Italy

French eyewear maker in spotlight after presidential showing

BY ANGELA SCHNAEBELE

  • Macron had ordered the sunglasses in 2024 "to give a gift to a minister during the G20" along with the pair for himself, Fulchir said. 
  • The aviator sunglasses that captured the world's attention when French President Emmanuel Macron wore a pair on stage in Davos in a faceoff with US counterpart Donald Trump have become an unexpected success for the Italian owner of the France-based manufacturer that has watched sales soar. 
  • Macron had ordered the sunglasses in 2024 "to give a gift to a minister during the G20" along with the pair for himself, Fulchir said. 
The aviator sunglasses that captured the world's attention when French President Emmanuel Macron wore a pair on stage in Davos in a faceoff with US counterpart Donald Trump have become an unexpected success for the Italian owner of the France-based manufacturer that has watched sales soar. 
Despite the hype, eyewear maker Henry Jullien has struggled in a declining French industry that was established in the eastern Jura region in the late 1700s, facing competition from far cheaper Asian manufacturers.
Henry Jullien's "Top Gun"-style shades with blue lenses and a silver frame, priced at 659 euros ($784), are now featured on the French presidency's online store.
Since last week's World Economic Forum in Switzerland, "we've been getting calls from all over the world, it's given us incredible publicity," said Stefano Fulchir, CEO of the Italian company iVision Tech which owns Henry Jullien. 
More than 500 sunglasses have already been sold online -- a significant jump for the high-end brand that typically produces just a thousand pairs per year, including 200 of the aviator Pacific S01 model, in Jura.
The brand's website crashed with the surge in traffic so a temporary webpage dedicated solely to the presidential model was launched, while iVision Tech's stock soared 70 percent in a matter of days, Fulchir said. 
Macron had ordered the sunglasses in 2024 "to give a gift to a minister during the G20" along with the pair for himself, Fulchir said. 
Made with a gold wire, the aviators are crafted in an intricate 279-step process over four months. 
"We pampered both pairs, of course," said Herve Basset, 60, who has spent more than half his life at Henry Jullien. 
The eyewear makers all received thank-you letters from the president, recalled Karine Pelissard, who has spent 30 years in the trade. 

Shrinking industry

The eyewear maker had about 180 employees 15 years ago but was down to just 15 when iVision Tech bought it in 2023, according to the mayor where the manufacturing facility is located. 
Further cuts were made. Ten employees remain in Jura, iVision Tech said, and its site in the Italian town of Martignacco has had to take on the surge in orders. 
To assure authenticity, Fulchir said the glasses are stamped with either "Made in France" or "Made in Italy" depending on which site they come from -- the "most important" labels in the eyewear world, signifying quality. 
Yet Julien Forestier, head of the eyewear makers' union in Jura, said the buzz will "bring nothing" to the local industry. 
"There are only a few companies left fighting for French manufacturing," and even opticians no longer really believe in the Made in France label anymore, he lamented. 
While the sector still produces 2 million frames a year, there are only around 50 companies and about 800 employees in Jura, compared with 10,000 in the 1950s.
ab-as/ab/sla/alv/giv/ekf/cw

Global Edition

Gold, silver prices tumble as investors soothed by Trump's Fed pick

  • Asian stock markets closed out the week with some hefty losses following Thursday's tech-led retreat on Wall Street on renewed concerns over vast investments in artificial intelligence.
  • Gold and silver prices dived Friday and European stock markets climbed, while Wall Street opened just into the red with investors reassured by US President Donald Trump's pick to take over as head of the Federal Reserve. 
  • Asian stock markets closed out the week with some hefty losses following Thursday's tech-led retreat on Wall Street on renewed concerns over vast investments in artificial intelligence.
Gold and silver prices dived Friday and European stock markets climbed, while Wall Street opened just into the red with investors reassured by US President Donald Trump's pick to take over as head of the Federal Reserve. 
The precious metals, viewed as safe-haven investments, had already begun sliding on reports, later confirmed, that Trump had nominated former Fed official Kevin Warsh to replace Jerome Powell as chair of the US central bank.
Trump confirmed his choice Friday on Truth Social.
"I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best," Trump wrote on his social media platform.
"On top of everything else, he is 'central casting,' and he will never let you down." 
Kathleen Brooks, research director at XTB trading group, said the "interesting pick... may give the market some hope that Fed independence will be preserved".
Trump's personal attacks on Fed boss Jerome Powell -- set to depart in May -- have fuelled widespread fears among investors that the central bank's policy independence is under threat, potentially posing an inflation risk to the US economy.
Precious metals prices tumbled on Friday after surging in recent days when investors sought a safe haven over doubts about Trump's policies.
Gold was down seven percent to $5,072 an ounce after reaching a record high of $5,595.47 Thursday.
Silver, which Thursday reached an all-time peak above $120 an ounce, shed 15 percent meanwhile in sliding to $101 an ounce. 
Financial markets have endured a rollercoaster ride this week as traders weathered a weaker dollar, Trump's threats against Tehran, the president's resumption of tariff threats and a possible US government shutdown.
Asian stock markets closed out the week with some hefty losses following Thursday's tech-led retreat on Wall Street on renewed concerns over vast investments in artificial intelligence.
Healthy earnings from Meta, Samsung and SK Hynix provided much cheer early in the week but the positivity took a hit on Thursday after Microsoft announced a surge in spending on AI infrastructure and revived concerns that companies could take some time before seeing a return on their investments.
There are fears that firms' valuations may be a little too stretched and markets could be in a bubble, having soared in recent years to record highs on the back of a tech-fuelled rally.
Among tech giants, Apple was down 1.4 percent with higher chips hitting margins while Meta was off two percent.
Oil prices regained their poise after an early fall Friday, having surged the day before as Trump ramped up geopolitical tensions with threats of a military strike on Iran.
"The building tensions between Iran and the US have driven Brent crude prices to a six-month high," said Megan Fisher, assistant economist at Capital Economics.
"That said, we think that the historical example of last year's 12-day war (between Iran and Israel with US involvement), and a well-supplied oil market, will still bear down on Brent crude prices by end-2026."

Key figures at around 1450 GMT

New York - Dow: DOWN 0.3 percent at 48,942.69
New York - S&P 500: DOWN 0.2 percent at 6,958.62
New York - NASDAQ Composite: DOWN 0.2 percent at 23,634.99
London - FTSE 100: UP 0.5 percent at 10,214.90 points
Paris - CAC 40: UP 0.8 percent at 8,136.82
Frankfurt - DAX: UP 1.0 percent at 24,572.54
Tokyo - Nikkei 225: DOWN 0.1 percent at 53,322.85 (close)
Hong Kong - Hang Seng Index: DOWN 2.1 percent at 27,387.11 (close)
Shanghai - Composite: DOWN 1.0 percent at 4,117.95 (close)
Euro/dollar: DOWN at $1.1916 from $1.1962 on Thursday
Pound/dollar: DOWN at $1.3753 from $1.3800
Dollar/yen: UP at 154.39 yen from 153.04 yen
Euro/pound: DOWN at 86.65 pence from 86.67 pence
Brent North Sea Crude: UP 0.2 percent at $70.83 per barrel
West Texas Intermediate: UP 0.3 percent at $65.64 per barrel
dan-bcp/ajb/cw/rlp

economy

What are the key challenges awaiting the new US Fed chair?

BY BEIYI SEOW

  • - Credibility - The president has drastically escalated his targeting of the central bank, trying to reshape its leadership by moving to fire a Fed governor while calling repeatedly for interest rates to be slashed.
  • US President Donald Trump has unveiled his pick for the next Federal Reserve chief -- former central bank governor Kevin Warsh -- setting in motion a key shift in the institution's leadership.
  • - Credibility - The president has drastically escalated his targeting of the central bank, trying to reshape its leadership by moving to fire a Fed governor while calling repeatedly for interest rates to be slashed.
US President Donald Trump has unveiled his pick for the next Federal Reserve chief -- former central bank governor Kevin Warsh -- setting in motion a key shift in the institution's leadership.
Powell's chairmanship ends in May, and his successor will need to establish credibility despite political pressure, while walking a policy tightrope between curbing inflation and supporting a weakened jobs market.
Warsh emerged as Trump's choice early Friday, after a race that had narrowed to him, Fed governor Christopher Waller, Rick Rieder of BlackRock and Trump's chief economic advisor Kevin Hassett.
Trump during his first term considered Warsh for Fed chair as well, but eventually decided on Powell.
What are the biggest tests awaiting Trump's nominee?

