the revenues generated by the surge in the precious metal's price, sparking concern among foreign mining companies in Africa's top gold producer.
  • In Ghana, the world's sixth-largest gold producer, gold production is largely dominated by foreign companies such as the US's Newmont, South Africa's Gold Fields and AngloGold Ashanti and Australia's Perseus Mining.
Ghana is preparing to overhaul its mining laws to increase its share of the revenues generated by the surge in the precious metal's price, sparking concern among foreign mining companies in Africa's top gold producer.
By revising its mining code, which currently offers foreign mining firms favourable tax and royalty terms, leaving the state with a limited stake, Ghana is following in the footsteps of other African countries.
They are looking to tighten control over natural resources as global demand for gold and critical minerals such as cobalt soars.
Among those that have recently introduced new mining laws are the Democratic Republic of Congo, Mali and Tanzania.
Gold prices have skyrocketed recently, jumping more than 65 percent in 2025, climbing to fresh records above $5,100 on Monday.
"What we have since 2014 is a policy that has not been reviewed," Isaac Andrews Tandoh, acting chief executive officer of the Minerals Commission, told AFP. 
"We had to do something to bridge this gap."
In Ghana, the world's sixth-largest gold producer, gold production is largely dominated by foreign companies such as the US's Newmont, South Africa's Gold Fields and AngloGold Ashanti and Australia's Perseus Mining.
Under proposed reforms expected to be presented to parliament by March, mining royalties would jump from the current three to five percent range to between nine and 12 percent, depending on global gold prices, Tandoh said.
Ghana's mining agreements typically freeze fiscal terms for between five and 15 years in exchange for investments that can exceed $500 million to build or expand mines. 
But regulators say some companies renege on their commitments.
"We have seen companies with development agreements that refuse to develop the mine and instead use revenues from Ghana to acquire assets elsewhere," Tandoh said.
The reforms would scrap development agreements entirely and review stability clauses that shield investors from future policy changes, a move authorities say reflects Ghana's growing experience in managing the sector.

'Double-edged knife'

As African governments increasingly seek a bigger share of mining revenues amid a surge in commodity prices, officials acknowledge the challenge of balancing investor confidence with national benefit.
Mining policy strategist Ing. Wisdom Gomashie said Ghana currently captures only about 10 percent of total mineral value through royalties, dividends and taxes.
"The thinking of government is right," Gomashie said. "But the approach should not be draconian."
He warned that stability agreements, while open to reform, are crucial for protecting long-term investments and securing external financing, particularly in countries perceived as politically risky.
"Scrapping them outright, while simultaneously increasing royalties, could become a double-edged knife," Gomashie said.
Industry groups have also voiced concern.
Ghana Chamber of Mines CEO Kenneth Ashigbey said miners were not opposed to the state seeking higher returns but warned that the current proposals risk undermining competitiveness.
"What we are advocating for is a sweet spot, one where government secures sustainable revenues while the industry can expand, reinvest and take advantage of high gold prices," Ashigbey told AFP.
Large-scale mining firms in Ghana already face a high tax burden, including a five percent royalty on gross revenue and a 35 percent corporate income tax, the chamber said.
Alongside fiscal reforms, Ghana has tightened gold trading rules, particularly in the small-scale sector, to curb smuggling and improve transparency.
Ghana's Gold Board spokesman, Prince Minkah said new licensing and tracking systems have helped formalise the trade and boost foreign exchange earnings.
"We now have the data to track when, where and how traders operate," Minkah told AFP.
Ghana recorded about $10.5 billion in gold export earnings last year.
The country's proposed mining reforms come as the country faces rising fiscal pressure.
It ended 2025 as Africa's fourth-largest IMF debtor, with $4.1 billion outstanding, and recently received a further $365 million under a bailout programme. 
Public debt stood at 684.6 billion cedis ($55.1 billion) in September, intensifying the push for domestic revenue and economic stabilisation.
str/sn/cw

