Global Pulse

标签： Asia

亚洲

  • WSJ’s parent firm on trial in Hong Kong, accused of dismissing reporter over union role

    WSJ’s parent firm on trial in Hong Kong, accused of dismissing reporter over union role

    A landmark employment case unfolding in Hong Kong’s court system has drawn international attention to press freedom and workers’ rights in the territory. Former Wall Street Journal reporter Selina Cheng commenced testimony Monday against her former employer, alleging unlawful termination due to her union activities.

    Cheng, who previously served as chairperson of the Hong Kong Journalists Association, initiated a private prosecution against Dow Jones Publishing Co. (Asia) Inc. following her dismissal in July 2024. She contends that her termination resulted from her refusal to comply with supervisory instructions to withdraw from union leadership elections, contradicting the company’s stated rationale of organizational restructuring.

    Dow Jones faces dual charges under Hong Kong’s Employment Ordinance, both carrying potential fines of HK$100,000 (approximately $12,850) per violation. The first charge alleges the company prevented or deterred union participation, while the second claims the organization penalized an employee for exercising union rights.

    The proceedings took a contentious turn when company representative Benson Tsoi accused Cheng of acting in bad faith, presenting email evidence suggesting she had sought a HK$3 million settlement or reinstatement with formal apology. Tsoi argued these communications demonstrated an attempt to leverage the judicial process despite Cheng’s previous assertions to the Labor Tribunal regarding out-of-court settlement intentions.

    This case emerges against a backdrop of significant media environment changes in Hong Kong. The territory, once celebrated as Asia’s bastion of press freedom, has experienced notable restrictions following Beijing’s implementation of the national security law in 2020. Several prominent media outlets including Apple Daily and Stand News have ceased operations following arrests of senior staff, while multiple journalists have faced convictions under various legal provisions.

    Hong Kong’s standing in Reporters Without Borders’ World Press Freedom Index has dramatically declined from 80th position in 2021 to 140th out of 180 countries and territories in the most recent assessment, reflecting the challenging environment facing journalists in the city.

  • Asian shares advance, yen slips after AI stocks push higher on Wall Street

    Asian shares advance, yen slips after AI stocks push higher on Wall Street

    Asian equities opened the trading week with robust gains, propelled by a powerful rebound in artificial intelligence stocks that originated on Wall Street. This surge created a ripple effect across Pacific markets, with Japan’s Nikkei 225 index leading the charge with a substantial 1.9% advance to 50,455.07 points.

    The semiconductor sector emerged as the primary catalyst for this upward momentum. Tokyo Electron, a major chip manufacturing equipment producer, witnessed an impressive 6.7% climb, while Advantest, specializing in chip testing technology, recorded a 4.7% gain. This performance mirrored the recovery pattern established by U.S. tech giants, particularly Nvidia, which had surged 3.9% in the previous trading session.

    In a significant monetary policy development, the Bank of Japan’s decision to elevate its key interest rate to a three-decade high produced unexpected currency effects. Contrary to conventional economic theory, the yen weakened substantially against the dollar, trading at 157.32 yen per dollar. This depreciation prompted intervention warnings from Japan’s top foreign exchange official, Atsushi Mimura, who indicated readiness to address excessive currency fluctuations.

    Chinese markets demonstrated moderate positivity, with the Shanghai Composite advancing 0.7% to 3,915.84 and Hong Kong’s Hang Seng index rising 0.2% to 25,751.93. The People’s Bank of China maintained stability by keeping its benchmark loan prime rates unchanged.

    Regional performances varied, with South Korea’s Kospi gaining 1.8%, Taiwan’s Taiex rising 1.6% (boosted by TSMC’s 2.1% increase), and Australia’s S&P/ASX 200 climbing 0.9%. Market analysts attributed this constructive bias to the combination of Wall Street’s solid rebound and persistent bullish sentiment regarding year-end market trajectories.

    Meanwhile, underlying economic concerns persisted beneath the market optimism. The University of Michigan’s consumer sentiment survey revealed only marginal improvement from November levels, remaining significantly below year-ago readings. Persistent inflation pressures, a cooling job market, and weakening retail sales continue to challenge economic momentum, compounded by ongoing trade tensions between the United States and key international partners.

