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New Zealand's Finn Allen celebrates after scoring a century (100 runs) in the end of the 2026 ICC Men's T20 Cricket World Cup semi-final match between New Zealand and South Africa at the Eden Gardens
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Vietnam is on the cusp of joining the emerging-markets club and stocks have notched their biggest rally in years, but foreigners have been sellers and say investing is handicapped by tariff risks, ownership limits and one firm’s dominance of the index. That could hold back global capital from Southeast Asia’s fastest-growing economy at a time when money is flowing to smaller markets, even after a likely bump from FTSE Russell’s upgrade of Vietnam’s market from frontier into secondary emerging status, expected to be effective from September. A confirmation of the upgrade could come in March or April, when FTSE publishes its review of Vietnam’s regulatory progress. Another potential boost may follow if index provider MSCI adds Vietnam to its watchlist - a step JP Morgan says could happen as early as June - although an actual upgrade is not expected before the end of the decade. Vietnam’s benchmark index gained 41% in 2025, its strongest rise in eight years, as the export-reliant nation expanded 8%. Flows of overseas capital can lift Vietnamese companies’ stocks and lower their funding costs, supporting economic growth and the currency.” But foreign investors are leaning toward other markets, worried that Vietnam’s growth, in part due to trade re-routed from China, is at risk from fickle US trade policy and of the contribution that developer-to-carmarker conglomerate Vingroup has made to the market gains. “Foreign investors were cautious on Vietnam heading into the Trump presidency due to concerns around potential tariffs,” said Sean Taylor, chief investment officer at San Francisco-based asset management firm Matthews Asia. “We felt there were many opportunities to make money in more liquid and transparent markets in the index like Taiwan, South Korea and China.” Net equity outflows hit a record $5.1bn in 2025, according to LSEG data, and extended in January and February to leave foreigners holding roughly 14.5% of the shares on issue in a market worth $332bn, government figures show. London-listed Vietnam Enterprise Investments Limited, Dragon Capital’s flagship closed-end fund, also had a rush for the exits, with more than two-thirds of shareholders voting to participate in a tender offer to cash out some of their holdings. The fund, which counts the Gates Foundation Trust and hedge fund manager Boaz Weinstein among investors, has long traded at a discount to the value of its assets - a symptom of the illiquidity of the local market. Vietnam’s market regulator told Reuters in a statement that “several of the world’s largest global investment institutions ... have actively prepared to invest in Vietnam,” but did not name anyone in particular. Foreign exchange, access and ownership caps have also long tempered overseas interest in Vietnamese stocks, but last year’s rally has also bent a lopsided market further out of shape. A benchmark dominated by banks and developers is being increasingly driven by a single stock, Vingroup, which rose 736% last year. It is Vietnam’s most valuable company and together with subsidiaries comprises more than 20% of the benchmark. “For foreign funds that care about diversification and liquidity, that makes it harder to add exposure without taking on too much single-stock risk,” said Tran Thi Mong Tuyen, a researcher at the Hawaii-based Pacific Forum. Owned by Pham Nhat Vuong, a businessman who made his first fortune selling instant noodles in Ukraine, Vingroup was founded in 1993 and has expanded from real estate into a conglomerate spanning railways, steel, energy, entertainment and space. Now it’s almost a $50bn behemoth despite a recent slide. Vingroup’s stock last year drove up the broader market amid government support and a pledge from the ruling Communist Party for “preferential policies” for private domestic firms. “A few related stocks account for a disproportionate share of the index and exert outsized influence over market movements,” said Thu Nguyen, deputy head of Vietnamese fund VinaCapital. Vingroup, which floated loss-making electric vehicle maker VinFast on the Nasdaq in 2023, said last year’s stock price gains reflected supportive government policies and its units’ achievements. Its net profit doubled last year, however the stratospheric stock price move means it currently trades at a lofty price-to-earnings multiple of 96. That valuation “is quite challenging for a fundamental investor like ourselves to get comfortable with at the present moment, when there remain significant uncertainties about the timing of the future cash flows from the many projects it is involved with,” said Craig Martin, Singapore-based chairman of Dynam Capital, which manages a London-listed Vietnam fund. Eight brokers and other fund managers contacted by Reuters either said they did not advise clients to buy Vingroup stock or declined to talk about the company, with some citing fears of reprisals. To be sure, Vietnam has loosened funding and trading rules, making access easier and making progress toward a market upgrade. Global investors aren’t wholesale bearish about Vietnam either, with some buying companies listed elsewhere, but doingbusiness in Vietnam, in order to gain exposure. But with prices for locally-listed firms sometimes at 20-30% premiums for international buyers, due to caps on foreign holdings, few see the value in rushing in just yet. “A lot of managers have mentioned stocks have potential, but the liquidity needs to be there,” said Hunter Beaudoin from research firm Morningstar. “Foreign ownership limits are creating some constraints.”
