Business in 60 Seconds: Recent Episodes
TRT World
Turkey arrests dozens in Thodex crypto exchange fraud probe Turkish authorities are seeking a so-called 'red notice' from Interpol that would help them track down and arrest the founder of one of the country's biggest cryptocurrency exchanges, Thodex. Faruk Fatih Ozer, who's said to have fled to Albania, abruptly stopped payments to its 390-thousand active users. Turkish police have detained 62 people in eight cities including Istanbul, where Thodex is based, while 16 others remain at large.
UK retail sales jump in March before lockdown easing UK retail sales jumped more than expected in March - the last month before coronavirus restrictions were eased. The volume of overall sales rose by 5-point-4 percent last month, thanks to purchases at clothing and gardening stores. Sales were also 1-point-6 percent higher than in February last year, before the pandemic struck.
Panasonic to buy US software firm Blue Yonder for $7.1B Panasonic has agreed to buy US supply-chain software company, Blue Yonder, for 7-point-1 billion dollars. The deal marks the Japanese electronics giant's largest acquisition in a decade, as it looks to tap growing demand for artificial intelligence technologies. Last year, Panasonic bought a 20-percent stake in the company for 800-million dollars
Turkey opens probe into cryptocurrency platform Thodex Turkish prosecutors have launched an investigation into Turkish cryptocurrency exchange platform, Thodex. That's after the exchange abruptly shut down while holding at least 2-billion dollars, leaving thousands of users unable to access their digital assets. A preliminary assessment by police suggests Thodex's founder Faruk Fatih Ozer had flown out of the country on Tuesday.
US weekly jobless claims fall to lowest level of COVID-19 US jobless claims fell more than expected last week as economic activity rebounded following the further easing of the coronavirus restrictions. Another 576-thousand people filed for unemployment benefits, down from 769-tthousand in the week prior. Claims are now at the lowest level since mid-March last year, when the COVID-19 pandemic began.
Credit Suisse reports $275M Q1 loss after Archegos scandal Credit Suisse swung to a loss in the first quarter as it reels from back-to-back crises involving Archegos Capital and Greensill Capital. Net loss at the Swiss lender came in at 275-million dollars, driven by a 4-point-7 billion dollar loss linked to the collapse of Archegos. The bank says it'll raise nearly 2-billion dollars in capital to rebuild its balance sheet
UAE becomes second biggest buyer of US Treasury securities The United Arab Emirates surpassed China to become the second-biggest buyer of US Treasury securities in February after the UK. The oil-rich Gulf nation has added nearly 17-billion dollars' worth of US debt since January, raising its holdings to 50-point-6 billion dollars. The monthly haul was the biggest ever for the UAE.
Australia scraps Victoria's Belt and Road deals with China Australia has scrapped agreements that the state of Victoria struck with China to co-operate on Beijing's Belt and Road Initiative. Foreign Minister Marise Payne says the deals agreed in 2018 and 2019 were inconsistent with Australia's foreign policy. Two other agreements between Victoria and the governments of Iran and Syria have also been cancelled.
UK sues video app TikTok over use of children's data TikTok is being sued for several billion dollars for violating UK and EU data protection laws. The suit filed in London accuses the popular video app and its Chinese parent company, ByteDance, of illegally collecting the personal information of millions of children in the UK and Europe. TikTok says the claims are meritless and that it would defend itself in court.
UK's unemployment rate falls unexpectedly to 4.9% The UK's unemployment rate fell unexpectedly in the three months through February, despite the country being in a tight lockdown. The jobless rate averaged 4-point-9 percent, edging down from 5-percent in the prior quarter. The Office for National Statistics linked the fall to a large number of people leaving the jobs market altogether.
Johnson & Johnson reports 7% rise in Q1 net profit to $6.2B Johnson and Johnson has reported a 7-percent rise in first-quarter net profit to 6-point-2 billion dollars, beating analysts' expectations. The US drugmaker has also said its COVID-19 vaccine - that's on hold in the US - generated 100-million dollars in revenues. Last week, US regulators halted the use of the injection following severe blood clots in seven vaccinated women.
Gojek, PT Tokopedia reportedly finalise $18B merger Indonesia's two most valuable start-ups - transport and delivery provider, Gojek, and e-commerce firm, Tokopedia - are reportedly finalising an 18-billion dollar merger. According to Bloomberg, Gojek's shareholders will hold 58-percent of the combined company, while the rest will be controlled by Tokopedia investors. Gojek's co-CEO, Andre Soelistyo, will head the new entity called 'GoTo'.
Consumers stockpile $5.4T of savings since pandemic began Moody's has found that up to 5-point-4 trillion dollars has been stockpiled by consumers worldwide since the coronavirus pandemic began. That's as household incomes receive support from unprecedented government stimulus schemes designed to counter the economic downturn. The ratings agency expects a strong rebound in spending as more businesses reopen.
GameStop chief executive George Sherman to step down US video-game retailer, GameStop, says its chief executive George Sherman will step down before the end of July. Sherman's departure will give incoming chair Ryan Cohen more control as he leads the company's transformation into an e-commerce business. Shares in GameStop jumped as much as 10-percent after the announcement.
Shares in Trip.com rise 4.5% on Hong Kong debut Online travel agency, Trip-dot-com, has made a strong debut in Hong Kong, with shares rising more than 4-percent. The company had sold its shares at 34-point-5 dollars a piece to raise 1-point-1 billion dollars. The secondary listing is part of a wave of Wall Street- listed Chinese firms seeking a foothold in the Asian financial hub, as they face the risk of being delisted in the US.
Singapore's Grab to go public in $40B SPAC deal Southeast Asia's ride-hailing giant Grab has agreed to go public in the US through a merger with special purpose acquisition company, Altimeter Growth. The largest ever SPAC merger will value Singapore- based Grab at nearly 40-billion dollars. The deal underscores the frenzy on Wall Street involving so-called blank cheque companies that have raised around 99-billion dollars in the US so far this year.
Ant Group to restructure as financial holding company The Alibaba- affiliated fintech giant, Ant Group, will transform itself into a financial holding company under a government- ordered overhaul. It comes after Alibaba was hit with a 2-point-75 billion dollar fine, as a result of an anti-monopoly investigation. In November, Chinese regulators suspended Ant Group's 37-billion dollar initial public offering
Turkey's retail sales, industrial production up in February Turkey's retail sales for February climbed at the fastest pace in five months. Sales by volume jumped 4-point-6 percent from a year ago, helped by demand for computers, books, and telecoms equipment. Meanwhile, industrial production rose an annualised 8-point-8 percent in February, the ninth straight month of gains.
Microsoft agrees to buy AI firm Nuance for about $16B Microsoft has agreed to buy artificial intelligence and speech technology firm, Nuance Communications, for about 16 billion dollars. The deal marks the US software giant's largest acquisition since it bought LinkedIn for more than 26 billion dollars in 2016. Microsoft and Nuance partnered in 2019 to roll out AI systems that help doctors with administrative tasks.
Alibaba shares jump after $2.75B anti-monopoly fine Shares in Alibaba have jumped as much as 16-percent, after Chinese regulators fined the e-commerce giant 2-point-75 billion dollars for abusing market dominance. The company says the penalty marks an end to investigations into its online practices. Jack Ma's business empire has come under scrutiny since the billionaire's public criticism of China's financial regulator in October.
Turkey's unemployment rate rises to 13.4% in February Turkey's unemployment rate rose to 13-point-4 percent in February. The figure was recorded before authorities eased coronavirus restrictions, and marked an increase from 12-point-7 percent in the previous month. Meanwhile, the country's current account deficit widened to 2-point-6 billion dollars in the same month.
Private equity firm CVC makes $20B offer for Toshiba CVC Capital Partners has made a 20-billion dollar offer to buy-out Toshiba. The bid comes as the Japanese conglomerate faces scrutiny over a series of scandals. Luxembourg-based CVC is one of several private equity firms to submit a bid, and is reportedly planning to take Toshiba off the Tokyo Stock Exchange. Toshiba's shares surged 18-percent on the news.
Samsung Q1 profit up 44% on early release of smartphone Samsung Electronics says first-quarter profit likely rose 44-percent, thanks to the early release of its flagship S-series smartphone. A surge in demand for home electronics during the pandemic has also helped to boost sales. Analysts expect the South Korean tech giant's operating profit to come in at around 8.3-billion dollars for the three months to March.
UK government launches new regulator for tech giants The UK has launched a new regulator aimed at curbing the dominance of tech giants. The Digital Markets Unit will create and monitor codes of conduct for companies like Facebook and Google and their relationship with users. The regulator was announced last year as a way to enforce a new pro-competition regime for online platforms.
Cryptocurrency market capitalisation tops $2T for first time The total value of the entire cryptocurrency market has topped $2 trillion for the first time, following a recent rally in prices of bitcoin and some other tokens. Bitcoin has surged by more than 100 percent this year with a growing number of financial institutions adding it to their portfolios. The world's most popular digital coin now represents over half of the market's total value.
Credit Suisse removes two execs after $4.7B Archegos losses Credit Suisse is overhauling its executive ranks after revealing a $4.7 billion dollar loss linked to the collapse of Archegos Capital. The Swiss lender says its top investment banker, Brian Chin and chief risk officer, Lara Warner are stepping down. The Archegos fallout is the second scandal to hit the bank in just over a month, after the blow-up of Greensill Capital.
EU regulatory official links AstraZeneca vaccine, thrombosis A top official in the European Medicines Agency has said that there is a link between the AstraZeneca coronavirus vaccine and blood clots. The UK, Norway and some other European countries have reported multiple deaths from blood clots among recipients of the vaccine.The EMA has previously declared that the benefits outweigh the risks and it should remain in use.
US court sides with Google in a copyright dispute with Oracle The US Supreme Court has handed Alphabet's Google a major victory in a long-running copyright battle with Oracle. The court said Google engaged in legitimate "fair use" when it used Oracle's Java programming language for the Android mobile operating system. Oracle had claimed at points to be owed as much as 9 billion dollars.
GameStop shares slide after plan to sell $1B in stock GameStop is planning to raise up to 1 billion dollars from stock sales following a historic Reddit-fueled short squeeze. The video game retailer said it will sell up to 3-and-a-half million shares and will use the proceeds to fund its transformation into an e-commerce business. Shares in GameStop fell as much as 14 percent after the announcement.
Turkey's annual inflation rises to 16.19% in March Turkey's annual inflation rose to 16.19 percent in March, keeping pressure on the central bank to maintain a tight monetary policy. The cost of transportation increased the most, with prices rising nearly 25 percent year-on-year, driven by higher energy and import prices. In February, annual inflation was recorded at 15-point-61 percent.
US unemployment claims fall to 684,000 last week US jobless claims fell more than expected last week as economic activity rebounded following weather-related disruptions. Another 684-thousand people filed for unemployment benefits, down from 781-thousand in the week prior. Claims are now at the lowest level since mid-March last year, when the coronavirus pandemic began.
Mastercard faces $19B class action lawsuit in UK US credit card giant Mastercard is facing a historic 19-billion dollar class action lawsuit for allegedly overcharging UK consumers between 1992 and 2008. A two-day court hearing has kicked-off in London to determine the fate of Britain's first mass consumer claim. If the court rules against Mastercard, around 46-million people in the UK could receive a payout of up to 410 dollars.
Cineworld reports first annual loss, raises more debt The world's second-largest cinema operator, Cineworld, has reported its first-ever annual loss due to the pandemic. The group, which shut all of its 660 movie theatres in the US and the UK in October, suffered a pre-tax loss of 3-billion dollars in 2020. The Regal Cinemas owner has also raised a further 213-million dollars in funds to bolster its finances.
Turkey's exports rose 9.6% in February, imports up 9.4% Turkey's exports rose by 9.6 percent on an annual basis to $16 billion last month, as economies around the world gradually reopen. Imports were also up 9.4 percent to $19.3 billion, bringing the foreign trade deficit to $3.3 billion. The top destination for Turkish goods during the month was Germany, followed by the UK and the US.
Huawei's profit growth slows sharply as US sanctions bite Huawei's annual profit growth slowed sharply in 2020, as US sanctions and disruptions caused by the pandemic weighed on its operations. Net profit at the Chinese telecom giant came in at $9.9 billion, up by 3.7 percent year-on-year. That's down from the 5.6 percent growth recorded in the previous year.
H&M swings to quarterly loss of $122M due to store closures H&M has swung to a quarterly loss, as lockdowns forced more than a third of its stores to close. The world's second-largest fashion retailer reported a net loss of $122 million in the three months to March. Meanwhile, the company says its commitment to China remains strong, in response to a boycott launched by Chinese shoppers after H&M spoke out about forced labour in the Xinjiang region.
Turkey to take Saudi boycott to World Trade Organization Turkey's lodging a complaint with the World Trade Organisation against Saudi Arabia for forcing businesses to boycott Turkish goods. Riyadh has been ramping up pressure on Ankara after a Turkish court began hearing a case against Saudis accused of murdering journalist Jamal Khashoggi. A decision against the kingdom would force it to compensate Turkish businesses for the lost revenues.
Growth in South African labour costs slows to 3.9% in Q4 Growth in South African labour costs has continued to slow from a 27-year high in the fourth quarter. The South African Reserve Bank's latest quarterly bulletin shows growth in nominal unit labour costs fell to 3-point-9 percent from 4-point-6 percent in the previous quarter.
BioNTech reports $430M net profit in Q4, shares surge BioNtech has reported better-than-expected fourth quarter results, sending its shares up more than 5 percent. Net profit at the German biotech company came in at 430 million dollars in the final three months, thanks to sales of its coronavirus vaccine. The company has also projected 11-and-a-half billion dollars in vaccine sales based on its existing contracts.
J&J agrees to supply 400M vaccine doses to African countries Johnson and Johnson has agreed to supply up to 220-million doses of its single-shot coronavirus vaccine to the African Union this year. The US drugmaker says the delivery of the jabs to the 55 AU members will begin in the third quarter of 2021. A further 180-million doses could then be delivered next year.
Vietnam's economy grows 4.48% in the first quarter Vietnam's gross domestic product grew nearly 4-and- a-half percent in the first quarter of 2021 compared to the same period a year earlier. That's as exports rose 22-percent, boosted by a surge in shipments of smartphones and personal computers to the US. The Southeast Asian nation is one of the few economies that didn't contract last year during the pandemic.
China's Xiaomi opens production facility in Turkey One of China's biggest technology companies, Xiaomi, has launched a production facility in Turkey with supply giant, Salcomp. The factory in Istanbul will have an annual production capacity of 5-million smartphones and will employ around 2-thousand people. At the opening ceremony, President Recep Tayyip Erdogan says Turkey offers important opportunities for foreign investors due to its dynamic labour force and strategic location.
Pfizer begins human trials of oral COVID-19 drug Pharmaceutical giant, Pfizer, has begun early-stage US trials on a coronavirus oral anti-viral drug. The pill is designed to be taken early in an infection to prevent the virus from replicating in cells before patients get very sick. The drugmaker says there haven't been any unexpected problems in the study so far, and that it could generate results within weeks.
Intel to invest $20B to build two semiconductor plants in US US chipmaker, Intel, says it will spend 20 billion dollars to build two semiconductor plants in Arizona in a bid to ramp up production. The announcement comes amid a global chip shortage that's slowed manufacturing activity in the auto industry. Intel's stock jumped as much as 7 percent after its announcement, while shares in Asian rivals, TSMC and Samsung, edged lower.
Tesla starts accepting bitcoin as payment for its cars Tesla has started accepting Bitcoin as a form of payment for its electric cars. The option to pay using the cryptocurrency has been offered on the company's US website and will be available in other countries later this year. In a tweet, CEO Elon Musk also said that any bitcoin paid to Tesla will be retained as Bitcoin and not converted to a fiat currency.
UK unemployment falls to 5% in three months to January Unemployment in the UK has fallen for the first time since the pandemic began, with the jobless rate slipping to 5-percent. Figures from the Office for National Statistics show the number of workers on company payrolls climbed by almost 200-thousand in the three months to February. But the ONS says people aged under 25 continue to bear the brunt of job losses during the crisis.
Microsoft reportedly in talks to buy Discord for $10B Microsoft is reportedly in talks to buy messaging platform, Discord, for more than 10-billion dollars. According to a Bloomberg report, Discord has reached out to potential buyers, including the US software giant. The San Francisco-based app is best known for its free service that lets gamers communicate by video, voice and text.
Twitter's Jack Dorsey sells the first tweet as NFT for $2.9M Twitter founder Jack Dorsey has sold his first tweet to a Malaysia-based businessman for just over 2-point-9 million dollars. The tweet was sold as a non-fungible token - a unique digital certificate that authenticates digital assets. The buyer - Sina Estavi - says he believes the first-ever tweet will appreciate in value, just like the Mona Lisa.
CEO Leon Black quits Apollo over Jeffrey Epstein scandal Wall Street billionaire Leon Black has quit his leadership positions at Apollo Global Management, the investment giant he co-founded. Black's departure comes amid scrutiny over his ties to disgraced financier Jeffrey Epstein, who killed himself while facing federal sex trafficking charges. Apollo co-founder Marc Rowan has taken over as CEO Canadian Pacific to buy Kansas City Southern for $25B Railway group, Canadian Pacific, has agreed to buy Kansas City Southern for 25-billion dollars, marking the largest takeover deal so far this year. The transaction values the US freight group at 275-dollars per share, accounting for a 23-percent premium on Friday's closing price. The acquisition will create a 32-thousand kilometre railway network linking the US, Mexico and Canada.
Deliveroo targets valuation of up to $12B in London IPO Online food delivery start-up, Deliveroo, is seeking a valuation of up to 12 -billion dollars in its planned initial public offering in London. The deal could mark Britain's largest stock market debut since commodities giant Glencore went public nearly a decade ago. The plans come at a time when lockdowns have forced restaurants to close, leading to a surge in online orders.
New Zealand's economy unexpectedly shrinks 1% in Q4 New Zealand's economy suffered a surprise contraction in the fourth quarter, denting hopes of a swift recovery from the pandemic. GDP shrank by 1 percent in the final three months of 2020, following nearly 14 percent growth in the third quarter. Economists expect the economy to shrink further in the current quarter, which would put the Pacific nation in a technical recession.
Credit Suisse suspends bonuses over Greensill collapse Credit Suisse will overhaul its asset management business and suspend bonuses for some senior executives as it tries to contain the fallout from the collapse of Greensill Capital. The Swiss lender had multiple ties to Greensill, including 10-billion dollars of funds that offered exposure to the company's loans and were marketed to the bank's clients as safe investments.
Shares in SK Bioscience jump 160% on market debut Shares in South Korean vaccine maker, SK Bioscience, more than doubled on their market debut. The company's stock jumped 160 percent on Seoul's KOSPI exchange, boosting its market value to 11-and- a-half billion dollars. The local manufacturer of AstraZeneca's vaccine raised 1-point-3 billion dollars from the IPO, marking the biggest domestic listing since 2017.
Four US states join Texas-led lawsuit against Google Four more US states have joined a Texas-led lawsuit against Alphabet's Google, bringing the number of plaintiffs to 15 states and territories. The lawsuit accuses the internet giant of breaking antitrust laws to boost its already dominant advertising business. Filed in December, the complaint is one of three ongoing antitrust cases against the search giant.
