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LIMA — Chinese President Xi Jinping inaugurated recently Latin America's first Beijing-funded port in Chancay, Peru — a symbol of the Asian superpower's growing influence on the continent as it prepares to face off with a new Donald Trump administration.

The $3.5-billion complex, about 50 miles (80 kilometers) north of Lima, is meant to serve as a hub for Chinese trade as the country is under threat of major tariff hikes once Trump reenters the White House for a second term.

The port was officially opened in a ceremony overseen virtually by Xi and Peruvian counterpart Dina Boluarte from Lima, where they will attend an Asia-Pacific Economic Cooperation (APEC) summit on Friday and Saturday.

"China plays a major role in the growth of our economy," Boluarte said at the event, even as a US official warned Latin American nations should be vigilant on Chinese investment.

"We believe it is essential that countries across the hemisphere ensure that PRC (People's Republic of China) economic activities respect local laws as well as safeguard human rights and environmental protections," Brian Nichols, the top US diplomat for Latin America, said in Lima.

Xi, for his part, said the port would help "promote connectivity" between South America and China.

"We are witnessing... the birth of a new land-sea channel between Asia and Latin America in the new era," Xi said

US President Joe Biden also arrived Thursday to attend the APEC summit in Peru, which Nichols described as a "crucial ally."

Belt and Road

Peru — one of Latin America's fastest-growing economies over the past decade — is China's fourth-largest Latin American trading partner, with bilateral flows of nearly $36 billion in 2023.

Chancay port will also serve Chile, Colombia, Ecuador and other South American countries, allowing them to skirt ports in Mexico and the United States as they trade with Asia.

Chancay is the latest addition to a vast collection of railways, highways and other infrastructure projects built under China's massive Belt and Road Initiative to stimulate trade and boost Beijing's political clout.

Hong Kong-listed Cosco Shipping Ports, which owns 60 per cent of the port, has a 30-year concession to operate the terminal and has forecast it will handle up to a million containers in its first year of operation.

Cosco Shipping Ports is a subsidiary of China's COSCO Shipping Corporation.

The port's maximum depth is 17.8 meters (58.4 feet), allowing it to handle the world's biggest container ships.

Chancay, a fishing town of some 50,000 inhabitants, was chosen for its strategic location in the heart of South America.

It is now expected to become a major hub for imports of Asian electronics, textiles and other consumer goods and for the export of minerals — including lithium and copper.

Xi described the complex as South America's "first smart and green port."

Once completed, he said, it will reduce the transit between China and Peru by more than 10 days, and cut logistics costs by over 20 per cent.

BEIRUT, Lebanon — More than a year of clashes that recently escalated into war have cost Lebanon more than $5 billion in economic losses and damaged nearly 100,000 homes, the World Bank said on Thursday.

Since September 23, Israel has ramped up its air campaign in Lebanon, later sending in ground troops following almost a year of limited, cross-border exchanges initiated by Hizbollah over the Gaza war.

The World Bank report provided estimates for damage between October 8, 2023, and October 27, 2024, saying "the conflict has caused $5.1 billion in economic losses", with damage to physical structures amounting to "at least $3.4 billion" on top of that.

The losses are "largely concentrated in the commerce and tourism and hospitality sectors... as well as in the agriculture sector", the report said.

"The final cost of damage and losses for Lebanon associated with the conflict is expected to significantly exceed those presented in this assessment," the report said.

The conflict has also "damaged an estimated 99,209 housing units" — mainly in Lebanon's war-torn south near the border with Israel — totalling $2.8 billion in damages, it said.

Eighty-one percent of damaged and destroyed houses are located in the Tyre, Nabatiyeh, Saida, Bint Jbeil and Marjayoun districts.

The World Bank estimates that the conflict cut Lebanon's real GDP growth for 2024 by at least 6.6 per cent.

Lebanon had already been reeling since 2019 from an intense economic crisis that pushed most of the population into poverty.

"This compounds five years of sustained sharp economic contraction in Lebanon that has exceeded 34 per cent of real GDP, losing the equivalent of 15 years of economic growth," the World Bank said.