politics

Trump-era trade stress leads Western powers to China

BY KATIE FORSTER AND JULIEN GIRAULT

  • For the new EU-India Free Trade Agreement, "you can argue that, ironically, Trump's policies have pushed it across the finish line" 20 years since negotiations began, Reinsch told AFP. Starmer told Xi on Thursday it was "vital" to develop the two countries' relationship, with the Chinese leader also stressing the need for stronger ties in the face of geopolitical headwinds.
  • Britain's Keir Starmer is the latest Western leader to thaw trade ties with China in a shift analysts say is driven by US tariff pressure and unease over Donald Trump's volatile policy playbook.
  • For the new EU-India Free Trade Agreement, "you can argue that, ironically, Trump's policies have pushed it across the finish line" 20 years since negotiations began, Reinsch told AFP. Starmer told Xi on Thursday it was "vital" to develop the two countries' relationship, with the Chinese leader also stressing the need for stronger ties in the face of geopolitical headwinds.
Britain's Keir Starmer is the latest Western leader to thaw trade ties with China in a shift analysts say is driven by US tariff pressure and unease over Donald Trump's volatile policy playbook.
The prime minister's Beijing visit this week to promote "pragmatic" co-operation comes on the heels of advances from the leaders of Canada, Ireland, France and Finland.
Most were making the trip for the first time in years to refresh their partnership with the world's second-largest economy.
"There is a veritable race among European heads of government to meet with (Chinese President) Xi Jinping," Hosuk Lee-Makiyama, director of the European Centre for International Political Economy, told AFP.
This is "driven by internal rivalry to secure investments and market access before the China-US summits in February and April", he said.
It's not just China looking more appealing these days: on Tuesday, India and the European Union announced a huge trade pact two decades in the making, a move to open new markets in the face of a strained status quo.
Vietnam and the European Union also on Thursday committed to deeper cooperation on trade, technology and security.
India and other emerging markets such as South America "are too small to sustain the world's most export-dependent economies, which are in Europe", Lee-Makiyama said.
So they have no choice but to turn to Beijing -- despite concern over its human rights record, and accusations of economic coercion.
"Half of economic growth is generated by either the United States or China," Lee-Makiyama said, adding that "the United States is hardly opening up".

'No longer reliable'

Trump's unpredictable tariff onslaught signals that "the United States is no longer a reliable trading partner", said William Alan Reinsch at the Washington-based Center for Strategic and International Studies.
For the new EU-India Free Trade Agreement, "you can argue that, ironically, Trump's policies have pushed it across the finish line" 20 years since negotiations began, Reinsch told AFP.
Starmer told Xi on Thursday it was "vital" to develop the two countries' relationship, with the Chinese leader also stressing the need for stronger ties in the face of geopolitical headwinds.
London and Beijing enjoyed what they described as a "Golden Era" a decade ago but relations deteriorated from 2020 when Beijing imposed a national security law on Hong Kong.
Nonetheless, China remains Britain's third-largest trading partner, and Starmer's centre-left government is keen to boost UK economic growth.
While the European Union also wants stronger ties with China, it is alarmed by the current trade imbalance, with a gaping deficit of more than $350 billion to Brussels's disadvantage.
Irish Prime Minister Micheal Martin urged "open trade" in his talks with Xi in early January, while France's Emmanuel Macron denounced the trade imbalance on a visit to Beijing in December.

More Trump threats

China and India are also seeking ways to cope with Trump's tariffs designed to boost US manufacturing and "make America great again".
"A select few countries should not have privileges based on self-interest, and the world cannot revert to the law of the jungle where the strong prey on the weak," Chinese Vice Premier He Lifeng said at the World Economic Forum this month.
In some cases, Trump has retaliated with more tariff threats, including a new 100 percent levy on all Canadian goods if the US neighbour makes a trade deal with China.
Canadian Prime Minister Mark Carney hailed a "new strategic partnership" with China in Beijing this month, touting a "preliminary but landmark trade agreement" to reduce tariffs.
Under the deal, China, which used to be Canada's largest market for canola seed, is expected to reduce tariffs on the products to around 15 percent, down from the current 84 percent.
In return, Canada will import 49,000 Chinese electric vehicles under a preferential tariff rate.
Carney's visit "signalled a fundamentally new approach to how Ottawa intends to navigate a more fragmented, contested and uncertain world", wrote Vina Nadjibulla, vice-president of research and strategy at APF Canada. 
But she warned it could risk being misinterpreted as "a softening of Canada's assessment of the national and economic security challenges China poses".
Reinsch at the CSIS predicted that the latest agreements would leave the United States at a disadvantage in the long run, while noting they were "surprisingly traditional".
Negotiations on lower tariffs and reducing non-tariff barriers are "exactly what the world has been doing for the past 75 years", he said.
"The outlier is the United States."
kaf-jug/dan

