Essays
Economics
Andy Grove’s winning economic policy
Michael Moritz
Declining education standards, rising healthcare costs, spending on retirement, interest payments on debt — think of them as our self-imposed (and poorly designed) domestic tariffs. Since so-called liberation day, not a word has been said about them. This omission is even more depressing than the improvised brutality and uncertainty of the past couple of weeks. Grove would have been appalled.
Arts
About Germany artist Thomas Schutte
Caroline Roux
Schütte is best known for the first - contorted fighters with froggy faces; busts of big-nosed, sunken-cheeked dignitaries on heroic plinths; elongated, collapsing Michelin men in aluminium (three are permanently installed outside Chicago's Museum of Contemporary Art). Lumpy, large and sometimes lunging, Schütte's men are out-sized, messed-up versions of their classical antecedents; critiques of assumed but delusional superiority. Their faces are imaginary, but somehow still recognisable - the sort that fill our news feeds, doors of both right and wrong.
Finance
Due to margin calls, will we get a black Monday?
David Ai
Over the past two days, I've been shorting US stocks and made a killing, counting money until my hands were numb. I'm not bragging because I like showing off; I just want to mock Trump supporters, since they're the ones who elected Trump and keep defending him. If I don't make fun of them, how will they ever admit a mistake? But it might not have much effect; once a Trump fan, always a fan.
China has warned it will retaliate against countries that cooperate with the U.S. in ways that compromise Beijing’s interests
China has warned it will retaliate against countries that cooperate with the U.S. in ways that compromise Beijing’s interests, according to a statement from the Chinese Ministry of Commerce. The threat comes as U.S. President Donald Trump’s administration is reportedly planning to use tariff negotiations to pressure U.S. partners to limit their dealings with China. “China firmly opposes any party reaching a deal at the expense of China’s interests. If this happens, China will not accept it and will resolutely take reciprocal countermeasures,” the Chinese Ministry of Commerce said, according to a CNBC translation.
Global financial market
The Stoxx Europe 600 index fell 2 per cent in morning trading. Germany's Dax was also down 2 per cent. Asian markets fell, with the US set to extend declines as investors moved into government bonds.
Futures markets pointed to fresh drops on Wall Street, although the declines were expected to slow from Thursday, when the S&P 500 suffered its biggest one-day drop since 2020. S&P futures fell o.7 per cent on Friday morning.
Japan's Topix closed 3.4 per cent lower, with Australia's S&P/ASX 200 index down 2.4 per cent and South Korea's Kospi down 0.9 per cent.
Oil prices continued to fall, with Brent crude down 3.4 per cent at $67.79 a barrel.
Government bond yields dropped as investors sought haven assets, with the 10-year US Treasury falling below 4 per cent. Yields on 10-year Japanese government bonds dropped o.17 percentage points to 1.18 per cent.
Investors will be watching US labour market data. Economists polled by Reuters estimate that 135,000 jobs were added in March.
Federal Reserve chair Jay Powell will deliver a speech in the late US morning.
Futures markets are pricing in four quarter-point interest rate cuts from the Fed by the end of this year, from the three that were expected before Wednesday's tariffs announcement.
The US dollar was up 0.4 per cent against a basket of peers, steadying after Thursday's steep decline.
Gold price up
Investors are pouring cash into gold funds at the fastest pace since the Covid-19 pandemic, amid mounting concerns over the economic impact of US. Gold reached a record $3,148.88 a troy ounce on Tuesday, as part of a broader flight to haven assets such as US Treasuries and cash. It later fell back to $3,114, up more than 17 per cent this year - including its strongest quarterly performance since 1986.
Denmark and US will meet this week
Denmark’s foreign minister is set to meet the US secretary of state this week in the first in-person, high-level diplomatic talks between the two countries since the re-election of US President Donald Trump and his vow to “take control” of the Danish island of Greenland.
DeepMind has been holding back the release of its world-renowned research
Google’s artificial intelligence arm DeepMind has been holding back the release of its world-renowned research, as it seeks to retain a competitive edge in the race to dominate the burgeoning AI industry. The group, led by Nobel Prize winner Sir Demis Hassabis, has introduced a tougher vetting process and more bureaucracy that made it harder to publish studies about its work on AI, according to seven current and former research scientists at Google DeepMind.
French far-right leader Marine Le Pen sentenced
French far-right leader Marine Le Pen predicted for months that judges would not dare to immediately ban her from running for office if she was convicted for embezzling EU funds. On Monday, they did just that. A criminal court in Paris handed down the most severe sentence possible to the three-time presidential candidate: an immediate five-year ban on standing for office, a four-year prison sentence and a €100,000 fine. The prohibition was dreaded by Le Pen and her Rassemblement National party since it will very likely prevent her from contesting the 2027 presidential election, although she has said she will appeal."
Telecom Assets
Telecom Assets Spin-Off Considered: CK Hutchison is exploring the possibility of spinning off its global telecommunications assets, potentially listing them on the London Stock Exchange. This move could value the new entity between $13 billion to $19 billion and includes assets from Europe, Southeast Asia, and Hong Kong.
CK Hutchison Holdings
CK Hutchison Holdings Delays Panama Ports Sale: Hong Kong conglomerate CK Hutchison Holdings has postponed the signing of a deal to sell two port operations near the Panama Canal to a consortium led by BlackRock. The delay, initially scheduled for April 2, is attributed to increasing pressure from Beijing and ongoing antitrust reviews by China’s market regulator.
Art Basel Hong Kong 2025
Art Basel Hong Kong 2025: The city is hosting Art Basel, featuring works from artists worldwide. Notably, local painter Chow Chun-fai presents pieces reflecting on Hong Kong’s history, including the 1997 handover. Concurrently, the Design Trust Futures Festival 2025 is launching at the historic Murray House, running from March 29 to June 18, showcasing innovative design and architecture programs.
HK Sport
Hong Kong Sevens at Kai Tak Stadium: The renowned Rugby Sevens tournament is underway at the newly inaugurated Kai Tak Sports Park. The event has seen robust ticket sales and a significant increase in overseas hotel bookings, signaling a positive boost for the city’s tourism sector.
Ten weeks that shook the world
By FT
None of the world's huddled masses are welcome in America with one exception - white South Africans. As Trump shuts down agencies and consulates around the world, his administration is establishing processing centres for white Afrikaner "refugees" in Pretoria, who he claims are victims of racial discrimination by South Africa's Black majority government. In case anyone misses the point, his administration is erasing the contributions of non-white Americans from Pentagon websites, the Arlington cemetery and the Smithsonian museum. Martin Luther King Jr is out. The names of defeated confederate generals are back. Science research projects are being scoured for banned words, such as "equity" and even "women"
All of this is being done in the name of meritocracy. America's new guard are almost all white, all male, and mostly unqualified to lead the great departments they are vandalising. It is not just foreigners who are remaking their plans.
American scientists are looking for jobs abroad. Trump has presented the rest of the world with a giant poaching opportunity. Should there be any doubt that the US has embraced brutalism, witness February's extrication of the Tate brothers, Andrew and Tristan, from Romania, where they are now back awaiting trial on charges of human trafficking and sexual exploitation. As others are intimidated into self-deporting, the brothers were given the red carpet. Such portents are graver than any self-inflicted recession.