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OSLO — Sales of new electric cars in Norway hit a record high last year, sector experts said on Friday, reaching 42.4 per cent of all nearly-registered cars in 2019, mostly thanks to strong demand for Tesla's Model 3.

Norway, a major oil producer that has pioneered electric mobility, offers a very advantageous tax regime for clean vehicles, making them highly competitive in cost terms against petrol and diesel vehicles. 

New e-car models arriving on the market should help push their share higher still this year, said OFV, a body which monitors Norway's car market.

In 2019, 60,316 all-electric new cars were sold in Norway out of a total of 142,381, a rise of 30.8 per cent from the previous year when the market share of e-cars was 31.2 per cent.

The Norwegian car importer association said it expects e-cars to take a market share for new cars of 55 to 60 per cent in 2020.

New models including the Volkswagen ID.3, the Ford Mustang Mach-e, the Polestar 2 and the Peugeot e-208 are expected to boost e-car sales.

"Today, in 2020 and in the years to come, a much larger range of cars is coming, with increased autonomy, greater size and in affordable price segments," said OFV boss Oyvind Solberg Thorsen.

US firm Tesla was the biggest single seller of e-cars in Norway last year, with its latest Model 3 alone selling 15,700 units.

Norway's Electric Vehicle Association called the numbers "very positive" but told AFP it had hoped for e-cars to account for 50 per cent of new car sales last year.

The association's secretary general, Christina Bu, called on the government to maintain tax breaks for electric cars, which have become the topic of much debate in the Scandinavian country.

Norway, where electricity is almost exclusively generated by hydropower, has a 2025 target for all new cars to be zero-emission models.

Hybrid cars, which run on both thermal and electric energy, accounted for 25.9 per cent of the new car market in Norway last year, while petrol and diesel cars accounted for around 16 per cent each.

BEIRUT — Banks in a region of northern Lebanon were closed until further notice on Saturday, the National News Agency (NNA) said, after lenders balked at customer anger over a liquidity crisis.

Since September banks have arbitrarily capped the amount of dollars that can be withdrawn or transferred abroad, sparking fury among customers who accuse lenders of holding their money hostage.

There is also a limit on Lebanese pound withdrawals.

Clients wanting dollars often have to stand in queues for hours to make withdrawals, only to be told bills have run out once they reach the counter.

On Saturday all banks in the northern region of Akkar were closed, the NNA said, following a call from the Association of Banks for them to shut their doors "until further notice".

On Friday, citizens entered a bank branch in the town of Halba to protest about customers being unable to withdraw enough dollars or their salaries in Lebanese pounds in full, NNA reported.

They said they would not leave until a customer — who suffered an unspecified health complaint while waiting — was given a guarantee that he would be paid in full.

The 10-hour stand-off — which included security forces firing teargas inside the building — ended with the man being taken to hospital and management promising to pay him in full.

The Association of Banks the same day called for lenders in the area to close over the incident, which it described as an "attack" and "a threat to the lives and safety of employees".

Unprecedented anti-government protests have gripped Lebanon since October 17, in part to decry a lack of action over the deepening economic crisis.

The Lebanese pound has been pegged to the dollar for more than two decades at 1,507 to the greenback, and both currencies are used in everyday interactions.

But with banks limiting dollar withdrawals, the rate on the unofficial market has topped 2,000 Lebanese pounds to the dollar and the cost of living has increased.

In the southern city of Saida on Saturday, protesters moved trucks and a crane in front of a bank to force management to hand a man his dues in Lebanese pounds after he left his job, NNA said.

They removed the vehicles after the man was paid in full.

In the area of Bikfaya outside Beirut, people threw eggs at a bank building overnight and scrawled "revolution" on it, the same news agency said.

Tears and screaming have become common in banks in recent weeks as citizens accuse lenders of stealing their money. 

Some have filed law suits against banks.

The head of the Bar Association Melhem Khalaf on Friday called on banks to lift restrictions on transfers and withdrawals, calling the measures "unconstitutional". 

LONDON — Global stock markets powered ahead on Thursday as investors welcomed 2020 with a raft of gains after China's central bank announced fresh stimulus, dealers said.

Asia kicked off the New Year on the front foot, with most rallying out of the blocks on Thursday on lingering trade optimism and the stimulus news.