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Afghanistan's Ibrahim Zadran watches the ball after playing a shot during the T20 World Cup group stage match against Canada at the MA Chidambaram Stadium in Chennai Thursday. (AFP) Afghanistan replaced Rashid Khan with Ibrahim Zadran as skipper Thursday for the T20I series against Sri Lanka but are still monitoring the situation in the United Arab Emirates (UAE) to stage the matches. Afghanistan Cricket Board (ACB) said Zadran’s appointment is in alignment for future build-up. “In alignment with the ACB’s long-term strategic vision and following recent changes in our team management, we have made the thoughtful decision to appoint Zadran as new T20I skipper,” ACB said in a statement. Hashmatullah Shahidi will continue to lead the team in the ODI series which follows the T20Is. The series begins with three Twenty20 internationals in Sharjah on March 13, 15 and 17 before the ODIs are played in Dubai on March 20, 22 and 25. Afghanistan crashed out in the first round of the ongoing Twenty20 World Cup in India and Sri Lanka after losing to South Africa and New Zealand. As a fall out, fast bowler Fazal Haq Farooqi, all-rounder Gulbadin Naib, and wicketkeeper-batter Mohammad Ishaq have been left out from both the squads, the release said. Afghanistan’s head coach Jonathan Trott also left the post after completing his tenure with another Englishman Richard Pybus taking over. ACB said it was constantly monitoring the situation in the UAE before making a final decision. “We are closely monitoring the ongoing situation in the region and a final decision will be made in a couple of days,” ACB said. “Should circumstances necessitate a change, the ACB will consider exploring alternative options for both the host country and the event schedule.” T20I Squad: Ibrahim Zadran (captain), Rahmanullah Gurbaz, Noor Rahman, Sediqullah Atal, Darwish Rasooli, Shahidullah Kamal, Azmatullah Omarzai, Mohammad Nabi, Sharafuddin Ashraf, Rashid Khan, Noor Ahmad, Mujeeb Ur Rahman, Zia Ur Rahman Sharifi, Fareed Ahmad Malik, Abdullah Ahmadzai ODI Squad: Hashmatullah Shahidi (captain), Rahmat Shah, Rahmanullah Gurbaz, Ikram Alikhil, Ibrahim Zadran, Sediqullah Atal, Darwish Rasooli, Azmatullah Omarzai, Mohammad Nabi, Rashid Khan, Nangyal Kharoti, AM Ghazanfar, Zia Ur Rahman Sharifi, Fareed Ahmad Malik, Bilal Sami Related Story
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INDIAN WELLS, CALIFORNIA - MARCH 04: Novak Djokovic of Serbia fields questions form the media during Day 1 of the BNP Paribas Open at the Indian Wells Tennis Garden on March 04, 2026 in Indian
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A Sri Lanka Navy vessel approaches an Iranian vessel during a rescue operation, a day after the crew of a distressed Iranian military ship, IRIS Dena were assisted in waters south of Sri Lanka, off
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Vehicles queue at a fuel station, as concerns grow over fuel supplies following US-Israel conflict with Iran, in Dhaka, Bangladesh,yesterday. (Reuters) Bangladesh imposed daily limits on fuel sales after panic buying and stockpiling raised concerns about supply as the war in the Middle East roiled global energy markets.The measures follow US and Israeli air strikes on Iran — and retaliatory strikes by Tehran across the Middle East — which have disrupted oil shipments through the Strait of Hormuz, a key energy route, and sent energy prices soaring.Bangladesh Petroleum Corp (BPC), the state-run importer and distributor, said the curbs aim to restrain excessive demand, calm the public and keep nationwide stocks stable."Fuel oil is essential for the country's development, but about 95% of it must be imported," it said, adding that global instability had occasionally delayed shipments.Rumours about shortages had prompted consumers and dealers to hoard fuel, it added.Under the limits, motorcycles can buy up to 2 litres of octane or petrol a day; private cars 10 litres; SUVs, jeeps and microbuses 20-25 litres; pickups and local buses 70-80 litres; and long-distance buses, trucks and container carriers 200-220 litres of diesel.BPC said demand at depots was abnormally high, with some dealers trying to withdraw more fuel than usual and some consumers storing fuel illegally. Filling stations must now issue cash memos showing quantity and price and verify previous purchase receipts before refuelling.Despite the rush, BPC said imports were continuing normally and supplies were being sent to depots via rail tankers. It said buffer stocks should stabilise soon and urged consumers not to hoard. It also warned that selling fuel above government-set prices is a punishable offence.Bangladesh also faces higher liquefied natural gas import costs after Qatar suspended deliveries amid the conflict, prompting authorities to ration gas and shut several fertiliser plants.The country has secured two spot LNG cargoes for March, but officials warned that prolonged disruption could force a heavier reliance on the volatile spot market, adding to its import bill.