Credibility

The president has drastically escalated his targeting of the central bank, trying to reshape its leadership by moving to fire a Fed governor while calling repeatedly for interest rates to be slashed.
His Justice Department also launched an investigation into Powell over renovations at the Fed's headquarters, in a move that Powell warned could threaten Fed independence.
Analysts expect Trump's pick will be more likely to push for lower rates.
But this also means it will be tougher for the candidate to establish credibility and convince investors of the bank's insulation from politics, said Michael Strain of the conservative American Enterprise Institute.
"A new Fed Chair may want to hold off on rate cuts for at least one meeting to reassure financial markets," KPMG chief economist Diane Swonk wrote in a recent note.

Senate confirmation

Trump's nominee must also undergo Senate confirmation, and will likely face tough questioning from lawmakers even as the president's Republican Party holds a Senate majority.
Already, Republican Thom Tillis, who sits on the Senate Banking Committee, vowed to oppose the confirmation of any Fed nominee -- including the next chairman -- until the probe against Powell is resolved.
Other Republican lawmakers, like Senator Lisa Murkowski of Alaska, have spoken up against the investigation too.
The top Democrat on the banking committee, Senator Elizabeth Warren, has previously accused Trump of wanting to push Powell off the Fed's powerful board altogether and "install another sock puppet" to complete his takeover of the central bank.
For now, a wildcard is whether Powell remains on the board as Fed governor after his four-year term as chairman ends, preventing Trump from influencing its composition further.
Most chairmen leave when their terms expire, but they do not have to. Powell could remain a governor until 2028.

Forging consensus

Within the bank, the Fed chair is seen to have an outsized influence on forging consensus among the rate-setting Federal Open Market Committee (FOMC).
The FOMC's 12 voting members take majority votes to decide on interest rate adjustments, and observers will monitor if the next chief can unite officials to back further rate cuts.
The Fed has seen deepening divisions recently as some policymakers seek lower rates to boost the economy and shore up a labor market they view as fragile.
But others have pushed back on rate cuts amid inflation worries, as Trump's tariffs flow through supply chains and raise the costs of certain goods.

Political pressure

The new Fed chair will also have to contend with a president who has relentlessly criticized their predecessor and made no secret of his preference for much lower interest rates.
Trump has already said that he would judge his choice on whether they immediately cut rates.
At a speech to the World Economic Forum at Davos, Switzerland, Trump said of the contenders for the chairmanship: "They're saying everything I want to hear."
"They get the job, and all of a sudden, 'Let's raise rates a little bit,'" he added. "It's amazing how people change once they have the job."
"It's too bad, sort of disloyalty," Trump said.
bur-bys/md

growth

Eurozone growth beats 2025 forecasts despite Trump woes

BY FRéDéRIC POUCHOT

  • Data released Friday in Germany showed its economy grew faster than expected at the end of 2025, expanding 0.2 percent over the year, suggesting a recovery is gathering pace in Europe's struggling industrial powerhouse.
  • Eurozone growth beat expectations to reach 1.5 percent last year, official data showed Friday, picking up pace for a second year running in spite of a bruising trade standoff with the United States.
  • Data released Friday in Germany showed its economy grew faster than expected at the end of 2025, expanding 0.2 percent over the year, suggesting a recovery is gathering pace in Europe's struggling industrial powerhouse.
Eurozone growth beat expectations to reach 1.5 percent last year, official data showed Friday, picking up pace for a second year running in spite of a bruising trade standoff with the United States.
Europe is working to close the gap with economic rivals China and the United States, and spiking tensions with President Donald Trump's administration over trade have created added impetus to bolster its competitivity.
Last year's uptick in the single-currency area's economy builds on the modest 0.9 percent expansion recorded in 2024, after an anaemic 0.4 percent a year earlier.
Analysts at Bloomberg had forecast growth to be 1.4 percent, while the European Commission itself predicted 1.3 percent.
Quarter-on-quarter growth for the eurozone reached 0.3 percent in the last three months of 2025, according to statistics agency Eurostat.
"Accelerating growth in Germany, Spain and Italy, to a lesser extent, made up for slow growth in France," said ING chief economist Bert Colijn.
The eurozone ended the year with "decent economic growth despite significant uncertainty and economic tension," he wrote.
Data released Friday in Germany showed its economy grew faster than expected at the end of 2025, expanding 0.2 percent over the year, suggesting a recovery is gathering pace in Europe's struggling industrial powerhouse.
But annual growth in the eurozone's second-biggest economy France slowed to 0.9 percent, national data showed, impacted by a disappointing fourth quarter as the government wrestled with passing a new budget.
Spain's economy meanwhile grew at more than twice the eurozone average last year, expanding 2.8 percent, fuelled by strong consumer demand, rising exports and robust tourism.
The eurozone's fourth-largest economy has outshone its peers since 2021, supported by low energy costs, domestic consumption and a tourism boom since the end of the Covid pandemic.
Analysts at Capital Economics said they expected Spain to "continue to outperform for some time as high immigration boosts employment and domestic demand."
Spain's left-wing government credits immigration for much of the country's dynamic economic growth of recent years, and has recently moved to regularise around 500,000 undocumented migrants.

'Upbeat'

ING's Colijn said the eurozone-wide outlook for 2026 was "becoming more upbeat", with industrial production expected to benefit from defence investments and German infrastructure spending in particular.
He predicted "accelerated growth over the coming quarters," noting that even a "modest" pickup would be something to celebrate given the "significant turmoil" in international relations.
But he warned other factors were set to keep dragging on growth, from the uncertain global environment to a loss of competitiveness across the eurozone.
"These broader structural concerns are not being addressed quickly enough at the moment, which curbs longer-term prospects," he said.
Across the broader 27-country European Union, the economy expanded by 1.6 percent last year, the data showed.
EU leaders will hold talks on competitiveness next month in Belgium as the bloc seeks to revive its economy and foster innovation.
The bloc's competitiveness push has produced mixed outcomes so far, according to an annual assessment published Friday by the European Commission, which is pushing for stepped-up action. 
Of a broad set of indicators examined in the report, six showed declines, six improved and 15 remained broadly unchanged. 
Areas showing improvement ranged from the use of artificial intelligence by businesses to renewable energy production and the mutual recognition of diplomas and professional qualifications across member states. 
By contrast, the share of intra‑EU trade in the bloc's economy showed a decline, as did private investment levels and European students' results in the PISA international education survey.
fpo/ec/del/js

