Home Blog Page 16

Zambia’s Judiciary Grinds To A Halt As Election Challenge Deadline Approaches

Ayomitunde Adeyemi
-
0
Zambia’s Judiciary Grinds To A Halt As Election Challenge Deadline Approaches

Courts across Zambia, including the capital Lusaka, have been shut down and cordoned off just as the legal deadline nears for filing a petition against the country’s disputed presidential election result, a move already drawing sharp criticism from legal circles.

Opposition leader Brian Mundubile, who finished second with 38% of the vote to incumbent President Hakainde Hichilema’s 60%, has vowed to challenge the outcome in court over alleged irregularities. But with Monday marking the final day such a petition can be filed, the sudden closure of key judicial buildings including the High Court, the Supreme Court, and the Constitutional Court has raised serious questions about whether that legal avenue is being deliberately blocked.

The situation on the ground has grown increasingly tense. Lawyers attempting to access court premises have reportedly been turned away, with one describing being approached by armed men who ordered him to leave. According to local reports, judiciary staff were instructed not to report to work, citing vague “security reasons” with no further explanation offered.

Mundubile himself is currently in hiding, citing threats to his safety, and is said to be under the protection of an international human rights organization. His flight into hiding followed a violent and controversial period after the election, including the arrest of several opposition figures and the death of former minister Mutotwe Kafwaya during a security raid, an incident officials have characterized as an exchange of fire, but which rights groups are demanding be independently investigated.

The Law Association of Zambia has voiced alarm over the court closures, noting they directly threaten access to justice at the exact moment it matters most — within the narrow window allowed for challenging a presidential election result. The organization says no formal explanation has been given for either the closures or how long they might last.

Despite the turmoil surrounding the judiciary, preparations for Hichilema’s inauguration are moving forward as planned, with officials continuing site inspections ahead of the ceremony scheduled for September 1st at National Heroes Stadium.

International observers who monitored the election described voting day itself as largely peaceful, but flagged a number of troubling issues in the process including a heavy military presence at tallying centres, inconsistent record-keeping between digital and paper results, and limited media access ahead of the vote. The EU’s observer mission has since called for full transparency around the final outcome, noting that Zambia’s electoral commission never released a breakdown of results by individual polling station.

Players Turn On Infantino: “Enough is Enough”

Ayomitunde Adeyemi
-
0
Players Turn On Infantino: “Enough is Enough”

A growing wave of current and former footballers has broken ranks with FIFA president Gianni Infantino, publicly demanding leadership change at world football’s governing body.

The revolt was sparked by Mikael Silvestre, the former Manchester United and France defender who serves on FIFA’s Players’ Voice Panel. In a pointed statement posted to X and titled “Enough is Enough!”, Silvestre accused FIFA’s leadership of losing touch with the sport’s core values. The message quickly gained traction, with prominent figures including England’s Lucy Bronze, 1998 World Cup winner Emmanuel Petit, and former goalkeeper David James all lending their support online.

At the heart of the backlash is Infantino’s controversial push to sell stakes in major competitions — including the World Cup itself — to private investors. Silvestre’s statement framed the issue as a betrayal of trust, arguing that major decisions have repeatedly been made without consulting players or considering the fans who “sustain the sport.” The message didn’t hold back, declaring that “power has blurred the current leadership’s ability to distinguish between its own interests and what is best for football,” and calling for structural reform that gives both players and supporters real influence over how the game is governed.

The timing adds to mounting pressure already surrounding Infantino’s leadership. UEFA has floated the possibility of boycotting FIFA competitions altogether, and UEFA president Aleksander Ceferin has publicly suggested Infantino should either step down or brace for a genuine electoral challenge when the presidency comes up for a vote next March. Several national federations including those of England, Wales, and Scotland have already pulled their backing.

What makes Silvestre’s intervention particularly notable is that it comes from inside FIFA’s own structure, given his role on the Players’ Voice Panel, a body originally created to help the organization address racism in football.

