U.S. President Donald Trump threatened to escalate the trade war by imposing a 50 per cent tariff on European Union goods starting June 1 and warning Apple of a potential 25 per cent levy on imported iPhones. Trump’s statements, made via social media, caused global markets to fluctuate, with major U.S. stock indexes and European shares falling, the dollar weakening, and gold prices rising. The EU’s total exports to the…

U.S. singer-songwriter and pianist Billy Joel said on Friday he is canceling all his scheduled concerts after he was recently diagnosed with normal pressure hydrocephalus, a brain disorder. Billy Joel is undergoing physical therapy and has been advised to refrain from performing while he recovers. According to a statement on social media. “I’m sincerely sorry to disappoint our audience, and thank you for understanding,” Joel said. Joel’s condition was exacerbated…

The federal government is winding down production of the penny coin following a bipartisan effort to nix the lowest-denomination of U.S. currency over cost concerns. The Treasury Department placed its final order for blank pennies in May and expects to stop putting new pennies into circulation by early 2026. President Donald Trump directed Treasury Secretary Scott Bessent to cease production of the coin in February, describing spending on penny minting…

Finance ministers and central bank governors from the Group of Seven democracies papered over their differences on Thursday, pledging to tackle excessive imbalances in the global economy and saying they could increase sanctions on Russia. There had been doubt before the meeting whether it would issue a final communique, in light of divisions over U.S. tariffs and Washington’s reluctance to refer to Russia’s war on Ukraine as illegal. But after…

Four decades ago, Hiroko Suzuki’s father navigated the challenges of a U.S. trade war by shifting the family auto-parts business, Kyowa Industrial, into niche products. Now, tariffs imposed by the Trump administration threaten her own attempt to diversify the 78-year-old company into medical devices. Prime Minister Shigeru Ishiba has labeled the U.S. tariffs, including 25% on automobiles, a national crisis for Japan, the world’s fourth-largest economy. Meanwhile, Japan’s top trade…

European and American authorities, along with their Canadian counterparts, have joined forces to disrupt a massive malware network. Over 300 servers worldwide have been taken down, and international arrest warrants have been issued for 20 suspects. This operation, dubbed Operation Endgame, aims to tackle the world’s most notorious malware variants. German, French, Dutch, Danish, British, American, and Canadian agencies collaborated to identify over three dozen suspects, with 20 individuals facing…

A suspect is in custody after shooting dead two Israeli embassy staff outside a Jewish museum in Washington. The gunman, named by police as Elias Rodriguez, 30, of Chicago, approached a group of four people leaving an event at the Capital Jewish Museum and opened fire, killing Yaron Lischinsky and Sarah Milgrim, who officials said were in a relationship. Metropolitan police chief Pamela Smith said the shooter had been pacing…

A UK-based cybersecurity expert, Oluwananumi Dawodu has cautioned people living overseas to remain vigilant against fraudulent activities on financial platforms. According to him, without proper caution, individuals risk being swindled by cybercriminals. Dawodu made this known in a statement made available to New Daily Prime. He said living in the UK as a Nigerian brings many opportunities, including better education, career growth, access to healthcare, and stronger digital services. The…

Britain had conclude a deal with Mauritius on the future of the Chagos Islands on Thursday after a judge at London’s High Court overturned an eleventh-hour injunction which had blocked the agreement being signed earlier. Lawyers representing a British national born in the Chagos Islands were granted an interim injunction in the early hours of Thursday morning, postponing the formal signing of the treaty which aims to secure the future…

Britain’s government kicked off the 2025/26 financial year in April by borrowing more than expected, suggesting no let-up in the pressure on the public finances ahead of a major review of spending. Public sector net borrowing was 20.155 billion pounds ($27 billion) in April, according to official data. Economists have routinely underestimated the extent of Britain’s budget deficit each month over the past year. Finance minister Rachel Reeves is due…

The global exchange board showed mixed signals on Thursday, as major economies responded to ongoing macroeconomic pressures and interest rate speculation. The latest figures from the Daily Exchange Index reflect a slight dip in the value of the US dollar, while the British pound maintained relative strength against a backdrop of economic uncertainty. Key Rates – 22 May 2025 Region Exchange Index Movement US 1593.75 ▼ Down from 1610.97 (20…

UK Net Migration Falls by Half: Nigerians Among Top Arrivals Despite Tighter Visa Rules. London, UK – Net migration to the United Kingdom fell sharply in 2024, dropping by nearly 50% to 431,000, according to new figures released by the Office for National Statistics (ONS). The steep decline, down from record levels in 2023, reflects the cumulative impact of stricter immigration rules, especially around work and student visa categories, introduced…