RIYADH (AFP) – Tammy Abraham grabbed a late winner as AC Milan came from two goals down to beat defending champions Inter Milan 3-2 and lift the Italian Super Cup trophy in Riyadh, Saudi Arabia yesterday.
Inter looked on course for a fourth consecutive trophy in the tournament after goals from Lautaro Martinez and and Mehdi Taremi either side of the break in Saudi Arabia.
But in a repeat of their 2-1 come-from-behind win against Juventus in the semi-final Milan returned transformed after the break.
To add to the Inter’s woes the reigning Serie A champions lost Hakan Calhanoglu to a muscular injury just after half an hour with Kristjan Asllani coming on in place of the Turkish midfielder.
Theo Hernandez revived AC Milan hopes with a free kick after 52 minutes as they chased a first trophy under new coach Sergio Conceicao.
United States (US) winger Christian Pulisic grabbed the equaliser with 10 minutes to go with English forward Abraham sealing the winner after 93 minutes to give his side the trophy for the eighth time and first since 2016.
Three-time defending champions Inter had dominated Atalanta 2-0 last Thursday in the Super Cup semis staged in Saudi Arabia for the third year in a row.
AC Milan’s eighth Italian Super Cup trophy moves them equal with Inter Milan and behind Juventus who have won the tournament a record nine times.
AC Milan’s Francesco Camarda celebrates with teammates after winning the Italian Super Cup final match against Inter Milan at Al Awwal Park Stadium in Riyadh, Saudi Arabia. PHOTO: APAC Milan players celebrate after winning the Italian Super Cup final match against Inter Milan at Al Awwal Park Stadium in Riyadh, Saudi Arabia. PHOTO: AP
AFP – Eurozone inflation rose in December as energy prices slightly ticked up, official data showed yesterday, rebounding for a third straight month but unlikely to stop another interest-rate cut by the European Central Bank (ECB).
Consumer prices picked up to 2.4 per cent last month, as predicted by analysts for Bloomberg and financial data firm FactSet, and up from 2.2 per cent in November.
Meanwhile, core inflation – which strips out volatile energy, food, alcohol and tobacco prices and is a key indicator for the ECB – was stable at 2.7 per cent.
The ECB is expected to cut interest rates at the next monetary policy meeting on January 30, but it will need to tread carefully with price pressures still present in the eurozone.
December’s rise comes after inflation in the 20-nation single currency area fell to a three-year low of 1.7 per cent in September.
Consumer prices have since been inching back up to above the ECB’s target of two per cent, the exact figure hit in October.
The higher reading is due to energy prices rising by 0.1 per cent in December, a significant uptick after a fall of two per cent in November. Meanwhile, food prices remained stable at 2.7 per cent last month. Services inflation rose by four per cent last month, up slightly from 3.9 per cent in November, which experts said would likely force the ECB to cut rates at a slower pace.
The European currency logo opposite the European Central Bank (ECB). PHOTO: AFP
“The continued stickiness of eurozone services inflation means that the ECB is likely to keep cutting interest rates only slowly even as the economic outlook remains poor,” said Deputy Chief Eurozone economist at Capital Economics Jack Allen-Reynolds.
Inflation in the eurozone has been brought firmly back down from the highs of more than 10 per cent reached in late 2022 following the situation in Ukraine. With weak economic growth, the ECB had turned its attention last year to cutting rates to combat the signs of weakness in the European economy.
In December, the ECB reduced its key deposit rate by a quarter point to three per cent, its third cut in a row and fourth since June, when it kicked off its current easing cycle.
ECB Chief Christine Lagarde insisted in a New Year’s message that the bank would focus on further reining in inflation this year.
“We have made significant progress in 2024 in bringing down inflation and hopefully 2025 is the year when we are on target as expected and as planned in our strategy,” Lagarde said on January 1 in a video on social media platform X.
“Of course, we will continue our efforts to ensure that inflation stabilises sustainably at that two per cent medium-term target,” she added.
Inflation rose in the eurozone’s two biggest economies, Germany and France, to reach 2.8 per cent and 1.8 per cent respectively in December.
Eurostat data also showed Ireland had the lowest rate of inflation in December at one per cent.
Other official data published yesterday showed unemployment in the eurozone stood at 6.3 per cent in November.