Europe also shone as investors remain upbeat about the global outlook after Washington and Beijing eventually reached a trade agreement to ease tensions between the two.

Wall Street joined the global trend, with all three major US indices solidly higher in the late New York morning.

Some Brexit uncertainty has meanwhile been removed with Britain set to leave the European Union on January 31, but the pound still slipped after news that Britain's manufacturing activity slumped in December for the eighth month in a row.

 'Wasting little time' 

"2019 was a good year on the whole for stock markets and they seem to be wasting little time in attempting to push higher again with the bourses following the lead of their Asian peers," said XTB analyst David Cheetham.

"Expectations that a 'Phase One' trade deal between the US and China will be signed in less than two weeks have boosted sentiment but the main driving force appears to be the announcement of a further easing of monetary policy from China's central bank."

However, geopolitical worries resurfaced following a warning from North Korean leader Kim Jong-un that moratoriums on nuclear and intercontinental ballistic missile tests had ended, with talks with the US going nowhere.

Shanghai and Hong Kong led gains after the People's Bank of China said it would lower the amount of cash lenders must keep in reserve, freeing up more than $100 billion for loans to small businesses.

The move comes as leaders try to kickstart growth in the world's number two economy, which is running at its weakest for almost three decades.

 'Not suddenly ok' 

Prices also won support after Donald Trump said the mini China-US trade deal will be signed off in Washington on January 15, and he will later travel to Beijing for the next phase of talks.

The signing will smooth concerns that the pact could suffer a last-minute collapse, which has niggled some traders.

But some analysts warned that investors shouldn't expect the stock market party to go on forever.

"There's plenty of reason to be more optimistic heading into 2020 but then, there's also plenty of reason for caution too," said Craig Erlam, senior market analyst at Oanda.

"Everything is not suddenly okay because the US and China are about to sign a phase one trade deal, or because the UK and EU are preparing to discuss the future relationship rather than the divorce. It could be another turbulent year with many surprises along the way," he said.

LONDON — Stock markets mostly retreated on Tuesday in shortened end-of-year sessions, but rose sharply overall in 2019, thanks to late surges on receding recession fears and easing China-US trade war tensions.

London's benchmark FTSE 100 index closed down 0.6 per cent from the previous session — but jumped 12.1 per cent in 2019 as it bounced back from a 12.5 per cent slump a year earlier.

In the eurozone, the Paris CAC 40 index ended 0.1 per cent lower, yet soared by more than a quarter over the year. 

Frankfurt's DAX 30 finished its year on Monday with an annual gain of 25.5 per cent, also following a sharp loss in 2018. 

The pound finished a volatile year with gains on Tuesday against the dollar and euro.

"It has been a year for rallies in equities," said Chris Beauchamp, chief market analyst at IG trading group.

"We endured plenty of Brexit and trade war headlines in 2019, but these will go with us into next year, ensuring more volatility for traders and investors."

Asian stock markets also closed mainly lower on Tuesday, following a subdued lead overnight from the US where investors took profits after Wall Street's recent record highs. 

Hong Kong ended a half-day of trading almost 0.5 per cent down, although the bourse rallied more than 7 per cent in December. Tokyo was shut for a public holiday. South Korean stocks closed at 2,197.67 in the final trading session of 2019, on Monday.

"While market volumes are predictably light, investors continue to strike a year-end cautionary tone as December optimism is gradually giving way to 2020's uncertainty," Stephen Innes, chief Asia market strategist at AxiTrader, said in a client note.

Asian investors were also watching for key policy announcements early in the New Year. 

North Korean leader Kim Jong-un was due to give his New Year's speech on Wednesday, with all eyes on nuclear-armed Pyongyang's threat of a "new way" after its end-of-year deadline for sanctions relief from the US, analysts said.

An address by China's Xi Jinping would be followed closely by the markets as well.

On Monday, media reports said the US and China would shortly sign a partial trade deal, with White House economic aide Peter Navarro telling Fox News the signing could occur "within a week or two".

"The P1 [phase one] deal is still 'skinny' relative to a full trade de-escalation scenario," cautioned AxiTrader's Innes.

"Investors will then press to consider the P2 risks, after all — how much more progress can be realistically expected ahead of the US elections next year?"

