Author: Amanda Martinez

Indian tax officials have accused Kia Motors of $155 million in customs duties by misclassifying imported car parts. The confidential notice sent in April last year claims Kia imported components separately to pay lower taxes instead of declaring them as a single shipment. Kia India responded to the notice with a detailed rebuttal, arguing that its practices comply with regulations. The company, which has sold over a million cars since launching in India in 2019, has not shared additional details on its legal position. The finance ministry has not commented on Kia’s Indian tax dispute. The allegations stem from Kia’s…

As part of a significant policy change, USAID announced that thousands of employees will be put on leave beginning Friday evening. According to a statement, direct-hire employees will be impacted by the USAID staff cuts, except those in leadership positions, mission-critical roles, and specific programs. The precise number of affected employees will not be known until Thursday afternoon when officials will contact them. The Trump administration has repeatedly pushed for changes at USAID, arguing the agency wastes funds and must align with new priorities. Agency staff and democratic lawmakers have vehemently opposed the cuts, warning they endanger lives and harm…

A rebel alliance claiming control of Goma in eastern DR Congo has announced a ceasefire after fierce clashes left hundreds dead. The Alliance Fleuve Congo (AFC), which included M23 fighters, the Rebel’s declared a ceasefire in Goma on Tuesday due to a worsening humanitarian crisis. The Democratic Republic of Congo’s government and international organizations accuse Rwanda of supporting the M23 rebels, a claim Kigali denies. Goma rebel ceasefire efforts remain uncertain as Congolese military officials reject the truce as an insincere propaganda move. “Have you seen the Rwandans do what they say?” General Sylvain Ekenge asked, dismissing the ceasefire announcement…

President Donald Trump has signed an executive order to establish a US sovereign wealth fund, proposing its use for major investments. The fund, which he claims will become one of the biggest, could help finance national projects and even acquire TikTok. Over 90 countries operate sovereign wealth funds that invest surplus income for future generations, but the US currently runs a deficit. Trump’s sovereign wealth fund plans remain unclear on funding resources, though he previously suggested tariffs and asset monetization could generate revenue. Trump recently imposed tariffs on China, Mexico and Canada, though levies on Mexico and Canada were paused…

A car bomb exploded on Monday night in Manbij, northern Syria, killing at least 20 people and injuring dozens more. Officials confirmed the blast marked the deadliest attack in Syria. Bashar al-Assad fell in December last year. The explosion struck an area already destabilized by ongoing clashes between Turkish-backed forces and the Kurdish-led Syrian Democratic Forces (SDF). Syrian President Ahmed al-Sharaa condemned the attack, vowing swift justice for the victims and promising severe punishment for the perpetrators. Hospital workers reported that the bomb detonated near a vehicle carrying agricultural workers, killing at least 11 women and three children. The White…

US stock markets tumbled after President Donald Trump approved tariffs on Canada, Mexico, and China, sparking fears of a global trade war. Major indexes in the US dropped sharply, with the Nasdaq losing 2% and the Dow declining by over 1% within minutes of trading. European and Asian markets also suffered losses, with Germany and France seeing a 1.5% dip and London’s FTSE 100 falling by 1.4%. Investors reacted with concern as they anticipated economic disruptions that could weaken corporate earnings and slow global growth. The US dollar strengthened against China’s yuan, but the Canadian dollar plunged to its lowest…

Shein, a popular Chinese e-commerce company, has partnered with Reliance Retail to re-enter the Indian market. This move marks a significant development in the Indian e-commerce market. Shein Reliance Partnership is a rare exception to India’s ban on over 200 Chinese apps. The partnership will enable Shein to use India as a supply source for its global operations. Reliance Retail will benefit from Shein’s expertise in building a network and training Indian garment manufacturers. The goal is to promote the export of textiles and garments from India. Shein’s return to India is significant, given the company’s previous presence in the…

The Bitcoin price plunge has resulted in the largest forced liquidation in cryptocurrency history. Concerns about a potential tariff war initiated by the United States have led to a significant drop in virtual asset prices. According to Coinglass, a cryptocurrency data analysis firm, 742,778 individuals were liquidated in the virtual asset derivatives market, resulting in losses of $2.26 billion over the past 24 hours. This surpasses the previous maximum liquidation during the FTX incident, which was around 1.6 billion. The liquidation scale for “long positions” betting on a price increase was $1.89 billion, while the liquidation scale for “short positions”…

The Rafah border crossing reopens, allowing injured Palestinians to enter Egypt after Hamas freed three Israeli hostages under a ceasefire deal. Israeli forces had closed the crossing for nine months before reopening it on Saturday, enabling medical evacuations. Ambulances transported wounded Palestinians, including children, through Rafah, marking the first regulator evacuation since May 2024. Officials expect at least 50 critically ill children to cross into Egypt for urgent medical care. Buses collected sick and injured individuals from Gaza hospitals before reaching Rafah, which has long been a crucial exit point for Palestinians. Israeli and Hamas negotiators plan to discuss the…

For the second day in a row, a Barclays client could not complete necessary activities due to a banking outage that started on Friday. The outage affected payments, transfers, and online banking, leaving thousands of customers upset. Many customers reported issues purchasing necessities, including baby formula and groceries, while others faced severe financial setbacks. Diane Forrest, a Barclays customer from London, said the outage prevented her from completing a house purchase. Forrest waited outside her new home for four hours with all her belongings in a removal truck but found no solution. An online business owner, Tim Horner, reported losing…

Claudia Sheinbaum, the Mexican president, urged Google to reconsider renaming the Gulf of Mexico, questioning the legality of Trump’s executive order. After the Gulf of Mexico renaming controversy, Sheinbaum formally requested that Google reverse its decision to display the name “Gulf of America” for U.S. users on Google Maps.  President Donald Trump signed an executive order mandating the change, sparking international Gulf of Mexico renaming controversy. The Gulf, which borders the U.S., Mexico, and Cuba, has carried its name for centuries. However, Trump’s order applied only to the U.S. version of Google Maps, leaving the original name intact everywhere. Mexico…

U.S. President Donald Trump will impose 25% tariffs on Canadian and Mexican imports starting February 1st, aiming to curb illegal migration and fentanyl shipments. Trump confirmed his decision to tax imports from Canada and Mexico but has not decided whether to include oil. Speaking from the Oval Office, he emphasized that these measures address border security concerns and trade imbalances. He also hinted at additional tariffs on China due to its role in the fentanyl crisis. “We may or may not. We’re going to make that determination probably tonight,” Trump stated. He further stated that they would decide about tariffs…