offbeat

Streaming channel for pets launched in China

  • PetTV is available to paid subscribers of Tencent Video, which said its market research found that 66 per cent of dog owners leave the television on for their pets when they are out.
  • Cats and dogs can now fill the hours their owners are at work with a dedicated all-day streaming channel for pets launched by Chinese tech giant Tencent.
  • PetTV is available to paid subscribers of Tencent Video, which said its market research found that 66 per cent of dog owners leave the television on for their pets when they are out.
Cats and dogs can now fill the hours their owners are at work with a dedicated all-day streaming channel for pets launched by Chinese tech giant Tencent.
Clips of a duckling swimming in a bath or two happy pooches patrolling their neighbourhood are examples of the curated programming on "PetTV".
The new channel on Tencent Video -- China's most popular online streaming platform -- is meant to keep pets company while alone or can act as an activity for animals and humans to enjoy together.
"This is all dog content, when will the cat programme be on?" one person engrossed in the service wrote in the chatroom on PetTV's streaming page.
Tencent Video described PetTV as a "24-hour happiness hub specially designed for your furry kids" in a post on social media app WeChat introducing the service last weekend.
Dogs and cats' senses are different to humans', so the channel's colours, refresh rates and audio frequencies have been designed to suit their specific needs, it said.
PetTV is available to paid subscribers of Tencent Video, which said its market research found that 66 per cent of dog owners leave the television on for their pets when they are out.
But the streaming service isn't the only pet specific media on the market. 
Popular Headspace mindfulness app posted a YouTube video this week titled: "When your pets miss you, play this: 6 hour calming music for dogs and cats".
Tencent Video will also take advantage of third-party content including airing America's DogTV -- the world's first TV channel and streaming service for pets.
The value of China's growing urban pet market is estimated to reach 405 billion yuan ($59 billion) in 2028, according to a recent report by PetData.cn.
On average last year, Chinese households spent more than 3,000 yuan ($435) on each dog and more than 2,000 yuan on each cat for their care needs.
ll/kaf/ane

US

Israel under fire from Iran missiles as Trump issues new warning

BY AFP TEAMS IN TEHRAN, JERUSALEM, WASHINGTON, BEIRUT, DUBAI AND SANAA

  • The Iranian fire came as Trump said the US military "hasn't even started destroying what's left in Iran.
  • Israel said Friday it was under attack from a new barrage of Iranian missiles, as President Donald Trump warned the United States had yet to begin "destroying what's left" with more of the Islamic republic's infrastructure in his sights.
  • The Iranian fire came as Trump said the US military "hasn't even started destroying what's left in Iran.
Israel said Friday it was under attack from a new barrage of Iranian missiles, as President Donald Trump warned the United States had yet to begin "destroying what's left" with more of the Islamic republic's infrastructure in his sights.
The war started more than a month ago with US-Israeli strikes on Iran, triggering retaliation that spread the conflict throughout the Middle East, convulsing the global economy and impacting millions of people worldwide. 
The Strait of Hormuz -- a conduit for one-fifth of the world's oil and liquefied natural gas -- has come into sharp focus after Iran effectively closed it, with Gulf nations pushing for a force to protect shipping there, but a UN vote set for Friday was delayed.
Trump has threatened to bomb Iran "back to the Stone Ages" and warned US attacks would intensify if Tehran did not reach a negotiated settlement, while Iran has vowed in response to carry out "crushing" attacks against the US and Israel.
Israel's military reported a new missile salvo from Iran on Friday, with its air defences operating to down them, but there were no immediate reports of casualties.
Israeli emergency services reported some damage to houses and cars from an unintercepted cluster missile, while Israeli military radio said a train station in Tel Aviv was damaged by shrapnel.
The Iranian fire came as Trump said the US military "hasn't even started destroying what's left in Iran. Bridges next, then Electric Power Plants!" on his Truth Social platform, several hours after saying Iran's tallest bridge had been destroyed.
Iranian Foreign Minister Abbas Araghchi posted online that "striking civilian structures, including unfinished bridges, will not compel Iranians to surrender."
Strikes from both sides have increasingly targeted economic and industrial sites, raising fears of wider disruption to global energy supplies and deepening the conflict's impact beyond the battlefield.

New Gulf attacks

Gulf states once seen as safe havens have become direct threats, accused by Iran of serving as launchpads for US strikes.
A drone attack on a refinery owned by Kuwait's national oil company on Friday sparked fires at several of its units, state media said, while the oil-rich emirate's air defences responded to new missile and drone attacks.
Iran said one of its latest attacks a day earlier had struck targets in the United Arab Emirates, Bahrain and Israel.
They included "American steel industries in Abu Dhabi, American aluminium industries in Bahrain, and the Rafael arms factories of the Zionist regime", it said.
Despite the ongoing bombardment in Iran, families gathered in Tehran's Melat Park, with men smoking water pipes and children playing to mark the 13th day after Nowruz, the Persian New Year, when people traditionally picnic outdoors.
A resident said checkpoints manned by the country's Revolutionary Guards had increased across the city.
"They gather in the streets in order to show people that they are still in power and nothing is gonna change," said the 30-year-old man, who requested his name not be used.
In Israel, Passover celebrations continued, though some marked the holiday underground.
"This is not my first choice," said a writer named Jeffrey at a meal in a Tel Aviv bunker.

Global impact

The war's economic impact is rippling far beyond the Middle East.
Oil prices surged to around $110 a barrel on Thursday after Trump warned of further strikes on Iran. Oil markets were closed on Friday.
Analysts said that Trump's prime-time address to the nation failed to provide clarity on an exit strategy from the war, with Deutsche Bank's Jim Reid noting there was "no signal of the US seeking an imminent off-ramp".
The World Bank warned of mounting risks to inflation, jobs and food security worldwide.
Airlines in China are raising fuel surcharges, Malaysia has asked civil servants to work from home and Pakistan has sharply raised fuel prices.
Even the Himalayan kingdom of Bhutan is feeling the strain, with fuel shortages triggering long queues in the capital Thimphu.
"We are helpless," said resident Karma Kalden.
Egypt has ordered shops, restaurants and shopping malls to close from 9:00 pm on weekdays, hoping to curb energy bills that have more than doubled because of the war.
Trump, whose administration has been accused of giving mixed messages about the war's end game, has suggested that Tehran's new leadership could prove "more reasonable" in potential peace talks.
Iran has dismissed US overtures as "maximalist and irrational".

UN vote delayed

There was a flurry of diplomatic activity on Thursday over what to do about the Strait of Hormuz, which Iran has virtually blocked since the war began.
It has impacted global supplies of vital commodities including oil, liquid natural gas and fertiliser, triggering a sharp rise in energy prices.
British Foreign Secretary Yvette Cooper convened about 40 countries to demand its "immediate and unconditional" reopening.
"Iran is trying to hold the global economy hostage in the Strait of Hormuz. They must not prevail," Cooper said in a statement.
Underlining the wider repercussions, Italy called for a "humanitarian corridor" for fertiliser and other essentials through the waterway to avoid a food disaster in Africa. 
The UN Security Council postponed a vote scheduled for Friday on authorising the use of "defensive" force to protect shipping in the strait from Iranian attacks, according to the official programme.
The 15-member body was set to vote Friday morning on a draft resolution brought by Bahrain, but by Thursday night the schedule shifted. 
The reason given was that the United Nations observes Good Friday as a public holiday, according to diplomatic sources -- despite this fact being known when the vote was first announced. 
No new date has been given for voting on the draft.
bur-pst/jfx

