AFP

'Dream come true': Japan reopens to tourists

Japan reopened its doors to tourists Tuesday after two-and-a-half years of tough Covid-19 restrictions, with officials hoping an influx of travellers enticed by a weak yen will boost the economy.

By mid-morning, tourists from Israel, France and Britain were already pouring in, including Chris Irwin, 38, on his first trip to Japan.

“We have always wanted to come to Japan, and it seemed like the stars just aligned,” said Irwin, who arrived at Haneda airport from Britain with his wife.

Adi Bromshtine, a 69-year-old retiree from Israel, said she had been “planning before Covid and waiting and waiting” for the chance to visit Japan.

“It’s a long, long dream come true,” she told AFP.

Japan slammed its borders shut early in the pandemic, at one point even barring foreign residents from returning, and has only recently begun cautiously reopening.

In June, it began allowing tourists to visit in groups accompanied by guides, a requirement that was further relaxed to include self-guided package tours.

From Tuesday, visa-free entry resumed for travellers from 68 countries and territories.

Japan also lifted a cap on the number of arrivals and ended the package tour requirement.

Tourists must still present either proof of vaccination or a negative coronavirus test taken three days before departure.

In 2019, a record 31.9 million foreign visitors came to Japan, putting the country on track for its goal of 40 million by 2020, when Tokyo was supposed to host the Summer Olympics.

But in 2021, the figure plummeted to just 250,000.

– Demand soaring –

In Japan, tourists will find a country that is still adhering to many of the health guidelines that helped it keep pandemic deaths to around 45,500, far lower than many other developed economies.

Masks are ubiquitous, and though not mandated by law, parliament is set to pass legislation allowing hotels to deny service to customers who refuse to wear one or flout other health rules.

Masks are worn not only indoors and on public transport, but outdoors as well, despite the government saying they are not necessary outside in uncrowded settings.

There is hand sanitiser at the entrance of most businesses, and plastic dividers are still often used in restaurants.

Many arriving tourists seemed unfazed by the rules though.

“We’re more excited to see Japan than we will be annoyed by the masks, so we’ll be fine with it,” said British traveller Irwin.

Another major change for tourists will be the weakness of the yen, which is hovering around 145 to the dollar, a level not seen for two decades.

The government has already had to intervene once to prop up the currency, and government spokesman Hirokazu Matsuno on Tuesday said officials are hoping rebounding tourism “will lead to recovery after the Covid pandemic and the revitalisation of communities.”

There is certainly no shortage of demand, according to Antoine Chanthavong, of Paris-based travel agency Destination Japan.

Since the reopening announcement, “we’ve been absolutely drowning, we don’t have enough time to deal with all the requests,” he told AFP.

Japanese carrier ANA has said reservations for international flights to the country surged five-fold after the reopening was announced.

For now, tickets are not coming cheap, with fuel prices soaring and airlines forced to take circuitous routes to avoid Russian airspace.

Itay Galili, a 22-year-old student arriving from Israel, said he wasn’t put off by the cost.

“As soon as I heard it was going to reopen on the 11th, I started planning. Tickets were expensive… but no price (is) too heavy,” he told AFP.

For all the rebound in demand though, there is little expectation that tourist numbers will quickly reach their 2019 levels.

Before the pandemic, travellers from Hong Kong and mainland China made up 37 percent of all foreign visitors to Japan, and 44 percent of tourism income.

But tough Covid restrictions in China make it unlikely visitors from there will be flocking back to Japan anytime soon.

US Supreme Court to hear case of Texas man on death row

The US Supreme Court will hear an appeal Tuesday from a Texas man on death row who maintains his innocence and whose case has drawn the attention of celebrities, lawmakers and millions of Americans.

Rodney Reed, 54, an African-American man, was convicted by an all-white jury in 1998 of the rape and murder of Stacey Stites, a 19-year-old white woman.

Traces of his sperm were found on the victim’s body, but Reed insists he is innocent of the 1996 murder and that he and Stites had a secret consensual relationship.

The conservative-dominated Supreme Court will not be examining Reed’s conviction during oral arguments on Tuesday, but a narrow technical question having to do with procedural issues.

The nine-member court’s ruling, which will be delivered before June 30, could allow Reed’s case to be reopened — or pave the way for his execution by lethal injection.