  • South East Asian bloc to seek end to Thailand-Cambodia fighting

    South East Asian bloc to seek end to Thailand-Cambodia fighting

    Southeast Asian diplomats are gathering in Kuala Lumpur for urgent negotiations on Monday aimed at de-escalating violent border clashes between Thailand and Cambodia that have resulted in significant casualties and mass displacement. The emergency meeting marks the first direct dialogue between the conflicting nations since hostilities resumed on December 8th, with both countries mutually accusing each other of initiating the renewed combat.

    The border conflict, with historical roots tracing back over a century to the French colonial demarcation of Indochina, has recently intensified through artillery exchanges across the 800-kilometer frontier and Thai airstrikes targeting Cambodian positions. Current estimates indicate at least 41 fatalities and approximately 900,000 displaced persons from both nations, creating a severe humanitarian crisis.

    Malaysian Prime Minister Anwar Ibrahim, who previously mediated the July ceasefire alongside U.S. President Donald Trump, expressed cautious optimism regarding the diplomatic initiative. “Our duty is to present the facts, but more importantly, to press upon them that it is imperative for them to secure peace,” Ibrahim stated last week.

    Cambodia has articulated its commitment to restoring “peace, stability and good neighbourly relations” through peaceful resolution mechanisms. Conversely, Thailand has established preconditions for substantive negotiations, demanding Cambodia first declare a ceasefire and demonstrate “genuine and sustained” cessation of hostilities.

    The international community has intensified diplomatic engagement, with both United States and Chinese officials actively mediating. U.S. Secretary of State Marco Rubio held discussions with Thai counterparts, expressing hope for a new ceasefire agreement within days. Simultaneously, China’s Special Envoy for Asian Affairs Deng Xijun visited Phnom Penh, reaffirming Beijing’s commitment to facilitating constructive dialogue between the neighboring nations.

  • Southeast Asian ministers meet in Malaysia to address Thailand-Cambodia border conflict

    Southeast Asian ministers meet in Malaysia to address Thailand-Cambodia border conflict

    KUALA LUMPUR – Southeast Asian diplomats convened for an emergency meeting Monday as regional tensions reached critical levels following renewed military confrontations between Thailand and Cambodia. The Association of Southeast Asian Nations (ASEAN) facilitated the high-stakes dialogue in Malaysia’s capital, marking the second intervention this year to address violent border clashes between the member states.

    The recent hostilities have effectively nullified a U.S.-brokered ceasefire agreement originally negotiated during the July conflict and formalized at October’s regional summit attended by President Donald Trump. The previous truce, achieved under significant American diplomatic pressure including threatened trade sanctions, mandated weapon withdrawals and demining operations along the disputed frontier.

    International concern continues to mount as combat operations intensify. The U.S. State Department issued an official statement urging immediate cessation of hostilities, removal of heavy artillery, and full implementation of the Kuala Lumpur Peace Accords. The document specifically referenced mechanisms for humanitarian demining and border dispute resolution.

    Thai Foreign Minister Sihasak Phuangketkeow confirmed his country’s commitment to constructive engagement, noting recent communications with U.S. Secretary of State Marco Rubio regarding Thailand’s proposed ceasefire roadmap. Cambodian officials similarly expressed dedication to peaceful resolution through diplomatic channels.

    The current conflict ignited December 8th following a border skirmish that injured two Thai personnel. Military engagements have since expanded to include Thai F-16 airstrikes and Cambodian BM-21 rocket barrages capable of launching 40 projectiles simultaneously. Official reports indicate dozens of combat fatalities and over 500,000 displaced civilians.

    A particularly contentious issue involves alleged landmine deployments along the border. Thailand has accused Cambodia of laying new anti-personnel mines, resulting in serious injuries to Thai marines. Cambodian authorities maintain that any explosions result from remnants of their decades-long civil war. Thailand has announced formal protests to Cambodia and the Ottawa Convention chair regarding these allegations.

  • Police allege suspected gunman in Bondi Beach shooting trained with father, Australian media reports

    Police allege suspected gunman in Bondi Beach shooting trained with father, Australian media reports

    MELBOURNE, Australia — Newly revealed police documents indicate the suspect in Sydney’s Bondi Beach massacre that left 15 dead had undergone coordinated firearms training with his father and recorded a video outlining their purported justification for the attack, according to Australian Broadcasting Corp. reports.