business

Microsoft to invest $10 bn for Japan AI data centres

  • On Tuesday, the company announced plans to invest more than $1 billion in cloud and AI data centre infrastructure and operations in Thailand over the next two years. nf/kaf/abs
  • Microsoft said Friday it will invest $10 billion in Japan over the next four years to build artificial intelligence data centres and related infrastructure.
  • On Tuesday, the company announced plans to invest more than $1 billion in cloud and AI data centre infrastructure and operations in Thailand over the next two years. nf/kaf/abs
Microsoft said Friday it will invest $10 billion in Japan over the next four years to build artificial intelligence data centres and related infrastructure.
Power-hungry data centres -- warehouse-like facilities that power AI tools from chatbots to image generators -- are springing up worldwide, and the sector is growing particularly fast in Asia.
Microsoft President Brad Smith met Japanese Prime Minister Sanae Takaichi at her office on Friday to announce the investment.
Smith said in a statement that it was a "response to Japan's growing need for cloud and AI services".
Businesses in Japan, the world's fourth-largest economy, are keen to get ahead in the fast-moving AI field.
But data centre expansion there is constrained by limited space and relatively expensive electricity.
The US tech giant will collaborate with Japan's SoftBank Group and Sakura Internet to expand domestic tech infrastructure, it said in a press release.
It follows a $2.9 billion two-year investment Microsoft announced in 2024 to bolster the country's push into AI and strengthen its cyber defences.
The investment unveiled Friday also includes funds to enhance cybersecurity partnerships with Japanese government agencies, and to train one million engineers in cooperation with telecom and tech giants NTT and NEC.
A rush to build data centres in the Asia-Pacific region, especially in India and Southeast Asia, has sparked concerns over the facilities' environmental impact.
That includes increased demand on electricity grids that are often reliant on fossil fuels, and on local water supplies used to cool the hot servers inside.
Microsoft says it has pledged to become carbon negative, zero-waste and "water positive" by 2030.
On Tuesday, the company announced plans to invest more than $1 billion in cloud and AI data centre infrastructure and operations in Thailand over the next two years.
nf/kaf/abs

US

Middle East war: global economic fallout

  • - Iran says attacked US, Israeli industries - Tehran said its latest wave of attacks on Thursday had targeted the UAE, Bahrain and Israel after US-Israeli strikes hit Iran's two largest steel plants. 
  • Here are the latest economic events in the Middle East war: - Tokyo rebounds in holiday-hit trade - Tokyo shares rebounded Friday following the previous day's steep losses as investors tracked gains on Wall Street, with most markets closed for Easter.
  • - Iran says attacked US, Israeli industries - Tehran said its latest wave of attacks on Thursday had targeted the UAE, Bahrain and Israel after US-Israeli strikes hit Iran's two largest steel plants. 
Here are the latest economic events in the Middle East war:

Tokyo rebounds in holiday-hit trade

Tokyo shares rebounded Friday following the previous day's steep losses as investors tracked gains on Wall Street, with most markets closed for Easter.
Oil markets were also closed, a day after West Texas Intermediate soared more than 11 percent to $111.54 and Brent jumped 7.8 percent to $109.03, as US President Donald Trump's address to the nation suggested the Iran war would continue for weeks more. 
Trump's failure to flesh out an exit plan initially sent stock markets tumbling -- with all major Asia exchanges closing well down -- but European and US indexes recovered ahead of the long weekend.

New Trump infrastructure threat

Trump warned of more attacks on Iran's bridges and energy infrastructure.
The US military "hasn't even started destroying what's left in Iran. Bridges next, then Electric Power Plants!" Trump posted on his Truth Social platform, several hours after he said Iran's tallest bridge had been destroyed.

Iran says attacked US, Israeli industries

Tehran said its latest wave of attacks on Thursday had targeted the UAE, Bahrain and Israel after US-Israeli strikes hit Iran's two largest steel plants. 
"In response to attacks on Iranian steel industries, the Islamic Revolutionary Guard Corps launched a new wave of attacks this morning," the military's central command, Khatam Al-Anbiya, said in a statement carried by state TV.
"American steel industries in Abu Dhabi, American aluminium industries in Bahrain, and the Rafael arms factories of the Zionist regime" were among a number of targets, it said.

UK-led coalition demands Strait of Hormuz be opened

A UK-led meeting of around 40 countries on the Strait of Hormuz crisis wrapped up Thursday with a demand for the "immediate and unconditional" reopening of the vital shipping route, but no immediate breakthrough.
Separately, the secretary-general of the Gulf Cooperation Council (GCC) called Thursday for the UN Security Council to authorize the use of force to protect the Strait of Hormuz from Iranian attacks.

Iran drafts peacetime Strait of Hormuz protocol

Iran said on Thursday it was drafting a peacetime protocol that would supervise maritime traffic through the Strait of Hormuz with Oman, state media reported.
Deputy Foreign Minister Kazem Gharibabadi told Russia's Sputnik state media that the protocol would apply after the ongoing war with the United States and Israel had ended, setting basic rules to manage ship movements, the IRNA news agency said.

Pakistan, Bangladesh hike energy prices

Pakistan's government on Thursday drastically raised fuel prices in response to spiking global energy prices caused by the Iran war, the country's petroleum minister said in a press conference.
The new prices mark an increase of 42.7 percent in petrol prices and 54.9 percent in the price of diesel.
Separately, Bangladesh hiked prices of liquefied petroleum gas used for cooking and compressed natural gas in some cars by 29 percent.

Banks tighten security in Paris

Citigroup and Goldman Sachs stepped up security in Paris, telling staff they can work from home, after authorities thwarted an attack against another US financial institution that French prosecutors said might have been linked to a pro-Iran group.  

Iraq exports oil through Syria

Iraq has begun exporting crude using tanker trucks through Syria, its oil ministry said. 
Iraq is hugely dependent on its oil exports, accounting for some 90 percent of its budget revenues and until the Middle East war all but shut the Strait of Hormuz, it exported the majority of its oil through the strategic waterway.
Iraq's oil export revenues in March dropped more than 70 percent from February, an Iraqi official said Thursday, after the Middle East war disrupted the oil industry.
The oil ministry said it "has begun exporting oil by tanker truck through neighbouring Syria" and that Syria would "ensure the safe passage" of the oil.

Iran to allow Philippine oil shipments

The Philippines said Iran has pledged to allow safe passage for shipments of oil to the import-dependent archipelago through the Strait of Hormuz.
President Ferdinand Marcos last week declared a state of national energy emergency, saying "nothing was off the table" as the country of 116 million tries to navigate a global fuel crisis driven by the Middle East war.

Czechs, Romania cut taxes

The Czech Republic and Romania said they would cut the excise tax on diesel, joining a host of other countries reacting to a price surge driven by the Middle East war.
The Czech government also put a limit on the profit margins of fuel distributors.  
burs-aha/pnb/dw/jfx/dan

space

'Breathtaking': Artemis astronauts blast towards Moon

BY MOISéS ÁVILA, WITH MAGGY DONALDSON IN NEW YORK

  • "From this point forward, the laws of orbital mechanics are going to carry our crew to the Moon, around the far side and back to Earth," NASA official Lori Glaze said.
  • Four Artemis astronauts were zooming towards the Moon late Thursday after a major engine firing, a milestone that commits NASA to the first crewed lunar flyby in more than half a century.
  • "From this point forward, the laws of orbital mechanics are going to carry our crew to the Moon, around the far side and back to Earth," NASA official Lori Glaze said.
Four Artemis astronauts were zooming towards the Moon late Thursday after a major engine firing, a milestone that commits NASA to the first crewed lunar flyby in more than half a century.
With enough thrust to accelerate a stationary car to highway driving speed in less than three seconds, the Orion capsule engine blasted the astronauts on their trajectory towards the Moon, which they now will loop as part of the 10-day Artemis 2 mission.
In the moments that followed what the US space agency dubbed a "flawless" firing that lasted just under six minutes, astronaut Jeremy Hansen said that "humanity has once again shown what we are capable of."
The astronauts said they were "glued to the window" taking pictures, and later passed a floating microphone back and forth as they took questions from US television networks
They said the spacecraft was a little chilly and they were still making it a home, but the crew was all smiles. 
"There's nothing that prepares you for the breathtaking aspect of seeing your home planet both lit up bright as day, and also the Moon glow on it at night with the beautiful beam of the sunset," said Christina Koch.
Thursday's nudge came one day after the enormous orange-and-white Space Launch System (SLS) rocket carrying the Orion capsule launched from Kennedy Space Center in Florida for the long-anticipated journey around the Moon.
The astronauts are now on a "free-return" trajectory, which uses the Moon's gravity to slingshot around it before heading back towards Earth without propulsion.
"From this point forward, the laws of orbital mechanics are going to carry our crew to the Moon, around the far side and back to Earth," NASA official Lori Glaze said.
The astronauts are wearing suits that also serve as "survival systems" -- in the unlikely case of a cabin depressurization or leak, they'll maintain oxygen, temperature controls and the correct pressure for up to six days.
The astronauts -- Americans Reid Wiseman, Victor Glover and Koch along with Canadian Hansen -- spent their first hours in space performing checks and troubleshooting minor problems on the spacecraft that has never carried humans before, including a communications issue and a malfunctioning toilet.
Queried on the toilet situation, Koch said she was "proud to call myself the space plumber.
"I like to say that it is probably the most important piece of equipment on board," she said. "So we were all breathing a sigh of relief when it turned out to be just fine."

