Connect with us

Published

on

‘Wolf of Wall Street’ Jordan Belfort has told Sky News there’s “no way” Donald Trump is guilty of insider trading or market manipulation.

Opponents say the president has questions to answer after he said it was a “great time to buy” shares – four hours before the stock market surged on Wednesday when he paused tariffs.

Mr Belfort told Gillian Joseph the fact Mr Trump made the statement on social media meant it was public, rather than him tipping off a few people.

Tariffs latest: Trump – ‘everything will be beautiful in the end’

Speaking on The World programme, Mr Belfort said: “I personally don’t find it overly suspicious. Especially since he’s told it to everybody at once.

“If he hadn’t said anything and told five of his best friends ‘I’m gonna ease this tariff situation – you should be buying’, that would be illegal.”

Insider trading is when people take advantage of non-public information to buy or sell shares and make a gain.

More from US

The former stockbroker was famously played by Leonardo DiCaprio in the film about his early life and admitted crimes related to stock manipulation.

Mr Belfort said Mr Trump’s post was just repeating what the president had said previously, and that buying when share prices plunge is a well-known investment move.

Please use Chrome browser for a more accessible video player

Market whiplash – did Trump’s friends get richer?

“He had been saying that all along [to buy], it wasn’t the only time he’d said that,” said Mr Belfort.

“[Treasury] Secretary Bessent had been saying that too. It’s a really basic piece of advice.”

Stock markets around the world plunged dramatically on Monday due to the start of America’s wide-ranging tariffs on imports from around the world.

The world economy was rattled again just two days later when the president said nearly all of the taxes would go on hold for 90 days.

The key S&P 500 index jumped nearly 10% – a huge daily increase.

Please use Chrome browser for a more accessible video player

Democrats and Republicans react to insider trading claims

Rival Democrat politicians say Mr Trump‘s encouragement to buy raises “grave ethics concerns”.

Some are calling for an urgent inquiry into whether any of his family or administration officials benefited by dealing in the stock market ahead of time.

The White House said the president’s post was simply reassuring Americans “about their economic security in the face of nonstop media fearmongering”.

Mr Belfort accused Democrat figures of trying to “earn brownie points with the media and their party”.

‘Not gonna be pretty’

Despite the mid-week surge, turbulence in stock markets appears far from over – chiefly because China and the US remain locked in a tariffs stare down.

American indexes closed down again on Thursday, Japan’s Nikkei fell about 5% early on Friday, and Hong Kong stocks are heading for their worst week since 2008.

Gold meanwhile, considered a “safe haven” asset, has climbed to a record price and earlier today passed the $3,200/oz level for the first time.

Mr Belfort told Sky News that while he was against tariffs generally, President Trump’s dramatic intervention was necessary as the US has an “insane” trade imbalance and imports far more than it exports.

“The United States has been drained of its wealth, drained of its factories,” he said.

“It’s not gonna be pretty,” added Mr Belfort. “There’s going to be pain – but the path we were on before is simply unsustainable. It had to change.”

Please use Chrome browser for a more accessible video player

Trump tariffs: How have stock markets reacted

He said he was sceptical over fears the tariffs will hit US consumers hard, with some predicting goods – including popular items such as the iPhone – could jump in price if costs are passed on.

The former trader said he believes firms would shift production from China, which is subject to a tariff of more than 100%, to places such as India, and that exemptions would eventually be agreed.

He also gave the thumbs up to Elon Musk‘s controversial government efficiency role which has forced thousands of jobs cut.

Read more:
China ready for trade war and it’s unclear Trump knows what he’s taking on
Trump has blinked – but it’s not the markets that forced him to act

“I love what is being done because the amount of abuse and waste and fraud, it’s absolutely insane,” said Mr Belfort.

“It’s a great thing that’s happening. Obama talked about doing it, Clinton tried it; this is not a new idea to try to make the government more efficient.”

If Mr Musk leaves or quits in the near future, as is rumoured, Mr Belfort said the world’s richest man has installed “some very seasoned business people that really care about the country”.

jordan

Continue Reading

World

Lack of heavy rescue equipment into Gaza leaves hundreds to die slow deaths under rubble

Published

on

By

Lack of heavy rescue equipment into Gaza leaves hundreds to die slow deaths under rubble

It was in the evening that the bombing started to intensify.

Salah Jundia, his father and brothers huddled together in their home in Shujaiyya, just east of Gaza City, trying to work out what to do.

It was too risky for them to leave at night. There were a lot of them too. Extended family living across four storeys. They decided they would wait until after dawn prayers.

The explosion tore through the building just before 5am, collapsing one storey on to the next.

The remains of where the family lived - where loved ones were trapped beneath the rubble
Image:
The aftermath of Israel’s bombing campaign in Shujaiyya, just east of Gaza City

Salah Jundia
Image:
Salah Jundia

Jundia says he survived because pieces of bedroom furniture fell on top of him.