HONG KONG —  Markets mostly fell Thursday as investors digested US inflation data that supported the case for another interest rate cut next month, while worries over Donald Trump's next administration continued to cloud optimism.

Bitcoin eased just below the $90,000 level it broke for the first time Wednesday when it hit a record $93,462, with observers expecting it to soon top $100,000 following pro-crypto pledges from the US president-elect.

After a tough first half of the week for Asian investors, many are trying to get back into the game via bargain-buying, but concerns over another possible China-US trade tension, and Beijing's economic woes, are weighing on confidence.

Wall Street provided a tepid lead after news that US consumer prices had picked up pace last month from September, which was in line with forecasts but highlighted the slow progress in bringing inflation under control.

The figure lifted hopes that the Federal Reserve will cut rates again next month.

"This is a business-as-usual print for the Fed. Inflation is moving sideways on a year-on-year basis, but there is nothing in (the) report that would alarm the Fed," said Bank of America Global Research in a report.

"A 25-basis-point cut in December firmly remains our base case."

Still, officials at the US central bank trod a careful road.

Minneapolis Fed boss Neel Kashkari said: "Right now, I think that inflation is headed in the right direction. I've got confidence about that, but we need to wait."

"We've got another month or six weeks of data to analyse before we make any decisions," he said in an interview with Bloomberg Television.

His Dallas counterpart Lorie Logan added that she saw more reductions to borrowing costs but that the neutral level — one which supports growth but keeps inflation in check — was uncertain.

"I think it behooves us to proceed cautiously at this point," she said.

Still, there are worries about the impact of Trump's plans to slash taxes, ease regulations and impose huge tariffs on imports — particularly from China — which observers say could reignite inflation.

Some players are now scaling back their bets on how many cuts the Fed will make in 2025 in response to that.

After Wall Street's flat day, Asia struggled.

Tokyo, Hong Kong, Shanghai, Mumbai, Taipei, Manila, Bangkok and Jakarta all fell, though Sydney, Seoul, Singapore and Wellington eked out gains.

London opened lower, though Paris and Frankfurt edged up.

The dollar built on advances against its peers on the prospect that Trump's policies will keep the Fed from cutting as much as initially expected.

The greenback topped 155 yen for the first time since July, putting focus on Japanese authorities who have said they are prepared to support their unit if they considered moves to be one-sided or speculative.

The dollar was also at a more than one-year high against the euro.

In company news, Chinese tech giant Tencent rose more than one percent after an upbeat earnings announcement in which it saw forecast-beating profits in the third quarter.

It also said it saw signs of a recovery in the world's number two economy.

The results are expected to be followed this week by fellow tech titans JD.com and Alibaba, which will be pored over for signs of an improvement in Chinese domestic consumption.

BEIJING — Chinese leader Xi Jinping headed to Peru on Wednesday, bound for a meeting of Asia-Pacific Economic Cooperation (APEC) organisation leaders overshadowed by fears of renewed global trade tensions under Donald Trump.

Xi will join leaders from the United States and other Asia-Pacific nations in the Peruvian capital Lima for the APEC gathering, after which he will go to Brazil for a G20 summit.

China — the world's second-largest economy — is grappling with a prolonged housing crisis and sluggish consumption that could worsen under Trump, who has promised to slap 60 per cent tariffs on Chinese imports.

While in Peru, the Chinese leader will also inaugurate South America's first Chinese-funded port, in Chancay, around 50 miles (80 kilometres) north of Lima.

Expected to serve as a major trade hub, the $3.5-billion complex is seen as symbolic of Beijing's growing influence in South America, where it has built a vast array of railways, highways and other infrastructure.

Bilateral trade between the Asian giant and Peru, one of Latin America's fastest-growing economies over the past decade, stood at nearly $36 billion in 2023, making Peru China's fourth-largest Latin American trading partner.

The Chancay port will also serve Chile, Colombia and Ecuador, among other South American countries, allowing them to skirt ports in Mexico and the United States for trade with Asia.