'Herculean'

Crewmembers also had their first workouts of the mission on the spacecraft's "flywheel exercise device" -- each astronaut will carve out 30 minutes a day for fitness, a bid to minimize the muscle and bone loss that happens without gravity.
The 10-day mission is aimed at paving the way for a Moon landing in 2028.
Artemis 2 marks a series of historic accomplishments: sending the first person of color, the first woman and the first non-American on a lunar mission.
If all proceeds smoothly, the astronauts could also set a record by venturing farther from Earth than any human before.
"There is nothing normal about this," said Wiseman. "Sending four humans 250,000 miles away is a Herculean effort, and we are now just realizing the gravity of that."
The Artemis 2 mission is part of a longer-term plan to repeatedly return to the Moon, with the goal of establishing a permanent base that will offer a platform for further exploration.
The current era of American lunar investment has frequently been portrayed as an effort to compete with China, which aims to land humans on the Moon by 2030.
Asked about division closer to home and what message they had for Americans, Glover said from his vantage point, "You look amazing. You look beautiful."
"From up here, you also look like one thing," he added. "We're all one people."
bur-mdo/mlm

Mangione

Mangione federal trial over CEO murder delayed to January

  • The federal trial originally scheduled for September was delayed on Wednesday until October, and has now been pushed to January 25, 2027.
  • The federal trial of Luigi Mangione in the killing of healthcare CEO Brian Thompson has been delayed further to January 2027, according to court documents filed on Thursday.
  • The federal trial originally scheduled for September was delayed on Wednesday until October, and has now been pushed to January 25, 2027.
The federal trial of Luigi Mangione in the killing of healthcare CEO Brian Thompson has been delayed further to January 2027, according to court documents filed on Thursday.
The December 2024 shooting outside of a New York City hotel, captured on security cameras, shocked Americans while highlighting deep public anger over the country's private, often costly, healthcare system.
Mangione, 27, faces charges in both federal and New York state courts.
Both trials were delayed on Wednesday. The state trial, originally scheduled for June, was postponed until September. 
The federal trial originally scheduled for September was delayed on Wednesday until October, and has now been pushed to January 25, 2027.
Mangione's lawyers requested the delays because they argued the tight turnaround would make it impossible to prepare adequately for both.
The scheduling order filed on Thursday by US Judge Margaret Garnett said the decision was made "in light of the... decision in the defendant's state court case to adjourn the state trial to September 8, 2026." 
Defendants in the United States can be tried at both the state and federal level for the same crime, although the charges tend to differ -- as they do for Mangione. 
In New York court, Mangione is charged with murder. In federal court, he is charged with interstate stalking.
Mangione has denied all charges.
If convicted in either court he faces life imprisonment without parole.
Mangione was arrested five days after the shooting, at a McDonald's in the state of Pennsylvania -- some 230 miles (370 kilometers) from the crime scene.
pnb/mjf/mlm

France

Airbus bets on copter capability for tomorrow's war drones

BY OLGA NEDBAEVA

  • In this context, there is a need for all kinds of drones," Emmanuel Huberdeau, spokesperson for Airbus Helicopters division, told AFP. The division recently took over management of tactical drones developed by the European aerospace firm.
  • In the heart of southeastern France, aerospace giant Airbus is drawing on its helicopter expertise to develop drones -- a core element of modern warfare -- and enable them to work in tandem with manned aircraft.
  • In this context, there is a need for all kinds of drones," Emmanuel Huberdeau, spokesperson for Airbus Helicopters division, told AFP. The division recently took over management of tactical drones developed by the European aerospace firm.
In the heart of southeastern France, aerospace giant Airbus is drawing on its helicopter expertise to develop drones -- a core element of modern warfare -- and enable them to work in tandem with manned aircraft.
A small, isolated hangar at Pierrelatte airfield in France's Drome region bears the name Survey Copter, a French venture integrated into Airbus, which is expanding its facilities to prepare for a doubling of production rates by 2027.
"This is a key focus area" given "the lessons learnt from the war in Ukraine and the rearmament drive in Europe. In this context, there is a need for all kinds of drones," Emmanuel Huberdeau, spokesperson for Airbus Helicopters division, told AFP.
The division recently took over management of tactical drones developed by the European aerospace firm.
The Pierrelatte site makes Aliaca, a light 25-kilogramme (55-pound) drone with six hours of autonomous flight for surveillance and short-range reconnaissance.
The model is already in service with the French Navy. A heavier model, the 120-kilo Capa-X -- which can operate for 10 hours on similar missions but also alongside manned aircraft -- is currently awaiting contracts.
Twenty Aliaca and 10 Capa‑X are slated for production this year, with 2027 seeing a doubling as staffing rises from 60 to 80 amid a two-million-euro ($2.3-million) investment in a new hangar, site director Christophe Canguilhem told AFP.
Tuesday was to see a hardware demonstration for the media -- but strong winds prevented that.
"When there's no wind or storm, not a week goes by without flights taking off from here. The hangar door opens right onto the runway. That's a real competitive advantage," said Canguilhem.

Reusable

Drones have transformed the war in Ukraine, and now in the Middle East, where Western forces are vulnerable to Iranian-made Shahed suicide drones already in extensive use by Russian forces in Ukraine.
"Ukraine has shown us it is possible to manufacture low-cost drones in large quantities," said Huberdeau.
But for its hardware, Airbus is focusing "added value" on more complex and integrated systems.
"There's also a need for certain non-disposable drone missions, capable of operating in challenging environments... that will be able to return or carry out missions further afield," he added.
"It makes sense for Airbus Helicopters to explore solutions for the armed forces," said Pascal Fabre of the AlixPartners consultancy.
"It's easier when you are Airbus than when you're a start-up."

'Solution for the future'

Airbus's strategy essentially involves fusing cooperation on drones and copters, said Victor Gerin-Roze, programme director at Airbus Helicopters.
"We're convinced drones will greatly enhance the capabilities of helicopters.
"It is a solution for the future," he told AFP.
Tested in Singapore in January, the system lets a copter crew launch a drone, control it from the cockpit and receive live footage to locate an area or a target without putting themselves at risk.
The copter-drone symbiosis will also come into effective play in civilian, firefighting or police missions, said Gerin-Roze.
Up against US firms Boeing, Sikorsky (Lockheed Martin) and Bell (a subsidiary of Textron), the Airbus approach has the crew pilot drones directly from the helicopter.
Its competitors' drones remain a tool linked to the copter but not truly integrated.
Airbus is also exploring development of unmanned copters-as-drones.
For example, the French navy uses the VSR700 drone derived from the small Cabri G2 helicopter for surveillance and reconnaissance.
Airbus is also working on an unmanned version of the H145 helicopter, known as the Lakota in the United States, for the US Navy, a major customer for the conventional model.
It is due for delivery by 2030.
neo/jbo/cw/jhb/jfx