Not everyone in the football world is siding against Infantino, however. Samuel Eto’o, the former Barcelona striker who now leads Cameroon’s football association, has defended the FIFA president, insisting he sees nothing wrong with his conduct. Speaking to CNN, Eto’o argued that Infantino’s reforms have specifically benefited African football expanding World Cup access for smaller nations and helping retain talent that might otherwise have been lost to other footballing powers. In his view, Infantino has been a genuine catalyst for growth across African federations, a contribution he believes deserves recognition rather than criticism.

Premier League Clubs Race Against The Clock As Transfer Deadline Looms

Ayomitunde Adeyemi
-
0
Premier League Clubs Race Against The Clock As Transfer Deadline Looms

With just over a week left before the transfer window slams shut on September 1, Premier League clubs are scrambling to fix the gaps exposed during the season’s opening weekend. From title-chasing giants to relegation-fearing newcomers, nearly every club in the division has unfinished business.

Arsenal, fresh off strengthening their midfield, defence and wings, are still chasing a marquee forward with Julian Alvarez remaining a long-standing target despite a complicated path to a deal. Aston Villa face a different kind of urgency after a wave of departures: Ollie Watkins looks set to leave for Saudi Arabia, pushing the club to hunt for a replacement striker while also needing defensive cover following Ezri Konsa’s exit to Arsenal.

Elsewhere, the picture varies wildly by club. Bournemouth are fending off suitors for their prized young talents while closing in on a new goalkeeper. Brentford, by contrast, appear relaxed, having already built a deep squad though a left-back addition wouldn’t hurt. Brighton anticipate losing key attacking pieces and may need to reinvest in midfield and wide areas to sustain their European ambitions.

Chelsea’s situation is unusual: manager Xabi Alonso reportedly considers his squad complete, but the real challenge is trimming a bloated roster of nearly 40 players down to a workable size before deadline day. Crystal Palace, under new manager Pierre Sage, are hunting a senior centre-back after an early-season injury crisis, while Everton’s long-standing weakness at right-back remains unresolved more than a year on.

Manchester City could be among the busiest clubs left in the window, with several key departures, including Omar Marmoush, Savinho and Nico Gonzalez, forcing a reshuffle that may bring in three or four new faces. Manchester United, meanwhile, are finalizing a big midfield signing and now turn their attention to left-back reinforcements, with several European names under consideration.

Liverpool’s priority remains wide attacking reinforcements, though Sunday’s defensive lapses against Newcastle have renewed calls for a holding midfielder. Tottenham face a similar identity question up front, with doubts over whether their current strikers fit new manager Roberto de Zerbi’s high-tempo system.

Further down the table, promoted sides Sunderland, Hull City and Leeds United are each still shaping their squads for a top-flight survival fight — targeting wingers, forwards and defensive depth respectively, while Nottingham Forest and Ipswich Town continue searching for the finishing touches to sides built largely from scratch this summer.

Whatever happens in the coming days, one thing is certain: for many Premier League clubs, the real business of the summer is only now reaching its final, frantic stretch.

President Samia and ADDI Chief Boost Africa’s Development Cooperation

Henry Williams
-
0
President Samia and ADDI Chief Boost Africa’s Development Cooperation

Tanzania’s President, Dr Samia Suluhu Hassan, has called for stronger collaboration between African countries, the African diaspora and development institutions to advance the continent’s interests and shape Africa’s future.

President Samia made the call on Monday, August 24, 2026, when she received the President of the African Diaspora Development Institute (ADDI), Ambassador Arikana Chihombori-Quao, at State House in Dar es Salaam.

The meeting focused on deepening cooperation between Tanzania, ADDI and Africans in the diaspora, with particular emphasis on youth development, leadership, investment, knowledge exchange and Africa’s role in the changing global political and economic order.

President Samia underscored the need to equip Africa’s young population with a deeper understanding of the continent’s history, its contemporary challenges and the opportunities available to influence its future.

She said young Africans must acquire the knowledge and civic awareness required to navigate an increasingly complex global environment while playing an active role in the development of their nations and the continent.

The Tanzanian leader also highlighted the importance of cultivating patriotism, responsible citizenship and leadership among young people, alongside encouraging the responsible use of information and greater participation in social and economic development.

