12/03/2026

BIZ & FINANCE THURSDAY | MAR 12, 2026

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Asian stocks rise but oil prices resume gains

European bank chief vows to control inflation PARIS: European Central Bank chief Christine Lagarde said on Tuesday that “everything necessary” will be done to keep inflation in check during the Middle East war, which has already pushed up oil prices. “We will do everything necessary to keep inflation under control and ensure that the French and the Europeans do not experience inflation increases like those we saw in 2022 and 2023”partly caused by Russia’s invasion of Ukraine, Lagarde told the France 2 and France Inter broadcasters in an interview. She did not respond when asked whether interest rates would rise, but acknowledged there was a lot of “uncertainty” surrounding events in the Middle East. The ECB is to meet on March 19 to decide on rates, the day after the next US Federal Reserve meeting. Lagarde said the situation now was “very different” to the last inflation crisis. She argued that inflation was currently under control and that “growth is quite resistant” in the EU countries that use the euro currency. “However, what is very different is that we have a degree of uncertainty and a degree of volatility that is absolutely astonishing, unparalleled to 2022,“ Lagarde said. Russia’s invasion of Ukraine in 2022 sent oil prices close to their 2008 record highs, with the benchmark Brent touching US$139.13 a barrel. – AFP Cosco suspends operations at Panama Canal PANAMA CITY: Chinese shipping giant Cosco said on Tuesday that it is suspending operations at a Panama Canal port amid an ongoing row between the US and China over the waterway’s oversight. Cosco, which owns one of the world’s largest fleets of tankers, is targeting the Pacific Ocean port of Balboa, which Panamanian authorities took back under their control on Feb 23. Panama also retook control of the Atlantic Ocean port of Cristobal after a court annulled a contract that had allowed a subsidiary of Hong Kong-based CK Hutchison Holdings to operate both terminals since 1997. Last year, 38% of the containers that passed through the Panama Canal went through these two ports. China threatened Panama with payback after the court’s decision. Shanghai-based and state-owned Cosco said in a memo published by Panamanian daily La Presna that it would no longer have “any departures or arrivals at the port of Balboa”. “We suggest you take the necessary measures to avoid any delays and setbacks in your logistics,“ the company added. The Central American country has been swept up in broader tensions between Washington and Beijing, with US President Donald Trump last year claiming, without providing evidence, that China effectively runs the canal. Panama has always denied Chinese control over the 80km waterway, which is used mainly by the United States and China. – AFP

Equity markets rose but pared their earlier rally, with some in retreat by the end of the day. Tokyo and Seoul, which have seen the widest swings since the crisis unfolded, both finished more than 1% higher, while Shanghai, Sydney, Wellington, Taipei, Bangkok and Manila rose. Hong Kong, Mumbai, Jakarta and Singapore edged down. London, Paris and Frankfurt opened with a loss. “The bigger question for markets is whether energy flows in the region can return to normal,” wrote Fawad Razaqzada at Forex.com. “The Strait of Hormuz remains the critical focal point. “As one of the world’s most important oil shipping routes, any disruption to traffic through the strait would immediately reignite supply fears and likely send crude prices sharply higher again. “Until traders see clear confirmation that shipping routes are secure and production across the region is stabilising, oil prices are unlikely to retreat significantly further from current levels.” National Australia Bank’s Skye Masters raised questions about Trump’s claims that the war would be over soon. “Guidance out of Israel and the US is showing a divergence around the endgame, with President Trump having suggested the end is insight while Israeli Prime Minister (Benjamin) Netanyahu’s comments suggest he is not ready to de-escalate,” she said. – AFP

