Intelligence
Latest News Intelligence Brief
Asia Intelligence Brief — Friday, February 13, 2026
·
February 13, 2026
·
15 min read
What Matters Today
Read about Asia Intelligence Brief — Friday, February 13, 2026 on The Rio Times.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
One-stop reference
Company Intelligence
Every listed company in Latin America — financials, ownership and structure for 1,450+ companies across 26 exchanges, in one place.
Browse the directory →RT
Open the full Ask Rio Times →Ask Rio Times
17 years of Latin America reporting, on demand.
\n
\n
Daily Edition · Friday, February 13, 2026
\n
\n
\n
Covering Feb 13
\n
\n
\n
\n
\n
\n
What matters today
\n
\n
1 Bangladesh election: BNP wins landslide — Tarique Rahman’s party secures 209 of 297 announced seats in first vote since 2024 Gen Z-led uprising that toppled Hasina; Jamaat-e-Islami emerges as main opposition with 68 seats; constitutional referendum passes with 60% in favour of July Charter reforms
\n
2 Kim Ju-ae enters “successor designation” — South Korean NIS tells lawmakers Kim Jong Un’s 13-year-old daughter has moved beyond training phase; now providing policy input; focus shifts to Workers’ Party Congress later this month for formal confirmation
\n
3 Takaichi trade under scrutiny — yen rallies as markets reconsider fiscal loosening after LDP’s historic supermajority; Nikkei pulled back 1.2% from Thursday’s all-time 58,000 touch; analysts warn of possible “Liz Truss moment” as 40-year JGB yields hit record highs above 4%
\n
4 China AI race heats up — Zhipu’s GLM-5 model tops open-source benchmarks, stock surges 16% on Friday extending Thursday’s 30% spike; Chinese factories buzzing with pre-CNY activity despite tariff headwinds; China–Mexico hold first face-to-face tariff talks in Beijing
\n
\n
\n
\n
01
\nMarket Snapshot
\nClose / Intraday Feb 13
\nMarket Snapshot
\nClose / Intraday Feb 13
\n
| PAIR / INDEX | LEVEL | DAY CHG | SIGNAL |
|---|---|---|---|
| Nikkei 225 | 56,942 | -1.21% | ▼ pullback from 58,000 ATH; AI fears hit sentiment; energy drags |
| Hang Seng | ~26,720 | -1.71% | ▼ basic materials weigh; Zhipu AI +16% bucks trend |
| CSI 300 | 4,660 | -1.25% | ▼ regulatory tightening on leverage; margin trading scrutiny |
| KOSPI | 5,507 | -0.28% | ▼ ends four-day winning streak; tech sector mixed |
| USD/JPY | ~153 | Yen +0.4% | ▲ yen rallies 4th day; markets reprice Takaichi fiscal plans |
| USD/CNY | ~7.24 | Flat | — yuan steady; PBOC maintaining tight band |
| Gold | ~$5,032/oz | -1.0% | ▼ consolidation near $5,000–5,100 range; silver below $81 |
| Brent Crude | ~$68.85/bbl | -0.3% | ▼ demand concerns offset Iran sanctions; Asia importers cautious |
| JGB 10Y | ~2.15% | +4bp | ▲ fiscal expansion fears; 40Y JGB yields above 4% — record |
\n
\n
\n
02
\nConflict & Stability Tracker
\nConflict & Stability Tracker
\n
\n
\n
\nCritical
\n
\nCritical
\n
Myanmar – Civil War
\n
Junta completed phased elections in Jan; ASEAN refuses to recognise results; Thailand offers to mediate; clashes with Karen NUU near Thai border force crossing closures; resistance controls significant rural territory; ASEAN FM meeting in Cebu pressing Myanmar peace plan; millions displaced
\n
\n
\n
\nCritical
\n
\nCritical
\n
Taiwan Strait – PLA Pressure
\n
PLA normalising operations in Taiwan’s contiguous zone; ADIZ incursions averaged 300+/month since Lai took office; 5,709 air incursions in 2025 (15x since 2020); CCG patrols around Kinmen, Pratas; drone flew through Pratas airspace Jan 17; T-Dome defence budget blocked 10x by opposition; Lai warns neighbours would be “next” after Taiwan
\n
\n
\n
\nEscalating
\n
\nEscalating
\n
Korean Peninsula
\n
Kim Ju-ae enters “successor designation” stage per NIS; Workers’ Party Congress later this month could formalise role; DPRK missile tests continue; South Korea’s Lee Jae-myung navigating post-election diplomatic reset with Japan and China
\n
\n
\n
\nTense
\n
\nTense
\n
South China Sea
\n
ASEAN–China code of conduct deadline set for end of 2026; Philippines hosts ASEAN FM meeting in Cebu; Balikatan joint exercises ahead; China demands Japan retract Takaichi’s Taiwan remarks; F-15EX deployment to Kadena in spring 2026; first F-16V deliveries to Taiwan expected this year
\n
\n
\n
\n
03
\nFast Take
\nFast Take
\n
\n