Greensill family reportedly cashed out before collapse Australian businessman Lex Greensill and his family reportedly sold about 200-million dollars of shares in their financial services firm two years before its collapse. According to the Financial Times, the family cashed-out after Greensill Capital received a 1-and- a-half billion dollar investment from SoftBank in 2019. The business filed for administration in the UK last week
Samsung warns of deepening semiconductor shortage Samsung has warned that a global chip shortage that's currently disrupting carmakers could spread to the broader technology sector. The South Korean tech giant expects the shortage will impact its business in the second quarter. Suppliers are struggling to meet the unprecedented demand for semiconductors, amid a surge in sales of cars and electronics during the pandemic.
Sackler family increases opioid settlement offer to $4.3B Members of the Sackler family who own Purdue Pharma, have offered 4-point-3 billion dollars to resolve thousands of lawsuits linked to their powerful painkiller, OxyContin. Purdue is accused of fueling America's deadly opioid epidemic through the deceptive marketing of the drug. A group of around half of all US states has rejected a previous settlement offer of 3-billion dollars.
Encrypted messaging app Signal blocked in China The encrypted messaging app, Signal, has stopped working in China without the use of a virtual private network. Signal is one of the last widely used apps in the country that allows users to send and receive messages that can't be accessed by a third party. The ban comes at a time of increasing internet censorship in China, where Facebook, Twitter and Instagram have long been blocked.
Nokia plans to slash up to 10,000 jobs by 2023 Nokia is planning to slash up to 10-thousand jobs over the next two years as part of a wider restructuring plan. The job cuts come as the Finnish telecoms equipment maker tries to regain its competitiveness in the race to win orders for 5G networks. The company says the restructuring could cost as much as 835-million dollars by the end of 2023.
China's industrial production and retail sales surge China's industrial output has surged sharply in the first two months of the year, underscoring the country's recovery from the coronavirus pandemic. Official figures show industrial production jumped 35-percent from a year ago, marking its biggest bounce in decades. Meanwhile, retail sales also rose nearly 34-percent in January and February, beating analysts' expectations.
Stripe valuation soars to $95B after latest funding round Online payments technology provider, Stripe, has raised 600-million dollars in its latest funding round, boosting its valuation to 95-billion dollars. That makes Stripe the most valuable private company out of Silicon Valley. Stripe says it will use the proceeds to expand its business in Europe and beef-up its global payments and treasury network.
Danone ousts Emmanuel Faber as chairperson and CEO Danone's board of directors has decided to oust Emmanuel Faber as chief executive and chairperson. The move comes after months of pressure from shareholders about the French food giant's underperforming share price. Gilles Schnepp, the former CEO of industrial group Legrand, has been appointed as new chairperson and will lead the search for a new CEO.
OECD revises up global growth forecast for 2021 The Organization of Economic Cooperation and Development has revised up its forecast for global growth this year because of the relatively rapid rollout of COVID-19 vaccines. The OECD now predicts a 5.6-percent expansion, led by a recovery in the US, China and India. It has also increased its growth forecast for the Turkish economy by 3-percentage points to 5.9-percent this year.
Zoom founder transfers stock worth more than $6B Zoom founder Eric Yuan has transferred more than 6-billion dollars' worth of his stake in the video-conferencing company. Filings show Yuan - who's also Zoom's chief executive - donated around 40-percent of his shares to unspecified beneficiaries last week. He's the latest in a number of the world's mega-rich to have transferred stock recently, including Amazon founder Jeff Bezos.
GameStop shares surge more than 40% on e-commerce plans GameStop shares have surged more than 40-percent on news the world's largest video game retailer is developing an e-commerce strategy with Chewy dot-com founder, Ryan Cohen. Cohen, who made a large investment in the company last year, has been pushing for a move away from the traditional brick-and-mortar model since joining the board in January.
Microsoft hack tied to China leaves thousands vulnerable Microsoft is blaming the Chinese- government backed hacking group, Hafnium, for an attack on its servers that has so far compromised at least 60-thousand accounts. Most of the victims are small and medium sized businesses but some government institutions have also been affected. This is the eighth time the software giant has been targeted by hackers from the mainland in the past 12 months.
Oil prices jump after attack on Saudi energy facility Oil prices have risen above 70-dollars a barrel for the first time since the start of the coronavirus pandemic. That's after the world's top oil exporter, Saudi Arabia, said its energy facilities had been attacked. Prices had risen almost 7-percent last week as OPEC and its allies announced their decision to keep current production levels unchanged.
Deliveroo reports narrowing losses ahead of IPO Deliveroo has announced it plans to make its debut on the London Stock Exchange later this year.. targeting a valuation of up to 10-billion dollars. The online food delivery start-up managed to boost its sales by 54-percent in 2020 and reduce its losses.. as lockdowns forced restaurants to close, leading to a surge in online orders.
US suspends tariffs on UK goods seeking to resolve dispute The United States has agreed to suspend retaliatory tariffs imposed on UK goods over a long-running dispute over aircraft subsidies. The tariffs on a range of products including Scotch whisky, biscuits and clotted cream will be halted for a period of four months. The UK had earlier dropped its tariffs on some US goods, as it looks to seal a post-Brexit trade deal with Washington.
Lufthansa reports record loss of $8.1B in 2020 Lufthansa has suffered its worst annual loss in its history, as the COVID-19 crisis ravages the aviation industry. Net loss came in at 8-point-1 billion dollars for 2020, after global travel restrictions wiped-out passenger demand. The German carrier has also warned that air traffic would not return to pre-pandemic levels before the middle of the decade.
Deliveroo seeks $10B valuation in London IPO Deliveroo is planning a London stock market listing that could value the British food delivery firm at up to 10-billion dollars. The IPO could mark the biggest new share issue in the UK in three years. Deliveroo will adopt a dual-class share structure for its market debut, giving its founder and CEO Will Shu more control over the direction of the company.
Turkey's inflation rate rises to 15.6% in February Turkey's annual inflation rose to 15-point-6 percent in February, maintaining pressure for tight monetary policy. The cost of household equipment jumped the most, with prices rising 23-and- a-half percent year-on-year, followed by transportation, which rose 22-percent. In January, annual inflation stood at just under 15-percent.
Rio Tinto chairman resigns after cave blast disaster Rio Tinto chairman Simon Thompson is stepping down over the destruction of two ancient caves in Australia. In May last year, the world's biggest iron ore miner knowingly destroyed the 46-thousand- year-old Aboriginal rock shelters as part of a mine expansion. The incident has already led to the departure of former CEO Jean-Sebastien Jacques.
Stellantis expects improved profitability in 2021 Stellantis says profitability and vehicle sales are expected to improve this year, after it was formed through a merger of Fiat Chrysler and Peugeot-maker, PSA Group in January. The world's fourth- largest carmaker says it's targeting an adjusted operating profit margin of up to 7-and- a-half percent. The company is also forecasting 6-billion- dollars in annual savings from the merger.
Two Americans extradited to Japan for allegedly aiding Ghosn Two American men have been handed over to Japanese authorities for allegedly helping the former Nissan chief Carlos Ghosn flee the country. The father-and-son duo had been fighting to stop extradition proceedings in the US since their arrest last May. In 2019, Ghosn escaped from Japan to Lebanon in a box, while he was awaiting trial on financial misconduct charges.
South Korea proposes extra $13.4B fund for small businesses South Korea has unveiled an extra budget of 13-point-4 billion dollars, to support small businesses and protect jobs. The move comes after a coronavirus resurgence prompted the government to uphold social distancing restrictions. The new spending plan is in addition to record stimulus packages totalling around 285-billion dollars launched by the government since the start of the pandemic.
Goldman Sachs reportedly to relaunch cryptocurrency desk Goldman Sachs is reportedly relaunching its cryptocurrency trading desk, prompted by a surge in the value of Bitcoin. According to Reuters, the US banking giant will start dealing bitcoin futures and non-deliverable forwards for clients from next week. The desk was first set up in 2018, just as bitcoin's price was falling from record highs.
France's ex-president Sarkozy given jail term for corruption Former French president Nicolas Sarkozy has been sentenced to three years in jail, with two of them suspended, over corruption charges. The 66-year-old who led France from 2007 to 2012 was found guilty of trying to bribe a judge for information on an inquiry into his 2007 campaign. Sarkozy faces a seperate trial later this month over the alleged illegal financing of his 2012 presidential campaign.
China's manufacturing activity drops for a third month China's manufacturing activity slowed for a third month in February as the Lunar New Year and a fresh wave of COVID-19 hit demand. Manufacturing PMI fell to 50.9 from 51.5 the previous month, the lowest level in nine months. The data comes ahead of this week's annual budget, which will include a recovery plan from the fall-out of the coronavirus crisis.
Brazos Electric files for bankruptcy after Texas outage The largest power firm in the US state of Texas has filed for bankruptcy protection after last month's historic outages. Brazos Electric has blamed a 1.8-billion dollar disputed bill from the state's grid operator for blackout-related charges. State-wide power outages left more than 4-million people without heat or electricity last month.
US weekly unemployment claims fall sharply to 730,000 The number of Americans filing for unemployment benefits fell more than expected amid an easing of COVID-19 infections. Another 730-thousand people lodged jobless claims last week, compared with 841-thousand in the week prior. But the number is still well above the 665-thousand peak recorded during global financial crisis more than a decade ago.
Qantas shares rise despite $820M loss in first half Qantas Airways swung to an 820 million dollar first-half underlying loss, compared with a 615 million dollar profit a year ago. Earnings were hit by strict quarantine restrictions and limits on travel due to the pandemic. But the Australian carrier has laid out a plan to resume most international flights from October, sending its shares up as much as 5 percent.
Netflix to spend $500M in South Korea this year Netflix is planning to spend half-a-billion dollars on original movies and television shows in South Korea this year. Since entering the country in 2016, the US streaming giant has already invested 700 million dollars to expand its slate of Korean content. Netflix said it had 3-point-8 million paid subscribers in South Korea as of the end of last year.
Top executives resign from Texas power grid operator Top executives of Texas's power grid operator have stepped down after millions of homes lost electricity during a deadly winter storm last week. The chairperson of the Electric Reliability Council of Texas and four other board directors have resigned with immediate effect. State lawmakers are scheduled to hold hearings on the crisis on Thursday.
GameStop CFO quits after stock trading frenzy GameStop's chief financial officer Jim Bell has resigned after a Reddit-fuelled stock trading frenzy saw the struggling US video game retailer skyrocket in value. The company says Bell will step down in March, but hasn't given any reason. GameStop shares soared as much as 1,900 percent earlier this month, as retail investors looked to counter a short squeeze on the stock.
Singapore developer CapitaLand reports $1.2B loss Singapore's largest developer, CapitaLand, has reported its first full-year loss in almost two decades. That's after the pandemic forced the company to write down the value of some of its properties. Net loss came in at 1-point-2 billion dollars for 2020, compared with a net profit of nearly 1-billion dollars in the prior year.
UK unemployment hits highest level in almost five years Unemployment in the UK has reached its highest level in nearly five years after a coronavirus resurgence prompted tougher lockdown measures. The Office for National Statistics says the jobless rate rose to 5-point-1 percent in the final three months of 2020. The Bank of England expects the rate to peak at 7-point-8 percent in the third quarter of this year
HSBC further shifts focus to Asia as annual profits plunge HSBC has unveiled a further strategic shift from developed markets to Asia's faster-growing economies. Europe's largest bank, which already generates the bulk of its revenues in Asia, has pledged to invest 6-billion dollars to expand in Hong Kong, China and Singapore. The plans come as the lender posted a 34-percent fall in annual profits due to the pandemic.
Sudan devalues its currency to try to secure debt relief Sudan's central bank has sharply devalued its currency as it unified the official and black market exchange rates. The bank set the official rate at 375 Sudanese pounds to the dollar, from a previous rate of 55-pounds. The change was demanded by international lenders and is part of Sudan's efforts to secure debt relief and ease an economic crisis.
Indian court halts Future's $3.4B deal on Amazon plea India's Supreme Court has blocked the 3-point-4 billion dollar sale of retailer, Future Group, to the country's largest business conglomerate, Reliance Industries. The injunction follows claims that Future Group's sale violates a contract with the online retail giant, Amazon. The freeze could shutter hundreds of outlets and jeopardise up to 25-thousand jobs.
Global dividend payments fall $220B in 2020 The pandemic saw companies slash their dividends shareholders by 220-billion dollars in 2020. According to the latest Global Dividend Index from asset manager Janus Henderson, payouts to shareholders fell 12-percent to 1-point-26 trillion dollars. That's the biggest slump since the financial crisis more than a decade ago. But the report estimates dividends could rebound by as much as 5-percent this year.
Copper prices hit highest level in almost 10 years Copper prices have surged to the highest level in nearly ten years thanks to optimism about a global economic recovery. Benchmark copper on the London Metal Exchange has risen as much as 3-percent, crossing 9-thousand dollars a tonne. The metal has also benefited from a weaker dollar and a rise in inflation expectations.
Turkey's central bank keeps policy rate unchanged at 17% Turkey's central bank has left its benchmark interest rate unchanged at 17-percent, in line with expectations. Under the newly appointed governor Naci Agbal, the bank has hiked its repo rate by 675 basis points since November in an attempt to reduce inflation. Tighter monetary policy has helped to boost the Turkish lira.
Walmart reports strong sales in Q4 thanks to govt stimulus Walmart has reported strong fourth quarter sales thanks to a new round of government stimulus cheques. Total revenue grew by 7-point-3 percent in the three months to the end of January to 152 billion dollars. But shares in Walmart fell as much as 5 percent after the world's largest retailer announced a steep increase in capital spending.
Air France-KLM reports $8.5B loss in 2020 due to pandemic Air France-KLM slumped to an 8-and- a-half billion dollar loss in 2020 as the COVID-19 crisis hit air travel demand. Group revenues plunged by nearly 60-percent to 13-point-4 billion dollars, and passenger numbers plummeted 67-percent from a year ago. The airline group is currently in talks with the French and Dutch governments for a new rescue package.
Rio Tinto to pay record $6.5B dividend as profit soars Rio Tinto has rewarded investors with the biggest dividend in its history after higher iron ore prices boosted its full-year earnings. The Anglo-Australian miner will pay a final dividend of 6-and- a-half billion dollars to shareholders, taking its total payout for the year to 9-billion dollars. Net profit jumped 22-percent last year to 9-point-8 billion dollars.
EU court rejects Ryanair challenge against airline aid Ryanair has lost its legal fight against bailouts that were granted to rivals Air France and Sweden's SAS through national schemes. The EU's general court said those funds didn’t break state aid rules because they were designed to help the carriers through the pandemic. The Irish budget-carrier says it will appeal the ruling to the bloc's top court.
Jeff Bezos reclaims title as world's richest person Amazon founder Jeff Bezos has overtaken Elon Musk to reclaim his title as the world's richest person with a net worth of around 191-billion dollars. That comes after Tesla shares fell 2-and- a-half percent, slashing its chief executive's net worth by 4-point-6 billion dollars. Last month, Musk had surged to the top spot on the Bloomberg Billionaires Index ranking
Bitcoin briefly tops $50,000 for the first time Bitcoin has briefly crossed the 50-thousand dollar mark for the first time, as the world's most popular cryptocurrency extends its rally. The digital token climbed as much as 4 -percent to hit 50,400 dollars on Tuesday, before retreating to 49,500. Bitcoin was up around 25 percent last week, driven by endorsements from Tesla and the investment bank, BNY Mellon
Singapore unveils $8.3B pandemic relief package Singapore has announced further support for households and businesses hit hard by the COVID-19 pandemic. Finance Minister Heng Swee Keat has unveiled a new fiscal package worth 8-point-3 billion dollars in his annual budget speech. Last year, the Asian city-state committed nearly 70-billion- dollars - or around 20 percent of its GDP - to cushion citizens from the pandemic's economic impact.
Mining giant BHP sees profit jump, declares record dividend The world's biggest miner BHP has reported its best first-half profit in seven years thanks to higher iron ore prices. Underlying profit for the six months to the end of December jumped 15-percent from the same period last year to over 6-billion- dollars. The Anglo- Australian company has also announced a record 5-point-1 billion dollar interim dividend.
Japan economy grows 12.7% year-on-year in fourth quarter Japan's economy has recorded another quarter of double-digit growth thanks to a surge in exports. GDP grew an annualised 12.7-percent from October through December.. following a record 22.9-percent expansion in the prior quarter. But for the full year, the world's third largest economy shrank 4.8-percent, the first annual contraction since the 2009 financial crisis.
Bitcoin retreats from high of $50,000 due to profit-taking Bitcoin has retreated from record highs a day after it reached nearly 50-thousand dollars. The world's biggest cryptocurrency dropped as much as 6-percent to just below 46-thousand dollars, as investors took profits from a weekend rally. The digital token was up around 25-percent last week, driven by endorsements from Tesla and the investment bank, BNY Mellon.
Jaguar luxury cars to go fully electric by 2025 Luxury car brand, Jaguar, will go all-electric as the auto industry adapts to tighter emissions limits around the world. Jaguar Land Rover, which is owned by India's Tata Motors, says all Jaguar models will be entirely powered by batteries by the middle of this decade. JLR is also aiming to become a net zero carbon company by 2039.
US weekly unemployment claims dip slightly to 793,000 The number of Americans filing for unemployment benefits has fallen slightly as authorities begin easing coronavirus restrictions. Another 793,000 people lodged jobless claims last week, down 19,000 from the week before. But the number is still above the 665,000 peak recorded during the recession.
Malaysia's economy shrinks 5.6% in 2020 Malaysia's economy shrank at a faster-than-expected rate in the fourth quarter, as a fresh wave of COVID-19 hit domestic consumption. GDP contracted 3-point-4 percent from a year earlier, falling for a third straight quarter. For the full year, Malaysia's economy shrank 5-point-6 percent, marking its worst performance since the Asian financial crisis of 1997-to 98.
AstraZeneca reports 10% rise in 2020 sales to $26.6B And AstraZeneca has reported a 10 percent rise in sales for 2020, beating analysts' expectations. Total revenue came in at 26-point-6 billion dollars for the year, thanks to strong sales of its cancer treatments. The Anglo-Swedish drugmaker is also expecting a double-digit revenue growth for 2021.
Reddit's valuation doubles to $6B after funding round Reddit has raised more than 250 million dollars in a new round of funding, that doubled its valuation to six- billion dollars. The funding came after the social media platform gained attention for its role in the recent Wall Street trading mania. The company also said, it's planning to double the number of its employees this year.
Total reports 66% plunge in full-year profit to $4.06B Total has reported a sharp fall in full-year earnings as the COVID-19 pandemic weighed on the energy sector. Net profit at the French oil major fell 66 percent from a year ago to 4-point-06 billion dollars, hit by lower energy prices. The company also took charges of 8-point-1 billion dollars last year, to cover asset write-downs.
Chinese car sales jump 25% year-on-year in January Car sales in China rose more than expected in January, as the world's biggest auto market recovers from lows hit during coronavirus lockdowns. Retail sales of passenger cars rose 25 percent from a year ago, to 2-point-16 million vehicles. But, sales slowed from the previous month, as semi-conductor chip shortages hit production.
Elon Musk's electric carmaker Tesla invests $1.5B in bitcoin Tesla has announced it bought 1-and-a-half billion dollars worth of Bitcoin in January as part of its efforts to diversify its investments. In a regulatory filing, the electric carmaker also said it will start accepting the cryptocurrency as a form of payment for its products. The news sent bitcoin rallying to a new record high of 44-thousand dollars.
SoftBank sees WeWork recovery, Q3 net profit soars to $11B Softbank net profit soared to 11 billion dollars in the third quarter, thanks to the global rally in tech stocks. The figure marks a more than twenty-fold jump from a year ago, when profits were almost wiped out due to troubles with its office-sharing business, WeWork. The Japanese group's Vision Fund also swung to a record 8-billion dollar profit during the period.