    The disturbing details emerged Monday following Naveed Akram’s video court appearance from a Sydney medical facility. The 24-year-old suspect and his 50-year-old father, Sajid Akram, allegedly prepared for their December 14 assault through tactical exercises conducted in New South Wales outside metropolitan Sydney.

    Court documents reveal the attackers employed four improvised explosive devices during their targeting of a Jewish gathering at Bondi Beach. Fortunately, none of the devices detonated, preventing further casualties. The failed explosive attempt preceded the shooting rampage that would claim numerous lives.

    Law enforcement confronted the perpetrators during the attack, resulting in Sajid Akram’s death at the scene and his son sustaining injuries. The younger Akram now faces extensive legal consequences with 59 criminal charges leveled against him, including 15 counts of murder and a terrorism-related charge.

    The New South Wales court media unit has not yet released the official statement of facts to the public, but the ABC report provides the first comprehensive look at the planning and motivations behind one of Australia’s deadliest attacks in recent years.

  • Dubai: Meet Matthew Hayden’s daughter who is making a mark in cricket

    Dubai: Meet Matthew Hayden’s daughter who is making a mark in cricket

    In the bustling media dining hall of Dubai International Stadium, Grace Hayden maintains intense focus while simultaneously engaging in an interview and tracking every delivery bowled in the ILT20 match between Dubai Capitals and Desert Vipers. The 23-year-old Australian cricket presenter, daughter of legendary Test opener Matthew Hayden, is carving her own distinctive path in the world of sports broadcasting.

    During an exclusive conversation with Khaleej Times, Grace reflected on her unique childhood growing up in cricket’s iconic stadiums, which served as her playgrounds. She revealed how her perception of her father evolved from simply ‘Dad’ to understanding his superstar status in international cricket. “I knew Dad played cricket, but I didn’t comprehend the extent of his stardom,” she confessed. “He was always just Dad to me, even when he spent eleven months annually traveling the world.”

    Grace credits her mother, Kallie Hayden, as the family’s foundational rock who maintained family cohesion during Matthew’s extensive absences. She describes her parents’ relationship as “the greatest partnership” that extended beyond cricket into their family dynamics.

    The young broadcaster’s journey into sports presentation began with modeling, which helped develop her camera presence, followed by an audition with Channel Seven in Australia. She initially worked in horse racing before transitioning to cricket coverage with Star Sports in India during IPL tournaments and World Cups.

    Grace acknowledges her father’s brutally honest feedback on her broadcasting performances. “He is brutal,” she admits. “But his harsh critiques ultimately improve my performance. They always work in my favor.”

    Among her most memorable broadcasting experiences, Grace highlights the Indian Premier League as the pinnacle of T20 cricket, particularly describing the electrifying atmosphere at Chennai’s Chepauk Stadium when MS Dhoni comes to bat. She’s currently covering the ILT20 in the UAE, praising the tournament’s organization, the blend of established stars and emerging talents from associate nations, and the convenience of traveling between Emirates venues.

    Addressing the perception of glamour in sports presenting, Grace emphasizes the substantial behind-the-scenes work required. “People consider it glamorous, but honestly, it isn’t,” she states. “Success demands extensive research, knowing player statistics, asking insightful questions, and constant preparation.”

    As part of a growing cohort of female presenters with cricket family connections—including Mayanti Langer, Sanjana Ganesan, and Laura McGoldrick—Grace acknowledges the pressure that comes with her famous surname. “There’s always expectation because everyone watched your father excel,” she notes. “But I’ve learned to absorb that pressure competitively—if told I cannot achieve something, I’m determined to prove otherwise.”

    Regarding media attention, particularly after her Dubai Desert Safari pictures garnered headlines in Australia and India, Grace maintains a balanced perspective. “Media attention can be flattering but also volatile,” she observes. “You can be elevated one moment and criticized the next. At 23, I consider it a privilege to travel globally, work in a sport I love, and share my experiences with an engaged community.”

