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Global Markets Plunge As US Tariffs Loom, Gold Hits Record High

Published

5 months ago

March 31, 2025

Tokyo led another plunge across Asian markets on Monday while gold hit a record high as investors steel themselves for a wave of US tariffs this week that has fuelled recession fears.

Equities across the planet have been hammered in recent weeks ahead of Donald Trump’s “Liberation Day” on Wednesday, when his administration will unveil a series of levies against friend and foe alike, citing what he says are unfair trading practices.

His announcement last week that he would also impose 25 percent duties on imports of all vehicles and parts ramped up the fear factor on trading floors, hammering car giants including Japan’s Toyota, the world’s biggest.

Governments around the world have pushed back against Trump’s tariffs, and could announce more countermeasures, while Canadian Prime Minister Mark Carney told Trump on Friday that he will implement retaliatory tariffs to protect his country’s workers and economy.

Adding to the dour mood was data showing the Federal Reserve’s preferred gauge of inflation rose more than expected last month over worries Trump’s tariffs will fan price rises and further dent hopes for interest rate cuts.

Markets fell across the board on Monday, with firms in all sectors feeling the pain.

Japan’s Nikkei 225 index plunged more than four percent, extending last week’s slide, as automakers Toyota, Nissan and Mazda shed between three and four percent, while tech investment titan SoftBank tanked more than five percent.

The index’s drop put it in a correction, having fallen more than 10 percent from its peak in December.

Zensho Holdings, which owns several Japanese restaurant franchises, plunged 3.9 percent after its beef bowl chain Sukiya said it would temporarily shut nearly all of its roughly 2,000 branches after a rat was found in a miso soup and a bug in another meal.

Seoul was also sharply lower.

“Within the Asia-Pacific region, the car levies will hit Japan and South Korea the hardest. About six percent of Japan’s total exports are cars shipped to the US. In South Korea’s case, it’s four percent,” Moody’s Analytics economists wrote.

“Such a sizeable tariff hike will undermine confidence, hit production and reduce orders. Given the long and complex supply chains in car manufacturing, the impact will ripple through these countries’ economies.

“Back-of-the-envelope calculations suggest the action could shave 0.2 to 0.5 percentage points from growth in each.”

There were also losses in Sydney, Shanghai, Wellington, Taipei and Manila.

Hong Kong suffered another big selloff, with conglomerate CK Hutchison shedding 3.2 percent following reports billionaire Li Ka-shing might delay signing a multi-billion-dollar deal to offload its ports operations, including those in the Panama Canal.

The firm has come under pressure from China since it agreed to offload the business to a US-led consortium after pressure from Trump. Beijing confirmed on Friday antitrust regulators will review the deal, likely preventing the parties from signing it as planned on Wednesday.

Bangkok dropped more than one percent as trade got back under way after being suspended on Friday following the deadly quake that hit the Thai capital. The stock market was already under pressure, having dived more than 15 percent since the turn of the year on worries about the Thai economy.

London, Paris and Frankfurt opened sharply lower.

Gold, a safe haven in times of uncertainty and turmoil, hit a record high of $3,127.92.

The selling followed a hefty selloff on Wall Street, where the Dow tumbled 1.7 percent, the S&P 500 lost 2.0 percent and the Nasdaq dived 2.7 percent.

US investors were jolted by figures showing the core personal consumption expenditures (PCE) index came in above forecasts in February.

Analysts said that while the reading was not a blowout, its timing amid a period of uncertainty added to the sense of gloom when traders had been hoping for a little reassurance.

“Markets will now be fully at the mercy of an impending deluge of tariff-related headlines, while highly reactive to any US economic data that accelerates the thematic of slower economic activity and higher expected inflation,” said Chris Weston at Pepperstone.

– Key figures –

Tokyo – Nikkei 225: DOWN 4.1 percent at 35,617.56 (close)

Hong Kong – Hang Seng Index: DOWN 1.2 percent at 23,140.50

Shanghai – Composite: DOWN 0.5 percent at 3,335.75 (close)

London – FTSE 100: DOWN 0.8 percent at 8,591.09

Euro/dollar: UP at $1.0843 from $1.0838 on Friday

Pound/dollar: UP at $1.2964 from $1.2947

Dollar/yen: DOWN at 148.95 yen from 149.72 yen

Euro/pound: DOWN at 83.63 pence from 83.68 pence

West Texas Intermediate: DOWN 0.1 percent at $69.30 per barrel

Brent North Sea Crude: FLAT at $73.64 per barrel

New York – Dow: DOWN 1.7 percent at 41,583.90 (close)

AFP

Headline

Perplexity AI Makes $34.5bn Surprise Bid For Google’s Chrome Browser

Published

16 hours ago

August 17, 2025

Editor

Artificial intelligence startup Perplexity AI has made an unsolicited $34.5 billion all-cash offer to acquire Alphabet’s Chrome browser, a bold move that underscores the growing battle for dominance in the AI-driven search market.

The bid, announced on Tuesday, is more than double Perplexity’s own valuation of $14 billion.