Reed’s supporters believe that evidence gathered after the trial points to another suspect, Stites’s fiance Jimmy Fennell, a disgraced police officer who later served a 10-year prison sentence for a kidnapping and rape committed while on duty.

A fellow inmate says Fennell confessed to him that he had killed Stites because she was sleeping with a Black man.

Fennell has denied any involvement in Stites’s murder, but police initially considered him a suspect.

Texas prosecutors claimed during Reed’s trial that he had sexually assaulted several other women before Stites’s murder.

His execution was stayed just five days before it was to be carried out in 2019 following a campaign that included reality star Kim Kardashian, the singers Rihanna and Beyonce, and Texas lawmakers including Republican Senator Ted Cruz.

Two petitions seeking to halt Reed’s execution that circulated on the internet drew more than 3.5 million signatures.

– DNA testing of murder weapon –

To prove his innocence, Reed asked the Texas authorities in 2014 to conduct new DNA analysis on the murder weapon, a belt that was used to strangle Stites.

His appeals for DNA testing were repeatedly denied by the Texas Court of Criminal Appeals, so Reed turned to the federal courts.

But they refused to intervene on the grounds the request came too late, after the two-year window allowed to challenge a state court ruling in federal court had closed.

The question before the Supreme Court is, when does the window open?

Texas says it begins from the first state court decision. Reed maintains it is from the last one.

Reed’s attorneys are also arguing that imposing a statute of limitations on when DNA testing can be conducted is unconstitutional.

G7 to hold crisis talks on Russia's bombing blitz in Ukraine

The United States and other G7 powers will hold crisis talks Tuesday on Russia’s recent bombing blitz across Ukraine, with Britain’s Liz Truss expected to insist they “must not waver one iota” in their support for Kyiv.

The meeting comes a day after Russian missiles rocked the Ukrainian capital for the first time in months, with President Volodymyr Zelensky warning Moscow that his country “cannot be intimidated”.

Russian forces rained more than 80 missiles on cities across Ukraine on Monday, according to Kyiv, in apparent retaliation for an explosion that damaged a key bridge linking the Crimean peninsula to Russia.

Ukrainian Foreign Minister Dmytro Kuleba said the strikes showed Moscow was “desperate” after a spate of embarrassing military setbacks, as Russian President Vladimir Putin warned of “severe” responses to any further attacks.

At an urgent meeting of the United Nations General Assembly on Monday — called to debate Moscow’s declared annexation of four partly occupied Ukrainian regions — Ukrainian ambassador Sergiy Kyslytsya branded Russia a “terrorist state”, noting his own immediate family had come under attack on Monday.

“Unfortunately, you can hardly call for a stable and sane peace as long as an unstable and insane dictatorship exists in your vicinity,” he said, telling member states at least 14 civilians were killed and 97 wounded in the strikes.

– ‘Stay the course’ –

Zelensky and G7 leaders are set to convene Tuesday to discuss the latest Russian attacks.

Truss’s office said the British prime minister, who succeeded Boris Johnson just over a month ago, would use the call “to urge fellow leaders to stay the course”.

“The overwhelming international support for Ukraine’s struggle stands in stark opposition to the isolation of Russia on the international stage,” she is expected to say.

“Nobody wants peace more than Ukraine. And for our part, we must not waver one iota in our resolve to help them win it.”

German government spokesman Steffen Hebestreit told reporters Monday that Chancellor Olaf Scholz had spoken with Zelensky and assured him “of the solidarity of Germany and the other G7 states”.

French President Emmanuel Macron met with his defence and foreign affairs ministers over the strikes, which he said signalled “a profound change in the nature of this war”.

US President Joe Biden condemned Monday’s attacks in stark terms, saying they “demonstrate the utter brutality” of Putin’s “illegal war”.

In a statement, the White House said Biden had spoken to Zelensky and had pledged to furnish Ukraine with “advanced air defence systems”. 

Ahead of Monday’s General Assembly session, UN Secretary-General Antonio Guterres described the latest attacks as an “unacceptable escalation of the war”, his spokesman said.

Though Russian representative Vasily Nebenzya did not directly address the missile strikes at the session, he defended his country’s annexation of Ukrainian regions, saying the aim was “to protect our brothers and sisters in eastern Ukraine”.

