Author: Alade Adisa

President Donald Trump will exempt smartphones and computers, among many tech devices and components from new tariffs imposed, according to new guidance from U.S. Customs and Border Protection. The guidance, issued late Friday evening, comes after Trump earlier this month imposed 145% tariffs on products from China, a move that threatened to take a toll on tech giants like Apple, which makes iPhones and most of its other products in China. The guidance also includes exclusions for other electronic devices and components, including semiconductors, solar cells, flat panel TV displays, flash drives, and memory cards. These products could eventually be…

President and Chairman, Board of Directors of African Development Bank (AfDB), Dr Akinwumi Adesina, has disclosed that the bank has approved $100 million for the establishment of the Nigerian Youth Entrepreneurship Investment Bank. Adesina said this in Abuja on Friday, when he delivered the 14th Convocation Lecture of the National Open University of Nigeria (NOUN). The theme of the lecture is: “Advancing Africa’s Positioning within Global Development and Geographical Dynamics.” The AfDB President said the move was to liberate the Nigerian youth financially and provide technical assistance, business development services, equity, quasi-equity and debt financing for businesses of young people…

The US supreme court upheld a judge’s order requiring Donald Trump’s administration to facilitate the return to the United States of a Salvadoran man who the government has acknowledged was deported in error to El Salvador. US district judge Paula Xinis last week issued an order that the administration “facilitate and effectuate” the return of Kilmar Abrego Garcia, in response to a lawsuit filed by the man and his family challenging the legality of his deportation. The supreme court, in an unsigned decision, said that the judge’s order “properly requires the government to ‘facilitate’ Abrego Garcia’s release from custody in…

Zimbabwe has started to make compensation payments to white former farm owners, 25 years after Robert Mugabe’s government began confiscating land. The government paid $3.1m (£2.3m) to a “first batch” of 378 farms, the ministry of finance said in a statement on Wednesday, the first payout under a 2020 agreement to pay $3.5bn in compensation. The remainder of the $311m due to this group of farmers will be paid in US dollar-denominated treasury bonds with two- to 10-year maturities and interest of 2%. That is much lower than the current yield on a two-year US treasury bond of about 3.8%.…

China has said it would immediately restrict imports of Hollywood films in retaliation for President Donald Trump’s escalation of U.S. tariffs on imported Chinese goods, targeting one of the most high-profile American exports. Industry analysts said the financial impact was likely to be minimal, however, because Hollywood’s box office returns in China have declined significantly in recent years. After three decades during which China imported 10 Hollywood movies per year, Beijing’s National Film Administration (NFA) said Trump’s tariff actions would further sour domestic demand for U.S. cinema in China. “We will follow market rules, respect the audience’s choices, and moderately…

Nigerians have been warned against selling their National Identification Numbers (NINs) to unauthorised individuals or organisations in exchange for monetary compensation under any condition. The National Identity Management Commission (NIMC), gave the warning in a statement by the Head of Corporate Communications of the commission, Dr Kayode Adegoke on Wednesday. The warning followed reports that some residents in Anambra State were being lured to submit their NINs for money, a practice the commission described as illegal and punishable under the NIMC Act No. 23 of 2007, the Data Protection Act, and the Cybercrime Act. NIMC said the illegal activity had…

The unexpected decision of President Donald Trump to pause the hefty tariffs he had just imposed on dozens of countries brought relief to battered global stock markets, even as he ratcheted up a trade war with China. Markets across Asia rose sharply on Thursday on signs that the US president’s trade war may not prove as damaging to the global economy as feared. European markets, which had closed when Trump announced the 90-day pause on Wednesday, jumped at the start of Thursday’s session. The FTSE 100 was up 6.2%, rising 485 points to 8166 points, continuing the relief rally. Germany’s…

The Federal Government is planning its defence against the suit filed by 11 Peoples Democratic Party (PDP) governors challenging the imposition of state of emergency in Rivers State by President Bola Tinubu. This comes after a top official at the Federal Ministry of Justice in Abuja disclosed on Wednesday that the government has officially received the opposition governors’ suit. Speaking on condition of anonymity for lack of authorisation, the source said the suit had been served on the Attorney General of the Federation and Minister of Justice. According to PUNCH, the source stated, “They have served the HAGF with the…

President Donald Trump said Wednesday he was pausing higher targeted tariffs for 90 days for most countries, a stunning reversal in his trade war that has sent markets reeling. In a post on X just before 1:30 p.m., Trump wrote that he came to the decision because more than 75 trading partners did not retaliate and have reached out to the U.S. to “discuss” some of the issues he had raised. But the pause didn’t apply to China, which has retaliated — with 84% hikes. Trump instead raised duties for that country to 125%, effective immediately. “Based on the lack…

The Vice-President, Kashim Shettima has said that ongoing efforts by the President Bola Tinubu-led Federal Government to confront the challenges of the federal system were the only path to sustainable development. Shettima, who spoke during the 7th edition of Annual Leadership Conference and Awards, held at the State House Banquet Hall in Abuja, said, ”This administration, under the leadership of Tinubu is confronting these challenges directly. ”We have chosen the path of reform. It is bold, often difficult, but necessary. One such step is our unflinching pursuit of local government autonomy—a vision we are realizing through the sanctity of due…