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UK Prime Minister, Truss, Sacks Chancellor

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British Prime Minister Liz Truss on Friday dismissed her Finance Minister, forcing Kwasi Kwarteng to carry the can for turmoil sparked by her right-wing economic platform as restive Conservatives plotted her own demise.

The chancellor of the exchequer was dismissed in person by Truss after he rushed back early from international meetings in Washington, multiple media reports said, and she was due later to hold her first Downing Street news conference.

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There was no immediate announcement of his successor, who would become Britain’s fourth Finance Minister this year.

READ ALSO: Buhari Congratulates New UK Prime Minister

Financial upheaval sparked by the new government’s September 23 plan to slash taxes — financed via billions in more borrowing — has subsided somewhat since the Bank of England intervened in bond markets.

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But the central bank was adamant it would end its bond-buying spree on Friday, and market analysts said only a bigger climbdown by Truss following Kwarteng’s disastrous budget announcement last month would avert fresh panic.

No timing was given for Truss’s news conference, but the announcement underscored the sense of peril as some Conservative MPs reportedly mobilised to unseat the new leader just five weeks since she succeeded Boris Johnson.

Kwarteng was due to conclude annual meetings of the International Monetary Fund and World Bank in Washington this weekend, after earning a rebuke from IMF chief Kristalina Georgieva on the need for “coherent and consistent” policies.

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A Treasury spokesman confirmed Kwarteng had cut short the trip “to continue work on his medium-term fiscal plan” due on October 31, after Truss held hurried meetings with her own financial advisors on Thursday in his absence.

As UK broadcasters showed live footage of Kwarteng’s British Airways plane landing at Heathrow airport, government bond yields eased in a sign that markets did expect a volte-face.

Speculation was rife that Truss would row back on planned changes to corporation tax, having already changed her mind about cutting income tax for the highest earners.

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The promised tax cuts were the centrepiece of Truss’s successful pitch to Tory party members that she rather than rival Rishi Sunak was the best candidate to replace Johnson.

READ ALSO: Nigerian Doctors In UK Lament Exploitation, Slave Labour

That programme now lies in tatters, and Truss’s judgement is in question more than ever, after Sunak’s warnings were entirely vindicated: higher borrowing to pay for tax cuts served only to terrify the markets and drive up borrowing costs for millions of Britons.

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Speaking in Washington on Thursday, Kwarteng had insisted that his job was safe. “I’m not going anywhere,” he said.

Truss has “total confidence” in her fellow free-marketeer, international trade minister Greg Hands told Sky News on Friday morning.

– ‘Romcom-worthy dash’ –

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However, a new YouGov poll for The Times newspaper said 43 per cent of Conservative voters wanted a new Prime Minister in Downing Street.

Other polls show a mammoth lead up opening up for the opposition Labour party, threatening electoral meltdown for the Tories.

Hands said, “I don’t recognise” multiple reports that senior Tory MPs were plotting to unseat Truss by installing a new leadership team under her defeated rival Sunak and Penny Mordaunt, who also ran to succeed Johnson.

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Pressed on whether Truss will still be in 10 Downing Street in a week, Hands told ITV, “Oh definitely.”

The Chancellor of the exchequer’s September 23 budget sparked markets chaos because of fears it would drive up state debt.

The pound tumbled to a record dollar low near parity with the greenback and bond yields surged, before stabilising.

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With the Bank of England’s costly interventions ending Friday, markets have already priced in a fresh about-turn by the government, leaving Downing Street with no room for manoeuvre.

“Do it now,” Mel Stride, chairman of the Treasury select committee in the House of Commons, urged Kwarteng and Truss earlier Friday.

“If it doesn’t happen, then the markets may have an adverse reaction to that,” he said on BBC television.

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Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, agreed with Stride’s analysis.

READ ALSO: UK PM Truss Unveils Non-white Top Cabinet Members

“There is a sense of urgency in this move and it would seem the market is optimistic that Kwarteng’s romcom-worthy dash through the airport suggests a dramatic reconciliation between stubborn existing policy and the U-turn investors have been waiting for,” she commented.

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For many pundits, the self-inflicted damage risks proving terminal for Truss and her hard-right platform.

This is a government in meltdown and an economic policy in tatters, and frankly I think the Conservative party should be hanging their head in shame at what it’s putting the country through,” senior Labour MP Ed Miliband told Sky News.

AFP.

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Over 400 Earthquakes Rattle Japanese Island Chain

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A remote island chain in southern Japan has been rattled by more than 470 earthquakes since Saturday, the national weather agency said on Thursday, calling for residents to stay alert.

