Economy
Japan inflation rises slightly to 2.6% in June
Japanese inflation was slightly higher in June, with prices rising 2.6 percent on-year compared with 2.5 percent in May, internal affairs ministry data showed Friday. Excluding fresh food and energy, Japanese prices rose 2.2 percent in June, following a 2.1 percent rise in May, the internal affairs ministry said. hih/kaf/cwl
Billionaire Ken Griffin revealed as $44.6m dinosaur fossil buyer
The buyer who spent a record $44.6 million to buy a stegosaurus fossil at auction was Ken Griffin, CEO of the Citadel hedge fund, according to a person familiar with the acquisition. The skeleton, nicknamed Apex, is estimated to be 150 million years old and is the largest stegosaurus ever found, according to the auction house.
Ford to invest $3 bn in Canada on 'Super Duty' pickup production
Ford announced Thursday it would invest $3 billion to expand production of its "Super Duty" pickup trucks at a Canadian factory, at which it has previously pushed back plans for electric vehicles.
Nigerian president to hike minimum wage as living costs rise
Nigeria's President Bola Ahmed Tinubu agreed on Thursday to more than double the monthly minimum wage to 70,000 naira ($43) as the country struggles with a severe cost of living crisis.
Cautious ECB opts for summer rate pause
The European Central Bank held borrowing costs steady Thursday, giving policymakers more time to assess progress on inflation after last month's first interest rate cut in five years. Progress on inflation led the ECB to lower borrowing costs for the first time since 2019 in June, bringing some relief to households and businesses.
India's Infosys beats profit estimates as client spending rises
Indian IT giant Infosys raised its annual revenue guidance Thursday after reporting a 7.1 percent on-year rise in net profit for the June quarter, signalling a gradual revival in client spending. The company earned $761.3 million (63.68 billion rupees) in net profit for the quarter, beating expert estimates, while on-year revenue was up 3.6 percent to $4.7 billion.
China's leaders vow to fight 'risks' plaguing economy
China's leadership vowed Thursday to resolve "risks" plaguing the economy, state media said, but were yet to offer any concrete steps to pull the country out of its financial woes. With the country facing those headwinds, this week's meeting resolved to "strengthen guidance of public opinion and effectively prevent and resolve ideological risks", according to state media.
Ivory Coast tilts economy from farming to natural resources
The discovery of huge deposits of natural resources including oil, gas and gold in the Ivory Coast is pushing the country’s economy in a new direction as it explores its underground potential. Three discoveries of oil deposits were made in September 2021, July 2022 and February this year, revealing huge reserves estimated at six billion barrels.
Naira crashes in official market again despite surge in FX Inflows
The Nigerian currency, the naira crashed near N1,600 in the official market on Wednesday, July 17, 2024, despite improvements in foreign exchange inflows.
Economy
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