HANOI (XINHUA) – Vietnam’s national index of industrial production in 2024 expanded 8.4 per cent year-on-year, the highest growth since 2020, local media Vneconomy reported yesterday, citing the country’s General Statistics Office.
The processing and manufacturing sector went up by 9.6 per cent while the electricity production and distribution sector expanded by 9.5 per cent.
The water supply and waste management sector increased by 10.7 per cent.
The mineral exploitation sector reported a year-on-year decline of 6.5 per cent.
Key industrial products reported significant growth in 2024 including automobiles, up 27 per cent, steel production, up 18.7 per cent, and televisions, up 18.6 per cent.
WOLVERHAMPTON (AFP) – Nottingham Forest’s stunning season continued with a 3-0 victory at Wolves yesterday to give manager Nuno Espirito Santo a winning return to Molineux.
England international Morgan Gibbs-White and the in-form Chris Wood struck before half-time to take Forest to within six points of leaders Liverpool, who they host in their next Premier League game.
Substitute Taiwo Awoniyi rounded off the scoring and a sixth consecutive win for Forest in stoppage time.
Defeat leaves Wolves outside the relegation zone only thanks to goal difference as they suffered a first defeat under new boss Vitor Pereira.
Forest remain third in the table but move level on points with Arsenal.
Even if a shock title challenge proves beyond Espirito Santo’s men, they are building up an impressive cushion in the race for Champions League football next season.
They are five points clear of fifth-placed Newcastle and six in front of struggling champions Manchester City in sixth.
A top-four finish would guarantee a return to the continent’s elite competition for the first time in 45 years for the two-time European champions.
Nottingham Forest’s Chris Wood celebrates after scoring their side’s second goal of the game during the Premier League match at Molineux Stadium, Wolverhampton, England. PHOTO: AP
However, fifth could also be good enough depending on how English club fare in European competition this season.
“We need to stay humble. We haven’t achieved anything yet, we need to work until the end and this can lead us to good moments,” said Espirito Santo.
Gibbs-White savoured his return to the club where he spent the early part of his career.
In front of the watching new England manager Thomas Tuchel, the midfielder did his case for further international recognition no harm with a cool finish from Antony Elanga’s pass.
Forest’s unexpected rise from battling relegation until the final day of last season into Champions League contenders has been build on a solid defence and Wood’s purple patch.
The New Zealand international turned in Callum Hudson-Odoi’s low cross for his 12th goal of the season to double the visitors’ lead just before half-time.
Wolves pressed and probed for a way back into the game after the break but were toothless in the absence of talisman Matheus Cunha through suspension.
Mats Sels was forced into one brilliant save to deny Jorgen Strand Larsen to preserve a ninth clean sheet of the season and fourth in a row.
That solidity is familiar to Wolves fans from Espirito Santo’s time in charge of their club between 2017 and 2021.
The Portuguese coach led Wanderers from the Championship into Europe for the first time in 39 years.
Now after troubled spells at Tottenham and Saudi club Al-Ittihad, he is recreating that magic to leave Forest fans in dreamland.
AP – Nippon Steel was standing firm on its proposed USD15 billion acquisition of United States (US) Steel, Chief Executive Eiji Hashimoto said yesterday after US President Joe Biden’s blocked the top Japanese steelmaker’s move.
“There is no reason or need to give up,” he told reporters at company headquarters in Tokyo. “We are convinced it’s clearly beneficial for both nations.”
While acknowledging the effort may take time, he stressed the companies’ latest legal action in the US was a key development.
Nippon Steel Corp and US Steel filed federal lawsuits on Monday challenging the Biden administration’s decision as ignoring “the rule of law”.
In separate lawsuits in the US Court of Appeals for the District of Columbia and the US District Court for the Western District of Pennsylvania, the steelmakers challenged the Biden administration’s move, noting the acquisition will “enhance, not threaten, US national security”.
In blocking the transaction last Friday, Biden said US companies producing steel need to “keep leading the fight on behalf of America’s national interests”.
Proponents of the takeover, which surfaced more than a year ago, said Japan is a US ally, as well as a top investor in American companies.
Hashimoto reiterated that Nippon Steel and US Steel were “united as one” in wanting the deal.
They both feel Biden’s decision is unlawful and invalid, and hope to win understanding for their effort, he told reporters.
The US market remains a key part of Nippon Steel’s global strategy, said Hashimoto.