– ‘In an instant… it’s death’ –

Residents across Ukraine expressed shock and rage after Monday’s barrage.

Ivan Poliakov, 22, was so angry he struggled for words as he tried to describe one of the strikes on Kyiv.

“I saw children and women cry,” he told AFP. “I love Kyiv. The people are good, they are courageous. But in an instant… it’s death.”

In Dnipro, soldier Maxim was on leave from the front lines for the first time in six months to celebrate his wife’s birthday when Russian missiles slammed into the central Ukrainian city, damaging their home.

“We are fighting on the front exactly to protect these places” far from enemy lines, he said. “But they still manage to hit them.”

The strike, he said, had made him more determined than ever to push back the Russians in northeast Ukraine.

Since Russia launched its invasion on February 24, more than 7.6 million Ukrainian refugees have been recorded across Europe, while another nearly seven million people have been displaced within the country.

Monday’s missile strikes prompted a fresh warning from the UN’s refugee chief that more people could soon be forced to flee their homes.

“The bombing of civilians, of houses… of non-military infrastructure in an indiscriminate manner in many cities across Ukraine, means the war is becoming harder and more difficult for civilians,” UN High Commissioner for Refugees Filippo Grandi told journalists in Geneva.

“I fear that the events of these last hours will provoke more displacements.”

Neighbors, rescuers search for missing after Venezuela landslide

Neighbors helped rescue teams comb through mud and debris Monday for signs of dozens of people missing after a landslide swept through a town in Venezuela, killing at least 36.

More than 3,000 rescuers were deployed in Las Tejerias, some 50 kilometers (31 miles) from the capital Caracas, after Venezuela’s worst natural disaster in decades.

“Unfortunately, we have 36 people dead at the moment and 56 people missing,” Interior Minister Remigio Ceballos said on Twitter.

And the toll was likely to rise, as a civil protection official warned it would be “difficult” to find more survivors.

“It has been two days already, if they did not die of blows from branches and stones carried by the river, they died of hypothermia,” the official told AFP, on condition of anonymity.

“Las Tejerias will never be the same,” said survivor Isaac Castillo, 45, a merchant in the town of some 54,000 people nestled in the mountains.

“We are leaving because recovering from this is impossible.”

Unusually heavy rains caused a major river and several streams to overflow on Saturday, causing a torrent of mud that swept away cars, parts of homes, businesses and telephone wires, and felled massive trees.

“As much rain fell in eight hours as normally falls in a month,” Vice President Delcy Rodriguez said, as she blamed the “climate crisis.”

Experts say the storm was aggravated by the seasonal La Nina weather system gripping the region, as well as the effects of Hurricane Julia, which also claimed at least 26 lives in Central America and caused extensive damage from Panama to Guatemala on Sunday.

Residents of Las Tejerias used picks, shovels and any tools they could find to dig through a thick bank of mud deposited on the town Saturday.

Firefighters used chainsaws to clear a path through knocked-down trees that had been carried into the town.

But even amid the intense rescue efforts, one firefighter said they are now “guided by the smell” of decomposition.

“Today it smells in several houses,” he said.

“It came too fast, we had no time,” resident Carlos Camejo, 60, said of the mudslide.

Carmen Melendez, 55, told AFP, “The town is lost, Las Tejerias is lost,” as she waited desperately for news on the whereabouts of a missing relative.

– Safety on the roof –

But President Nicolas Maduro, who visited the area on Monday, insisted the town would be rebuilt. 

“We take with us the pain, the clamor, the despair, the tears of the people, but they must know that Las Tejerias will rise like the phoenix, Las Tejerias will be reborn,” he said, vowing to rebuild “each and every one” of the homes and businesses destroyed. 

Rodriguez, his vice president, said 317 homes were “completely destroyed” and 757 damaged by the mudslide.

Authorities erected shelters for the displaced in Maracay, capital of the affected Aragua province.

Maduro on Sunday decreed three days of national mourning.

Crews of workers with heavy machinery worked to clear the debris-covered roads, while residents battled to clean out meters of mud dumped inside their homes.

Las Tejerias resident Jose Santiago spent 40 minutes clinging to a TV antenna on the roof of his home as a torrent of mud swept through it.