mining

'Metals of the future': copper and silver flow beneath Poland's surface

BY BERNARD OSSER

  • The 24-hour operation runs at a constant roar as machines grind rock at deafening volumes, its tunnels stretching for hundreds of kilometres beneath Poland's surface.
  • Thousands of metres beneath the ground, amid suffocating heat, lies one of the keys to Poland's rumbling mining sector -- and the world economy.
  • The 24-hour operation runs at a constant roar as machines grind rock at deafening volumes, its tunnels stretching for hundreds of kilometres beneath Poland's surface.
Thousands of metres beneath the ground, amid suffocating heat, lies one of the keys to Poland's rumbling mining sector -- and the world economy.
Whitish ore, rich in copper and silver, is extracted from the country's depths and exported around the world to fuel technological and energy transitions.
"These are the metals of the future," Ariel Wojciuszkiewicz, a geologist at the Polkowice–Sieroszowice mine in the west of the country, tells AFP, noting that copper and silver are "indispensable for electronic equipment, electric cars, and renewable energy installations".
Driven by the rise of artificial intelligence, renewable energies, and global defence needs, demand for these metals is expected to keep increasing in the future, with copper even being referred to as "red gold" and a "barometer" for world economic development. 
Poland, responsible for as much as half of Europe's supply, is one of the industry's key players.
Equipped with a helmet and an emergency breathing device, Wojciuszkiewicz leads AFP journalists through the Polkowice–Sieroszowice mine -- one of three sites operated by KGHM, the Polish metals giant, which also owns local smelters and companies in the Americas.  
The 24-hour operation runs at a constant roar as machines grind rock at deafening volumes, its tunnels stretching for hundreds of kilometres beneath Poland's surface.
The world's second-largest silver producer, the KGHM group also supplies between 40 percent and 50 percent of the copper produced in Europe.
Last year, it ranked eighth worldwide in terms of copper extraction volume, behind global giants such as BHP Group, Glencore Plc and Rio Tinto, according to industry statistics.
Global copper demand, already high, is expected to climb by over 40 percent by 2040, according to a 2025 UN Report.  
To meet this demand, "it might take 80 new mines and 250 billion dollars in investments by 2030," the organisation estimates.
The International Energy Agency (IEA), however, predicts that supply will lag 30 percent behind demand by as early as 2035.  
- 1,200 degrees Celsius - 
Dependence on copper is growing exponentially across the world economy's most innovative sectors.  
"We don't realise how much we are surrounded by copper on all sides," Piotr Krzyzewski, KGHM vice president in charge of finance, explains to AFP. 
"An electric car contains 80 kg of copper, compared with 20 kg in a conventional one," he notes, while "a wind turbine contains between four and ten tons of copper per megawatt." 
Farther away, at the Glogow smelter, two workers in protective suits, armed with long lances, open huge furnaces where the ore is melted. 
They work diligently as sparks fly from metal heated to 1,200C. 
Several processing stages later, 99.99 percent pure copper plates, each weighing more than a hundred kilos, are shipped all over the world. 
Last year, the KGHM group as a whole generated more than 36 billion zlotys ($9.7 billion) in revenue. Copper production reached 710,000 tonnes and silver production 1,347 tonnes, according to the group's annual report, published at the end of March. 
No less than half of the silver is used in industry, mainly for electronics, solar panels, and medical applications. The rest goes to jewellery or serves as a safety net and financial asset. 
But it is copper, now an irreplaceable metal for the economy, that has become the object of global strategic contention.
"Copper is on the strategic list of critical metals in Europe, the United States, and China," Krzyzewski tells AFP.  
The metal's impact on geopolitics is already being noted in real time.  
In July, US President Donald Trump announced a 50 percent tariff on copper, eventually limiting the measure to products made with the metal. 
To justify his decision, he invoked the need to "defend national security".  
"Copper is the second most used material by the Department of Defense!" he said.
–  Record prices  –
In 2025, copper prices jumped 41.7 percent, before hitting a record high of $14,527.50 a ton in January of this year.
Even in the face of the war in the Middle East and the slowdown of the global economy, the price remains high at about 12,000 dollars per ton.  
In this uncertain context, Poland's subsoil appears to be a major asset for the energy sovereignty of the Old Continent. 
"It's no longer about the security of our country alone, but the security of all of Europe," Krzyzewski says, adding that KGHM's resources "are still estimated to last for at least 40 years," not counting new exploration and concessions. 
But mining consumes enormous amounts of water, making it subject to the effects of global warming and drought.
bo/gab/ab/ks/gv/jfx

Global Edition

Oil surges, stocks mixed as Trump dashes hopes of quick end of war

  • “It's as if the equity market is a bigger believer that we're closer to the off-ramp than the oil market," said Art Hogan of B. Riley Wealth Management.
  • Oil prices surged Thursday after US President Donald Trump threatened more heavy strikes on Iran, while global equity markets reacted indecisively to the latest developments in the conflict.
  • “It's as if the equity market is a bigger believer that we're closer to the off-ramp than the oil market," said Art Hogan of B. Riley Wealth Management.
Oil prices surged Thursday after US President Donald Trump threatened more heavy strikes on Iran, while global equity markets reacted indecisively to the latest developments in the conflict.
In a prime-time address Wednesday night, Trump warned that more bombing could take Iran "back to the Stone Ages" but offered no solution on the reopening the Strait of Hormuz, a key shipping lane for the world's oil and gas.
Oil prices shot higher, lifting both major benchmarks to about $110 a barrel by the end of the day.
"Trump's much-anticipated address delivered little to nothing new on potential timelines or conditions for ending hostilities against Iran," said Deutsche Bank managing director Jim Reid. "There was no signal of the US seeking an imminent off-ramp out of the war."
US stocks began the session sharply lower, but later regained their footing, with two of the three major indices ending narrowly positive.
“It's as if the equity market is a bigger believer that we're closer to the off-ramp than the oil market," said Art Hogan of B. Riley Wealth Management.
After being down more than one percent, European markets closed mixed, with London higher and Paris and Frankfurt slightly lower.
Signs of de-escalation had buoyed markets in recent sessions, but Trump's speech dashed those hopes.
As time passes, markets are treating Trump's statements with greater skepticism, said Dave Grecsek, managing director at Aspiriant Wealth Management.
"Initially there was a lot more weight attached to his comments, whether this was related to tariffs or what happened in Venezuela or in Iran," he said. 
But "at some point, the markets are going to start to question the veracity of some of his statements," he added.
London finished 0.6 percent higher, boosted by oil companies BP and Shell rising almost three percent. 
Paris dropped about half a percent, even as oil giant TotalEnergies was up almost three percent on reports it made a $1 billion profit in March trading petroleum products.
Most markets in Europe and the United States are closed Friday for Good Friday.
Earlier in the day, Tokyo closed down more than two percent, and Hong Kong and Shanghai also fell. 
World Bank Managing Director Paschal Donohoe said he was fearful about the global economic impact of the crisis.
"We are extremely concerned regarding the effect that this will have on inflation, on jobs and on food security," he told AFP as the World Bank partners with the International Monetary Fund and International Energy Agency to coordinate aid responses.

Key figures at around 2015 GMT

Brent North Sea Crude: UP 7.8 percent at $109.03 a barrel
West Texas Intermediate: UP 11.4 percent at $111.54 a barrel
New York - Dow: DOWN 0.1 percent at 46,504.67 (close)  
New York - S&P 500: UP 0.1 percent at 6,582.69 (close) 
New York - Nasdaq Composite: UP 0,2 percent at 21,879.18 (close)
London - FTSE 100: UP 0.7 percent at 10,436.29 (close) 
Paris - CAC 40: DOWN 0.2 percent at 7,962.39 (close)
Frankfurt - DAX: DOWN 0.6 percent at 23,168.08 (close)
Tokyo - Nikkei 225: DOWN 2.4 percent at 52,463.27 (close)
Hong Kong - Hang Seng Index: DOWN 0.7 percent at 25,116.53 (close)
Shanghai - Composite: DOWN 0.7 percent at 3,919.29 (close)
Euro/dollar: DOWN at $1.1535 from $1.1589 on Wednesday
Pound/dollar: DOWN at $1.3224 from $1.3305
Dollar/yen: UP at 159.63 from 158.82 yen
Euro/pound: UP at 87.22 pence from 87.10 pence
bur-jmb/mjf/sst