economy

Kevin Warsh, a former Fed 'hawk' now in tune with Trump

BY BEIYI SEOW

  • In an interview with Fox Business at the time, he backed interest rate cuts to boost growth, even as Fed officials said they needed to evaluate the potential impact of Trump's tariffs barrage on inflation.
  • Kevin Warsh, a former US Federal Reserve official named by President Donald Trump on Friday as its next chief, was long an inflation foe but has aligned his views with those of Trump officials seeking aggressive interest rate cuts.
  • In an interview with Fox Business at the time, he backed interest rate cuts to boost growth, even as Fed officials said they needed to evaluate the potential impact of Trump's tariffs barrage on inflation.
Kevin Warsh, a former US Federal Reserve official named by President Donald Trump on Friday as its next chief, was long an inflation foe but has aligned his views with those of Trump officials seeking aggressive interest rate cuts.
Trump made the announcement after the Fed held its benchmark rate steady this week under Chairman Jerome Powell, whom the president again slammed as a "moron".
The months of personal attacks have fuelled widespread fears among investors that the Fed's policy independence is under threat, potentially posing an inflation risk to the world's biggest economy.
Warsh has edged out three other contenders for the Fed job: Fed Governor Christopher Waller, Rick Rieder of the investment behemoth BlackRock, and Trump's top economic adviser Kevin Hassett.
A Fed governor between 2006 and 2011, Warsh was previously a mergers and acquisitions banker at Morgan Stanley.
He later joined former president George W. Bush's administration, serving as a White House economic policy adviser from 2002 to 2006 before being nominated to the Fed's Board of Governors.
During his first term, Trump had considered Warsh for the Fed chair position, but eventually chose Powell instead.
But Powell's fall from grace was capped this month when US prosecutors issued subpoenas against him threatening a criminal indictment, an unprecedented move widely seen as an escalation of Trump's campaign against the central bank.
- No longer a 'hawk' –
Warsh's term as a Fed governor saw him work closely with its chief Ben Bernanke on the central bank's policy responses during the financial crisis that rocked the global economy in 2008.
He emerged as a key communications conduit between policymakers and financial markets, even as he became increasingly skeptical of some of the Fed's actions -- including interest rate cuts to help contain the damage.
He resigned as a Fed governor in 2011, several years before his term was to expire in 2018.
At the time, he was seen as an inflation "hawk," a term describing policymakers more inclined to prioritize stable prices and low inflation.
This is usually done by favoring tighter monetary policy and higher interest rates.
But recently Warsh has stepped up his criticism of the Fed, endorsing many of the policy positions of Trump and his administration.
He argued in a speech last year that the Fed had strayed from its monetary policy mission into political areas where it lacked expertise.
Warsh also claimed that poor policy choices by the Fed were holding back the US economy from growing further.
In an interview with Fox Business at the time, he backed interest rate cuts to boost growth, even as Fed officials said they needed to evaluate the potential impact of Trump's tariffs barrage on inflation.
Warsh, a graduate of Stanford University and Harvard Law School, is married to Jane Lauder, of the family known for the Estee Lauder cosmetics group. 
Her billionaire father Ronald Lauder is a longtime associate of Trump's.
Warsh's appointment to the Fed would have to be confirmed by the US Senate, where he will face scrutiny including from Trump's own Republican lawmakers.
Republican Thom Tillis, who sits on the Senate Banking Committee, has vowed to oppose the confirmation of any Fed nominee until the probe against Powell is resolved.
bys/js/rlp/md

business

'Superman' Li Ka-shing, Hong Kong billionaire behind Panama ports deal

BY TOMMY WANG

  • Beijing authorities intensified pressure on CK Hutchison last year, repeatedly criticising the conglomerate's sale of its Panama Canal ports.
  • Hong Kong tycoon Li Ka-shing and his conglomerate CK Hutchison have been tied up in global US-China rivalry since announcing a controversial $19 billion sale of strategic ports in Panama last year.
  • Beijing authorities intensified pressure on CK Hutchison last year, repeatedly criticising the conglomerate's sale of its Panama Canal ports.
Hong Kong tycoon Li Ka-shing and his conglomerate CK Hutchison have been tied up in global US-China rivalry since announcing a controversial $19 billion sale of strategic ports in Panama last year.
The Li family owns 30 percent of CK Hutchison, which controls ports, retail, infrastructure and other businesses in dozens of countries and reported revenue of $61.4 billion in 2024.
Li was Asia's ninth-richest man, according to the Bloomberg Billionaires Index in January, with a total net worth of more than $42 billion.
Nicknamed "Superman" for his business acumen, the 97-year-old and his companies are woven into the fabric of Hong Kong life through everything from internet services to supermarket chains.
A Panama Supreme Court decision to annul CK Hutchison's concession there on Thursday showed how container ports in geopolitically strategic locations have become a prized global currency.

From refugee to billionaire

Li was born in the southern Chinese city of Chaozhou in 1928.
A refugee from the Sino-Japanese War who fled mainland China to Hong Kong, he started a business in 1950 manufacturing plastic flowers and named it Cheung Kong after China's Yangtze River.
He reaped big profits in the 1960s after diversifying into property, and extended his businesses into many sectors in the following decades.
Li also had a longstanding interest in overseas markets, making investments in the Canadian property and energy sectors in the 1980s.
He swam against the tide after Beijing crushed the pro-democracy movement in Tiananmen Square in 1989, becoming the largest Hong Kong investor in mainland China, primarily in the property sector, while foreign businesses fled.
He continued to invest heavily on the mainland during the 1990s, the dedicated capitalist courting Beijing's communist leaders as China began to emerge as an economic superpower.
The extent of Li's investments served as a powerful catalyst for foreign capital entering China in the following decades, propelling its economic miracle.
Li also supported China's education and healthcare sectors through substantial philanthropic funding.
He enjoyed close ties with three generations of Chinese leaders, including Deng Xiaoping, the architect of China's economic opening up.

Weakening ties

That closeness to China's leadership weakened after Xi Jinping took power in 2012. 
Beijing hardened its stance towards tycoons under Xi, including those from Hong Kong, and Li found his commercial and political manoeuvres under increasing criticism by government-affiliated media. 
He has offloaded major property investments in China in recent years in a move seen as part of a quest for stability and a sign of being less reliant on the mainland. 
Li announced a sweeping reorganisation of his vast business empire in 2015 following the sale of some Chinese assets. 
Many of the more recent expansions were instead overseas, with CK Hutchison now operating in some 50 countries across telecoms, ports, infrastructure, and retail.
Li and his family are also reportedly thinking of spinning off and selling assets across its units.
Chinese state media have criticised Li for his apparent decision to divest from some mainland markets and for supposedly showing sympathy to pro-democracy protesters in Hong Kong in 2019.
Beijing authorities intensified pressure on CK Hutchison last year, repeatedly criticising the conglomerate's sale of its Panama Canal ports.
The Beijing-based authority overseeing Hong Kong affairs reposted a newspaper editorial titled "Great entrepreneurs have always been outstanding patriots" after the sale plan was announced in March.
There has been slow progress in the CK Hutchison port sale negotiations since then, with analysts telling AFP that political factors have become a drag.
Panama's Supreme Court found the laws that allowed CK Hutchison to operate two of the five canal ports "unconstitutional", ending its decades-long concession.
The ports operator, CK Hutchison subsidiary Panama Ports Company, said the decision "lacks legal basis" and threatens thousands of livelihoods.
bur-twa/dhw/pbt

children

Dutch watchdog launches Roblox probe over 'risks to children'

  • "The platform regularly makes the news, for example, due to concerns about violent or sexually explicit games that minors are exposed to," the ACM said in a statement.
  • The Dutch consumer watchdog Friday launched an investigation into Roblox to see if the popular gaming platform was doing enough to protect children amid reports they are exposed to violent and sexual imagery.
  • "The platform regularly makes the news, for example, due to concerns about violent or sexually explicit games that minors are exposed to," the ACM said in a statement.
The Dutch consumer watchdog Friday launched an investigation into Roblox to see if the popular gaming platform was doing enough to protect children amid reports they are exposed to violent and sexual imagery.
The Netherlands Authority for Consumers and Markets (ACM) said its probe would examine "potential risks to underage users in the EU" and would likely last around one year.
"The platform regularly makes the news, for example, due to concerns about violent or sexually explicit games that minors are exposed to," the ACM said in a statement.
Other concerns include reports of ill-intentioned adults targeting children on the platform and the use of misleading techniques to encourage purchases.
The ACM said it had also received reports of these allegations and "considers this sufficient reason to launch a formal investigation into possible violations of the rules by Roblox."
Under the EU's Digital Services Act (DSA), platforms must take "appropriate and proportionate measures" to ensure a high level of safety and privacy for minors.
The ACM said it could impose a "binding instruction, fine, or penalty" on Roblox if it concludes the rules have been broken. 
In 2024, the ACM slapped a 1.1-million-euro fine on Fortnite maker Epic Games, judging that vulnerable children were exploited and pressured into making purchases in the game's Item Shop.
A Roblox spokesperson told AFP the platform was "strongly committed" to complying with the DSA rules and was looking forward to providing "further clarity" on its actions.
"We have invested significantly in building robust systems that align with the DSA's principles, including working to ensure the safety, security and privacy of minors," the spokesperson said.
Roblox pointed to recent measures taken on the platform, such as introducing age check requirements for all users wishing to chat with others.
ric/ach 

