Global Pulse

分类： business

  • Shares climb in Asia, and South Korea’s Kospi hits a record close, in an upbeat start to 2025

    Shares climb in Asia, and South Korea’s Kospi hits a record close, in an upbeat start to 2025

    Asian financial markets launched 2026 with substantial gains, propelled by sustained optimism surrounding artificial intelligence infrastructure demands. South Korea’s benchmark Kospi index closed Friday at an unprecedented peak of 4,309.63, marking a 2.3% surge. This performance was largely driven by semiconductor giants Samsung Electronics and SK Hynix, which soared 7.2% and 4% respectively, reflecting investor confidence in AI-related chip manufacturing.

    Hong Kong’s Hang Seng index demonstrated remarkable strength with a 2.6% advance to 26,283.53, powered by robust technology sector performance. E-commerce leader Alibaba climbed 3.7%, while Baidu—developer of the Ernie chatbot—jumped 9.5% following its announcement to spin off its AI chip unit Kunlunxin for a potential Hong Kong listing in early 2027, pending regulatory approvals.

    Regional markets showed broad positivity with Australia’s S&P/ASX 200 edging 0.2% higher to 8,727.30, Taiwan’s Taiex gaining 1.3%, and India’s Sensex adding 0.6%. Trading remained suspended in Tokyo, Shanghai, Bangkok, and Wellington markets.

    This bullish opening continues 2025’s exceptional performance where the S&P 500 achieved 39 record highs with a 16.4% annual gain, while the Nasdaq and Dow Jones posted advances of 20.4% and 13% respectively. Market analysts attribute this sustained growth to AI-driven profit expectations, Federal Reserve interest rate reductions, and stabilized trade policies.

    Commodity markets mirrored equity enthusiasm with silver rebounding 4% after a previous session decline, having gained over 140% throughout 2025. Gold advanced 1% following its 63.7% annual increase, while U.S. benchmark crude oil rose to $57.88 per barrel amid broader market optimism.

  • China’s BYD set to overtake Tesla as world’s top EV seller

    China’s BYD set to overtake Tesla as world’s top EV seller

    In a landmark development for the global automotive industry, Chinese electric vehicle manufacturer BYD has dethroned Elon Musk’s Tesla as the world’s premier electric vehicle seller by annual sales volume. This represents the first occasion where the Shenzhen-based automaker has outperformed its American competitor in yearly deliveries.

    BYD’s official figures released Thursday revealed a substantial 28% year-over-year increase in battery-electric vehicle sales, culminating in over 2.25 million units sold throughout 2025. Meanwhile, Tesla is anticipated to report approximately 1.65 million vehicle sales for the same period when it discloses its official results Friday, according to previously published analyst projections.

    Tesla’s challenging year has been characterized by several compounding factors, including tepid market reception to its latest vehicle offerings, growing apprehension regarding Musk’s political engagements, and increasingly fierce competition from Chinese EV manufacturers. In response to mounting competitive pressures, Tesla implemented strategic pricing adjustments in October, introducing more affordable variants of its top-selling models in the American market.

    The leadership transition occurs amid Musk’s pursuit of an unprecedented compensation package potentially worth up to $1 trillion, contingent upon his ability to dramatically elevate Tesla’s sales performance and market valuation over the coming decade. Shareholders initially approved this ambitious incentive structure in November.

    BYD’s remarkable ascent to global EV dominance has been fueled by its competitive pricing strategy and rapid international expansion across Latin America, Southeast Asia, and European markets. This growth persists despite numerous nations implementing substantial tariffs on Chinese-manufactured electric vehicles. Notably, the United Kingdom emerged as BYD’s largest overseas market in October, with sales skyrocketing by 880% through September, primarily driven by robust demand for the plug-in hybrid version of its Seal U SUV.

    Musk continues to oversee his diverse portfolio of ventures beyond Tesla, including social media platform X, aerospace manufacturer SpaceX, and infrastructure firm The Boring Company.