No major damage has been reported from the series of quakes with a strength of at least one — slightly perceptible to people seated quietly indoors — on Japan’s seven-point seismic intensity scale.

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As of Thursday morning, 474 such earthquakes had been observed around the Tokara island chain, south of Kyushu, the Japan Meteorological Agency (JMA) said.

Seismic activity has increased. As this region has experienced extended periods of earthquake activity in the past, please be vigilant against earthquakes that cause strong shaking,” it said in a statement.

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The largest tremors recorded since Saturday were two magnitude-5.1 quakes, one on Sunday and one on Tuesday.

They had a seismic intensity of four on the Japanese scale — described as an earthquake in which “most people are startled”, dishes rattle and “hanging objects such as lamps swing significantly”.

A similar period of seismic activity in the Tokara area was seen in September 2023, when 346 earthquakes were recorded within 15 days, according to public broadcaster NHK.

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Seven of the 12 remote Tokara Islands are inhabited, with around 700 residents in total.

READ ALSO:Japan Plane Turns Back After Man Bites Cabin Attendant

The islands, some of which have active volcanoes, are reached by a ferry that runs twice weekly in good weather.

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An earthquake of up to magnitude-6 strength could take place, so please be vigilant,” Hisayoshi Yokose, a marine volcanology specialist and associate professor at Kumamoto University, told NHK.

Japan is one of the world’s most seismically active countries, sitting on top of four major tectonic plates along the western edge of the Pacific “Ring of Fire”.

The archipelago, home to around 125 million people, experiences around 1,500 jolts every year and accounts for around 18 percent of the world’s earthquakes.

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READ ALSO:2023: UK, Japan, Others Urge Parties To Accept Election Results

The vast majority are mild, although the damage they cause varies according to their location and the depth below the Earth’s surface at which they strike.

On New Year’s Day 2024, more than 400 people died after a massive earthquake hit the Noto Peninsula in central Japan, including “quake-linked” deaths as well as those killed directly in the disaster.

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The January 1 quake and its aftershocks toppled buildings, caused fires and knocked out infrastructure at a time when families were celebrating the new year.

AFP

 

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Trade Volume Between Vietnam, Nigeria Surpasses $1bn – Envoy

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The Vietnamese Ambassador to Nigeria, Mr Bui Quoc Hung, said trade between Vietnam and Nigeria reached an all-time high of 1 billion dollars in 2024, making it the first time the trade volume between the two countries exceeded 600 million dollars.

Bui stated this in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday.

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He expressed enthusiasm at the historical increase in trade volume, saying, “It’s a very remarkable achievement because, in the past, our trade volume typically ranged between 500 and 600 million dollars and last year, for the first time, it reached one billion dollars.”

The envoy noted the positive relationship enjoyed between Vietnam and Nigeria, Africa’s largest economy, in various fields.

READ ALSO:Meet Nigerian-British Florence Eshalomi, New UK Trade Envoy To Nigeria

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He highlighted areas of trade, indicating that Vietnam exports electronic products, garments, and textiles to Nigeria while importing raw materials, particularly cashew nuts.

Bui acknowledged the enormous opportunities for agricultural cooperation between the two countries, saying that Nigeria’s ongoing challenges with food security and Vietnam’s strengths in agricultural development could work for the mutual benefit of both countries.

The opportunity for agri-cooperation is huge between our two countries.

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“Vietnam has a strong economy, particularly in agriculture, which can significantly contributes to addressing Nigeria’s food security challenges,” he said.

The ambassador underscored the importance of fostering cultural exchange between the two countries.

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We need to have more exchanges of delegations and programmes between our specific artist groups or delegations from various countries and in different fields, particularly concerning art and culture,” he added.

He affirmed that the two countries would celebrate the 50th anniversary of diplomatic relations and emphasized the need to capitalize on such momentum to further strengthen cooperation.

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Popular American Actor, Joe Marinelli Dies Of Stomach Cancer

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Joe Marinelli, popular American actor, known for his roles in ‘The Morning Show’ and other television series, is dead.

Joe Marinelli reportedly died last Sunday at age 68 after a long battle with throat and stomach cancer.

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The actor’s wife, Jean Marinelli, confirmed his passage to The Hollywood Reporter.

READ ALSO:American Actor, Jonathan Majors, Found Guilty Of Assault On Ex-girlfriend

Reacting to his death, the actor’s colleague, Mark Duplass who worked with the deceased on ‘The Morning Show’, said.

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We have lost a great one. Joe Marinelli lived in the rare air.

“He was a generous performer, beautiful human, wide-eyed positivist. I will miss him dearly. I will try to live my life a bit more like his. We all should”.

 

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