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    Stocks Jump in Asia After Trump’s Tariff Reprieve

    Markets in Japan, South Korea and Taiwan soar after the U.S. president pauses punishing tariffs. Gains in mainland China were modest as trade hostilities heat up between Washington and Beijing.Following President Trump’s decision to pause punishing tariffs on dozens of countries, markets in Asia reacted predictably: Stocks soared in the countries that were spared.In early trading on Thursday, benchmark indexes rose more than 9 percent in Taiwan, 8 percent in Japan and 5 percent in South Korea. All three Asian economies were among the U.S. trading partners given a 90-day reprieve from Mr. Trump’s so-called reciprocal tariffs.While the U.S. allies won’t immediately face the 24 percent to 32 percent tariffs the Trump Administration had previously threatened, they will still be subject to a lower rate of 10 percent. That comes on top of 25 percent tariffs that Mr. Trump has imposed on goods including cars — a particular sore point for big auto exporters Japan and South Korea.In the United States, the reversal by Mr. Trump on Wednesday sparked the biggest one-day rally of the S&P 500 since October 2008, when stocks soared as investors anticipated central bank rate cuts in the wake of the global financial crisis.Huge Gains and Losses in One WeekModest gains or losses are the most common outcomes on S&P 500 trading days. But since last Thursday the index has had two steep drops and one of its biggest gains since 2000. More

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    Asian Markets Slide as Global Sell-Off Continues

    Fears over the future health of the global economy are continuing to rattle markets around the world, as investors grapple with the reality of tariffs and fresh signs that consumers are pulling back on spending.After the S&P 500 suffered its worst day of the year on Monday, the sell-off continued into Asia trading on Tuesday.Asian markets opened mostly lower, with Japan’s Nikkei 225 index falling about 2 percent, weighed down by big declines in Japanese technology stocks. Stock markets in South Korea and Taiwan also fell around 2 percent in early trading.Equity markets in China were faring slightly better. Shares in Shanghai and Shenzhen ticked lower, down around 0.2 percent in morning trading. Hong Kong was down less than 1 percent.Investors have become increasingly cautious about the U.S. stock market in recent weeks as President Trump has flip-flopped on tariffs, causing confusion and uncertainty.Growing unease about the inflationary effects of the tariffs, coupled with a broadly darkening mood about the economy, provided the catalyst for a sell-off in a market that investors have long worried was overvalued.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Khalil Fong, Hong Kong Singer-Songwriter, Dies at 41

    Singing in both Mandarin and English, he brought a soul and R&B sensibility to Chinese pop.Khalil Fong, a Hong Kong singer-songwriter who infused a soul and R&B sensibility into Chinese pop songs, died on Feb. 21. He was 41.His death was announced on Saturday by his record label, Fu Music. The announcement did not say where Mr. Fong had died or specify a cause of death, but it said he had battled a “relentless illness” for five years.Beloved for its soulful vocals and distinctive blend of soul and Mandarin pop, Mr. Fong’s music found an audience in Hong Kong, mainland China and much of the wider Chinese-speaking world.“Trying to introduce soul music, or soul R&B, was not the easiest thing,” he said in a 2016 interview with The South China Morning Post, noting that the genre was not widely embraced in the region. “One of the things I wanted to do was to introduce this type of music within the context of Chinese language.”He broke into the popular music scene in 2005, when Warner Music Hong Kong released his funky, syncopated debut album, “Soulboy.” In the following decade, he released eight albums and performed in stadiums and large concert halls around the world, wearing his signature thick black glasses.But Mr. Fong’s career was cut short by health problems, and in recent years he had largely retreated from the public eye. Inspiration never stopped flowing, however, and he sporadically released singles.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Dozens of Hong Kong Pro-Democracy Leaders Sentenced in Mass Trial

    The 45 defendants, including Joshua Wong, were at the forefront of the opposition movement crushed by Beijing. Many have already been in jail for years.A Hong Kong court on Tuesday sentenced 45 former politicians and activists in a mass trial that has decimated the city’s once vibrant pro-democracy opposition and served as a warning that resistance to Beijing can be costly.The landmark trial is the most forceful use of a national security law Beijing imposed on Hong Kong in 2020 in response to months of large protests against Chinese rule. The prosecution of the activists, the vanguard of Hong Kong’s opposition, has delivered what experts described as a knockout blow to hopes for democracy in the city.Their offense, according to the authorities: holding or taking part in an unofficial primary election.In one fell swoop in 2021, the authorities arrested Benny Tai, 60, a legal scholar and opposition strategist; Joshua Wong, 28, a prominent pro-democracy activist; and dozens of others, including veteran former lawmakers and younger politicians who called for self-determination for Hong Kong. Mr. Tai was sentenced on Tuesday to 10 years in prison. Several opposition politicians and activists, including Au Nok Hin, Andrew Chiu and Ben Chung, were handed terms of around six and seven years each. Mr. Wong was given a sentence of about four years and eight months.The trial made clear that any form of dissent or criticism, however moderate, carried significant risk, analysts said. “If you are being critical of the authorities both in Hong Kong and in China, then it’s open season,” Steve Tsang, a Hong Kong-born political scientist and director of the SOAS China Institute in London, said in an interview.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Map: Tracking Tropical Storm Yagi

