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TSMC Books Solid Profit, Sees Chip Shortage Lasting Into 2022

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Taiwan Semiconductor Manufacturing Co Ltd (TSMC) said on Thursday it is doing all it can to increase productivity and alleviate a worldwide chip shortage, but that tight supplies will likely continue into next year.

The world’s biggest contract chipmaker said it is expanding capacity and working to keep pricing reasonable.

“We have acquired land and equipment, and started the construction of new facilities. We are hiring thousands of employees and expanding our capacity at multiple sites,” Chief Executive Officer C. C. Wei told an online earnings briefing.

The chip shortage is going to take “a couple of years” to abate, Intel CEO Pat Gelsinger said.

TSMC’s comments come after the firm reported a 19.4% rise in first-quarter profit, beating market expectations, on strong chip demand amid a global shift to home working.

TSMC, whose clients include Apple Inc and Qualcomm Inc, had already flagged “multiple years of growth opportunities” as the COVID-19 pandemic fuelled demand for advanced chips to power devices such as smartphones and laptops.

Its business was boosted by the chip shortage that initially forced automakers to cut production, but is now also hurting manufacturers of smartphones, laptops and even appliances.

On Thursday, TSMC said it expects the chip shortage for its auto clients to be greatly reduced from the next quarter.

TSMC’s net profit for January-March hit T$139.7 billion ($4.93 billion), versus the T$134.01 billion average of 22 analyst estimates compiled by Refinitiv.

Revenue rose 25.4% to a record $12.92 billion, in line with the company’s earlier estimated range of $12.7 billion to $13 billion.

The firm forecast second-quarter revenue would be in a range of $12.9 billion to $13.2 billion, compared with $10.38 billion in the same period a year earlier. It also lifted its revenue growth forecast for 2021 to about 20%, versus an earlier forecast of a mid-teens percentage.

TSMC said this month it plans to invest $100 billion over the next three years to increase capacity at its plants, days after Intel Corp announced a $20 billion plan to expand its advanced chip making capacity.

Wei said the massive investment plan was driven by “stronger engagement with more customers” on the company’s most advanced 5 nanometer node technology as well as its upcoming 3 nanometer node, which is scheduled to enter trial production later this year.

Libyan Capital’s Neglected Old City Gets Facelift

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In alleys criss-crossing the Libyan capital’s Old City, construction crews are hard at work restoring former glory to architectural treasures neglected under ex-dictator Moamer Kadhafi and in the decade since.

Pushing wheelbarrows, a clutch of workers ferry sand, dismembered concrete or gravel, and others dig or hammer away, bent double or down on one knee.

The substantial restoration underway seeks to “preserve the heritage of the Old City” in Tripoli, said Mahmoud al-Naas, head of the management committee overseeing the project.

Covering around 50 hectares (123 acres), the Old City is an “architectural joy” — but this makes the “enormous” work required a “heavy responsibility”, he said.

The project, funded largely by the state, comes as Libya is undergoing a tentative political renewal.

A new prime minister, Abdulhamid Dbeibah, was selected earlier this year through a UN-backed inter-Libyan dialogue to steer the North African country to December elections, bringing hope that unrelenting chaos since Kadhafi was ousted and killed in 2011 might finally end.

No Uniforms For Royals At Prince Philip’s Funeral

The British royals are all to wear civilian clothing at Prince Philip’s funeral to avoid awkwardness over which princes are entitled to military uniform, according to British media.

The Duke of Edinburgh, who died last Friday, will be buried on Saturday at Windsor Castle, west of London, with just 30 mourners, most of them close family.

Queen Elizabeth II is understood to have decided that all the royals will wear civilian clothing.

The funeral would otherwise have emphasised former British Army captain Prince Harry’s loss of honorary military titles after his shock departure from royal life last year.

Harry, the Duke of Sussex, was stripped of his military titles after stepping away from senior royal duties and moving to California with his wife, Meghan.

While Harry — the Queen’s grandson — did two tours of duty in Afghanistan, he is only allowed to wear a suit with service medals.

Another potential row comes in the shape of the monarch’s second son Prince Andrew, a former Royal Navy helicopter pilot who saw action in the 1982 Falklands War.

He has been sidelined from public duties because of outrage at his defence of his friendship with the convicted sex offender Jeffrey Epstein.

He was set to take the honorary rank of admiral for his 60th birthday but the appointment was put on hold.

The Sun said there would have been “serious displeasure” in the Navy had he gone ahead with the uniform plan.

The Daily Telegraph reported that royals had held “intense discussions” to allay concerns about embarrassing the family if Andrew and Harry — the only royals to have seen frontline service — were not wearing uniform.

