Atiku Abubakar condemns APC over state of affairs
Atiku Abubakar the presidential flagbearer of the main opposition party, People’s Democratic Party (PDP), has condemned the ruling party, the All Progressive Congress (APC), over its handling of the electricity situation in the country.
The Waziri Adamawa who recently clinched the ticket to fly PDP’s flag in the forthcoming presidential election 2023, condemned not only the electricity situation but the entire state of affairs in the country.
On his Twitter handle @atiku, the candidate of the PDP said, “The darkness that has enveloped the nation in the last couple of days with the collapse of the national grid is a metaphor for the collapsing state of our nation: collapsing unity, collapsing security, collapsing economy, collapsing education, collapsing well-being and collapsing value of human life and dignity.
The darkness that has enveloped the nation in the last couple of days with the collapse of the national grid is a metaphor for the collapsing state of our nation: collapsing unity, collapsing security, collapsing economy, collapsing education,
— Atiku Abubakar (@atiku) June 13, 2022
Abubakar urged Nigerians to get APC out of power through the ballot, he said “My expectation is that Nigerians will collapse the ruling APC in kind via the ballot and enthrone a viable pathway for the New Nigeria of our dreams that will be united and stable, prosperous and awash with opportunities; secured and inclusive. As One, we can get it done.”
Bitcoin crashes by 65%, lowest since December 2020
Bitcoin crashed below $24,000 on Monday, a 65 percent decline from its all-time high of $69,000 in November, the lowest since December 2020 with over 180,000 traders losing approximately $520 million.
Over the weekend and into Monday morning, more than $200 billion had been wiped off the entire cryptocurrency market. The cryptocurrency market capitalization fell below $1 trillion on Monday for the first time since February 2021, according to data from CoinMarketCap.
The immediate trigger for the crypto crash appears to be a massive sell-off by investors amid heightened inflation fears. Investors are also continuing to stay away from riskier assets, which is reflected in the stock markets as well.
Click here to read more: Bitcoin crashes by 65%, lowest since December 2020
UK stocks close at 3-month low
The FTSE 100 fell 111.71 basis point or 1.5 percent lower from it’s previous day close or 7,317 basis point to close at 7,206. A position that signifies its worse trade outcome since March 15, 2022, amid fears of an interest rate hike by both the US Fed reserve and the Bank of England to combat rising inflation.
According to tradingeconomics, the “UK’s April GDP unexpectedly fell over March and industrial output also showed a surprise decline on a monthly basis.”
Meanwhile, the Confederation of British Industry (CBI) has based on the current rise in the cost of living in the UK has downgraded the UK’s 2022 growth outlook to 3.7 percent, from a prior 5.1 percent, and just 1 percent in 2023, from a prior 3 percent forecast.
UK court allows first migrant deportation flight to Rwanda
Despite objection from the human rights groups, campaigners and a United Nation’s refugee organization senior official, Judges in London have granted the government plan to send its first flight of asylum seekers to Rwanda, today, June 14, 2022.
The plan which is part of an initial 120 million pound ($148 million) deal with Rwanda will see Britain send a large number of asylum-seeking migrants who arrived illegally by crossing the English channel by small boats.
A spokeman for the British government said that policy will discourage people-smuggling networks and cut down on the number of people risking their lives to cross the English channel to get into England.
Wall Street tumbles as stocks, bonds, crypto dive
Amid fears of a falling economy, and rising interest rates Wall Street tumbled into a selling frenzy with the S&P 500 losing nearly more than 20 percent of its value.
According to the Associated Press, the index dipped 3.9 percent as investors digested the news of Friday’s inflation report. Analysts believe that it will be almost impossible for the Fed not to raise the rate even higher, with some anticipating a 75 basis point increase.
The Dow Jones, on the other hand, lost 876 basis points to close at 30,516 basis points.
However, with the risk of stagflation becoming more of a reality, many expect the Jerome-Powell led Fed reserve bank to “thinker” well with the prospect of an interest rate hike.
Unfortunately, the cryptocurrency market wasn’t spared as bitcoin and other altcoins lost more than 10 percent of their current value on Monday.
The US bond market continued to enjoy higher interest rates and the prospect of higher interest rates as investors, spurred by the Fed rate hike last month, decided to divest their investments more into fixed income securities. “The two-year Treasury yield shot up to 3.36 percent from 3.06 percent late Friday in its second straight major move. It earlier touched its highest level since 2007, “according to Tradeweb.
