Economy
S. Korea govt plans $4.9 bn more help for semiconductors as US tariff risk bites
South Korea on Tuesday announced plans to invest an additional $4.9 billion in the country's semiconductor industry, citing "growing uncertainty" over US tariffs. South Korea's finance ministry said "growing uncertainty" following rounds of US tariff threats had left the powerful industry clamouring for government support.
LVMH sales dip as Trump tariffs dent luxury tastes
Luxury giant LVMH saw sales fall two percent to 20.3 billion euros ($23 billion) in the first quarter of 2025 as US President Donald Trump's tariffs shook the global economy, the company said on Monday. The group behind Loewe and Dior likewise saw its worldwide fashion and leather goods revenue fall by four percent in the first quarter to 10.1 billion euros.
Man charged over Tesla arson as anti-Musk wave sweeps US
A man who allegedly torched two vehicles at a Tesla dealership and painted "Die Elon" on the side of the building has been hit with federal charges, the US Department of Justice said Monday. If convicted of the two counts of malicious damage or destruction of property by fire or explosives, he could be jailed for up to 20 years on each count, the Department of Justice said.
Goldman Sachs profits rise on strong equity trading results
Goldman Sachs reported Monday higher first-quarter profits on strength in equity trading, offsetting a hit from losses in investments on public stock markets. Revenues tied to equity trading soared 27 percent from the year-ago level, with Goldman benefiting from strong demand for its services to facilitate trading and providing financing to clients trading stocks.
Nvidia to build supercomputer chips entirely in US for first time
Nvidia on Monday announced plans to build top-end artificial intelligence supercomputer chips entirely in the United States for the first time. "The engines of the world's AI infrastructure are being built in the United States for the first time," Nvidia chief executive Jensen Huang said in the blog post.
Argentine peso depreciates after exchange controls lifted
Argentina's currency dropped 8.4 percent against the US dollar as markets opened in Buenos Aires Monday, after the partial lifting of exchange controls in place for six years. "Everyone is waiting to see what happens," a trader told AFP. There are fears that loosening exchange controls could fuel inflation, which has dropped under Milei from 211 percent in 2023 to 118 percent last year.
China warns UK against 'politicising' steel furnaces rescue
Beijing on Monday warned against "politicising" the rescue of Chinese-owned British Steel, as the UK government raced to secure raw materials to keep the country's remaining steelmaking blast furnaces running. He added the government is "confident in securing the supply of materials needed" to keep running the two blast furnaces at the plant -- the last in the UK which makes steel from scratch.
FG speaks on alternative after US govt reacts to import bans on 25 products by Nigerian government
According to Dr. Dele Alake, Nigeria's Minister of Solid Minerals Development, U.S. tariffs may benefit African economies by encouraging intra-African trade.
Trump enforces 30-day rule for immigrants, announces more penalties: "Self-Deport now"
After deporting over 200 Nigerians from the US, the Department for Homeland Security is going after more foreign nationals, and has announced heavy penalties.
Economy
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