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

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.
READ ALSO: Trump’s Tariff War: Airline Travel Between Canada, US ‘Collapsing’
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.”
READ ALSO:Trump Tariffs: Canada To Strike Back At US – PM Carney
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.
READ ALSO: Trump Signs Order Targeting Former Special Counsel’s Law Firm
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
Russian Strikes Kill Five In Ukraine, Cause Power Outages
Russian strikes Sunday on Ukraine killed five people and badly damaged energy infrastructure, temporarily severing power supplies to tens of thousands and prompting neighbouring Poland put ground defence on high alert.
Russia has stepped up strikes on energy networks, increasing fears Moscow would resume its widespread campaign of attacks on power facilities, which have plunged millions into darkness in past winters.
Russian forces fired 496 drones and 53 missiles at Ukraine, the majority of which were shot down, according to the Ukrainian air force.
“Sadly, five people were killed. My sincere condolences to everyone who lost loved ones to this terror,” Ukraine’s leader Volodymyr Zelensky said.
Strikes killed four people near Lviv, which lies in western Ukraine and is hundreds of kilometers from the front line, and has been largely spared the attacks that have hit cities further east.
“Near Lviv, an entire family of four was killed in their home, including a teenage girl,” Foreign Minister Andriy Sybiga said.
READ ALSO:Russia Arrests Woman For Detonating Bomb On Railway
Emergency services released photos showing firefighters battling flames in a destroyed building, and helping elderly residents to safety.
Attacks also killed one person in the southern region of Zaporizhzhia and wounded people near the eastern front, local authorities said.
“Russians once again targeted our infrastructure -– everything that ensures normal life for our people,” Zelensky said.
The strikes cut power to over 110,000 subscribers across several regions, Ukraine’s emergency services said, with the hardest hit being Zaporizhzhia.
– ‘Gas, heat and light’ –
Overnight, more than 73,000 people in Zaporizhzhia were left without electricity, regional head Ivan Fedorov said, though power had been partially restored by the afternoon.
Ukraine’s state-run gas company Naftogaz network also reported damage to its network.
“These maniacal terrorist strikes are aimed solely at one thing — depriving Ukrainians of gas, heat, and light,” Naftogaz CEO Sergii Koretskyi said in a statement.
READ ALSO:Badenoch Unveils Strict UK Immigration Plan, Targets 150,000 Yearly Deportations
The Russian army said it launched an attack “against enterprises of the military-industrial complex of Ukraine and gas and energy infrastructure facilities that ensured their operation.”
Russian attacks have also rattled Ukraine’s European allies after a spate of alleged Russian airspace violations into Europe.
NATO boosted its defences along its eastern borders throughout the month as it accused Moscow of testing the alliance’s air defences with drone incursions into several members and by flying military jets in Estonian airspace.
Overnight Poland’s armed forces said on X that they had mobilised planes and put ground defences on high alert to secure the country’s airspace, especially in areas close to Ukraine.
Ukraine also said Russia was intensifying a campaign of air strikes on its railway network in an attempt to isolate frontline communities ahead of winter.
Russia launched drones at two passenger trains in Ukraine’s northeastern Sumy region on Saturday, killing one person and wounding dozens, according to Ukrainian officials.
Headline
Badenoch Unveils Strict UK Immigration Plan, Targets 150,000 Yearly Deportations
Kemi Badenoch, leader of the United Kingdom’s Conservative Party, has unveiled an aggressive immigration reform plan aimed at detaining and deporting 150,000 illegal migrants annually, in what she described as the “toughest reforms Britain has ever seen” in border policy. The announcement was made in a video message posted on her X account on Sunday.
The plan, dubbed the Radical Borders Plan, envisages the establishment of a new Removals Force modelled after the United States Immigration and Customs Enforcement (ICE), which would replace the current Home Office Immigration Enforcement unit. According to Badenoch, the Removals Force will have a mandate to remove all illegal entrants, foreign criminals, and undocumented migrants, while also monitoring illegal work. She stated, “My message is clear: if you’re here illegally, you will be detained and deported.”
Badenoch sharply criticised previous administrations, accusing both Conservative and Labour governments of failing to manage the migration crisis effectively. “Successive governments have failed on immigration. Labour promised to smash the gangs. Instead, in just a year, they delivered record small boat crossings, over 50,000 illegal arrivals, 32,000 people in asylum hotels, billions wasted. It’s pure weakness. Britain needs a serious, credible plan and the backbone to deliver it,” she said.
READ ALSO:Badenoch Slams UK’s Palestine Recognition Decision As ‘Absolutely Disastrous’
The proposed plan includes several controversial measures. Asylum claims from illegal entrants would be banned, the Human Rights Act repealed, and the United Kingdom withdrawn from the European Convention on Human Rights. Badenoch added that all new illegal arrivals would be deported within a week, with legal obstacles to mass removals removed and visa sanctions imposed on countries that refuse to repatriate their citizens. She also pledged to “shut down the asylum hotel racket,” which she said would save taxpayers billions and restore public confidence in the UK’s border controls.