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Indonesia's President Prabowo Subianto has reassured that he will withdraw from US President Donald Trump's 'Board of Peace' if the platform does not benefit Palestinians, a government statement said. The participation of Indonesia, the world's largest Muslim-majority nation, on the board, and its decision to contribute troops for a Gaza stabilisation force, has drawn criticism from experts and Muslim groups at home, who say it compromises its long-standing support for the Palestinian cause. Prabowo gathered the groups' leaders for a meeting on Thursday evening where he reiterated his reasoning behind joining the board, according to a statement put out by the government communication office. Prabowo will withdraw from the board if it does not benefit Palestinian and Indonesian interests, the statement quoted Hanif Alatas of the Islamic Brotherhood Front as saying. "The president said that if he sees that there is no longer any benefit for Palestine...and that it is not in line with Indonesia's national interests, he will withdraw," Hanif said in the statement. The Indonesian Ulema Council, a leading clerical body, had previously called for Indonesia to exit the board due to the US role in the ongoing Iran war. Nahdlatul Ulama, the country's largest Muslim group, said Indonesia's government could use the board to encourage de-escalation in the Middle East. "Indonesia could declare that the (board's) agenda is on hold until there are talks on de-escalation and peace from the American-Israeli war against Iran," its chief Yahya Cholil Staquf said in a statement issued byPrabowo's office late on Thursday. All Board of Peace discussions have been halted due to the war, Indonesia Foreign Minister Sugiono has previously said.
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US Interior Secretary Doug Burgum (centre) reacts during a meeting with Venezuela's interim president Delcy Rodriguez (out of frame) at the Miraflores Presidential Palace in Caracas on Weddnesday.(AFP) Venezuela and the United States are restoring diplomatic ties, the two countries announced Thursday, in a new sign of thawing relations after Washington ousted former president Nicolas Maduro.The announcement came as US Interior Secretary Doug Burgum wrapped up a two-day trip to Venezuela, part of US President Donald Trump's push for greater access to the country's mineral wealth.The re-establishment of diplomatic and consular relations "will facilitate our joint efforts to promote stability, support economic recovery, and advance political reconciliation in Venezuela," the US State Department said."Our engagement is focused on helping the Venezuelan people move forward through a phased process that creates the conditions for a peaceful transition to a democratically elected government."Venezuela's foreign ministry said it would "move forward in a new stage of constructive dialogue, based on mutual respect, the sovereign equality of states and cooperation between our people," adding that the renewed ties would be "positive and mutually beneficial."The announcement came hours after Burgum, a member of Trump's cabinet who leads the National Energy Dominance Council, said he had received assurances from Caracas that the government would ensure the security of foreign mining companies keen to invest there.Burgum, who held talks with interim president Delcy Rodriguez during his trip, said dozens of companies had expressed interest in investing in Venezuela."I think you're going to see this government very concerned about providing the right kind of security," Burgum said.He told reporters his meetings were "fantastically positive," and predicted Venezuela would surpass its oil and gas production targets in 2026.Trump's administration says it effectively runs Venezuela and controls the country's vast natural resources after toppling Maduro.Burgum is the second senior US official to visit since the bombing raid on January 3 that left around 100 people dead and saw Maduro and his wife flown to New York for trial on drug trafficking charges.Besides oil, Venezuela is rich in minerals such as gold and diamonds, as well as bauxite, coltan and other rare materials used to make computers and mobile phones.Mining activity is concentrated in a territory known as the Orinoco Mining Arc, where armed groups are active.Burgum's visit follows that of US Energy Secretary Chris Wright, who pushed for a "dramatic increase" in Venezuela's oil output and talked up "tremendous opportunities" for both Washington and Caracas.The enthusiastic assessments of both men, which echo Trump's stance, reflect the sea change in relations between Washington and Caracas since the capture of Maduro.Trump has allowed Rodriguez, who was Maduro's vice president, to move up to interim leader so long as she grants US access to Venezuela's natural resources.Venezuela has the world's largest proven oil reserves, and Rodriguez last month overhauled the state-controlled oil sector to enable a wave of private investment. She now has her sights set on updating the mining code.