Starting Wednesday, Lima will receive government ministers and business leaders of APEC member countries, which also include Russia, Japan, South Korea, Indonesia, Chile and Australia.

Ministerial meetings will take place Thursday, followed by talks at the level of heads of state the following two days.

State broadcaster CCTV said Xi will be accompanied in Peru by Foreign Minister Wang Yi.

Peru to Brazil 

After Lima, Xi will go to the Brazilian coastal city of Rio de Janeiro from November 17 to 21 for a summit of G20 leaders.

China is Brazil's top trading partner, exceeding $180 billion in each-way trade in 2023, with semiconductors, phones and pharmaceuticals dominating exports to the South American country.

Since returning to power last year, Brazilian President Luiz Inacio Lula da Silva has carried out a delicate balancing act as he seeks to deepen ties with China while improving relations with the United States.

Both Brazil and China have sought to position themselves as mediators in the conflict in Ukraine, while declining to sanction Russia for its invasion.

A visit this year by Vice President Geraldo Alckmin was seen as paving the way for Brazil to join China's massive Belt and Road Initiative infrastructure project.

A number of South American nations, including Peru, have signed up to the initiative, a central pillar of President Xi's bid to expand China's clout overseas.

FRANKFURT, Germany — German chemicals giant Bayer on Tuesday cut its forecast for 2024 operating earnings after a poor performance in its agrochemicals division hit quarterly profits.

The group reported a net loss of 4.18 billion euros ($4.45 billion) in the third quarter, with revenues in its agricultural unit down 3.6 per cent.

A heavy drop in sales of its key glyphosate-based weedkillers — at the centre of long-running legal fights over claims they cause cancer — weighed particularly heavily.

Earnings at the agricultural unit were also hit by hefty writedown on assets.

"The development of the agricultural market has been weaker than anticipated, especially in Latin America," the group said in a statement.

The Leverkusen-based group, which also makes pharmaceuticals and consumer health products, confirmed its sales targets for 2024.

But it lowered its outlook for EBITDA — or operating earnings, a key measure of corporate profitability — to between 10.4 billion and 10.7 billion euros from a previous forecast of between 10.7 billion and 11.3 billion euros.

It also cut the outlook for profit margins in the agrochemicals division.

Elsewhere, Bayer — the maker of Aspirin — reported slightly higher sales in its pharmaceuticals division but a drop in operating earnings due to currency effects.

The consumer health unit reported higher sales and earnings.

Bayer has been dogged in recent years by massive litigation issues linked to the Roundup weedkiller, a problem it inherited in the 2018 takeover of US firm Monsanto.

The group has faced a wave of lawsuits in the United States over claims Roundup, which contains the active ingredient glyphosate, causes cancer. Bayer denies the claim but has spent billions of euros on legal costs.

Group CEO Bill Anderson, hired last year to help steer the troubled group in a new direction, is aiming to make savings of two billion euros a year from 2026.

He has previously ruled out any imminent break-up of the group despite facing pressure from activist investors to do so.

LONDON — Major stock markets diverged, the dollar gained and bitcoin extended a record run higher Monday, as traders took their lead from events in the United States and China.

Chinese stock markets closed mixed and oil prices slid after China's latest plans to stimulate its economy fell short of expectations.

Europe saw solid gains around midday, tracking events in the United States where president-elect Donald Trump is putting together his cabinet.

"European markets are enjoying an upbeat start to the week, with the uncertainty around trade relations with the US seemingly being put on the backburner," said Joshua Mahony, analyst at traders Scope Markets.

Stocks rallied last week on hopes that a second Trump administration — supported by a Republican Congress — would push through a slew of business-friendly policies including deregulation and tax cuts, offsetting concerns about possible trade wars.

However, the mood changed after China said Friday it would ramp up a local debt ceiling, but fell short of announcing any new growth-boosting measures.

Hopes had been building all last week that officials would deploy a "bazooka" stimulus, the need for which was highlighted Sunday by data showing Chinese inflation slowed last month and came in below forecasts.

Authorities in late September began unveiling a raft of policies aimed at reigniting the economy, which has failed to fire since the lifting of tough COVID-fighting rules at the end of 2022.

