Taiwan Semiconductor Manufacturing Co (TSMC) was expected to be severely hurt by a US ban on producing chips designed by Huawei Technologies Co, one of its largest clients. The opposite seems true. The Taiwanese chip foundry posted earnings that far surpassed estimates, and went on to raise its revenue and spending guidance for this uniquely troubled year. Not only does ...

For the Federal Reserve, this time really is different. Having learned a hard lesson in the last recovery — don’t tighten monetary policy too early — the central bank is leaning in the opposite direction. In practice, that means the Fed will not just emphasize actual inflation over forecasted inflation, but will also attempt to push the inflate rate above ...

Bloomberg Oregon sued the US over the detention of residents during anti-racism protests in Portland, shortly after a judge ruled that journalists alleging local police had assaulted them could add federal agents to their own lawsuit. In her suit against the Department of Homeland Security, the US Marshals Service and other federal agencies, Oregon Attorney General Ellen Rosenblum alleges they ...

Bloomberg Democratic presidential nominee Joe Biden predicted that big wins for his party in November could lead to an “epiphany” that convinces Republicans to join Democrats in pulling the country out of crisis. “If we win as big as we possibly can, there’s going to be a great, great epiphany that’s going to take place, as we Catholics say,” Biden ...

Bloomberg A top Russian official said his country could roll out a vaccine against Covid-19 as soon as September, while denying accusations that hackers working for the country’s intelligence agency tried to steal sensitive data from rival researchers in the UK, US and Canada. “Russia may be one of the first to produce a vaccine against the backdrop of the ...

Bloomberg In an election that took place largely on social media, the most tweeted-about hashtags during Singapore’s recent polls reflected the breakthrough made by the main opposition party as it won a record number of seats in Parliament. Twitter, Facebook, Instagram and Reddit are just some of the platforms where both campaigning, and heated debate, took place as social distancing ...

Bloomberg Thousands of people marched through the streets of the Russian far east city of Khabarovsk, local media reported, in a second week of protests over the arrest of the region’s popular governor, amid a deepening crackdown on opponents of President Vladimir Putin. Demonstrators carried slogans demanding the release of Khabarovsk Governor Sergey Furgal, according to footage posted on social ...

Bloomberg Former Fed Chairs Ben Bernanke and Janet Yellen warned that the US economic recovery from the coronavirus shock could be slow and uneven and said the central bank may opt to cap yields on Treasury securities to help it along. “It is possible, though not certain,” that the Fed will implement yield-curve control, they wrote on the Brookings Institution ...

Bloomberg Bank of America Corp.’s (BofA) profit slid 52% as it joined rivals in preparing for an onslaught of consumer defaults spurred by pandemic’s economic fallout. Profit at the consumer-banking unit plunged 98% as the coronavirus shuttered much of the US economy and caused tens of millions of Americans to lose their jobs. The company allocated $5.1 billion for loan ...

Bloomberg Bank Indonesia lowered its key interest rate for a second straight month to bolster economic growth, and signalled further easing will depend on inflation and how the recovery from the coronavirus pandemic unfolds. The central bank cut its seven-day reverse repurchase rate by 25 basis points to 4%, the lowest since the current rate system was adopted in 2016, ...