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

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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.

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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.

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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.

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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.

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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.”

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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.

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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.

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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.

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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.

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– 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

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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

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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

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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)

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10 African Countries With Highest Military Spending In 2025

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The reality of African military spending in 2025 is shaped by geography, political dynamics, economic capability and regional threats.

Defence budgets across Africa are telling a story of evolving priorities. While some countries are pouring resources into modernising their armed forces, others are focusing on stabilising fragile internal structures or managing limited resources in the face of growing security threats. The top military spenders on the continent this year reflect this diversity in strategy and circumstance.

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At the top of the list is Algeria, with a defence allocation of around $25 billion. This comes as little surprise given the country’s longstanding military tradition and its interest in maintaining regional dominance. Algeria has been particularly focused on modernising its air defence and acquiring advanced military hardware. With ongoing tensions involving its neighbour Morocco and instability in nearby Sahel countries, Algeria’s military investment is not only about deterrence but also about preparedness.

Morocco comes in second, spending approximately $13.4 billion on its defence sector. Much of Morocco’s budget is believed to go toward upgrading its air force and surveillance capabilities. The ongoing situation in Western Sahara continues to influence the country’s military posture, and Morocco has increasingly turned to Western suppliers for equipment. Its investment strategy also reflects a broader ambition to assert influence and ensure national security amid rising regional instability.

READ ALSO:Top 10 Countries With The Fastest Internet Speed In 2025

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Egypt remains a heavyweight in African military affairs, with nearly $6 billion dedicated to defence this year. The country maintains one of the largest and most experienced armed forces in Africa. Egypt’s strategic location and ties to global powers play a major role in shaping its military spending. Its focus areas include naval strength in the Red Sea, border protection, and counterterrorism operations in the Sinai region. A significant portion of Egypt’s budget also supports joint military exercises and maintaining long-term partnerships with Western allies.

Nigeria, Africa’s most populous country, is allocating around $3.1 billion to its military in 2025. Faced with persistent insurgencies in the northeast, rising cases of banditry, and threats to oil infrastructure, Nigeria is investing more in surveillance, tactical response, and mobility. However, despite the budget size, questions persist about how effectively these resources are managed. Internal inefficiencies and corruption have often limited the impact of military spending, although reforms are slowly gaining traction.

Libya, despite enduring years of political fragmentation and conflict, ranks fifth with $3 billion in defence expenditure. The country’s spending is shaped largely by the need to rebuild military institutions and secure borders that have long been porous. Though rival factions still hold sway in different regions, recent moves toward unification have led to increased central oversight of defence funding. Libya’s military priorities include stabilising key infrastructure, reducing foreign military involvement, and restoring national cohesion.

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South Africa, with a budget of roughly $2.3 billion, is the highest spender in Sub-Saharan Africa after Nigeria. The country faces fewer direct security threats than others on this list, but it maintains a capable and relatively advanced defence sector. Budget limitations in recent years have led to ageing equipment and recruitment challenges. Even so, South Africa continues to contribute to regional peacekeeping missions and has been increasing its focus on cyber defence and modernisation through strategic planning.

READ ALSO:Nine Countries With Nuclear Weapons In The World

Ethiopia’s military spending stands at about $2.1 billion this year. Following recent internal conflicts, the country is focused on rebuilding and restructuring its military forces. Spending is expected to go toward restocking supplies, increasing professionalism in the ranks, and improving border security, particularly with Sudan and Eritrea. Given its geographic location and history of regional involvement, Ethiopia’s defence capabilities are considered crucial not only for internal stability but also for regional balance.

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Tanzania is allocating approximately 1.4 billion dollars to its defence sector in 2025. Though not frequently in the headlines for security concerns, Tanzania quietly invests in protecting its borders, maintaining internal stability, and supporting African Union peacekeeping operations. Its military also contributes to anti-narcotics efforts and maritime safety, given its coastal location. Recent moves show a growing interest in enhancing training programs and building stronger ties with foreign partners for logistics and support.

Tunisia matches Tanzania’s budget with a similar figure of 1.4 billion dollars. In Tunisia’s case, much of the defence spending is directed toward counterterrorism and intelligence operations. The country has faced several security incidents over the past decade and has prioritised preventing extremist activities, particularly in remote border areas. Efforts have also been made to modernise internal security structures and improve cybersecurity, often with the support of international partners who view Tunisia as a strategic bridge between Africa and Europe.

READ ALSO:5 Asian Countries Nigerians Can Visit Without A Visa

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Kenya closes the list with a defence budget of $1.3 billion. The country has played a consistent role in regional peacekeeping, especially in Somalia. Its military priorities include border security, maritime surveillance, and improving response to terrorism-related threats in the northeastern regions. Kenya has been working to modernise its force structure, with growing investments in technology, training, and partnerships with countries that support its regional security mission.