ELECTIONBangladesh: BNP wins historic landslide — Tarique Rahman’s Bangladesh Nationalist Party secures two-thirds supermajority with 209 of 297 announced seats; Jamaat-e-Islami wins 68 seats as main opposition; National Citizen Party takes 6 seats; constitutional referendum on July Charter passes with 60.26%; first truly competitive vote in years after Awami League barred; turnout estimated above 60%; Rahman likely next PM; India–Bangladesh ties under scrutiny with Hasina in exile in Delhi
\n
SECURITYKim Ju-ae designated successor — South Korea’s NIS informed lawmakers Feb 12 that Kim Jong Un’s daughter has moved from “successor training” to “successor designation stage”; now providing policy input; treated as de facto second-highest figure; NIS monitoring upcoming Workers’ Party Congress for formal titles; would be first female supreme leader in DPRK history; health concerns about 42-year-old Kim Jong Un cited
\n
MARKETSTakaichi trade faces reality check — Nikkei 225 falls 1.2% after briefly touching all-time 58,000 on Thursday; yen rallies for fourth straight day to ~153 vs USD as markets reconsider fiscal loosening after LDP’s 316-seat supermajority; 40-year JGB yields hit record above 4%; analysts warn of “Liz Truss moment” risk; Takaichi’s ¥122tn record budget and consumption tax freeze raise debt sustainability concerns with 230% debt-to-GDP ratio
\n
TECHChina AI race intensifies — Zhipu releases GLM-5, claiming top open-source model on Artificial Analysis benchmarks; stock surges 16% on Friday after 30% on Thursday; MiniMax gains 11% on M2.5 model; both extending gains from Thursday; Zhipu hikes GLM Coding Plan prices 30% amid surging demand; China’s AI sector racing to match Western frontier capabilities; ByteDance also releasing major model upgrades ahead of Lunar New Year
\n
TRADEChina factories buzzing despite tariffs — Chinese ports handled 40% more containers in week ending Feb 1 vs prior year; factories at near-full capacity pre-Lunar New Year; US–China tariff truce extended through Nov 10, 2026 with tariffs at 10% (down from 125%); China faces 34.7% effective tariff rate; separately, China–Mexico hold first face-to-face talks in Beijing after Mexico imposed 35% tariffs on Chinese goods in December; US tariff revenue hit $287bn in 2025, up 192% from 2024
\n
DIPLOChina–Japan tensions simmer — Beijing demands Takaichi retract Taiwan remarks, calling them violation of four political documents; China warns “so-called dialogue is unacceptable” without sincerity; Japan deploying F-15EX to Kadena; defence budget at ¥9tn for FY2026 (2% GDP target); $550bn US–Japan investment deal; China questions Japan’s “first island chain” defence burden-sharing under Trump
\n
\n
\n
04
\nDevelopments to Watch
\nDevelopments to Watch
\n
\n
\n
SOUTH ASIABangladesh’s Democratic Reset: BNP Secures Historic Mandate
\n
Bangladesh’s first general election since the July 2024 student-led uprising that ousted Sheikh Hasina has delivered a resounding mandate for change. Tarique Rahman’s Bangladesh Nationalist Party won a two-thirds supermajority with 209 of 297 announced seats, according to results released by the Election Commission on Friday. The vote was held across 299 constituencies on Thursday, with one postponed after a candidate’s death. More than 127 million voters were eligible in what observers called the “biggest democratic exercise of the year.” Jamaat-e-Islami, once banned under the Hasina government, registered its best-ever performance with 68 seats, emerging as the main opposition. The National Citizen Party, born from the 2024 protests, won 6 seats, with party leader Nahid Islam among the youngest MPs in the new parliament. Alongside the general election, a referendum on the July National Charter — which outlines constitutional reforms including a bicameral legislature, two-term prime minister limit, and strengthened judicial independence — passed with 60.26% approval. Hasina, in self-imposed exile in India, denounced the election as a “carefully planned farce” and demanded cancellation. The result represents the first clear transfer of power between major parties since 2001, and its implications for India–Bangladesh relations are significant: BNP has historically been less aligned with Delhi, and Hasina’s exile there has already frayed bilateral ties, opening space for Chinese influence. The BNP called for Friday prayers nationwide instead of victory rallies, signalling an intent to govern with restraint.