The discussions further examined the strategic role of African women in raising future generations, strengthening communities, providing leadership and preserving the continent’s cultural heritage and indigenous knowledge.

Ambassador Chihombori-Quao, in turn, congratulated President Samia on her leadership and Tanzania’s ongoing development efforts.

She described closer collaboration between African nations and institutions working with the diaspora as an opportunity to unlock investment, facilitate knowledge transfer and promote a more positive and authentic global narrative about Africa.

President Samia commended Chihombori-Quao for her longstanding advocacy for African interests and her efforts to strengthen connections between Africans on the continent and people of African descent across the world.

The engagement comes amid growing calls for Africa to leverage its human capital, diaspora networks, indigenous knowledge and economic resources to strengthen its position in global affairs.

For Tanzania and ADDI, the discussions signal a shared interest in building stronger bridges between the continent and its global African family, while placing young people and African-led development at the centre of the continent’s future.

US Deepens Security Partnership With Nigeria, Trains Troops In Bauchi

Favour Enyosa
-
0
US Deepens Security Partnership With Nigeria, Trains Troops In Bauchi

The United States military has begun specialised training for Nigerian troops in unmanned aircraft systems, combat casualty care and other military skills as both countries strengthen their security partnership.

The training is being conducted at an Operating Location (OL) in Bauchi State under a broader US-Nigeria security cooperation programme designed to improve military capabilities, operational readiness and long-term partner capacity.

The United States Africa Command (AFRICOM) disclosed this in a report on Monday.

According to AFRICOM, the training covers areas including Combat Lifesaver and Tactical Combat Casualty Care, weapons familiarisation, camouflage techniques, water treatment and testing, explosive ordnance disposal, small-unit tactics and unmanned aircraft systems.

The command said the training topics were selected from options presented by US personnel based on their expertise and the specific needs identified by their Nigerian counterparts.

Capt Gabriel Feingold, a logistics officer with the US Army Southern European Task Force, Africa and operations officer at OL Bauchi, said Nigerian commanders were given several options and selected the areas they considered most useful.

“We bring them a list of several different training topics, and they select what they think would be most beneficial for them,” Feingold said.

AFRICOM said unmanned aircraft systems generated particular interest among Nigerian forces. Sgt Mark Murphy, an intelligence analyst assigned to the 13th Combat Sustainment Support Battalion, trained about 10 personnel from the Nigerian Air Force Special Forces Regiment.

The UAS training began with roughly 45 minutes of classroom instruction before moving to practical exercises involving the operation of the aircraft.

Murphy also taught the Nigerian personnel how to deploy the systems and use intelligence collected through them to support military operations.

“They were really excited with being able to get hands-on time with it,” Murphy said, adding that the Nigerian personnel indicated they wanted further training on the system.

Beyond developing technical and operational skills, AFRICOM said the joint exercises are intended to improve cooperation and interoperability between US and Nigerian military personnel.

Feingold said the engagement was especially valuable for strengthening relationships between personnel at the lower levels of both forces.

“It helps build relationships between Soldiers and the partner force, especially at the lower levels,” he said.

The US and Nigerian personnel also take part in recreational activities such as basketball and volleyball when operational duties and weather conditions allow.

AFRICOM said the two countries are working on additional training opportunities at OL Bauchi as they continue identifying areas where their personnel can share expertise and strengthen their military capabilities.

The latest exercise comes weeks after AFRICOM disclosed in July that the United States had withdrawn most of the troops deployed to Nigeria for a specific counterterrorism operation. However, the US said it would continue its intelligence-sharing and broader security partnership with Nigeria.

Kremlin Threatens Ukraine Missile Plants Over UK Backing

Favour Enyosa
-
0
Kremlin Threatens Ukraine Missile Plants Over UK Backing

The Kremlin has accused Britain of undermining efforts to achieve peace in Ukraine by providing Kyiv with information that could help it manufacture SCALP long-range missiles domestically, warning that facilities producing the weapons could be targeted.

The warning came on Monday as British Prime Minister Andy Burnham visited Kyiv and pledged to maintain the United Kingdom’s military support for Ukraine.