budget

French PM forces final budget through parliament 

  • Lecornu has already endured a string of no-confidence votes in recent weeks as he pushed the first sections of the 2026 state budget through parliament without a vote. 
  • French Prime Minister Sebastien Lecornu forced his budget through parliament without a vote for the third and final time Friday, exposing him to yet another no-confidence motion. 
  • Lecornu has already endured a string of no-confidence votes in recent weeks as he pushed the first sections of the 2026 state budget through parliament without a vote. 
French Prime Minister Sebastien Lecornu forced his budget through parliament without a vote for the third and final time Friday, exposing him to yet another no-confidence motion. 
The decision to use the constitutional tool known as article 49.3 has marked an about-face for Lecornu, who pledged last year to seek parliament's approval, in a bid to avoid the fate of his two predecessors who were ousted over budget negotiations.
But after months of negotiations reached an impasse, Lecornu announced he would use the power to force the budget, after making concessions to gain the backing of the Socialists. 
"France must have a budget. And so, before this chamber, I am committing the government's responsibility for the entire Finance Bill for 2026," he told the National Assembly on Friday while invoking the power to push it through.
His opponents, including the hard left and far-right parties, have vowed to file no-confidence motions against him in response. 
The motions are expected to be debated and voted upon Monday, according to lawmaker Eric Coquerel who chairs the finance committee. 
If Lecornu survives, as anticipated based on his previous support, the budget will move forward for definitive adoption. 
The Socialist party has "tightened the screws" on its members to fall in line and back the government, Coquerel lamented. 
Lecornu has already endured a string of no-confidence votes in recent weeks as he pushed the first sections of the 2026 state budget through parliament without a vote. 
On Tuesday, Lecornu defended his decision, touting what he called a "breakthrough" budget that would boost defence spending by 6.5 billion euros ($7.78 billion) and urging a "long-term" view.
Although some lawmakers have expressed doubts, the text aims to bring the deficit down to five percent of the gross domestic product (GDP) in 2026 from 5.4 percent in 2025. 
The executive was initially targeting 4.6 percent, but the scrapping of pension reforms meant such a reduction of the deficit was not possible, according to rapporteur Philippe Juvin. 
The various concessions made for the Socialists include a one-euro meal for students and an increase in a top-up payment for low-income workers.
Despite being "imperfect" the budget "is a useful text for the French, because it allows us to emerge from the climate of uncertainty that has set in over the past few months," Public Accounts Minister Amelie de Montchalin said on Thursday.
The eurozone's second-largest economy has been bogged down in political crises since Macron called a snap poll in 2024, in which he lost his parliamentary majority.
are/far/asm/giv/st

canal

Panama court annuls Hong Kong firm's canal port concession

  • On Thursday the Supreme Court found the laws which allowed CK Hutchison Holdings to operate two of the five ports of the canal "unconstitutional," according to a court statement.
  • Panama's Supreme Court annulled on Thursday the concession allowing Hong Kong-based CK Hutchison to operate ports at the Panama Canal, a ruling that undermines Chinese sway over the waterway.
  • On Thursday the Supreme Court found the laws which allowed CK Hutchison Holdings to operate two of the five ports of the canal "unconstitutional," according to a court statement.
Panama's Supreme Court annulled on Thursday the concession allowing Hong Kong-based CK Hutchison to operate ports at the Panama Canal, a ruling that undermines Chinese sway over the waterway.
As Beijing and Washington vie for global influence, container ports have become a prized currency -- especially those situated in geopolitically strategic locations such as the Panama Canal. 
Just days into US President Donald Trump's second term, he threatened to take back the canal -- built by the United States and handed to Panama in 1999 -- claiming Beijing was effectively "operating" it.
Panama has rejected the claim that China had de facto control over the canal, which handles 40 percent of US container traffic, while taking actions to appease Trump.
The firm has sought to sell its Panama Canal ports to a consortium led by US asset manager BlackRock. The status of that proposal is unclear following the court ruling.
On Thursday the Supreme Court found the laws which allowed CK Hutchison Holdings to operate two of the five ports of the canal "unconstitutional," according to a court statement.
The CK Hutchison subsidiary concerned by the ruling rejected the judgement, saying that it "lacks legal basis".
The ruling "jeopardizes not only PPC (Panama Ports Company) and its contract, but also the well-being and stability of thousands of Panamanian families who depend directly and indirectly on port activity," it said.
Beijing, meanwhile, on Friday vowed to "take all necessary measures to resolutely safeguard the legitimate rights and interests of Chinese companies".
Hong Kong's government also rejected the decision.
The United States and China are the canal's top users, with around five percent of global maritime trade transiting from there.
Panama Ports Company -- a CK Hutchison Holdings subsidiary -- manages the ports of Cristobal on the canal's Atlantic entrance and Balboa on the Pacific side.
The concession was automatically renewed in 2021 for another 25 years.

 Proposed sale status unclear

The lawsuit to cancel the concession was brought before the Panamanian high court last year on allegations that it was based on unconstitutional laws and that the Hong Kong business was not paying taxes.
CK Hutchison Holdings is one of Hong Kong's largest conglomerates, spanning finance, retail, infrastructure, telecoms and logistics.
Shares in CK Hutchison declined more than 4 percent on the Hong Kong stock exchange on Friday.
Chinese state media has previously slammed the proposed sale to BlackRock, while Beijing has warned parties involved to exercise "caution", warning of legal consequences should they proceed without their clearance.
In April, the Panamanian Comptroller's Office accused the firm of allegedly failing to pay the state $1.2 billion from its operations, according to an audit by the agency in charge of overseeing public spending.
Panama has been trying to avoid being dragged into what President Jose Raul Mulino last year called a "geopolitical conflict."
Mulino has insisted the canal's neutrality is intact and has urged Washington not to entangle Panama in its rivalry with Beijing. 
Still, Panama has taken steps to ease the pressure from Washington.
Last year it withdrew from China's Belt and Road Initiative, and earlier this month it announced new joint US-Panama canal defense drills -- the fourth since 2025 -- aimed at boosting readiness around the 50‑mile (80‑kilometre) trade route.
The canal has become a recurring flashpoint as Trump pursues what he calls the updated "Donroe Doctrine," asserting expanded US authority in the Western Hemisphere.
In his inauguration address, the US president said: "We didn't give it to China, we gave it to Panama. And we're taking it back."
At the same time, Beijing has sharply criticized moves against its assets in Panama, including the demolition late last year of a monument honoring Chinese workers who helped build the canal and the 19th‑century railway that preceded it.
jjr/jgc/isk/reb/jm

oil

Trump threatens tariffs on nations selling oil to Cuba

  • The order signed Thursday threatens added tariffs on any "country that directly or indirectly sells or otherwise provides any oil to Cuba."
  • US President Donald Trump signed an executive order Thursday threatening to impose additional tariffs on countries that sell oil to Cuba, further increasing pressure on the communist-led island.
  • The order signed Thursday threatens added tariffs on any "country that directly or indirectly sells or otherwise provides any oil to Cuba."
US President Donald Trump signed an executive order Thursday threatening to impose additional tariffs on countries that sell oil to Cuba, further increasing pressure on the communist-led island.
The order did not specify the value of the tariffs or which countries would be targeted, leaving those determinations up to his secretary of commerce.
Cuba, which has largely been under a US embargo since 1962, until recently received most of its oil from Venezuela.
But the United States has moved to block the flow after removing Havana's key ally Nicolas Maduro from power and effectively seizing control of Venezuelan oil exports.
Following the Venezuela operation, Trump vowed to completely cut off oil and money going to Cuba.
"I strongly suggest they make a deal, BEFORE IT IS TOO LATE," he threatened in a social media post.
The United States has been mum on what kind of deal it is seeking with the island's communist government.
Havana's foreign minister Bruno Rodriguez on Thursday called the latest move in a post on X a "brutal act of aggression against Cuba and its people, who for more than 65 years have been subjected to the longest and cruelest economic blockade ever imposed."
The order signed Thursday threatens added tariffs on any "country that directly or indirectly sells or otherwise provides any oil to Cuba."
The order invokes the International Emergency Economic Powers Act (IEEPA) and calls the Cuban government an "extraordinary threat" to US national security.
Other tariffs invoked under the IEEPA are currently being challenged at the Supreme Court.
Declaring a "national emergency" related to Cuba, Trump made similar claims to those made against Venezuela, such as providing support nations hostile to the United States.
"The regime aligns itself with -- and provides support for -- numerous hostile countries, transnational terrorist groups, and malign actors adverse to the United States," including Russia, China, and Iran, as well as the militant groups Hamas and Hezbollah, the order said.
The pressure comes as the communist island is in the throes of its worst economic crisis in decades, marked by recurring power outages of up to 20 hours a day and shortages of food and medicine that have created a mass exodus of Cubans.
US neighbor Mexico has become a significant provider oil to Cuba, though media reports have suggested that flows could be slowing under pressure from Trump.
Speaking at a press conference earlier this week, Mexican President Claudia Sheinbaum would neither confirm or deny the reports, but said Mexico would "continue to show solidarity" with Cuba.
aue/mlm/des/jgc