  • Global Islamic finance set to hit $6 trillion in 2026 as industry posts strong double‑digit growth

    Global Islamic finance set to hit $6 trillion in 2026 as industry posts strong double‑digit growth

    The global Islamic finance industry is demonstrating remarkable resilience and expansion, with projections indicating assets will surpass the $6 trillion threshold by the conclusion of 2026. This surge follows a year of substantial growth in 2025, during which industry assets escalated to $5.2 trillion, marking a robust 14.9% increase year-on-year, as reported by the AlHuda Centre of Islamic Banking and Economics.

    Islamic banking continues to form the cornerstone of the sector, commanding 72% of total assets, which translates to over $2.7 trillion. The year 2025 witnessed financing activities grow by more than 17%, while deposits saw an expansion of nearly 9%. This vigor was particularly evident in the Gulf Cooperation Council (GCC) nations, Asia, and an emerging cluster of African markets, where several jurisdictions reported growth rates exceeding 20%.

    The sukuk market emerged as a standout performer, with global issuance eclipsing $230 billion in 2024 and maintaining its upward trajectory throughout 2025. This growth was fueled by sovereign borrowing requirements and extensive infrastructure financing initiatives. New entrants from Africa, including Tanzania, Zambia, and Kenya, have begun to integrate more firmly into the global Islamic capital markets.

    Despite these positive trends, the industry faces significant structural challenges. CEO Zubair Mughal highlighted concerns over limited Shariah-compliant liquidity instruments, an overreliance on sovereign sukuk, and a lack of sufficient diversification beyond traditional banking activities. The report cautioned that without deeper and more liquid Islamic capital markets, banking-led growth alone may be inadequate for ensuring long-term financial resilience.

    The most dynamic growth is occurring in the Islamic FinTech sector, which, while currently representing only 3% of total assets, is expanding at a pace far exceeding that of traditional segments. Innovations in digital payments, Shariah-compliant buy-now-pay-later (BNPL) services, embedded finance, and applications of artificial intelligence and blockchain are driving financial inclusion across Africa and South Asia.

    Geographically, Asia and the GCC remain the dominant forces, collectively accounting for over half of all Islamic finance assets. However, Africa is now the fastest-growing frontier, with expectations for Ethiopia, Ghana, Uganda, and Somalia/Somaliland to formally enter the market in 2026. European interest is also renewing, with Italy, Switzerland, Portugal, and the Netherlands exploring Islamic banking frameworks.

    Looking forward, 2026 presents significant opportunities in capital-market deepening, cross-border FinTech expansion, and Africa-focused infrastructure finance. Mughal emphasized that addressing regulatory gaps, concentration risks, and market fragmentation will be crucial for harnessing innovation and ensuring the industry’s transition into a mainstream pillar of ethical and inclusive global finance.

  • Bulgaria adopts the euro, nearly 20 years after joining the EU

    Bulgaria adopts the euro, nearly 20 years after joining the EU

    Bulgaria has officially transitioned to the euro, becoming the 21st member of the eurozone nearly two decades after joining the European Union. The historic move, effective January 1, 2026, marks a significant milestone for the Balkan nation of 6.4 million people—the EU’s poorest member state.

    The adoption ceremony witnessed the projection of Bulgarian euro coins onto the central bank’s building at midnight, symbolically retiring the lev currency that had been in circulation since the 19th century. European Central Bank President Christine Lagarde welcomed Bulgaria into the “euro family,” describing the currency as a “powerful symbol” of European unity and collective strength.

    Despite governmental enthusiasm for the transition, which successive administrations have promoted as an economic catalyst and safeguard against Russian influence, the Bulgarian public remains deeply divided. Nearly half the population opposes the switch, according to recent Eurobarometer surveys, primarily fearing inflationary pressures and price increases that could exacerbate existing economic challenges.

    The political backdrop adds complexity to the transition, with the country experiencing its eighth election in five years following anti-corruption protests that ousted a conservative-led government in mid-December. President Rumen Radev acknowledged the achievement as Bulgaria’s “final step” in EU integration while criticizing the lack of public consultation through referendum, highlighting the “deep divide between the political class and the people.”

