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U.S. election: Dollar, Bitcoin soar high as Trump wins
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.
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.
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.
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.
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.
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.
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
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Sad! Finally, young billionaire, Senator Ubah laid to rest
The late Senator Ifeanyi Ubah was laid to rest at his family home in Umuanukam, Otolo Nnewi, Nnewi North Local Government Area of Anambra State on Friday.
Ubah was buried amid tears and tributes from dignitaries, friends, political colleagues, and family members.
The Bishop of Ekwulobia, Peter Cardinal Okpaleke, who presided over the burial mass at St. Peter’s Claver Catholic Church, Umuanukam, Otolo Nnewi, described Ubah’s death as a lesson to the living, emphasising the importance of leading an exemplary life to be remembered after one’s passing.
According to the Cardinal, the deceased led a life full of philanthropy, always striving to make a meaningful impact on people’s lives.
He praised Ubah’s commitment to serving humanity and his exemplary life, saying that such should serve as a model for others to emulate.
He said, “His death is a lesson to us all. We must strive to live exemplary lives that will make people remember us for good when we are no longer here. We must touch lives, make a difference, and leave a lasting legacy. The late Ifeanyi Ubah lived a life full of legacy and philanthropic gestures. His death has touched everyone.”
Recalling his last moments with the deceased, the Governor of Anambra State, Prof. Chukwuma Soludo, who also paid tribute to the late senator, expressed shock and sadness at his sudden passing.
He said, “I still remember when we met in May, and I asked him if he had any ambitions. He told me he wanted to be part of it and said that the only way forward was for Sir Emeka Offor to convene a meeting at our request.”
Soludo expressed regret that Ubah’s death was not part of their discussion, asking rhetorically, “Is this what we discussed?”
Senator Uche Ekwunife, in her tribute, eulogised Ubah, describing him as a rare gem committed to youth development.
Ekwunife praised Ubah’s leadership, kindness, and compassion, noting that his impact and legacy would be remembered for generations to come.
“You were an avatar, a sports enthusiast, a rare gem committed to youth development, whose like comes only once in a lifetime. In you, we saw the true essence of leadership and kindness — not just in titles and positions, but in words and deeds.”
One of the deceased’s kinsmen, Joe Ezeike, said, “Ubah’s passing has left a void in the nation’s political landscape, but his legacy of service, compassion, and excellence will continue to inspire generations to come.”
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See Photos of World’s Tallest and Shortest Women Meet for Afternoon Tea in London
The world’s tallest woman and the world’s shortest woman met for the first time this week, sipping tea from china cups — and bonding over what they have in common while celebrating their differences.
Jyoti Amge, shortest woman, and Rumeysa Gelgi, tallest woman, meet for the first time and share afternoon tea
Rumeysa Gelgi, from Turkey, stands at 7 feet and 0.7 inches, while Jyoti Amge, from India, is 2 feet and 0.7 inches.
Jyoti Amge, shortest woman, and Rumeysa Gelgi, tallest woman, meet for the first time and share afternoon tea
Jyoti Amge, shortest woman, and Rumeysa Gelgi, tallest woman, meet for the first time and share afternoon tea
Jyoti Amge, shortest woman, and Rumeysa Gelgi, tallest woman, meet for the first time and share afternoon tea
“You’re so beautiful,” said Gelgi, 27. “Thank you — you too,” replied Amge, 30.
Their meeting, over afternoon tea at London’s Savoy Hotel on Tuesday, came ahead of Guinness World Records Day, which is held annually in November to mark record-breaking achievements and encourage people to attempt records. The pair have been honored as “World Record icons” in the 70th anniversary edition of the Guinness World Records book.
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“Meeting Jyoti for the first time was wonderful,” Gelgi said in a release Wednesday. “She’s the most gorgeous lady. I was waiting to meet her for a long time.”
Gelgi said the pair bonded over their love for makeup, jewelry and doing their nails.
Video footage showed them sitting down for tea, cakes and sandwiches stacked next to them, with the London Eye visible from the window.
Amge said in the release that she was “so happy to look up” and see the world’s tallest woman, whom she called “good-natured.” She added that it was difficult at times for the pair to make eye contact “due to our height difference.”
“Guinness World Records is all about celebrating differences,” its editor in chief, Craig Glenday, said in a statement ahead of Guinness World Record Day, which is on Thursday.
“By bringing together these two amazing, iconic women, they can share their perspectives on life with each other and, also, with us,” Glenday said.
Gelgi’s record-breaking height is due to a rare genetic condition called Weaver syndrome, which causes rapid growth, according to the National Organization for Rare Disorders.
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The primary symptom is growth and bone development that occurs faster than usual, making those affected taller than average. People with Weaver syndrome may have rigid muscles and difficulty extending their elbows or knees.
Gelgi used a walking aid for support during the pair’s meeting. Her case of Weaver syndrome was the 27th ever diagnosed and the first in Turkey, according to Guinness World Records.
Weaver syndrome is generally caused by changes in the EZH2 gene, according to the NORD, though the organization notes that some people with Weaver syndrome do not have a mutation in the gene.
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Amge, an actor who played the character of Ma Petite in the television series “American Horror Story,” has a genetic growth disorder that occurs in the early stages of fetal development, known as achondroplasia.
According to Johns Hopkins, the condition causes shorter bones, abnormally shaped bones and shorter stature. While the genetic defect can be passed from parent to child, in about 80 percent of cases, achondroplasia results from a spontaneous mutation that occurs in the developing embryo.
On Thursday, Gelgi shared photos on Instagram of the two exploring London despite the cold weather, posing side by side in front of Tower Bridge.
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