    Yagi was a tropical storm in the South China Sea Tuesday morning Hong Kong time, the Joint Typhoon Warning Center said in its latest advisory. The tropical storm had sustained wind speeds of 46 miles per hour.  All times on the map are Hong Kong time. By The New York Times Where will it rain? […] More

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    Hong Kong Taunts Italy With Pineapple Pizza After Olympics Fencing Win

    After a fencer from Hong Kong beat an Italian for a gold medal, Pizza Hut’s offer of free pineapple toppings in Hong Kong was the city’s second jab at Italy.Losing an Olympic fencing title bout to the champion from Hong Kong was difficult enough for the Italian. Then came the pizza slander.Cheung Ka Long’s triumph over Filippo Macchi of Italy in the gold medal bout in men’s foil on Monday has led to a sour fallout that has spilled off the fencing strip: Pizza Hut’s Hong Kong and Macao branch has offered free pineapple toppings on its pies as fans on social media praised the combination widely shunned by the losing side.“All Hong Kong people are very happy and excited today!” the branch said in a Facebook post on Tuesday announcing the offer, adding it was also celebrating a bronze medal the Chinese territory had won on Monday, in the women’s 200-meter freestyle.Pizza Hut Hong Kong and MacauFor Hong Kong, which has already doubled its total historical gold medal count, to four, this week, the Paris Olympics have been an occasion for major celebration. After winning one in 1996 and another in 2021, it has won two golds this year, both in fencing. Vivian Kong clinched a title in the women’s épée individual competition.People in Italy, which has the most Olympic fencing medals of any nation, were disgruntled after referees ruled in favor of Hong Kong in what was a tightly fought men’s foil match. Controversy surrounded the final point, awarded after referees replayed footage on three separate occasions while both players were convinced they had won.Cheung eventually came out on top, with a 15-14 victory. He became the first athlete from Hong Kong to win two Olympic gold medals, and the third man to defend his title in the event.“It’s insane for me because I try hard every day to fight, to come to Paris, to France, to qualify for the Olympics,” he said after his win. “Now, another dream has come true.”The Italian Fencing Federation said in a statement on Monday that it would file a formal complaint over what it called “unacceptable refereeing.”“Filippo Macchi is the real winner,” Paolo Azzi, the federation’s president, wrote on social media. “He was denied the gold he deserved.”In response, Hong Kong fans launched a full-scale assault on Italian cuisine. “I like pineapple pizza and pasta with soy sauce,” one user wrote on Cheung’s Instagram page. The comment was followed by others celebrating the scandalous faux pas in Italian cooking.Advertisements for Pizza Hut and KFC in Hong Kong, in 2022.Budrul Chukrut/SOPA Images, via Getty ImagesMacchi, who was competing in his first Olympics, said on social media that he did not want to blame the referees.“A long time ago, a person dear to me, as well as a great champion, told me: ‘You always celebrate a medal!’” he wrote. “And indeed this medal deserves joy and happiness.” More

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    Hong Kong to Rule on Democrats in Largest National Security Trial

    Forty-seven pro-democracy activists face prison time for holding a primary election as Beijing cracks down on even peaceful political opposition.A Hong Kong court will begin issuing verdicts on Thursday in the city’s largest national security trial, as the authorities use sweeping powers imposed by Beijing to quash political dissent in the Chinese territory.The 47 pro-democracy activists and opposition leaders in the trial — including Benny Tai, a former law professor, and Joshua Wong, a protest leader and founder of a student group — face prison sentences, in some cases for perhaps as long as life. Their offense: holding a primary election to improve their chances in citywide polls.Most of the defendants have spent at least the last three years in detention ahead of and during the 118-day trial. On Thursday, judges picked by Hong Kong’s pro-Beijing leader were set to start handing down verdicts on 16 of them who had pleaded not guilty. Those who are convicted will be sentenced later, along with 31 others who had entered guilty pleas.The expected convictions and the sentences to follow would effectively turn the vanguard of the city’s opposition, a hallmark of its once-vibrant political scene, into a generation of political prisoners. Some are former lawmakers who joined politics after Hong Kong was returned to Chinese rule by the British in 1997. Others are activists and legislators who have advocated self-determination for Hong Kong with more confrontational tactics. Several, like Mr. Wong, who rose to fame as a bespectacled teenage activist, were among the students leading large street occupations for the right to vote in 2014.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More