    Practical challenges have emerged during the transition, including reports of insufficient euro currency availability and concerns among business owners about inadequate preparation. The National Statistical Institute reports food prices rose 5% year-on-year in November—more than double the eurozone average—fueling public anxiety about further cost-of-living increases.

    European Commission President Ursula von der Leyen emphasized the benefits of euro adoption, noting it would “facilitate trade, enhance market transparency and competitiveness, and simplify travel and living abroad.” The expansion brings the total number of Europeans using the euro to over 350 million, strengthening the currency’s global position.

  • Gold to $4,900, oil to $50s: Goldman’s big 2026 trade call

    Gold to $4,900, oil to $50s: Goldman’s big 2026 trade call

    In a comprehensive 2026 commodities outlook, Goldman Sachs has presented a strikingly divergent forecast for global markets, advocating a strategic pivot toward precious metals while cautioning against energy sector investments. The analysis, spearheaded by lead strategist Daan Struyven, identifies two powerful macroeconomic forces—dubbed the ‘Power Race’ and ‘Supply Waves’—as primary drivers reshaping commodity landscapes.

    The ‘Power Race’ encapsulates the intensifying technological and geopolitical competition between major powers, particularly the United States and China, across artificial intelligence development, energy security initiatives, and military modernization programs. This competition generates substantial demand for strategic metals essential for data center construction, electrical grid modernization, and defense applications. Conversely, ‘Supply Waves’ describes the phenomenon of sustained energy investment finally delivering substantial new production volumes to markets experiencing declining demand fundamentals.

    Goldman’s analysis positions gold as its premier commodity investment for 2026, projecting prices could reach $4,900 per ounce by December 2026. This bullish outlook stems primarily from unprecedented central bank acquisition, with institutions expected to purchase approximately 70 tons monthly—quadruple pre-2022 acquisition rates. Notably, this institutional demand occurs alongside remarkably limited retail participation, with gold ETFs representing merely 0.17% of U.S. private portfolio assets, suggesting significant room for price appreciation.

    The energy sector presents a contrasting picture. Goldman anticipates Brent crude averaging $56 per barrel in 2026, with West Texas Intermediate around $52—substantially below current spot prices. This bearish outlook reflects resilient U.S. production, expanding non-OPEC output, and inventory builds that likely will cap prices absent major geopolitical disruptions or substantial OPEC+ intervention.

    Copper occupies an intermediate position, expected to consolidate around $11,400 per ton throughout 2026 following previous gains. Goldman maintains long-term confidence in copper driven by ongoing electrification trends and infrastructure development, with potential Chinese stockpiling initiatives providing additional price support.

    Battery metals face particular challenges, with lithium and nickel prices projected to decline further due to substantial Chinese investment in overseas production capacity. Goldman anticipates lithium prices falling an additional 25% by late 2026 as supply expansion outpaces electric vehicle demand growth.

    Natural gas markets demonstrate regional variations within broader trends. While global LNG markets face potential oversupply with capacity increasing approximately 50% by 2030, the United States may experience price support as growing export volumes tighten domestic supply balances.

    The report concludes that commodities have entered a period of structural divergence, where electricity, data infrastructure, and security considerations have become the new determinants of value, fundamentally decoupling traditional relationships between energy and metals markets.

  • Higher US tariffs on imported furniture take effect

    Higher US tariffs on imported furniture take effect

    The United States has enacted significant increases on import duties for specific furniture categories, effective January 1, 2026. These measures represent the implementation of previously scheduled tariff escalations originally established under the Trump administration’s sector-specific trade policies.

    The updated tariff structure imposes a 30 percent duty on certain upholstered furniture items, marking a 5 percentage point increase from previous levels. Meanwhile, import charges on kitchen cabinets and vanities have doubled to 50 percent, substantially raising costs for these household goods. These changes form part of broader trade measures affecting various sectors including steel, automobiles, and wood products.