Elsewhere on Tuesday, oil prices slid despite reports Iran had seized a vessel suspected of smuggling fuel near the Strait of Hormuz — a chokepoint for a third of the world's seaborne oil.

Traders were also waiting for the release of US crude production data on Tuesday. 

Over the year, the price of Brent North Sea crude jumped by almost one quarter and New York benchmark contract WTI soared more than one third in value, helped by a tighter supply situation.

PARIS — French union leaders upped their calls on Monday for President Emmanuel Macron to give ground on a planned pension overhaul, amid signs that support is flagging for a gruelling transport strike now in its 26th day.

Macron was due to address the country on Tuesday in his annual New Year's Eve speech, having largely left it to his government to defend one of the most contested reforms of his term.

The president would reaffirm his "determined ambition [for] a project of social progress that corrects a number of inequalities", an official at the Elysee Palace told AFP on condition of anonymity.

"At this stage he is not expected to go into the details of the reform," which would scrap 42 separate pension schemes for a single, points-based system, the official said.

It would also set a "pivot age" of 64 at which retirees would benefit from a full pension, though they can legally leave at 62, a change the unions fiercely oppose.

Macron's speech "is a non-event for us", Fabien Dumas of the SUD-Rail union told AFP.

"I'm not expecting any announcements," he said, ahead of new talks between unions and the government starting January 7.

 'Coming apart' 

After three weeks of strikes — the longest since the mid-1980s — the government has conceded that some workers, like police and firefighters, would still be able to have early retirements.

Paris Opera dancers were told over the weekend that the reform would apply only to new recruits from January 2022.

"It's obvious that his plan is coming apart," Yves Veyrier of the Force Ouvriere union told France Info radio on Monday.

"You can see that it doesn't work for different sectors, whether it's pilots, firefighters, Opera dancers," he said, reiterating his demand that Macron drop the plan outright.

The transport strike has cast a pall over the holidays, snarling daily commutes in big cities like Paris and spelling travel misery for thousands over Christmas.

Half of the country's high-speed TGV trains were cancelled on Monday, with more severe disruptions for regional trains, and similar disruptions are expected through the week.

But rail operator SNCF said just 7.1 per cent of employees were on strike, including a third of train drivers, the lowest rate since the protest was launched on December 5.

In Paris, only two of the 16 metro lines were shut down completely — though most others were offering only minimal service, and only during morning or evening rush hours.

"It's starting to get tiring, we're tired," said real estate employee Julie at Saint-Lazare station in Paris.

"At the same time we support the movement," she acknowledged. "But it's tiring."

 New Year's doubts 

The strike is also likely to crimp New Year's festivities.

Interior Minister Christophe Castaner said nearly 100,000 police would be on duty nationwide on New Year's Eve to prevent drink driving as more revellers opt to get around by car.

In Paris, 250,000 to 300,000 people usually gather on the Champs-Elysees to ring in the new year, with the city's 16 metro lines open — and free — all night.

But this year just two metro lines will run, and only until 2:15am, though transit operator RATP vowed to step up night bus services.

On Monday, CGT union members blocked ports in Lorient, Le Havre and other cities to protest the reform, and lawyers have called for a "hard strike" from January 6.

Paris Opera dancers have also maintained a strike that has led to cancellations of some 50 performances so far, promising an outdoor concert at the Bastille on Tuesday after one at the ornate Garnier palace on Christmas Eve that went viral.

Labour leaders have already called a fresh day of mass demonstrations for January 9.

DUBAI — Dubai unveiled a 2020 budget on Sunday projecting record spending of $18.1 billion, up 17 per cent on this year, as the emirate seeks to revive its economy.

The Gulf city state expects revenues too to rise sharply next year as it hosts Expo 2020, the global six-month trade fair set to open on October 20.

But it still foresees a deficit for the fourth year in a row of $700 million.

The government is hoping that Expo will draw some 25 million visitors, many of them from abroad, and is projecting a 25 per cent increase in revenues to $17.4 billion.

Dubai is the only government in the Gulf not dependent on hydrocarbon revenues, and projects around 94 per cent of income to come from non-oil sources.

Dubai is renowned for its skyscrapers, like the world’s tallest building Burj Khalifa, but its key property sector has been sliding since 2014.

Last year, growth slowed to 1.94 per cent, less half the 2017 figure and the worst in a decade. 

