Taiwan’s Foxconn, the world’s largest contract electronics maker, reported on Monday a 2 per cent fall in fourth-quarter profit versus the same period a year earlier, lagging estimates despite strong global demand for AI products.

Net profit for October-December for Nvidia’s biggest server maker and Apple’s top iPhone assembler was T$45.21bn ($1.42bn), versus an LSEG consensus estimate of T$63.86bn. Foxconn did not provide a reason for the profit fall in its earnings release.

Foxconn, formally called Hon Hai Precision Industry, in January reported record fourth-quarter revenue on strong demand for AI products.

Most of the iPhones Foxconn makes for Apple are assembled in China, but it now produces the bulk of those sold in the United States in India. The company is also building factories in Mexico and Texas to make AI servers for Nvidia.

Foxconn has also been looking to expand its footprint in electric vehicles, which the company sees as a major future growth generator, though that has not always gone smoothly.

In August, Foxconn said it had struck a deal to sell a former car factory at Lordstown, Ohio, for $375m, including its machinery, that it purchased in 2022 to manufacture EVs.

Foxconn will hold its earnings call later on Monday in Taipei, where it is also expected to update its outlook for the year.

Foxconn’s shares have dropped 6 per cent so far this year, underperforming the broader Taiwan index’s 15 per cent gain.

Its shares closed up 0.9 per cent on Monday ahead of the earnings release.

Dubai has rapidly become one of the world’s leading hubs for dermatology and aesthetic medicine, attracting international expertise, advanced technologies and patients from across the globe.

For Dr Faiez Ghanam, founder of a dermatology and cosmetic clinic in the city, the opportunity lies not only in aesthetics but also in restoring a strong scientific focus to dermatological care. Drawing on experience from earlier clinics in Syria and Qatar, he has built a practice that aims to balance medical dermatology with advanced cosmetic procedures.

In this interview, Dr Ghanam discusses the motivation behind launching his clinic in Dubai, how the practice differentiates itself in a competitive market, and the trends shaping the future of dermatology and aesthetic medicine.

What motivated you to establish your own dermatology and cosmetic clinic in Dubai, and how has your original vision evolved since launch?

My goal has always been to establish a comprehensive centre for dermatological diseases in Dubai based on scientific practice and continuous advancement.

I noticed that this speciality was gradually being neglected, with many dermatology centres and doctors focusing primarily on cosmetic procedures rather than medical treatment. As a result, patients suffering from dermatological diseases were often being overlooked and their conditions were not receiving the necessary scientific attention in terms of diagnosis and treatment.

This has been my passion since establishing my first clinic in Syria and later expanding with a clinic in Qatar. From the beginning, I have been committed to maintaining a balance between treating dermatological diseases and offering the latest non-surgical cosmetic procedures using the most advanced global technologies.

Dubai is a highly competitive market for aesthetics and dermatology. How do you differentiate your clinic from others in the sector?

Dubai is indeed a highly competitive market due to the presence of diverse international expertise, and investment in the city is very promising.

However, I have always avoided competing on price. Instead, my focus has been on delivering the highest possible quality by investing in the most advanced medical devices available globally and building a fully integrated medical team.

This includes specialised dermatologists, cosmetic doctors, and a highly trained team of nurses and specialists who hold advanced certifications. Our competition is therefore based on quality and uniqueness in treatment approaches rather than pricing.

How important has Dubai been to the clinic’s growth, and what makes the city an ideal base for building and scaling a premium dermatology and aesthetic practice?

Dubai is a global destination for people travelling for investment, residency and increasingly for medical treatment.

One of the city’s biggest advantages is accessibility. Patients from almost every nationality can reach Dubai easily, which means many of my international patients can access our centre here more conveniently than in other locations.

In addition, Dubai provides access to the latest global technologies and facilitates communication with specialised international companies. The regulatory environment is also flexible, making it easier to import advanced medical equipment and resources.

For these reasons, Dubai was the first choice when it came to investing in science and medicine.

How do you approach investment in new technologies, treatments and talent, and what role does innovation play in driving the clinic’s growth?

Continuous development is the most important factor in advancing our medical centre. We constantly update our technologies and ensure that we are aligned with the latest therapeutic devices and techniques.

However, these technologies must be globally recognised and approved by leading regulatory authorities in Europe, the United States and other regions.