“The river caught me and I couldn’t find anything to do besides climb a roof and grab onto an antenna,” said the 65-year-old, who barely escaped with his life.

Further afield, at least 26 people died across Central America when storm Julia raced across the region on Sunday.

Five army soldiers on deployment in El Salvador died after a wall collapsed on them as they were seeking shelter from the storm, which killed a total of 10 people in the country and forced some 1,000 people to seek temporary shelter.

In Honduras, Wilmer Wood, mayor of the eastern town of Brus Laguna, said two people died when Julia capsized a boat. One more person was missing.

And in Guatemala, 14 people died, eight of them in the indigenous municipality of Santa Eulalia, in the west of the country, after their house collapsed due to a landslide. Two people were missing after being swept away by floodwater.

Nicaragua’s Vice President Rosario Murillo said Julia had affected some 7,500 people, flooding 3,000 homes and damaging the roofs of another 2,000.

Julia made landfall Sunday as a Category 1 hurricane and gradually dissipated until it was downgraded to a tropical depression on Monday as it churned toward Mexico.

At the end of 2020, hurricanes Eta and Iota killed at least 200 people in Central America and caused millions of dollars in losses.

Scientists say climate change warms the surface layers of the oceans, causing more powerful, and wetter, storms and hurricanes.

Asian chipmakers plunge after US unveils China export controls

Chipmakers plunged in Asian trade Tuesday over new US measures to limit China’s access to high-end semiconductors with military uses, a move that wiped billions from companies’ valuations worldwide.

The announcement on Friday marked the latest volley in a long-running standoff between the two superpowers that has seen them face off over a range of issues including technology, trade, Hong Kong, Taiwan and human rights.

The US Department of Commerce said the measures include export restrictions on some chips used in supercomputing, and toughen requirements on the sale of semiconductor equipment.

The decision hammered chip manufacturers, with the Philadelphia Stock Exchange Semiconductor Index seeing its lowest close since late 2020, while Bloomberg News reported that $240 billion had been slashed from companies’ market values globally.

Taipei, Seoul and Tokyo markets were closed for holidays on Monday, and when trading resumed Tuesday, chipmakers sank.

Taipei-listed firms were among the worst hit.

Taiwan Semiconductor Manufacturing Co. and ASE Technology each plunged around eight percent, while United Microelectronics shed more than six percent.

South Korean tech titan Samsung Electronics, a major semiconductor maker, dived around three percent in Seoul where DB Hitek was off four percent.

And in Tokyo, Renesas Electronics shed almost six percent, with Tokyo Electron losing a similar amount.

The US measures are likely to complicate Beijing’s push to further its own semiconductor industry and develop advanced military systems.

They came days ahead of a major Communist Party congress in China at which President Xi Jinping is expected to secure a historic third term.

The rules were also announced just days after the Pentagon added 13 more Chinese firms including drone manufacturer DJI and surveillance firm Zhejiang Dahua Technology to a blacklist of Chinese military-linked companies.

“With the latest measure, it would become difficult for China to manufacture and develop semiconductors because most semiconductor equipment is dominated by the US and its allies,” said Chae Minsook, of Korea Investment & Securities.

“It is impossible to maintain the chip industry without adopting advanced equipment.”

Asian chipmakers plunge after US unveils China export controls

Chipmakers plunged in Asian trade Tuesday over new US measures to limit China’s access to high-end semiconductors with military uses, a move that wiped billions from companies’ valuations worldwide.

The announcement on Friday marked the latest volley in a long-running standoff between the two superpowers that has seen them face off over a range of issues including technology, trade, Hong Kong, Taiwan and human rights.

The US Department of Commerce said the measures include export restrictions on some chips used in supercomputing, and toughen requirements on the sale of semiconductor equipment.

The decision hammered chip manufacturers, with the Philadelphia Stock Exchange Semiconductor Index seeing its lowest close since late 2020, while Bloomberg News reported that $240 billion had been slashed from companies’ market values globally.

Taipei, Seoul and Tokyo markets were closed for holidays on Monday, and when trading resumed Tuesday, chipmakers sank.

Taipei-listed firms were among the worst hit.

Taiwan Semiconductor Manufacturing Co. and ASE Technology each plunged around eight percent, while United Microelectronics shed more than six percent.