It picked up slightly to 2.1 per cent in the first half of this year but the government is keen to do more to stimulate consumer spending and the real estate market.

PARIS — The French government and a key trade union on Sunday exchanged bitter accusations over who was to blame for France's over three-week transport strike against pension reforms, as the stalemate showed little sign of relenting.

Deputy Transport Minister Jean-Baptiste Djebbari accused the hardline CGT union of a "systematic opposition to any reform" while the union's chief Philippe Martinez charged the government with strewing "chaos" in the conflict.

The strike — now longer than the notorious 22-day strike of winter 1995 — has lasted 25 days and is on course to surpass the longest transport strike in France which lasted for 28 days in 1986 and early 1987.

Aside from two driverless lines, the Paris metro was again almost completely shut down on Sunday while only a fraction of high-speed TGV trains were running.

The government and unions are only due to hold their next talks on January 7, two days ahead of a new day of mass demonstrations against the reform which is championed by President Emmanuel Macron.

In an interview with the Journal de Dimanche newspaper, Djebbari angrily accused the CGT of "attitudes of intimidation, harassment and even aggression" against railway workers who had opted not to down tools.

He accused the CGT of showing a "systematic opposition to any reform, of blocking and sometimes intimidation".

"The CGT wants to make its mark through media stunts. But the French are not going to be duped by the extreme-left politicisation of this movement," he added.

 'Like Thatcher' 

But in an interview with the same newspaper, Martinez accused the government of trying to ensure the conflict deteriorated further.

"Emmanuel Macron presents himself as a man of a new world but he is imitating Margaret Thatcher," he said, referring to the late British prime minister who sought to break the power of the unions in 1980s stand-offs.

"There is real anger. Of course, not being paid for 24 days is tough. But the conflict is the result of two-and-a-half years of suffering," Martinez added.

He said he was awaiting concessions from Macron in a New Year's address on Tuesday evening as well as recognition that "most people are not happy and that he [the president] was wrong".

The French president, elected in 2017 on pledges to reform France, has remained virtually silent on the stand-off, save for a call for a Christmas truce that went unheeded and a vow not to take a presidential pension.

This will intensify attention on December 31 address, with all eyes on whether Macron offers steps tao defuse the conflict or indicates he is ready for a long, grinding stand-off.

The unions are demanding that the government drops a plan to merge 42 existing pension schemes into a single, points-based system.

The overhaul would see workers in certain sectors — including the railways — lose early retirement benefits. The government says the pension overhaul is needed to create a fairer system.

But workers object to the inclusion of a so-called pivot age of 64 until which people would have to work to earn a full pension — two years beyond the official retirement age.

There have been signs of progress in specific sectors, with the government offering concessions to dancers at the Paris Opera who have been on strike to protect their special scheme.

The main French pilots union SNPL also last week cancelled planned strike action on January 3 following talks with the government.

There was expected to be an improvement in Paris metro services on Monday — but still with severe disruptions — with two lines closed and 12 lines offering a partial service.

BEIRUT — After decades of hard work, self-made Lebanese chocolatier Roger Zakhour thought he would finally be able to pass a successful business to his daughter. But then the economic crisis hit.

Instead of reaping profits this Christmas, he and his 29-year-old daughter are marking down their handmade ice cream logs.

"If it continues like this, in a few months I'll be bankrupt," the 61-year-old said sitting in his small shop, surrounded by colourful stacks of hand-crafted pieces of chocolate.

In protest-hit Lebanon, a free-falling economy, price hikes and a severe dollar liquidity crunch have left local businesses struggling to stave off collapse.

Zakhour started making different kinds of chocolate and then ice cream in the 1990s, refining his recipes until he became a go-to for five-star hotels and well-off Lebanese.

But as the economy worsened over the autumn, high-end hotels drastically reduced their orders and walk-in customers became rare.

Banks have restricted access to dollars since the end of the summer, sending prices soaring as importers struggle to secure enough hard currency to buy supplies.

"We're heading somewhere we never imagined we would," said Zakhour, who had just upgraded his kitchen when sales dropped off.

Support fellow citizens 

In pursuit of high-quality products, Zakhour imports his ingredients, paying in euros or dollars.

But with withdrawals restricted and no transfers abroad, that is no longer viable.