trade

Trump orders new pharma tariff, reshapes metal duties

BY BEIYI SEOW

  • Britain meanwhile has secured a deal allowing UK-made medicines tariff-free access to the United States for three years as part of a broader pact, the US Trade Representative's office said.
  • US President Donald Trump on Thursday ordered new tariffs on certain medicines, alongside an overhaul of metal duties, doubling down on his trade agenda a year after unleashing trade wars on virtually all partners.
  • Britain meanwhile has secured a deal allowing UK-made medicines tariff-free access to the United States for three years as part of a broader pact, the US Trade Representative's office said.
US President Donald Trump on Thursday ordered new tariffs on certain medicines, alongside an overhaul of metal duties, doubling down on his trade agenda a year after unleashing trade wars on virtually all partners.
The latest pair of orders he signed pile pressure on pharmaceutical companies to manufacture more in the United States, while separately targeting firms that officials accuse of "artificially manipulating" metals prices.
Finished products containing substantial amounts of steel, aluminum and copper will also face a lower 25-percent tariff on their full value instead of being targeted for the amount of metals they contain, a move to simplify an onerous system for firms.
It is not immediately clear how these would affect consumer prices, but a senior US official told reporters they did not expect to see any effect on affordability.
The moves come on the anniversary of what Trump had dubbed "Liberation Day," when he announced varying tariff rates on goods from dozens of economies last year, roiling financial markets and snarling supply chains.
Although the Supreme Court struck down these global tariffs this February, Trump has been working to reinstate duties using different authorities.
His aim of "Liberation Day" was the rebirth of American industry, bringing an influx of jobs, revenue and an investment boom -- although critics argue that these have largely not taken place.
Making good on his threat last fall, one of Trump's Thursday orders imposes a 100-percent tariff on patented pharmaceuticals made abroad unless countries struck trade deals to secure lower rates, or companies commit to building plants in the United States.
Large companies will have 120 days to commit to "reshoring plans" before the steep duty kicks in, while smaller companies have a 180-day buffer, a senior US official told reporters. 
"We expect the lion's share of the world's patented pharmaceuticals to be building in America," the official said.
Those who commit to building manufacturing plants -- to be completed by the end of Trump's second presidency -- will face a 20-percent tariff instead.
The European Union, Japan, South Korea and Switzerland will be excluded from this plan and face a 15-percent pharma duty, due to trade deals they earlier struck with Washington.
Britain meanwhile has secured a deal allowing UK-made medicines tariff-free access to the United States for three years as part of a broader pact, the US Trade Representative's office said.
Meanwhile, drug companies that reach "Most Favored Nation" pricing deals with the Trump administration, while also building plants in the United States, can also be exempt from the sharp pharma tariff.
Generic pharmaceutical products are not subject to tariffs, and this will be reassessed in a year's time, said a White House fact sheet.

Affordability hit?

The second order Trump signed reshapes his 50-percent tariffs on steel, aluminum and copper, pushing importers to pay the duty based on prices that American buyers are facing.
It is set to take effect 12:01am Eastern Time on Monday, a White House official told AFP.
The senior administration official charged that "foreign countries were artificially manipulating" prices of imported metals in order to pay a lower tariff.
The same proclamation called for finished products made with more than 15 percent of steel, aluminum and copper will face a 25-percent tariff on their full value, rather than being targeted based on their metal content.
"It's a simplification and a fairness issue," the official said.
Asked about cost of living concerns, which have flared ahead of midterm elections this year, the official maintained that this should not impact affordability for households.
"These will not have impact on the price of the good on the shelf," the official insisted.
bys/dw

Iran

Pakistan hikes petrol, diesel prices due to Middle East war

  • Several Asian countries have hiked fuel prices or implemented other measures to address the crisis sparked by the war on Iran.
  • Pakistan's government on Thursday drastically raised fuel prices in response to spiking global energy prices caused by the Iran war, the country's petroleum minister said in a press conference.
  • Several Asian countries have hiked fuel prices or implemented other measures to address the crisis sparked by the war on Iran.
Pakistan's government on Thursday drastically raised fuel prices in response to spiking global energy prices caused by the Iran war, the country's petroleum minister said in a press conference.
The new prices mark an increase of 42.7 percent in petrol prices and 54.9 percent in the price of diesel.
"The decision made today is that as per international markets, after the increase in the petrol prices the new price will be 458.40 rupees ($1.64 per litre) which will be effective from tomorrow (Friday)," said the minister, Ali Pervaiz Malik.
As for diesel, "which has great importance for our workers and public transport," the price was set at 520.35 Pakistani rupees ($1.86) per litre, he said.
"The government has done its best, looking at its budget, to give people blanket protection" but was "forced" to pass along the price increase "because resources are limited and we do not currently see indications of the end of this war", Pervaiz said.
The US-Israel war on Iran, launched on February 28, has plunged the Middle East into conflict, with Iranian retaliatory strikes hitting targets across the Gulf and virtually freezing shipping in the Strait of Hormuz.
The key waterway normally sees a fifth of the world's energy supplies pass through it, much of it bound for Asia. 
Pakistan is heavily reliant on such oil and gas, and had earlier raised prices by 20 percent on March 6, about a week into the war.
The government has unveiled a raft of austerity measures designed to save fuel, including moving many government offices to a four-day work week, extending school holidays and moving some classes online.
Pakistan is classified as a lower-middle-income country, with roughly 25 percent of its 240 million population living in poverty, as per World Bank data.
Several Asian countries have hiked fuel prices or implemented other measures to address the crisis sparked by the war on Iran.
On Thursday, Bangladesh hiked prices of liquefied petroleum gas used for cooking and compressed natural gas used in some cars by 29 percent.
Earlier this week, the International Monetary Fund warned that vulnerable economies, such as Pakistan, did not just face pressure from higher energy prices, but from supply chain snarls as well.
"Parts of the Middle East, Africa, Asia-Pacific, and Latin America face the added strain of higher food and fertilizer prices and tighter financial conditions," the IMF said in a post on its website.
aha/sst

US

UK-led Hormuz talks demand 'immediate' reopening of Hormuz

BY PETER HUTCHISON AND HELEN ROWE

  • "To that effect, partners today called for the immediate and unconditional reopening of the Strait and respect for the fundamental principles of freedom of navigation and the law of the sea," she added.
  • A UK-led meeting of some 40 countries on the strait of Hormuz crisis wrapped up Thursday with a demand for the "immediate and unconditional" reopening of the vital shipping route, but no immediate breakthrough.
  • "To that effect, partners today called for the immediate and unconditional reopening of the Strait and respect for the fundamental principles of freedom of navigation and the law of the sea," she added.
A UK-led meeting of some 40 countries on the strait of Hormuz crisis wrapped up Thursday with a demand for the "immediate and unconditional" reopening of the vital shipping route, but no immediate breakthrough.
"Iran is trying to hold the global economy hostage in the Strait of Hormuz. They must not prevail," British foreign minister Yvette Cooper said in a statement.
"To that effect, partners today called for the immediate and unconditional reopening of the Strait and respect for the fundamental principles of freedom of navigation and the law of the sea," she added.
The strait has been virtually closed since the US-Israeli war against Iran started on February 28, impacting global supplies of important commodities including oil, liquid natural gas, and fertiliser.
That has led to a sharp rise in energy prices.
The foreign ministers and representatives who joined the call discussed a range of areas of "possible collective, coordinated, action," Cooper added.
This could include increased diplomatic pressure, including through the UN, as well as possible sanctions, she said.
The Gulf Cooperation Council (GCC) meanwhile called Thursday for the UN Security Council to authorise the use of force to protect the key waterway.
Bahrain has proposed a draft resolution that would greenlight states to use "all necessary means" to assure free transit through the Strait of Hormuz. 
However, the measure has divided the 15-member Security Council, with Russia, China and France -- who each hold veto privileges -- all voicing strong objections.
Italy's Foreign Minister Antonio Tajanialso, who joined the virtual talks, called for a "humanitarian corridor" for fertiliser and other essentials through the strait to avoid a food disaster in Africa.
Cooper earlier slammed Iran's "recklessness" over the strait as she kicked off the virtual meeting.
She said Iran's blockade of the waterway was "hitting our global economic security".
Around a fifth of the world's oil and liquefied natural gas passes through the strait in peacetime.
A total of 37 countries have signed a statement, first published last month, expressing "readiness to contribute to appropriate efforts to ensure safe passage through" the shipping lane.
Britain, France, Germany, Italy, Japan and the Netherlands are among those to have signed it.
The United States, China, and most Middle Eastern countries have not, according to a list provided by the UK government.