gold

Heavy metal: soaring gold price a crushing weight in Vietnam

BY TRAN THI MINH HA

  • "This crazy high cost for gold worries me sick," Thang said.
  • From his newly built three-storey home outside Hanoi, Trinh Tat Thang has watched the surging global gold price with mounting dread.
  • "This crazy high cost for gold worries me sick," Thang said.
From his newly built three-storey home outside Hanoi, Trinh Tat Thang has watched the surging global gold price with mounting dread.
The Vietnamese have a long tradition of holding their wealth in gold, and a parallel practice of borrowing the asset from relatives to build homes, rather than cash from a bank.
But the debt must be repaid in gold.
Family members loaned Thang four glittering one-luong bars -- a standard Vietnamese unit equivalent to 1.2 troy ounces -- to break ground on his house in 2022.
At the time, they were worth around $10,000 on the local market. Prices have nearly tripled since then and he now owes the equivalent of more than $29,000.
"I truly don't know when and how I can settle the debts," said the 44-year-old, who earns less than $700 a month from his job in pharmaceutical marketing.
"This crazy high cost for gold worries me sick," Thang said.
The extraordinary run-up in gold prices -- which topped $5,000 an ounce for the first time on Sunday -- has brought unexpected windfalls to millions of Vietnamese holding hallmarked bars and rings seen as symbols of luck.
But it has also touched off a wave of speculation, made traditional wedding gifts unaffordable for many, and all but ended the informal gold mortgage system.
"There probably aren't many people left in this country who would borrow gold these days," said Thang.
"I have a good house, but also a huge debt on my shoulders. It wasn't worth it."

 'Suddenly rich'

Despite a recent boom in real estate and cryptocurrency investment, many Vietnamese families still see physical gold as the safest place to park their savings.
Gold bars, rings and necklaces can be handed down to the next generation as wedding gifts or inheritance bequests. They also offer a hedge against inflation.
Vietnamese savers have socked away around 400 tonnes of the precious metal at home, according to government auditors.
Among them is 74-year-old Tran Thi Lan, who has amassed a treasure trove of gold rings, bracelets and bars over decades.
She has given much of it away to her children and grandchildren, but keeps the rest hidden away in her wardrobes "for future needs".
"I have suddenly become very rich. I am a billionaire now," said the retired shop owner, counting in Vietnamese dong.
"My kids always made fun of me for my obsession with gold. But now they admit that my traditional saving style was efficient."
- 'Queuing for gold' –
Vietnam does not have a national gold exchange, and domestic banks do not offer individuals access to online trading platforms for precious metals.
Bars and rings trade at a premium to the world price at gold and jewellery shops across the country, where bullion emblazoned with dragons is sold alongside ornate goldware inlaid with pearls and rubies.
Demand has soared along with the market price, and eager buyers queue up every day for the chance to buy what they hope will be an appreciating asset.
Many jewellers in the Vietnamese capital say they regularly run out of stock, and some buyers are willing to pay cash now for gold that will not be delivered for weeks.
For the last year, office worker Huong has taken half a day off every month to stand in line to buy gold on Hanoi's Tran Nhan Tong street.
"My efforts have paid off," she said, adding she would "earn quite an amount" if she sold her holdings now.
Still, she wishes she had heeded earlier the advice of her mother and grandmother who "always reminded me that gold is the safest haven".
But for the many not looking to cash in on the gold rally, the run-up has turned traditional rites such as weddings into financial hardships.
When her best friend got married seven years ago, Tran Tu Linh gave her a gold ring weighing just over 0.1 ounces.
But the 29-year-old would not expect her friend to return the favour if she were to marry now, saying the cost would be a "burden".
She added: "Life will be easier without being obsessed with the gold price."
tmh/tym/slb/abs/mjw

politics

What's behind Trump's risky cheap dollar dalliance?

  • - The US currency has fallen about 12 percent since Trump took office in January 2025 based on the dollar index, which measures the greenback against the euro, the yen and four other currencies.
  • The US dollar sank to a four-and-a-half-year low against the euro this week after President Donald Trump said the weakened currency was doing "great."
  • - The US currency has fallen about 12 percent since Trump took office in January 2025 based on the dollar index, which measures the greenback against the euro, the yen and four other currencies.
The US dollar sank to a four-and-a-half-year low against the euro this week after President Donald Trump said the weakened currency was doing "great."
While US Treasury Secretary Scott Bessent backed a strong dollar the very next day, market watchers viewed Trump's remark as the latest sign the president sees a lower greenback as connected to goals of lowering the trade deficit and boosting US manufacturing.
A lower dollar brings mixed effects, boosting the competitiveness of US exporters but inflicting higher prices on cash-strapped consumers for imported goods.

How weak is the US dollar?

The US currency has fallen about 12 percent since Trump took office in January 2025 based on the dollar index, which measures the greenback against the euro, the yen and four other currencies.
But that pullback came after the US currency had rallied almost six percent between Trump's Election Day win in November 2024 and his inauguration.
Moreover, the US currency is not especially weak on an historic basis. The euro on Tuesday night breached $1.20 for the first time since 2021. But that is still well below the all-time of more than $1.60 in July 2008. 

Why has the dollar declined under Trump?

The greenback moved sharply lower Tuesday after Trump was asked if he thought it had dropped too much.
"No, I think it's great," Trump said in Iowa. "Look at the business we're doing."
While the remark was somewhat impactful, it came after "the biggest move in the dollar had already happened," said Francesco Pesole, a foreign exchange strategist at ING.
Pesole ties the dollar's recent bout of weakness to a renewal of the "sell America" trade following Trump's threats of new tariffs on Europe over Greenland. 
Much as with the aggressive "Liberation Day" tariff announcement in April, Trump eventually backed off the Greenland-related levies.
But the episode highlighted the unpredictability of US policy under the 79-year-old president.
Another factor is the impending appointment of a new head of the Federal Reserve to replace Jerome Powell, whom Trump has lambasted for not cutting interest rates sufficiently.
Powell's replacement by a Fed chair who favors significantly lower interest rates would lend further downward pressure on the dollar.

How does a weaker dollar affect the US economy?

A cheaper dollar means US exports become more competitive in overseas markets. That dynamic can help boost US manufacturing production while reducing the country's trade deficit -- two Trump administration priorities.
Other benefits include lifting the financial results for US companies that report profits overseas and incentivizing foreign tourism to the United States.
While presidents from both parties say they want a strong dollar, "under the surface -– sometimes they say it outright, sometimes they don't say it outright –- they'll be looking for a weaker currency to help them achieve their economic agenda," said Oren Klachkin, an economist at Nationwide.
In a November 2024 paper, Stephan Miran, Trump's Chairman of the Council of Economic Advisors and a Federal Reserve board member, argued that addressing the "persistent dollar overvaluation" was essential to revamping global trade.
But a downside of a cheap dollar is to increase the prices US consumers face on imported goods, said ForexLive's Adam Button, who argues the US is "playing with fire."
"The risk of a falling dollar is that that inflation re-accelerates," said Button, who sees a risk that investors will view a declining dollar as a sign other US assets should be avoided.
"If you have the rest of the world investing trillions in the US bond market, that's keeping borrowing rates in the US low," said Button.
"The rest of the world is subsidizing American deficits, and that is a tremendous benefit to everything in the US. But that is not a guarantee forever."
bys-tmc-jmb/des

economy

US eases Venezuela sanctions after oil sector reforms

BY BRIAN CONTRERAS AND AHIANA FIGUEROA

  • The reform adopted Thursday paves the way for the return of US energy majors, two decades after socialist firebrand Hugo Chavez seized foreign oil fields.
  • The United States on Thursday eased sanctions on Venezuela's oil industry after Venezuelan lawmakers passed reforms paving the way for US companies to return -- a key goal of President Donald Trump's intervention in the country.
  • The reform adopted Thursday paves the way for the return of US energy majors, two decades after socialist firebrand Hugo Chavez seized foreign oil fields.
The United States on Thursday eased sanctions on Venezuela's oil industry after Venezuelan lawmakers passed reforms paving the way for US companies to return -- a key goal of President Donald Trump's intervention in the country.
Within an hour of lawmakers in Caracas voting to open the oil industry to private investment, the US Treasury Department issued a general license allowing US companies to trade with state oil firm PDVSA.
The activities authorized include the refining of oil, the license said.
Addressing oil industry workers, Venezuela's acting president Delcy Rodriguez hailed the reform as a "historical leap."
"We are taking historic steps," Rodriguez said after a call with Trump, who also announced the reopening of Venezuela's airspace.

