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Just in: Trump launches first US sovereign wealth fund

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U.S. President Donald Trump signed an executive order ordering the creation of a sovereign wealth fund within the next year, saying it could potentially buy the short video app TikTok.

If created, the sovereign wealth fund could place the U.S. alongside numerous other countries, particularly in the Middle East and Asia, that have launched similar funds as a way to make direct investments with government dollars.

The text of the executive order was sparse on details, and simply directed the Treasury and Commerce Departments to submit a plan for such a fund within 90 days, including recommendations on “funding mechanisms, investment strategies, fund structure, and a governance model.”

Typically such funds rely on a country’s budget surplus to make investments, but the U.S. operates at a deficit. Its creation also would likely require approval from Congress.

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“We’re going to create a lot of wealth for the fund,” Trump told reporters. “And I think it’s about time that this country had a sovereign wealth fund.”

Trump had previously floated such a government investment vehicle as a presidential candidate, saying it could fund “great national endeavors” like infrastructure projects such as highways and airports, manufacturing, and medical research.

Administration officials did not say how the fund would operate or be financed, but Trump has previously said it could be funded by “tariffs and other intelligent things.”

Treasury Secretary Scott Bessent told reporters the fund would be set up within the next 12 months.

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“We’re going to monetize the asset side of the U.S. balance sheet for the American people,” Bessent said. “There’ll be a combination of liquid assets, assets that we have in this country as we work to bring them out for the American people.”

One approach would be to convert the U.S. International Development Finance Corp (DFC) to function similar to a sovereign wealth fund, which the Trump administration reportedly considered in recent months, Bloomberg News reported. The DFC is a government agency that currently partners with private parties to finance projects in the developing world.

Trump announced Friday he was nominating Benjamin Black to head that development agency. Black, a managing partner at investment firm Fortinbras Enterprises, is the son of Leon Black, the co-founder of asset management firm Apollo Global Management.

The Biden administration also was considering establishing such a fund prior to Trump’s election in November, according to The New York Times and Financial Times.

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But precisely how such a fund would be structured, and funded, remained unclear. Several experts said Congress would likely need to authorize new funding given the lack of an existing surplus to tap. The order directed officials to review any need for legislation.

Clemence Landers, a former Treasury official who is now with the Center for Global Development, said there has been talk of repurposing the DFC but setting up such a fund would require Congress.

“Obviously you can’t establish an institution by executive order and more to the point is you can’t fund an institution by executive order,” she said.

Investors said the news came as a surprise.
“Creating a sovereign wealth fund suggests that a country has savings that will go up and can be allocated to this,” said Colin Graham, head of multi-asset strategies at Robeco in London. “The economic rules of thumb don’t add up.”

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There are over 90 such funds across the world managing over $8 trillion in assets, according to the International Forum of Sovereign Wealth Funds.

Numerous U.S. states, including Alaska, Texas and New Mexico also have their own wealth funds, which help fund various priorities, including education and tax relief. They frequently rely on revenue raised by natural resources, like oil or land.

In another surprise twist, Trump suggested the wealth fund could buy TikTok, whose fate has been up in the air since a law requiring its Chinese owner ByteDance to either sell it on national security grounds or face a ban took effect on Jan. 19.

Trump, after taking office on Jan. 20, signed an executive order seeking to delay by 75 days the enforcement of the law.

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Trump has said that he was in talks with multiple people over TikTok’s purchase and would likely have a decision on the app’s future in February. The popular app has about 170 million American users.

“We’re going to be doing something, perhaps with TikTok, and perhaps not,” Trump said. “If we make the right deal, we’ll do it. Otherwise, we won’t…we might put that in the sovereign wealth fund.”

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Pope Francis finally laid to rest

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Pope Francis was buried inside his favourite Rome church after a funeral mass in St Peter’s Square, the Vatican said on Saturday.

Francis who died on Monday aged 88, was laid to rest during a 30-minute ceremony which started at 1:00 pm (1100 GMT) at the Santa Maria Maggiore basilica in the Italian capital.

Footage shared by the Holy See showed cardinals marking his wooden and zinc coffin with red wax seals.

Cardinal Kevin Farrell, who as camerlengo is running the Vatican’s day-to-day affairs until a new pope is elected, sprinkled it with holy water after it was lowered into a tomb set inside an alcove.

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A reproduction of the pectoral cross worn by Francis during his lifetime hung above it.