US Steel Corp has accused the Biden administration of interference.
“We will vigorously defend our rights to complete this transaction and secure the future of US Steel,” the Pittsburgh-based manufacturer said in a recent statement.
Japanese Prime Minister Shigeru Ishiba also supports the deal, denying any security concerns.
Biden leaves the White House on January 20, but incoming US President Donald Trump also opposes the acquisition.
The Committee on Foreign Investment in the US reviewing the deal earlier did not reach a consensus on possible national security risks. Fitch Group’s CreditSights categorised the opposition to the deal as primarily political, while noting US Steel can remain “a standalone company”, benefiting from a recent rise in steel prices.
“In short, US Steel does not necessarily need to be sold,” it said in an analysis on Monday.
A staff enters a doorway next to the Nippon Steel logo at the company’s Kashima Plant in Kashima, Japan. PHOTO: AP
SPAIN (AFP) – Real Madrid sailed through to the Copa del Rey last 16 with a comfortable 5-0 victory at fourth-tier minnows Deportivo Minera yesterday.
Federico Valverde, Eduardo Camavinga, Arda Guler struck in the first half for the dominant Spanish champions.
Veteran Luka Modric netted the fourth before Guler tapped in his second to round off the rout.
Coach Carlo Ancelotti rested several key players ahead of the Spanish Super Cup starting in Saudi Arabia later this week, with Kylian Mbappe and Vinicius Junior only appearing as second-half substitutes.
Valverde volleyed home at the back post early on to help Madrid take control and Camavinga doubled the lead after 13 minutes with a header. Endrick came close to adding a third for Los Blancos before Guler pounced with the aid of a deflection after cutting in from the right.
Brahim Diaz hit the post early in the second half before 39-year-old midfielder Modric notched with a neat curling effort.
Guler finished with ease at the death after Fran Garcia teed him up to cap a fine night for the Turkish playmaker.
On Saturday Barcelona and Atletico Madrid also eased into the next round, while holders Athletic Bilbao scraped through on penalties against third-tier Logrones.
The draw for the next round takes place today, with the fixtures due to take place between January 14-16.
Real Madrid’s Kylian Mbappe, Valencia’s Yarek Gasiorowski and Cristhian Mosquera battle for the ball during a Spanish La Liga match at Mestalla stadium in Valencia, Spain. PHOTO: AP
AFP – Most markets rose in Asia yesterday following another rally on Wall Street sparked by tech giants as traders try to assess Donald Trump’s tariff plans following a report he may take a more targeted approach.
Eyes were also on the release of closely watched United States (US) jobs data at the end of the week after the Federal Reserve (Fed) scaled back its interest rate cut expectations and took a more hawkish turn.
After a tepid start to the week, Asian investors fought to recover yesterday after a tech-fuelled rally in the S&P and Nasdaq – with Nvidia hitting a record – as strong results from chip giant Foxconn sparked a fresh rush for semiconductors.
The US gains were also helped after The Washington Post said Trump’s aides were weighing plans to apply tariffs only to goods in certain critical sectors – a more narrow definition than the president-elect previously proposed.
Most markets rose in early Asian business, with Tokyo up two per cent helped by a weak yen, while Shanghai, Sydney, Singapore, Seoul, Taipei, Mumbai, Bangkok and Jakarta were also higher. Wellington and Manila fell.
Hong Kong also retreated as tech firms took a hit with Tencent diving more than seven per cent. Its US-listed shares shed 7.8 per cent.
A currency trader at KEB Hana Bank headquarters in Seoul, South Korea. PHOTO: AP
Still, Morningstar senior equity analyst Ivan Su said, “Given Tencent’s business model – which primarily revolves around social networking and online gaming – we believe the company has a good chance to secure exclusion through US courts.”
Major battery manufacturer CATL, which was also named on the list, sank 5.2 per cent in Shenzhen before paring the losses.
The announcement came just weeks before Trump returns to the White House, with many commentators fearing another trade war.
There is also growing concern that his plans to slash taxes, remove regulations, impose tariffs on imports and crack down on immigration will reignite inflation, putting pressure on the Fed to keep borrowing costs higher for longer.
“While an aggressive Trump may try to deliver large fiscal stimulus, stronger demand would quickly run into a deteriorating supply side of the US economy,” said senior emerging markets economist at Schroders David Rees.