\n
\n
\n
EAST ASIAKim Jong Un’s Daughter Enters Formal Succession Stage
\n
South Korea’s National Intelligence Service delivered a significant update to lawmakers on February 12: Kim Jong Un’s daughter, believed to be named Kim Ju-ae and around 13 years old, has moved from “successor training” to the “successor designation stage.” The shift in language, reported by lawmakers Lee Seong-kweun and Park Sun-won, is considered a meaningful escalation in the NIS’s assessment of North Korean power dynamics. According to the briefing, Kim Ju-ae has been placed in the most prominent protocol positions at state events, is providing policy input, and is treated in practice as the second-most important figure in the state hierarchy. Her profile has risen steadily through appearances at military parades, missile tests, and a historic visit to the Kumsusan Palace of the Sun mausoleum in January 2026. Her September 2025 trip to Beijing — her first known overseas visit — for a meeting with Chinese leadership was another milestone. The NIS is now closely monitoring the upcoming 9th Workers’ Party Congress, scheduled for late February, for signs of formal succession: an official title, a constitutional role, or symbolic party-congress language about “successful inheritance of the revolution.” The development represents a potentially unprecedented break with North Korean tradition — she would be the first female supreme leader. Questions about Kim Jong Un’s health remain: the 42-year-old leader has shown symptoms of high blood pressure and diabetes since age 30, and concerns intensified after weight fluctuations. Some analysts caution it may be a PR strategy, but the NIS’s upgraded language suggests otherwise.
\n
\n
\n
JAPANMarkets Rethink Takaichi Trade as Fiscal Sustainability Fears Mount
\n
The “Takaichi trade” — the market dynamic of weaker yen, rising equities, and higher JGB yields driven by PM Sanae Takaichi’s aggressive fiscal policy — is undergoing a reassessment. After the Nikkei 225 hit an all-time intraday high of 58,000 on Thursday, it pulled back 1.2% on Friday to 56,942, while the yen continued a four-day rally to approximately 153 against the dollar. The correction reflects growing anxiety about the fiscal arithmetic behind Japan‘s first female leader’s ambitious agenda. Takaichi’s ¥122 trillion record budget for FY2026, her two-year food consumption tax freeze (estimated annual cost: ¥5 trillion), and a ¥21.3 trillion stimulus package from November 2025 are piling pressure on a country with a 230% debt-to-GDP ratio — the highest among developed economies. Yields on 40-year JGBs have surged past 4%, a record, while 10-year yields have risen above Chinese government yields for the first time in history. Debt-servicing costs are projected to hit a record ¥31.3 trillion in FY2026, consuming roughly one-quarter of the budget. Analyst Jeroen Blokland has warned the dynamics look “uncomfortably similar” to the UK in 2022 under Liz Truss. The Bank of Japan faces what analysts call an “impossible dilemma”: inflation has exceeded 2% for 44 consecutive months, yet it has raised rates by only 75 basis points. Takaichi’s dovish stance on monetary policy adds further tension. Finance Minister Satsuki Katayama is monitoring the yen near the 157-158 level for potential intervention. The supermajority gives Takaichi the power to override legislative vetoes from the Upper House, but the question is whether bond markets will grant the same latitude.