The British government has said it would authorise defence company MBDA to provide information on UK-made components used in the Franco-British SCALP missile, potentially allowing Ukraine to produce the weapon locally.

Asked about the missile blueprints, Kremlin spokesman Dmitry Peskov accused Britain of deliberately obstructing peace efforts.

“Britain is methodically and regularly throwing oil on the fire and methodically and regularly plotting schemes to prevent even the slightest progress in the peace process.”

Peskov said Russia was preparing to identify facilities involved in producing the missiles and other military equipment.

“Our armed forces are carrying out work accordingly, gathering the relevant intelligence to identify the production sites of such missiles and other military equipment, and taking measures to destroy these facilities,” Peskov said.

The SCALP is a long-range cruise missile capable of striking targets about 250 kilometres (155 miles) away.

France and Britain have supplied the weapon to Ukraine since Russia launched its full-scale invasion in 2022. However, Ukraine has not yet begun producing the missiles domestically.

Burnham travelled to Kyiv on Monday to attend Ukraine’s Independence Day commemorations, where he reaffirmed Britain’s commitment to supporting the Ukrainian government.

“Despite Russia’s outrageous threats to my country, we will continue our support for Ukraine’s defence,” Burnham said in a speech delivered ahead of a meeting with Ukraine’s international supporters.

NRC Links Possible Wheel Defect To Warri-Itakpe Train Derailment, Rules Out Track Vandalism

Favour Enyosa
-
0
NRC Links Possible Wheel Defect To Warri-Itakpe Train Derailment, Rules Out Track Vandalism

The Nigerian Railway Corporation (NRC) has said a “possible sudden development of a bogie or wheel defect” may have been the main factor behind the June 8, 2026 derailment of the Warri-Itakpe Train Service in Delta State.

The corporation also identified the “possible manner of brake application” as a factor that may have worsened the severity of the accident. However, it stressed that both possibilities remain working hypotheses pending the completion of a comprehensive investigation.

The NRC disclosed this in its preliminary report on the incident, which occurred as the train approached the Outer Home signal of the Goodluck Jonathan Railway Station at kilometre 177, Owa-Oyibu, Agbor.

“Based on the internal investigation carried out by the NRC inquiry team, preliminary observations indicate the possible sudden development of a bogie/wheel defect while en route. This observation is being investigated further as a potential primary factor in the derailment,” the NRC said in the report signed by its Managing Director, Kayode Opeifa, on Monday.

“A wheel defect of this nature may have generated abnormal wheel-rail interaction, excessive impact loading, and loss of running stability. The investigation also noted that the possible manner of brake application may have contributed to the severity of the outcome.”

The NRC said the train left Itakpe at noon with 482 people on board, including 442 passengers and 40 operational personnel.

Five coaches, one locomotive and a power car were affected by the derailment. Three coaches and the power car overturned, while the other derailed rolling stock remained upright.

The corporation said emergency response efforts began immediately and all passengers were evacuated within two hours.

“Tragically, the incident resulted in four confirmed fatalities, three adults and one child and 64 persons reported injured.”

According to the NRC, 28 passengers received treatment and were discharged from the Railway Hospital in Owa-Oyibu, while 36 others were taken to general hospitals in Owa-Oyibu, Owa-Alero and the Central Hospital Agbor.

“Most of those admitted were discharged within 72 hours. Three persons, including one NRC personnel who required surgical intervention, remain under specialist medical care, and two subsequently had surgical procedures carried out,” it said. “The initial report of five fatalities was subsequently corrected following verification with the Delta State Medical Team who handled all the deceased.”

The corporation said its preliminary investigation involved inspections of the accident site, collection of evidence, examination of operational records and technical assessments of the locomotive and rolling stock.

Investigators also interviewed witnesses, train crew members, operations and maintenance personnel as well as emergency responders. The track infrastructure, turnout arrangements and communication systems in the affected area were also examined.

The NRC said the investigation found no evidence of track vandalism, noting that the points at the scene remained intact.

“It is important to note that site examination by the inquiry team observed that the points were intact and that no evidence of track vandalism was found,” it noted.