    This policy development primarily impacts furniture imports from Vietnam and China, nations that serve as major suppliers to the American market. However, differential tariff rates apply to products originating from other trading partners. Wood imports from Britain face a maximum 10 percent duty, while goods from European Union countries and certain other negotiated partners are subject to a 15 percent ceiling.

    The Trump administration has consistently justified these protectionist measures as necessary for revitalizing domestic manufacturing capabilities and safeguarding national security interests. These sector-specific tariffs operate independently from the broader countrywide ‘reciprocal’ levies that the administration has simultaneously implemented, though the Supreme Court is currently reviewing the legal validity of those comprehensive tariffs under the International Emergency Economic Powers Act.

    Market analysts anticipate these increased costs will ultimately transfer to American consumers, potentially exacerbating existing financial pressures from sustained elevated living expenses. The furniture industry now faces significant pricing adjustments as importers and retailers adapt to the new trade landscape.

  • Why Indian millionaire flow to the UAE keeps growing

    Why Indian millionaire flow to the UAE keeps growing

    The United Arab Emirates is solidifying its position as the world’s foremost destination for migrating high-net-worth individuals, with Indian millionaires constituting one of the most substantial and consistent demographic flows. According to Henley & Partners’ latest private wealth migration estimates, the UAE recorded a net inflow of approximately 9,800 millionaires in 2025, translating to roughly $63 billion (Dh231 billion) in investable assets. This follows the country’s top global ranking in 2024, when it attracted about 6,700 millionaires.

    The Indian wealth migration pattern reveals a sustained trend rather than a temporary phenomenon. Estimates indicate approximately 5,100 Indian millionaires departed in 2023, followed by 4,300 in 2024, with nearly 3,500 projected for 2025. This consistent outflow signals a strategic, long-term capital repositioning rather than a reactive response to transient political or economic conditions.

    Surveys conducted by Kotak Private Banking and EY reveal that over 20% of ultra-high-net-worth Indians (those possessing assets exceeding Rs250 million) have either planned or executed relocation strategies. While surface-level factors like taxation, pollution, and quality of life are frequently mentioned, analysts identify deeper structural drivers including constrained competitive space in traditional industries, sluggish regulatory processes, inconsistent policy implementation, and perceived insufficient rewards for innovation and risk-taking.

    The UAE addresses these concerns through a compelling combination of zero personal income tax, absence of capital gains and inheritance taxes, and the Golden Visa system providing long-term residency security. The jurisdiction offers predictable regulatory enforcement, efficient business processes, and strategic geographic positioning bridging Asian, European, and African markets. Dubai and Abu Dhabi have consequently evolved into operational headquarters for numerous Indian entrepreneurs rather than mere lifestyle destinations.

    Healthcare economics have emerged as a critical consideration in relocation decisions. The SIP Health Cost Index 2025 ranks the UAE approximately 10th globally for healthcare affordability, with comprehensive family insurance typically ranging between Dh50,000 to Dh100,000 annually. This contrasts sharply with the United States ($17,969 per person), Hong Kong ($16,175), and Singapore ($14,231), where elevated medical insurance costs can significantly impact long-term financial planning.

    International residence and citizenship planning surged by 43% in 2025, with affluent individuals from 92 nationalities pursuing cross-border mobility strategies. Rising healthcare inflation, alongside education expenses and intergenerational security concerns, has transitioned from peripheral considerations to central drivers in migration decisions.

    While alternative destinations including the United States, Singapore, Portugal, Australia, and Canada offer various advantages, each presents trade-offs regarding taxation, healthcare costs, immigration complexity, or regional connectivity. The UAE’s distinctive appeal lies in its integrated offering combining fiscal efficiency, business opportunity, premium healthcare, educational excellence, safety, and global mobility within a stable administrative framework.

    For Indian millionaires, this migration represents not a rejection of India’s economic potential but a strategic adaptation to structural limitations domestically and enhanced flexibility internationally. As global competition for mobile wealth intensifies, the UAE’s leadership position appears both secure and likely to expand in coming years.