'Unrealistic'

A spokesperson for the French foreign ministry said securing the Strait of Hormuz could "only take place once the intense phase of the bombing is over".
French President Emmanuel Macron, speaking on a visit to South Korea, said a military operation to liberate the Strait of Hormuz was "unrealistic", while lamenting Trump's differing daily statements on the Iran war and NATO.
"There are those who advocate for the liberation of the Strait of Hormuz by force through a military operation, a position sometimes expressed by the United States," Macron said.
"I say sometimes because it has varied, it is never the option we have chosen and we consider it unrealistic," he said.
The virtual meeting hosted by Britain came after Trump urged oil-importing nations to show "courage" and seize the narrow strait.
"The countries of the world that ... receive oil through the Hormuz Strait must take care of that passage," Trump said in a prime-time address late Wednesday.
"Just take it, protect it, use it for yourselves," he added.
Trump has said he would consider a ceasefire only when Hormuz is "free and clear".
Many countries have however insisted any operation to protect seafarers using the strait could only come after a ceasefire.
"We are also convening military planners to look at how we marshal our collective defensive military capabilities, including looking at issues such as de-mining," Cooper told Thursday's meeting.
The channel normally sees around 120 daily transits, according to shipping industry intelligence site Lloyd's List.
But since March 1, commodities carriers have made just 225 crossings, according to maritime intelligence firm Kpler, a 94-percent decrease on peacetime.
pdh-har/jkb/yad

US

Grain, steel, fertiliser blocked by Hormuz closure: data

  • - Bulk commodities: down 93% - Within dry goods, "bulk commodities" exports include raw materials such as limestone for cement-making, sulphur for fertilisers and industrial chemicals, and gypsum for construction, agriculture and manufacturing.
  • Besides oil and gas, Iran's blockade of the Strait of Hormuz has choked off shipments of crucial goods and raw materials to world markets.
  • - Bulk commodities: down 93% - Within dry goods, "bulk commodities" exports include raw materials such as limestone for cement-making, sulphur for fertilisers and industrial chemicals, and gypsum for construction, agriculture and manufacturing.
Besides oil and gas, Iran's blockade of the Strait of Hormuz has choked off shipments of crucial goods and raw materials to world markets.
Overall volumes of dry bulk goods fell from 7.5 million tonnes in February to 1.3 million tonnes in March, according to data from maritime intelligence firm AXSMarine -- an 83-percent decline.
Here are five measures of the impact on commodities based on data from the firm, since the war started with US and Israeli attacks on Iran on February 28.

Bulk commodities: down 93%

Within dry goods, "bulk commodities" exports include raw materials such as limestone for cement-making, sulphur for fertilisers and industrial chemicals, and gypsum for construction, agriculture and manufacturing.
Overall shipments of this class of commodities through the strait fell 93 percent in March compared with February, from nearly five million tonnes to just 326,000.

Fertilisers: -92% 

Fertilisers such as urea are crucial for crop production, with exports through Hormuz typically heading to Brazil, China, India and Africa.
Fertiliser shipments through the passage fell 92 percent from over a million tonnes in February to just 82,000 in March.

Iron ore: -65%

Iron ore is a crucial ingredient for making the steel that goes into everything from buildings to vehicles to machinery.
Exports of iron ore through the strait fell by 65 percent in March from the month before, from over 530,000 tonnes to 186,000.

Steel: -93%

Shipments of steel fell 93 percent from nearly 162,000 tonnes to 11,000.

Grain imports: -92%

Meanwhile grain shipments westbound through the strait into the Gulf plunged 92 percent from 2.3 million tonnes to 196,000.
AXSMarine told AFP that a significant share of the goods shipped in March were unknown cargos due to disruptions and manipulation of ships' signals in the conflict zone.
rlp/jj/gv

Global Edition

Oil climbs, stocks slip as Trump dashes hopes of quick end of war

  • "Trump didn't offer a clear path to a relatively quick resolution to the Iran war or a reopening of the Strait of Hormuz," said Charles Schwab analyst Joe Mazzola.
  • Oil surged and stocks fell on Thursday after Donald Trump threatened more heavy strikes on Iran and offered no solution to reopening the key Strait of Hormuz.
  • "Trump didn't offer a clear path to a relatively quick resolution to the Iran war or a reopening of the Strait of Hormuz," said Charles Schwab analyst Joe Mazzola.
Oil surged and stocks fell on Thursday after Donald Trump threatened more heavy strikes on Iran and offered no solution to reopening the key Strait of Hormuz.
But stocks clawed back some of their losses and oil receeded from its highs ahead of a three-day weekend that will allow investors to catch their breaths as they await for new developments in the Middle East war.  
Investors had initially found little solace in the US president's address to the nation, in which he again urged countries dependent on the waterway for energy supplies to reopen it themselves.
"Trump didn't offer a clear path to a relatively quick resolution to the Iran war or a reopening of the Strait of Hormuz," said Charles Schwab analyst Joe Mazzola.
After being down more than one percent, European markets closed mixed with London higher, and Paris and Frankfurt slightly lower.  
New York shares had opened sharply lower but by late morning had clawed back most of their losses.  
Signs of de-escalation had buoyed markets in recent sessions, but Trump's late Wednesday televised speech dashed those hopes.
"Trump's much anticipated address delivered little to nothing new on potential timelines or conditions for ending hostilities against Iran," said Deutsche Bank managing director Jim Reid. "There was no signal of the US seeking an imminent offramp out of the war."
International oil benchmark, Brent North Sea crude, which had fallen below $100 a barrel ahead of Trump's speech, went on to rally around eight percent to above $109 per barrel, but had retreated to about $106 by late afternoon in Europe.
London was one of the few markets to rise, finishing 0.6 percent higher, boosted by oil companies BP and Shell rising almost three percent. 
Paris dropped about half a percent, even as oil giant TotalEnergies was up almost three percent on reports it made a one billion dollar profit in March trading petroleum products.
Most markets in Europe and the United States are closed Friday for Good Friday.
Earlier in the day, Tokyo closed down more than two percent and Hong Kong and Shanghai also fell. 
World Bank Managing Director Paschal Donohoe said he was fearful about the global economic impact of the crisis.
"We are extremely concerned regarding the effect that this will have on inflation, on jobs and on food security," he told AFP as the Bank partners with the International Monetary Fund and International Energy Agency to coordinate aid responses.

Key figures at around 1550 GMT

Brent North Sea Crude: UP 6.3 percent at $107.47 a barrel
West Texas Intermediate: UP 10.2 percent at $110.36 a barrel
New York - Dow: DOWN 0.3 percent at 46,422.74 points  
New York - S&P 500: DOWN 0.2 percent at 6,562.98 
New York - Nasdaq Composite: DOWN 0,2 percent at 21,790.97 
London - FTSE 100: UP 0.7 percent at 10,436.29 (close) 
Paris - CAC 40: DOWN 0.2 percent at 7,962.39 (close)
Frankfurt - DAX: DOWN 0.6 percent at 23,168.08 (close)
Tokyo - Nikkei 225: DOWN 2.4 percent at 52,463.27 (close)
Hong Kong - Hang Seng Index: DOWN 0.7 percent at 25,116.53 (close)
Shanghai - Composite: DOWN 0.7 percent at 3,919.29 (close)
Euro/dollar: DOWN at $1.1549 from $1.1586 on Wednesday
Pound/dollar: DOWN at $1.3240 from $1.3305
Dollar/yen: UP at 159.30 from 158.88 yen
Euro/pound: UP at 87.27 pence from 87.08 pence
dan-ajb/gv/giv

tariff

US trade deficit widens less than forecast as tariff turmoil persists

BY BEIYI SEOW

  • Analysts from the conservative-leaning Tax Foundation estimated this week that US tariff policy changed more than 50 times under Trump, adding that tariff revenue through December 2025 accounted for just 4.9 percent of tax receipts for the calendar year.
  • The US trade deficit widened in February but less than analysts expected, government data showed Thursday, a year since President Donald Trump unleashed sweeping tariffs on virtually all trading partners.
  • Analysts from the conservative-leaning Tax Foundation estimated this week that US tariff policy changed more than 50 times under Trump, adding that tariff revenue through December 2025 accounted for just 4.9 percent of tax receipts for the calendar year.
The US trade deficit widened in February but less than analysts expected, government data showed Thursday, a year since President Donald Trump unleashed sweeping tariffs on virtually all trading partners.
One year on, turmoil over Trump's tariff agenda looks set to continue roiling trade flows in the world's biggest economy, with ongoing investigations into products and countries threatening new waves of levies.
In February, the overall trade gap expanded 4.9 percent to $57.3 billion as both imports and exports climbed, said the Commerce Department.
But the mild shift is yet to fully reflect the Supreme Court's ruling late in that month to strike down a wide swath of Trump's duties -- including those he announced on April 2 last year on what he dubbed "Liberation Day."
Despite Trump's vows that his new policies would herald the rebirth of American industry, bringing in jobs, revenue and an investment boom, critics say that these have not taken place.
Analysts from the conservative-leaning Tax Foundation estimated this week that US tariff policy changed more than 50 times under Trump, adding that tariff revenue through December 2025 accounted for just 4.9 percent of tax receipts for the calendar year.
Data also "does not support claims of a large investment surge," the Tax Foundation said.
But Trump's tariffs have influenced trade flows, with US goods imports from China notably pulling back in 2025.