diplomacy

Vietnam, EU vow stronger ties as bloc's chief visits Hanoi

  • The two sides agreed on Thursday to deepen cooperation on trade, technology, energy and security, according to a joint statement.
  • Vietnam and the European Union pledged to deepen economic and security cooperation on Thursday, upgrading their diplomatic relationship to hedge against an increasingly unpredictable United States.
  • The two sides agreed on Thursday to deepen cooperation on trade, technology, energy and security, according to a joint statement.
Vietnam and the European Union pledged to deepen economic and security cooperation on Thursday, upgrading their diplomatic relationship to hedge against an increasingly unpredictable United States.
Vietnam and the EU must "stand side by side as reliable and predictable partners" at a moment when the "international rules-based order is under threat", European Council President Antonio Costa said during a visit to the Vietnamese capital Hanoi.
President Luong Cuong, speaking at a joint press briefing, called the upgrade to Vietnam's highest-level partnership a "new landmark" reflecting "sincere and mutual trust".
The announcement of the comprehensive strategic partnership comes less than a week after Vietnam's Communist Party reaffirmed General Secretary To Lam as the country's top leader, backing his vision for sweeping growth-oriented change.
Vietnam and the EU signed a free-trade deal in 2019, with bilateral exchange growing by around 40 percent since then.
But Hanoi's ballooning surplus with the bloc has rankled European leaders who have called for the removal of non-tariff barriers on EU products such as automobiles.
The two sides agreed on Thursday to deepen cooperation on trade, technology, energy and security, according to a joint statement.
They also pledged to work together on supply chain security, critical minerals, semiconductors and artificial intelligence. 
"Science, technology and innovation" should become the "pillars of bilateral ties", Cuong said, adding that Vietnam also sought cooperation on security and defence, especially at sea and in the cyber domain.

Beyond the US and China

Vietnam has emerged as a regional economic bright spot, clocking eight percent growth last year despite new 20 percent tariffs from its largest export market, the United States.
Faced with deepening trade uncertainty, Vietnam is on the hunt for new markets beyond top trading partners, the United States and China.
At its twice-a-decade leadership conclave last week, the party elevated foreign affairs to a "core" national function, alongside national defence and internal security.
Upgrading ties with the EU is part of Hanoi's effort "to diversify its export market beyond the US", said Khang Vu, a Vietnam expert and visiting scholar at Boston College.
"Vietnam wants to maintain an open international environment for trade, and the EU can help," he added.
Hanoi also has comprehensive strategic partnerships with China, Russia and the United States.
It has agreed similar partnerships with nearly a dozen countries since 2022, seeking to tap their markets, knowledge and technology as it pursues a bigger international role. 
Vietnam has long practiced what its leaders term "bamboo diplomacy", looking to stay on good terms with the world's major powers.
bur-tym/sco/mjw

banking

Deutsche Bank logs record profits, as new probe casts shadow

  • Net profit attributable to shareholders was 6.1 billion euros, more than double the figure last year. 
  • Deutsche Bank on Thursday reported record pre-tax profits of 9.7 billion euros ($11.6 billion) in 2025, with all divisions performing well, even as Germany's biggest lender faces a new money-laundering probe.
  • Net profit attributable to shareholders was 6.1 billion euros, more than double the figure last year. 
Deutsche Bank on Thursday reported record pre-tax profits of 9.7 billion euros ($11.6 billion) in 2025, with all divisions performing well, even as Germany's biggest lender faces a new money-laundering probe.
The figure was up 84 percent from 2024, when earnings were hit by legal costs related to a troubled takeover. Net profit attributable to shareholders was 6.1 billion euros, more than double the figure last year. 
Revenues rose seven percent to 32.1 billion euros, according to a statement from the bank.
"We delivered on all our 2025 financial goals," said Deutsche Bank CEO Christian Sewing in a statement. 
"This gives us the strongest possible foundation for the next phase of our strategy," he said, adding the bank aimed to become "the European champion".
Profits were up strongly at its main divisions, including its investment banking arm and asset management. 
The results came a day after prosecutors and police searched the the bank's headquarters in Frankfurt and its office in Berlin in an investigation over suspected money laundering offences.
According to the Sueddeutsche Zeitung daily, the probe is connected to suspected offences in the bank's dealings with companies linked to Russian billionaire businessman Roman Abramovich.
Prosecutors have not confirmed who was being targeted.
The news was a blow to the bank's efforts in recent years to recover from a series of scandals that had tarnished its reputation.
Deutsche Bank has undergone major restructuring, seeking to rely more on retail and corporate banking after an aggressive shift in the early 2000s into investment banking caused numerous problems.
sr/yad