South Korean tech titan Samsung Electronics, a major semiconductor maker, dived around three percent in Seoul where DB Hitek was off four percent.

And in Tokyo, Renesas Electronics shed almost six percent, with Tokyo Electron losing a similar amount.

The US measures are likely to complicate Beijing’s push to further its own semiconductor industry and develop advanced military systems.

They came days ahead of a major Communist Party congress in China at which President Xi Jinping is expected to secure a historic third term.

The rules were also announced just days after the Pentagon added 13 more Chinese firms including drone manufacturer DJI and surveillance firm Zhejiang Dahua Technology to a blacklist of Chinese military-linked companies.

“With the latest measure, it would become difficult for China to manufacture and develop semiconductors because most semiconductor equipment is dominated by the US and its allies,” said Chae Minsook, of Korea Investment & Securities.

“It is impossible to maintain the chip industry without adopting advanced equipment.”

Hong Kong leader says he 'laughs off' US sanctions

Hong Kong’s leader laughed off US sanctions against him Tuesday as he defended his government’s decision not to act against a superyacht reportedly owned by a Kremlin ally.

The Nord — a $500 million luxury vessel linked to Russian billionaire Alexei Mordashov — arrived in the Chinese territory’s waters last week.

Mordashov is among the oligarchs close to Russian President Vladimir Putin who have been targeted by Western sanctions following Moscow’s invasion of Ukraine.

On Saturday the United States warned Hong Kong could damage its business hub reputation after the city said it would not enforce sanctions on the superyacht.

Hong Kong chief executive John Lee himself is one of multiple Chinese officials sanctioned by the United States in 2020 for their roles in cracking down on political freedoms in the city.

Banks and other companies risk losing access to the US-dominated global markets if they do business with sanctioned officials, with Lee’s predecessor revealing she had to take most of her salary in cash as a result.

When asked about the impact of US sanctions against him on Tuesday, Lee told reporters: “It is a very barbaric act and I am not going to comment on the effect of such barbaric act.” 

“We will just laugh off the so-called sanctions.”

Some sanctioned oligarchs have had their luxury yachts seized in places such as Spain and Fiji, but Hong Kong said Friday that while it implements UN sanctions, it cannot enforce those imposed “unilaterally” by countries or blocs.

Lee repeated that argument on Tuesday, describing US and European sanctions as having “no legal basis”.

“We will comply with any UN resolution on sanctions because Hong Kong has the legal basis to enforce it,” he said.

But he added: “We cannot and will not do anything that has no legal basis”. 

Hong Kong leader says he 'laughs off' US sanctions

Hong Kong’s leader laughed off US sanctions against him Tuesday as he defended his government’s decision not to act against a superyacht reportedly owned by a Kremlin ally.

The Nord — a $500 million luxury vessel linked to Russian billionaire Alexei Mordashov — arrived in the Chinese territory’s waters last week.

Mordashov is among the oligarchs close to Russian President Vladimir Putin who have been targeted by Western sanctions following Moscow’s invasion of Ukraine.

On Saturday the United States warned Hong Kong could damage its business hub reputation after the city said it would not enforce sanctions on the superyacht.

Hong Kong chief executive John Lee himself is one of multiple Chinese officials sanctioned by the United States in 2020 for their roles in cracking down on political freedoms in the city.

Banks and other companies risk losing access to the US-dominated global markets if they do business with sanctioned officials, with Lee’s predecessor revealing she had to take most of her salary in cash as a result.

When asked about the impact of US sanctions against him on Tuesday, Lee told reporters: “It is a very barbaric act and I am not going to comment on the effect of such barbaric act.” 

“We will just laugh off the so-called sanctions.”

Some sanctioned oligarchs have had their luxury yachts seized in places such as Spain and Fiji, but Hong Kong said Friday that while it implements UN sanctions, it cannot enforce those imposed “unilaterally” by countries or blocs.

Lee repeated that argument on Tuesday, describing US and European sanctions as having “no legal basis”.

“We will comply with any UN resolution on sanctions because Hong Kong has the legal basis to enforce it,” he said.

But he added: “We cannot and will not do anything that has no legal basis”. 

Block 'busted': India's Bollywood faces horror show at box office

India’s Bollywood film industry, long part of the cultural fabric of the movie-mad country of 1.4 billion people, is facing its biggest-ever crisis as streaming services and non-Hindi language rivals steal its sparkle.