\n
\n
\n
CHINAAI Race Accelerates as Factories Hum Through Tariff Headwinds
\n
China’s technology sector and manufacturing base are displaying parallel confidence heading into the Lunar New Year. In AI, Zhipu’s newly released GLM-5 model has claimed the top position among open-source models on the Artificial Analysis benchmark, surpassing rival Moonshot AI. Hong Kong-listed Zhipu (Knowledge Atlas Technology) surged 16% on Friday after a near-30% spike on Thursday, while MiniMax added over 11% on momentum from its M2.5 model. ByteDance has also released major model upgrades, intensifying competition ahead of the holiday. Zhipu hiked the price of its GLM Coding Plan — similar to Anthropic’s Claude Code — by 30% to capitalise on surging demand. In manufacturing, Chinese factories are operating at near-full capacity despite the tariff overhang. Major ports handled 40% more containers in the week ending February 1 versus a year earlier — the fastest year-on-year growth in over 12 months, according to HSBC. Manufacturers in southern China reported strong backlogs and renewed interest from American customers developing new products. The US–China tariff truce, extended through November 2026, has reduced bilateral tariffs to 10% from the April 2025 peak of 125%, though China still faces the highest effective tariff rate among US trading partners at 34.7%. Separately, China’s chief trade negotiator Li Chenggang met Mexico’s Deputy Economy Minister in Beijing this week — the first face-to-face talks since Mexico imposed tariffs of up to 35% on Chinese goods in December. China’s 2026 tariff schedule has reduced import duties on 935 items, targeting high-tech, healthcare, and green transition sectors as part of what analysts describe as a strategic opening designed to secure critical inputs for industrial self-reliance.
\n
\n
\n
TAIWAN STRAITPLA Normalises Contiguous Zone Operations as Taiwan Budget Stalls
\n
The People’s Liberation Army is systematically eroding the buffer zones that have historically defined the cross-strait status quo. According to the AEI–ISW Coalition Defense of Taiwan project, PLA air incursions into Taiwan’s Air Defense Identification Zone averaged over 300 per month since President Lai took office — twice the monthly average of the prior two years — with a total of 5,709 in 2025, a 15-fold increase since 2020. In January 2026, a PLA surveillance drone flew through Pratas Island airspace for the first time, possibly the first confirmed violation of Taiwanese airspace by a PLA aircraft. The Coast Guard Administration has expanded its watchlist of suspicious PRC vessels from 300 to 1,900 after identifying fishing boats participating in coordinated blockade-like formations. President Lai Ching-te, in his first interview with a global wire service since taking office, warned that “countries in the region would be China‘s next targets” if Beijing seized Taiwan, insisting the island must “dramatically shore up its defences.” His government has proposed $40 billion more in defence spending over eight years, including a multi-layered air defence system dubbed the “T-Dome.” But the legislation has been blocked ten times by opposition parties, which hold a majority in parliament. US senators from both parties have criticised Taiwan’s opposition and urged bipartisan cooperation. Meanwhile, delivery of the first of 66 F-16V fighters to Taiwan is expected this year, though supply chain issues have pushed full delivery into 2027. The US Air Force plans to deploy 36 F-15EX jets to Kadena Air Base in Japan starting this spring.
\n
\n
\n
SOUTHEAST ASIAMyanmar’s Post-Election Stalemate Defies Regional Pressure
\n
Myanmar’s military junta completed its phased national election in January, claiming an overwhelming victory for the regime in a process that ASEAN has publicly refused to recognise. The elections, described by international observers as deeply flawed, violated all five fundamental principles for credible elections. At an ASEAN Foreign Ministers’ meeting in Cebu this month, the bloc maintained its non-recognition stance, though individual members like Cambodia and Vietnam sent observers. Thailand, which bore the greatest spillover from the crisis, offered to mediate between ASEAN and Myanmar — a diplomatic gesture complicated by Bangkok’s dual posture of financial support for the junta and leverage over revolutionary groups. The civil war continues on multiple fronts: clashes between the junta and Karen National Union fighters near the Thai border damaged homes in Mae Sot district, forcing a border crossing closure. The resistance, led by the National Unity Government and supported by ethnic armed groups, controls significant rural territory. In the Myeik archipelago, the Tatmadaw maintains control of the commercial centre but struggles against insurgent activity. China has brokered temporary ceasefires but prefers bilateral engagement over multilateral ASEAN mechanisms, undermining ASEAN centrality in regional geopolitics. The Philippines hosts ASEAN’s rotating chair this year, and the bloc is simultaneously under pressure to finalise the South China Sea code of conduct with China by year-end — a deadline that adds further strain to an already fractured regional consensus.
