Headline

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

Published

8 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

Morocco Jails French Rapper Maes For Kidnapping Bid

Published

11 hours ago

November 26, 2025

Editor

A Moroccan court has sentenced French rapper Maes to seven years in prison on charges including the formation of a criminal gang and attempted kidnapping, local reports said Wednesday.

Maes, who has roots in Morocco and whose real name is Walid Georgey, was arrested upon landing in Morocco in January after fleeing the United Arab Emirates, where he feared he could be extradited to France, the reports said.

French authorities had issued an international arrest warrant for him over a separate criminal case.

He appeared in court late Tuesday and was found guilty of “forming a criminal organisation, attempted abduction and unlawful confinement” of a rival in Morocco, news website TelQuel reported.

The rapper with over a billion views on his YouTube channel was accused of tasking a gang and hitmen with killing the rival, but the plot was foiled, TelQuel added.

Maes has denied all charges, with his lawyers calling the case “empty” and “arguing that no evidence linked him to the other defendants”, TelQuel added.

Ten other people were sentenced as part of the case, with terms ranging from one to 10 years, according to news website Media24.

AFP was unable to independently verify the reports as prosecutors were not immediately reachable for comment.

In 2020, when Maes was one of France’s most-streamed rappers, he fell victim to extortion attempts in his native Sevran, a suburb north of Paris, according to reports.

He retaliated by opening fire with weapons he had at home, leading to a shootout. He then fled to Dubai with his family, according to an interview with French YouTube channel LEGEND.

Following the killing of his manager in 2022, he was suspected of ordering reprisals against those he believed were behind the murder, according to reports.

AFP

Headline

UK Court Clears Comedy Writer Of Harassing Transgender Woman

Published

11 hours ago

November 26, 2025

Editor

A London court on Tuesday cleared Emmy award-winning comedy writer Graham Linehan of harassing a transgender activist online but found him guilty of criminal damage to their mobile phone.

Linehan, who co-created the popular 1990s sitcom “Father Ted” but has more recently become well-known for his gender critical views, had been accused of sending Sophia Brooks “abusive and vindictive” messages on social media.

He was also charged with criminal damage after deliberately knocking a phone out of Brooks’s hand as they filmed him on the sidelines of a London conference.

Ruling on the case, District Judge Briony Clarke said she was not convinced Linehan’s conduct “was oppressive and unacceptable beyond merely unattractive, annoying or irritating”.

Clarke also concluded Brooks was not “as alarmed and distressed as they portrayed themself to be”.

But convicting Linehan of criminal damage, the judge ruled he was “angry and fed up” and did not use “reasonable force” when the phone was taken from Brooks.

Clarke fined him £500 ($655) and ordered him to pay costs of £650 and a statutory surcharge of £200.

The Irish writer, who also co-created the popular sitcoms “Black Books” and “The IT Crowd”, became embroiled in a free speech row in Britain earlier this year over his anti-transgender stance.

It followed his arrest at London’s Heathrow Airport by armed police over accusations of inciting violence with his X posts insulting transgender people.

The arrest sparked a backlash and claims of state overreach, including from US tech billionaire Elon Musk. But in October, UK prosecutors said they would take “no further action” in that case.

AFP

Headline

Prosecutors Seek Jail For Italian Influencer Ferragni In Fraud Case

Published

11 hours ago

November 26, 2025

Editor

Italian prosecutors asked a court on Tuesday to sentence fashion influencer Chiara Ferragni to one year and eight months in prison if found guilty of alleged fraud over charity endorsement deals.

The Instagram star and businesswoman has been on trial since September for aggravated fraud over promotions of a pandoro cake — a Christmas treat similar to a panettone — and Easter eggs, which purported to raise money for charity or social causes.

The 38-year-old, who is based in Milan, told the court during the closed-door hearing on Tuesday that she denied the charges and had always acted “in good faith”, her lawyer Giuseppe Iannaccone said.

Leaving the audience, Ferragni told a throng of journalists that she felt “confident… I can’t say anymore”.

A verdict is expected in January.

Aggravated fraud carries a jail term of between one and five years.

But Ferragni has chosen a fast-track trial, which gives defendants a sentence reduction — meaning she cannot receive more than a maximum penalty of two years and three months, according to a source close to her team.

In Italy, people sentenced to prison for less than two years rarely serve jail time.

Ferragni started out with a fashion blog, The Blonde Salad, in 2009, and in 2017, Forbes magazine named her its top fashion influencer.

Chronicling her glamorous lifestyle and being paid to promote high-end brands, she built the blog into a lucrative business, then used it as a springboard to launch her own eponymous label with stores around the world.

Her trailblazing story even became a Harvard Business School example of how social media fame can be monetised.

But the fraud accusations have hit her reputation and her endorsements.

Outside court for a hearing earlier this month, Ferragni acknowledged to journalists that it was a “difficult phase of my life”.

The allegations relate in part to Ferragni’s 2022 endorsement of a pandoro cake purportedly to raise funds for children undergoing treatment at a Turin hospital.

In December 2023, Italy’s communications watchdog (AGCOM) fined two of Ferragni’s companies one million euros ($1.2 million) for unfair commercial practices for the “Pandoro Pink Christmas” promotion — around the same sum they had made in the deal.

Shoppers were led to believe that buying the special edition cake made by Balocco would benefit the hospital, but it only received a single 50,000-euro donation from the company.

Balocco was fined 420,000 euros at the same time.

AGCOM also investigated Ferragni-branded Easter eggs from 2021 and 2022, linked to a social enterprise initiative.

Ferragni and her husband, rapper and music producer Fedez, who were one of Italy’s most famous celebrity couples, split in 2024.

AFP