The corporation said this finding differs from the Warri-Itakpe Train Service accidents recorded on November 1 and November 8, 2025, which it said were linked to track vandalism.

The NRC, however, emphasised that its internal inquiry does not constitute the final determination of the accident’s cause.

“These remain working hypotheses only. The definitive cause or causes of the accident will be determined through comprehensive analysis and will be set out in the final report,” said the NRC.

“In line with statutory requirements, the Nigerian Safety Investigation Bureau (NSIB) has commenced an independent investigation. The Nigerian Railway Corporation is fully cooperating with the NSIB investigation and will be guided by its findings and recommendations. The NSIB final report remains pending. The NSIB’s final report is still pending,” it added.

Based on its preliminary findings, the NRC recommended a series of safety measures, including comprehensive inspections and safety audits of railway rolling stock, tracks and infrastructure across all operational corridors before equipment is returned to service.

It also called for stronger maintenance and condition-monitoring systems, prompt replacement of defective components and adequate stocks of critical spare parts.

Other recommendations include a review of operational safety procedures, improved emergency preparedness and rescue capabilities, stronger staff training and competency assessments, and sustainable funding for railway modernisation.

The corporation also recommended improvements to its insurance and compensation framework to ensure adequate coverage for medical treatment, disability support and compensation for fatalities.

The NRC said the affected track had been fully recovered and restored, while the locomotives had also been retrieved and were undergoing reconditioning.

However, it stressed that train operations would only resume after a detailed safety audit of the track and equipment has been completed.

The corporation expressed regret over the incident and extended its condolences to the families of those who lost their lives.

It said its focus remains on improving railway safety, strengthening operational resilience and rebuilding public confidence in rail transportation.

Oyo Market Fire Destroys Hundreds Of Shops In Early Morning Blaze

Favour Enyosa
-
0
Oyo Market Fire Destroys Hundreds Of Shops In Early Morning Blaze

An early morning fire has destroyed several shops at a market in Oyo State, leaving traders counting their losses after the blaze swept through parts of the market.

The fire reportedly started around midnight on Monday and affected businesses operated by gold dealers, furniture sellers, second-hand clothing traders and other merchants.

A trader identified as Iya Alia said the destruction was extensive, claiming that nearly 300 shops may have been affected.

“This is devastating. This is huge. I don’t even know how to explain it. Close to 300 shops were destroyed,” another eyewitness said.

However, the Oyo State Fire Service said it was too early to determine the exact number of shops destroyed or the total value of goods lost.

The Special Adviser to Governor Seyi Makinde on Fire Reforms and State Chairman of Fire Services, Morof Akinwande, confirmed the incident, saying the fire started in the middle of the market following an explosion.

“Yes, it occurred. That number we cannot ascertain, but what is known is that some shops were destroyed and the fire incident started in the middle of the market with an explosion,” Akinwande said.

He explained that authorities had yet to determine whether the explosion was caused by gas or another source, noting that such an occurrence could contribute to the rapid spread of a fire.

According to Akinwande, firefighters successfully brought the blaze under control by about 1am.

He added that determining the number of shops destroyed and the value of goods lost would be part of the post-fire assessment.

“On the number of shops and inventory, that is too early because that’s post-fire outbreak investigation. So, I cannot be accurate about the number of shops that were destroyed. But shops were actually gone,” he said.

The latest incident has renewed concerns about the recurring cases of market fires in Ibadan and other parts of Oyo State.

In 2024, more than 200 shops in the herbal section of Oranya Market were reportedly completely destroyed by fire.

The latest blaze also occurred just two days after another fire outbreak destroyed nine locked-up shops at the Nigerian Railway shopping complex along Aleshinloye Market in the Ibadan South-West Local Government Area.

Goods, household items and other properties worth millions of naira were reportedly lost in that incident.

One of the affected traders, Busari Olayemi, estimated his losses at about N21 million. The destroyed items included window blinds, curtain fabrics, industrial sewing machines and other business equipment.

He also said fabrics belonging to customers and stored at the premises were destroyed in the fire.