fashion

Phan Huy: the fashion prodigy putting Vietnam on the map

BY ADAM PLOWRIGHT

  • The last Phan Huy collection, which was shown off-calendar in Paris last July, included references to everyday rural Vietnamese life from fans, fishing nets, straw bundles to banana leaves.
  • Phan Huy has had a thrilling -- but quite stressful -- journey to making history at Paris Haute Couture Week on Thursday where he will become the youngest and the first Vietnamese designer to present a collection on the official calendar. 
  • The last Phan Huy collection, which was shown off-calendar in Paris last July, included references to everyday rural Vietnamese life from fans, fishing nets, straw bundles to banana leaves.
Phan Huy has had a thrilling -- but quite stressful -- journey to making history at Paris Haute Couture Week on Thursday where he will become the youngest and the first Vietnamese designer to present a collection on the official calendar. 
The early part of his week was spent anxiously waiting for his designs to arrive in France from Vietnam after they were held up in customs.
"I was very nervous," the soft-spoken 27-year-old told AFP on Tuesday just hours after his elaborate hand-made dresses were finally released, meaning he could begin fitting the models.
"We had a paperwork issue," his co-founder and brand chief executive Steven Doan, 40, explained. 
The delays have complicated an already daunting task for the duo who have been catapulted into Paris Haute Couture Week and the fashion stratosphere, which some designers spend a lifetime hoping to enter.
They created the label less than three years ago, but have been fast-tracked into a field that includes corporate giants like Chanel, Dior or Armani, which have billions in annual sales.
Phan and Doan have more limited resources and prepared to unveil their designs on Thursday at 1230 GMT in a cramped basement apartment in western Paris.
"The first collection completely sold out and from that we reinvested," Doan explained. "We were very lucky that we've received a lot of orders from customers around the world, not just in Vietnam."

'A dream'

The origins of the brand go back to Phan's final collection at the Ho Chi Minh City University which became a viral sensation, drawing attention from local celebrities including singers My Tam and Ho Ngoc Ha.
"It was a dream because I was a young student," said Phan, who only turned 27 this week.
Doan, a former model and a stylist in London, also reached out from his then-home in the British capital to suggest they work together.
"I was really struck by Huy's talent. In Vietnam there's a level of designing that is very similar and then when you see a different collection, it really stands out," Doan said. 
While he grew up in the coastal city of Nha Trang, Phan hails from a village in the central Quang Tri province.
Phan credits his first interest in fabrics to his parents' curtain shop, where material was always abundant.
He would transform some of it into doll dresses.
"I was into fashion and clothing when I was six years old. I was always very picky with my own outfits," he explained.

'Fashion as well'

The invitation to Paris Haute Couture Week came from France's FHCM fashion federation, which is the guardian of the country's highly protected Fashion Weeks and a key tastemaker.
Alongside the permanent French couture houses, the federation invites guest designers from around the world who have both the skill and commitment to handmade craft that form the basis of the business.
Phan Huy will take his place alongside other designers such as Rami Al Ali from Syria, Imane Ayissi from Cameroon and Hong Kong-born Robert Wun who have brought diversity and freshness to the programme. 
"I'm very happy and very proud because I can represent and bring the culture and creativity of Vietnam to the world," Phan said.
Doan stressed that their home country is known as a global manufacturing hub that produces mass-market clothes for Western brands.
"We want to prove that we can do fashion as well," he said.
The last Phan Huy collection, which was shown off-calendar in Paris last July, included references to everyday rural Vietnamese life from fans, fishing nets, straw bundles to banana leaves.
This upcoming Spring/Summer 2026 season has been inspired by Vietnam's former ruling Nguyen dynasty, notably Emperor Khai Dinh and the last empress consort, Nam Phuong, who both lived under colonial French rule.
"I want to be inspired by people like Empress consort Nam Phuong, King Khai Dinh, with their fashion style and the interaction between the West and the East," explained Phan.
adp/rh/ceg/jm

economy

Hongkongers snap up silver as gold becomes 'too expensive'

