Business

SK Hynix shares surge 25%, while Samsung soars over 20% as AI rally roars back

South Korea's chip heavyweights SK Hynix and Samsung Electronics soared more than 20% on Friday, tracking a sharp rally in U.S. technology stocks.

Japan Declines to Confirm Yen Intervention, Hints at US Support

Japan’s authorities refrained from confirming that they intervened in the foreign-exchange market during overnight trading after the yen’s sharp rally, while also hinting at some support from overseas counterparts including US officials.

Hong Kong Resurrects China Bond Futures With Liquidity in Focus

It may be third time lucky when Hong Kong launches Chinese government bond futures on Monday, as Beijing pushes to offer a hedging tool key to the globalization of its debt market and currency.

INEC chair: Troops shouldn’t be regular feature at elections

INEC Chairman, Prof Joash Amupitan, states that military deployment during elections should be exceptional, not routine, emphasizing the police as the lead Read More…

Mileage drop due to E20? 2-6%, says 1 minister, 3-5%, says another

Government ministries have offered varied figures regarding fuel efficiency changes. Older vehicles using E20 fuel may see a slight mileage reduction. The Road Transport Ministry cited a 2-6% potential decrease in efficiency. The Petroleum…

NNPC to acquire Seplat’s 10% JV for $281.6m

NNPC Limited will acquire a 10% interest in the NNPCL-SEPNU Joint Venture from Seplat Energy Plc for $281.6m, enhancing shareholder returns and strengtheni Read More: https://punchng.com/nnpc-to-acquire-seplats-10-jv-for-281-6m/

Cuba takes steps to implement economic overhaul amid US pressure campaign

HAVANA, July 30 - Cuba announced new details of its plans to open up key sectors of its state-run economy to private industry amid Washington’s campaign of maximum pressure aiming to force an economic transformation on the communist-run…

Amazon, Microsoft Results Show AI Spending Spree Remains Solid

Aggressive AI spending plans by Amazon.com Inc., Microsoft Corp. and Alphabet Inc. provided fresh evidence that demand for chips and related equipment will remain strong, offering relief to a sector that’s been battered in recent days.

Yen weakens after intervention-led surge ahead of BOJ policy decision

34 institutions face sanctions over forex rule violations

The Central Bank of Nigeria (CBN) is set to sanction 34 institutions for foreign exchange rule violations, as revealed in its 2025 Annual Report. Read More: https://punchng.com/34-institutions-face-sanctions-over-forex-rule-violations/

Tim Cook sees Apple's hybrid AI strategy as a 'competitive weapon'

Ahead of the launch of Siri AI, Apple's outgoing CEO Tim Cook said the company will charge for artificial intelligence through iCloud.

Yen strengthens on possible intervention

Officials have been warning that efforts might be made to prop up the currency if it weakened too much or too fast.