Connect with us

News

U.S. election: Dollar, Bitcoin soar high as Trump wins

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

By Kayode Sanni-Arewa

The United States dollar has surged as Republican Donald Trump surged to win back the White House in the presidential race.

Bitcoin is also at a record high as traders bet on potential tax cuts, tariffs, and rising inflation under Trump.

The result of the election is expected to have a major impact on the global economy.

Advertisement

The Republican Party has also taken control of the Senate but there are still votes left to count.

The dollar has soared by around 1.5% against a host of different currencies, including the pound, euro and the Japanese yen.

Meanwhile, the value of Bitcoin jumped by $6,000 (£4,645) to a record high of $75,371.69, surpassing the previous high of $73,797.98 in March this year.

In Japan, the benchmark Nikkei 225 stock index ended the session up by 2.6%, while Australia’s ASX 200 closed 0.8% higher.

Advertisement

Experts are predicting a turbulent day for the financial markets as a response to global uncertainty and Trump’s potential plans for the economy.

“Many of his measures will be inflationary and likely to lead to a rise in bond yields, putting pressure on the Federal Reserve in its quest to bring interest rates down,” BBC quoted Lindsay James, investment strategist at Quilter Investors, as saying.

Trump has pledged to make the U.S. the “bitcoin and cryptocurrency capital of the world”.

He plans to put billionaire Elon Musk in charge of an audit of governmental waste.

Advertisement

The major U.S. stock indexes also look likely to open sharply higher. That came after the Dow Jones Industrial Average, S&P 500, and Nasdaq all closed more than 1% higher on Tuesday.

Tesla’s Frankfurt-listed shares rallied over 14% at the open on Wednesday. Elon Musk, Tesla’s top shareholder, has supported Trump throughout his electoral campaign.

Trump has said he would dramatically increase trade tariffs, especially on China, if he became the next U.S. president.

“Trump’s global trade policies are causing particular angst in Asia, given the strong protectionist platform on which more aggressive tariffs on imports into the US have been pledged,” said Katrina Ell, director of economic research at Moody’s Analytics.

Advertisement

The former president’s more isolationist stance on foreign policy has also raised questions about his willingness to defend Taiwan against potential aggression from China.

The self-ruling island is a major producer of computer chips, which are crucial to the technology that drives the global economy.

Meanwhile, Trump’s tax-cutting agenda has also been broadly welcomed by big American companies.

“If Trump gets elected, we should see pro-business policies and tax cuts, in turn possibly driving up inflation and less rate cuts,” said Jun Bei Liu, portfolio manager at Tribeca Investment Partners.

Advertisement

However, not all indexes have reacted positively to the potential of a Trump victory.

In mainland China, the Shanghai Composite Index ended the day down 0.1%, while Hong Kong’s Hang Seng was down by around 2.23%.

Investors also have other key issues to focus on this week.

On Thursday, the U.S. Federal Reserve is due to announce its latest decision on interest rates.

Advertisement

Comments from the head of the central bank, Jerome Powell, will be watched closely around the world.

On Friday, top Chinese officials are expected to unveil more details about Beijing’s plans to tackle the slowdown of the world’s second-largest economy

Continue Reading
Advertisement
Click to comment

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

News

Nigeria Pushes Port Expansion Drive to Dominate Regional Trade – Oyetola

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Nigeria Pushes Port Expansion Drive to Dominate Regional Trade – Oyetola

By Gloria Ikibah

Nigeria has set its sights on becoming the dominant trade and logistics hub in West and Central Africa, with plans underway to expand port capacity and overhaul key aspects of the maritime sector.

The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, outlined the government’s direction while declaring open the mid-year session of the Board of Directors of the Port Management Association of West and Central Africa (PMAWCA) in Victoria Island, Lagos, with the theme, “Ports of the Future: Combining Logistical Resilience with Inclusive Community Development”, on Monday in Lagos.

Advertisement

The Minister said fresh approvals had been granted for new deep seaports across the country, aimed at boosting infrastructure and strengthening supply chains.

He said: “Approvals have therefore been granted for the development of additional deep seaports across the country to complement existing infrastructure, strengthen supply chain resilience, and reinforce Nigeria’s position as the preferred maritime and logistics hub for West and Central Africa”.

Dr. Oyetola also pointed to ongoing efforts by the administration of President Bola Ahmed Tinubu to modernise port operations through infrastructure upgrades, digital systems and improved efficiency.

According to him, coordinated policies and closer collaboration among agencies have eased longstanding challenges at the ports.

Advertisement

The minister who highlighted the National Single Window project as a key reform designed to simplify cargo clearance by integrating government processes digitally, further disclosed that existing ports would be upgraded, including the deepening of channels to accommodate larger vessels.