Among them were interest-rate cuts and an easing of home-buying measures as leaders try to address a crisis in China's vast property sector.

Wall Street indices hit fresh record highs Friday, helped also by another cut in US interest rates by the Federal Reserve.

Observers said there were concerns about the impact of Trump's planned tariffs, which he said would have a particular focus on China, fuelling talk of another trade war between the economic superpowers.

Pepperstone Group's head of research Chris Weston said Beijing may have had an eye on this in its pre-weekend announcement.

"Many feel that China is keeping its tactical powder in play for such time as the Trump-China tariff negotiations build, and they can respond in a more targeted fashion to stem the likely economic fallout," he noted.

Weston added that there were downside risks to Chinese stock markets and yuan in the short term.

Bitcoin hit an all-time high $82,387.50 Monday on optimism that Trump would ease regulations surrounding the cryptocurrency.

"We shouldn't expect this bullish trend to be interrupted for a long time — about a year," Stephane Ifrah, of French crypto asset management company Coinhouse, told AFP.

"The next level for me is $100,000."

AMMAN — Board member of the Jordan and Amman chambers of industry Ahmad Khodari highlighted the "quality and competitiveness" of Jordanian industrial products, which qualifies them to lead Arab exports to China. 

Following an industrial delegation’s visit to China, Khodari emphasised the "strong ties" between Jordan and China, where Beijing is a major trading partner, the Jordan News Agency, Petra, reported. 

He added that the delegates, during the visit that lasted for several days, noted significant Chinese interest in Jordanian imports, highlighting a valuable opportunity for Jordanian industries to access one of the world’s largest markets. 

Khodari, who also chairs the Jordan Exporters and Producers Association, stressed the importance of expanding Jordanian exports and attracting more investments, especially in the industrial sector.

The delegation toured factories in Shanghai, observing advancements in fields such as electronics, AI, and medical supplies. The delegates also discussed potential collaboration and means to transfer Chinese manufacturing expertise to the Kingdom.

At the China International Import Expo, the delegation explored future participation by Jordanian manufacturers, while meetings with Chinese and Arab business owners went over ways to increase imports from Jordan. 

The visit, organised by Iris United Group, a China-based company founded by Jordanian investors, also included a meeting with scientists from the Fudan University to check on the latest developments in neuroscience research.

BEIJING — China last week unveiled some of its most ambitious plans in years to lift local government debt and boost its economy, following a meeting of lawmakers eyeing the possibility of intensified trade tensions with US president-elect Donald Trump.

Local governments in China face a ballooning debt burden of $5.6 trillion, according to Beijing, raising worries about wider economic stability.

The International Monetary Fund (IMF) put the figure at $8.4 trillion last year.

Policymakers gathered in Beijing this week voted to swap their hidden debts — defined as borrowing for which a government is liable, but which is not disclosed to its citizens or to other creditors.

The move would raise "the local government debt limit by six trillion yuan, which will be used to replace existing hidden debts, freeing up space for local governments to better develop the economy and protect people's livelihood," state broadcaster CCTV said.

The move was taken after "fully considering the international and domestic development environment, ensuring the smooth operation of the economy and finance," Finance Minister Lan Fo'an told a press conference in Beijing.

"Since the beginning of this year, some new situations and problems have arisen in economic operations," he admitted.

The debt ceiling will be raised every year from 2024 to 2026 "to support local governments in replacing all kinds of hidden debt", he said.

A total of $558 billion of "hidden debt can be replaced", Lan explained.

And $112 billion "will be arranged from new local government special bonds every year for five consecutive years to supplement government financial resources", he added.

Lawmakers also approved a new energy law to promote carbon neutrality" as Beijing moves ahead with its pledge to decarbonise its economy by 2060.

President and Chief Economist at Pinpoint Asset Management Zhiwei Zhang, said the debt swap "is an important policy measure which helps local government to alleviate their debt burden".

"This is expected by the market, but nonetheless the confirmation of such policy is positive," he said.

Taking stock of Trump

Officials were this week keeping close tabs on the US vote as they gathered in the Chinese capital for a meeting of the country's top lawmaking body.

