Meaningful digital transformation in Asia Pacific

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PAY ATTENTION: Follow our WhatsApp channel to never miss out on the news that matters to you! Mexico's president discussed migration and drug trafficking with US President-elect Donald Trump on Wednesday -- two issues he had raised as justification for raising import tariffs on America's southern neighbor. Claudia Sheinbaum said she had had "an excellent conversation" with Trump, just hours after her economy minister warned that the cost to US companies of Trump's tariffs would be "huge." "We discussed Mexico's strategy regarding the phenomenon of migration," Sheinbaum said on X, adding she had told Trump that caravans of migrants "are not arriving at the northern border because they are being attended to in Mexico." They also discussed "strengthening collaboration on security issues" as well as "the campaign we are conducting in the country to prevent the consumption of fentanyl," the president said. Trump on Monday said he would impose tariffs of 25 percent on Mexican and Canadian imports and 10 percent on goods from China. Read also Mexico says Trump tariffs would cost 400,000 US jobs "This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!" Trump wrote on his Truth Social page. PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app! The Republican, who won an election in which illegal migration was a top issue, has vowed to declare a national emergency on border security and use the US military to carry out a mass deportation of undocumented migrants. Mexican Economy Minister Marcelo Ebrard said Wednesday some "400,000 jobs will be lost" in the United States if Trump followed through on his threat. He cited a study based on figures from US carmakers that manufacture in Mexico. 'A shot in the foot' Ebrard said the tariffs would also hit US consumers hard, citing the US market for pickup trucks -- most of which are manufactured in Mexico. The tariffs, the minister said, would add $3,000 to the cost of a new vehicle. Read also Trump names trade envoy, top economic advisor to fill policy team "The impact of this measure will chiefly be felt by consumers in the United States... That is why we say that it would be a shot in the foot," Ebrard told reporters, speaking alongside Sheinbaum at her regular morning conference. Mexico and China have been particularly vociferous in their opposition to Trump's threats of a trade war from day one of his second presidential term, which begins on January 20. Sheinbaum has declared the threats "unacceptable" and pointed out that Mexico's drug cartels exist mainly to serve drug use in the United States. China has warned that "no one will win a trade war." During his first term as president, Trump launched full-blown trade hostilities with Beijing, imposing significant tariffs on hundreds of billions of dollars of Chinese goods. China responded with retaliatory tariffs on American products, particularly affecting US farmers. The United States, Mexico and Canada are tied to a three-decade-old largely duty-free trade agreement, called the USMCA, that was renegotiated under Trump after he complained that US businesses, especially automakers, were losing out. PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy! Source: AFPBig Central Conference: United Gold All-Division football teams, 2024

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Andy Murray will coach Novak Djokovic through the Australian OpenNEW YORK (AP) — U.S. stocks climbed Thursday after market superstar Nvidia and another round of companies said they’re making even fatter profits than expected. The S&P 500 pulled 0.5% higher after flipping between gains and losses several times during the day. Banks, smaller companies and other areas of the stock market that tend to do best when the economy is strong helped lead the way, while bitcoin briefly broke above $99,000. Crude oil, meanwhile, continued to rise. The Dow Jones Industrial Average jumped 461 points, or 1.1%, and the Nasdaq composite edged up by less than 0.1%. Nvidia rose just 0.5% after beating analysts’ estimates for profit and revenue yet again, but it was still the strongest force pulling the S&P 500 upward. It also gave a forecast for revenue in the current quarter that topped most analysts’ expectations due to voracious demand for its chips used in artificial-intelligence technology. Its stock initially sank in afterhours trading Wednesday following the release of the results. Some investors said the market might have been looking for Nvidia’s revenue forecast to surpass expectations by even more. But its stock recovered in premarket trading Thursday, and Wedbush analyst Dan Ives said it was another “flawless” profit report provided by Nvidia and CEO Jensen Huang, whom Ives calls “the Godfather of AI.” The stock meandered through Thursday as well, dragging the S&P 500 and other indexes back and forth. How Nvidia’s stock performs has more impact than any other because it’s grown into Wall Street’s most valuable company at roughly $3.6 trillion. The frenzy around AI is sweeping up other stocks, and Snowflake jumped 32.7% after reporting stronger results for the latest quarter than analysts expected. The company, whose platform helps customers get a better view of all their silos of data and use AI, also reported stronger revenue growth than expected. BJ’S Wholesale Club rose 8.3% after likewise delivering a bigger profit than expected. That may help calm worries about how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates. A day earlier, Target tumbled after reporting sluggish sales in the latest quarter and giving a dour forecast for the holiday shopping season. It followed Walmart , which gave a much more encouraging outlook. Nearly 90% of the stocks in the S&P 500 ended up rising Thursday, and the gains were even bigger among smaller companies. The Russell 2000 index of smaller stocks jumped a market-leading 1.7%. Google’s parent company, Alphabet, helped keep indexes in check. It fell 4.7% after U.S. regulators asked a judge to break up the tech giant by forcing it to sell its industry-leading Chrome web browser. In a 23-page document filed late Wednesday, the U.S. Department of Justice called for sweeping punishments that would include restrictions preventing Android from favoring its own search engine. Regulators stopped short of demanding Google sell Android but left the door open to it if the company’s oversight committee continues to see evidence of misconduct. All told, the S&P 500 rose 31.60 points to 5,948.71. The Dow jumped 461.88 to 43,870.35, and the Nasdaq composite added 6.28 to 18,972.42. In the crypto market, bitcoin eclipsed $99,000 for the first time before pulling back toward $98,000, according to CoinDesk. It’s more than doubled so far this year, and its climb has accelerated since Election Day. President-elect Donald Trump has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Bitcoin got a further boost after Gary Gensler, the chair of the Securities and Exchange Commission, said Thursday he would step down in January . Gensler has pushed for more protections for crypto investors. Bitcoin and related investment have a notorious history of big price swings in both directions. MicroStrategy, a company that’s been raising cash expressly to buy bitcoin, saw an early Thursday gain of 14.6% for its stock quickly disappear. It finished the day with a loss of 16.2%. In the oil market, a barrel of benchmark U.S. crude rose 2% to bring its gain for the week to 4.8%. Brent crude, the international standard, climbed 1.8%. Oil has been rising amid escalations in the Russia-Ukraine war. In stock markets abroad, shares of India’s Adani Enterprises plunged 22.6% Thursday after the U.S. charged founder Gautam Adani in a federal indictment with securities fraud and conspiracy to commit securities and wire fraud. The businessman and one of the world’s richest people is accused of concealing that his company’s huge solar energy project on the subcontinent was being facilitated by an alleged bribery scheme. Stock indexes elsewhere in Asia and Europe were mixed. In the bond market, the yield on the 10-year Treasury inched up to 4.43% from 4.41% late Wednesday following some mixed reports on the U.S. economy. One said fewer U.S. workers applied for unemployment benefits last week in the latest signal that the job market remains solid. Another report, though, said manufacturing in the mid-Atlantic region unexpectedly shrank. Sales of previously occupied homes, meanwhile, strengthened last month by more than expected. AP Business Writers Matt Ott and Yuri Kageyama contributed.Columbia River Treaty talks continue amid incoming Trump presidency