  • Malaysian court rejects ex-prime minister’s bid to serve remainder of sentence under house arrest

    Malaysian court rejects ex-prime minister’s bid to serve remainder of sentence under house arrest

    In a significant judicial ruling, Malaysia’s High Court has decisively rejected former Prime Minister Najib Razak’s petition to complete his corruption sentence under house arrest. Presiding Judge Alice Loke declared that a purported royal addendum from the former king lacked constitutional validity, as it was not properly issued in accordance with established legal procedures.

    The court determined that the royal prerogative of mercy must be exercised based on the formal advice of the Pardons Board and cannot be implemented independently, which would risk arbitrary decision-making. While not disputing the existence of the document, Justice Loke emphasized that house arrest was neither raised nor discussed during the January 29th pardons board meeting chaired by then-King Sultan Abdullah.

    Najib, 72, will consequently serve the remainder of his prison term scheduled through August 2028, following last year’s reduction of his original 12-year sentence by half. The former leader became Malaysia’s first imprisoned ex-premier when he began serving his sentence in August 2022 after exhausting all legal appeals.

    His conviction stems from the massive 1MDB financial scandal, where investigators allege at least $4.5 billion was systematically looted from the state development fund. Najib was specifically sentenced in 2020 for abuse of power, criminal breach of trust, and money laundering involving 42 million ringgit ($10.3 million) channeled into his personal accounts from SRC International, a former 1MDB subsidiary.

    In a separate legal proceeding, the High Court is scheduled to rule on Friday regarding Najib’s involvement in a second corruption trial directly linking him to the 1MDB scandal. He faces four charges of abuse of power involving over $700 million allegedly diverted to his accounts, plus 21 counts of money laundering for the same amount.

    Despite his imprisonment, Najib maintains influence within the United Malays National Organization, which currently participates in Prime Minister Anwar Ibrahim’s unity government formed after the 2022 elections. The original 1MDB scandal triggered unprecedented political consequences, ending the six-decade rule of Malaysia’s dominant political coalition in the historic 2018 elections.

  • Wall St Week Ahead: A Santa rally? Investors hope for year-end gains to cap strong 2025

    Wall St Week Ahead: A Santa rally? Investors hope for year-end gains to cap strong 2025

    Wall Street investors anticipating traditional year-end market gains are navigating unexpected turbulence as December’s performance defies historical patterns. Despite heading toward double-digit percentage gains for 2025, the S&P 500 has registered modest declines this month, contrasting with its typical strong December performance.

    Market volatility in recent weeks has been driven by two primary factors: increasing scrutiny of massive corporate investments in artificial intelligence infrastructure and evolving expectations regarding Federal Reserve interest rate policies for 2026. Technology stocks, particularly those tied to AI development, faced pressure following concerns about Oracle’s data-center project, while encouraging inflation data provided temporary relief.

    According to Angelo Kourkafas, senior global investment strategist at Edward Jones, recent economic indicators reinforce expectations that the Fed will maintain a rate-cutting bias. While profit-taking after a strong year may create selling pressure, Kourkafas suggests the latest data ‘likely provide a green light for the Santa Claus rally to take place this year.’

    Historical data from the Stock Trader’s Almanac shows that since 1950, the S&P 500 has averaged a 1.3% gain during the period encompassing the last five trading days of the year and the first two January sessions. This year’s critical window runs from December 24 through January 5.

    Investors have been processing a backlog of economic data delayed by the recent 43-day federal government shutdown. November employment figures revealed rebounding job growth alongside a 4.6% unemployment rate—the highest level in over four years. Concurrently, consumer price index data indicated milder-than-expected inflation growth, though analysts caution about potential distortions from delayed data collection and seasonal retail discounts.

    The Federal Reserve has implemented rate cuts at three consecutive meetings, leaving market participants to decipher economic signals for clues about future monetary policy adjustments in 2026.

    Trevor Slaven, global head of asset allocation at Barings, notes the particular challenge of interpreting shutdown-affected data: ‘There’s this unsettled argument between the direction of travel for these major central banks, the direction of travel for inflation at a time when it does look like there’s more softness in the labor market data.’

    While AI-driven stocks have propelled market gains throughout 2025—with the S&P 500 achieving over 15% growth—recent skepticism about returns on massive infrastructure investments has tempered enthusiasm for technology sectors. This development is particularly significant given technology’s substantial weighting in major indexes.

