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World stocks fall after Donald Trump bans U.S. transactions with WeChat and Tiktok

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World stocks fall after Donald Trump bans U.S. transactions with WeChat and?Tiktok

Amid increased tensions between the US and China, global stocks ended four days of gains on Friday after U.S. President Donald Trump ordered the banning of U.S. transactions with two popular Chinese apps, Tencent’s WeChat and ByteDance’s Tiktok. 

Tencent Holdings Ltd owns the popular WeChat app, while ByteDance is the owner of TikTok.


The executive order by Trump will be effective in 45 days and comes after the Trump administration said this week it was stepping up efforts to purge “untrusted” Chinese apps from U.S. digital space.

Just before 6 a.m. ET, Britain’s FTSE 100 fell 0.22 per cent. Germany’s DAX and France’s CAC 40 fell 0.33 per cent and 0.64 per cent, respectively. 

In Asia, Japan’s Nikkei ended down 0.39 per cent. Hong Kong’s Hang Seng fell 1.6 per cent. New York futures were lower. The Canadian dollar was trading at 74.84 US cents.

Shares of other U.S.-listed Chinese companies backed by Tencent, including JD.com, Huya Inc and Nio Inc fell between 0.5% and 3.8% on Friday.

China’s foreign ministry has responded to Trump’s action, saying it would defend the interests of Chinese businesses and warned that the United States would have to “bear the consequences” of its action.

Tencent has invested in several Chinese, American and European companies, including Tesla Inc and “Call of Duty” creator Activision Blizzard Inc.

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Michael Reign is changing the face of Nigerian streetwear culture

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Despite the current instability in Nigeria, one thing Nigerians can’t help is looking good, wearing nice cloths so it’s normal for there to be an existent fashion industry but there is an issue, urban street wears are largely under represented, with most fashion houses taking a full swipe at haute couture culture, others are running a luxury line. Michael Reign is filling that space.
During our 5mins chat with the CEO of the company, Oluwajoba Dada, he said “people already have cloths but they don’t wear what fits them and clothing is a fast way of identification, so a lot of people are misrepresented” when he was asked why he choose to create Michael Reign.
With a line dedicated to printing for brands, Michael Reign owns there whole line of business from branding to distribute to storage

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FG to extend fuel subsidy for 6 months

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The Nigerian Government may have suspended plans to end its subsidy payments as reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

This was disclosed in an exclusive report by The Guardian on Sunday, citing that President Muhammadu Buhari ordered that the subsidies remain in place for the next 6 months.

“Specifically, President Buhari has asked the Nigeria National Petroleum Corporation (NNPC) to suspend any idea on subsidy removal for five to six months so that a plan that does not harm ordinary Nigerians is evolved if the deregulation must go on,” a Government official said.

What you should know

NNPC GMD, Mele Kyari disclosed last month that the “NNPC may no longer be in a position to carry that burden because we cannot continue to carry it in our books,” after reports of fuel imports under-recovery revealed the FG was spending N120 billion a month on subsidy.
Kyari also hinted that they may soon start selling PMS at market prices saying: “NNPC importing PMS at market price and selling at N162/L. The actual market price should be between N211 and N234/L. Meaning is that consumers are not paying the market price.
“NNPC is currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because the government is cognisant of the implications.”

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Google founders earn $42 billion in 100 days

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Google originators Larry Page, 48 and Sergey Brin, 47 have brought in more cash on the whole than the absolute unfamiliar money save possessions of Africa’s greatest economy.

Larry Page, as of now worth $104 billion, has acquired $21.2 billion out of 100 days; while Sergey Brin, with an abundance valuation of $100 billion, procured $20.4 billion in a similar period. Altogether, the two men have procured $41.6 billion, overshadowing Nigeria’s unfamiliar money hold which as of now remains at a gross valuation of $35 billion.

Most of Larry page’s abundance comes from his stake in Alphabet, the parent organization of Google. The Standford prepared business person presently holds $12.6 billion in real money.

Sergey Brin’s abundance valuation is additionally gotten from his stake on the planet’s most well known web crawler and by and by, his money holding is esteemed at $12.7 billion.

Noteworthy development from the world’s most remarkable economy helped purchasing tension on Google offers and its organizers saw their abundance valuation flood. Worldwide financial backers are progressively hanging on the tech juggernaut’s offers as stunning monetary information from America’s administration ventures combined with a development in the tech area filled the climb in Google shares found lately.

Thus, financial backers are heaping critical measure of assets into Alphabet Inc., the parent organization of Google, with reports saying it won its latest high legal dispute against Oracle, a case that has waited for around 3 years.

Late value activity uncovers the stock is as of now exchanging at $2,285.88 approaching its 52-week high of $2,289.04 with a yearly profit from speculation as of now fixed at 89%.

Stock savants are astonished by such record gains in Google shares notwithstanding a quick move seen recently by some institutional financial backers into utility, energy-based stocks and of late U.S Treasury securities.

The organization as of now has a market estimation of about $1.54 trillion.

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