The decision would see the royal family present a united front, at least sartorially, while the funeral will have a strong military element due to Prince Philip’s past as a naval commander.

World’s Most Expensive House Priced At $500m

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Originally priced at a staggering $500 million (£362 million), the sprawling LA mansion features a nightclub, four bowling alleys, a moat, two wine cellars and 20 bedrooms

The ‘world’s most expensive house’ features 20 bedrooms, a running track, four bowling alleys, a nightclub and two wine cellars.

The sprawling mansion, originally priced at an eye-watering $500 million (£362 million), is called ‘The One’ by the man who built the luxury pad, US real estate developer and film producer Nile Niami.

British YouTube personality Producer Michael was allowed inside to give the world its first view of what is considered the most expensive house in the modern world.

Situated in Bel Air, Los Angeles, the property covers a whopping 105,000 square feet. It also includes a moat, pool table lounge, 30 bathrooms, an Olympic-sized swimming pool and five more smaller pools.

The nightclub itself is 7,000 square feet and includes a side entrance opening out onto the street, allowing guests to avoid the main house.

Niami said: “I picked out every single thing in this house, every paint colour, every stone, every tile, all of the furniture.”

Speaking previously about the property and its huge price, Niami said: “When you have something that’s as rare as the Mona Lisa, you can command whatever you want for it.

“When the house was started, I had to basis to ask $500 million – now there are so many triple-digit sales in LA and the world that the asking price is not unreasonable anymore.”

Despite the claims of Niami, it is believed that the price of the property has dropped with some estimates suggesting it is now worth around $350 million (£253 million).

President Buhari Makes New Appointments, Wife’s Biographer Becomes Ambassador

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President Muhammadu Buhari has appointed Mrs Hajo Sani, who authored a book on his wife, as Ambassador/Permanent delegate of Nigeria to the United Nations Educational Scientific and Cultural Organization (UNESCO).

The appointment was announced less than a week after ‘Aisha Buhari: Being Different’, the book she wrote on the First Lady, was launched at the presidential villa in Abuja.

Sani currently serves as the Senior Special Assistant to the President on Administration and Women Affairs.

Aside Sani, Buhari also made other appointments into key establishments in the education sector. Ben Bem Goong, Director, Press and Public Relations, confirmed the appointments in a statement.

Below are the appointments:

Prof. John Okpako Enaohwo, Chairman, Governing Board of National Commission for Colleges of Education, (NCCE), Abuja.

Prof. Abdullahi A. Abba, Pro- Chancellor/ Chairman, Governing Council, Federal University of Health Sciences, Otukpo, Benue State.

Prof. Idris Muhammad Bugaje, Executive Secretary, National Board For Technical Education, (NBTE) Kaduna,
Dr. Benjamin Ogbole Abakpa as Executive Secretary of National Senior Secondary Education Commission, (NSSEC), Abuja.

Prof. Paulinus Chijikoke Okwelle, Executive Secretary, National Commission for Colleges of Education (NCCE), Abuja.

Prof. Ibrahim Muhammad as Director/CEO, Nigerian Arabic Language Village, Ngala, Borno State.

International Cycling Union Maintains Ban On Riders Throwing Used Water Bottles To Fans

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The International Cycling Union (UCI) said on Wednesday it had maintained its ban on riders throwing used water bottles to fans, insisting it is dangerous, but has reduced the penalty for doing so.

Riders protested the new rules after Michael Schaer was disqualified from the Tour of Flanders on April 4 for throwing away a bottle to a group of young spectators.

The Swiss rider discarded the object and immediately held his head in his hands realising his mistake.

The practice is long-standing in the sport with supporters collecting them as memorabilia.

The UCI had banned the tradition after incidents caused accidents during races, such as when former Tour de France champion Geraint Thomas suffered a costly tumble at the 2020 Giro d’Italia.

Riders can use two or three bottles per hour on a hot day, but the UCI wants them discarded at pre-designated waste-drop zones.

Under the softened rules a rider can no longer be thrown off a race for a first offence.

But the global body said throwing bottles “constitutes a danger for the public and the riders.”

“The UCI hopes to avoid situations that can encourage fans, especially young ones trying to get closer to the riders and the race,” the UCI said.

A first offence is now punishable with a fine of 90-450 euros ($107-$539).

A second occurence would see a rider docked time in a Tour or thrown off a one day race.

In the case of a third offence on a Tour, a rider would be excluded from the event, the UCI said.

Rome Affirmed to kick-off Euro 2020

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Euro 2020 will kick-off as scheduled on June 11 in Rome after European football’s governing body UEFA on Wednesday “fully confirmed” the Italian capital after receiving guarantees that fans would be present in the Stadio Olimpico.

