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UK stock markets suffered downturn, record most daily decrease in response to Trump tariff

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London’s FTSE 100 plunged 4.95% on Thursday — its biggest daily fall since the March 2020 Covid lockdown — following Donald Trump’s sweeping new tariffs that have triggered global market turmoil.

Major UK firms bore the brunt, with Rolls-Royce shedding over 10% and miners like Antofagasta, Glencore, Fresnillo, and Anglo American down more than 8%. Banks also slid, with Barclays and NatWest both falling around 8%.

Markets across Europe and Asia also slumped for a second day. France’s CAC 40 dropped 0.92%, Germany’s DAX 0.74%, while Japan’s Nikkei 225 fell 4.3%. In the US, the S&P 500 and Nasdaq dropped over 4% and 5% respectively, wiping out £1.5 trillion in value.

Trump’s announcement of 10% tariffs on most US imports — and 25% on cars — has rattled investors.

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“Trump has detonated the most aggressive trade shock the market has seen in decades,” said Stephen Innes of SPI Asset Management.

Olu Sonola of Fitch Ratings warned: “Many countries will likely end up in a recession.”

Despite market chaos, Trump remained bullish: “The markets are going to boom.” He also claimed UK Labour leader Sir Keir Starmer was “very happy” with the tariffs.

But Starmer responded: “Last night the President of the United States acted for his country, and that is his mandate. Today, I will act in Britain’s interests with mine.”

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The UK government has set a May 1 deadline for public consultation on retaliatory tariffs and published a list of potential US goods to be targeted. Business Secretary Jonathan Reynolds said: “We do reserve the right to take any action we deem necessary if a deal is not secured.”

China has responded to the US move with 34% tariffs on American goods from April 10 and new export controls on rare-earth metals. Its Commerce Ministry said the goal is “to better safeguard national security and interests.”

The global sell-off reflects deepening fears of a full-blown trade war — and thousands of UK jobs, especially in the car industry, are believed to be at risk.

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SAD! APC lawmaker dies while asleep

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The lawmaker representing Kaura Namoda South Constituency in the Zamfara State House of Assembly, Aminu Ibrahim Kasuwar-Daji, has died.

It was gathered that the lawmaker passed on in his sleep during the early hours of Wednesday.

Aminu Ibrahim Kasuwar-Daji’s sudden death came as a shock to many in the state, especially his colleagues and political associates.

The All Progressives Congress (APC) in Zamfara, the party under which he was elected, expressed deep sorrow over his passage.

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Members of the party, including the State Working Committee and other supporters, described his death as a great loss.

They said he was known for his dedication and honesty in serving his people.

His family, community members in Kaura Namoda South, and fellow lawmakers have been thrown into mourning as preparations for his burial began.

According to Islamic rites, he was buried today at 3:00 pm in his hometown of Kasuwar-Daji, located in the Kaura Namoda Local Government Area.

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Many in the state have continued to express grief as they remember the role he played in representing the people and contributing to the work of the state assembly.

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Just in: Sam Olumekun takes over as INEC’s Acting Chairman

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Mr. Sam Olumekun has taken over at the Independent National Electoral Commission (INEC) as Acting Chairman.

Olumekun is INEC’s National Commissioner in charge of Information and Voter Education.

He performed his first duties today, receiving a high-level delegation of the Labour Party (LP) at the Commission’s headquarters in Abuja with other National Commissioners in attendance.

The delegation was led by Abia State Governor Dr. Alex Otti, who visited the Commission to discuss key developments within the Labour Party.

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It was gathered that both parties engaged in discussions centered on enhancing collaboration and reinforcing democratic values.

During the visit, Governor Otti formally presented a Certified True Copy of the recent Supreme Court judgment concerning the party’s leadership.

He noted that the meeting was aimed at fostering clarity, mutual understanding, and institutional alignment regarding the Labour Party’s current structure.

Mr. Olumekun, the Acting INEC Chairman, reaffirmed the Commission’s unwavering commitment to neutrality, transparency, and the rule of law in the discharge of its constitutional responsibilities.

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Recall that a viral WhatsApp message had indicated that Prof. Mahmood was sacked by President Bola Tinubu and replaced with one Prof. Bashiru Olamilekan.

“INEC Chairman Prof. Mahmud Yakubu has been replaced with Prof. Bashiru Olamilekan by President Tinubu,” the message, which had no attribution, read. However, both INEC and the Presidency debunked the widespread report.

Yakubu, who is rounding off his second tenure in office, is expected to exit the system towards the end of this year.

The process of appointing an INEC chairman is the President nominating a candidate and forwarding his particulars to the Department of State Services (DSS) for profiling.

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After such screening, the President, thereafter, takes the name to the National Council of State for its advisory review.

Based on the outcome, the President sends the name to the Senate for screening and confirmation.

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Crude oil prices slide further, now selling below $57

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Crude oil prices have dropped below $57, following a previous rate of $59.78.

This decline coincides with the imposition of tariffs on several countries by US President Donald Trump.

A report from West Texas Intermediate attributes this price slump to consistent 6% reductions observed last week.

JPMorgan Chase & Co has warned that these tariffs could likely push both the US and global economies into a recession this year.

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The financial institution explained that the tariffs, set to take effect this week, are expected to have widespread economic repercussions.

Market analysts and the business community have expressed concerns about the negative implications of these measures, predicting a slowdown in economic activities and a subsequent decline in oil demand.

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