“These efforts have contributed to improved cargo evacuation, reduced vessel waiting time, greater operational efficiency, and a more predictable business environment for port users and investors.

“These upgrades are critical to ensuring that our ports remain globally competitive and capable of supporting larger volumes of trade in the years ahead”,he added.

On security, Dr Oyetola said the Deep Blue Project had successfully tackled piracy in Nigerian waters and significantly curtailed maritime crime across the Gulf of Guinea, helping to restore investor confidence in the region.

Advertisement

He therefore urged participants at the conference to focus on initiatives that would “strengthen logistical resilience in port operations and regional supply chains,” while also promoting sustainability, innovation and inclusive growth tied to maritime activities.

In his remarks, Managing Director of the Nigerian Ports Authority and President of PMAWCA, Dr Abubakar Dantsoho, said the sub-region was experiencing renewed momentum in port development, with investments exceeding 27 billion dollars either underway or recently announced.

He listed several major projects, including the Simandou-Morebaya Deep Sea Port in Guinea, the Port San Pedro project in Côte d’Ivoire, the Lekki Deep Sea Port in Lagos, as well as developments in Ghana and Senegal.

He also noted continued investment in Nigeria’s Apapa and Tin Can Island ports, alongside a significant commitment from APM Terminals.

Advertisement

Dantsoho said ports must evolve beyond their traditional function as transit points for cargo and play a broader role in advancing the blue economy.

According to him, “the future of the sector lies in areas such as renewable marine energy, aquaculture, sustainable fisheries, coastal tourism and marine biotechnology”.

The event, which runs from 18 to 20 May 2026, drew a wide range of participants, including the Governor of Taraba State, Dr Kefas Agbu, representatives of the Lagos State Government, business leaders such as Alhaji Aliko Dangote, and senior presidential advisers among others.

Advertisement
Continue Reading

News

Many headaches of El-rufai as DSS re-arraigns ex-gov in Abuja for alleged phone tapping of NSA

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Ex-Kaduna State Governor Nasir el-Rufai was re-arraigned on Monday at the Federal High Court in Abuja by the Department of State Services for allegations of illegally tapping the phone of the National Security Adviser.

He arrived at the court around 8:55 a.m. under heavy security.

DSS operatives cordoned off the complex and restricted access, temporarily blocking journalists, court staff, and the public from entering.

The move sparked a brief protest at the gate.

Advertisement

Activist and former AAC presidential candidate Omoyele Sowore led the protest, arguing that “el-Rufai’s arraignment should not deny Nigerians access to a public facility.”

A source at the Independent Corrupt Practices Commission said DSS operatives picked el-Rufai up from its facility at 7:00 a.m. ahead of the arraignment.

“The case is not ours. DSS operatives came to pick him up around 7:00 a.m. for arraignment,” the source said.

The re-arraignment relates to claims that el-Rufai authorised or was involved in tapping the NSA’s phone.

Advertisement

The case has added to ongoing political and legal tensions around the former governor.

Continue Reading

News

Just in: Court Grants El-Rufai N100m Bail With Hard Conditions

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Federal High Court in Abuja has granted bail to former Kaduna State Governor, Nasir El-Rufai, in the sum of N100 million in his trial over alleged breach of national security.

Justice Joyce Abdulmalik, while delivering ruling in a bail application on Monday, imposed a series of stringent conditions El-Rufai must meet before being released on bail.

The ex-governor is to provide one surety in like sum. The court ordered that the surety must reside in either Maitama or Asokoro districts of Abuja and must deposit the original Certificate of Occupancy of a landed property at the court registry.

The surety is also required to be a federal civil servant not below Grade Level 17 and must provide evidence of salary payments for at least three months, authenticated by a letter from the manager of the bank within the jurisdiction of the court.

Advertisement

The court further ordered the surety to depose to an affidavit of means, enter into a bail bond and submit a recent passport photograph to the court registry.

As part of the bail conditions, El-Rufai is to deposit all valid international passports with the court.

The court also directed that a verification letter from the surety’s immediate department be submitted, alongside a tax clearance certificate covering the last six months.

Justice Abdulmalik further ordered the defendant to report to the headquarters of the Department of State Services, DSS, every last Friday of the month by 10 a.m. to sign an attendance register, pending the determination of the case.

Advertisement

The judge warned that failure to comply would lead to an automatic revocation of the bail.

The court additionally directed El-Rufai to submit a letter of attestation from the Chairman of the Kaduna Traditional Council.

The court equally ordered an accelerated trial of the charge brought against El-Rufai by the Nigerian government.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News