13/02/2026

FRIDAY | FEB 13, 2026

17

BIZ & FINANCE

Markets mostly higher after strong US jobs data

McDonald’s sales boosted by Grinch, ‘Minecraft’ promotions NEW YORK: McDonald’s reported solid sales increases on Wednesday, reflecting improved customer traffic following marketing campaigns featuring the Grinch and other cultural touchstones. The fast-food giant, which had seen sales momentum flag earlier in 2025, saw broad-based growth across geographic markets led by the United States, where comparable sales jumped 6.9% in the fourth quarter. Executives pointed to successful campaigns such as the 2025 McDonald’s “Grinch Meal”, a value-priced product that included a pair of socks adorned with the famed green character and other Dr. Seuss personages. Other campaigns were centered on the video game Minecraft and a promotion linked to board game Monopoly that resulted in nearly 500 million games played, executives said. “Something like a Minecraft or Monopoly or Grinch” when combined with a deal, “can really be an accelerant for the business”, McDonald’s CEO Christopher Kempczinski said on a conference call. The fast-food giant reported profits of US$2.2 billion in the fourth quarter, up 7% from the year-ago period. Revenues jumped 10% to US$7 billion. McDonald’s in recent quarters has cited stress among its lower-income customers, compelling the firm to launch additional meal promotions. But the chain is in a “better position” with this cohort following a pickup in sales after the promotions, Kempczinski said. McDonald’s will continue those programmes, but also plans premium food and drink offerings to “make sure we’ve got a broad offering”, Kempczinski said. – AFP US-based crypto lender BlockFills halts deposits, withdrawals WASHINGTON: US-based cryptocurrency lender BlockFills said on Wednesday it has halted client deposits and withdrawals amid a sharp downturn in the value of bitcoin, raising fears of further fallout in the sector. The firm said it halted transfers last week, calling the measures “temporary”. The freeze comes against a brutal sell-off across crypto markets, with bitcoin briefly slipping below US$60,000 on Feb 6 – roughly half the level reached just months before. In a statement, BlockFills said it acted “in light of recent market and financial conditions, and to further the protection of clients and the firm”, adding that management has been working with investors and clients to “restore liquidity to the platform”. The situation is drawing uncomfortable comparisons to 2022, a period known as the crypto winter, when lenders such as Genesis and BlockFi similarly paused withdrawals before ultimately filing for bankruptcy amid a liquidity crunch. Last week, cryptocurrency exchange Gemini announced it was slashing a quarter of its workforce and withdrawing from multiple international markets in a deep restructuring. – AFP

HONG KONG: Equities mostly rose yesterday as investors cheered a bumper US jobs report that eased concerns about the state of the world’s top economy, even as they pared back their bets on Federal Reserve interest rate cuts. The winners in Asia were again led by Seoul’s Kospi index, the world’s best performer this year thanks to a surge in chipmakers Samsung and SK hynix as traders turn to the region’s AI plays. The region’s recent rally comes amid a turn from Wall Street titans caused by concerns about extended valuations of firms such as Microsoft and Meta. A diversification among tech plays has also started to evolve as companies unveil new AI tools that threaten tough competition for some companies. Investors have enjoyed a broadly positive few days, which have provided some much needed stability after last week’s upheaval that saw assets from gold and silver to stocks o Investors pare back bets on Federal Reserve interest rate cuts

mostly down, with tech firms that have led a surge to record highs in the past two years again underperforming. Asia saw a mixed day. Seoul rallied more than 3%, with Samsung up more than 6% and SK hynix more than 3% higher, with observers pointing out the chipmakers’ crucial role in the AI revolution. Shanghai, Sydney, Singapore, Wellington, Bangkok and Jakarta were also higher, while Hong Kong, Mumbai and Manila retreated, with Tokyo marginally down. The gains pushed the MSCI Asia Pacific Index up around 13% since the start of January, the best start to a year compared with the S&P 500 this century, according to Bloomberg. London edged up to a fresh record high, even as data showed the UK economy grew less than expected in the final three months of 2025. Paris and Frankfurt were up more than 1% each. The dollar weakened against the yen despite waning expectations for an early US rate cut and the prospect of big Japanese spending after Prime Minister Sanae Takaichi’s landslide election win. Analysts said the yen’s advance has been helped by the sense of stability in Tokyo caused by the ruling party’s big win. – AFP

and bitcoin taking a battering. They took heart from data on Wednesday showing 130,000 US jobs were created last month, more than double what was forecast, while unemployment unexpectedly dipped. The reading soothed concerns about the economy that had been stoked by the previous day’s report showing weak consumer activity. However, it did suggest the Fed would find it harder to justify cutting borrowing costs next month. “This was a solid report across headline job creation, unemployment, and wage growth, easing concerns over the health of the US labour market,” wrote City Index’s Fiona Cincotta. “Following the data, the markets have pushed back on expectations for the next rate cut by the Federal Reserve to July, compared to June previously.” National Australia Bank senior economist Taylor Nugent said: “One month’s data does not make a trend, but for a Fed that saw ‘some signs of stabilisation’ in January, this data will only further solidify that assessment. “There may have been some support from warmer-than-usual weather during the survey week... but it is still an overwhelmingly positive report.” Wall Street’s three main indexes ended

A “Now Hiring” sign is seen at a Dollar Tree store in Hollywood, Florida. – AFPPIC

Lawmakers vote to rescind Trump tariffs on Canada WASHINGTON: US House lawmakers voted on Wednesday to reject Donald Trump’s tariffs on Canadian goods, sweeping aside the president’s last-gasp threat of election The House can consider measures to end the national emergencies Trump declared last year to impose sweeping tariffs on imports from various countries. the two-thirds majority needed to override a veto.

but was unsuccessful, as three House Republicans voted alongside Democrats to block the move. Earlier Wednesday, House Republican Don Bacon posted on social media that lawmakers “cannot & should not outsource our responsibilities. “As an old fashioned Conservative I know tariffs are a tax on American consumers,” he added, noting that debates and votes on the issue should occur in the House. – AFP

“TARIFFS have given us Economic and National Security, and no Republican should be responsible for destroying this privilege.” Wednesday’s rebuke comes after the expiration of a measure barring any vote on the issue of tariffs in the chamber – a move that has stifled opposition to the president’s trade policy. House Speaker Mike Johnson, a Trump ally in Congress, sought to renew this prohibition on Tuesday

Trump sought to inject himself into the action at the last minute, issuing a direct political threat to lawmakers from his own Republican Party as the vote was taking place on the House floor. “Any Republican, in the House or the Senate, that votes against TARIFFS will seriously suffer the consequences come Election time,”Trump posted on his Truth Social platform.

But any actions aimed at undoing Trump’s tariffs on Canada and other trading partners will still need US Senate passage and the president’s signature. Even if it clears the Senate, it would face a certain veto by Trump, and Congress would unlikely muster

consequences for Republicans to deliver a rare rebuke on his signature economic policy. The measure brought by Democrats was approved 219-211, with six Republicans joining the effort. It remains largely a symbolic move.