Economy
Weak yen helps Toyota compensate for Japan problems
Toyota reported a modest rise in first-quarter net profits on Thursday as a weak yen and cost cuts helped the Japanese auto giant overcome a drop in production and sales in its home market. Toyota last year reported record bumper results, with net profit doubling to 4.94 trillion yen and revenues soaring by a fifth to 45.1 trillion yen, helped by strong sales of hybrid vehicles.
Most stocks rise on Fed rate cut hope but strong yen batters Tokyo
Most equity markets rose Thursday after the Federal Reserve flagged a possible interest rate cut next month, but Tokyo's Nikkei tumbled on a stronger yen following a hike by the Bank of Japan. "We continue to expect that the Federal Reserve will cut rates in September and December, followed by four 25 basis point reductions in 2025," said JP Morgan Asset Management's Raisah Rasid.
Bank of England to finally cut interest rate?
The Bank of England announces its latest interest-rate decision Thursday, with analysts split on whether it will cut for the first time since the Covid pandemic after inflation's retreat. They add that its decision could depend on the BoE's latest forecast for British economic growth, which is due alongside Thursday's rate call.
French storm damage leaves rail passengers stranded
Tens of thousands of rail passengers booked on the Paris-Lyon line were unable to travel on Wednesday after trees felled by a storm blocked tracks, French rail operator SNCF said. SNCF said it did not know when the tracks would be cleared, and asked passengers with bookings to stay at home.
Good news for investors as First Bank declares big profit after Otedola emerged highest shareholder
According to its most recent financial report, FBN Holdings reported an outstanding profit for the first half of 2023 and generated massive profit for the period.
Good news: Filling stations adjust petrol pump price as more petrol vessels berth at Lagos ports
Filling stations are already adjusting petrol pump prices as more vessels carrying petroleum products berth at Lagos and other ports in the country.
CBN adjusts exchange rates for Customs duty clearance as dollar crashes in black market
The Central Bank of Nigeria has increased the Nigeria Customs exchange rate to clear cargoes in Nigeria's ports from N1,601.84 to N1,610.41 in 24 hours.
Boeing names new CEO as it reports hefty loss
Boeing named former Rockwell Collins chief Robert "Kelly" Ortberg its next CEO Wednesday, as the aviation giant reported a hefty loss on continued operational problems. Ortberg, 64, helped lead Rockwell Collins and integrate it into United Technology prior to his retirement from RTX in 2021.
Dealers, banks, others buy dollars at different rates in official, parallel markets as naira crashes
The Nigerian currency had a varied performance in the official and parallel markets against the US dollar on Tuesday, July 31, 2024, after CBN's interventions.
Economy
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