Then he looked for his father and brothers.

“I found one of them calling for help. I removed the rubble covering him with my hands. Then I saw another brother covered in rubble but he was dead,” he told Sky News.

Jundia added: “My father was also dead. My other brother was also dead. We got them out and that is when I saw that the whole building had collapsed.”

Over the next few hours, they scrambled to rescue who they could.

An aunt and uncle and one of their children, Shaimaa. Uncle Imad and his son Mohammad. The bodies of Montasir and Mustaf.

One of the child victims of the attack on the home in Gaza City
Image:
One of the child victims of the attack on the home near the Gaza City

One of the child victims of the attack
Image:
Another one of child victims of the attack

Jundia says he could hear cries for help, but they were coming from deep in the rubble and were impossible to reach.

The rescue teams on site – civil defence they are called – did not have the kit to clear through three floors of 500 square metres, 30cm slabs of concrete.

Palestinians drilling to try and reach the people trapped below the rubble
Image:
Rescuers drilling to try and reach the people trapped below the rubble

Efforts to free those trapped beneath the rubble in Gaza City
Image:
Efforts to free those trapped beneath the rubble near the Gaza City

In the afternoon, Jundia says Israel’s Defence Forces (IDF) told rescue teams to leave as they would be resuming their bombardment.

Jundia buried the bodies he had managed to pull out but he knew 15 of his family members, 12 of them children, were still somewhere inside the rubble, still crying for help.

He made a desperate video appeal, begging the Red Cross and Arab countries to pressure Israel to grant access to the site. It was picked up on a few social media accounts.

Israel won’t allow heavy equipment into Gaza. No diggers or bulldozers, nor the fuel or generators to run them.

They say it will fall into Hamas’s hands.

It was a major sticking point during the ceasefire and it is a major issue now as the bombardment continues, given the fact that hundreds if not thousands of civilians might survive if there were the equipment to extract them.

Members of Salah Jundia's family left alive after the attack
Image:
Members of Salah Jundia’s family left alive after the attack

Salah Jundia and his family
Image:
Salah Jundia and his surviving family

Civil defence trying to get to the Jundia family home over the next few days were halted because the IDF were in the vicinity. A family friend tried himself and was killed.

The footage that our camera teams have shot in Shujaiyya over the past two weeks shows how civil defence teams struggle to save those who are trapped and injured with the most rudimentary of equipment – plastering trowels, sledgehammers, ropes and small drills.

“The tight siege stops civil defence equipment from getting in,” says one.

They added: “So we are taking much longer to respond to these events. Time is a factor in getting these people out. So we call immediately for the necessary equipment to be allowed in for the civil defence to use.”

The IDF say they are investigating the circumstances around the Jundia family as a result of our enquiries.

In relation to the access of heavy equipment into Gaza, they say they work closely with international aid organisations to enable the delivery of humanitarian activities in accordance with international law.

The last contact Jundia had from beneath the rubble was a phone call from his uncle Ziad, three days after the strike.

“The line was open for 25 seconds then it went dead. We don’t know what happened. We tried to call, but there was no answer,” he says.

He and his family were displaced several times before they returned home to Shujaiyya – to Rafah in the south, then Khan Younis and Deir al-Balah.

Along the way, Jundia lost one brother and a nephew to Israeli bombs.

Read more:
Israeli air strike hits Gaza hospital
Red dye dumped into US embassy in Israel protest
Israel shot at ambulances over ‘perceived threat’

“We were happy and all the family came back. We went back to our house. It was damaged, but we improvised and we lived in it. We have nothing to do with the resistance. We are not interested in wars. But we have been gravely harmed,” he says.

Continue Reading

World

China’s economy surges, but tariffs effect is yet to be seen

Published

on

By

China's economy surges, but tariffs effect is yet to be seen

China’s economy performed better than expected in the first quarter of the year – but it reflects a moment in time before the explosive trade war with the US, which has seen the world’s two biggest economies effectively decouple.

Economists had predicted that gross domestic product would grow by about 5.1% in January to March, compared with a year earlier. In the end, it grew 5.4%.

But these impressive figures obscure the very serious challenges China’s economy is facing in the wake of Donald Tump’s trade war – and it is almost certain growth will not remain this strong as the year goes on.

Please use Chrome browser for a more accessible video player

Bobble-headed Trump explains China-US tariffs

The worst of Trump’s tariffs came into force in April, meaning they were not reflected in these figures.

In Q1, China faced an initial 10% tariff on all its exports to the US – which was then raised to 20% from 10 March.

But Beijing had planned and prepared for taxes at that level, and thus the impact was pretty minimal.

Growth was also propelled by the fact that exporters rushed to deliver orders in bulk before the tariffs came into force.

More on China

In fact, exports surged a remarkable 12% in March compared to a year earlier, a rate that will not be sustained.