The South Asian giant churns out on average around 1,600 films each year, more than any other country, traditionally headlined by glitzy Bollywood, with fans worshipping movie stars like gods and crowds thronging premieres.

But now cinemas have fallen quiet, even in Bollywood’s nerve centre of Mumbai, with box-office receipts plunging since Covid curbs were lifted.

“This is the worst crisis ever faced,” veteran Mumbai theatre owner Manoj Desai told AFP. Some screenings were cancelled as the “public was not there”.

The usually bankable megastar Akshay Kumar had three back-to-back films tank. Fellow A-lister Aamir Khan, the face of some of India’s most successful films, failed to entice audiences with the “Forrest Gump” remake “Laal Singh Chaddha”.

Of the more than 50 Bollywood films released in the past year — fewer than normal because of the pandemic — just one-fifth have met or surpassed revenue targets, said media analyst Karan Taurani of Elara Capital. Pre-pandemic it was 50 percent.

In contrast, several Telugu-language aka Tollywood movies — a south Indian competitor to Hindi-language Bollywood — have soared to the top.

Embarrassingly, around half the box-office takings for Hindi-language films from January 2021 to August this year were dubbed southern offerings, said State Bank of India’s chief economic adviser Soumya Kanti Ghosh in a recent report.

“Bollywood, after decades of storytelling… seems to be at an inflection point unlike any other disruption it has faced before,” Ghosh wrote.

– ‘Out-of-touch’ –

Bollywood, like other movie industries, has been hurt by streaming’s rise, which started before the pandemic but took off when millions of Indians were forced indoors. 

Around half of India’s population has access to the internet and streaming services, including international players such as Netflix, Amazon Prime and Disney+ Hotstar have 96 million subscriptions, according to a government estimate.

Some films released during the Covid shutdown went straight to these platforms, while others hit small screens just weeks after debuting in theatres.

With streaming monthly subscriptions lower or comparable to the cost of one ticket — 100-200 rupees ($1.20-$2.50) at single-screen cinemas and higher at multiplexes — price-sensitive audiences were avoiding theatres, analysts said.

Times have been so hard that INOX and PVR, two of India’s biggest multiplex operators, announced their merger in March to “create scale”.

Subscribers were meanwhile exposed to local and global streaming content, including southern Telugu, Tamil, Malayalam and Kannada-language films that already had legions of devoted local fans.

“Regional cinema was not travelling beyond its borders. But now suddenly everyone was watching Malayalam cinema or Maharashtrian cinema and then you realise that… there are filmmakers who are telling more interesting stories,” film critic Raja Sen said.

“Then they see a Hindi blockbuster coming out with a star which is just like a rethread of a story they’ve heard a million times, then they’re not so impressed anymore.”

Critics also accused Bollywood of making niche or elitist films that do not resonate in a country where 70 percent of the population lives outside cities.

Aamir Khan admitted during media interviews for “Laal Singh Chaddha” that Hindi filmmakers’ “choice of what is relevant to them is perhaps not so relevant to a larger audience”.

At the same time, Tollywood mega-smash hits “Pushpa: The Rise” and “RRR” highlighted the heroics of common people while treating audiences to larger-than-life visual spectacles with catchy song-and-dance routines.

Such formulas have long been a Bollywood mainstay but film critics say the southern challengers were doing it bigger and better.

“To get people to cinemas we need to create an experience for storytelling that cannot be replicated at home,” multi-theatre operator and trade analyst Akshaye Rathi said.

“What we need to do is respect their time, money and effort. And whenever we do that, for a particular movie, they come out in big numbers.”

– Wake-up call –

Ensuring box-office success by having a star as your protagonist was now no longer guaranteed, said Taurani, who described Bollywood’s recent struggles as “alarming”.

“I think audiences obviously want the star, but the audience wants the star to feature in a film which has got compelling content,” he added.

Kumar — nicknamed a “one-man industry” for being so prolific — said he was going back to the drawing board.

“If my films are not working, it is our fault, it is my fault. I have to make the changes, I have to understand what the audience wants,” the Indian Express reported Kumar as saying in August.

– Boycott –

Adding to Bollywood’s woes have been repeated social media campaigns against certain films by Hindu right-wingers, including the “Forrest Gump” remake.