The plan was circulated at an emergency meeting of energy officials from the IEA’s 32 member countries on Tuesday, with a decision expected this week, according to the Journal . Meanwhile, energy ministers of the Group of Seven said yesterday they “stand ready” to take “all necessary measures” in coordination with the IEA. Still, Brent and West Texas Intermediate, which dropped about 5% at the start of the day, rose more than 2% in afternoon Asian trade as Iran continued to attack Gulf nations. Traders were also spooked after maritime security agency said an unknown projectile hit a cargo ship in the Strait of Hormuz abutting Iran, causing a fire and forcing the crew to evacuate. Iran has vowed to block Gulf oil exports and asserted that it, not Washington, would “determine the end of the war”. A US Department of Energy spokesperson told AFP that officials “are closely monitoring the situation, speaking with industry leaders, and having the US military draw up additional options to keep the Strait of Hormuz open, including the potential for our Navy to escort tankers”. Trump warned Tehran against mining the Strait of Hormuz, through which nearly 20% of the world’s crude oil usually transits from the Gulf to world markets. “If for any reason mines were placed, and they are not removed forthwith, the military consequences to Iran will be at a level never seen before,” he said on Tuesday in a social media post.

o Traders weigh supply concerns against IEA stockpile release report

The aircraft – which still has to undergo flight tests and will not be available for two years, according to Dassault CEO Eric Trappier – will be for deep pockets only, with a price tag upwards of US$80 million. But those who do settle into its luxury cabin will be able to fly nonstop from Paris to Beijing, or New York to Shanghai, thanks to its 14,000km range, putting it nearly on par with the biggest commercial airliners. Dassault, which also makes the Rafale fighter jet, hopes its advanced flight-control system and smaller size needing shorter runways than rivals will be advantages when compared to the top-line planes offered by US manufacturer Gulfstream and Canada’s Bombardier. “Often it’s the pilots who influence the boss on a plane’s purchase. In the business aviation market, there are a lot of ex-air force pilots,“ Didier Brechemier, an aerospace expert at the management consultancy Roland Berger, told AFP. The Falcon X10 will go up against the Gulfstream G700 and the Bombardier Global 7500, which have similar ranges and speeds. The Dassault jet was presented in a hangar near the Dassault factory in Merignac, southwest France, in a nightclub ambience with music and lights. Once brought to market, it will supersede Dassault’s current flagship private jet, the Falcon 8X, which has a range of 12,000 kilometres. The United States is by far the top market HONG KONG: Asian equities rose yesterday while oil resumed its gains as traders weighed growing supply concerns against a report that the International Energy Agency (IEA) was considering the release of a record amount of its reserves. The crude market has been hit by wild volatility since the United States and Israel began striking Iran at the end of last month, with Tehran retaliating by attacking targets across the oil-rich Gulf and effectively shutting down the crucial Strait of Hormuz. Fears that the conflict could drag on for some time – choking off energy supplies – sent both main crude contracts soaring on Monday to within a whisker of US$120 a barrel, the highest since 2022. Gas prices also rocketed. However, prices tanked on Tuesday after US President Donald Trump said war on Iran was “going to be ended soon” and it emerged that the Group of Seven leading industrialised nations would discuss tapping stockpiles. Hopes were given an extra boost by a Wall Street Journal report saying the IEA proposed a release of reserves that would exceed the 182 million barrels member countries put on the market following Russia’s 2022 invasion of Ukraine.

Dassault pitches new jet against US, Canadian rivals PARIS: France’s Dassault on Tuesday unveiled its latest private jet, the Falcon 10X, pitched to rival the flagship planes from Gulfstream and Bombardier.

Trappier delivers a speech next to the Falcon 10X during its unveiling ceremony. – AFPPIC

The business jet market is estimated to be worth US$26.6 billion this year, up from US$25.7 billion last year, and is projected to reach US$31.6 billion in 2031, according to the Indian market research company Mordor Intelligence. – AFP

for private jets, with big corporations and several celebrities – including Taylor Swift and Kylie Jenner – opting for them. Last year, Gulfsteam and Bombardier each delivered more than 150 jets each, compared with 37 for Dassault.