The Removals Force, if approved, will operate with an annual budget of £1.6 billion, double that of the current Immigration Enforcement unit, funded by savings from the closure of asylum hotels and other measures within the asylum system. The force will have sweeping powers, including the use of facial recognition technology without prior warning, and will integrate closely with the police. Priority for removals will include new illegal entrants, foreign criminals, failed asylum seekers, visa over-stayers, and others identified as residing in the UK illegally.
In an interview on BBC’s Sunday with Laura Kuenssberg, Badenoch faced criticism for her refusal to specify the destinations to which deported migrants would be sent. She responded, “I’m tired of all of these irrelevant questions about where they should go. They will go back to where they should be or another country, but they should not be here.” When pressed further, she added, “They will go back to where they came from.”
READ ALSO:Badenoch Slams UK PM For Cutting Defence Funding Amid Global Threats
According to the Conservative Party document detailing the plan, the proposed measures are intended to increase removals from the current 34,000 per year to approximately 150,000, marking a five-fold increase in enforcement activity. The party argues that the reforms are necessary to address what it describes as uncontrolled migration and to strengthen public trust in the country’s border system.
Badenoch’s announcement has intensified the ongoing debate in the UK over immigration policy, balancing border security with human rights considerations. Critics have expressed concern over the repeal of the Human Rights Act and the use of facial recognition technology without oversight, while supporters have welcomed the proposed measures as a decisive step in tackling illegal immigration.
The Radical Borders Plan is expected to be submitted for parliamentary consideration in the coming months, with its implementation contingent on legislative approval and coordination with existing law enforcement structures.
Headline
Trump Threatens To Unleash ‘Hell’ On Hamas
US President Donald Trump has given Hamas until 2200 GMT on Sunday to accept his 20-point plan for peace in Gaza, warning the Palestinian militant group faced “all hell” if it did not agree to the terms.
The US leader set the deadline — which would fall at 1:00 a.m. Monday in Gaza — after an official for the Islamist movement told AFP earlier on Friday that the group still needed time to study the proposal to end nearly two years of devastating war in the Palestinian territory.
“If this LAST CHANCE agreement is not reached, all HELL, like no one has ever seen before, will break out against Hamas,” Trump posted on his Truth Social platform.
The proposal, backed by Israeli Prime Minister Benjamin Netanyahu, calls for a ceasefire, the release of hostages within 72 hours, Hamas’s disarmament and a gradual Israeli withdrawal from Gaza.
READ ALSO:Israeli Forces Strike Gaza Despite Trump’s Ceasefire Call
That would be followed by a post-war transitional authority headed by Trump himself.
“Hamas is still continuing consultations regarding Trump’s plan… and has informed mediators that the consultations are ongoing and need some time,” the official said on condition of anonymity because they were not authorised to speak publicly on the matter.
On Tuesday, Trump gave Hamas “three or four days” to accept his plan, which has been welcomed by world powers, including Arab and Muslim nations.
Mohammad Nazzal, a member of Hamas’s political bureau, said in a statement Friday that the “plan has points of concern, and we will announce our position on it soon.”
READ ALSO:Israel Strikes Hamas Leadership, Explosions Reported In Qatar’s Capital
As Hamas mulled Trump’s peace plan this week, a Palestinian source close to the group’s leadership told AFP on Wednesday that the Islamist movement wanted to amend some clauses, including the one on disarmament.
Hamas leaders also want “international guarantees” for a full Israeli withdrawal and that no assassination attempts would be made inside or outside Gaza, the source added.
Another source familiar with the negotiations told AFP that the group was split over Trump’s plan.
Structurally, the group’s leadership is divided between officials based in the Gaza Strip and those abroad, particularly in Qatar.
READ ALSO:Spain Cancels $825m Israel Arms Deal Over Gaza
Much of Hamas’s leadership has also been wiped out in Israeli attacks throughout the war.
The source told AFP that “the first (opinion) supports unconditional approval, as the priority is a ceasefire under Trump’s guarantees, with mediators ensuring Israel implements the plan”.
“The second has serious reservations regarding key clauses… They favour conditional approval with clarifications reflecting Hamas’s and the resistance factions’ demands,” the source added.
Hugh Lovatt, a senior policy fellow at the European Council on Foreign Relations, said “ultimately it’s not just about convincing Hamas leadership in Doha, but also the leadership in Gaza, as well as Hamas members and fighters in Gaza.”
READ ALSO:Israel Begins Ground Offensive In Gaza Despite International Criticism
“Additionally, Hamas must then be able to convince other factions in Gaza,” he added.
The war was triggered by Hamas’s October 7, 2023 attack on Israel, which resulted in the deaths of 1,219 people, mostly civilians, according to an AFP tally of Israeli official figures.
Israel’s retaliatory offensive has killed at least 66,288 Palestinians, according to health ministry figures in the Hamas-run territory that the United Nations considers reliable.
Their data does not distinguish between civilians and combatants, but indicates that more than half of the dead are women and children.
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