Boohoo buys three brands from Arcadia for $34.6M British online fashion retailer Boohoo has agreed to buy Dorothy Perkins and two other brands from Arcadia for 34-point-6 million dollars. But the deal does NOT include the group's high-street stores, putting 2-and-a half thousand jobs at risk. Philip Green's Arcadia fashion empire went into administration last year, becoming Britain's largest corporate casualty of the pandemic.
US economy adds 49,000 jobs in January US jobs growth rebounded in the first month of 2021 as authorities began easing coronavirus restrictions on businesses. Nonfarm payrolls increased by 49-thousand in January, following a decline of 140-thousand in December. The unemployment rate also fell to 6-point-3 percent, but it's still well above the 3-and- a-half percent rate from a year ago.
Nigeria's Okonjo-Iweala close to leading WTO Nigeria's former finance minister Ngozi Okonjo-Iweala is set to to become the first African and the first woman to lead the World Trade Organization. That's after South Korea's candidate dropped-out of the race following mounting diplomatic pressure. The global trade watchdog has been without a leader since August 2020 when Brazil's Roberto Azevedo stepped down.
Shares in Kuaishou nearly triple in Hong Kong debut Shares in TokTok rival, Kuaishou, nearly tripled on their first day of trading in Hong Kong, giving it a valuation of 180-billion dollars. The Chinese online video operator raised 5-point-7 billion dollars after pricing its shares at the top of its expected range. It's the largest tech IPO since the ride-hailing company, Uber, raised 8-billion dollars in 2019.
UK, EU to probe Nvidia’s $40B acquisition of Arm Holdings The UK and EU will open a probe into Nvidia's 40-billion- dollar acquisition of British chip designer, Arm Holdings, from Softbank. Regulators will consider whether Arm has an incentive to withdraw or reduce the quality of its services to Nvidia's rivals. The deal was part of Softbank's strategy to shift towards becoming a global investment and asset management powerhouse.
Report: McKinsey agrees to pay $573M to settle opioid claims McKinsey has reportedly agreed to pay 573-million dollars to resolve claims over its role in the opioid epidemic in the US. That's according to the Associated Press. The consulting firm came under scrutiny for advising Purdue Pharma and its owners the Sackler family on how to boost sales of the prescription opioid, OxyContin.
China's Xiaomi to open production facility in Turkey China's leading electronic device maker, Xiaomi, is planning to open a production facility in Turkey with an investment of 30 million dollars. The company says it will employ around 2-thousand people at the plant, which will have an annual production capacity of 5 million smartphones. The plant is scheduled to start production in the first quarter of this year.
Tencent blacklists 37 firms, fires more than 100 staff Tencent has blacklisted and terminated relations with 37 partner companies over embezzlement and bribery incidents. The Chinese social media and gaming giant has also fired more than 100 staff following a series of anti-graft investigations over the past year. Tencent said it would stick to a "zero tolerance" policy towards unethical behaviour.
Ant Group reportedly agrees with regulators on overhaul Jack Ma's Ant Group has reportedly agreed to overhaul the business after it was forced to halt plans for what was set to be the world's largest IPO. According to Bloomberg, the fintech giant will be turned into a financial holding company at the behest of Chinese regulators. Meanwhile, Alibaba which Ma also founded - has reported a 37-percent jump in fourth-quarter revenue on a pandemic-driven jump in e-commerce.
Turkey's annual inflation rises to 14.97% in January Turkey's annual inflation rose slightly to 15-percent in January, maintaining pressure for tight monetary policy. The cost of miscellaneous goods and services jumped the most, with prices rising 24-and- a-half percent year-on-year.. In December, annual inflation stood at 14-point-6 percent.
Robinhood raises another $2.4B amid surge in trading Robinhood Markets has raised 2-point-4 billion dollars from shareholders in a bid to shore up its finances strained by turbulent trading. That's on the top of the 1 billion dollars it raised last week. The online brokerage has been at the centre of the boom in day trading, as retail investors bet against short sellers following calls on Reddit and other platforms.
Energy giant BP reports first annual loss in decade BP has reported its first annual loss in a decade as the COVID-19 pandemic pushed oil and gas prices lower. The British energy giant slumped to a loss of 5-point-7- billion dollars.. down from a 10-billion dollar profit in 2019. Meanwhile, US rival ExxonMobil said it lost 22-point-4- billion dollars in 2020 on a writedown and losses in oil production.
US tech billionaire buys flight into orbit with SpaceX US billionaire is buying an entire SpaceX flight for an undisclosed sum to take three people with him to circle the globe this year. Jared Isaacman, the founder of Shift4 Payments, says he wants to use the private trip to raise 200-million- dollars for an organisation that helps young cancer patients. The flight will bolster Elon Musk's efforts to make human spaceflights more common.
Turkey's manufacturing activity expands in January Turkey's manufacturing activity expanded at a strong pace in January with sharp upticks in orders and output. The Purchasing Managers' Index for manufacturers rose to 54-point-4 last month, well above the 50-point mark that separates growth from contraction. The Turkish lira rose around 2-percent on the data.. hitting its highest level in more than five months.
Asos buys Topshop and other Arcadia brands for $405M British online fashion retailer, Asos, has agreed to buy Topshop and three other brands from Arcadia for 405-million- dollars. But the deal does not include the group's 70 High Street stores, putting 25-hundred jobs at risk. Sir Philip Green's Arcadia fashion empire went into administration last year, becoming Britain's biggest corporate casualty of the COVID-19 pandemic.
Ryanair reports annual loss of $1.2B as COVID-19 bites Ryanair has warned that it could lose nearly 1-point-2 billion dollars in its current fiscal year ending in March. Europe's largest low-cost carrier said it faced the most challenging period in its history, as governments restrict travel to curb the spread of coronavirus. But the Irish airline is expecting a strong recovery for the next summer period thanks to the vaccine rollout.
France's economy shrinks 1.3% in fourth quarter France's economy fared better than expected in the fourth quarter despite the resurgence of coronavirus cases. Gross domestic product shrank by 1-point-3 percent in the final three months of last year, as new restrictions weighed on consumer and business activity. For the full year, the euro zone's second largest economy contracted 8-point-3 percent.
Turkey's exports slips 6.3% to $169.5B in 2020 Turkish exports slipped 6-point-3 percent on an annual basis to around 170-billion- dollars in 2020, as the pandemic ravaged economies around the world. Imports rose 4-point-3 percent to 220-billion- dollars, bringing the foreign trade deficit to 50-billion- dollars. The top destination for Turkish goods was Germany, followed by the UK and the US.
Dr. Martens shares surge after $1.8B London IPO Shares in Dr Martens jumped as much as 18-percent in their market debut in London after the British bootmaker priced the IPO at the top of its indicative range. Shareholders including parent company Permira Holdings raised 1-point-8 billion dollars, giving it a market valuation of more than 5-billion- dollars. The listing is the UK's largest domestic IPO since September last year.
Kenya's economy enters first recession in 20 years Kenya's economy has slipped into recession for the first time in 20 years as measures to contain the spread of COVID-19 hit industrial output. GDP contracted by 1.1-percent in the third quarter, after sliding five-and- a-half percent in the prior period. The country's education, tourism and food businesses are among the worst affected.
Samsung phone sales drop 11% in Q4 as rival Apple gains Samsung's fourth quarter revenues climbed 2.8-percent compared to last year, on strong demand for home appliances. But mobile phone sales fell 11-percent, as rival Apple's new line-up of smartphones pulled customers away from the South Korean tech giant. The company expects the rollout of its new Galaxy smart devices to prop-up sales in this quarter.
Toyota overtakes VW as world's highest-selling auto brand Toyota sold 9-and- a-half-million vehicles in 2020 to become the world's highest selling automotive brand. It's reclaimed the title from Volkswagen after five years. The Japanese automaker enjoyed strong demand, including a 10-percent jump in sales in China, bucking the declining trend in global auto sales.
South Korea's economy expands 1.1% in fourth quarter South Korea's economy grew at a faster-than- expected pace in the fourth quarter, as surging exports helped offset sagging domestic demand. GDP expanded 1-point-1 percent in the final three months of 2020 compared with the prior quarter. But for the whole of last year, Asia's fourth-largest economy shrunk 1-percent, its worst growth rate in more than two decades.
Johnson & Johnson beats fourth quarter earnings expectations Johnson and Johnson has reported better-than- expected fourth quarter results, boosted by demand for its prescription drugs. Net profit at the pharmaceutical giant came in at almost 1-and- a-quarter- billion dollars despite litigation expenses of 2-point-9 billion dollars. J&J has also offered an upbeat outlook for its business this year, as it races to develop a single-dose COVID-19 vaccine.
UBS unveils $4.5B share buyback programme as profits jump UBS has unveiled a 4-and- a-half billion dollar share buyback program as it reported its highest annual profit of the post-financial crisis era. Net income at Switzerland's biggest lender came in at 6-point-6 billion dollars in 2020, up by 56-percent from the year before. Earnings were boosted by its wealth management and investment divisions.
Deutsche Bank probes sales of investment banking products Deutsche Bank says it's conducting an internal probe into the alleged mis-selling of investment bank products. The investigation codenamed Project Teal has been launched in response to client complaints last year and initially focused on a desk in Spain. The move comes as part of the German lender's efforts to improve relations with regulators.
Mastercard to increase fees for UK purchases from EU Mastercard will increase its transaction fees for British shoppers purchasing from an EU-based company. Credit card fees will increase to 1-and- a-half percent of the value of the purchase from the 15th of October, up from the current 0-point-3 percent charge. The global credit card giant has attributed the move to the UK's decision to leave the EU.
TikTok rival Kuaishou looks to raise up to $6.3B in IPO TikTok rival, Kuaishou, is seeking to raise as much as 6-point-3 billion dollars in its Hong Kong initial public offering. That would be the largest tech IPO since the ride-hailing company, Uber, raised 8-billion- dollars in 2019. The deal could value the Chinese short video app at up to 62-billion- dollars, up from the 28-billion- dollars it achieved in a funding round last year.
Volkswagen reports operating profit of $12.2B in 2020 Volkswagen has defied the pandemic to report an annual operating profit of 12-point-2 billion dollars. That's as a late Chinese-led sales recovery helped to mitigate the impact of a widespread shutdown of global car production. The German carmaker has also emerged with a small gain in market share, with some of its rivals hit harder by the crisis.
China fails to meet US trade deal target in 2020 China has failed to meet its commitment to buy American goods under the "phase one" trade deal it signed with the US last January. In the first year of the deal, China imported 100 billion dollars' worth of goods, which is roughly 58 percent of the targeted 173 billion dollars for 2020. As part of the deal, Beijing has agreed to buy an additional 200 billion dollars of US goods by the end of 2021.
Google threatens to shut down search in Australia Google has threatened to shut down its search function in Australia if a controversial bill designed to benefit the news media becomes law. Under the proposal, the Australian government is aiming to make tech giants pay local media outlets for sharing their content. Australian Prime Minister Scott Morrison said lawmakers would not yield to threats made by Big Tech.
Norwegian Air gets state backing for restructuring plan Norwegian Air has won state backing for its restructuring plan to exit bankruptcy protection. The government says it will help to fund a hybrid loan, provided the airline raises at least 530-million- dollars from investors, and the proposal receives court approval. The struggling carrier has grounded most of its aircraft during the coronavirus crisis.
Turkey's central bank keeps policy rate unchanged Turkey's central bank has left its benchmark interest rate unchanged at 17-percent following two consecutive rate hikes. Under the newly appointed governor Naci Agbal, the bank has hiked its one-week repo rate by 675 basis points since last November, in an attempt to reduce inflation. The bank says it will keep monetary policy tight for an "extended" period.
Beckhams pay themselves $20M in dividends since 2019 David and Victoria Beckham have paid themselves almost 20-million dollars in dividends, following strong sales of the former footballer's image rights. That's despite pre-tax profits at David Beckham Ventures Limited, which is wholly owned by the couple, falling to around 15-million- dollars in 2019. Victoria Beckham's eponymous fashion label reported an increase in sales, but it continued to lose money.
International Energy Agency cuts outlook for oil demand The International Energy Agency has cut its global oil demand forecast for the year. That's due to a coronavirus resurgence that's prompted the return of lockdown measures around the world. The Paris-based agency now expects daily demand for oil to recover by 5.5-million barrels per day, down 300-thousand from last month's assessment.
Goldman Sachs, Bank of America post upbeat Q4 results Net income at Goldman Sachs more than doubled to 4-and- a-half billion dollars in the fourth quarter, the highest in more than a decade.. with the firm's stock traders delivering a 40-percent revenue increase. Meanwhile, a drop in interest income at Bank of America helped drag down its earnings by 22-percent last quarter. America's second-largest bank says its profit totaled almost 5-and- a-half- billion dollars.
Hong Kong's jobless rate rises to 16-year high in Q4 Hong Kong's unemployment rate has jumped to a 16-year high, as a resurgence of COVID-19 hit economic activity. The jobless rate rose to 6-point-6 percent in the final three months of 2020, up from 6-point-3 percent in the third quarter. Unemployment in the consumption and tourism-related sectors remained above 10-percent.
Samsung's Jay Y Lee gets 30 months in prison for bribery A South Korean court has sentenced Samsung vice chairman Jay Y Lee to two-and- a-half years in jail. The 52-year-old Lee was convicted of bribing an associate of former president Park Geun-hye and jailed in 2017. But the sentence was reduced and suspended on appeal. Shares of firms linked to the electronics giant plunged after the verdict.
Malaysia to introduce additional $3.7B stimulus package Malaysian Prime Minister Muhyiddin Yassin says the government will inject 3-point-7 billion dollars in additional stimulus to support the pandemic-hit economy. The move comes a week after the Southeast Asian country declared a state of emergency to stem a new surge in coronavirus cases. The newly announced economic measures will include cash support to the poor, tax breaks and wage subsidies.
Carmakers Fiat Chrysler, PSA Group complete $48B merger Fiat Chrysler and PSA Group have completed their 48-billion- dollar merger to create the world's fourth-largest carmaker. The automakers said the newly formed company, called Stellantis, is expected to cut annual costs by more than 6-billion- dollars. Shares in Stellantis jumped as much as 7-and- a-half percent on their first trading day in Milan and Paris.
US weekly jobless claims hit highest level since August The number of Americans filing for unemployment benefits last week surged by the most since March, as coronavirus infections continued to soar. Another 965-thousand people lodged jobless claims last week, compared to 784-thousand in the week prior. It's the highest reading since August and could put more pressure on lawmakers to introduce more pandemic relief measures.
China's trade surplus hits record $78B as exports surge China's trade surplus climbed to 78-billion- dollars in December, the highest monthly figure on record. That's as coronavirus disruptions around the world continued to boost demand for Chinese goods. Exports rose 18-percent from a year ago, while imports were up 6-and- a-half percent. But its trade surplus with the US narrowed to 30-billion- dollars.
South Korea court upholds sentence for ex-leader Park Geun-hye South Korea's highest court has upheld a 20-year prison sentence for former President Park Geun-hye. The country's first female leader was impeached in 2017 for bribery, extortion, abuse of power and other criminal charges. The court has also upheld fines and forfeits totaling 19-and- a-half million dollars. She has consistently denied any wrongdoing.
Turkey's industrial production, retail sales up in November Turkey's industrial production jumped 11-percent from a year ago in November, marking the sixth consecutive month of growth. That's as the economic recovery picked-up pace after the initial loosening of coronavirus restrictions. Meanwhile, retail sales also surged 12-percent in the same month driven by a jump in online purchases, as people continued to stay at home during the pandemic.
Just Eat Takeaway reports 57% jump in fourth quarter orders European food delivery app, Just Eat Takeaway, has reported a 57-percent jump in fourth-quarter orders from the same period in 2019. That's as restaurants were forced to go online after countries across Europe reimposed lockdowns. In June, the company agreed to buy US rival Grubhub for 7-point-3 billion dollars to create the biggest food-ordering service outside China.
Telefonica sells tower unit to American Towers for $9.4B Telefonica has agreed to sell its mobile phone masts to US telecom infrastructure operator, American Towers, for 9-point-4 billion dollars. The deal comes as part of the Spanish telecom company's efforts to cut its debt pile of 45-billion- dollars, which is one of the biggest in the industry. Shares in Telefonica jumped around 10-percent on the news.
WeChat users sue Tencent for alleged chat surveillance A group of WeChat users in California has sued the messaging app's Chinese owner, Tencent, for allegedly surveilling their communications. The users said comments made using WeChat that can be perceived as critical of the Chinese government have led to their accounts being frozen. WeChat is the most used social media app in China with more than one billion monthly active users.
Renault says global sales fell 21.3% in 2020 Renault says its global sales fell by 21-point-3 percent in 2020 to 2-point-9 million vehicles, as it struggled with a coronavirus-related market downturn. The drop outstripped the 14-percent fall in sales for all producers globally last year. Meanwhile, US rival Ford says it will shut down its last three factories in Brazil, which would lead to around 5-thousand job cuts.
Cruise operator Carnival posts $2.2B net loss in Q4 Carnival has reported a bigger-than- expected quarterly loss as the resurgence of the COVID-19 pandemic hit travel industry. The world's largest cruise operator lost 2-point-2 billion dollars in the fourth quarter, compared with a net profit of 427-million- dollars in the same period in 2019. But the company says it has enough liquidity to get through 2021.
China issues new rules to shield firms from US sanctions China has implemented new rules to protect its companies from quote 'unjustified' laws imposed by foreign countries. The new regulations will allow Chinese courts to punish global companies that enforce such restrictions. The move is aimed at countering a series of punitive measures issued by US President Donald Trump in recent years.
Turkey launches investigation into WhatsApp, Facebook The Turkish Competition Authority has launched an investigation into popular messaging app, WhatsApp, and its owner Facebook. The move comes after WhatsApp imposed new privacy rules on its users that will see personal data shared with Facebook companies. The regulator has suspended the data-sharing until the conclusion of its probe. Facebook acquired WhatsApp for 19-billion- dollars in 2014.
Turkey's unemployment rate falls to 12.7% in October Turkey's unemployment rate has fallen to its lowest level since 2018, as the economy gained steam between the first and second waves of the pandemic. The jobless rate fell to 12-point-7 percent last October, compared to 13-point-4 percent in the same month in 2019. Meanwhile, Turkey's current account deficit widened to 4-billion- dollars in November.
US economy loses 140,000 jobs in December The recovery in the US jobs market collapsed in December as businesses struggled under renewed curbs amid a coronavirus resurgence. Nonfarm payrolls decreased by 140-thousand last month, down from a gain of 245-thousands in November. The unemployment rate remained steady at 6-point-7 percent, nearly double the 3-point-5 percent rate a year ago.
Boeing to pay $2.5B to settle charges over 737 Max Boeing has agreed to pay 2-and-a-half billion dollars to settle a criminal probe with the US Justice Department. The plane-maker was accused of hiding information from safety officials about the design of its troubled 737 MAX aircraft that was involved in two deadly crashes. The settlement includes a 500-million- dollar payment to the families of the victims
Hyundai in talks with Apple to develop electric cars Shares in Hyundai Motors surged as much as 25-percent on reports the South Korean car-maker was in talks with Apple about developing self-driving electric cars. But the stock pared some of those gains after Hyundai clarified it was talking with a number of potential partners without naming the US tech giant.