  • AI held up Wall Street in 2025. Will that continue?

    AI held up Wall Street in 2025. Will that continue?

    Wall Street concluded 2025 with remarkable gains largely fueled by an artificial intelligence investment frenzy, though the path was marked by significant volatility and underlying economic concerns. The S&P 500 finished the year with a 16.4% increase, primarily driven by massive investments in AI infrastructure and technology.

  • New power station opens in Shanghai

    New power station opens in Shanghai

    Shanghai’s ambitious economic development plans received a significant infrastructure boost on December 28 with the commissioning of a major 220-kilovolt power transmission and transformation project in the Lingang Special Area. This state-of-the-art facility represents the third core hub station activated in the strategic economic zone within the past five years, marking a substantial advancement in the region’s energy infrastructure capabilities.

    According to State Grid Shanghai Electric Power Company, the newly operational power station establishes critical energy security for Lingang’s priority industrial sectors, particularly integrated circuit manufacturing and high-end equipment production clusters that require exceptionally reliable and high-quality power supply. The project’s completion culminates a comprehensive grid enhancement initiative throughout the 14th Five-Year Plan period (2021-2025), during which Lingang witnessed unprecedented development in electrical infrastructure investment, facility distribution, and overall supply capacity.

    The strategic power expansion aligns with Shanghai’s broader objectives to establish Lingang as a globally competitive special area with world-class industrial capabilities. Energy experts note that such high-voltage transmission projects form the backbone of modern industrial development, enabling advanced manufacturing processes that demand stable, high-capacity power inputs. The simultaneous operation of three major hub stations creates redundant capacity that enhances grid resilience while supporting future expansion of energy-intensive industries in the special economic zone.

    This infrastructure milestone demonstrates China’s continued commitment to strengthening its industrial base through strategic energy investments, particularly in designated special economic zones where advanced manufacturing and technological innovation are prioritized for national economic development.

  • Karak chai with Burj Khalifa fireworks: Business Bay eateries cash in on New Year’s Eve

    Karak chai with Burj Khalifa fireworks: Business Bay eateries cash in on New Year’s Eve

    As temperatures dropped on New Year’s Eve, Business Bay transformed into a bustling corridor of culinary commerce, with food establishments capitalizing on the massive pedestrian flow heading toward Downtown Dubai’s Burj Khalifa celebrations. Cafeterias, food trucks, and supermarkets along the Business Bay stretch reported exceptionally brisk business, serving thousands of attendees preparing for extended outdoor viewing of the iconic fireworks display.

    At Hubba Cafeteria, operating from a strategically positioned food truck, steam rose from paper cups as customers crowded around the counter, rubbing hands against the chill while placing orders. The atmosphere resembled a festive event in itself, with vendors reporting unprecedented demand for warm beverages and snacks.

    Second Home Restaurant implemented amplified marketing tactics, with staff using microphones to advertise their tea, biryani, and sandwiches to pedestrians en route to the celebrations. The establishment’s owner projected sales exceeding 1,000 cups of tea alone, noting that the post-fireworks period typically brings the peak business surge between 1 and 2 AM.

    Safestway Supermarket near Business Bay Metro Station adopted an innovative retail approach, deploying shopping trolleys piled high with popcorn bags, flanked by thermal flasks of tea and trays of samosas and kachodis. Staff continuously called out snack options, successfully capturing impulse purchases from passersby.

    International visitors and residents alike emphasized the practical necessity of warm refreshments. ‘This weather makes tea non-negotiable,’ stated one Indian visitor, describing the karak chai as essential fuel for the hours of standing ahead. An Egyptian purchaser noted the dual benefit of thermal regulation and alertness maintenance during the extended outdoor event.

    Business operators highlighted the precise timing dynamics of their New Year’s Eve revenue stream, with the post-fireworks exodus creating the most concentrated window of commercial opportunity during the early morning hours.