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Germany’s economic minister warns Europe against overtly relying on US
Berlin, Jan. 21, 2025 – Robert Habeck, Germany’s Economy Minister on Tuesday warned Europe against becoming overly reliant on US energy and urged the region to stick together in response to the new Donald Trump administration. Europe should “meet the Trump administration with an outstretched hand, but not have our hand cut off,” he said Tuesday at the Handelsblatt energy summit in Berlin, responding to the climate and energy directives Trump launched hours after taking office. The European Union should define its own interests, said Habeck, who is the Green Party’s lead candidate for …
BofA CEO welcomes Trump’s economic policies as ‘good thing’ for business
Davos (Switzerland), Jan. 21, 2025 – Bank of America Chief Executive Brian Moynihan on Tuesday welcomed economic policies announced by U.S. President Donald Trump since his inauguration as a “good thing” for business. “They want to see the U.S. economy grow and prosper,” Moynihan said in an interview with Reuters on Tuesday, referring to the new administration. Corporate executives and policy makers gathering at the World Economic Forum’s annual meeting in Davos, Switzerland, are parsing the economic impact of Trump’s initial executive orders. Trump did not immediately impose tariffs, and said his …
Volkswagen warns against ‘harmful’ impact of Trump tariffs
Berlin, Jan. 21, 2025 – Volkswagen on Tuesday warned against the “harmful economic impact” of tariffs that U.S. President Donald Trump is proposing on imports from Mexico, where Europe’s top carmaker operates a major factory. The comments by the German autos giant, already grappling with high costs and cheap Chinese competition at home, reflect major uncertainty following Trump’s threat to possibly impose duties of 25% on goods from Mexico. While a firm decision has not been made, Trump said such tariffs could become effective from Feb. 1. “The Volkswagen Group is …
50% Tariff Hike: NATCOMS threatens to sue NCC over high tariff hike
Lagos, Jan. 21, 2025 – The National Association of Telecoms Subscribers (NATCOMS) has threatened to sue the Nigerian Communications Commission (NCC) over the 50 percent tariff hike announced on Monday. Deolu Ogunbanjo, the President of NATCOMS, told journalists in Lagos on Tuesday that his association did not accept the 50 percent tariff hike in the sector. He said the NCC did not consult NATCOM before taking its decision of the tariff hike. Ogunbanjo said NATCOMS had suggested between five to 10 percent tariff hike because it knew the likely repercussions …
U.S. new external tariff policy could disrupt global trade – Oyedele
Abuja, Jan. 21, 2025 – Taiwo Oyedele, the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, says the U.S. new external tariff policy announced by Donald Trump, the U.S. President, could disrupt global trade. Oyedele said this via his X handle on Monday after the swearing-in of Trump as U.S. President Trump had said during his inauguration on Monday that: “Instead of taxing our citizens to enrich other countries, we tariff and tax other countries to enrich our citizens. For this purpose, we are establishing the External Revenue Service …
TDF celebrates increase in Nigeria’s foreign reserve, hinges it on Tinubu’s financial re-engineering
Abuja, Jan. 21, 2025 – The Democratic Front has called on well-meaning Nigerians to join the group to celebrate the steady rise of the country’s external reserves. It said the foreign reserves rose by impressive $7.69 billion in a year between Jan. 10, 2024, and Jan.10, 2025, a feat it attributed to President Tinubu’s financial re-engineering. In a statement signed by its Chairman, Mallam Danjuma Muhammad and Secretary, Chief Wale Adedayo, the group described the feat as another indication of the success of Tinubu reforms TDF said: “We are confident …
Trump signs executive order ending birthright citizenship, other immigration actions
Washington, Jan. 21, 2025 – Among executive orders signed by President Donald Trump at the Oval Office on Inauguration Day is one ending birthright citizenship. Such a move, though, is expected to face significant legal hurdles. Under the 14th Amendment to the Constitution, any person born within the territory of the U.S. is a U.S. citizen. When a reporter pointed out that that order will likely be challenged, Trump said, “You could be right.” “We have good grounds,” he added. Late Monday night, the American Civil Liberties Union (ACLU) filed …
Trump says to unleash American fossil fuels, halt climate cooperation
Washington, Jan. 21 (Reuters) – President Donald Trump on Monday laid out a sweeping plan to maximize oil and gas production, including by declaring a national energy emergency to speed permitting, rolling back environmental protections, and withdrawing the U.S from an international pact to fight climate change. The moves signal a dramatic U-turn in Washington’s energy policy after former President Joe Biden sought for four years to encourage a transition away from fossil fuels in the world’s largest economy. But it remains to be seen if Trump’s measures will have any …
Trump pardons 1,500 Capitol rioters
Washington, Jan. 21, 2025 – US President Donald Trump granted pardons on Monday to more than 1,500 of his supporters who stormed the Capitol on January 6, 2021, in a bid to overturn the results of the 2020 election. Trump, just hours after taking office, also ordered that all pending criminal cases against Capitol riot defendants be dropped. Among those receiving a pardon was Enrique Tarrio, the former leader of the far-right Proud Boys, who was sentenced to 22 years in prison for directing a military-style assault on the Capitol. …
BoI signs $50m loan portfolio guarantee agreement with African Guarantee Fund
Abuja, Jan. 20, 2025 – The Bank of Industry (BoI) has signed a $50 million loan portfolio guarantee agreement with the African Guarantee Fund (AGF) to provide funding for MSMEs and women-owned businesses in Nigeria. Dr Olasupo Olusi, the Managing Director of the BoI, said this in a statement on Monday. He said the loan agreement was signed in recognition of the critical nature of Credit Guarantee Instruments (CGIs) in fulfilling BoI’s its mandate. Olusi stressed the need for the establishment of a CGI in Nigeria, especially now that the …