US weekly unemployment claims fall slightly to 787,000 The number of Americans filing for unemployment benefits fell for a third straight week but still remained historically high. Another 787-thousand people lodged jobless claims last week as businesses struggle under renewed curbs following a resurgence of coronavirus. Meanwhile, the US' trade deficit has widened 8 percent to a 14-year high of 63 billion dollars in November.
Elon Musk passes Jeff Bezos to become world's richest person The founder and CEO of Tesla, Elon Musk, has became the richest person in the world, with a net worth of more than 185-billion- dollars. A near 5-percent rally in the electric carmaker's share price has boosted Musk's fortune to overtake Amazon founder Jeff Bezos on the Bloomberg Billionaires Index. Tesla stock has has increased more than nine-fold over the past year.
Crypto market tops $1T as Bitcoin soars past $37,000 The total value of the entire cryptocurrency market has topped 1-trillion dollars for the first time, following a recent rally in Bitcoin prices and other tokens. Bitcoin has surged nearly 400-percent in the past 12 months, surpassing 37-thousand dollars. The world's most popular cryptocurrency represents more than two-thirds of the market's total value.
NYSE reverses its reversal, to delist Chinese telecom stocks The New York Stock Exchange has once again decided to delist China's three state-run telecom companies to comply with a Trump administration order. The move comes a day after the exchange announced it was scrapping its plans after further consultation with US regulators. Meanwhile, President Donald Trump has signed a new executive order banning transactions with eight Chinese apps.
EU gives approval for Moderna COVID-19 vaccine The European Commission has given the greenlight for the use of the COVID-19 vaccine developed by US company, Moderna. It's the second injection that's been approved by the EU after it authorised the Pfizer- BioNTech vaccine last month. Brussels has already ordered 80-million doses of the Moderna inoculation, with an option to double the amount.
Japan, Mexico agree to expand Trans-Pacific Partnership Japan and Mexico have agreed to expand the 11-nation Trans-Pacific Partnership. Japan succeeds Mexico this year as chair of the trade pact, which also includes countries such as Australia, Canada, Chile, Singapore and Vietnam. US President-elect Joe Biden is expected to revisit the deal, after Donald Trump withdrew the US from the agreement in 2017
NYSE reverses plan to delist Chinese telecom stocks The New York Stock Exchange has scrapped its plan to de-list China's three state-owned telecommunication companies after further consultation with US regulators. The exchange had begun proceedings to drop the listings to comply with a Trump administration executive order that bans investments in firms with ties to the Chinese military. Shares in China Mobile, China Telecom and China Unicom surged on the news.
German unemployment falls unexpectedly in December Unemployment in Germany unexpectedly dipped in December despite a new round of lockdown measures that were introduced last month. The number of people out of work in Europe's largest economy fell to 2-point-78 million.. down 37-thousand from November. The jobless rate has remained unchanged at 6-point-1 percent
China sentences ex-finance chief to death for corruption The former chairman of one of China's biggest asset management companies has been sentenced to death in a high-profile corruption case. Lai Xiaomin was found guilty of receiving bribes totaling 280-million- dollars between 2008 and 2018. Lai, who served as the chairman of Huarong Asset Management, was also convicted on a charge of bigamy.
US jobless claims hit highest level in three months The number of Americans filing for unemployment benefits has hit its highest level since early September. That's as states re-introduce lockdown measures to deal with a surge in coronavirus cases. Another 885-thousand people lodged jobless claims last week, compared with 862-thousand in the prior week. Economists had expected claims to fall to around 800-thousand.
Saudi Arabia's economy shrinks for fifth straight quarter Saudi Arabia's economy has contracted for the fifth consecutive quarter as oil prices hit historic lows during the pandemic. Gross domestic product shrunk 4-point-6 percent in the third quarter, rebounding slightly from the 7-percent contraction in the previous period. The kingdom's economy is expected to shrink by 3-point-7 percent this year.
Tyson Foods fires seven managers over COVID-19 betting Tyson Foods has fired seven management employees at its biggest pork processing plant in the United States. That's after an independent investigation into allegations they took bets on how many workers would get infected with COVID-19. More than 1-thousand employees have been infected and at least six have died due to an outbreak at the Waterloo plant.
US labels Switzerland, Vietnam as currency manipulators The Trump administration has labeled Switzerland and Vietnam as currency manipulators. In a statement, the US Treasury Department said the two countries devalued their currencies to gain unfair advantage in international trade. The move could pave the way for punitive actions by Washington.
UK launches inquiry into airlines over lockdown refunds The UK's competition watchdog has launched an investigation into airlines that have refused to give cash refunds to passengers. The Competition and Markets Authority said it would look at cases during the second coronavirus lockdown, when people were unable to travel lawfully for non-essential purposes. Flights were still operating during this period.
MacKenzie Scott donates $4B to emergency relief funds MacKenzie Scott says she's donated more than four billion dollars to food banks and emergency relief funds in the past four months. She was formerly married to Amazon founder Jeff Bezos. Scott signed the Giving Pledge in 2019, agreeing to donate the bulk of her wealth to charity. The philanthropist is the world's 18th richest person, with a net worth of more than 60 billion dollars.
Turkey's budget swings into $1.7B surplus in November Turkey's budget swung to a surplus in November after being in deficit for two months. The central government posted a monthly budgetary surplus of 1-point-7 billion dollars, lowering the deficit for the year to 19-billion- dollars. Revenue rose 32-percent from a year earlier, while spending excluding interest payments rose an annualised 28-percent.
Inditex sales return to almost pre-crisis levels in Q3 Sales at the Spanish clothing company, Inditex, have recovered to close to pre-pandemic levels thanks to its cost-cutting efforts. That's despite revenue at the Zara owner falling 14-percent in the third quarter, following a drop of 31-percent in the previous three-month period. Meanwhile, Swedish rival H&M has reported a 10-percent fall in quarterly sales, as a second wave of lockdowns curbed spending.
Pinterest to pay $22.5M to settle gender discrimination suit Pinterest has settled the gender discrimination lawsuit brought by its former chief operating officer, Francoise Brougher. As part of the deal, the photo-sharing company agreed to pay 22-and- a-half million dollars in compensation. In the lawsuit filed in August, Brougher accused Pinterest of excluding her from meetings after she pushed for equal pay.
Russia denies hacking US Treasury emails Moscow has denied reports that Russian hackers have been monitoring internal e-mail traffic at the US Treasury Department. A Reuters report also says hackers gained access to an agency that decides internet and telecommunications policy. The breach triggered a National Security Council meeting at the White House on Saturday.
Turkey's industrial production, retail sales up in October Turkey's industrial production rose 10-point-2 percent from a year ago in October, marking the fifth consecutive month of growth. That's as the economic recovery picked-up pace following coronavirus lockdowns. Meanwhile, retail sales also jumped 12-percent year-on-year, driven by a surge in online and mail-order sales, as people stayed at home during the pandemic.
Gaming firm EA to buy Codemasters for $1.2B Video games maker, Electronic Arts, has agreed to buy UK racing game developer, Codemasters, for 1-point-2 billion dollars. The deal trumps a 970-million- dollar offer from US rival Take-Two Interactive Software that was accepted last month. The move comes amid increasing consolidation in the industry as the pandemic boosts demand for gaming.
EU leaders agree on budget, COVID-19 recovery package EU leaders have approved an historic 2.2-trillion- dollar budget and stimulus package. The agreement paves the way for the European Union to implement its seven-year budget, which includes a pandemic relief package worth almost 1-trillion- dollars. Hungary and Poland had threatened to veto the budget over a mechanism that ties funding to upholding democratic standards.
German audit watchdog chief faces probe over Wirecard German Economy Minister, Peter Altmaier, will open a probe into the head of the country's audit watchdog, Ralf Bose. Bose has admitted to buying and selling Wirecard shares while his organisation was investigating the auditor of the payments firm. Wirecard collapsed into insolvency in June after it disclosed a 2-point-2 billion dollar hole in its accounts.
Disney forecasts streaming subscribers will triple by 2024 Walt Disney Company has increased subscriber forecasts for its video streaming business. The media giant now expects Disney Plus to attract as many as 260-million subscribers by 2024, more than triple its previous forecast. Disney will also raise the price of the service by one dollar in the US, and by 2-dollars and 40 cents in Europe.
UK and Singapore sign post-Brexit free trade agreement The UK and Singapore have signed a free trade agreement worth around 23-billion- dollars. Under the deal, companies from both countries will continue to enjoy the same benefits they're receiving under an existing EU-Singapore trade pact. The new agreement will come into effect in January, when Britain becomes an independent trading nation.
Turkey's unemployment rate falls to lowest level since 2018 Turkey's unemployment rate has fallen to its lowest level since 2018, as the economy gained steam between the first and second waves of the pandemic. The jobless rate fell to 12-point-7 percent in September, compared to 13-point-8 percent in the same month a year ago. Last week, the government extended a wage-support system for another three months after imposing new lockdown measures.
Hunter Biden says he is under investigation over taxes US president-elect Joe Biden's son, Hunter, says he's under investigation over his tax affairs. Federal prosecutors have reportedly been examining whether Hunter Biden and his associates violated tax and money laundering laws in their business dealings with foreign countries. He was targeted by President Trump throughout the election campaign for using his father's political connections.
UK to ditch tariffs on US goods in Airbus-Boeing dispute The UK is dropping EU tariffs against the US over aircraft subsidies, as it looks to seal a post-Brexit trade deal with Washington. Last month, the European Union imposed tariffs on US imports worth 4-billion- dollars after the World Trade Organization ruled the US had given illegal state aid to Boeing. The UK's decision will come into effect in January, when Britain becomes an independent trading nation.
UAE says China's COVID-19 vaccine has 86% efficacy rate The United Arab Emirates' health ministry says China's state-backed coronavirus vaccine has an 86-percent efficacy rate. The Gulf nation started Phase 3 clinical trials of the Sinopharm vaccine in July, involving 31-thousand volunteers across 125 nationalities. The ministry also says the results show no serious safety concerns.
Uber sells its air taxi business Elevate to Joby Aviation Uber Technologies has agreed to sell its air taxi business, Uber Elevate, to aerospace firm, Joby Aviation. The transaction is part of a complex deal that includes Uber investing 75-million- dollars into Joby and an expanded partnership between the two companies. The sale comes a day after the ride-hailing firm offloaded its self-driving unit to Aurora.
Japan announces another $708B stimulus package Japan is boosting its stimulus measures with another 708-billion- dollar package to help businesses affected by the pandemic. This brings the total amount set aside to combat the virus fallout to nearly 3-trillion- dollars. Japanese Prime Minister Yoshihide Suga says the fresh stimulus will boost Japan's gross domestic product by around 3-point-6 percent.
South Africa exits longest recession in almost three decades South Africa has exited its longest recession in almost 30 years as the economy rebounded more than expected in the third quarter. GDP expanded an annualised 66-point-1 percent from the previous quarter when lockdowns stalled activity. All sectors grew in the July to September period, with mining surging more than 280-percent and manufacturing jumping 210-percent.
JD Health shares surge 56% on Hong Kong debut Shares in JD Health have leapt 56-percent on their market debut, valuing the company at 44-billion- dollars. The health-care arm of the Chinese e-commerce giant JD-dot-com has sold 340-million- shares at 9-dollars and 10-cents each.. raising nearly 3-and- a-half billion dollars ahead of trading. The IPO is the largest on the Hong Kong stock exchange so far this year.
China's trade surplus hits record as exports surge 21% China's exports surged at the fastest pace in almost three years in November, as importers stocked-up for the new year holiday. Shipments abroad rose 21-percent from a year ago, while imports were also up around 4-and- a-half percent. As a result, the trade surplus of the world's second-largest economy has grown to a record high of 75-billion- dollars.
Lufthansa to reportedly cut nearly 30,000 jobs by year end Lufthansa will reportedly cut nearly 30-thousand jobs this month as it struggles to survive the coronavirus crisis. According to Germany's Bild am Sonntag newspaper, the carrier will shed 7-and- a-half thousand jobs by selling its catering unit, LSG.. with the remaining cuts affecting roles outside of the country. The report also says a further 10-thousand jobs would be cut in Germany next year.
Mike Ashley's Frasers Group in talks to rescue Debenhams British billionaire Mike Ashley's Frasers Group is in talks with Debenhams about a possible last-minute rescue deal. The 200-year-old UK department store chain is set to shut all 124 outlets next year after it failed to find a buyer for the business. Ashley has previously bought other struggling High Street retailers, including House of Fraser and Evans Cycles.
Shares in Turkey's Kervan Gida jump 10% on market debut Shares in Turkish confectionery producer, Kervan Gida, jumped 10-percent on the first day of trading, valuing the company at 237-million dollars. The IPO is the largest on the Borsa Istanbul in more than two years. Norway's 1-trillion dollar sovereign wealth fund was the biggest single buyer of stock, purchasing 7-point-7 percent of shares worth 510-thousand dollars.
Organisers say delay of 2020 Games to cost around $2.8B The organising committee of the Tokyo Olympic and Paralympic Games say the total cost of delaying the event will be around 2-point-8 billion dollars. That's on top of the previous budget of about 13-billion dollars. The Tokyo Games were set to take place in July but were postponed due to the pandemic. They're now scheduled to begin on the 23rd of July next year.
Warner Bros to release 2021 movies on HBO Max and in cinemas Warner Brothers says it will debut all of its 2021 movies in theatres and on the HBO Max streaming service simultaneously. The decision is a fresh blow to cinema operators as they struggle with the impact of the COVID-19 crisis. Shares in the world's largest theater operator, AMC, fell around 15-percent on the news, while rival Cinemark dropped more than 20-percent.
Ryanair orders 75 additional Boeing 737 MAX planes Europe's biggest low-cost carrier, Ryanair, has agreed to buy 75 additional Boeing 737 MAX jets with a catalogue value of 9 billion dollars. The deal marks the first major order for the embattled plane-maker, whose MAX series has been grounded since last March following two deadly crashes. Last month, US and European regulators lifted the ban after changes to the jets' cockpit software and training procedures.
US passes bill that could delist Chinese firms from markets Chinese companies will be banned from US stock exchanges if they don't comply with auditing rules. The 'Holding Foreign Companies Accountable' Act has been approved by the US House of Representatives after the Senate passed it in May. The new law will force companies to reveal their audited accounts to US authorities, something that's currently banned by Beijing.
Turkey's annual inflation rises to 14.03% in November Turkey's annual inflation rose to 14-percent in November, maintaining pressure for tighter monetary policy following a sharp rate hike last month. The cost of miscellaneous goods and services jumped the most, with prices rising 29-percent.. followed by food and non-alcoholic beverages, which rose 21-percent. In October, annual inflation stood at 11-point-9 percent.
Australia exits first recession in almost three decades Australia has exited its first recession in almost 30 years thanks to a surge in domestic demand. GDP grew by 3-point-3 percent in the third quarter. That's after a 7 percent contraction in the previous three-month period due to coronavirus lockdowns. The growth represents Australia's largest quarterly GDP increase since 1976.
Salesforce to buy workplace messaging app Slack for $27.7B Cloud-based software company Salesforce has agreed to buy the workplace messaging app, Slack, for 27-point-7 billion dollars. The deal is the largest in the fast-growing cloud software industry, topping Microsoft's 26 billion dollar purchase of LinkedIn four years ago. The pandemic and the accompanying lockdowns have boosted demand in the industry.
US home-rental service Airbnb seeks to raise $2.6B in IPO Airbnb is hoping to raise as much as 2-point-6 billion dollars in its long-awaited initial public offering later this year. In a filing, the US home rental service says it's planning to sell around 52 million shares at between 44 and 50 dollars each. That would value Airbnb at up to 35 billion dollars.
UK department store chain Debenhams set to close all stores UK department store chain Debenhams says it will start liquidating its business after J-D Sports pulled out of talks over a rescue deal. The process will see the closure of all 124 outlets in the UK, with the possible loss of 12-thousand jobs. The collapse of Debenhams comes a day after retail giant, Arcadia entered administration as the pandemic hit sales.
Credit Suisse names Antonio Horta-Osorio as new chairperson Swiss lender Credit Suisse has named outgoing Lloyds CEO Antonio Horta-Osorio as its new chairperson. He'll succeed Urs Rohner when he steps down in 2021, after serving the maximum term of 12 years. Horta-Osorio's appointment comes as Credit Suisse is facing a 680 million dollar fine in the US due to residential mortgage-backed securities issued in 2007.
Video-conferencing app Zoom posts 367% jump in Q3 revenue Video conferencing company, Zoom has reported third-quarter sales that exceeded analysts' expectations. That's as the new restrictions to curb the spread of the coronavirus pandemic continue to keep employees at home. Zoom's revenue has jumped nearly four-fold in the three months to the end of October from a year ago to 777 million dollars.
UK bans new Huawei 5G kit installation from September The UK government has announced it's banning the installation of new Huawei 5G equipment from September 2021. It's part of a plan to phase out the Chinese firm's technology over national security concerns. The announcement comes ahead of a debate over a new Telecommunications Security Bill, where firms could be fined up to 133-thousand dollars, if they violate the ban.
Food delivery firm DoorDash looks to raise $2.8B in IPO Doordash is seeking to raise as much as 2-point-8 billion dollars in its initial public offering later this year. In a filing, the biggest US food delivery company said it's planning to sell 33 million shares priced between 75 dollars and 85 dollars apiece. At the top end of this range, the SoftBank-backed startup could be valued at about 32 billion dollars.
Financial data firm S&P Global to buy IHS Markit for $44B S&P Global has agreed to acquire UK-based financial data provider IHS Markit for 44 billion dollars. The merger would combine two major financial data services and create a rival to information powerhouses Bloomberg and Refinitiv. Under the terms of the deal, S&P Global shareholders will own almost 68 percent of the combined entity.
India slips into recession for first time in history India has entered a technical recession for the first time in its history, as the coronavirus pandemic hit consumption and business activity. GDP shrank by 7-and- a-half percent in the July to September period, following the record 24-percent contraction in the prior quarter. Analysts expect South Asia's largest economy to exit from recession early next year.
China to impose anti-dumping measures on Australian China will impose tariffs on wine imported from Australia in a further souring of relations between the two countries. The Chinese Commerce Ministry says the anti-dumping duties will take effect on the 28th of November and range from 107-percent to a 212-percent penalty. China is the biggest buyer of Australian wine, importing nearly 1-billion dollars' worth of the beverage last year.
Disney increases number of planned job cuts to 32,000 Disney says it's planning to slash another 4-thousand jobs by the end of March, mainly at its theme parks in the US. This will bring the total number of job cuts since the pandemic begain to 32-thousand. Earlier this month, the entertainment giant reported its first annual loss in more than four decades, as cinemas and its theme parks remained empty during the crisis.
Turkey and Qatar ink deal on 10% sale of Borsa Istanbul Turkey and Qatar have agreed to finalise the sale of a 10-percent stake in Turkey's stock exchange, Borsa Istanbul. The signing ceremony was held during the sixth meeting of the Turkey-Qatar Supreme Strategic Committee. The Turkey Wealth Fund is the majority shareholder of Borsa Istanbul and will continue to own around 80-percent of the exchange.
Salesforce in talks to acquire workplace messaging app Slack Cloud-based software company, Salesforce, is reportedly in talks to buy the workplace messaging app, Slack, as it looks to expand its business. Slack has a market value of more than 17-billion- dollars and would be Salesforce's largest ever acquisition. Shares in Slack jumped more than 30-percent on the reports, while Salesforce shares fell around 5-percent.