'For the future'

Trump pressured Caracas to open up its oil fields to American investors after overthrowing his socialist arch-foe Nicolas Maduro in a deadly US raid on January 3.
The US president backed Maduro's deputy Rodriguez to take over, on the proviso that she give Washington access to the world's largest proven oil reserves.
Rodriguez has appeared eager to comply with his demands, arguing that an influx of foreign capital is needed to revive the battered Venezuelan economy.
The reform adopted Thursday paves the way for the return of US energy majors, two decades after socialist firebrand Hugo Chavez seized foreign oil fields.
It modifies a law dating to 2006 that forced foreign investors to form joint ventures with state oil company PDVSA, which insisted on a majority stake.
Jorge Rodriguez, head of parliament and brother of Venezuela's new acting president, said the reform will help the country recover from years of living under US sanctions. 
"Only good things will come after the suffering," he said as he gavelled through the law "for history, for the future."
Trump has said Washington is now "in charge" of Venezuela and Rodriguez will be "turning over" millions of barrels of oil to be sold at market price.
Rodriguez has already ploughed $300 million from a first US sale of Venezuelan crude into shoring up the country's struggling currency, the bolivar.

Slow recovery

Venezuela sits on about a fifth of the world's oil reserves.
It was once a major crude supplier to the United States, and multiple American firms operated in the country until 2007, when Chavez led a new wave of nationalizations.
The industry is undergoing a slow recovery after being walloped by years of underinvestment, corruption, mismanagement and six years of US sanctions.
It reached production of 1.2 million barrels per day in 2025, a milestone compared to the 300,000 per day extracted in 2020, but far from the 3 million achieved at the start of the century.
Trump, who has lavished praise on Rodriguez, has been pressing oil executives to invest in Venezuela.
Exxon Mobil and ConocoPhillips exited in 2007 after refusing to cede majority control to the state. 
Chevron is the only US firm still operating in Venezuela, under a special sanctions exemption.
The revised law offers greater guarantees to private players, relinquishes state control of exploration, and lowers taxes and royalties.
"This obviously completely dismantles Hugo Chavez's oil model," said oil analyst Francisco Monaldi, while pointing out that the state will retain some discretion over the issuing of contracts to private players.

New fields

The US Department of Energy has already unveiled a plan to develop Venezuela's oil industry and begun marketing Venezuelan crude.
Rodriguez says the reform will bring money for "new fields, to fields where there has never been investment, and to fields where there is no infrastructure."
The changes are cause for optimism for many in a country battling economic collapse and mass emigration. 
"This hydrocarbons reform helps restore our dignity," Karina Rodriguez, a 53-year-old PDVSA employee told a recent rally.
afc-bc-jt/cb/des

technology

Apple earnings soar as China iPhone sales surge

BY GLENN CHAPMAN

  • Sales of iPhones grew around the world, climbing to $25.5 billion in the crucial Greater China market as compared to $18.5 billion during the same period a year earlier, according to Apple.
  • Apple on Thursday said it saw record-high earnings in the final three months of last year, with iPhone sales surging in greater China.
  • Sales of iPhones grew around the world, climbing to $25.5 billion in the crucial Greater China market as compared to $18.5 billion during the same period a year earlier, according to Apple.
Apple on Thursday said it saw record-high earnings in the final three months of last year, with iPhone sales surging in greater China.
The tech giant reported profit of $42.1 billion on revenue of $143.8 billion in the recently-ended quarter.
The iPhone "had its best-ever quarter driven by unprecedented demand," chief executive Tim Cook said on an earnings call.
Sales of iPhones grew around the world, climbing to $25.5 billion in the crucial Greater China market as compared to $18.5 billion during the same period a year earlier, according to Apple.
Overall, iPhone sales brought in $85.2 billion in the quarter.
Apple also saw revenue from services such as digital content and subscription entertainment hit a new quarterly high of $30 billion, a 14 percent jump from the same period a year earlier, Cook said.
The number of Apple devices in use around the world has topped 2.5 billion, Apple reported.
Apple forecast that its revenue in the current quarter would be 13 percent to 16 percent more than it was in the same period last year.
Cook warned that iPhone production is being constrained by tight supplies and rising prices of memory components and sophisticated chips used in the handsets.
"We're in a supply chase mode to meet the very high levels of customer demand," Cook said.
"At this point, it's difficult to predict when supply and demand will balance."
Shares in the iPhone maker were up about one percent in after-market trades.
Apple's stellar earnings validate "its strategy amid an industry in constant flux and reinforce its position atop the global smartphone market," said Emarketer analyst Jacob Bourne.
"Yet maintaining that dominance is perhaps more uncertain than ever, hinging on the right calls around pricing and developing the next generation of devices, particularly wearables and the anticipated foldable iPhone."

Google AI collaboration

All eyes will be on how Apple makes the most of its freshly announced partnership with Google to use Gemini artificial intelligence in its devices, according to Bourne.
The company co-founded by Steve Jobs has been under pressure to show it is not being left behind when it comes to AI, with its potential to change how people engage with the internet and computers.
Apple is largely perceived to have stumbled in efforts to roll out AI capabilities across its products. In December, it announced that the head of its artificial intelligence team was stepping down.
Apple and Google earlier this month announced a multi-year partnership that will see Apple's next-generation artificial intelligence features, including its Siri assistant, be powered by Google's Gemini technology.
The collaboration marks a significant shift for Apple, which has traditionally developed its core technologies in-house.
Cook said Apple will release a more personalized Siri digital assistant using the Google-provided technology.
Apple believes Google's AI technology will enable the company to "unlock a lot of experiences and innovate in a key way," Cook said on an earnings call.
Meanwhile, the Financial Times on Thursday reported that Apple has bought Israel-based Q.ai, a startup specializing in reading facial expressions.
The earnings figures came amid speculation that a successor to Cook is being groomed inside Apple, with head of hardware engineering John Ternus considered a top contender for the chief executive job.
gc/jgc

politics

With Trump administration watching, Canada oil hub faces separatist bid

BY TY FERGUSON WITH BEN SIMON IN TORONTO

  • "We need the Americans' support," said Fritz, a burly, bearded man with the flag of Alberta -- western Canada's oil-rich province -- draped around his shoulders. 
  • On a frigid night in Canada's oil capital, Jordan Fritz joined a rally of thousands for a separatist movement once considered a sideshow, but which is now drawing interest from US President Donald Trump's administration.
  • "We need the Americans' support," said Fritz, a burly, bearded man with the flag of Alberta -- western Canada's oil-rich province -- draped around his shoulders. 
On a frigid night in Canada's oil capital, Jordan Fritz joined a rally of thousands for a separatist movement once considered a sideshow, but which is now drawing interest from US President Donald Trump's administration.
"We need the Americans' support," said Fritz, a burly, bearded man with the flag of Alberta -- western Canada's oil-rich province -- draped around his shoulders. 
"We need pipelines here in Alberta. We need them to be built. We need them to flow oil, and if the Canadian government isn't going to help us with that, I'm sure the Americans will," Fritz told AFP at a Calgary roadhouse.  
Unlike the decades-old, highly organized independence movement in French-speaking Quebec, Alberta's fractious separatist camp has not previously threatened Canadian unity.
Western Canadian resentment of eastern political elites is not new, but political scientist Frederic Boily said the idea of an independent Alberta only began to crystallize around 2018.
Albertans broadly opposed then-prime minister Justin Trudeau, viewing his climate-conscious government as hostile to an oil and gas sector crucial to the local and Canadian economies. 
"It was at first mainly an economic idea, about no longer paying for the rest of Canada," Boily, a professor at the University of Alberta, said of Alberta's independence movement.
Trudeau is gone, replaced by Prime Minister Mark Carney -- an Albertan who has backed initiatives to support the oil industry, drawing scorn from environmental groups.
But despite those shifts, the province's independence push is more prominent than ever and may secure the right to a referendum this year.
Elections Alberta has approved a citizens' petition initiative from a group called the Alberta Prosperity Project.
If the group collects 178,000 signatures by May 2, they will be on track to secure an independence vote this fall.