Rome was one of four of the 12 host cites in the pan-European tournament threatened with having its matches removed because it could not give assurances that spectators would be allowed into grounds given the ongoing Covid-19 pandemic.

“The authorities have guaranteed at least 25 percent of the stadium’s capacity will be filled,” European football’s governing body said.

“As a result, UEFA considers Rome to be fully confirmed as a venue for the tournament.”But uncertainty remains over three other cities — Munich, Bilbao and Dublin — who have been given until April 19 to provide UEFA with additional information on their plans for spectators.

Rome’s 68,000-capacity Olympic stadium is set to host the opening fixture for the tournament, between Turkey and Italy, on June 11. 

It was also picked to host Italy’s other group matches against Switzerland and Wales, as well as a quarter-final.

UEFA president Aleksander Ceferin has warned that countries that failed to offer guarantees on supporter numbers could be dropped as hosts.

Dublin’s Aviva Stadium is scheduled to host three group matches and a last-16 game but there are growing doubts over the issue of fan attendance.

The Football Association of Ireland said last week it was “not in a position at this point to provide assurances on minimum spectator levels at the UEFA Euro 2020 matches due to be held in Dublin in June”.

London’s Wembley will host seven matches and England’s Football Association is planning for the stadium to operate at a “minimum 25 percent” capacity with the possibility of increasing the numbers for the two semi-finals and July 11 final.

The tournament was postponed from last year due to the Covid-19 outbreak.

Coinbase Benefits From Bitcoin’s Meteoric Rise In 2020

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Cryptocurrency exchange Coinbase made a scorching stock market debut Wednesday amid frenzied interest in bitcoin and other virtual currencies despite concerns about a bubble.

The enterprise, the first company devoted entirely to cryptocurrency to enter the US stock exchange, immediately garnered an overall market valuation of $100 billion, bigger than that of General Motors and Best Buy and not far below Goldman Sachs.

Coinbase opened on the Nasdaq at $381 per share, 52 percent above its reference price and rising as  high as $429.54. Near 1805 GMT, shares were at $365.69.

Coinbase chose a direct listing, which does not allow it to raise new funds but does offer current shareholders — founders, employees and historical investors — the opportunity to sell their shares on the market.

Spotify, Slack, Palantir and Roblox have also used this method for their Wall Street debuts.

Coinbase has benefited from bitcoin’s meteoric rise over the past year, with the crypto asset’s price rising from $6,500 last April to new records of as high as $64,000 Wednesday.

Other virtual currencies — such as ether, Litecoin or Stellar Lumens — have also surged in line with bitcoin.

Iran Almost Ready For 60% Uranium Enrichment: IAEA

Iran has almost completed preparations’ for 60 percent uranium enrichment.

This is coming from the International Atomic Energy Agency (IAEA) in a statement on Monday, a day after Tehran warned it would do so. 

The IAEA in a statement said Iran assured the necessary pipework was being finalised and centrifuges would start soon thereafter at the Natanz plant.

Uranium enrichment is a process that is necessary to create an effective nuclear fuel out of mined uranium by increasing the percentage of uranium-235 which undergoes fission with thermal neutrons.

Uranium can be enriched by separating isotopes of uranium with lasers.

Lasers can increase the energy in the electrons of a specific isotope, changing its properties and allowing it to be separated.

Turkey Frees Journalist Altan After European Rights Court Ruling

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A Turkish court on Wednesday released journalist and novelist Ahmet Altan after more than four years in prison on charges of involvement in a failed 2016 coup attempt that he had always denied.

The Court of Cassation ruling came a day after the European Court of Human Rights (ECHR) demanded the 71-year-old’s freedom in a verdict that accused Turkey of violating his civil rights.

“I don’t know how I got out. I was sitting (in prison) and all of a sudden I was told this evening that I would be released,” Altan told AFP in front of his home in Istanbul.

“I just saw my children. I will now spend some time with them,” he said.

The award-winning novelist and newspaper editor was jailed after writing politically-sensitive pieces critical of President Recep Tayyip Erdogan and in support of Kurdish rights.

Altan was arrested during sweeping purges that followed the coup attempt and accused of backing the uprising by “disseminating subliminal messages to the public”.

He was subsequently sentenced to life imprisonment for trying to overthrow the government — a ruling later quashed by Turkey’s top court.

But the case was re-examined and he was sentenced to 10 years and six months for “knowingly supporting a terrorist organisation” that was involved in the coup bid.

“Very happy to hear Turkey’s Court of Cassation has just ordered the release of novelist Ahmet Altan after more than 4.5 years in jail,” the European Parliament’s Turkey rapporteur Nacho Sanchez Amor tweeted.

“Will be even happier after seeing him enjoying fully his freedom and all charges dropped. Hope all other (ECHR) rulings will be applied too.”