ViacomCBS sells publishing unit to Bertelsmann for $2.18B ViacomCBS has agreed to sell its publishing house, Simon & Schuster, to media group Bertelsmann for almost 2-point-2 billion dollars. The German owner of Penguin Random House, outbid Rupert Murdoch's News Corp for the publisher. ViacomCBS says it will use the proceeds from the transaction to invest in strategic growth priorities like streaming.
US jobless claims rise for second week as virus cases The number of Americans filing for unemployment benefits has risen for the second consecutive week, as states re-introduce lockdown measures to deal with a surge in coronavirus cases. Another 778-thousand people lodged jobless claims last week, compared with 748-thousand in the week prior. But the latest figures show the number of people continuing to claim benefits has dipped to 6-point-1 million.
Hong Kong's Lam vows closer Beijing ties to revive economy Hong Kong chief executive Carrie Lam has pledged to strengthen ties with mainland China in a bid to revive the economy. In her annual policy address, Lam said the government's priority was to restore order following last year's political unrest. The protests, together with the pandemic, have pushed the Asian financial hub into its worst recession on record.
YouTube suspends OANN over COVID-19 misinformation YouTube has temporarily suspended the right-wing cable channel, One America News Network, for repeatedly violating the site's policy on sharing COVID-19 misinformation. O-A-N-N will be barred from posting new videos and live streams for one week, and the channel will also be demonetised for the length of the suspension.
GM to recall 7M vehicles globally over air bag issue General Motors will recall around 7-million trucks and sport utility vehicles globally to replace potentially dangerous Takata air bag inflators. The recall is expected to cost the US carmaker 1-point-2 billion dollars. That's about one-third of its net income so far this year. Takata air bags have been linked to more than two dozen deaths worldwide
Turkey mandates three banks to issue dollar bonds Turkey's Treasury and Finance Ministry has authorised Goldman Sachs, HSBC and Morgan Stanley to issue a dollar-denominated bond due in 2031. The decision was taken as part of the Treasury's 2020 external borrowing program. Meanwhile, the country's banking watchdog has moved to cool a lending boom by abolishing a rule that compels lenders to extend credit and buy government debt.
Apple security chief Thomas Moyer indicted for bribery Apple's head of global security, Thomas Moyer, has been charged with bribery. Moyer has been accused of offering to donate 200 iPads worth around 70-thousand dollars to a county sheriff in California to secure four concealed gun carry permits for the tech group's employees. Apple says it has conducted its own investigation and found no wrongdoing.
US reportedly seeks ban on exports to 89 Chinese firms The Trump administration is reportedly seeking a ban on exports to 89 Chinese companies. According to a draft copy seen by Reuters, the firms will be prevented from buying a range of US goods and technology due to their ties with China's military. The move could escalate tensions with Beijing as US president-elect Joe Biden prepares to take over the White House.
Abu Dhabi discovers 22 billion barrels of oil reserves Abu Dhabi National Oil Company has announced the discovery of 22-billion- barrels of unconventional reserves. The latest discoveries come as the firm plans to increase its production capacity to 5-million barrels a day by 2030. Meanwhile, Abu Dhabi has pledged 122-billion- dollars in capital expenditure for its state oil company over the next five years.
Cineworld secures $450M in emergency funding British movie chain operator, Cineworld, has secured 450-million- dollars in emergency funding as it looks to survive the coronavirus crisis. The group, which shut all of its 660 movie theatres in the US and the UK in October, says it now has enough liquidity to make it through to next year. Shares in Cineworld jumped around 20-percent on the announcement.
UK retail sales rise in October ahead of second lockdown UK retail sales rose in October for the sixth consecutive month, ahead of November's closure of most non-essential businesses. The volume of overall sales rose by 1-point-2 percent compared with the previous month. That's as consumers brought forward their Christmas shopping. Analysts expect sales to fall again this month due to the second round of lockdown restrictions.
Japan's core consumer prices fall 0.7% in October Japan's core consumer prices fell in October at their fastest annual pace in nearly a decade. That's after the inflation lost the upward support of a consumption tax increase a year ago. Core consumer prices, which exclude volatile fresh food costs, fell 0-point-7 percent year-on-year last month, in line with expectations.
Gaming company Roblox files for IPO as demand surges Popular gaming platform, Roblox, has filed to go public after demand for video games surged under COVID-19 lockdowns. The filing showed the company's revenue jumped 68 percent from a year ago to 590 million dollars in the first nine month, while virtual currency sales totaled 1-point-2 billion dollars. Roblox is planning to list on the New York Stock Exchange later this year.
Nasdaq to buy fraud detection firm Verafin for $2.75B Exchange operator Nasdaq has agreed to buy anti-financial crime software firm Verafin for 2-point-75 billion dollars. The acquisition will significantly expand Nasdaq's reach in the regulatory technology market. Verafin provides institutions a cloud-based platform to help detect, investigate, and report money laundering and financial fraud.
Thyssenkrupp to cut another 7,400 jobs as losses deepen German conglomerate, Thyssenkrupp, says it's planning to cut 74-hundred more jobs over the next three years as it struggles to survive the COVID-19 crisis. This will bring the total number of job cuts to 11-thousand. The steel and materials group reported a net loss of six-and-a-half billion dollars for the year to September.
Apple to pay $113M in US over iPhone battery slowdowns Apple has agreed to pay 113 million dollars to settle consumer fraud lawsuits brought by more than three dozen states. The US tech giant was accused of secretly slowing down old iPhones to get users to purchase new devices. The deal is separate from a proposed settlement Apple reached in March to pay affected iPhone owners up to 500 million dollars to stem a class action.
US Senate blocks Trump's Fed nominee Judy Shelton The US Senate has blocked the nomination of Judy Shelton to serve on the Federal Reserve's Board of Governors. Shelton was nominated by President Donald Trump 16 months ago, but her confirmation has been delayed by lawmakers' scepticism over her views. Republican Senate majority leader, Mitch McConnell says he's taken steps that will allow the nomination to be reconsidered.
Samsung takes on chipmaker TSMC with $116B investment Samsung is speeding up its plans to invest 116 billion dollars into its next-generation chip business to take on industry leader T-S-M-C. According to Bloomberg, the South Korean tech giant is on course to mass-produce 3 nanometer chips in 2022. If it succeeds, that would boost Samsung's efforts to become the chip supplier of companies like Apple and Advanced Micro Devices.
Ethiopia freezes assets of 34 firms for 'financing violence' Ethiopia has frozen the assets of dozens of companies linked to a conglomerate run by the ruling party of the dissident Tigray region. Authorities say 34 subsidies of the Endowment Fund for the Rehabilitation of Tigray will not be able to access their bank accounts. The companies have been accused of financing ethnic violence across the country.
Walmart posts upbeat Q3 results on buoyant online sales Walmart has reported better-than-expected third quarter results thanks to a surge in online sales during the coronavirus pandemic. Net profit at the world's largest retailer came in at 5-point-14 billion dollars, up by 56 percent from the same period last year. Meanwhile, US retail sales rose 0-point-3 percent in October, but failed to meet analysts' estimates.
Huawei sells budget smartphone unit amid US sanctions Huawei is selling its budget smartphone unit, Honor, to a consortium of over 30 agents. It's a bid to ensure the brand's survival amid US sanctions. In a statement, the Chinese telecoms giant says it won't hold any shares in the new company after the sale. Terms of the deal haven't been disclosed but Reuters previously reported it could be worth 15 billion dollars.
Short-term home rental service Airbnb files for IPO Airbnb has reported widening losses in its long-awaited filing for an initial public offering. The US home rental service lost nearly 700 million dollars in the first nine months of the year, compared with a net loss of 323 million dollars a year ago. Airbnb is reportedly aiming to raise around 3 billion dollars in an IPO in December
Moderna shares soar after it says vaccine is 94.5% effective Shares in Moderna jumped more than 10 percent after the US drug-maker said its COVID-19 vaccine is nearly 95 percent effective. Moderna's trial involved 30-thousand people across the United States, with half given two doses of the vaccine, four weeks apart. This comes just days after Pfizer announced its vaccine against the virus was 90-percent effective
Japan's economy grows 5% in third quarter Japan's economy has returned to growth in the third quarter thanks to a surge in domestic demand and exports. Gross domestic product grew by five percent in the July-September period, following three consecutive quarters of contraction due to the coronavirus pandemic. At an annualised rate, the world's third largest economy expanded by 21-point-4 percent.
Aramco to sell billions of dollars in international bonds Saudi Aramco is planning to sell billions of dollars in international bonds to bolster its finances. In a filing with the Riyadh stock exchange, Aramco said it would issue dollar-denominated bonds with maturities of between three and 50 years. The world's biggest oil producer has been hit by lower oil demand and crude prices during the COVID-19 pandemic.
South Africa's jobless rate rises to 17-year high in Q3 South Africa's unemployment rate jumped back to a 17-year high in the third quarter, as more people looked for a job after the easing of coronavirus lockdowns. The jobless rate rose to 30-point-8 percent in the three months through September, from 23-point-3 percent in the second quarter. The number of people employed also rose by 543-thousand to top 14-and- a-half million.
Emirates posts first half-year loss in more than 30 years Emirates has slumped to its first half-year loss in more than 30 years, after the pandemic hammered demand for air travel. The carrier posted a net loss of 3-point-4 billion dollars in the first six months of its financial year, compared to a 235 million dollar profit a year ago. Revenue also plunged 75 percent year-on-year to 3-point-2 billion dollars.
Nissan cuts annual operating loss forecast to $3.2B Nissan has trimmed its forecast for an annual operating loss by about a third to 3-point-2 billion dollars. That's due to restructuring efforts and a strong recovery in world's largest car market, China. The Japanese carmaker said its net loss also shrank to 422 million dollars in the second quarter, from a 2-point-7 billion dollars in the previous three-month period.
India car sales to dealerships up 14% in October Car sales to dealerships rose 14-percent in October from a year ago, but the number of people buying vehicles has fallen. The Society of Indian Automobile Manufacturers says dealerships bought-up stock anticipating higher demand during India's festive season. But the Federation of Automobile Dealers Associations says sales to customers fell 9-percent compared to last year.
TikTok challenges Trump sale order as deadline looms TikTok has filed a last-minute legal petition against the White House's plans to force the sale of the app's US operations on Thursday. The Trump administration had provisionally approved a deal between TikTok's Chinese parent company, ByteDance, and the US software firm, Oracle, designed to avert a ban on the app on national security concerns. But ByteDance says it's been waiting for the deal to be finalised.
Apple unveils first devices featuring in-house processors Apple has unveiled a new range of products powered by its own processor chips. It's a shift away from Intel's technology, which has driven the electronic brains of Apple laptops and desktops for nearly 15 years. The new chip, called the M1, will also tie Apple's computers and iPhones closer together, technologically.
SoftBank's first-half net profit jumps 347% to $18 billion Softbank has reported a more than three-fold increase in first-half net profit to 18 billion dollars. The surge is mainly due to net gains on investments, which topped 13-and-a-half billion dollars in the six months through September. The Japanese conglomerate lost 9 billion dollars last year due to troubles with its office-sharing business, WeWork.
Singapore Airlines seeks liquidity after heavy loss Singapore Airlines has entered talks to raise funds through the debt market after reporting its biggest quarterly loss on record. The embattled carrier posted a net loss of 1-point-74 billion dollars for the July-September quarter, as the pandemic continues to hit air travel demand. The airline has already raised more than 8 billion dollars to survive the economic downturn.
Volkswagen's Traton agrees to buy Navistar for $3.7B Volkswagen's truck-making subsidiary, Traton, has agreed to buy US peer Navistar in a 3-point-7 billion dollar equity deal. The acquisition will expand Traton's presence in the lucrative US heavy-duty vehicle market and help it to better compete with rivals Daimler and Volvo. The transaction is expected to close in mid 2021.
Ride-hailing firm Uber posts $1.1B loss in third quarter Uber has reported a net loss of 1-point-1 billion dollars in the third quarter, as the pandemic continues to impact travel and commuting. But the figure has improved on a loss of 1-point-8 billion dollars in the previous quarter, thanks to Uber's booming food delivery business. Earlier this week, the ride-hailing firm won a key vote to keep its drivers as contractors in California.
All Blacks in talks with private equity investors The New Zealand national rugby team is up for sale as it struggles with the financial impact of the coronavirus crisis. The All Blacks entered talks with private equity investors after burning through half of their 56 million dollar cash reserves during the pandemic. The All Blacks are three-time world champions and are the most valuable brand in rugby.
Luxury carmaker Bentley to go fully electric by 2030 Bentley has pledged to go fully electric by 2030, as the auto industry adapts to tighter emissions limits in Europe and China. The British firm says it will offer only hybrid cars by 2026 and switch its entire line-up to fully-electric vehicles four years later. Bentley also wants to make its operations carbon neutral.
GM posts 74% jump in Q3 net profit to $4.05B General Motors has reported stronger-than- expected third quarter results, sending its shares up as much as 7-percent. Net profit at the US carmaker jumped 74-percent from a year ago to top 4-billion- dollars. Earnings were boosted by strong demand for its trucks and SUVs in the United States, and a rebound in sales in China.
Lufthansa reports net loss of $2.4B in Q3 Lufthansa has reported a widening loss in the third quarter as the pandemic continues to hit air travel demand. Net loss came in at 2-point-4 billion dollars, compared with 1-point-7 billion in the prior quarter. The German carrier has also warned of further losses due to new restrictions to combat a resurgence of COVID-19 infections across Europe.
Indonesia slips into recession for first time in 22 years Indonesia has fallen into recession for the first time since the 1998 Asian financial crisis, as the pandemic hit consumption and business activity. GDP shrank 3-and- a-half percent on an annual basis in the third quarter, following a 5-point-3 percent contraction in the prior three-month period. Meanwhile, the unemployment rate surged to a nine-year high of 7-percent in August.
Uber, Lyft stocks soar after ballot victory in California Shares in Uber and Lyft jumped more than 10-percent after the ride-hailing firms won a key vote to keep their drivers as independent contractors in California. The outcome will allow them and food delivery companies to bypass a state law intended to provide employee-like protections for their drivers. The companies had said the law would've forced them to shut down in California.
BMW reports upbeat Q3 results on China boost BMW has reported better-than- expected third quarter results as it benefited from a strong recovery in China. Net profit at the German carmaker jumped 17-percent from a year ago to 2-point-2 billion dollars. Sales in the world's largest car market, China, grew 31-percent in the quarter through September, while European sales were also up 7-percent
Saudi Arabia to ease restrictions on foreign workers Saudi Arabia will remove several restrictions on foreign workers as part of plans to improve its labour market attractiveness. Under the reforms, non-Saudis will no longer need their employer's permission to change jobs and travel abroad. The new rules will come into effect in March next year and apply to all foreign workers in the private sector.
Low-cost carrier Ryanair posts first summer loss in decades Ryanair has reported a loss for its key summer period for the first time in 30 years as the pandemic hit air travel demand. The low-cost carrier lost 230-million- dollars in the six months to September, driven by an 80-percent drop in passenger numbers. The company has also warned of bigger losses as a resurgence of infections sparks new lockdowns across Europe.
Aspen to manufacture J&J COVID-19 vaccine in South Africa South African drugmaker, Aspen Pharmacare, has agreed to manufacture the COVID-19 vaccine candidate being developed by Johnson & Johnson. The potential vaccine is still in clinical trials, and if approved, will be made and packaged at Aspen's plant in Port Elizabeth. Shares in Aspen rose more than 5-percent after the announcement.
Turkish manufacturing recovery picks up pace in October Turkey's manufacturing activity grew for a fifth straight month with sharp upticks in orders and output. The Purchasing Managers' Index for manufacturers rose to 53-point-9 in October, from 52-point-8 in the previous month. Meanwhile, a separate report showed Turkey's exports rose 5-point-6 percent to a record high of 17-point-3 billion dollars in the same month.
US tech titans report upbeat quarterly results US tech giants Amazon, Apple, Alphabet and Facebook have all reported forecast-beating quarterly results. That's as the coronavirus pandemic boosted demand for their services and gadgets. Their combined after-tax profits in the three months to September jumped 31-percent from a year ago to 39-billion- dollars, while sales rose 18-percent to 227-billion- dollars.
Air France-KLM posts $1.9B loss, warns of gloomier outlook Air France-KLM has reported heavy losses in the third quarter as the pandemic continued to hit air travel demand. Net loss came in at 1-point-9 billion- dollars, compared with a profit of 425-million- dollars a year ago. The carrier has also warned of bigger losses ahead, as European countries impose new restrictions to combat a resurgence of COVID-19 infections.
Berlin's new international airport finally opens Berlin's long-delayed Brandenburg Airport finally opens its doors to passengers on Saturday. The opening was postponed several times since the original planned 2011 launch and costs nearly tripled to over 7-billion- dollars. The existing facilities at Berlin's Schonefeld Airport will continue to operate, while Tegel is scheduled to close to air traffic next week.
Tiffany's board approves sale to LVMH at lower price The French luxury goods giant, LVMH, will pay slightly less to buy the US jeweller Tiffany & Co after the two firms agreed to salvage the luxury sector's biggest-ever deal. LVMH will now pay 15-point-8 billion dollars, down from the 16-point-2 billion dollars originally agreed. The Louis Vuitton- owner had tried to get out of the acquisition, citing concerns over the pandemic.
Shell raises dividend after reporting upbeat Q3 earnings Royal Dutch Shell has raised its dividend to shareholders, just six months after slashing the payout for the first time since the Second World War. The energy major said the dividend for the third quarter will increase by 4-percent to just under 17-cents per share and grow annually thereafter. Shell's adjusted net profit came in at 955-million- dollars last quarter, beating analysts' estimates.
Samsung reports 49% jump in Q3 net profit to $8.3B Samsung has reported better-than- expected third quarter results as its mobile and chip units benefited from US sanctions on Huawei. Net profit in the July to September period jumped 49 -percent from a year ago to 8-point-3 billion dollars. Meanwhile, the US has reportedly started allowing chip companies to supply components to Huawei's non-5G businesses.
Boeing to make deeper job cuts as its sales slump Boeing is deepening job cuts as the pandemic and the grounding of its 737 MAX jet continued to weigh on its finances. The US plane-maker says it will slash another 7-thousand positions by the end of next year, bringing the total number of job cuts to 30-thousand people. Meanwhile, the company has reported a 401-million- dollar loss in the three months through September.
Demand for cloud services boosts Microsoft's Q1 earnings Microsoft has smashed expectations for its first quarter thanks to a global shift to working from home and online learning during the pandemic. Net income at the US software giant rose 30-percent from a year ago to 14-billion- dollars. Earnings were boosted by a surge in demand for cloud computing services and video games.
French supermarket chain Carrefour's sales rise 8.4% in Q3 Europe's largest supermarket chain, Carrefour, has delivered its strongest sales growth in more than two decades, driven by better performances in France, Spain and Brazil. Sales came in at 23-point-3 billion dollars in the third quarter, marking an 8-point-4 percent increase. Carrefour also says it's on track with its previously announced cost-cutting plan.
Ant Group to raise $34.5B in world's biggest IPO The Chinese financial technology company, Ant Group, has set the price for its shares.. ahead of what's expected to be the biggest initial public offering of all time. The dual-listing in Shanghai and Hong Kong will raise around 34-and- a-half billion dollars.. topping the 29.4-billion- dollars raised by Saudi Aramco last year. Ant Group is expected to start trading on the 5th of November.