Authorities are continuing to assess the extent of the damage from the latest market fire, while the exact number of affected shops, value of losses and circumstances surrounding the explosion remain subject to further investigation.

Kenneth Okonkwo Criticises Tinubu’s Subsidy Removal, Says Naira Has Lost Value

Favour Enyosa
-
0
Kenneth Okonkwo Criticises Tinubu’s Subsidy Removal, Says Naira Has Lost Value

Kenneth Okonkwo, spokesperson for African Democratic Congress (ADC) presidential candidate Atiku Abubakar, has criticised the Federal Government’s decision to remove the petrol subsidy, arguing that the policy has increased economic hardship and weakened the purchasing power of Nigerians.

Okonkwo made the comments where he defended Atiku’s proposal to make petrol more affordable if elected president in 2027.

He described the subsidy removal as “ill-advised”, arguing that it had failed to provide sufficient benefits to Nigerians despite the government’s position that the policy had released funds for development.

According to Okonkwo, petrol now sells for about N1,300 per litre, meaning a vehicle with a 100-litre tank would require approximately N130,000 to fill.

“N130,000 is almost two times the minimum wage of a Nigerian. Meaning 70,000 naira paid to a Nigerian can only afford him half a tank of his vehicle. No rent, no food, no medical, nothing,” he said.

Okonkwo clarified that Atiku’s proposed approach would not involve returning to the subsidy system that existed before its removal. Instead, he said the former vice president would seek to reduce the cost of refined petrol by ensuring that crude oil is made available to local refineries at affordable prices.

“Atiku is not going back to that. And cannot even go back to that. Why? We have our local refineries now working,” he said.

The ADC chieftain also criticised the performance of the naira under President Bola Tinubu, arguing that the currency had lost significant value despite an increase in the minimum wage.

He compared the previous N30,000 minimum wage, which he said was equivalent to about $60, with the current N70,000 minimum wage, which he valued at roughly $50 using an exchange rate of N1,400 to the dollar.

“Naira has become useless in Tinubu’s government. This government is destroying our currency, destroying our economy,” he said.

Okonkwo said Atiku’s proposed Fuel Affordability Plan (AFAP) would focus on lowering production costs rather than subsidising fuel consumption.

“What Atiku is talking about is that oil is our product. We do not have any basis for producing it in our land by ourselves and still selling it to Nigerians at an unaffordable price,” Okonkwo said.

Addressing Atiku’s previous position that fuel subsidy was unsustainable, Okonkwo acknowledged the former vice president’s earlier stance but argued that the current proposal was different because it would rely on domestic refining and lower production costs.

He also accused the Tinubu administration of fuelling inflation and weakening the naira, saying that increases in nominal wages had not translated into improved purchasing power for Nigerians.

“50% of the 30,000 Naira people were earning before Tinubu came into office has greater value than the 70,000 he’s offering Nigerians,” he said.

Okonkwo further argued that higher government revenue had been offset by the rising cost of living and maintained that Atiku’s economic strategy would prioritise the purchasing power of citizens.

“Atiku is aiming at increasing the quality of Naira, not the quantity of it.”

When asked how Atiku would perform differently from the Tinubu administration, Okonkwo said the ADC candidate would bring “institutional memory and experience” to the management of Nigeria’s economy and security.

President Tinubu announced the removal of the petrol subsidy during his inauguration on May 29, 2023. The decision immediately triggered increases in petrol prices, transportation, logistics and production costs and has remained a major subject of economic and political debate.

On Wednesday, however, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the subsidy removal generated N15.8 trillion in resources for Nigeria between June 2023 and December 2025.

Atiku has also reignited the debate over fuel subsidy after promising to restore the policy if elected president in 2027, marking a shift from his position during the 2023 presidential election, when he supported the removal of the subsidy regime.

Trump Threatens Tough Economic Measures As Iran Warns It Could Halt Gulf Oil Exports

Favour Enyosa
-
0
Trump Threatens Tough Economic Measures As Iran Warns It Could Halt Gulf Oil Exports

President Donald Trump has vowed to launch what he described as the “most crushing” financial operation as the United States prepares to impose fresh economic sanctions targeting Iran and countries that continue to trade with Tehran.

