Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Currencies] Nigeria’s CBN devalues the Naira in response to pressure from external leaders, a crash in oil prices and US Dollar shortages.
Current rate - 1 USD ~ 388 Naira
[India Business] TCS announces Q1 results - profits drop by 13.81% to ₹7,008 crores, below analyst estimates.
[Currencies] China’s Renminbi at the most substantial level since March, below 7 RMB to the USD. This comes alongside a strong rally in Chinese equities, hitting a 5-year high in July 2020
[US Markets] The US 30-year fixed-rate mortgage rate has fallen from 3.75% this time last year to 3.03% for the week of July 9th as the virus reduces demand for new homes.
[Global Business] In a potential turning point for energy storage, APB Corporation announces a new resin-based battery that is 90% cheaper than lithium-ion batteries.
[US Economy] US unemployment claims begin trending downwards despite an increase in COVID-19 cases in the country.
If this was useful to you, subscribe here.
We thrive on subscriber feedback. Feel free to reach out to us here.