Japan aims to be carbon neutral by 2050 Japan's prime minister, Yoshihide Suga, has set an ambitious target for his country to become carbon neutral by 20-50. In his first policy address to parliament since taking office last month, Suga said that going green would be a source of growth instead of a drag on the economy. The declaration follows China's recent pledge of carbon neutrality by 20-60.
Shares in Samsung, affiliates rise after chairman's death Shares in Samsung and its affiliates rose after the death of chairman Lee Kun-hee sparked hopes for higher dividends and long-awaited restructuring. Lee has been credited with turning Samsung into a global technology and industrial powerhouse when he took over in 1987. According to Korea Investment & Securities, his heirs could face an inheritance tax bill of nearly 10-billion- dollars.
US chipmaker AMD to buy rival Xilinx for $35B US semiconductor designer, Advanced Micro Devices, has agreed to buy rival, Xilinx, in an all-stock deal valued at 35-billion- dollars. The acquisition will help AMD better compete with industry giant, Intel, in the data centre chip market. The deal comes at a time when the shift to remote working during the pandemic boosts demand for chips used in computers and servers.
Stimulus helps South Korea's economy grow 1.9% in Q3 South Korea's economy returned to growth in the third quarter as stimulus measures took effect. Gross domestic product grew by 1-point-9 percent from the previous three-month period, marking the fastest expansion in a decade. Asia's fourth-largest economy had shrunk 3-point-1 percent in the second quarter.
BP swings to profit in Q3 on stronger oil demand BP swung to profit in the third quarter, thanks to stronger oil prices and the absence of significant exploration write-offs. Underlying replacement cost profit came in at 100-million- dollars, following a loss of 6.9 billion dollars in the second quarter. But the energy major has warned the pace of recovery from the pandemic remains uncertain.
UK retail sales rise for fifth straight month in September UK retail sales rose in September for the fifth consecutive month, with figures for most sectors now at pre-pandemic levels. The volume of overall sales rose by 1-and- a-half percent from the previous month, boosted by purchases at furniture and gardening stores. Sales were 5-and- a-half percent higher than in February, which was the last month before the coronavirus outbreak hit the country.
Huawei's revenue growth slows sharply as US sanctions bite Huawei's revenue growth slowed sharply in the third quarter as US sanctions continued to weigh on its operations. Revenue at the Chinese telecom giant came in at 32-and- a-half billion dollars in the July to September period, up 3-point-7 percent year-on-year. That''s down from the 27-percent growth recorded in the same quarter last year.
Daimler raises full-year profit outlook on China boost Daimler has lifted its full-year profit forecast after a 24-percent jump in Chinese demand for its Mercedes-Benz cars boosted margins in the third quarter. The German carmaker now expects earnings before interest and taxes to match those seen in 2019. Meanwhile, Renault posted a smaller than expected fall in revenue after dealerships reopened following coronavirus lockdowns.
US weekly jobless claims fall to lowest level since March New US jobless claims fell to the lowest level since March last week in a sign of an improving labour market ahead of November's presidential election. 787-thousand people filed for unemployment benefits, compared with 842-thousand in the prior week. The total number of Americans collecting state jobless aid also decreased by 1-million to 8-point-3 million.
Hong Kong fines Goldman Sachs $350M over 1MDB scandal Hong Kong's market watchdog has hit Goldman Sachs' Asian business with a record 350-million- dollar fine over its role in Malaysia's 1MDB scandal. The regulator says the bank ignored red flags while billions of dollars were looted from its client's fund. The Wall Street giant is also poised to reach a settlement with the US government that's expected to be worth around 2-billion- dollars.
Streaming service Quibi to shut down six months after launch Short-form video streaming service, Quibi, has announced it'll be shutting down just six months after it launched. Disney veteran Jeffrey Katzenberg and former Hewlett Packard boss Meg Whitman set-up the platform in April to rival Netflix and YouTube. The start-up had raised 1-point-8 billion dollars from investors.
Cathay Pacific cuts 8,500 jobs and closes regional airline Cathay Pacific is slashing 8-and- a-half thousand jobs globally as it grapples with a plunge in demand as a result of the pandemic. The cuts include 2-thousand 600 vacant positions that would remain unfilled. Hong Kong's flag carrier is also shutting its regional Cathay Dragon brand as part of a restructuring that would cost around 285-million- dollars.
Nestle ups full-year guidance as Q3 sales beat expectations Nestle has reported organic sales growth of 4-point-9 percent in the third quarter, beating analysts' expectations. That's as strong demand for pet food and health products helped offset a slump in food sales to restaurants and cafes. The world's largest food company has also raised its guidance for 2020, forecasting sales growth of around 3 percent for the year.
Snap shares surge as user growth, revenue top estimates Shares in Snap jumped around 25-percent after the social media platform smashed expectations for revenue and user growth. The company reported an 18-percent rise in daily active users in the third quarter to 249-million, as more people signed-up to the service during the pandemic. Revenue also surged 52-percent to a record 680-million- dollars.
Intel sells NAND memory unit to SK Hynix for $9B US chipmaker Intel has agreed to sell its NAND memory chip business to SK Hynix for 9-billion- dollars. The deal will make the South Korean company the world's second- biggest flash memory chipmaker. Intel's flash memory products are used in smartphones, tablets and hard drives. Demand for those gadgets has surged during the pandemic.
Lufthansa reports operating loss of $1.5B in Q3 Lufthansa has reported a third-quarter operating loss of 1-and- a-half billion dollars as the COVID-19 crisis continued to weigh on its operations. The loss narrowed slightly from the previous quarter, after the German carrier resumed some flights. But demand for air travel is expected to remain low in the coming months due to new restrictions as infections surge in Europe.
Didi reportedly considering Hong Kong IPO at $60B valuation Chinese ride-hailing firm Didi Chuxing has reportedly begun talks with investment banks for an initial public offering in Hong Kong next year. According to Reuters, the company is targeting a valuation of more than 60- billion- dollars. Didi is also said to be re-considering previous plans to list in New York due to rising trade tensions between China and the US.
Eurozone's budget deficits to widen tenfold this year The eurozone's budget deficit will rise tenfold from last year's levels as governments spend heavily to mitigate the impact of the pandemic. Draft budget plans indicate the 19-country bloc will slide into a fiscal deficit of nearly 1-point-1 trillion dollars this year. The European Central Bank forecasts the eurozone's economy shrinking 8-percent in 2020.
Ant Group wins key approval for Hong Kong IPO plan Jack Ma's Ant Group has reportedly won a key approval from Chinese regulators for the Hong Kong leg of its blockbuster initial public offering. The fin-tech company is expected to raise about 35-billion- dollars from the dual listing in Hong Kong and Shanghai. The listing could be one of the biggest ever offerings, topping the 29-billion- dollars raised in Saudi Aramco's IPO last year.
ConocoPhillips agrees to buy rival Concho for $9.7B US oil producer ConocoPhillips has agreed to buy rival Concho Resources for about 9-point-7 billion dollars. The acquisition will make Conoco the largest US oil independent, pumping 1-and- a-half million barrels per day. The all-share deal comes as the energy sector continues to consolidate amid lower fuel prices and demand due to the pandemic.
Boeing 737 Max declared safe to fly again Europe's aviation regulator has declared Boeing's 737 MAX safe to fly, saying it could return to the region's skies before the end of 2020. The European Union's Aviation Safety Agency says it's satisfied with the changes the planemaker has made to the aircraft.. and could formally approve it in around a month's time. The 737 Max was grounded worldwide in 2019 after two fatal crashes that killed 346 people.
Ant Group reportedly raises valuation target to $280B Jack Ma's Ant Group is reportedly planning to raise the valuation target for its initial public offering to 280-billion- dollars due to strong demand. According to Bloomberg, the Chinese fintech powerhouse now aims to raise about 35-billion- dollars in what could be the world's largest-ever IPO. Shares will be listed in Hong Kong and Shanghai.
Tech mogul Robert Brockman charged in tax fraud scheme technology executive Robert Brockman has been charged in the biggest tax evasion case in US history. Brockman allegedly hid 2-billion- dollars in income over two decades by using a web of off-shore companies in Bermuda and St Kitts and Nevis. The indictment came after fellow billionaire Robert Smith turned against him to avoid prosecution himself.
China's stock market value hits record $10T Chinese stock valuations have climbed to a record high as the world's second largest economy recovers from the COVID-19 pandemic. The combined value of shares trading on the Shanghai and Shenzhen exchanges reached 10-point-04 trillion dollars. The market value briefly touched that level in 2015, prior to a brutal sell-off which resulted in the market plunging by half.
Singapore's economy shrinks at slower pace in Q3 Singapore's economic contraction has slowed in the third quarter following the easing of lockdown restrictions. Gross domestic product shrank by 7 percent in the July to September period compared with a year ago, improving from a 13-point-3 percent contraction in the second quarter. On a quarterly basis, the Singaporean economy rebounded by 7-point-9 percent.
Eli Lilly pauses trials of antibody drug over safety concern US drugmaker Eli Lilly has paused the government-sponsored clinical trials of its COVID-19 antibody treatment due to a safety concern. Lilly's drug is similar to the one taken by US President Donald Trump after he tested positive for the virus. The move came a day after Johnson and Johnson suspended trials of its coronavirus vaccine after a participant contracted an unexplained illness.
Turkey's industrial production rises 10.4% in August Turkey's industrial production rose 10-point-four percent from a year ago in August, marking its strongest performance in more than two years. That's as the economic recovery picked up pace following coronavirus lockdowns. Meanwhile, retail sales also jumped five-point-eight percent year-on-year, driven by a surge in online and mail-order sales.
UK jobless rate jumps to 4.5% in three months to August The UK unemployment rate has jumped to its highest level in more than three years as the outbreak continued to hurt the labour market. The jobless rate grew to four-point-five percent in the three months to August, up from four-point-one percent in the previous quarter. The number of redundancies also increased by the most since 2009, during the global financial crisis.
China's exports, imports rise sharply in September China's trade growth accelerated in September as more trading partners lifted virus restrictions. Shipments abroad rose nine-point-nine percent from a year ago to 240 billion dollars, while imports were also up around 13 percent to 203 billion dollars. As a result, China's trade surplus narrowed to 37 billion dollars from 59 billion dollars in the previous month.
American duo wins economics Nobel for work on auction theory The Nobel Prize in Economics has been awarded to two Stanford University academics for their contributions to auction theory and the design of new formats. Paul Milgrom and Robert Wilson were recognized for theoretical discoveries that improved how auctions work. Last year, the prize was awarded to three professor for their work in fighting global poverty.
Turkey's unemployment rate holds steady at 13.4% in July Turkey's unemployment rate held steady at 13-point-4 percent in July driven by a drop in work force participation. Last month, the government extended a wage support system and the ban on layoffs for another two months to mitigate the impact of the pandemic. The country's new economic program targets a jobless rate of 13-point-8 percent this year.
British Airways CEO Alex Cruz steps down amid crisis British Airways chief executive Alex Cruz has stepped down as the carrier faces its worst crisis in the wake of the pandemic. Cruz, who has been at the helm since 2016, will be immediately replaced by Aer Lingus boss Sean Doyle. The shake-up marks the first major move by Luis Gallego, who took over as chief executive officer at parent company IAG last month.
UK lawmakers say Huawei colludes with Chinese government The UK parliament's defence committee says it's found clear evidence of collusion between Huawei and the Chinese government. Lawmakers say Downing Street may need to bring forward a deadline for the removal of the telecom giant's equipment from its networks. In July, Prime Minister Boris Johnson ordered firms to ditch Huawei gear by 2027.
Samsung expects 58% jump in Q3 operating profit Samsung says profits likely rose 58-percent in the third quarter as its mobile and chip businesses benefited from US sanctions on Huawei. The South Korean giant is expecting an operating profit of 10-point-6 billion dollars, beating analysts' estimates. The forecast suggests Samsung could re-take its position as the world's top smartphone seller.
Citigroup fined $400M for risk management deficiencies US bank regulators have fined Citigroup 400-million- dollars for failures in its risk management and control systems. The penalty comes as the lender faces renewed scrutiny after one of its bankers mistakenly sent more than 900-million- dollars to a client's creditor. The bank says it's planning to invest more than a billion dollars to meet regulatory requirements this year.
Billionaires' wealth at record high of $10.2T Billionaires are richer than ever before despite the COVID-19 pandemic. A report by UBS and PwC found the fortunes of the world's wealthiest rose by more than a quarter to 10-point-2 trillion dollars. They've been boosted by a rally in stock prices and gains in technology and healthcare. The number of billionaires has also hit a new high of nearly 2-thousand-200.
Tesco increases dividend as first-half profit surges Tesco has increased its shareholder payout by a fifth after reporting a 29-percent rise in first-half profit to 710-million- dollars. Earnings at the British supermarket giant were boosted by a surge in online sales as people stayed at home during the pandemic. But Tesco says coronavirus-related costs hit 715-million- dollars in the first half, driven by mounting losses at Tesco Bank.
ABS-CBN shares jump after returning to free-to-air TV Shares in ABS-CBN jumped 50-percent after the Philippine media giant announced the return of some programming on free-to-air television. The group says it will begin airing entertainment shows and movies from the 10th of October on the newly rebranded channel, A-2-Z. ABS-CBN, which had aired critical views of President Rodrigo Duterte, was forced off the air in May.
Anti-virus software creator McAfee arrested for tax evasion Anti-virus software entrepreneur John McAfee has been arrested in Spain over tax evasion charges in the US. McAfee was accused of failing to file tax returns from 2014 to 2018 and hiding assets including a yacht and real estate from US authorities. He's being held pending extradition and could face up to six years in prison if found guilty.
The Australian government has pledged billions in tax cuts and measures to boost employment in its latest budget, hoping to revive the economy during the pandemic. The measures are forecast to push the budget deficit to a record 153-billion- dollars for the fiscal year ending June 2021. Australia is grappling with its first recession in three decades, with unemployment hitting a 22-year high.
France's Engie sells $4B stake in Suez to Veolia French water and waste firm, Veolia, has acquired Engie's 30-percent stake in rival, Suez, for 4-billion- dollars. The deal comes after Veolia sweetened its previous bid by 16-percent, and offered guarantees on employment. The move could pave the way for a full takeover as Veolia looks to become a global leader in waste and water management.
Turkey's inflation eases marginally to 11.75% in September Turkey's annual inflation edged down slightly in September as slowing price gains in housing and apparels offset the impact of a weaker lira. Consumer prices rose 11-point-75 percent last month, following an 11-point-77 percent reading in August. Under a new economic programme unveiled last week, Turkey is aiming for a 10-and- a-half percent inflation rate by the end of the year.
Italian payment providers Nexi, SIA agree on $17.6B merger Italy's biggest payment provider, Nexi, has agreed to buy domestic rival, SIA, in a 17-point-6 billion dollar merger. The deal would create one of Europe's largest fintech groups, with combined annual revenues of more than 2-billion- dollars. Nexi will have a 70 -percent stake in the merged company, while SIA will hold the remaining 30-percent.
Bristol Myers Squibb to buy MyoKardia for $13B US drug-maker Bristol Myers Squibb has agreed to buy MyoKardia for around 13-billion- dollars. The acquisition will bolster Bristol Myers' heart disease therapies by gaining access to MyoKardia's promising drug, mava- camten. Bristol Myers' latest deal comes after it paid 74-billion- dollars to buy the cancer drug maker, Celgene, last year.. marking the industry's biggest merger.
US economy adds 661,000 jobs in September US jobs growth slowed more than expected in September amid a resurgence of coronavirus infections. Employers added 661,000 non-farm payrolls last month, far below the 1.4 million jobs added in August. The Labor Department's final jobs report before the November election also shows the unemployment rate has fallen to 7.9% from 8.4%.
Walmart sells majority stake in Asda for $8.8B Walmart has agreed to sell its British supermarket chain, Asda, to TDR Capital and the owners of EG Group for 8.8 billion dollars. The sale comes as part of Walmart's strategy to focus on the US and faster-growing overseas markets. Last year, the US retailer's attempt to exit the UK by merging Asda with Sainsbury's was blocked by competition regulators.
Amazon: Nearly 20,000 employees contract COVID-19 And Amazon says that almost 20,000 of its frontline workers in the US have tested positive for the coronavirus since March. The figure represents almost 1.5% of its 1.37 million workers across Amazon and its subsidiary, Whole Foods. The US e-commerce giant has long been criticised by employees, unions and officials for putting workers' health at risk.
Tokyo Stock Exchange suffers worst outage ever Tokyo's stock exchange has suffered its worst-ever outage after a backup system failed to kick-in following a hardware malfunction. Trading of more than 2,500 stocks listed on the 6-trillion- dollar market froze for the entire day. The Japan Exchange Group says it's replacing the hardware to ensure normal trading resumes on Friday.
Rolls-Royce plans to raise $6.5B to survive COVID-19 crisis Jet engine maker Rolls-Royce is planning to raise 6.5 billion dollars as it looks to survive the coronavirus crisis. The British company said it would tap shareholders in a 2.5 billion dollar rights issue, and also raise funds by issuing new debt. Rolls-Royce suffered a record 7.1 billion dollar loss during the first half of this year, after a slump in air travel.
H&M to close 250 stores in 2021 as shift online speeds up And H&M has unveiled plans to close about 250 of its 5,000 stores next year and invest more in online growth. The move comes at a time when online sales have soared during the pandemic, as shoppers avoid physical stores. The world's second-largest fashion retailer has also reported a 16% fall in third-quarter sales, which is better than analysts' expectations.
GardaWorld makes $3.8B hostile takeover bid for G4S Canadian security group, GardaWorld, has made a formal 3-point-8 billion dollar hostile takeover bid for its bigger UK rival, G4S. GardaWorld says G4S needs fresh management to deal with a series of scandals and lawsuits. G4S's board has unanimously rejected the offer, saying it significantly undervalues the group.
Turkey cuts tax on foreign currency transactions Turkey has lowered a tax on foreign currency transactions in its latest step to support financial stability. The 'bank and insurance transaction tax' on retail foreign currency purchases, including gold, has been cut to 0-point-2 percent from 1 percent. The country has also slashed the level of withholding tax on lira bank deposits of more than one year to zero from 10-percent.
Disney to cut 28,000 jobs in US theme parks division Shares in Disney fell after the company said it's laying-off 28-thousand employees, mostly at its US theme parks. That's as the COVID-19 pandemic weighs on its operations. The entertainment giant has blamed the parks' limited visitor capacity due to social- distancing requirements. Disney reported a 4-point-7 billion dollar loss in the quarter to June, as its theme parks business lost 2-billion dollars.
South Africa's unemployment rate falls to 23.3% in Q2 South Africa's unemployment rate fell to the lowest in 11 years in the second quarter despite the loss of 2.2 million jobs. The jobless rate fell to 23-point-3 percent in the three months through June. But the country was under a strict lockdown during the period, preventing people from looking for work. That brought the jobless rate down because only those actively looking for work are counted as unemployed.
LVMH countersues Tiffany over $16B collapsed merger LVMH has countersued Tiffany & Co after scrapping its planned 16-point-2 billion dollar takeover of the iconic US jeweler. The French luxury goods giant has accused Tiffany's board of making crucial financial mistakes since the deal was unveiled last year. Earlier this month, Tiffany filed a lawsuit against the Louis Vuitton- owner to force it to complete the deal.
NTT to spend $40B to take wireless carrier unit private Japan's biggest telecoms company, Nippon Telegraph and Telephone Corp, says it'll spend 40-billion- dollars to take its wireless carrier unit private. The group already owns 66-point-2 percent of NTT DoCoMo. The move comes as Japan's new prime minister Yoshihide Suga called for a reduction in mobile fees.