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The Bahrain and Saudi Arabian Grands Prix are unlikely to be replaced on what would become a 22-race Formula One calendar if, as now looks probable, they are cancelled due to conflict in the Middle East.Multiple senior sources in the F1 paddock told Reuters that reducing the world championship from a scheduled 24 rounds was the most probable outcome. Bahrain's floodlit race at the Sakhir circuit to the south of Manama is scheduled for April 12 with the Saudi race in Jeddah due on the following weekend. MotoGP is also due to race at Qatar's Lusail circuit near Doha on April 12 and has said that date looks very difficult for them to fulfil, with the round unlikely to move to another venue. The World Endurance Championship (WEC) round in Doha on March 26-28 has been postponed.Qatar, Saudi Arabia and Bahrain's capital Manama have been targeted by Iranian missiles and drones, with a hotel hit in the latter city, after US and Israel launched attacks on Iran. Major airports in the region, significant hubs for international travellers, remain closed.Rescheduling the Formula One races for the same venues later in the year would be extremely difficult since temperatures are much higher in the region through the European summer and autumn. There is also an absence of obvious slots, with Formula One keen to maintain its August break and relieve the burden on teams.Although a number of circuits have been mooted in the media as possible replacements – Italy's Imola, France's Le Castellet and Portugal's Portimao as well as Turkey's Istanbul Park – the practical reality of shifting the circus at short notice makes it a major logistical challenge.There would also be little incentive for promoters and a limited window to sell tickets to cover the hosting fees while organising marshals, security and transport takes time. Hosting another race at Japan's Suzuka after round three, another option suggested, would raise another set of problems and track owners Honda would also have little incentive to cast a double spotlight on their own embarrassing engine woes with Aston Martin.While races were held behind closed doors at stand-in venues during the Covid-19 pandemic, with some circuits holding two in succession, there was a pressing need then to complete a season. A reduced 22-race calendar – still a long season compared to many in the past – would meet commercial obligations even if reducing Formula One's overall revenues.BAHRAIN WAS CANCELLED IN 2011 WITHOUT REPLACEMENTThe Middle Eastern races are major contributors to Formula One's bottom line but Bahrain and Saudi Arabia also have far deeper ties to the sport, the former as owners of champions McLaren and the latter as sponsors and investors. When the Bahrain Grand Prix was cancelled in 2011 due to unrest in the kingdom, it was not re-scheduled after teams objected to a late October date.'We want our role in Formula One to continue to be as positive and constructive as it has always been, therefore, in the best interest of the sport, we will not pursue the rescheduling of a race this season,' the circuit chairman, who subsequently became a government minister, said at the time.Formula One's then commercial supremo Bernie Ecclestone said later that Bahrain had paid the hosting fee anyway. Formula One's current chief executive Stefano Domenicali and Mohammed Ben Sulayem, president of the governing International Automobile Federation (FIA) have both said safety comes first.'We don't want to do any statement today because things are evolving and we still have time to make the right decision. This decision will be taken together,' Domenicali said in Melbourne. The Italian is expected to meet F1 bosses today.'It's the first get-together of all the teams. There's been very little communication about it (the situation) yet because of the effort that it took just to get here to Australia,' said McLaren boss Zak Brown. Mercedes boss Toto Wolff told reporters: 'I would very much hope we race. Is it realistic that we race there at the moment? I'm not quite sure'.While Formula One still has time before a decision has to be taken, other deadlines are fast approaching. Formula Two, a support series to Formula One, also has its first race of the season in Australia this weekend but the freight is then due to be flown to Bahrain on Monday for a test on March 25-27 at Sakhir.One senior source in the Formula Two paddock said teams were still awaiting clarification but expected both test and race to be cancelled, with an announcement possibly over the weekend. If the Bahrain F2 round, on the same weekend as Formula One, and the Saudi one are cancelled without replacement then the second race of the championship would not be until Monaco in June.