Francis had asked that the tomb, located near the altar of Saint Francis, be simple and unadorned, reflecting the humble spirit of his papacy.

The tombstone bears only the inscription “Franciscus” — the pope’s name in Latin.

Its marble is sourced from Liguria, the northwestern Italian region once home to the Argentine pontiff’s Italian ancestors.

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Francis, born Jorge Bergoglio, had specified in his will the exact spot he wanted to be buried, in the side nave of the beloved fifth-century AD church.

The pontiff was devoted to the worship of the Virgin Mary and made a point of praying in Santa Maria Maggiore before leaving on trips abroad and upon his return to Rome.

He declared his desire to be entombed there in 2023.

Located in the heart of Rome, the basilica already holds the tombs of seven popes.

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But the last one to be buried there was Clement IX in 1669. More recently, popes have usually been buried in St Peter’s Basilica.

One of four papal basilicas in Rome, Santa Maria Maggiore also holds the remains of several other renowned figures, such as the architect and sculptor Gian Lorenzo Bernini, who designed St Peter’s Square and its surrounding columns.

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Just in: Gunmen invade pro-Wike group in Bayelsa

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Gunmen suspected to be hired political thugs disrupted a rally organised in support of Minister of the Federal Capital Territory, Nyesom Wike, on Saturday in Yenagoa, Bayelsa State.

The event, which also marked the inauguration of the NEW Associates group, was meant to thank President Bola Tinubu for appointing sons and daughters of Bayelsa into positions in his administration, while also showing support for Wike, who serves as the group’s grand patron.

Originally scheduled for April 12, the rally had been postponed to April 26 after another group, supporters of Governor Douye Diri, booked the same venue and date for their own rally.

Although both groups eventually rescheduled, tensions remained high.

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Supporters of NEW Associates had gathered early at the Church of God Mission Camp, ready for the event, when armed men suddenly emerged from nearby creeks and bushes, firing gunshots into the air.

The crowd quickly scattered in fear, while security forces including the Nigeria Police, the Nigeria Security and Civil Defence Corps (NSCDC), and the Department of State Services (DSS) responded by pushing back the attackers and searching the surrounding area to prevent further violence.

After the incident, Comrade Ebilade Ekerefe, Secretary of NEW Associates and former spokesperson of the Ijaw Youths Council, accused the state government of trying to disrupt their peaceful gathering.

He insisted the rally would go on, stating that their intention was simply to express gratitude to the President and show solidarity, and questioned why anyone would feel threatened by such an event.

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Similarly, Dr Pabara Igwele, the immediate past Commissioner of Health in Bayelsa, described the rally as peaceful and blamed the disruption on political motives.

He also vowed that the rally would continue despite the attack.

After the initial chaos, supporters regrouped to carry on with the event.

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Senator Manu Haruna Launches Quick Wins Training for Women and Youths in Taraba Central Senatorial District+Photos

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Senator Manu Haruna of the Taraba Central Senatorial District on Saturday concluded a three-day Quick Wins Training program dedicated to empowering women and youths in the District .

The event took place in Jalingo, the capital city of Taraba State, in collaboration with the Maryam Babangida National Centre for Women Development.

The training initiative is aimed to equip participants with practical skills and knowledge that can foster economic independence and stimulate community development. This program is a reflection of Senator Haruna’s commitment to improving the socio-economic status of underrepresented groups within his constituency.

The event was attended by prominent leaders, including Hon. Veronica Alhassan, Member of the House of Assembly for Bali I Constituency, and Hon. Alhassan Hamman, who presented certificates to participants on behalf of Senator Manu Haruna.

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The involvement of critical stakeholders underscored the importance of collaboration between government officials and community leaders in driving sustained progress in Taraba Central.

Among the distinguished attendees were Hon. Ubale Gambo, Hon. Bala Baba, Alhaji Muhammad Nagaggo, Alhaji Raubilu Umar, among others, all of whom are dedicated to fostering development within the region.

Senator Manu Haruna expressed his gratitude to the National Centre for Women Development and all partners involved in the initiative.

He stressed the transformative potential of empowering women and youths, noting the necessity for continued support and resources to ensure sustainable growth in Taraba State.

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This Quick Wins Training is poised to have a long-lasting impact on participants, equipping them with essential skills to make valuable contributions to their communities and the broader economy of Taraba State. By investing in the future of these underprivileged groups, the program seeks to inspire change and promote self-sufficiency among the local populace.

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