\n
\n
\n
SOUTH ASIAIndia’s Growth Engine and Nepal’s March 5 Election Approach
\n
India continues to anchor South Asia’s economic narrative. Goldman Sachs projects 6.9% GDP growth for 2026, above consensus, following an estimated 7.7% in 2025. A landmark trade deal with the US, announced in early February, reduced reciprocal tariffs on Indian goods from 25% to 18%, aligning India’s tariff rate with most Asian economies. The RBI, which cut rates by 125 basis points in 2025, has limited scope for further easing with inflation projected at 3.9%. The India–EU Free Trade Agreement signed in January 2026 created what is described as the world’s largest free trade zone. India’s new CPI index (Base 2024=100) reports January 2026 retail inflation at 2.75%. Separately, Nepal heads toward parliamentary elections on March 5 — the first since the September 2025 “Gen Z” protests that toppled K.P. Sharma Oli and plunged the country into political upheaval. Nearly 3,500 candidates from 68 parties filed nominations in January, and the broad participation removed much of the uncertainty around whether polls would proceed. The contest features former Kathmandu mayor Balendra Shah, who joined Rastriya Swatantra Party and is running against Oli in Jhapa-5. AI-generated deepfake content is a major concern in a country where only 31% of the population is digitally literate. The Carter Center has been added as an international observer for the first time. Vietnam, meanwhile, continues its growth trajectory with GDP of 8.02% in 2025, the second-highest in 15 years, with AMRO projecting 7.6% for 2026.
\n
\n
\n
\n
05
\nSovereign & Credit Pulse
\nSovereign & Credit Pulse
\n
| COUNTRY | KEY DEVELOPMENT | CREDIT SIGNAL |
|---|---|---|
| Japan | LDP supermajority; ¥122tn budget; consumption tax freeze; ¥21.3tn stimulus | 230% debt-to-GDP; 40Y JGB at record >4%; debt servicing ¥31.3tn; “Liz Truss moment” risk flagged |
| China | Factory surge pre-CNY; AI sector boom; record $1.2tn trade surplus in 2025 | Deflation risks easing; credit-to-GDP still elevated; tariff truce holds through Nov 2026 |
| India | US trade deal cuts tariffs to 18%; RBI cut 125bp in 2025; CPI at 2.75% Jan | 6.9% growth forecast; India–EU FTA signed; current account deficit widening to ~2.8% GDP |
| Bangladesh | BNP landslide; constitutional reforms voted; Hasina in exile | Political transition stabilising; garment sector watching policy signals; China influence growing |
| South Korea | KDI raises 2026 growth forecast to 1.9%; Lee Jae-myung diplomacy | Semiconductor exports strong; KOSPI +71% YTD through Dec 2025; won stable |
| Vietnam | GDP 8.02% in 2025; AMRO projects 7.6% for 2026; semicon/AI exports surging | Fitch warns rapid credit expansion raising leverage; 20% US tariff on goods |
\n
\n
06
\nPower Players
\nPower Players
\n
| WHO | ROLE | WHY IT MATTERS |
|---|---|---|
| Tarique Rahman | Chairman, BNP (Bangladesh) | Won landslide; likely next PM; returned from UK exile weeks before election; signals for India–Bangladesh reset |
| Kim Ju-ae | Designated successor, DPRK | NIS confirms formal succession stage; providing policy input; Workers’ Party Congress could cement role |
| Sanae Takaichi | PM, Japan | Supermajority mandate; record fiscal spending raises debt concerns; Taiwan remarks strain China ties; yen intervention watch |
| Lee Jae-myung | President, South Korea | Navigating post-election diplomacy with Japan and China; met Takaichi in Nara Jan 13; semiconductor export diplomacy |
| Lai Ching-te | President, Taiwan | Warns region would be “next” after Taiwan; $40bn defence boost stalled by opposition; first AFP interview since office |
| Wang Yi | FM, China | Visited Hungary; attending Munich Security Conference; demands Japan retract Takaichi Taiwan remarks |
| Muhammad Yunus | Outgoing Chief Adviser, Bangladesh | Nobel laureate who led caretaker government through transition; called election “beginning of unprecedented journey” |
\n
\n
07
\nRegulatory & Policy Watch
\nRegulatory & Policy Watch
\n
| JURISDICTION | MEASURE | STATUS / IMPACT |
|---|---|---|