US judge temporarily halts Trump's TikTok ban A US federal court has temporarily suspended a Trump administration order that would've banned TikTok from being downloaded from US app stores. But the judge hasn't blocked a much broader ban set to come into effect on the 12th of November. TikTok's Chinese owner, ByteDance, has struck a deal to partner with Walmart and Oracle in the hope of averting a total ban in the US.
Qatar Airways receives $2B in state aid as losses widen Qatar Airways has received a nearly 2-billion- dollar lifeline from the Qatari government to help it weather multiple crises. The state-owned carrier unveiled a net loss of 1-point-9 billion dollars for the year ended in March. The airline's earnings have been hit by the pandemic and a boycott by Gulf neighbours. It's investment in Air Italy has also turned sour, after the carrier went into liquidation in February.
BTS's management label prices IPO at top end of range Big Hit Entertainment, the music label behind the popular South Korean K-Pop group, BTS, has priced its initial public offering at the top of the range. A regulatory filing shows each share has been priced at around 115-dollars, and that Big Hit could raise 820-million- dollars through the offer. The label is expected to list on the KOSPI exchange on the 15th of October.
UK budget deficit set to surpass $500B this fiscal year The UK's budget deficit is on track to exceed half-a-trillion dollars in the current fiscal year. The government borrowed 222 billion dollars in the first five months as it tries to cushion the impact of the coronavirus pandemic. Earlier this week, the government unveiled a new 6-point-3 billion dollar support programme to protect jobs.
Turkish lira rallies after govt eases trading restrictions The Turkish Lira strengthened for the second day in a row after the central bank eased trading curbs for foreign investors. The watchdog raised the limits on currency swaps and other derivative deals that lenders can carry out with foreign counterparts. The move follows the central bank's decision to hike its key interest rate by 200 basis points.
Harley-Davidson to exit India, world's largest bike market US iconic motorcycle maker, Harley-Davidson is stopping manufacturing in India. The decision came after a decade of unsuccessful efforts to gain a foothold in the world's largest two-wheeler market. The departure is the latest blow for Prime Minister Narendra Modi's strategy to encourage domestic manufacturing.
US weekly jobless claims rise slightly to 870,000 Another 870-thousand Americans filed for unemployment benefits last week, marking a slight increase from the previous reading. The US Labor Department's latest figures represent the fourth consecutive week that new jobless claims have come in below the 1-million mark. But the pace of the labour market's recovery has slowed, as coronavirus cases surge in parts of the US.
TikTok asks US judge to block Trump's download ban TikTok has asked a US federal judge to block a Trump administration order that would remove the video-sharing app from US app stores. The company says the order exceeds the Commerce Department and the president's powers under US law. Meanwhile, TikTok's Chinese owner, ByteDance, has applied for a tech export license in China, after it reached a deal with Oracle and Walmart for a stake in the app.
Westpac to pay $920M over money-laundering scandal Australia's Westpac has agreed to pay a record 920-million- dollar fine for systematically allowing money laundering to occur occur through the bank. The country's oldest lender has also admitted it violated anti-money laundering and counter- terrorism laws on more than 23-million occasions. The scandal has already led to the ouster of the bank's chief executive and chairman.
Germany approves 2021 budget with massive borrowing The German cabinet has approved a budget for 2021 that further suspends a law that prohibits taking on new debt. Europe's biggest economy is planning to borrow another 112-billion- dollars to finance massive stimulus measures during the pandemic. Meanwhile business activity in the eurozone fell far worse than expected in September, amid a rise in coronavirus infections.
Unions at Suez file application to block Veolia's $3.5B bid Unions at French water and waste treatment firm, Suez, have filed an application to block rival, Veolia's, 3-and-a- half billion dollar takeover bid. The legal action comes amid fears the deal will lead to widespread job losses. Last month, Veolia offered to buy a nearly 30-percent stake in Suez to help fend-off rising competition in the sector from Chinese firms.
Nike returns to profit as COVID-19 restrictions loosen Nike returned to profit in its first quarter as restrictions to curb the spread of COVID-19 were eased. Net profit rose to just over one-and- a-half billion dollars in the June to August period, versus a loss of 790-million- dollars in the previous quarter. Shares in the world's largest sportswear maker jumped as much as 13-percent after the results.
China jails property tycoon Ren Zhiqiang for 18 years A Chinese court has sentenced former real estate tycoon Ren Zhiqiang to 18 years in prison on charges of corruption. Ren, who has been a vocal critic of President Xi Jinping, was accused of taking bribes and embezzling public funds. The court said he had confessed to all charges and would not appeal against the decision.
Deutsche Bank to close around 100 branches in Germany Deutsche Bank will shutter one in five branches in Germany as part of cost-cutting efforts to return to profitability. The lender said it would close around 100 branches across the country as the pandemic drives more customers online. The decision follows a similar move taken by domestic rival, Commerzbank, which recently opted to shut 200 of its 1-thousand branches.
GE plans to stop building coal-fired power plants General Electric is planning to stop making coal-fired power plants as it focuses on gas turbines and renewable energy equipment. The US industrial giant said the exit from the coal business could include asset sales, site closings and job reductions. That's as GE works with customers to complete its existing obligations. Shares in the company fell around 8-percent after the announcement.
Nikola founder Trevor Milton steps down as chairperson The founder of US electric truck start-up, Nikola, has stepped down as executive chairperson. Trevor Milton's resignation comes after short-selling firm, Hindenburg Research, accused the automaker of misleading investors and overstating the value of a business deal. The US Securities and Exchange Commission and Justice Department are reportedly investigating the allegations.
Microsoft to buy gaming firm ZeniMax Media for $7.5B Microsoft has agreed to buy ZeniMax Media for 7-and-a-half billion dollars, marking its biggest video game acquisition to date. The deal will bring some of the industry's highest profile titles including Fallout and Doom under the Microsoft banner. The move comes amid rising demand for video games as lockdowns force people to stay home.
Swedish government promises $12B to boost economy in 2021 The Swedish government has promised to pump around 12-billion- dollars into the economy in its 2021 budget. That's to revive growth following the COVID-19 pandemic. The measures include tax cuts for individuals and companies, as well as financial aid for the welfare sector. Sweden's economy is expected to shrink around 4-point-6 percent this year.
UK retail sales rise for fourth straight month in August UK retail sales rose in August for the fourth consecutive month, following the reopening of non-essential businesses. The volume of overall sales rose by 0-point-8 percent from the previous month, boosted by spending on household goods. Sales were also 4-percent higher than in February, which was the last month before the pandemic hit the country.
CaixaBank, Bankia to create Spain's biggest lender Spain's CaixaBank and state-owned Bankia have agreed on a merger to create the country's biggest national bank by assets. Under the all-share deal, CaixaBank will acquire the state-controlled lender for 5-point-1 billion dollars. The new entity, which will operate under CaixaBank's name, is aiming to make more than 990-million- dollars in annual savings by 2023.
Ericsson agrees to buy Cradlepoint in $1.1B deal Ericsson has agreed to buy the US wireless networking company, Cradlepoint, for 1-point-1 billion dollars. The deal comes as part of the Swedish telecoms gear maker's strategy of expanding its 5G-related products. Ericsson is battling rivals Nokia and Huawei to take the lead in the roll-out of fifth-generation mobile networks.
US weekly jobless claims fall slightly to 860,000 Another 860-thousand Americans filed for unemployment benefits last week, marking a slight decrease from the previous reading. The latest figures also show the number of people staying on jobless benefits has dipped to 12-point-6 million. It comes as US President Donald Trump urges Senate Republicans to increase the size of their 500-billion- dollar stimulus proposal to win-over the Democrats.
New Zealand's economy falls into recession in Q2 New Zealand's economy has fallen into its first recession in a decade following strict lockdown measures. GDP shrank by a record 12-point-2 percent in the second quarter.. with the retail, accommodation, restaurant and transport industries taking significant hits. New Zealand's response to the outbreak has been widely praised, with the country of nearly 5-million people recording just 25 deaths.
Messi wins court case over trademark of his logo Football star Lionel Messi has won a decade-long legal battle over the trademark rights to his logo. The European Union Court of Justice upheld an earlier verdict in his favour, barring a Spanish cycling clothing brand from using the emblem that bears his name. According to Forbes, Messi is the best paid footballer in the world, with earnings of 126-million dollars this year.
India's trade deficit widens to five-month high in August India's trade deficit widened to a five-month high of 6-point-8 billion dollars in August. Exports shrank by 13-percent from a year ago to 22-point-7 billion dollars, hit by weakening demand for leather goods, machinery, jewellery and other products. Imports also fell around 26-percent to 29-and- a-half billion dollars, despite surging gold imports during the pandemic.
Thomas Cook relaunches as online-only holiday firm Thomas Cook has relaunched as an online-only holiday company one year after its collapse, which left thousands of holiday-makers stranded abroad. The new website will initially focus on destinations on Britain's safe travel corridor list, including Turkey, Italy and Greece. Chinese conglomerate, Fosun, bought the Thomas Cook brand last November for 14-million- dollars
Snowflake raises $3.4B in largest-ever software IPO Snowflake has raised 3-point-4 billion dollars from its initial public offering, making it the largest ever US software listing. The IPO, which was priced at 120 dollars per share, values the cloud database company at more than 33-billion- dollars. Meanwhile, shares in British online retailer, Hut Group jumped 30-percent on their market debut in London.
WTO rules against US tariffs on Chinese goods The World Trade Organization has ruled that the Trump administration's tariffs on 200-billion- dollars' worth of Chinese goods are illegal. The penalties were imposed in 2018 after Washington accused Beijing of unfair trade practices. The ruling allows Beijing to retaliate and the US can appeal the decision.. But Washington has paralysed the appeals court by refusing to accept new members for it, rendering the WTO toothless.
Former Nissan executive Greg Kelly pleads not guilty A former aide to former Nissan chairman Carlos Ghosn has pleaded not guilty to charges of financial fraud at the opening of his trial in Tokyo. Greg Kelly is charged with helping Ghosn hide 88-million- dollars in compensation over eight years through deferred payments. If found guilty, Kelly could face up to 10 years in prison
Sony reportedly slashes estimate for PS5 production Sony has reportedly cut its estimated production of its new PlayStation 5 console by 4-million units for this fiscal year, over issues with the production of its custom-made chips. The Japanese firm will now reportedly aim to produce around 11-million units which are due to be released later this year. The report comes as Sony prepares for a holiday-season console battle with Microsoft.
Nvidia to buy chip designer Arm from SoftBank for $40B US chipmaker, Nvidia, has agreed to buy the British chip designer, Arm Holdings, from SoftBank in a deal worth up to 40-billion- dollars. The sale is part of the Japanese conglomerate's shift towards becoming a global investment and asset management powerhouse. SoftBank paid 32-billion- dollars for Arm Holdings back in 2016.
Gilead Sciences to acquire Immunomedics for $21B US drug-maker Gilead Sciences will buy biotech company, Immuno- medics, for 21-billion- dollars. The acquisition will bolster Gilead's portfolio of cancer treatments by gaining access to its prized breast-cancer drug, Trodel-vy. Gilead says it will pay Immuno- medics 88-dollars per share, representing a premium of about 108-percent to their closing price on Friday.
Turkey's industrial production rose 8.4% in July Turkey's industrial output rose 8-point-4 percent in July, as factories ramped-up production after coronavirus lockdowns. Manufacturing activity recorded the highest rise, jumping 8-point-6 percent month-on-month, followed by the mining and quarrying sector. Meanwhile, retail sales jumped 9-and- a-half percent from a month ago, driven by a surge in online and mail-order sales.
UK signs first post-Brexit trade deal with Japan The UK has secured its first post-Brexit trade deal, following an agreement with Japan. The deal will boost trade between the countries by over 19 billion dollars over the next 15 years. UK businesses will also enjoy tariff-free trade on 99-percent of exports to the country. Meanwhile, Britain's economy grew by six-point-six percent in July as coronavirus restrictions eased.
Turkey's current account deficit narrows to $1.8B in July Turkey's current account deficit narrowed to one-point-eight billion dollars in July fueled by purchases of energy and gold. Although the coronavirus pandemic has continued to impact overseas orders. July's figure compares to a two-point-nine billion dollar deficit in the previous month and a surplus of one-point-nine billion dollars a year ago.
Rio Tinto CEO resigns over Aboriginal cave destruction Rio Tinto chief executive Jean-Sebastien Jacques and two senior executives have resigned following the destruction of two ancient caves in Australia. In May, the world's biggest iron ore miner destroyed the 46-thousand- year-old Aboriginal rock shelters as part of a mine expansion. The incident sparked widespread criticism from investor groups and the public.
Jane Fraser to be first woman to lead major US bank Jane Fraser has become the first-ever woman to head a major Wall Street bank after Citigroup's board appointed her as the investment bank's Chief Executive Officer. The Scottish-American has previously headed the bank's mortgage business and steered it out of the global financial crisis of 2008 as head of global strategy. She will take the helm from her predecessor, Michael Corbat in February.
US weekly jobless claims rise slightly to 881,000 US unemployment claims held steady at 884-thousand last week in a sign the labour market recovery is losing steam. Although the figure fell from a March peak of six-point-nine million, it still remained above the pre-pandemic record of 695-thousand. Continuing claims also climbed to 13-point-four million from 13-point-three million in the prior week.
Turkey's unemployment rate rises to 13.4% in June Turkey's unemployment rate rose to 13-point-4 percent in June, as more people looked for a job after the easing of coronavirus lockdowns. That's compared to 13 percent in the same month a year ago. Last week, the government extended a wage support system and the ban on layoffs for another two months to mitigate the impact of the pandemic.
LVMH pulls out of $16.2B Tiffany deal citing US tariffs French luxury goods giant LVMH is scrapping its planned 16-point-2 billion dollar takeover of US jeweler Tiffany. The largest-ever deal in the luxury sector came under pressure after the Trump administration threatened to impose tariffs on French goods. Tiffany said it has filed a lawsuit against the Louis-Vuitton owner for a breach of its obligations.
Tullow Oil slumps to $1.3B net loss, shares tank Africa-focused energy group Tullow Oil has slumped to a one-point-three billion dollar net loss for the first half of the year. That was largely due to the British explorer writing down the value of its assets up to one-point-four billion dollars on expectations of lower energy prices. Shares in Tullow Oil plunged as much as 20 percent after the report.
Berkshire Hathaway to invest $570M in Snowflake Warren Buffet's Berkshire Hathaway is investing more than 570 million dollars in cloud database company Snowflake. It was revealed as Snowflake published an indicated price range for its upcoming initial public offering that could value the company at up to 23-point-seven billion dollars. The IPO could raise around two-point-seven billion dollars for the startup.
German exports up 4.7% in July as trade with China rebounds German exports rose for the third consecutive month in July, but still remain far below their pre-coronavirus levels. Shipments abroad increased by four-point-seven percent from the previous month, mainly boosted by growth in trade with countries outside Europe, especially China. Imports also rose one-point-one percent, resulting in a trade surplus of 21-point-three billion dollars.
General Motors to buy 11% stake in Nikola for $2B General Motors has agreed to buy an 11 percent stake in electric truck maker Nikola for around two billion dollars. Under the deal, the carmakers will also jointly produce Nikola's hydrogen fuel cell electric pickup truck, the Badger, by the end of 2022. Shares in Nikola jumped as much as 53 percent on the news, while GM shares were also up around 10 percent.
Shares in Nongfu Spring surge on Hong Kong debut Shares in Chinese drinks producer Nongfu Spring jumped 54 percent on the first day of trading in Hong Kong. The initial public offering valued the bottled water company at nearly 48 billion dollars. The surge in the stock has made the company's founder, Zhong Shanshan, China's third-richest person with a fortune of more than 50 billion dollars.
Softbank shares plunge on reports it drove up US tech stocks Shares in Softbank fell as much as eight percent amid a massive tech sell-off on Wall Street. Investors wiped nearly nine billion dollars off its market value following reports that the Japanese conglomerate made aggressive bets on technology stocks. The decline in the stock came despite the group reportedly making four billion dollars in trading gains from those bets.
Samsung clinches $6.6B network deal with Verizon Samsung has signed a six-point-six billion dollar deal with US wireless carrier Verizon to provide network equipment and services. The deal will help the South Korean tech giant expand its presence in the strategically crucial 5G network market. The group has been pouring resources into its network business after the US imposed sanctions on its Chinese rival Huawei.
Primark's full-year profits on course to beat forecasts Associated British Foods says full-year profits at its Primark fashion chain would be at least at the top end of the previously advised 400 to 460 million dollar range. This comes as sales recovered when stores reopened following weeks of lockdowns. The firm says sales since reopening would hit two-point-six billion dollars by the end of the year.
German industrial orders rise 2.8% in July German factory orders rose by 2-point-8 percent from the previous month in July, failing to meet analysts' expectations. The weak data suggests the recovery of the manufacturing sector in the Europe's largest economy is losing momentum. Despite the improvement, factory orders were still 8-point-2-percent lower than in February, the last month before the pandemic struck.
Bain Capital becomes new owner of Virgin Australia US private equity firm, Bain Capital, has become the new owner of Virgin Australia after creditors agreed to its 2-point-6 billion dollar offer. Australia's second- largest airline fell into administration in April, after canceling all of its flights following widespread travel bans. Under Bain's overhaul plans, Virgin is set to cut around a-third of its workforce to reduce costs.
Pret A Manger to open suburban shops to win back customers British sandwich and coffee chain Pret A Manger will deliver dinners to city-dwellers and open more suburban branches in a bid to survive the pandemic. In-store sales have been hammered as people work from home during the outbreak. Pret will also launch a subscription service for drinks at a cost of around 26-dollars a month.
US weekly jobless claims falls to 881,000 The number of Americans filing for unemployment benefits has dropped below the key 1-million mark for the second time during the pandemic. Another 881-thousand people lodged jobless claims last week, in a sign the labour market is continuing its recovery. It also reflects changes to the way the US Bureau of Labor Statistics is adjusting the numbers to factor-in seasonal swings in employment.
Turkey's inflation rate rises slightly to 11.77% Turkey's inflation rose slightly in August driven by higher energy prices and a weaker Lira. Consumer prices rose 11-point-77 percent from a year ago, following an 11-point-76 percent increase in July. The cost of miscellaneous goods and services jumped by the most, with prices rising 27-percent.. followed by health-related costs which rose 14-point-7 percent.
Saudi Aramco reportedly delays diversification plans Saudi Aramco is reportedly postponing some of its plans to diversify its economy, as the coronavirus crisis hammers crude prices. According to the Wall Street Journal, the world's biggest oil exporter is now reviewing a proposed 20-billion- dollar refining and petrochemical complex and a 6-point-6 billion- dollar plan to expand its refinery in Texas.
Swiss regulator escalates investigation into Credit Suisse Switzerland's financial watchdog has ramped-up its probe into Credit Suisse over the spying scandal that prompted chief executive Tidjane Thiam to resign earlier this year. A 2019 investigation found former chief operating officer, Pierre-Olivier Bouee, ordered the surveillance of the bank's former head of wealth management, Iqbal Khan, who joined rival, UBS.
UK house prices in August rise by the most since 2004 House prices across the UK rose at the fastest monthly rate since 2004 thanks to surging demand following a coronavirus lockdown. The average price of a house rose by 2-percent in August from the previous month, to just below 300-thousand dollars. The annual growth rate also accelerated to 3-point-7 percent from 1-and- a-half percent in July.