Lack of confidence

A Pew Research Center survey released Wednesday said nearly six in 10 US adults are not too -- or not at all -- confident that Trump can make good decisions about US trade policy.
And 63 percent expressed little or no confidence in his handling of tariff policy.
While the high court decision is unlikely to have impacted February's trade data much, Trump has since turned to different authorities to impose new, temporary 10-percent duties on imports.
US officials have launched probes into dozens of countries with an eye on reinstating more lasting tariffs, foreshadowing further trade uncertainty in the months ahead.
The high court's ruling "could definitely impact the data going forward and has opened another window for a front-running wave in imports" as companies try to take advantage of the current lower tariff levels, said KPMG senior economist Meagan Schoenberger.
For now, "higher imports continue to be driven by the tech sector and the AI data center buildout, with most of the increases in computers and semiconductors," she told AFP.
"Most of those items have been exempted from tariffs," she said.
Still in place as well are Trump's sector-specific tariffs on products like steel, aluminum and autos, which have been weighing on businesses. 
The Trump administration has ongoing investigations into other sectors that could lead to more tariff announcements.
February's deficit was slightly less than the $62 billion expected in surveys of economists by Dow Jones Newswires and The Wall Street Journal.
Exports climbed 4.2 percent to $314.8 billion, boosted by goods such as nonmonetary gold and natural gas.
US imports jumped by 4.3 percent to $372.1 billion, on the back of products like computers and semiconductors.
bys/acb

banking

US banks in Paris tighten security, order remote work over pro-Iran threat

  • Citing a person familiar with the matter, The Financial Times said that Goldman Sachs had also told employees in Paris they can work from home.
  • Citigroup and Goldman Sachs stepped up security in Paris on Thursday, telling staff they can work from home, after authorities thwarted an attack against another US financial institution that French prosecutors said might have been linked to a pro-Iran group.
  • Citing a person familiar with the matter, The Financial Times said that Goldman Sachs had also told employees in Paris they can work from home.
Citigroup and Goldman Sachs stepped up security in Paris on Thursday, telling staff they can work from home, after authorities thwarted an attack against another US financial institution that French prosecutors said might have been linked to a pro-Iran group.
According to a French police source, Goldman Sachs in London received an email from the US authorities warning that a pro-Iranian group was threatening to attack US banks with explosive devices.
The security measures come more than a month after US-Israeli strikes on Iran sparked a regional war and unleashed global economic turmoil.
The French government and security services have said that while they do not believe France itself is a target, US and Israeli interests on its soil might potentially be singled out.
At the weekend French authorities thwarted an attack on a Bank of America branch in Paris.
Citigroup said its employees in Paris and Frankfurt were working remotely "as a precautionary measure".
"The safety of our employees is our number one priority, and we are taking the necessary measures to keep our employees safe," a spokeswoman told AFP.
Police have also deployed surveillance outside the Paris offices of US bank Goldman Sachs near the Champs-Elysees, the police source said.
Citing a person familiar with the matter, The Financial Times said that Goldman Sachs had also told employees in Paris they can work from home.
Goldman Sachs declined to comment when reached by AFP.
French authorities have charged four people -- a young adult and three minors -- after police foiled an attempt to set off an explosive device outside a Bank of America branch in Paris before dawn on Saturday.
France's National Counterterrorism Prosecutor's Office says the incident could be linked to a little-known Islamist group with possible links to Iran, though no firm link has yet been established.
The Harakat Ashab al-Yamin al-Islamiya (HAYI) group, meaning The Islamic Movement of the People of the Right Hand, has claimed responsibility for attacks targeting Jewish communities in the United Kingdom, Belgium and the Netherlands.
etr-as/ah/yad

tariff

US trade deficit widens less than forecast as tariff turmoil persists

BY BEIYI SEOW

  • The figures released Thursday come after the US Supreme Court in late February struck down a wide swath of Trump's levies -- including those that he announced on April 2 last year on what he dubbed "Liberation Day."
  • The US trade deficit widened in February but less than analysts expected, government data showed Thursday, a year since President Donald Trump unleashed sweeping tariffs on virtually all trading partners.
  • The figures released Thursday come after the US Supreme Court in late February struck down a wide swath of Trump's levies -- including those that he announced on April 2 last year on what he dubbed "Liberation Day."
The US trade deficit widened in February but less than analysts expected, government data showed Thursday, a year since President Donald Trump unleashed sweeping tariffs on virtually all trading partners.
The overall gap expanded 4.9 percent to $57.3 billion as both imports and exports climbed, said the Commerce Department.
Turmoil over Trump's tariff agenda, however, looks set to continue roiling trade flows in the world's biggest economy.
The figures released Thursday come after the US Supreme Court in late February struck down a wide swath of Trump's levies -- including those that he announced on April 2 last year on what he dubbed "Liberation Day."
Meanwhile, a Pew Research Center survey released Wednesday said nearly six in 10 US adults are not too -- or not at all -- confident that Trump can make good decisions about US trade policy.
And 63 percent expressed little or no confidence in his handling of tariff policy.
While the court decision is unlikely to have impacted February data much, Trump has since turned to different authorities to impose new, temporary 10-percent duties on imports.
US officials have launched probes into dozens of countries with an eye on reinstating more lasting tariffs, foreshadowing further trade uncertainty in the months ahead.
The high court's ruling "could definitely impact the data going forward and has opened another window for a front-running wave in imports" as companies try to take advantage of the current lower tariff levels, said KPMG senior economist Meagan Schoenberger.
For now, "higher imports continue to be driven by the tech sector and the AI data center buildout, with most of the increases in computers and semiconductors," she told AFP.
"Most of those items have been exempted from tariffs," she said.
Still in place as well are Trump's sector-specific tariffs on products like steel, aluminum and autos, which have been weighing on businesses. 
The Trump administration has ongoing investigations into other sectors that could lead to more tariff announcements.
February's deficit was slightly less than the $62 billion expected in surveys of economists by Dow Jones Newswires and The Wall Street Journal.
Exports climbed 4.2 percent to $314.8 billion, boosted by goods such as nonmonetary gold and natural gas.
US imports jumped by 4.3 percent to $372.1 billion, on the back of products like computers and semiconductors.
bys/acb

Israel

Which countries' ships are hit by Hormuz crisis?

  • - Greece - After the UAE, next on the list is Greece: its companies have at least 75 commodity vessels that have been in the strait since the beginning of the war -- around 12 percent of the total. 
  • Shipping companies from Greece, the UAE and China are most affected by the closure of the Strait of Hormuz, according to data from Bloomberg and marine traffic organisations.
  • - Greece - After the UAE, next on the list is Greece: its companies have at least 75 commodity vessels that have been in the strait since the beginning of the war -- around 12 percent of the total. 
Shipping companies from Greece, the UAE and China are most affected by the closure of the Strait of Hormuz, according to data from Bloomberg and marine traffic organisations.
Around 670 commodity vessels sent signals from west of the Strait of Hormuz over the last day, with companies from the nearby United Arab Emirates accounting for 120 -- around 18 percent of the total.
The war erupted on February 28 when the US and Israel launched attacks against Iran, sparking retaliatory strikes across the region -- with Tehran's forces targeting the crucial waterway.
The figures may understate the true totals as some vessels may have turned off their transponders.

Greece

After the UAE, next on the list is Greece: its companies have at least 75 commodity vessels that have been in the strait since the beginning of the war -- around 12 percent of the total. 
Of those vessels, around 30 are oil or gas tankers, according to an analysis of Bloomberg data, which collates information from various organisations.

China 

Asian countries have been hit hard by the shutdown.
Chinese companies account for 74 commodity vessels in the area, 25 of which are oil and gas tankers. The remainder are dry bulk carriers such as container ships.

Japan

Japanese companies have at least 23 oil and gas vessels and 16 dry carriers in the strait.
Added to that, 25 vessels from Hong Kong  -- 13 oil and gas, 12 dry -- are also in the region.