"Now when something runs out, that's it," he said.

Unprecedented protests have swept Lebanon since October 17, with people from all backgrounds demanding a complete overhaul of a political class they deem useless and corrupt.

The government stepped down on October 29, but endless political deadlock has delayed a new one being formed to tackle the urgent need for economic reforms.

Zakhour's business is just one of thousands struggling to stay afloat.

Many Lebanese have been forced to close shop, and a large number have been fired or seen their salaries slashed by half, even as the cost of living increases.

Watching all this unfold, 31-year-old nursery school teacher Lea Hedary Kreidi and her family racked their brains to see how they could help.

Shortly after protests started, they launched a group on Facebook called "Made in Lebanon — The Lebanese Products Group" to encourage Lebanese to buy locally produced goods.

In just two months, they amassed more than 32,000 members, who post ads for locally or homemade goods, or ask for local alternatives to imported products.

'Made in Lebanon' 

"We're used to going shopping and buying what our mothers used to buy. We grab what's in front of us without checking if it's made in Lebanon or not," she said, seated at home by a sparkling Christmas tree.

But there are locally made options for numerous products, including detergent, shampoo, nappies, peanut butter, ketchup, and children's building blocks.

"I was surprised by how many things there were that I didn't know about," said the mother of a baby boy.

In her drive to support her fellow citizens, Kreidi now skips her usual supermarket in favour of nearby small grocers.

This Christmas, only the children in her family will be receiving presents, which will all be made in Lebanon.

In Beirut, bar manager Rani Al Rajji says he is also having to adapt — moving away from increasingly expensive imports while also remaining affordable.

"As much as I can, I'm trying to lessen the blow so our guests don't feel they've lost their purchasing power and can no longer afford to go out," said the 43-year-old, who is also an architect.

To do this, he and his co-founders are trying to increase local brands from a fifth to around a half of all bar and kitchen supplies.

"We're trying to use local products for all those with an alternative made in Lebanon," he said, sitting at the bar.

They are also attempting to cut out unnecessary packaging and marketing costs, serving wine directly from the barrel and beer from the keg.

"We can't replace everything, but we can try to give Lebanese products more life, encourage their consumption," he said.

But some cash-strapped consumers say buying local is not their chief concern.

In a Beirut supermarket, 35-year-old Mariam Rabbah clutched a nearly empty basket wondering what to buy with her diminished salary.

"Everything is more expensive and we're now paid half," she said.

"Now what we care about is if something is cheap and good quality — not whether it's imported or Lebanese."

BEIJING — Chinese lawmakers agreed on Saturday to slash red tape for initial public offerings, approving an amendment to the country’s securities law that also aims to better protect investors and prevent insider trading.

Mainland authorities have recently stepped up moves to attract listings of big tech firms, including launching a new technology board in Shanghai in July, as the country’s economy has stuttered to its slowest rate of growth since the early 1990’s.

“This amendment is a big breakthrough as it cuts red tape and the cost for companies when going public,” said Dong Dengxin, director of the Finance and Securities Institute at Wuhan University of Science and Technology. 

“It is the most significant revision of the Securities Law in history.”

The new registration-based IPO system in the newly amended law — which comes into effect on March 1, 2020 — requires strict information disclosures from companies seeking to list. 

The listings, however, do not need approval from the China Securities Regulatory Commission, according to a draft law published on Saturday. 

It has also removed the need for companies to be profitable before listing.

The revised law includes better protections for minority investors, said Gong Fanrong, director of the finance committee legal team under China’s National People’s Congress.

It calls for companies to establish dispute resolution mechanisms to address shareholder grievances and improve transparency, he added.

Companies found guilty of making false or misleading statements or withholding important information from shareholders could face penalties ranging from one to 10 million yuan ($ 143,000 to $1.4 million).

It also includes tougher punishments for securities fraud and insider trading. 

Individuals found guilty of insider trading will be fined two to ten times the value of their ill-gotten gains.

Intermediaries and professional services firms found guilty of faking information during IPOs will be fined two million to 20 million yuan, compared to 300,000 to 600,000 yuan at present.

The law also says securities industry employees, including regulators and those who work for brokerages or stock exchanges are bared from trading in stocks.

Lawmakers have debated amendments to China’s securities law for nearly five years.