Author: i2wtc

The global market rout on Thursday, sparked by President Donald Trump’s announcement of widespread tariffs, had an outsized effect on fintech companies and credit card issuers that are closely tied to consumer spending and credit.Affirm, which offers buy now, pay later purchasing options, plunged 19%, while stock trading app Robinhood slid 10% and payments company PayPal fell 8%. American Express and Capital One each tumbled 10%, and Discover was down more than 8%.President Trump on Wednesday laid out the U.S. “reciprocal tariff” rates that more than 180 countries and territories, including European Union members, will face under his sweeping new trade…

Listen to article US President Donald Trump announced on Wednesday the imposition of reciprocal tariffs on multiple countries, including a 29% tariff on Pakistani goods. Trump defended the decision, saying it was necessary to correct longstanding trade imbalances and what he considered unfair treatment of American products in foreign markets. He has long advocated for reshaping international trade agreements, claiming that high tariffs imposed by other countries have unfairly subsidised their economies at the expense of the US. Trump explained that Pakistan has been charging the US a 58% tariff on American goods, which prompted the US to impose a 29% tariff…

There are angry reactions from world leaders as the US announces tariffs on all imports.United States President Donald Trump has called it “Liberation Day”, but world leaders say his new round of tariffs is likely to trigger a global trade war. The White House announced the tariff rates will vary depending on the country, but nearly all nations will ultimately be affected. The move has led to fury in China, dismay in Europe and confusion around the globe. Trump says the tariffs are payback – a way to free the US from reliance on foreign goods and boost manufacturing at…

UN envoy for Syria slams ‘repeated’ military attacks by Israel in Syria, warning of violations of international law.Syria has accused Israel of attempting to destabilise the country after it was hit by a double whammy of attacks on airbases and a deadly ground incursion, marking an intensification of Israeli military activity in the country. Syria’s state news agency SANA said that Israeli shelling overnight on Wednesday in Syria’s southern province of Deraa killed nine people, and described a ground incursion by Israel’s soldiers in the area as the deepest since the toppling of former President Bashar al-Assad. The country’s Foreign…

U.S. Defense Secretary Pete Hegseth looks on, as President Donald Trump (not pictured) delivers remarks, in the Oval Office at the White House, in Washington, D.C., U.S., March 21, 2025. Carlos Barria | ReutersThe Pentagon’s internal watchdog said Thursday that it had opened an investigation of Defense Secretary Pete Hegseth for using the Signal messaging app to discuss pending military strikes in Yemen in March.The Defense Department’s Office of the Inspector General in a memo to Hegseth said it was launching a “subject evaluation” into recent reports about his use of the “unclassified commercially available messaging application” while discussing military actions.The…

A Southwest Airlines jet approaches Midway Airport on Dec. 15, 2023, in Chicago. (John J. Kim/Chicago Tribune/Tribune News Service via Getty Images)John J. Kim | Chicago Tribune | Getty ImagesSouthwest Airlines’ new policies such as charging for checked bags for the first time could backfire, Fitch Ratings said Thursday.Southwest is reversing its decades-old two “bags fly free” policy for checked luggage in May, though there are exceptions for travelers with a Southwest credit card, elite frequent flyer status or who buy the highest classes of tickets.It is also launching assigned seating and a no-frills basic economy fare and said flight…

Listen to article An International Monetary Fund (IMF) team will begin its visit to Pakistan tomorrow (Friday) to assist in the preparation of the federal budget for the upcoming fiscal year 2025–26. According to sources, the IMF delegation will hold discussions with Pakistani officials regarding future tax measures, revenue strategies, and expenditure control. Talks will also cover the allocation for development spending in the next budget. The federal budget for FY2025–26 is expected to be presented in the first week of June. The IMF team will collaborate with Pakistani authorities to finalise budget proposals. The Ministry of Finance has estimated a significant…

Jaque Silva | Nurphoto | Getty ImagesYouTube on Thursday announced new video creation tools for Shorts, its short-form video feed that competes against TikTok. The features come at a time when TikTok, which is owned by Chinese company ByteDance, is at risk of an effective ban in the U.S. if it’s not sold to an American owner by April 5.Among the new tools is an updated video editor that allows creators to make precise adjustments and edits, a feature that automatically syncs video cuts to the beat of a song and AI stickers.The creator tools will become available later this spring,…

Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi was appointed as the new president of the Asian Cricket Council (ACC) on Thursday. Indian media reported last year that PCB chairman Mohsin Naqvi was set to become the next president of the council as per its rotation policy. However, Shammi Silva, the head of Sri Lanka Cricket, was appointed as the chairman of the ACC, replacing Jay Shah, who was elevated to the position of ICC president on December 1. A PCB official told Dawn in December that the ACC chairmanship was to transition to the PCB from January 2025, in line…

Mortgage rates fell sharply Thursday following the Trump administration’s tariff announcement.The average rate on the popular 30-year fixed loan plunged 12 basis points to 6.63%, according to Mortgage News Daily. That put it at the lowest level since October.The massive sell-off in the stock market early Thursday sent investors fleeing to the bond market. That caused bond yields to drop. Mortgage rates loosely follow the yield on the 10-year U.S. Treasury, and they had been moving in a very narrow range since late February.”While plenty of uncertainty remains over the finer points of Wednesday afternoon’s tariff announcement, markets have heard…