BY TOMMY WANG

  • After a precious metals shop in Hong Kong's central business district announced that hundreds of silver bars had sold out for the day on Wednesday, murmurs of disappointment rippled through a waiting queue.
  • Hong Kong residents hoping to cash in on a precious metals rally are buying up bars of silver as an alternative to gold that they say has become "too expensive" after reaching record highs.
  • After a precious metals shop in Hong Kong's central business district announced that hundreds of silver bars had sold out for the day on Wednesday, murmurs of disappointment rippled through a waiting queue.
Hong Kong residents hoping to cash in on a precious metals rally are buying up bars of silver as an alternative to gold that they say has become "too expensive" after reaching record highs.
After a precious metals shop in Hong Kong's central business district announced that hundreds of silver bars had sold out for the day on Wednesday, murmurs of disappointment rippled through a waiting queue.
Despite increasing its supply to cater to strong demand, the store saw hundreds of bars snapped up in just over an hour.
Retiree Ken Wong, 65, began queueing at the precious metals shop Lee Cheong at around 5 am and managed to buy five bars.
He told AFP that buying silver offered him the chance to invest in a safe-haven asset quickly on the rise, whereas gold has become "too expensive".
Wong said that thanks to US President Donald Trump's mercurial policies, he and many others have the opportunity to profit from the inflated prices of the precious metals.
The price of gold surged to a record of more than $5,588 an ounce Thursday as investors sought safe places to put their money amid growing nervousness over rising global turmoil sparked by US policies.
Silver also struck an all-time peak above $119 an ounce, and is up more than 60 percent this year, having surged more than 140 percent in 2025. 
Pakistani Meran Jawad waited in line outside the trader shop since around 6 am to purchase silver bars, which were in limited supply.
"If you have silver or gold, it will be good for wealth," the 38-year-old delivery driver told AFP, and the geopolitical impact brought by Trump was affecting "every person's situation".
"Everything is expensive," he said, adding that their salaries are not growing while the cost of living continues to rise.

'The real safeguard'

Chen, a 40-year-old jewellery businessman based in the southern Chinese city of Shenzhen, told AFP that his firm's silver production sales so far this month were 10 times higher than in November.
The company, which employs nearly 20 workers, has reduced its gold jewellery stock with orders increasingly shifting towards silver, mainly to wholesalers.
"All of this hinges on market reactions... these developments are inextricably linked to the European and American markets, and Trump," Chen said.
Geopolitical tensions and rising inflation have driven the surge in precious metals investments, Samuel Tse, an economist at DBS Bank, told AFP. 
"Central banks are now diversifying their portfolio to gold," Tse said, with "retail and institutional investors... allocating more assets into precious metals." 
Outside another gold-buying shop, dozens also formed long lines, waiting to sell their precious jewellery. 
Vivian Lam, a finance worker in her 40s who calls gold a "scarce resource", said she had not expected to see such a dramatic surge.
She told AFP she saw people selling bullion bars several centimetres long to gold dealers when she was offloading her jewellery. 
Michael Ko, 55, stared at the fluctuating stock figures on his phone while waiting in line to sell the physical gold he had bought and stored in a home safe several years ago. 
A retiree from the investment industry, he said the rapid rise prompted him to take the profits to fund other opportunities. 
He told AFP that he purchased gold bars as it holds its value better. 
If political and economic crises "were to occur, it is the real safeguard", he said. 
twa/dhw/dan