| Japan | Food consumption tax freeze (2 years) | Costs ¥5tn/yr; budget not yet accounting for revenue loss; bond vigilantes concerned |
| Japan | FY2026 record budget — ¥122tn; ¥9tn defence | Supermajority enables passage; 2% GDP defence target on track; $550bn US investment deal |
| China | 2026 tariff schedule — 935 items below MFN rates | Targets semicon, healthcare, green; strategic opening for industrial self-reliance |
| India–US | Trade deal — reciprocal tariffs reduced 25% → 18% | Aligns India with regional rates (15-19%); boosts textiles, pharma, auto components exports |
| Bangladesh | July Charter constitutional reforms referendum | 60.26% approval; bicameral legislature, 2-term PM limit, judicial independence; implementation ahead |
| ASEAN–China | South China Sea code of conduct — 2026 deadline | 20+ years of talks; legally binding status unresolved; Philippines chairs ASEAN this year |
\n
\n
08
\nCalendar
\nNext 72 Hours
\nCalendar
\nNext 72 Hours
\n
| DATE | EVENT | SIGNIFICANCE |
|---|---|---|
| Feb 13 | Bangladesh — official election results expected | BNP landslide confirmed; Rahman to be named PM; government formation ahead |
| Feb 14 | Munich Security Conference — Wang Yi speaks at China session | Key signals on Taiwan, Japan, tariffs; Wang Yi visited Hungary Feb 11 |
| Feb mid | Lunar New Year holiday period begins across East Asia | Factory shutdowns; pre-holiday surge in shipping and retail; holiday-thinned trading |
| Feb 18 | RBNZ policy meeting — OCR decision (NZ) | OCR at 2.25%; mild easing bias; further cut to 2.0-2.1% possible |
| Late Feb | DPRK Workers’ Party Congress — 9th session | Kim Ju-ae succession watch; 5-year policy goals; first in 5 years; potential party rule changes |
| Mar 5 | Nepal — parliamentary elections | First since Sept 2025 protests; 68 parties; AI deepfakes concern; Balen Shah vs Oli in Jhapa-5 |
| Mar 2026 | China — NPC/CPPCC annual sessions (Two Sessions) | 2026 GDP target; fiscal policy signals; A-share stimulus expectations; tech regulation direction |
\n
\n
09
\nBottom Line
\nBottom Line
\n
\n
Asia on February 13 is a region stress-testing three things simultaneously: democratic transitions, dynastic succession, and fiscal orthodoxy. In Dhaka, a country of 175 million has just completed its first genuinely competitive election in years — delivering a landslide mandate that ends the Awami League’s grip but opens new questions about India–Bangladesh relations and the growing pull of Chinese influence. In Pyongyang, a 13-year-old girl has been elevated from trainee to designated successor of a nuclear-armed state, a development that would break with every precedent of male-dominated Kim dynasty leadership. In Tokyo, bond vigilantes are running the arithmetic on “Sanaenomics” and discovering that the numbers may not add up: a ¥122 trillion budget, a consumption tax freeze, and a 230% debt-to-GDP ratio make for an uncomfortable combination, even with the largest parliamentary mandate since World War II. Meanwhile, China’s AI champions are claiming benchmarks, its factories are humming through tariff headwinds, and its military is systematically eroding the buffer zones around Taiwan — a triple trajectory that defies the zero-sum framing of decline narratives. The tariff architecture that Trump built in 2025 is hardening into permanent infrastructure, with every major Asian capital calibrating sovereignty against the price of American market access: India at 18%, China at 34.7%, Vietnam at 20%. The thread connecting Dhaka’s polling stations to Tokyo’s bond desks to Pyongyang’s succession rituals is the same: Asia’s institutions are being reshaped not by consensus but by the accumulation of unilateral facts — ballots cast, heirs named, bonds sold, missiles tested. The question is not whether these facts are reversible, but whether anyone has the leverage to try.
\n
\n
\n
\n
Asia Intelligence Brief
\n
Daily Edition · Friday, February 13, 2026
\n
\n
This is part of The Rio Times’ coverage of Asia Pacific markets and economic developments.
Related: Brazil Morning Call | Global Economy Briefing