Headline

Stock Markets Decline Over US Inflation, Tariff Fears

Published

3 months ago

March 28, 2025

Editor

Stock markets fell on Friday as a closely-watched US inflation reading heated up, adding to concerns over the fallout from an incoming wave of tariffs by President Donald Trump.

Shares in automakers fell further as they brace for 25-percent levies due to kick in early next week along with a raft of “reciprocal” tariffs tailored to different countries.

The market mood has soured over fears that Trump’s tactics will trigger tit-for-tat tariffs that would rekindle inflation, which could put the brakes on interest rate cuts and spark a recession.

“Investors remain nervous over the economic repercussions from President Trump’s tariff threats, just days before he unleashes his ‘reciprocal tariffs’ (on April 2),” said David Morrison, senior market analyst at financial services provider Trade Nation.

Wall Street opened in the red after official data showed the Federal Reserve’s preferred inflation measure, the personal consumption expenditures (PCE) price index, remained unchanged last month at 2.5 percent.

But another key figure, core inflation, which strips out volatile food and energy costs, rose more than expected at 2.8 percent in February on an annual basis, up from 2.6 percent the month before.

A tit-for-tat trade war and a reignition of inflation could force the Fed and other central banks to rethink plans to cut interest rates.

“The (PCE) report isn’t devastating, but given the current economic uncertainty and market volatility, investors were looking for reassurance in this report — not something to fan the flames,” said Bret Kenwell, US investment analyst at eToro trading platform.

In Spain, data showed inflation eased to 2.3 percent in March as rainy weather boosted hydro power production and drove down electricity prices. Consumer price rises remained unchanged in France at 0.8 percent.

Paris and Frankfurt stocks dropped, with automakers Volkswagen, Renault, and Stellantis, whose brands include Jeep, Peugeot, and Fiat, faring particularly badly.

General Motors and Ford had more limited losses on Wall Street.

London bucked the trend, with the FTSE 100 index rising as data showed that the UK economy expanded more than initially estimated last year and retail sales rose.

Tokyo’s stock market sank 1.8 percent as the world’s biggest carmaker, Toyota, fell, along with Honda, Nissan, and Mazda.

Seoul was off 1.9 percent as Hyundai gave up 2.6 percent.

Uncertainty over Trump’s plans and long-term intentions has led investors to rush into safe havens such as gold, which hit a new record high of $3,085.96 an ounce on Friday.

Governments around the world have hit out at Trump’s latest tariffs, with Canadian Prime Minister Mark Carney saying the “old relationship” of deep economic, security, and military ties with Washington is over.

Tariff worries also saw Hong Kong and Shanghai stock markets fall.

Bangkok was in the red when trading was suspended as the Thai capital was shaken by a powerful earthquake in neighbouring Myanmar.

Investors also kept tabs on Beijing, where Chinese leader Xi Jinping met leading business leaders pledging the country’s door would “open wider and wider”.

He also warned the world trading system was facing “severe challenges”.

– Key figures around 1340 GMT –

New York – Dow: DOWN 0.2 percent at 42,216,50 points

New York – S&P 500: DOWN 0.2 percent at 5,683.38

New York – Nasdaq: DOWN 0.4 percent at 17,741.10

London – FTSE 100: UP 0.1 percent at 8,673.30

Paris – CAC 40: DOWN 0.5 percent at 7,949.83

Frankfurt – DAX: DOWN 0.4 percent at 22,593.76

Tokyo – Nikkei 225: DOWN 1.8 percent at 37,120.33 (close)

Hong Kong – Hang Seng Index: DOWN 0.7 percent at 23,426.60 (close)

Shanghai – Composite: DOWN 0.7 percent at 3,351.31 (close)

Euro/dollar: UP at $1.0803 from $1.0796 on Thursday

Pound/dollar: UP at $1.2957 from $1.2947

Dollar/yen: DOWN at 150.62 yen from 151.04 yen

Euro/pound: UP at 83.40 pence from 83.38 pence

West Texas Intermediate: DOWN 0.3 percent at $69.73 per barrel

Brent North Sea Crude: DOWN 0.4 percent at $73.04 per barrel

AFP

Headline

Most Followed Tiktoker Khaby Lame Deported From US Over Visa Violation

Published

2 days ago

June 12, 2025

Editor

Italian-Senegalese social media sensation, Khaby Lame, known as the world’s most followed TikTok creator, has been deported from the United States after allegedly overstaying his visa, The New York Times reported.

US Immigration and Customs Enforcement confirmed that Lame, 25, was detained last Friday at Harry Reid International Airport in Las Vegas.

The agency confirmed the detention in an official statement, stating that Lame entered the country on April 30 but “overstayed the terms of his visa.”