'Natural' US partner

Current polling indicates the separatists would lose. A January 23 Ipsos survey found just 28 percent of Albertans would vote to secede.
The possible significance of interventions from Washington remains unclear, but Boily said: "It's certain that the agitation south of the border has an impact on what is happening in Alberta."
US Treasury Secretary Scott Bessent offered veiled backing for Alberta's independence last week.
"Alberta has a wealth of natural resources, but they won't let them build a pipeline to the Pacific," Bessent said.
"I think we should let them come down into the US, and Alberta is a natural partner for the US. They have great resources. The Albertans are very independent people."
Reporters asked Carney on Thursday about Bessent's comments and a Financial Times report that State Department officials had met with Alberta separatists multiple times. 
"I expect the US administration to respect Canadian sovereignty," Carney said.
In response to a question about the Alberta meetings, a senior State Department official told AFP Thursday: "The Department regularly meets with civil society types. As is typical in routine meetings such as these, no commitments were made."

All about oil

Some at the roadhouse rally wore cowboy hats. Others, like Jesse Woodroof, had on baseball caps that said "Alberta Republic."
Woodroof told AFP his ancestors arrived in what is now Canada "hundreds and hundreds of years" ago.
He voiced concern about "immigrants pouring into this country," and implied that a sovereign Alberta would take a different approach.
Jennifer Wiebe -- her daughter resting against her chest — said: "Alberta could be more prosperous and free on our own."
While the views expressed may vary, conversations about Alberta independence typically circle back to oil.
Right-wing Premier Danielle Smith, an outspoken oil industry advocate who despised Trudeau's leadership, has said she supports "Alberta sovereignty within a united Canada." 
Speaking on her weekend radio program, Smith implied the motivation for independence has diminished because Ottawa appears open to a new pipeline.
"I'm forging a new relationship with Canada. We've got a new leader, we've got a new prime minister... and we seem to have common cause on trying to get a new pipeline built," she said.
The leader of the separatist Bloc Quebecois, Yves‑Francois Blanchet, drew smirks with his May critique of Alberta's prospective independence.
"The first idea is to define oneself as a nation," he said, adding nations need "a culture of their own."
"I am not sure that oil and gas qualifies to define a culture."
bs/mlm

Global Edition

Oil jumps on Trump's Iran threat; gold retreats from highs

  • - Gold falls back - Gold tumbled back after hitting a new record at $5,595.47 an ounce as investors rushed to assets deemed safe, including silver, which reached its own record of $120.44 an ounce.
  • Oil prices surged Thursday after US President Donald Trump ramped up geopolitical tensions with threats of a military strike on Iran, while safe-haven gold fell back after hitting a fresh record near $5,600.
  • - Gold falls back - Gold tumbled back after hitting a new record at $5,595.47 an ounce as investors rushed to assets deemed safe, including silver, which reached its own record of $120.44 an ounce.
Oil prices surged Thursday after US President Donald Trump ramped up geopolitical tensions with threats of a military strike on Iran, while safe-haven gold fell back after hitting a fresh record near $5,600.
"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.
Global stocks were mixed as markets pored over Wednesday's Federal Reserve decision and mixed tech industry earnings that sent Microsoft and Meta in opposite directions.
Trump meanwhile warned that Tehran must negotiate a deal over its nuclear program, which the West believes is aimed at making an atomic bomb.
"The next attack will be far worse! Don't make that happen again," he added, referring to US strikes against Iranian nuclear targets in June.
An Iranian military spokesman warned Tehran's response to any US action would be "delivered instantly." 
International benchmark Brent crude oil topped $70 a barrel Thursday for the first time since September, a gain of five percent. Prices later eased somewhat, showing gains of more than three percent.
"Strikes on Iran would risk causing oil prices to jump and threaten to boost inflation in much of the world, reducing the pace or number of interest rate cuts by major central banks," said Jason Tuvey, an emerging markets economist at research group Capital Economics, in a note. 

Gold falls back

Gold tumbled back after hitting a new record at $5,595.47 an ounce as investors rushed to assets deemed safe, including silver, which reached its own record of $120.44 an ounce.
The dollar steadied after losing ground most of this week.
Gold declined more than five percent and silver plunged more than eight percent, while copper and nickel prices also fell, as traders reassessed the market.
"The parabolic rally had to come to an end," as commodity prices had "gone up too far, too quickly", Kathleen Brooks, research director at XTB trading group, told AFP.
Demand for the precious metals is also being spurred by worries about the weakening 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.
On stock markets, Meta rocketed by more than 10 percent after the US parent of Facebook and Instagram published quarterly earnings that topped expectations, as revenue grew along with huge investments in artificial intelligence.
But Microsoft, whose earnings disappointed analysts, tumbled around 10 percent on concern for the return on investment for the software giant's AI spending.
"Companies are increasing AI infrastructure spending, but the market is differentiating now and rewarding those companies that can turn these investments into profits, while for others, there's more scrutiny," said Angelo Kourkafas of Edward Jones.

Key figures at around 2110 GMT

Brent North Sea Crude: UP 3.4 percent at $70.71 per barrel
West Texas Intermediate: UP 3.5 percent at $65.42 per barrel
New York - Dow: UP 0.1 percent at 49,071.56 (close)
New York - S&P 500: DOWN 0.1 percent at 6,969.01 (close)
New York - NASDAQ Composite: DOWN 0.7 percent at 23,685.12 (close)
London - FTSE 100: UP 0.2 percent at 10,171.76 points (close)
Paris - CAC 40: UP 0.1 percent at 8,071.36 (close)
Frankfurt - DAX: DOWN 2.1 percent at 24,309.46 (close)
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)
Euro/dollar: UP at $1.1962 from $1.1954 on Wednesday
Pound/dollar: DOWN at $1.3800 from $1.3808
Dollar/yen: DOWN at 153.04 yen from 153.41 yen
Euro/pound: UP at 86.67 pence from 86.57 pence
bur-jmb/des

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.
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.
Downing Street said whisky exported to China would now be subject to a five-percent tariff, down from 10 percent.
The Scotch Whisky Association welcomed the move, saying it "has the potential to re-energise exports" to what it called "a priority growth market".

Visa deal

Starmer 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.
Starmer will also travel to economic powerhouse Shanghai on Friday before making a brief stop in Japan to meet Prime Minister Sanae Takaichi.
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."