Samsung

Samsung logs best-ever profit on AI chip demand

BY KANG JIN-KYU

  • The dazzling earnings came a day after a key competitor, South Korean chip giant SK hynix, said operating profit had doubled last year to a record high, also buoyed by the AI boom.
  • South Korean tech giant Samsung Electronics posted record quarterly profits Thursday, riding massive market demand for the memory chips that power artificial intelligence.
  • The dazzling earnings came a day after a key competitor, South Korean chip giant SK hynix, said operating profit had doubled last year to a record high, also buoyed by the AI boom.
South Korean tech giant Samsung Electronics posted record quarterly profits Thursday, riding massive market demand for the memory chips that power artificial intelligence.
A global frenzy to build AI data centres and develop the fast-evolving technology has sent orders for advanced high‑bandwidth memory microchips soaring.
That is also pushing up prices for less flashy chips used in consumer electronics -- threatening higher prices for phones, laptops and other devices worldwide.
In the quarter to December 2025, Samsung said it saw "its highest-ever quarterly consolidated revenue at KRW 93.8 trillion (US$65.5 billion)", a quarter-on-quarter increase of nine percent.
"Operating profit was also an all-time high, at KRW 20.1 trillion," the company said.
The dazzling earnings came a day after a key competitor, South Korean chip giant SK hynix, said operating profit had doubled last year to a record high, also buoyed by the AI boom.
The South Korean government has pledged to become one of the top three AI powers, behind the United States and China, with Samsung and SK hynix among the leading producers of high-performance memory.
Samsung said Thursday it expects "AI and server demand to continue increasing, leading to more opportunities for structural growth".
Annual revenue stood at 333.6 trillion won, while operating profit came in at 43.6 trillion won. Sales for the division that oversees its semiconductor business rose 33 percent quarter-on-quarter.
The company pointed to a $33.2 billion investment in chip production facilities -- pledging to continue spending in "transitioning to advanced manufacturing processes and upgrading existing production lines to meet rising demand".
- 'Clearly back' - 
Major electronics manufacturers and industry analysts have warned that chipmakers focusing on AI sales will cause higher retail prices for consumer products across the board.
This week US chip firm Micron said it was building a $24 billion plant in Singapore in response to AI-driven demand that has caused a global shortage of memory components.
SK hynix announced Wednesday that its operating profit had doubled last year to a record 47.2 trillion won.
The company's shares have surged some 220 percent over the past six months, while Samsung Electronics has risen about 130 percent, part of a huge global tech rally fuelled by optimism over AI.
Both companies are on the cusp of producing next-generation high-bandwidth "HBM4" chips for AI data centres, with Samsung reportedly due to start making them in February.
American chip giant Nvidia -- now the world's most valuable company -- is expected to be one of Samsung's customers for HBM4 chips.
But Nvidia has reportedly allocated around 70 percent of its HBM4 demand to SK hynix for 2026, up from the market's previous estimate of 50 percent.
"Samsung is clearly back and we are expecting them to show a significant turnaround with HBM4 for Nvidia's new products -- helping them move past last year's quality issues," Hwang Min-seong, research director at market analysis firm Counterpoint, told AFP.
But SK still "maintains a market lead in both quality and supply" of a number of key components, including Dynamic Random Access Memory chips used in AI servers, he said.
SK also this week said it will set up an "AI solutions firm" in the United States, committing $10 billion and weighing investments in US companies.
kjk/oho/kaf

diplomacy

China's ambassador warns Australia on buyback of key port

  • The ambassador warned that retaking control of the port could affect Chinese companies' investment, cooperation and trade with the Darwin region.
  • China will act to defend its companies' interests if Australia forcibly buys back control of the strategic northern port of Darwin, Beijing's ambassador has warned.
  • The ambassador warned that retaking control of the port could affect Chinese companies' investment, cooperation and trade with the Darwin region.
China will act to defend its companies' interests if Australia forcibly buys back control of the strategic northern port of Darwin, Beijing's ambassador has warned.
China's Landbridge group was granted a 99-year lease on the port in 2015, a widely criticised decision that led to stricter scrutiny of infrastructure sales.
Prime Minister Anthony Albanese promised last year to buy back control, criticising the lease as short-sighted for both economic and national security reasons.
If Landbridge is obliged to give up the lease, "then we have an obligation to take measures to protect the Chinese company's interest -- that is our position," ambassador Xiao Qian told Australian media on Wednesday.
"We will see when it's time for us to say something, do something, to reflect the Chinese government's position and protect our Chinese companies' legitimate interests," he said.
The ambassador warned that retaking control of the port could affect Chinese companies' investment, cooperation and trade with the Darwin region.
"That is not in the interest of Australia either."
Australia's prime minister said his government had already made it clear that it disagreed with the port's sale to "non-Australian interests".
"We are committed to making sure that that port goes back into Australian hands because that is in our national interest," he told reporters Wednesday during a visit to East Timor.
Darwin lies closest to Australia's Asian neighbours and has been used as a base for US Marines. 
At the time of the agreement, then-US president Barack Obama reportedly complained that Washington had not been told of Australia's plan to do business with Landbridge.
djw/sft/lb