“Despite being partially absorbed by the stronger US dollar and profit margins, substantially higher tariffs would be likely to increase goods inflation.
“But the greater threat to inflation probably comes from a crackdown on immigration, along with mass deportations, if it leads to labour shortages that would ultimately result in higher wages and services inflation.”
Friday’s non-farm payroll report is the next big marker for investors hoping for some idea about the Fed’s plans for rates after it scaled back its forecasts for cuts in 2025 last month.
AFP – World number one Aryna Sabalenka is gunning for a third consecutive Australian Open crown but will face a stiff challenge from Iga Swiatek, Coco Gauff and last year’s runner-up Zheng Qinwen.
Sabalenka won the Brisbane International on Sunday but the headline was in Sydney where a red-hot Gauff beat Swiatek in the United Cup final in a statement victory.
The 20-year-old American Gauff bounced back impressively from parting with coach Brad Gilbert to win the WTA 1000 in Beijing and the WTA Tour Finals to end 2024. The world number three again looked in prime form as she inspired the United States (US) to victory over Poland in the mixed-teams event and confidence is high heading into Melbourne.
“Honestly, before every Grand Slam I have the belief that I can win,” said Gauff, who triumphed at the 2023 US Open for her only major title so far.
“And especially after the US Open, I proved that I could do it. I definitely have belief that I can win.”
The United Cup was Swiatek’s first event since it was revealed she had served a one-month doping suspension.
The world number two began her 2025 campaign with four straight singles wins until coming up against Gauff, where she went down 6-4, 6-4 a week before the start of the Australian Open.
Swiatek is a five-time major champion but she has never shone at Melbourne Park, only progressing beyond the fourth round in 2022, when she was upset by Danielle Collins in the semi-finals.
Poland’s Iga Swiatek holds the trophy flanked by Aryna Sabalenka of Belarus after winning the women’s final match against at the Mutua Madrid Open tennis tournament in Madrid, Spain. PHOTO: AP
AFP – France’s annual inflation rate remained steady in December, with prices of manufactured goods falling again while those for energy rebounded slightly, official figures showed yesterday.
Consumer prices in the eurozone’s second biggest economy rose by 1.3 per cent, the same pace as in November, according to the INSEE statistics institute.
But the inflation indicator favoured by the European Central Bank (ECB) – the harmonised index of consumer prices – rose in December to 1.8 per cent compared to 1.7 per cent the month before.
France’s inflation rate fell below the ECB’s two-per-cent target last year. The central bank has started to cut interest rates after having hiked them to tame inflation, which soared following the COVID pandemic.
An aerial view of the city of Paris from Montmartre in Paris, France. PHOTO: AP
MELBOURNE (AFP) – World number one Jannik Sinner said yesterday his “amazing” 2024 was history as he warmed up for the defence of his Australian Open title with a tough exhibition match victory on Melbourne’s centre court.
The Italian is coming off a breakthrough year in which he backed up his maiden Grand Slam title at Melbourne Park by winning the United States (US) Open and ATP Finals.
He then starred for Italy as they claimed a second consecutive Davis Cup triumph, ending as the world’s undisputed top player.
The 23-year-old skipped any lead-up events to the opening major of the year and instead flew straight to Melbourne for his first match of 2025.
He faced a testing battle on a hot afternoon against Australian world number 25 Alexei Popyrin, eventually prevailing 6-4, 7-6 (7/2), rallying from 5-2 down in the second set on Rod Laver Arena.
“2024 was an amazing season for me, but it has already gone now,” said Sinner, who spent the holidays at home in the snow and arrived in Melbourne to a 40 degree Celsius day.
“So many things have happened for me on this court and off the court,” he added.
“I’m very happy to be back, even if it is a kind of exhibition. For us it’s always very important trying to feel the court, the pace.
“In my mind, I know how much work we have put in, which hopefully will give me confidence and we will see how it goes,” he added.
The Australian Open starts on Sunday.
Sinner is kicking off his campaign with a doping cloud hanging over him after twice testing positive for traces of the steroid clostebol in March.
He was exonerated by the International Tennis Integrity Agency, which accepted his explanation that the drug entered his system when his physiotherapist treated a cut.
But the World Anti-Doping Agency appealed to the Court of Arbitration for Sport and the Italian is still awaiting the verdict.