Economic cooperation

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, hailing the country as "a critical contributor to scientific innovation".
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.
Opposition UK politicians have criticised the trip, with Conservative leader Kemi Badenoch responding to speculation Xi could now visit Britain.
"We should not roll out the red carpet for a state that conducts daily espionage in our country, flouts international trading rules and aids Putin in his senseless war on Ukraine," she said.
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.
burs-jj/rh

trial

Ex-OPEC president denies bribe-taking at London corruption trial

  • In 2023, she was formally charged with accepting bribes, which she has denied.
  • Lawyers for Diezani Alison-Madueke, the first woman president of OPEC, denied in a London court Thursday that the former Nigerian minister took bribes in their first formal response at her corruption trial. 
  • In 2023, she was formally charged with accepting bribes, which she has denied.
Lawyers for Diezani Alison-Madueke, the first woman president of OPEC, denied in a London court Thursday that the former Nigerian minister took bribes in their first formal response at her corruption trial. 
The 65-year-old, who sat in the dock at Southwark Crown Court taking notes on the third day of the trial, is accused of multiple bribery counts stemming from a years-long investigation.
The alleged offences occurred between 2011 and 2015, when she was Nigeria's oil minister but maintained a UK address. 
The UK National Crime Agency (NCA), which targets international and serious and organised crime, has accused her of receiving the bribes in Britain.
Prosecutors earlier this week claimed Alison-Madueke enjoyed a "life of luxury" funded by those who were interested in lucrative oil and gas contracts with Nigeria's state-owned petroleum corporation.
However, defence lawyer Jonathan Laidlaw told the jury Thursday that "a great deal of material which would have established her innocence, has been denied to her" during the "gross delay in the bringing of these charges".
"She has been denied the opportunity to travel back to her home in Nigeria to prepare her defence," he told the 12 jurors, noting British police had retained her passport since she was first arrested 11 years ago.
Laidlaw said that "Nigerian ministers are forbidden from having bank accounts abroad". 
He added that papers at her home in Nigeria or kept by officials "would have demonstrated that where individuals provided her with accommodation in this country or paid for purchases... reimbursement was made from Nigeria". 
But the defence lawyer noted more than a decade later "those records have disappeared" and "the fact is that material critical to her defence is now no longer available to her".
Alison-Madueke is accused of accepting "financial or other advantages" from individuals linked to the Atlantic Energy and SPOG Petrochemical groups.
Both companies secured contracts with the Nigerian National Petroleum Corporation (NNPC) or its subsidiaries, according to the prosecution.
The former minister is also said to have received £100,000 ($137,000) in cash, chauffeur-driven cars, a private jet flight to Nigeria and refurbishment work and staff costs at several London properties.
Other counts allege she received school fees for her son, products from high-end shops such as London's Harrods department store and Louis Vuitton, and further private jet flights.
President of the Organisation of Petroleum Exporting Countries (OPEC) between 2014 and 2015, Alison-Madueke has been involved in numerous legal cases around the world, including in the United States.
She has been on bail in Britain since she was first arrested in October 2015. In 2023, she was formally charged with accepting bribes, which she has denied.
Two others, Doye Agama -- her brother -- and Olatimbo Ayinde, are also being prosecuted on bribery charges linked to the case.
All three defendants had a British address at the time of the alleged offences, according to the prosecution.
pml-jj/rh

AI

Waymo gears up to launch robotaxis in London this year

  • California-based Waymo partnered with UK-based Jaguar Land Rover in 2018 to develop a self-driving electric car.
  • US self-driving car company Waymo said Thursday it is working with UK partners to launch driverless robotaxis in London, which are expected to begin operating later this year.
  • California-based Waymo partnered with UK-based Jaguar Land Rover in 2018 to develop a self-driving electric car.
US self-driving car company Waymo said Thursday it is working with UK partners to launch driverless robotaxis in London, which are expected to begin operating later this year.
London would mark the first foray into Europe for Waymo, owned by Google parent Alphabet and already present in a growing number of US cities.
The approvals are dependant on when a new law, the Automated Vehicles (AV) Act, is implemented.
Self-driving vehicles would undergo "rigorous" tests to prove they are at least as safe, competent and careful as human drivers, before being allowed on UK roads, the government said.
The government estimated that the self-driving vehicle industry could create thousands of jobs and add billions of pounds to the UK economy by 2035.
Local Transport minister Lillian Greenwood praised Waymo's planned rollout on social media Thursday.
"Their intention to bring automated passenger services to London under our proposed piloting scheme is a vote of confidence in our AV Act and could transform road safety and accessibility," she wrote on X.
Waymo already has dozens of vehicles operating in London with a safety driver present for mapping and data collection purposes ahead of the launch of pilot self-driving schemes later this year. 
California-based Waymo partnered with UK-based Jaguar Land Rover in 2018 to develop a self-driving electric car.
"Over the coming months we'll work closely with our partners to invest in the operations infrastructure and personnel that will support our service, and continue fostering relationships with communities around the city," said Nicole Gavel, head of global business development and strategic partnerships at Waymo. 
"We're committed to transparent, safety-first operations, and we can't wait for Londoners to ride."
Rival companies are lining up to join the fray. 
Ride-hailing giant Uber has announced plans to launch driverless taxis in London with UK firm Wayve, whilst Chinese internet giant Baidu will launch a UK robotaxi service on rideshare app Lyft. 
Steve McNamara, general secretary of the Licensed Taxi Drivers Association, which represents London's more than 10,000 black cab drivers, said that robotaxis are not as autonomous "as sold" because they have human agents ready to step in remotely when things go wrong. 
"What will happen with lost property, sick passengers, change of routes etc is a bit of a mystery as is the viability of the business model," he told AFP.
mp/ajb/tw

US

French IT group Capgemini under fire over ICE links

  • The killings of two people -- Renee Good and Alex Pretti -- by ICE and border patrol (CBP) agents in Minneapolis have made world headlines in recent weeks, provoking widespread condemnation of the American agency.
  • A contract with American Immigration and Customs Enforcement (ICE) has triggered a barrage of criticism of French IT services company Capgemini in the wake of killings and other incidents involving US border officials.
  • The killings of two people -- Renee Good and Alex Pretti -- by ICE and border patrol (CBP) agents in Minneapolis have made world headlines in recent weeks, provoking widespread condemnation of the American agency.
A contract with American Immigration and Customs Enforcement (ICE) has triggered a barrage of criticism of French IT services company Capgemini in the wake of killings and other incidents involving US border officials.
The company was still scrambling Thursday to explain the deal for a tool to identify and track foreigners on US soil, which it says was signed by an arm's-length subsidiary set up to bid on classified US government work, with limited oversight from HQ in France.
Nevertheless, "according to the information made known to the group, that contract awarded in December 2025 is not currently being fulfilled", Capgemini told AFP by email.
An internal message sent to Capgemini staff Wednesday and seen by AFP said that the contract was "subject to legal challenge" without providing details, adding that the US arm had "launched a process of examining the contents of this contract".
The killings of two people -- Renee Good and Alex Pretti -- by ICE and border patrol (CBP) agents in Minneapolis have made world headlines in recent weeks, provoking widespread condemnation of the American agency.
Capgemini, which operates in around 50 countries worldwide and belongs to the CAC40 group of France's largest listed companies, has called an extraordinary board meeting for this weekend after being the subject of pointed questions in parliament and calls for transparency from the government.
"I've been at Capgemini for 32 years and I've never seen a crisis situation like this one," CFDT union delegate Frederic Bolore told AFP. "It's a huge shock for employees".
Shares in the group fell 2.8 percent to 127.85 euros ($152.70), by close of trading in Paris Thursday, and are 10 percent lower than at the start of the year.

'Active accomplice'

Campaign group Multinationals Observatory last week revealed the ICE contract, with further details reported by broadcaster France 2.
Chief executive Aiman Ezzat wrote on LinkedIn Sunday that bosses "were recently made aware, through public sources" of the contract with Capgemini Government Solutions (CGS), the US subsidiary.
At CGS, "decision making is separate, networks are firewalled, and the Capgemini group cannot access any classified information (or) classified contracts", Ezzat added.
Public US government documents show that the ICE-CGS contract signed on December 18 is worth $4.8 million.
"I think the least we can expect of a French company... is to be transparent about the contracts it has with ICE, but perhaps also to call them into question," Economy Minister Roland Lescure told journalists in Paris Thursday.
Ezzat acknowledged in his LinkedIn message that "the nature and scope of this work has raised questions compared to what we typically do as a business and technology firm".
But CGT union representative Benjamin Girard said the ICE contract's existence was not a "revelation" to him.
"Capgemini works with government organisations playing a part in migration policies that are currently quite authoritarian," he said.
In a letter to CEO Ezzat, CGT representatives said that the ICE deal was "not only contrary to Capgemini's stated values, but makes our company an active accomplice in serious human rights violations".
France 2 has reported that the company has other contracts in the US tied to surveillance of sites used for detention and transport of arrested foreigners.
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