Economy
TSMC leads chipmaker plunge as trade resumes after typhoon pause
Taiwanese giant TSMC tumbled with several other leading chip makers Friday as traders returned from a typhoon-imposed two-day break to play catch-up with a global tech rout. The rally in all things tech helped TSMC, which is also listed in New York, to briefly break the US$1 trillion market capitalisation barrier this month, putting it ahead of Tesla as the seventh most valuable technology firm.
Asian markets battle to recover from tech rout after US data
Asian traders struggled to fight back Friday after a tech-fuelled sell-off, taking heart from forecast-beating US growth data that reassured that the economy was still in rude health, but did not dent hopes for an interest rate cut.
In swing state Pennsylvania, middle class struggles to get by
The giant steelworks that greets visitors to Allentown, Pennsylvania once symbolized the city's success as an industrial hub. - More visitors at food pantries - On Friday, all eyes will be on new inflation figures from the US government.
Babe Ruth jersey breaks world record for sports item at auction
A jersey belonging to American baseball legend Babe Ruth broke the world record Thursday for most expensive sports object sold at auction -- and the sale has not even ended yet. However, the sale will not end until August 24, according to organizer Heritage Auctions, with experts estimating the bidding could soar to as much as $30 million.
CBN says Nigeria’s debt has declined from $181m to $98m, announces new debt service ratio
The Nigerian government has demonstrated remarkable financial management progress with a considerable decline in debt service and an increase in non-oil earnings.
American Airlines reports lower profits but wins on IT outage
American Airlines lowered its 2024 outlook Thursday on lingering effects of a botched booking system upgrade, but shares rallied as it touted a speedy recovery to last week's IT outage that plagued rivals.
US sees no need for global deal to tax super-rich: Yellen
The United States sees no need to negotiate an international agreement on taxing the super-wealthy, Treasury Secretary Janet Yellen said Thursday on the sideline of a G20 finance ministers' meeting. On Friday, the ministers will tackle the financing of the climate transition and debt in their last meeting before a G20 summit on November 18 and 19. alb/tmo/fb/des
T-bills: FG offers highest on record yield to borrow money from investors
Nigerian Treasury bills were put up for auction with a record-high yield in an attempt to stave off inflation and maintain the value of the national currency.
Expert predicts new exchange rate, rice price as CBN takes action to crash the dollar
The managing director of Financial Derivatives Company Limited, Bismarck Rewane, has predicted that the naira will recover from N1,500 per dollar to N1,700.
Economy
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