The three-year-old company, led by Aravind Srinivas, has previously floated ambitious takeover ideas, including a proposal earlier this year to merge with TikTok’s United States business.

Google has not put Chrome up for sale and did not respond to Reuters’ request for comment.

The tech giant is currently appealing a US court ruling that found it held an unlawful monopoly in online search, with the Justice Department pushing for a possible Chrome divestiture as part of the case.

Perplexity, which has raised around $1 billion from backers including Nvidia and Japan’s SoftBank, did not reveal how it intends to finance the bid.

However, it said multiple funds have pledged to cover the offer in full.

The startup already operates its own AI-powered browser, Comet, but acquiring Chrome’s more than three billion users would give it a major edge against rivals like OpenAI, which is also developing an AI browser.

Perplexity has promised to keep Chrome’s open-source foundation, Chromium, accessible, while pledging a $3 billion investment over two years and committing not to alter Chrome’s default search engine.

Shares of Alphabet rose 1.6% in afternoon trading following news of the bid.

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Google Introduces Initiative To Equip 1,000 Nigerian Developers

Published

17 hours ago

August 17, 2025

Editor

Google on Wednesday announced a new initiative, “Build with AI’’ in partnership with GOMYCODE to equip 1,000 Nigerian developers with critical Generative Artificial Intelligence (AI) skills.

John Kimani, Head of Developer Ecosystem for Google in Sub-Saharan Africa, said in a statement that it was a significant move to accelerate Nigeria’s participation in the global AI economy.

Kimani said that the initiative was inaugurated to foster a new generation of tech talent capable of building transformative products that are both locally relevant and globally competitive.

He said that the initiative came at a pivotal moment, as industries across Nigeria and Africa increasingly look to technology to solve pressing challenges and drive economic growth.

According to him, by providing access to advanced AI tools such as Gemini and a curriculum with oversight from Google’s experts, the programme is set to bridge the gap between raw talent and the specialised skills required to innovate in the AI era.

The Google spokesperson said that this strategic focus was intended to accelerate the development of solutions in key sectors such as fintech, healthtech, and agritech, positioning Nigerian developers at the forefront of the continent’s digital transformation.

“We are witnessing a technological renaissance in Nigeria, driven by a vibrant community of developers who are eager to solve the challenges around them.

“Our collaboration with GOMYCODE is about more than just training; it’s about empowering this community with the tools and expertise they need to build the future,’’ he said.

Kimani noted that by equipping developers with Google’s Generative AI, it was helping to unlock a new frontier of innovation that could deliver significant economic and social impact across the continent.

He said that the 11-week programme would be delivered through GOMYCODE’s extensive network of hacker spaces, combining in-person instruction with hands-on, mentored lab work.

“This approach ensures that the training is both accessible and practical, allowing developers to immediately apply their learning to real-world projects,’’ he said.

The Country Director for GOMYCODE, Mr Babatunde Olaifa, said that GOMYCODE’s role was to provide the critical infrastructure and local expertise needed to nurture Nigeria’s tech talent.

Olaifa said that partnering with Google allowed it to bring world-class curriculum and technology directly to the developer community.

“We are creating an environment where innovation can thrive, and we are incredibly excited to see the solutions that will emerge from this programme built by Nigerians, for Nigeria and the world,” the GOMYCODE boss said.

He said that the “Build with AI” programme was now accepting applications from developers across Nigeria.

According to him, the initiative will culminate in a demo day where top participants will showcase their AI-powered solutions to a team from Google and other industry leaders.

He urged developers that are interested in being part of the AI revolution to apply by visiting bit.ly/BwAIDevTraining.

Headline

Sean Kingston Sentenced To 3.5 Years In Prison Over Fraud

Published

18 hours ago

August 17, 2025

Editor

American-Jamaican singer Sean Kingston has been sentenced to three and a half years in prison for his role in a $1 million fraud scheme involving luxury goods.

Kingston, born Kisean Paul Anderson, was convicted in March alongside his mother, Janice Eleanor Turner, on charges of conspiracy to commit wire fraud and four counts of wire fraud. Turner, sentenced last month, received five years in prison.

Prosecutors said Kingston used his celebrity status to fraudulently obtain expensive items, including a bulletproof Cadillac Escalade, luxury watches, and a 19-foot LED television.

Court documents revealed he presented falsified wire transfer receipts and enticed sellers with promises of social media promotion in exchange for the goods.

U.S. District Judge David Leibowitz ordered his immediate remand after Friday’s sentencing in a South Florida courtroom, rejecting a request by Kingston’s lawyer for a delayed surrender due to health concerns.

Assistant U.S. Attorney Marc Anton described the singer as a “thief and a conman,” accusing him of exploiting his fame to defraud victims for years.

His defence lawyer, Zeljka Bozanic, countered that Kingston, 35, had poor financial discipline but had begun repaying victims.

Kingston and his mother were arrested in May 2024 after a SWAT raid on his rented mansion in Fort Lauderdale.

The singer, who was born in Florida and raised in Jamaica, shot to fame at 17 with his 2007 global hit Beautiful Girls.