India

India-based companies have 24 oil and gas vessels in the area.
Singapore and South Korea companies have also been affected, with 29 and 22 commodity vessels respectively stuck since the war began.
Vietnam has three large gas carriers in the area.

Oil and gas

Around 50 Very Large Crude Carriers (VLCC) appear to be stuck, along with 11 Very Large Gas Carriers.
South Korea accounts for seven of the VLCCs, China and Japan companies each account for six, and Greece for five.

Iran-linked vessels 

Of the 225 crossings by commodity carriers since the start of the war, more than 40 were by Iranian vessels, according to data from maritime intelligence firm Kpler.
A further 60 were by vessels that are not flagged or directly owned by Iran but are sanctioned by the US under its Iran program.

Greek, Chinese crossings

Some 35 crossings have been made by Greek-owned vessels, including eight by one company, Dynacom Tankers Management Ltd.
At least 20 Chinese-affiliated vessels and 13 Indian-linked vessels have made the journey.
Some vessels appeared to have crossed the strait via a vetting system in which Iran grants safe passage to certain vessels from friendly countries.

US ships targeted

Hundreds of vessels seem to be waiting out the war, given the sky-high insurance costs and danger to life and cargo.
Of the vessels in the area reporting attacks or suspicious activity, around a half were linked to Europe or the United States, according to the UK Maritime Trade Operations and publicly-available ownership information.
jwp/rlp/cw

semiconductors

Nexperia's China unit nears fully local production of chips: company sources

BY LUNA LIN

  • Nexperia's Dutch headquarters has since cut off access to its office systems for employees in China, causing "significant disruption" to operations, the Chinese unit said in a statement last month.
  • The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia will soon be able to produce semiconductors locally within China, according to two company sources.
  • Nexperia's Dutch headquarters has since cut off access to its office systems for employees in China, causing "significant disruption" to operations, the Chinese unit said in a statement last month.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia will soon be able to produce semiconductors locally within China, according to two company sources.
Nexperia is at the centre of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company.
The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages.
Local production would allow Nexperia's domestic arm, Nexperia China, to bypass restrictions in place since October on the supply of silicon wafers -- etched with tiny components to make chips -- from Nexperia factories in Europe to China.
"From a supply chain perspective, we have completed the shift from global to domestic production in China," a Nexperia China representative told potential clients at a company event in Beijing on Wednesday.
The representative assured attendees that the domestically made chips would meet the same stringent quality standards as previous products.
"Because the Dutch side cut our wafer supply, we have to use domestically made wafers. In the future, all products will be full local production," a source close to the matter told AFP, who asked not to be named as they were not authorised to speak to media.
Nexperia's China unit could achieve full localisation for most of its chips in the second half of 2026, including ones widely used in car production, he said.
Nexperia referred AFP to previous public statements including an open letter published in November, saying it "continues to seek a constructive collaboration with Nexperia's entities in China and has been requesting an open dialogue to find a path forward to restoring the regular supply of goods".
"Any attempts (Nexperia's Dutch headquarters) has made to engage in a constructive and meaningful dialogue with the management in China since then have been unsuccessful."

Tug of war

The Nexperia saga kicked off in September 2025 when the Dutch government invoked a Cold War-era law to effectively seize control of Nexperia, which is based in the Dutch city of Nijmegen.
Once part of Dutch electronics giant Philips, it was acquired in 2018 by China's Wingtech.
Nexperia's Dutch headquarters has since cut off access to its office systems for employees in China, causing "significant disruption" to operations, the Chinese unit said in a statement last month.
Nexperia microchips are mainly found in cars, but also industrial components, as well as consumer appliances and electronics, such as refrigerators.
Prior to the seizure, Nexperia typically produced wafers in Europe and then sent them for packaging into finished chips in China and Southeast Asia.
Beijing retaliated to the seizure in October with export controls on products made by Nexperia in China -- a blow to the company's business -- but has since re-allowed exports for civilian use.
The resumption of shipments was part of a trade deal agreed by Chinese President Xi Jinping and his US counterpart Donald Trump after talks in South Korea last October, the Wall Street Journal reported at the time.
Nexperia said in late October that it had suspended direct wafer supplies to its Chinese unit. The suspension remains in place.
The latest development comes just weeks after Nexperia China announced it had started producing several types of chips using domestically made 12-inch wafers.
Similar chips made by its Chinese-owned Dutch parent use less advanced 8-inch wafers from Germany.
Nexperia China's packaging factory in the manufacturing hub of Dongguan is currently operating at about 60-70 percent of its original production capacity using stockpiles, client-supplied wafers and alternative domestic suppliers, the source close to the matter told AFP.
The company is on track to resume up to 90 percent production capacity for its popular products in the second quarter of this year, he said.
The China unit's main production now centers on a packaging factory in Dongguan and a wafer factory in Shanghai, supplemented by contracted external suppliers for additional packaging and wafer capacity.
"Nexperia China's future focus will be on these two factories (in Dongguan and Shanghai)," the source said.
"They will serve as the main production centres for our products."
ll/kaf/abs

US

Strait of Hormuz shipping blockade update

  • The Revolutionary Guards said the route was closed to vessels travelling to and from ports linked to Iran's "enemies". - 46% sanctioned ships - Since the war started, 46 percent of the crossings have been by ships under US, EU or UK sanctions, according to an AFP analysis of passage data.
  • Here are the latest key facts about impacts from the blockage of the Strait of Hormuz, a crucial shipping route virtually paralysed by the Middle East war.
  • The Revolutionary Guards said the route was closed to vessels travelling to and from ports linked to Iran's "enemies". - 46% sanctioned ships - Since the war started, 46 percent of the crossings have been by ships under US, EU or UK sanctions, according to an AFP analysis of passage data.
Here are the latest key facts about impacts from the blockage of the Strait of Hormuz, a crucial shipping route virtually paralysed by the Middle East war.
Around a fifth of global crude oil and liquefied natural gas (LNG) passes through the waterway in peacetime.
The war erupted on February 28 when the United States and Israel began bombing Iran, prompting Tehran to retaliate with strikes across the region and restrict access to the strait.

27 ships targeted

In total 27 commercial ships, including 13 tankers, have been attacked or reported incidents since March 1 in the Gulf, the Strait of Hormuz, or the Gulf of Oman, according to British marine security agency UK Maritime Trade Operations (UKMTO).
In the latest incident, a tanker leased to Qatar's state-owned energy company was struck by an Iranian missile in the Gulf country's territorial waters, officials there said Wednesday.

11 sea workers killed

Since the conflict began, at least 11 seafarers or dock workers have died in incidents in the region, according to the International Maritime Organization (IMO).
The UN agency updated that tally Tuesday, after formally confirming the deaths of three seafarers aboard the Thai bulk carrier the Mayuree Naree, which was attacked while transiting the strait on March 11.

Handful of crossings

Just a handful of vessels crossed the strait on Wednesday and Thursday, according to maritime intelligence firm Kpler.
Since March 1, commodities carriers have made 225 crossings, according to Kpler data, a 94-percent decrease on peacetime.
Of these, 139 were by oil tankers and gas carriers and most were travelling east out of the strait.
Six out of 10 crossings involved ships coming from or heading to Iran.
The other main countries involved in recent days were the United Arab Emirates, India, China and Saudi Arabia.
The channel in peacetime sees around 120 daily transits, according to shipping industry intelligence site Lloyd's List.

2,000 ships in Gulf

Bloomberg data showed Thursday that 2,163 vessels sent transponder signals in the Gulf west of the Strait of Hormuz over the past day -- including 308 oil and gas vessels.

Iran-approved route

Recent crossings appeared to have mainly used a route apparently approved by Iran around Larak Island just off the country's coast.
Analyst Bridget Diakun of leading shipping journal Lloyd's List estimated 63 ships had used it in the past two weeks.
She said there had been at least two cases of shippers paying Iran for permission to pass, while others may have been gaining passage through "diplomatic negotiations".
The Revolutionary Guards said the route was closed to vessels travelling to and from ports linked to Iran's "enemies".

46% sanctioned ships

Since the war started, 46 percent of the crossings have been by ships under US, EU or UK sanctions, according to an AFP analysis of passage data.
Of the crossings by oil and gas tankers, 64 percent were by vessels under sanctions.
rlp/ach