Iran has responded by threatening to halt oil exports from the Gulf if what it called an ongoing “economic war” continues.

Although the United States and Iran have avoided direct military strikes against each other for several weeks, there have been no significant negotiations aimed at resolving the six-month-old conflict.

Thousands of people have been killed since the United States and Israel began strikes on Iran on February 28. Most of the casualties have been reported in Iran and Lebanon, while the conflict has also severely weakened much of Iran’s conventional military capacity and caused significant economic disruption.

The latest escalation has unsettled financial markets as investors await details of Washington’s new strategy to isolate the Iranian economy.

Oil prices fell on Monday, with both major crude benchmarks declining by 2.3 per cent. Brent crude was trading at around $92 per barrel.

Asian markets were also largely lower during early trading, with South Korea’s technology-heavy Kospi index falling 1.4 per cent after Samsung Electronics announced an $80 billion share buyback following weeks of volatile trading.

Global Markets Watch AI Sector

Investors are also focused on the artificial intelligence sector, with Nvidia, the world’s most valuable company, expected to release its latest earnings report this week.

The company’s results are being closely watched for signs of whether the rapid growth in AI investment can continue as the technology expands into more areas of the global economy.

“The spending machine is still running, but the bill is getting heavier,” said Stephen Innes of SPI Asset Management.

“Nvidia must now show that the most expensive investment boom in modern market history can still pay its bills.”

Chinese technology giant Alibaba is also drawing attention after announcing plans to raise $10.2 billion through a new share offering in Hong Kong to finance its global AI ambitions.

The company, which is known for its open-source “Qwen” AI models, has invested heavily in artificial intelligence, with investors increasingly looking for evidence that those investments can generate significant returns.

Tokyo, Shanghai, Taipei and Wellington recorded losses on Monday, while Sydney, Jakarta and Bangkok gained. Manila and Kuala Lumpur were largely unchanged.

Hong Kong’s Hang Seng Index dropped more than two per cent despite fast-fashion company Shein announcing that it would make its long-awaited market debut in the city on September 1.

The listing is expected to value Shein at approximately $27 billion.

US Steps Up Pressure On Iran

Attention is also on US Treasury Secretary Scott Bessent, who is expected to provide more details on Monday about Washington’s plans to increase economic pressure on Iran.

The United States has urged its allies and China to support Trump’s latest campaign as the Middle East conflict approaches the six-month mark.

Vice President JD Vance described the strategy as a “delicate dance”, acknowledging that Iran could attempt to respond by placing economic pressure on the United States.

Asked whether Washington would put additional pressure on China, Bessent told CNBC that “many conversations are best to have in private”, while urging Beijing “to get with the programme”.

The growing tensions have added another layer of uncertainty to global markets, particularly as traders monitor energy prices and the potential impact of disruptions to oil supplies from the Gulf.

Investors Await Jackson Hole Meeting

Markets are also looking ahead to the annual gathering of central bankers, economists and finance officials in Jackson Hole, Wyoming, where investors hope to gain clearer signals about US monetary policy.

The meeting comes after the US Treasury purchased its own bonds last week in an effort to reduce borrowing costs following a rise in the 30-year yield to levels last seen in 2007.

Bond yields have climbed amid concerns about inflation and rising government debt, with US federal debt recently surpassing $40 trillion.

Key Market Figures

Around 0215 GMT, Tokyo’s Nikkei 225 was down 0.3 per cent at 65,799.25, while Hong Kong’s Hang Seng Index fell 2.1 per cent to 25,455.95.

Shanghai’s Composite Index declined 0.5 per cent to 3,887.81.

The dollar traded at 158.82 yen, compared with 159.03 yen on Friday, while the euro rose to $1.1684 from $1.1679. The pound also strengthened slightly to $1.3651 against the dollar.

West Texas Intermediate crude fell 1.9 per cent to $85.39 per barrel, while Brent crude dropped 1.8 per cent to $92.68 per barrel.

1...151617...2,666Page 16 of 2,666