Trump promised during his campaign of punishing tariffs on Chinese goods that threaten further grief for the world's second-largest economy, which is already grappling with a prolonged housing crisis and sluggish consumption.

Observers say Beijing could seek to cushion that blow with a long-awaited "bazooka stimulus" for the economy — though caution details might still take time.

This week's meeting, originally scheduled for late October, was likely pushed back to allow "policymakers a chance to address a possible Trump win", Chief Economist for Greater China at ING Lynn Song, said.

"In our view, the odds for a larger policy support package will rise somewhat with a Trump victory," he added.

Trump's victory is "not necessarily bad for China as this may 'pressure' Beijing for a bigger stimulus", CIO of UOB Kay Hian Wealth Management Qi Wang, said on X.

Beijing began to unveil a raft of measures in September aimed at boosting economic activity, including rate cuts and the easing of some home purchasing restrictions, but analysts have bemoaned the lack of detail so far.

'Turning point'

Trump's re-election provides a need for greater urgency, experts say, though caution may still prevail as officials try to avoid piling on more government debt.

"Any potential stimulus size may be bigger, but so is the pressure," Senior Economist at Natixis Gary Ng, said.

"The market may still not get the economic boosters it wants," he warned.

In Beijing on Friday, people acknowledged recent woes but expressed cautious optimism about the future of the economy.

Han Xi, a 32-year-old man from Shanxi province in northern China, began a new auditing job in Beijing this week after resigning from his previous company in April.

"I have sent out resumes during this period, but you can see it takes more than half a year to get a new job," Han told AFP, adding that "many companies are laying off employees right now".

"But from a macroeconomic perspective, I'm generally optimistic," he added.

"Even though we're still in a downturn cycle, I think we are close to the turning point, though we haven't quite reached it yet."

TOKYO — Japanese automaker Nissan on Thursday announced 9,000 job cuts as it slashed its annual sales forecast, saying it was taking urgent measures to tackle "a severe situation".

The company reported a 93 per cent plunge in net profit in the first half as CEO Makoto Uchida told reporters that weak sales in the North American market were a major factor.

Nissan and its domestic rivals are also struggling to stand their ground in China, as fast-growing electric vehicle firms backed by Beijing race ahead.

"Facing a severe situation, Nissan is taking urgent measures to turnaround its performance and create a leaner, more resilient business capable of swiftly adapting to changes in the market," a company statement said.

"Nissan will cut global production capacity by 20 per cent and reduce its global workforce by 9,000," it added.

Uchida "will voluntarily forfeit 50 per cent of his monthly compensation starting in November 2024 and the other executive committee members will also voluntarily take a pay reduction accordingly", the statement said.

The firm now expects net sales of 12.7 trillion yen ($80 billion) — down from 14 trillion previously forecast.

But Nissan did not issue a net profit forecast on Thursday, having downgraded it in July to 300 billion yen. In the six months to September, net profit was just 19.2 billion yen.

"Net income is to be determined due to ongoing assessment of costs necessary for the planned turnaround efforts," Uchida said.

Nissan's "core" vehicle models are not performing as well as before in North America, he added. "From the cost perspective, and the brand-strength perspective, we will rebuild our brand in America," Uchida said.

Among other measures, the automaker will reduce its stake in Mitsubishi Motors by selling shares back to the firm.

It said its stake in Mitsubishi will fall to around 24 per cent from 34 per cent currently. Uchida added that Nissan would keep close ties with the company.

Nissan has seen a turbulent decade that included the shock 2018 arrest of former boss Carlos Ghosn, who later jumped bail and fled Japan concealed in a music equipment box.

Ghosn remains an international fugitive in Lebanon and denies the allegations against him. He said he fled Japan because he did not believe he could receive a fair trial.

When asked about Donald Trump's victory in the US presidential election, Uchida said Nissan was "hearing various things, like tariffs, but it's not just us".

"We will be lobbying, and the direction of our medium- to long-term plans should remain, but we will conduct our business while monitoring the situation carefully," he added.