Another key element is investing in the development of the medical team through training courses, scientific workshops and participation in international medical conferences and exhibitions.

In simple terms, staying up to date in every aspect—technology, knowledge and training—is essential, alongside relying on precise scientific references to achieve advanced clinical outcomes for our patients.

From a business perspective, how do you define and measure success for the clinic today?

From a business perspective, the venture has been very successful. The centre has developed steadily and continues to grow and prosper in a very satisfying way.

This consistent growth reflects both patient trust and the strong demand for high-quality dermatological care in Dubai.

Looking ahead, what trends in dermatology and aesthetic medicine do you believe will shape your strategy over the next three to five years?

My long-term ambition is to establish a fully integrated specialised dermatology centre that provides comprehensive care from A to Z.

This would include advanced treatments, modern medical technologies and personalised treatment plans tailored to each patient based on precise diagnosis.

The centre would also include a fully integrated pharmacy department to support these treatments, as well as the latest cosmetic procedures.

In addition, we aim to develop an advanced training department dedicated to educating medical professionals—including doctors, specialists and nurses—on the latest dermatological treatments and technologies. This would include certified programmes in laser technologies and professional skincare practices within a comprehensive and accredited framework.

China’s economy began the year on a firmer footing as factory output quickened while retail sales and investment rebounded in January-February, offering early relief for policymakers as the US-Israeli tensions with Iran injects fresh uncertainty for growth.

The resilience followed a surge in exports driven by booming AI-related technology demand, which also buoyed upstream manufacturing, although analysts cautioned of risks to the outlook from geopolitical tensions, fragile consumer confidence and strains in global trade and energy markets.

Industrial output rose 6.3 per cent from the same period in the previous year, National Bureau of Statistics (NBS) data showed on Monday, up from the 5.2 per cent growth clocked in December. It beat a 5 per cent expansion forecast in a Reuters poll and marked the quickest growth since September last year.

Read more-UN climate chief warns Iran war exposes fossil fuel dependence

“While risks to the outlook have increased amid geopolitical tensions and disruptions to global trade and energy markets, the latest figures indicate that China entered the year with a firmer growth footing than previously thought,” said Hao Zhou, chief economist at Guotai Junan International.

Retail sales, a gauge of consumption, jumped 2.8 per cent, quickening from the 0.9 per cent pace in December for their biggest gain since October last year. Analysts had expected 2.5 per cent growth.

The strong impetus was driven in part by the country’s longest Lunar New Year holiday in February. The festivities helped boost total tourism spending by almost 19 per cent from the same holiday period last year, which was one day shorter.

But domestic tourism spending per trip dipped 0.2 per cent, suggesting consumers remain cautious.

Data from earlier last week, for instance, showed passenger vehicle sales at home tumbled 26 per cent in the first two months.

China combines January and February data releases to smooth out distortions from the festival holidays, which can fall in either month.

Unemployment ticks up, jobs ‘hard to find’

Monday’s data provided another encouraging sign for policymakers as an unexpected upturn in investment took some of the sting off the challenge of a protracted downturn in the critical property sector.

Fixed asset investment, which includes property and infrastructure investment, expanded 1.8 per cent in the first two months, defying expectations for a 2.1 per cent decline after contracting 3.8 per cent in 2025 – its first annual drop in about three decades.

Infrastructure investment led the rebound, growing 11.4 per cent as policy support, including a new financing tool from banks to fund key projects, began to take effect.

The overall data, while showing some positive momentum, still suggest a wide gap between robust external demand and sluggish household consumption that analysts warn could hamper China’s long-term growth prospects.

“It cannot be ruled out that domestic demand data in March will still face downward pressure,” said Zhaopeng Xing, senior China strategist at ANZ, though he added that the overall data do not support an interest rate cut in the near term.

Last week’s lending data pointed to a continued slump in household borrowing.

Also, worryingly for income generation, the survey-based nationwide jobless rate rose to 5.3% in the first two months from December’s 5.1 per cent, the NBS data showed.

“The current employment landscape remains challenging and jobs are hard to find,” said a college graduate surnamed Bai, who majored in education while attending a job fair in Beijing.

