Hello, I'm Ally McHugh with the BBC News.
Share prices in the United States have plunged bymore than 11,000 points in the biggest one day fallsince the financial crisis a decade ago. The DougJones index closed 4.6% lower. From New York, hereis Yogata Lemine.
Trouble began for stock market here on Friday lastweek when the Labor Department released employment numbers. They showed strongergrowth in wages than was then expected. If salaries rise, the expectation is that people wouldspend more, pushing consumer prices up. To keep that under control, America Central Bankwill need to hike interest rates. That's pretty much what's scared investors. They wereexpecting the US Federal Reserve to increase rates 2-3 times this year. But with the strong jobreport, they fear there may be a few more. The fallen share prices came as Jerome Powell wassworn in as the new chair of the Fed and it underscores the challenge he faces.
A white house spokesman says stock markets may fluctuate from time to time but PresidentTrump was focused on the country's long term economic fundamentals which he said remainexceptionally strong.
The US Congressional Committee has voted to make public a classified Democratic Partymemorandum responding to Republican claims that the FBI was biased against PresidentDonald Trump in its Russia investigation. The memo has been written by Adam Schiff, thesenior democrat on the House Intelligence Committee. It's sent to highlight allegedinaccuracies in the previous memo written by the Republican committee chairman Devin Nunes.That strongly criticizes both the FBI and the Justice Department.
The opposition in the Maldives has accused President Abdulla Yameen of a purge after hedeclared the state of emergency. Mr. Yameem has ordered the arrest of the former presidentMaumoon Abdul Gayoom and sent security forces into the Supreme Court. The US NationalSecurity Council warned that the world was watching the Maldives and urged the governmentand military to respect the rule of law. President Yameen has defied the Supreme Court orderlast week to release 9 political prisoners and reinstate opposition MPs.
World News from the BBC.