    Mark Luschini, chief investment strategist at Janney Montgomery Scott, observes that ‘skepticism around the AI spend is becoming more prominent,’ contributing to pressure on cap-weighted indexes. However, previously lagging sectors including transportation, financial services, and small-cap stocks have demonstrated strength in December, providing market stability amid technology sector volatility.

    Kourkafas concludes that while money has rotated away from technology, ‘other areas have stepped up and have helped keep markets mostly range-bound,’ suggesting a broader market participation beyond the AI narrative that dominated most of 2025.

  • Adnoc secures landmark structured financing of up to $11 billion for Hail and Ghasha Gas Development

    Adnoc secures landmark structured financing of up to $11 billion for Hail and Ghasha Gas Development

    Abu Dhabi National Oil Company (ADNOC), in collaboration with energy partners Eni and PTT Exploration and Production, has achieved a groundbreaking financial milestone with the successful closure of an $11 billion structured financing arrangement. This transformative transaction specifically targets the midstream development of the Hail and Ghasha natural gas fields, situated within the broader Ghasha Concession offshore Abu Dhabi.

    The financing model represents a significant innovation in energy project funding, being structured as non-recourse financing—an unprecedented approach for a project of this magnitude and technical complexity. This arrangement enables ADNOC to realize upfront value for future gas production while maintaining strategic and operational control over the assets. The transaction has attracted exceptional demand from more than 20 leading global and regional financial institutions, demonstrating strong market confidence in ADNOC’s development strategy.

    Beyond its financial engineering, the Hail and Ghasha project represents an environmental milestone as the world’s first offshore gas development designed to operate with net-zero emissions. The project incorporates advanced carbon capture technology capable of sequestering 1.5 million tonnes of carbon dioxide annually—equivalent to removing more than 300,000 vehicles from roadways each year. Upon completion, the concession is projected to produce approximately 1.8 billion standard cubic feet of natural gas per day, significantly contributing to the UAE’s energy strategy and global gas markets.

    Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director, emphasized the transaction’s strategic importance: “This landmark achievement reinforces our successful track record of global energy partnerships while unlocking capital to advance one of the world’s most ambitious offshore gas developments. The project remains on course to generate substantial value for ADNOC, our partners, and the nation while delivering important new gas resources to our customers.”

    The financing structure establishes a replicable model for future large-scale greenfield energy projects, combining robust long-term cash flows from high-quality assets with strong contractual protections. This transaction continues ADNOC’s series of pioneering infrastructure partnerships, following previous successful midstream arrangements including a $4.9 billion oil pipeline partnership and a $10.1 billion gas pipeline agreement with leading global infrastructure investors.

  • Passenger bus crash in Indonesia kills at least 16 people, official says

    Passenger bus crash in Indonesia kills at least 16 people, official says

    A devastating bus accident on Indonesia’s primary island of Java has resulted in significant casualties, with authorities confirming at least 16 fatalities. The tragedy occurred in the early hours of Monday on the Krapyak toll way in Semarang city, Central Java.

    The inter-province passenger bus, transporting 34 individuals from the capital Jakarta to the historic royal city of Yogyakarta, reportedly lost control while negotiating a curved exit ramp. According to Budiono, a senior official from Indonesia’s Search and Rescue Agency who typically uses a single name according to local custom, the vehicle collided with a concrete barrier before overturning onto its side.

    The violent impact of the crash ejected multiple passengers and pinned them against the interior structure of the bus, complicating rescue efforts. Emergency response teams, including police and specialized rescue personnel, arrived at the scene approximately 40 minutes after the incident occurred.

    Initial recovery operations confirmed six fatalities at the accident site, while ten additional passengers succumbed to their injuries during transport to medical facilities or while undergoing emergency treatment. Medical authorities reported that 18 survivors were admitted to two nearby hospitals, with five patients in critical condition and thirteen sustaining serious injuries.

    Indonesian television broadcasts depicted the aftermath scene, showing the distinctive yellow bus lying on its side surrounded by emergency responders, law enforcement personnel, and bystanders. Ambulances were visible transporting both the injured and deceased from the location as investigation into the precise causes of the accident continues.