port

Venezuelans eye economic revival with hoped-for oil resurgence

BY MARGIONI BERMÚDEZ

  • Nowadays, Herrera sells coffee and cigarettes from a street stall in El Palito -- a district by the refinery in the port city located on Venezuela's Caribbean coast. 
  • Ronald Herrera remembered the prosperity that Puerto Cabello enjoyed decades ago as home to the El Palito refinery -- once a symbol of Venezuela's oil boom. 
  • Nowadays, Herrera sells coffee and cigarettes from a street stall in El Palito -- a district by the refinery in the port city located on Venezuela's Caribbean coast. 
Ronald Herrera remembered the prosperity that Puerto Cabello enjoyed decades ago as home to the El Palito refinery -- once a symbol of Venezuela's oil boom. 
Now, the ex-refinery worker said, he hoped to see his coastal city rise again through a relaunch of the Latin American country's oil industry by the United States, after Washington forcibly removed Nicolas Maduro from power on January 3.
"We're looking at a very promising outlook because, since we live next to the refinery, we believe the flow of work is going to improve," Herrera told AFP. 
Delcy Rodriguez replaced Maduro as Venezuela's interim president after US forces seized and took him to the United States during a military raid in Caracas.
She quickly signed oil agreements with US President Donald Trump, who has declared that his administration now controls the sector -- the main engine of the Venezuelan economy.
Nowadays, Herrera sells coffee and cigarettes from a street stall in El Palito -- a district by the refinery in the port city located on Venezuela's Caribbean coast. 
Five of his seven children live abroad -- part of a Venezuelan diaspora of around eight million, according to UN estimates. 
Herrera favorably views Rodriguez's stance on the oil sector, which has reeled from years of underinvestment, allegations of corruption and US sanctions.
Since taking office, Rodriguez has pushed a reform of a hydrocarbons law to open the country's petroleum industry to foreign firms. 
"It's going to give us a big boost because, with jobs available, we have work to do," he said.
The acting president is under pressure from the Trump administration to comply with its demands to overhaul the state-run oil industry and open it up to US companies.

'Always full'

At night, the refinery's lights and its tongues of fire soften the gloom. 
This network of pipes and huge storage tanks connects to a port where ships unload crude to be refined into gasoline and diesel for the Venezuelan market.
At the intersection where Herrera works, a dilapidated hotel waits for buyers. 
A "for sale" sign is barely legible at the top, its letters faded by sun and salt air. 
With four floors and 147 rooms, it's the tallest building in El Palito. Outside in the street, a row of colorful shops offers refreshments to tourists visiting a local surfing beach.
Jonathan Guarire, a 35-year-old employee at the hotel, said he believed the establishment could regain its past glory through a resurgence of the oil industry that would attract buyers.
"It was always full...and I hope it becomes like it was before," he said. 
"All of that was always full of keys," he recalled, showing the small wooden cubbies where they used to be kept. 

'Blackmail'

The refinery is the area's most prominent landmark.
Its huge white storage tanks serve as canvases for slogans evoking Chavismo, the political ideology that governed Venezuela for the past 27 years and is named after late former leftist leader Hugo Chavez. 
One slogan read: "Fatherland, socialism or death." 
On a beach near the refinery, fishermen arrived at dawn with their night's catch.
Sergio Espina, a retired sailor in his 60s, was waiting to buy fish, which he would then sell. 
The situation "is a little tough," he said. "I'm hoping things will get completely better to see what happens from here on out."
Another local, Gilberto Herrera, 67, works as a public employee and earns a paltry salary of less than one dollar a month. He attributes Venezuela's economic crisis to the sanctions that the United States slapped on country's oil industry in 2019.
The sanctions "did us a lot of harm," he said, questioning the military strike that Trump ordered on Venezuela. 
"It's all blackmail, if you ask me. Why are they only now opening things up, as they say, to allow investment?" 
mbj/jt/nn/iv/acb/dw 