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France will hold municipal elections on March 15 and 22, votes seen as a key test ahead of next year’s presidential election. The two-round ballot will measure the strength of the far-right National Rally (RN) and showcase what types of alliances could emerge in an increasingly fragmented landscape. Heading nearly 35,000 communes — from major cities to villages with only a few dozen residents — mayors are France’s most trusted elected officials, seen by voters as the political figures closest to their daily concerns. Local results can also shape national momentum and reveal which themes resonate with voters, especially when they take place just over a year before the next presidential election. The anti-immigration, eurosceptic party, which has so far struggled to make meaningful gains at a local level, is treating the March votes as a critical step toward building momentum for the 2027 presidential ballot. It hopes to consolidate towns it already controls and expand into larger urban areas, saying it would field about 650 lists, substantially more than in previous cycles. Currently, only around a dozen mayors belong to, or are backed by, the RN. The far-right party only runs one city of over 100,000 inhabitants, Perpignan. One key question ahead of the 2027 vote is what alliances the RN will strike with other parties between the two rounds. Will decades of tradition of shunning the far right hold? Some, especially in mainstream parties on the right, are tempted to do otherwise this time. In a sign of how important this election is for the RN, 33 out of 119 of its members of parliament are candidates in the municipal elections. Marseille is a long-time conservative city which the left won in the last ballot in 2020, and which all main parties, including the RN, are fighting over. Paris is another key battleground. For decades a city led by conservatives, it has had a Socialist mayor since 2001. The RN is also targeting Toulon, a city of 180,000 in southern France, which it already ruled under its previous name, the National Front, from 1995 to 2001. The left did well across France in the last municipal elections in 2020. It is now weakened nationally. Whether it can keep some of the cities it won last time, such as Nantes and Montpellier for the Socialists, or Lyon and Strasbourg for the Greens, will be in focus. The hard-left France Unbowed, which like the RN has never been strong in local elections, is also hoping to make gains, including in the Seine-Saint-Denis area where it has several members of parliament. The conservative Republicans (LR) have lost heavily in the last national elections but have long been strong in municipal elections. President Emmanuel Macron’s allies hold relatively few municipalities, limiting the potential for an anti-government vote. Menton, a quiet Riviera town popular with retirees, is bound to attract attention. Former President Nicolas Sarkozy’s son Louis, openly inspired by Trump-style rhetoric, is a candidate there. There are nearly 35,000 separate elections, many of which are focused on local issues and are not reviewed by pollsters, making them hard to predict. Nationwide, security, housing and local taxes are among key issues for voters in this election, surveys show. Another factor making those elections hard to predict is how they work. A list that wins an absolute majority in the first round takes control of the municipality. Failing that, all lists with 10% or more advance to the second round. Those with at least 5% can merge with larger lists. This system often leads to three- or four-way runoffs, making the second round quite unpredictable. There could also potentially be an impact from the killing of far-right activist Quentin Deranque, who was beaten to death in February in a fight with alleged hard-left activists. The incident soured the mood towards France Unbowed, a poll showed. Voting starts at 8am on March 15 and closes between 1700 GMT and 1900 GMT, depending on the city. In most medium to large cities, there will be a second round on March 22. Voting times are the same. Results will trickle in on those evenings.
