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Asian markets tumble as Trump’s tariff war escalates

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Asian shares slid on Monday morning after US President Donald Trump followed through on his promise to impose tariffs on Canada, Mexico and China.

Investors are bracing for a turbulent period that could hit the earnings of major companies and dent global growth.

Canada and Mexico have said that they will hit back with retaliatory tariffs while China promised “corresponding countermeasures” and vowed to challenge Trump’s move at the World Trade Organization.

Trump has said the tariffs are necessary to halt the flow of illegal drugs and immigration into the US.

Hong Kong’s Hang Seng Index was down 0.7%, Japan’s Nikkei 225 was 2.8% lower, South Korea’s Kospi tumbled 3% and Australia’s ASX 200 fell 1.9%.

Markets in mainland China remained closed for the Lunar New Year holiday.

Meanwhile, the US dollar was showing strength, rising to a record high against China’s yuan, while the Canadian dollar plunged to its lowest level since 2003.

“The prospect of having a long and protracted trade spat between the world’s two biggest economies is causing investors to take risk off the table today,” said Tim Waterer, chief market analyst at financial services firm KCM Trade.

“The other worry for investors is which countries may be on Trump’s tariff hit list next”.

The tariffs announced by the Trump administration over the weekend target the United States’ three largest trading partners and the US president has threatened he might not stop there.

Trump has also vowed to impose tariffs on the European Union “pretty soon”.

Chief investment strategist at investment bank Saxo, Charu Chanana, warned that while tariffs could be beneficial for the US economy in the short term, in the long run they pose significant risks.

“Repeated use of tariffs would incentivise other countries to reduce reliance on the US, weakening the dollar’s global role,” she added.

Trump has said he will speak to Canada and Mexico’s leaders on Monday about the tariffs which are due to come into effect at midnight on Tuesday.

The two countries are facing tariffs of 25% on their exports to the US, while Chinese goods will face an additional 10% tax.

(BBC News)

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American Cardinal elected as new Pope: Pope Leo XIV

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Following a 02-day papal conclave, American Cardinal Robert Prevost has been elected as the new Pope yesterday (May 08) evening, Vatican time.

At 69, Cardinal Robert Prevost was elected as the 267th Pope, taking the name Pope Leo XIV.

He becomes the first American to ascend to the papacy in the 2,000-year history of the Catholic Church.

Pope Leo XIV now assumes spiritual leadership of the world’s 1.4 billion Catholics.

The election follows the death of His Holiness Pope Francis, who passed away on April 21 at the age of 88 at his residence in Casa Santa Marta, Vatican City, a day after participating in Easter Mass at St. Peter’s Basilica.

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Auction of gems linked to Buddha postponed

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The Indian government is seeking to repatriate ancient gem relics linked to the Buddha’s remains after halting their sale at an auction in Hong Kong.
Sotheby’s postponed the sale of the Piprahwa gems, due on Wednesday, after the ministry of culture threatened to take legal action against the auction house in Indian and Hong Kong courts and through international bodies “for violations of cultural heritage laws”.

In a statement, the ministry said it would discuss repatriation of the gems to India with Sotheby’s and the sellers, three descendants of William Claxton Peppé, a British colonial landowner who, in 1898, excavated the gems on his estate in northern India.

In a legal notice issued to Sotheby’s on Monday, India’s ministry of culture told the auction house that the gems should be treated as the sacred body of the Buddha and it would be “participating in continued colonial exploitation” if the sale went ahead.

The letter, posted on the ministry’s social media accounts, added that Peppé’s great-grandson, Chris Peppé, a Los Angeles-based TV director and film editor, lacked the authority to sell the gem relics, which “constitute inalienable religious and cultural heritage of India and the global Buddhist community”.

There has been a growing international outcry against the sale of the gems, which many Buddhists believe are imbued with the presence of the Buddha and should be treated as corporeal remains.

The 334 gems, which were expected to sell for about HK$100m (£9.7m), include amethysts, coral, garnets, pearls, rock crystals, shells and gold, either worked into pendants, beads and other ornaments, or in their natural form.

The gems were originally buried in a dome-shaped funerary monument, called a stupa, in Piprahwa in present-day Uttar Pradesh, India, in about 240-200BC, when they were mixed with some of the cremated remains of the Buddha, who died in about 480BC.

The British crown claimed Peppé’s find under the 1878 Indian Treasure Trove Act, with the bones and ash presented to the Buddhist monarch King Chulalongkorn of Siam. Most of the 1,800 gems went to the colonial museum in Kolkata, while Peppé was permitted to retain approximately a fifth of them.

Legal experts told the Guardian that the Indian government could pursue legal action even if the gems were sold.

Sameer Jain, a managing partner at PSL advocates and solicitors, India, said the auction could well be in breach of Indian laws including the Antiquities and Art Treasures Act 1972, the Ancient Monuments and Archaeological Sites and Remains Act 1958, and the Indian Treasure Trove Act 1878, as the Indian ministry of culture claimed.

Jain said: “These laws vest the ownership of relics in the government of India, whether or not they were exported during the colonialist period. Any export trade without licence is prohibited. The root question would be whether [the gems] were exported out of India legally and whether the Peppés are even owners of these items. It is arguable that the relics were given to the family only for custody.”

Noor Kadhim, an art lawyer at the legal consultancy Kadhims and an independent consultant in Fieldfisher’s art law department, said India could not sue Sotheby’s under The Hague and the Unesco conventions because it was a private auction house rather than a state museum. She added: “If they wish to use these treaties, the more viable path would be to employ them against China, as the host state for Sotheby’s Hong Kong.”

Conan Cheong, a curator and expert in south-east Asian art, welcomed Sotheby’s decision, saying: “This is a rare chance for the Peppés to finally consult with the Buddhist voices raised in protest of the sale in Thailand, Cambodia, Sri Lanka and elsewhere, as well as with the Indian government, to find a truly equitable way to share them with all humanity.”

Chris Peppé has been approached for comment. With regards to his rights and those of his two relatives to sell the gems, he previously told the Guardian: “Legally, the ownership is unchallenged.”

In a statement, Sotheby’s said: “In light of the matters raised by the government of India and with the agreement of the consignors, the auction of the Piprahwa gems of the historical Buddha, scheduled for 7 May, has been postponed. This will allow for discussions between the parties and we look forward to sharing any updates as appropriate.”

(theguardian.com)

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Cardinals hold vote for new pope

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The cardinals responsible for electing a new pope are locked inside the Sistine Chapel for the secret ballot.

Black smoke means more voting will take place tomorrow, white means there is a new pope.

Before the doors shut, cardinals took an oath in which they promised to keep secret all matters related to the vote and that whoever is elected will faithfully carry out the role.

They will now have no communication with the outside world until a new pope is elected, meaning the conclave has officially begun.

Because a new pope requires a two-thirds majority, the process can take some time, although the last two conclaves concluded by the end of day two.

To cast their vote, each cardinal casts their vote on a card that says in Latin “I elect as Supreme Pontiff” alongside the name of their chosen candidate.

They walk in order of their seniority to place their cards inside the large silver and gilded urn.

(BBC News)

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