earnings

Tesla profits tumble on lower EV sales, AI spending surge

BY JOHN BIERS

  • Lower profits had been expected after Tesla reported a drop in fourth-quarter and full-year auto deliveries early in January. 
  • Tesla reported a 61-percent drop in fourth-quarter profits on Wednesday due to lower auto sales and increased expenses as CEO Elon Musk ramps up technology investments.
  • Lower profits had been expected after Tesla reported a drop in fourth-quarter and full-year auto deliveries early in January. 
Tesla reported a 61-percent drop in fourth-quarter profits on Wednesday due to lower auto sales and increased expenses as CEO Elon Musk ramps up technology investments.
The results conclude a turbulent year for the electric vehicle maker that included a controversial Musk stint in Donald Trump's White House and a shareholder vote in November to award the outspoken CEO a pay package worth as much as $1 trillion in anticipation of massive technology breakthroughs at Tesla. 
Profits came in at $840 million in the quarter ending December 31, down from $2.1 billion a year earlier. 
Revenues were $24.9 billion, down 3.1 percent.
Lower profits had been expected after Tesla reported a drop in fourth-quarter and full-year auto deliveries early in January. 
A company presentation cited a litany of other factors. These included higher restructuring costs, increased research and development funding for AI pursuits, the drag from higher tariffs and a decline in revenues tied to emission tax credits following Trump's reversals on US environmental policies.
Musk opened a conference call by saying he was committed to "very, very big investments" to realize the mission of working to ensure "the best future," an "era of abundance" where the "environment is great, nature is great, and people can have whatever they want."
Chief Financial officer Vaibhav Taneja said the 2026 capital spending budget would be "in excess of $20 billion," more than that double the $8.5 billion last year.
Musk said Tesla plans to wind down production of the Models S and X luxury EVs and will convert plant capacity in Fremont, California to build humanoid robots.
Tesla's outlook did not include a projection for its expected 2026 auto sales, saying it would depend partly on "aggregate demand for our products." 
In its January 2025 earnings release, Tesla projected a return to growth in vehicle sales. But Tesla's 2025 auto sales fell nine percent, reflecting increased competition from rivals and blowback to Musk's embrace of Trump and far-right political figures.

Unrealistic timing?

Shares of Tesla rose sharply in the second half of 2025 after Musk left the White House in spite of weaker financial results shrugged off due to Tesla's perceived growth potential.
Musk has touted Tesla's technological prowess on artificial intelligence and autonomous driving as a decisive advantage against rivals that justifies the company's lofty stock market valuation. The company describes itself as in "transition from a hardware-centric business to a physical AI company."
At the World Economic Forum earlier this month, Musk described self-driving cars as "essentially a solved problem at this point," adding that the robotaxi service will be very widespread in the United States by the end of 2026.
Musk has also spoken optimistically about the expected growth in revenue tied to subscriptions of the driver-assistance "FSD" program. 
Many analysts have learned to take Musk's utterances with a grain of salt after earlier predictions about the nearness of fully autonomous driving didn't come to pass.
CFRA Research analyst Garrett Nelson characterized Wednesday's results as better than expected, pointing to revenue gains from Tesla's energy generation and storage business and the company's confirmation of the buildout of Cybercab and other big projects targeted for 2026.
Stil, "execution risk is high as Tesla has its work cut out to deliver on its promises and justify the company's lofty valuation in the face of challenging EV demand and growing competitive threats," Nelson said. 
Included in Wednesday's earnings press release, Tesla disclosed that it entered into an agreement on January 16 to invest $2 billion in Musk's xAI artificial intelligence venture.
A "framework" accord "builds upon the existing relationship between Tesla and xAI by providing a framework for evaluating potential AI collaborations between the companies," said Tesla, adding that the investment agreement is expected to close in the first quarter.
Tesla shares rose 1.7 percent in after-hours trading.
jmb/dw