Country Budget Military Rank in Africa

1 Algeria $25.0 billion 1st

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2 Morocco $13.4 billion 4th

3 Egypt $5.9 billion 2nd

4 Nigeria $3.1 billion 3rd

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5 Libya $3.0 billion 9th

6 South Africa $2.3 billion 5th

7 Ethiopia $2.1 billion 6th

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8 Tanzania $1.4 billion 10th

9 Tunisia $1.4 billion 8th

10 Kenya $1.3 billion 7th

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Africa Loses $7bn Annually On Medical Tourism – Afreximbank

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The African Export-Import Bank (Afreximbank) says Nigeria and other African nations are losing billions of dollars annually to medical tourism.

Afreximbank’s Export Development Managing Director, Mrs Oluranti Doherty, made the assertion while speaking at the 32nd Afreximbank Annual Meetings (AAM2025) in Abuja on Thursday.

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Doherty said the trend was hindering economic development and local healthcare infrastructure.

She identified the soaring costs of medical tourism as a major drain on African economies.

READ ALSO:FULL LIST: Nigeria Emerges As Africa’s Third Most Formidable Military Force

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According to her, Nigeria alone loses an estimated $1.1 billion annually to medical tourism, while the entire African continent collectively forfeits approximately $7 billion yearly.

“We had our member countries losing a lot of foreign exchange to medical tourism.

“We just talked about Nigeria, where our medical tourism annually is about $1.1 billion.

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“The entire continent is about $7 billion just because we can’t help ourselves with ourselves when we come up with chronic diseases.

“ That’s money that’s going to other economies, building up their institutions,” she said.

READ ALSO:‎Italian PM Trumpets Plan To Boost African Economies At EU Summit

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She noted that the capital outflow diverts funds that could be invested in local healthcare.

Doherty added that the development contributes to a “brain drain” of skilled medical professionals from the continent.

“Another thing we noted was a great way we were losing a lot of our good talents.
“The best of talents in the health sector were going out of the continent, working in places such as India, Asia, Middle East, America, and that often was an issue,” she said.

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Doherty said the bank launched its Health and Medical Tourism Programme in 2012 long before the broader recognition of healthcare’s connection to economic security in response to the challenge.

READ ALSO:Again, Nigerian Pastor Acquitted Of Rape, To Leave South Africa

Afreximbank was innovative. I call us the innovative financier, innovative investors.

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“We recognised this part since 2012 and we set about doing something about it.

“A key initiative borne from this foresight is the Africa Medical Center of Excellence (AMCE) in Abuja, a 170-bed facility boasting state-of-the-art equipment, including an 18 MeV cyclotron, a three-Tesla MRI, and a 20-bed ICU.

“Afreximbank has invested over $450 million to establish and scale up this project,” she said.

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READ ALSO: FULL LIST: Nigeria Emerges As Africa’s Third Most Formidable Military Force

The official praised the leadership behind the AMCE, noting, “Afreximbank had to go where no one has gone before; Afreximbank’s leaders adhered to the dreamers.

“The AMCE aims to provide healthcare services comparable to global standards, not just African standards.

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“I’m talking about global standard. I’m talking about Africans coming up with solutions to challenge,” she said.

She, however, stressed the need to build trust in local healthcare facilities and ensure access for all to stem medical tourism.

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Court Remands Teacher Over Alleged Sexual Assault On 2 Pupils

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An Ikeja Chief Magistrates’ Court on Thursday remanded a 27-year-old teacher, Wisdom Anokwuru, in Kirikiri Correctional Centre over alleged sexual assault on two pupils.

The Chief Magistrate, Mrs O.O Kushanu, who did not take Anokwuru’s plea, ordered that the file should be sent to the Director of Public Prosecutions for advice.

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Kushanu adjourned the case until Sept. 15 for mention.

READ ALSO:Alleged Fraud: I Was Deceived Into Investing $10,000 – Warri Fish Farmer Tells Court

The defendant, who resides at No. 5, Goodluck Avenue, Ibaranje, Ikotun, Lagos, is facing a charge of sexual assault.

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Earlier, the Prosecutor, ASP Adegoke Ademigbuji, told the court that the defendant committed the offences on June 17 at a private school in Ikotun, Lagos.

Ademigbuji said that the defendant took the girls, both 8-year-old to the school library and touched their private parts.

READ ALSO:Chaos In Court As Ex-convict Attempts To Escape

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He said that the defendant also showed the girls a porn video on his phone.

Ademigbuji said the girls later informed the school administrator and the defendant was subsequently arrested.

The prosecutor said offences contravened Sections 135 and 171 of the Criminal Law of Lagos State, 2015.(

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