Lame, who rose to international fame for his silent comedic reactions to overcomplicated “life hack” videos, has amassed over 160 million followers on TikTok.

His online popularity led to collaborations with global fashion brands, a role in a Hollywood film, and a reality show on Tubi titled Khaby Is Coming To America.

His deportation has sparked a storm of reactions online.

“Every single illegal alien needs to be DEPORTED. When I found out the biggest TikTok star, Khaby Lame, is an illegal alien evading taxes, I worked with Trump’s ICE to have him removed. He’s since been detained by ICE and removed,” Bo Loudon, a Gen Z Trump supporter and self-styled activist, wrote on X, formerly Twitter.

Following his deportation, Lame has not issued any formal statement. However, on Monday, he posted an Instagram story tagged in São Paulo, Brazil, marking his first confirmed location since leaving the US

Lame’s former legal representative, Riccardo Lanzo, told The New York Times that the influencer had spent significant time in the US recently but acknowledged uncertainty regarding his visa status.

The case came amid a broader immigration enforcement push under Trump’s renewed administration.
APF

Headline

Trump Unveils Website For $5m US Residency Visa

Published

2 days ago

June 12, 2025

Editor

President Donald Trump touted a new website for his planned $5 million US residency permit on Wednesday, saying the waiting list for the golden visa has opened on TrumpCard.gov.

“Thousands have been calling and asking how they can sign up to ride a beautiful road in gaining access to the Greatest Country and Market anywhere in the World,” Trump wrote in a social media post.

Trump unveiled the first such visa aboard Air Force One in April, holding a golden prototype that bore his face and promising the special permit would probably be available “in less than two weeks.”

The visas are not available yet, but the website announced Wednesday allows interested parties to submit their name, desired visa and email address under a header that says “The Trump Card is Coming.”

Trump previously said the new visa, a high-price version of the traditional green card, would bring in job creators and could be used to reduce the US national deficit.

The announcement comes as deportation raids are being ramped up across the country, prompting protests, and as Trump’s administration faces ongoing lawsuits and accusations of rights violations over its anti-immigration blitz.

Trump has said the new card would be a route to highly prized US citizenship. He said in February that his administration hoped to sell “maybe a million” of the cards and did not rule out that Russian oligarchs may be eligible.

AFP

Headline

19-year-old Nigerian Artiste Beaten To Death In Ghana

Published

3 days ago

June 11, 2025

Editor

A 19-year-old upcoming Nigerian artiste identified simply as Destiny has been beaten to death in the Volta Region area of Ghana.

According to The PUNCH, the incident happened on May 28.

It was gathered that a yet-to-be-identified Nigerian based in Ghana accused him of failing to remit funds related to a business venture they introduced him to.

The male adult, who was also said to be among those who facilitated his trip to the country, stormed his apartment alongside two others to question him about the funds.

However, Destiny’s failure to provide answers led to a severe assault meted out to him.

A source privy to the incident told The PUNCH on Tuesday on the condition of anonymity because he lacked the authority to speak with the media that the Edo State-born artiste thereafter succumbed to the injuries sustained from the assault.

“Destiny went to Ghana to further his education, and the travel was facilitated by someone he called his street brother. These are the same people who provided an apartment for him over there. Those who broke the news to us from there said the men introduced him to a business, which they later accused him of diverting some funds meant for the business. This angered them, and they went to his apartment and beat him up. The beating was so intense that he felt weak and gave up the ghost in the process,” the source narrated.

It was further learnt that the suspects left the deceased’s body in the room after they discovered that he was motionless.

Another source who spoke to newsmen said the police later discovered the corpse a few days after the incident.

“The police were alerted to the incident, and some officers were deployed to the apartment where Destiny’s remains were found. We were told that no suspects had been arrested since his death. We hope the Ghanaian authorities find his killers and bring them to justice.”

In a video obtained by The PUNCH, Destiny was seen speaking about himself and what his plans were.

He said, “I am Destiny and I am a streamer from Nigeria. I want to apply to Streamers University, and this will be a great joy for me, my mother, and everybody. I am also an artiste and a gamer. I do all sorts of things.”

Recall that in April a 77-year-old Nigerian Uber driver, Olatunji Bolaji, was killed in a shooting outside a hookah lounge in Philadelphia, United States.

Bolaji, who lived in Norristown, Pennsylvania, was on duty around 2 a.m. on Wednesday when he picked up a passenger, a 22-year-old man, outside the Byblos Hookah Bar near Rittenhouse Square in Centre City, CBS reports on Friday.

Police said shortly after Bolaji picked up the young man, another vehicle pulled up behind his SUV, and two men got out.

One of them opened fire, shooting both Bolaji and the passenger.