Global stocks tumbled on Friday and oil fell below $80 a barrel after news of a possibly vaccine-resistant coronavirus variant sent investors scurrying to the safety of bonds, the yen and the Swiss franc.

Dyson supplier ATA IMS Bhd said on Friday it is taking seriously allegations of forced labour in an audit summary it received from the high-end home appliance maker, and claims of physical abuse raised by a former worker.

After years of expansion in Hong Kong, cash-strapped Chinese developers are reducing their presence in one of the world's most expensive property markets, allowing firms in the financial hub to scoop up some of their assets at distressed prices.

Japanese Prime Minister Fumio Kishida on Friday urged companies whose earnings have recovered pre-pandemic levels to raise wages by 3% or more at their labour talks next spring as he aims to achieve a virtuous cycle of growth and wealth distribution.

The Japanese yen and the Swiss franc surged on Friday, while the Australian dollar and the Norwegian crown slumped, as investors fled for shelter following the discovery of a new coronavirus variant that could resist current vaccines.

The safe-haven yen rallied while the South African rand and risk-sensitive Australian dollar slumped on Friday, as investors ducked for cover following the discovery of a new coronavirus variant that could resist current vaccines.