Read more from Sky News:
White House looking at new trade deals
The art of doing a deal with Trump
US and UK ‘working hard’ on agreement

Please use Chrome browser for a more accessible video player

Trump Tariffs: How the 10 days unfolded

Current tariffs on goods sold from China to America stand at 145%. Trade at that price is all but impossible.

Given exports account for a fifth of China’s economy, and consumer confidence domestically is still sluggish, there will be a significant hit to come.

Experts agree China will most likely miss its annual growth target of 5% – the question is by how much.

Continue Reading

World

Palestinian man forced to abandon loved ones trapped beneath rubble after IDF warning

Published

on

By

Lack of heavy rescue equipment into Gaza leaves hundreds to die slow deaths under rubble

It was in the evening that the bombing started to intensify.

Salah Jundia, his father and brothers huddled together in their home in Shujaiyya, just east of Gaza City, trying to work out what to do.

It was too risky for them to leave at night. There were a lot of them too. Extended family living across four storeys. They decided they would wait until after dawn prayers.

The explosion tore through the building just before 5am, collapsing one storey on to the next.

The remains of where the family lived - where loved ones were trapped beneath the rubble
Image:
The remains of Salah Jundia’s home in Shujaiyya, just east of Gaza City

Salah Jundia
Image:
Salah Jundia

Jundia says he survived because pieces of bedroom furniture fell on top of him.

Then he looked for his father and brothers.

“I found one of them calling for help. I removed the rubble covering him with my hands. Then I saw another brother covered in rubble but he was dead,” he told Sky News.

Jundia added: “My father was also dead. My other brother was also dead. We got them out and that is when I saw that the whole building had collapsed.”

Over the next few hours, they scrambled to rescue who they could.

One of the child victims of the attack on the home in Gaza City
Image:
One of the child victims of the attack on the home near the Gaza City

One of the child victims of the attack
Image:
Another one of child victims of the attack

An aunt and uncle and one of their children, Shaimaa. Uncle Imad and his son Mohammad. The bodies of Montasir and Mustaf.

Jundia says he could hear cries for help, but they were coming from deep in the rubble and were impossible to reach.

The rescue teams on site – civil defence they are called – did not have the kit to clear through three floors of 500 square metres, 30cm slabs of concrete.

Palestinians drilling to try and reach the people trapped below the rubble
Image:
Rescuers drilling to try and reach the people trapped below the rubble

Efforts to free those trapped beneath the rubble in Gaza City
Image:
Efforts to free those trapped beneath the rubble near the Gaza City

In the afternoon, Jundia says Israel’s Defence Forces (IDF) told rescue teams to leave as they would be resuming their bombardment.

Jundia buried the bodies he had managed to pull out but he knew 15 of his family members, 12 of them children, were still somewhere inside the rubble, still crying for help.

He made a desperate video appeal, begging the Red Cross and Arab countries to pressure Israel to grant access to the site. It was picked up on a few social media accounts.

Israel won’t allow heavy equipment into Gaza. No diggers or bulldozers, nor the fuel or generators to run them.

They say it will fall into Hamas’s hands.

It was a major sticking point during the ceasefire and it is a major issue now as the bombardment continues, given the fact that hundreds if not thousands of civilians might survive if there were the equipment to extract them.

Members of Salah Jundia's family left alive after the attack
Image:
Members of Salah Jundia’s family left alive after the attack

Salah Jundia and his family
Image:
Salah Jundia and his surviving family

Civil defence trying to get to the Jundia family home over the next few days were halted because the IDF were in the vicinity. A family friend tried himself and was killed.

The footage that our camera teams have shot in Shujaiyya over the past two weeks shows how civil defence teams struggle to save those who are trapped and injured with the most rudimentary of equipment – plastering trowels, sledgehammers, ropes and small drills.

“The tight siege stops civil defence equipment from getting in,” says one.

They added: “So we are taking much longer to respond to these events. Time is a factor in getting these people out. So we call immediately for the necessary equipment to be allowed in for the civil defence to use.”

The IDF say they are investigating the circumstances around the Jundia family as a result of our enquiries.

In relation to the access of heavy equipment into Gaza, they say they work closely with international aid organisations to enable the delivery of humanitarian activities in accordance with international law.

The last contact Jundia had from beneath the rubble was a phone call from his uncle Ziad, three days after the strike.

“The line was open for 25 seconds then it went dead. We don’t know what happened. We tried to call, but there was no answer,” he says.

He and his family were displaced several times before they returned home to Shujaiyya – to Rafah in the south, then Khan Younis and Deir al-Balah.

Along the way, Jundia lost one brother and a nephew to Israeli bombs.

Read more:
Israeli air strike hits Gaza hospital
Red dye dumped into US embassy in Israel protest
Israel shot at ambulances over ‘perceived threat’

“We were happy and all the family came back. We went back to our house. It was damaged, but we improvised and we lived in it. We have nothing to do with the resistance. We are not interested in wars. But we have been gravely harmed,” he says.

Continue Reading

Trending