Tensions impact to start feeding through in coming months

At the annual parliament meeting that closed last week, policymakers set this year’s economic growth target at 4.5 per cent -5 per cent, down from last year’s “around 5per cent”. The target was met in 2025 largely on the back of a record trade surplus of $1.2trn, deepening unease among China’s trading partners.

Analysts say China faces significant challenges as it tries to foster sustainable longer-term growth.

While the government pledged a “notable” lift in household consumption, it spelled out limited measures to suggest a turn toward aggressive demand‑side reforms.

The Middle East conflict adds fresh uncertainty as it drives up energy prices and rattles global trade, raising the stakes for U.S. President Donald Trump’s late-March trip to Beijing to meet President Xi Jinping.

Fu Linghui, NBS spokesperson, told a press briefing on Monday that the Middle East war has stoked oil-price volatility and market jitters, but China’s overall energy supplies should help buffer external shocks. He said the conflict’s impact on domestic prices will require further scrutiny.

“The disturbance in the Middle East is set to show its impact on the global economy in coming months… I expect policymakers to respond through fiscal policy if necessary,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.

“The market will focus on the upcoming meeting between the Chinese and American leaders. While China will likely purchase more goods from the US to mitigate the trade imbalance, the war in the Middle East has made the meeting complicated.”

Traffic on Dubai’s Airport Road has returned to normal after earlier closures linked to a fire near Dubai International Airport (DXB) temporarily disrupted access to the area, according to an update from Dubai Police.

In a post on the social media platform X, Dubai Police confirmed that traffic had resumed following the earlier shutdown that affected vehicles coming from Sheikh Mohammed Bin Zayed Road and Al Khawaneej, as well as traffic from the Marrakech Street intersection heading toward Sheikh Mohammed Bin Zayed Road.

The reopening comes after authorities implemented precautionary measures early Monday following a fire reported near DXB.

Earlier in the day, some flights were diverted from Dubai International Airport to Al Maktoum International Airport (DWC) after operations were temporarily suspended as a precaution while emergency teams responded to the incident.

To facilitate emergency access and manage congestion, Dubai Police temporarily closed several key routes in the airport vicinity, including Airport Road and the Airport Tunnel. Motorists were advised to use alternative routes while traffic restrictions were in place.

Additional closures were implemented at Al Garhoud Bridge leading to Casablanca Street, as well as at the Cargo Village and Marrakech Street intersections toward the airport.

Dubai Civil Defence said its teams responded quickly to the incident and successfully contained the blaze.

Authorities have not reported any major injuries in connection with the incident, and operations in the area have since stabilised, with traffic gradually returning to normal around the airport corridor.

The disruption to energy markets caused by the Iran war is an “abject lesson” in the risks of relying on fossil fuels, and underscores the case for governments to wean their economies off oil and gas, the UN climate secretary will tell EU policymakers on Monday.

While geographically far from the crisis in the Middle East, the European Union has felt its disruption through surging global energy prices. European gas prices have jumped by 50 per cent during the two-week war.

“Fossil fuel dependency is ripping away national security and sovereignty, and replacing it with subservience and rising costs,” Simon Stiell, executive secretary of the UN climate change arm UNFCCC, will tell EU officials and government ministers at an event in Brussels.

“Europe is more reliant on fossil fuel imports than almost any other major economy,” Stiell will say, in prepared remarks that warned reliance on fossil fuels was leaving consumers “at the mercy of geopolitical shocks and price volatility”.

The EU imports more than 90 per cent of its oil and 80 per cent of its gas.

EU leaders are hurriedly drafting emergency measures to shield consumers from the energy price spike, and avoid a repeat of Europe’s 2022 energy crisis, when Russia slashed gas deliveries, sending prices to record highs.

In the longer term, the European Commission says its climate change strategy to replace fossil fuels with locally-produced renewable and nuclear energy will secure countries’ energy security, and cut them free from volatile fuel prices.

But governments including Italy and Hungary are urging Brussels to weaken its climate change policies, to provide short-term cost relief for industries.

Stiell will warn doing this would be “completely delusional” and argue the shift to renewable sources like wind and solar power means cheaper energy, jobs in clean-technology industries, and secure supplies.

“Meek dependence on fossil fuel imports will leave Europe forever lurching from crisis to crisis,” Stiell will say.

“Renewables turn the tables. Sunlight doesn’t depend on narrow and vulnerable shipping straits.”