Most recently, there were calls for new release “Brahmastra” to be boycotted over star Ranbir Kapoor’s beef-eating comments some years ago. Cows are considered sacred by Hindus.

But while creating unwelcome noise, analysts say there appeared to be no material impact on box-office returns. “Brahmastra” has in fact done well.

The real issue, movie-goers told AFP outside one cinema in Mumbai, was that many Bollywood films were simply not good enough.

“The story should be good (and) the content should be good, so that people want to watch,” said student Preeti Sawant, 22.

“So that’s why people are not coming to watch movies.”

Asian markets swing on recession fears as inflation data looms

Most markets fluctuated in Asian trade Tuesday as traders grow increasingly fearful that more big interest rate hikes will tip economies into deep recessions, with the mood also darkened by the worsening Ukraine war and worries over China’s outlook.

With the focus on inflation, analysts said consumer price index data released later this week will be crucial to the direction of risk assets — another big reading could spark a fresh equity selloff and surge in the dollar.

Investors had hoped that a series of bumper rate increases by the US Federal Reserve this year would begin to drag on the economy and slow runaway prices, allowing policymakers to slow down their pace of monetary tightening.

But a forecast-beating jobs report on Friday highlighted the tough work the central bank has in bringing inflation down from four-decade highs, and many observers warn a recession is virtually inevitable.

World Bank chief David Malpass said there was a “real danger” of a global contraction next year, adding that the surge in the dollar was weakening the developing nations’ currencies and pushing their debt to “burdensome” levels.

And JP Morgan boss Jamie Dimon told CNBC that while the US economy was holding up now, it faced several headwinds including rising rates, surging inflation, Fed tightening and the Ukraine war.

He added that he saw a US recession in six to nine months, and that the S&P 500 could fall another 20 percent.

Barings strategist Christopher Smart said: “It’s little wonder investors enter the week in a dreary mood, especially with headlines from Ukraine signalling a further escalation in geopolitical tensions.

“Of course, markets are meant to look ahead, but it’s hard not to see the next few quarters bringing more of the same.”

After another round of losses in New York, Asia again struggled.

Tokyo shed more than two percent as traders returned from a long weekend to play catch-up with Monday’s retreat, while Hong Kong was hit again by hefty selling in tech firms, dropping the Hang Seng Index below 17,000 points for the first time since late 2011.

Seoul was off more than two percent, while Taipei tanked as semiconductor firms including TSMC were hammered by new US export controls aimed at restricting China’s ability to buy and make high-end chips with military applications. Jakarta was also down.

Still, bargain-buyers helped push gains in Shanghai, Singapore, Wellington and Manila. Sydney was flat.

There was a glimmer of optimism for investors in comments from Fed vice chair Lael Brainard, who appeared to hint at a more cautious tone for policy as the hikes already announced work through the economy.

But SPI Asset Management’s Stephen Innes said traders were likely to be guarded in their reaction to the remarks.

“With the market in ‘fool me once, shame on me, fool me twice, shame on you’ mode, investors should be 100 percent defensive, erring to classical risk-off strategies as local conversations defer to risk-off,” he said in a commentary.

On currency markets, the dollar remained king as the United States lead the monetary tightening drive, and eyes are on the reaction in Tokyo as the yen drops towards the 145.90 level that last month saw massive government intervention.

– Key figures around 0300 GMT –

Tokyo – Nikkei 225: DOWN 2.3 percent at 26,480.97 (break)

Hong Kong – Hang Seng Index: DOWN 1.3 percent at 16,985.14

Shanghai – Composite: UP 0.1 percent at 2,976.98

Pound/dollar: DOWN at $1.1048 from $1.1059 on Monday

Euro/dollar: DOWN at $0.9690 from $0.9708

Euro/pound: DOWN at 87.71 pence from 87.76 pence

Dollar/yen: DOWN at 145.67 yen from 145.72 yen

West Texas Intermediate: DOWN 0.3 percent at $90.84 per barrel

Brent North Sea crude: DOWN 0.2 percent at $96.00 per barrel

New York – Dow: DOWN 0.3 percent at 29,202.88 (close)

London – FTSE 100: DOWN 0.5 percent at 6,959.31 (close) 

Close Bitnami banner
Bitnami