Bumble dating app reportedly plans IPO for early next year Dating and networking app, Bumble, is reportedly preparing to go public as early as next year. According to a Bloomberg report, the company is seeking a valuation of as much as 8-billion- dollars from the initial public offering. Bumble's parent company, MagicLab, has been valued at about 3-billion- dollars after selling a majority stake to BlackStone
Tesla, Apple shares jump as stock splits take effect Shares in Tesla have rallied 10-percent while Apple has jumped over 4-percent on the first day of their stock splits. The electric carmaker has increased the number of its outstanding shares 5-to-1 while the iPhone-maker has completed a 4-for-1 split to make their stock more affordable. Meanwhile, Apple has reportedly asked suppliers to manufacture at least 75-million 5G phones for later this year.
52 ex-franchisees sue McDonald's for racial discrimination Dozens of Black former franchise owners are suing McDonald's for 1-billion- dollars over alleged racial discrimination. In a lawsuit, the 52 plaintiffs claimed the fast-food giant systematically placed them in substandard locations that hindered profitability and growth. McDonald's denies any wrongdoing and says the claims were meritless.
South Korean prosecutors indict Samsung heir Jay Y Lee Samsung's de-facto leader Jay Y Lee has been indicted on charges including accounting fraud and stock price manipulation. The charges are linked to the controversial 2015 merger of two Samsung units that helped Lee assume greater control. Lee was released from prison in 2018 after a court suspended his sentence in a separate bribery scandal
New Chinese rules threaten sale of TikTok's US operations TikTok's Chinese parent company, ByteDance, will now need to get approval from Beijing in order to sell its US operations to comply with the Trump administration's demands. The Chinese government has added artificial intelligence technology to a list of export-controlled products on national security grounds. The White House has threatened to ban TikTok if a sale does not go through.
Warren Buffet spends $6B on stakes in Japan trading houses Warren Buffet's Berkshire Hathaway has bought stakes in Japan's five major trading houses. The investment company has acquired around 5-percent of each of the so-called 'sogo sho-sha' trading houses for a total of 6.3-billion dollars. It comes as more foreign investors leave the Japanese market. Berkshire says it may increase its holdings to 9.9-percent.
French utility Veolia to buy 29.9% of rival Suez for $3.5B French utility firm, Veolia, has offered 3-and- a-half billion dollars to buy nearly 30-percent of rival company, Suez. The merger would create a global company in waste and water services with an annual turnover of around 48-billion dollars. The bid comes as European waste firms like Veolia attempt to fend-off looming competition in the sector from China.
Softbank to sell $14B in Japan telecoms unit Softbank says it will sell around a third of its stake in its Japanese telecoms unit for around 14-billion dollars. It's part of the conglomerate's ongoing asset sale programme to expand share buybacks and reduce debt, following massive losses in its start-up investments. The sale is expected to take place late September through a global secondary offering.
Boeing recalls eight 787 Dreamliners due to technical issues Boeing has discovered two manufacturing problems with its 787 Dreamliner jets. The issues were found in the joint of fuselage sections. The US aircraft manufacturer says eight planes will need to be inspected and repaired before they can operate again. Meanwhile, EU aviation regulators have scheduled test flights for Boeing's grounded 737 Max plane for September
Singapore raises minimum qualifying salary for foreigners Singapore has announced an increase to the minimum qualifying salary for foreign workers in an effort to encourage employers to hire more locals. Foreigners looking to apply for an employment pass will now need to earn more than 3-thousand 295 dollars a month. It comes after the city-state recorded a 2.9-percent unemployment rate in the second quarter - the higest since the global financial crisis.
Walmart partners with Microsoft on TikTok deal Walmart has announced it's teaming-up with Microsoft to in a bid to buy video-sharing app, TikTok. The surprise move comes after TikTok's chief executive, Kevin Mayer, annouced he's leaving the company, just three months into the job. The Trump administration is threatening to ban the app if Chinese parent company, ByteDance, doesn't sell its US operations by mid-September.
Rolls-Royce reports record first-half loss as demand slumps Jet engine maker Rolls-Royce has reported record losses after the coronavirus pandemic led to a slump in air travel. The British company sank into a 7-point-1 billion dollar pre-tax loss during the first six months of this year. Rolls-Royce says it will look to raise 2-point-6 billion dollars by selling some assets to boost its balance sheet.
China's industrial profit grows at fastest rate in two years Profits at Chinese industrial companies increased at the fastest rate in two years last month, suggesting the country's economic recovery is gaining momentum. Earnings jumped 19-point-6 percent from the same month last year to 85-billion- dollars, following an 11-percent expansion in June. The growth was mainly driven by higher profits in the auto and electronics sectors.
Lebanon's inflation rate surges to 112% in July Lebanon's inflation skyrocketed in July as a sharp drop in its currency continued to fuel import prices. Consumer prices rose an annual 112-percent, compared with just under 90-percent the previous month. The average cost of food and non-alcoholic drinks shot-up 336-percent year-on-year, with Lebanon importing more than two-thirds of its food needs.
UK to lose $29B due to collapse in international tourism The UK economy is set to lose around 29-billion- dollars this year as coronavirus travel restrictions hit the tourism industry. According to the World Travel and Tourism Council, international visitor spending will plunge nearly 80-percent in 2020. The industry body says that puts nearly 3-million jobs at risk, and is calling on the government to scrap quarantine measures for returning travellers.
American Airlines could cut up to 19,000 jobs in October American Airlines says it will cut 19-thousand jobs from October, unless the government extends aid for employee payrolls. The US carrier says the layoffs are in addition to voluntary departures, and will shrink its workforce by 30-percent. Earlier this year, US airlines received 25-billion- dollars from the government to help cushion the blow from the pandemic.
India reportedly removes Huawei equipment from networks India is reportedly removing Huawei equipment from its mobile networks. This comes amid rising tensions between New Delhi and Beijing over their disputed Himalayan border. According to the Financial Times, rather than formally imposing a ban, the Indian government is quietly phasing-out Chinese vendors from its network in a bid to avoid retaliation.
Ant Group files for dual listing in Hong Kong, Shanghai Jack Ma's Ant Group has filed its prospectus to go public in what could be the world's largest-ever initial public offering. The Chinese fintech powerhouse is expected to raise as much as 30-billion- dollars in a dual listing in Hong Kong and Shanghai. The filings reveal the company's net profit jumped more than 1-thousand percent in the first half of this year to 3-point-2 billion dollars.
UK software group Aveva agrees to buy OSIsoft for $5B UK software group, Aveva, has agreed to buy rival O-S-I Soft for 5-billion- dollars. The acquisition will help Aveva expand its position in industrial software at a time when clients are going digital in order to cut costs. Aveva says it's planning a 3-and- a-half billion- dollar rights issue to fund the transaction.
Nigeria's economy shrinks 6.1% in second quarter Nigeria's economy has contracted for the first time in three years due to lower oil prices and coronavirus lockdowns. Gross domestic product shrank by 6-point-1 percent in the second quarter, compared with an expansion of 1-point-8 percent in the first three months. Africa's largest economy is expected to contract by up to 8-point-9 percent this year.
Rio Tinto cuts executive bonuses over sacred caves blast Mining giant Rio Tinto has slashed bonuses for three senior executives following the destruction of two ancient caves in Australia. The decision comes after an internal review found systemic failures in heritage management practices. In May, the world's biggest iron ore miner destroyed the 46-thousand- year-old Aboriginal rock shelters as part of a mine expansion.
Microsoft backs Epic Games in battle with Apple Microsoft is backing Fortnite maker, Epic Games, in its legal battle with Apple. In a court filing, the US software giant said Apple's threat to cut-off Epic Games from developing tools would hurt a sizeable community of game creators. The iPhone-maker removed Epic's titles from its App Store, accusing it of violating its in-game payment rules.
Former Trump adviser Steve Bannon arrested on fraud charges US President Donald Trump's former senior advisor, Steve Bannon, has been arrested and charged with fraud. Prosecutors allege Bannon and three associates orchestrated a scheme to defraud donors in a fundraising campaign to build a wall along
Turkey's central bank keeps policy rate unchanged at 8.25% Turkey's central bank has kept its key interest rate unchanged at 8-point-25 percent for the third consecutive meeting. The bank had slashed its one-week repo rate nine times since last July when it stood at 24-percent, before halting the cuts in June. With inflation running at 11-point-7 percent, the real interest rate remains in negative territory.
Boeing scores first 737 MAX order for 2020 Boeing has scored its first order for its troubled 737 MAX aircraft after Poland's Enter Air agreed to buy up to four variants of the jet. The aircraft has been grounded worldwide following two fatal crashes that killed 346 people.
Japan's exports fall 19.2% as coronavirus hits car sales Japanese exports fell in July as the pandemic continued to hit global car sales. Total exports declined 19-point-2 percent from a year ago, while shipments from abroad were also down around 22-percent. The world's third-largest economy shrank an annualised 27-point-8 percent in the second quarter, marking its worst performance on record.
Australia signs deal with AstraZeneca for COVID-19 vaccine Australia has signed a deal with British drugmaker, AstraZeneca, to secure 25-million doses of Oxford University's potential COVID-19 vaccine. If it proves successful, the Australian government will manufacture and supply doses to its entire population free of charge. The vaccine is one of five promising candidates to reach an advanced stage of clinical trials.
Maersk reports 25% rise in Q2 earnings to $1.7B The world's largest container shipping line, Maersk, has reported better-than-expected second-quarter profits, despite a slump in global trade. Earnings rose 25-per cent from a year ago to 1-point-7 billion dollars, driven by its cost-cutting efforts. The Danish company expects demand to pick-up in the third quarter but has warned of a 'significant decline' across the year.
US states seek $2.2T in damages from Purdue Pharma US states are seeking 2-point-2 trillion dollars from opioid maker, Purdue Pharma, as part of its bankruptcy restructuring plan. In court filings, 49 states plus Washington DC accuse the OxyContin- maker of fueling America's opioid epidemic that's killed around 450-thousand people since 1999. Last year, Purdue filed for bankruptcy to halt more than 2-thousand lawsuits.
Norway's wealth fund reports 13.1% return in Q2 Norway's 1-trillion dollar oil fund has reported its second-best quarter in its history.. with a 13.1-percent return in the three months to the end of June. The result was driven by a rebound in global stock markets. It marks a sharp turnaround for the world's largest sovereign wealth fund.. which lost 21-billion- dollars in the first half of the year.
Walmart reports upbeat Q2 earnings as online sales surge Walmart has reported better-than-expected second-quarter results as online sales nearly doubled during the pandemic. Net profit at the world's largest retailer came in at 6-and- a-half billion dollars, marking a jump of 80-per cent from a year ago. US same-store sales also rose around 10-percent as shoppers spent their coronavirus stimulus checks.
Turkey's residential property sales hit record high in July Turkey's property sales more than doubled in July to reach a record high of nearly 230-thousand units. That follows a 210-percent jump the previous month, after public lenders began offering loans at low rates to ease the economic fallout from the pandemic. Istanbul took the lion's share of property sales with 40-thousand units, followed by Ankara and Izmir.
Sanofi to buy Principia Biopharma for $3.7B Sanofi has agreed to buy US biotech firm, Principia Biopharma, for around 3-point-7 billion dollars. The French drugmaker says it will offer 100-dollars per share to Principia's shareholders, representing a premium of 10-percent on its closing price on Friday. The acquisition is part of Sanofi's efforts to focus on specialty therapies for rare diseases
China's JD.com reports rise in Q2 profits as lockdowns eased JD.com has reported better than expected second-quarter results as the pandemic pushed more shoppers online. Revenue at China's second largest e-commerce firm rose 34-percent from a year ago to 29-billion-dollars. Meanwhile, JD's health unit raised around 850-million- dollars from investment firm, Hillhouse, to strengthen its pharmacy supply chain.
Turkey's current account balance shows $2.9B deficit Turkey's imports exceeded exports for a seventh consecutive month as the coronavirus pandemic bears down on overseas orders. The June deficit came in at 2-point-9 billion- dollars, fueled by purchases of energy and gold. Meanwhile, industrial production jumped nearly 18 percent from the previous month, driven by improvements in all manufacturing sectors.
Hong Kong's economy contracts 9% in second quarter Hong Kong's economy shrank for the fourth straight quarter as the coronavirus pandemic and anti-Beijing protests continue to hurt businesses. Gross domestic product dropped nine percent from a year ago in the second quarter, following a similar contraction over the previous three months. The government's also revised its full-year GDP forecast to a contraction of 6 to 8 percent.
Amazon launches online pharmacy in India Amazon has launched an online pharmacy in India as part of its $1 billion plan to expansion plan for the country. Amazon Pharmacy will offer both over-the-counter and prescription-based drugs as well as basic healthcare devices. In May, the US e-commerce giant also launched its food delivery business Amazon Food in the South Asian country.
US consumer prices rise more than expected in July US inflation increased more than expected in July, driven by rising car and apparel costs. The consumer price index picked-up 0-point-6 percent from the previous month, taking the annual inflation rate to 1.6%. The rise in inflation is expected to continue in the coming months as the Federal Reserve pumps more money into the economy.
Eurozone factory output up 9.1% in June Growth in the eurozone's industrial output slowed to 9-point-1 percent in June, after accelerating by 12-point-3 percent in the previous month. Analysts had expected manufacturing to grow by 10-percent. Demand for energy and non-durable goods remains sluggish.. while investments by factories into machinery has picked-up pace, rising more than 20-percent in June.
Tencent reports 37% rise in Q2 net profit to $4.7B China's Tencent has reported a 37-percent jump in second-quarter net profit to 4-point-7 billion dollars. Online gaming boosted overall revenue, with demand soaring as coronavirus lockdowns forced people to stay at home. The report comes after US President Donald Trump signed an executive order last week that prohibits any transaction related to Tencent's popular messaging app, WeChat.
China car sales rise for fourth straight month in July Car sales in China rose for a fourth straight month in July as the world's biggest auto market recovers from the lows it hit during coronavirus lockdowns. Sales rose 16-percent from a year ago to 2-point-1 million vehicles, driven by commercial car purchases. The recent boom in sales followed an 80-percent plunge in February and a 43-percent fall in March.
Next Digital shares jump 300% after Jimmy Lai's arrest Shares in the Hong Kong media group, Next Digital, have jumped more than a-thousand percent after the arrest of its owner, Jimmy Lai. That's as anti-Beijing activists rushed to buy stock in the company, in a display of solidarity with the tycoon who's been critical of China. Lai was arrested on charges including colluding with foreign forces under Beijing's new security law for Hong Kong.
India's aviation regulator suspends two AirAsia executives India's air safety watchdog has suspended two senior executives at AirAsia's local affiliate for three months. The suspension comes weeks after former pilot Gaurav Taneja posted a 27 minute video on YouTube, alleging certain safety and personnel issues at the discount airline. The video has been viewed more than 6 million times.
Turkcell signs $590M loan deal with China Development Bank Turkey's leading mobile phone operator, Turkcell, has signed a 590-million- dollar long-term loan deal with China Development Bank. The company said the eight-year maturity loan will fund its investments in infrastructure over the next three years. The loan will be repaid in the five years following a three-year grace period.
McDonald's sues ousted CEO Steve Easterbrook McDonald's is suing its former chief executive Steve Easterbrook to recover tens of millions of dollars in severance pay after discovering evidence he had sexual relationships with multiple employees. The fast-food chain says he tried to cover them-up and arranged for one woman to get a lucrative stock award. Easterbrook was fired last year for having a relationship with an employee.
Norges Bank faces criticism over oil fund appointment The watchdog overseeing Norway's central bank says there are still conflicts of interest surrounding the new CEO of the country's 1-point-1 trillion-dollar wealth fund. Norges Bank appointed hedge fund veteran Nicolai Tangen to the post in March. but Tangen has been allowed to keep a controlling stake in his fund, AKO Capital.
China's exports rise sharply in July, imports fall slightly Chinese exports rose sharply in July as global demand continued recovering as lockdowns were lifted. Shipments abroad increased by 7-point-2 percent from a year ago, while imports were down around 1-and-a half percent. As a result, China's trade surplus widened to 62-point-3 billion dollars, up from 46-point-4 billion dollars in June.
Malaysia's ex-finance minister charged with corruption Malaysia's former finance minister, Lim Guan Eng, has been charged with corruption over a 1-point-5 billion dollar construction project. He allegedly asked for a bribe to appoint a company to manage an undersea tunnel project when he was the chief minister of Penang in 2011. Lim has denied any wrongdoing and says the charge is politically motivated.
Uber reports net loss of $1.8B in second quarter Uber has lost more money than expected in the second quarter as the pandemic hammered demand for its services. The ride-hailing company has reported a net loss of 1-point-8 billion dollars, driven by a 75 percent plunge in bookings. The fall has been partly offset by a boom in Uber's food delivery business, which saw orders more than double during the period.
Toyota reports surprise profit despite sales plunge Toyota has reported a surprise quarterly profit of 131-million- dollars, despite a global auto sales slump due to the pandemic. That marks a 98-percent plunge in operating profit in the April to June quarter. But it still beat analysts' expectations thanks to a strong recovery in China. Rivals Volkswagen, General Motors and Renault all suffered steep losses during the same period.
Germany charges Audi executives over 'dieselgate' Three former board members and a senior executive at Audi have been charged in connection with the 'dieselgate' scandal. German prosecutors say the four are accused of fraud, indirect false certification and criminal advertising. Last year, former chief executive Rupert Stadler was also charged with fraud for his involvement in the emissions-cheating scandal.
TikTok to open $500M data centre in Ireland Popular video-sharing app, TikTok, is planning to open its first European data centre in Ireland worth around 500-million- dollars. The Chinese-owned firm says the centre will speed-up loading times and safely store European user data. The announcement comes at a time when President Donald Trump has threatened to ban TikTok's operations in the US over security concerns.
US seeks $18.1B from opioid-maker Purdue Pharma The US Justice Department is seeking as much as 18-point-1 billion dollars from opioid maker, Purdue Pharma, as part of its bankruptcy restructuring plan. The payout would settle criminal and civil investigations into the OxyContin maker over its role in fueling the US opioid epidemic. Last year, the company filed for bankruptcy protection to halt more than 2-thousand lawsuits.
Virgin Atlantic files for bankruptcy protection in the US Virgin Atlantic has filed for bankruptcy protection in the United States, as it looks to survive the coronavirus crisis. The deal will shield the airline's assets in the country while it seeks approval from creditors for its 1-and- a-half billion dollar rescue plan. Meanwhile, sister company, Virgin Australia will lay off a-third of its workforce in a bid to reduce costs.
BMW, Honda report quarterly losses as pandemic hits sales Carmakers BMW and Honda swung to losses in the April-June quarter as the pandemic hammered vehicle sales. Germany's BMW booked a net loss of 250-million- dollars in the period, compared to a profit of 1-point-7 billion dollars a year ago. The Japanese automaker, Honda, reported a net loss of 765-million- dollars, marking its biggest quarterly loss in a decade.
Turkey's annual inflation falls to 11.76% in July Turkey's inflation slowed more than expected in July following two consecutive months of increases, thanks to falling food and clothing prices. The annual inflation rate fell to 11-point-76 percent last month, from 12-point-62 percent in June. Meanwhile, manufacturing activity in July jumped to its highest level in nine years after the country eased coronavirus restrictions.
Argentina agrees with creditors to restructure $65B debt Argentina has reached a deal with its biggest creditors to restructure 65-billion- dollars of sovereign debt. Latin America's third-largest economy has been in default since May when it missed a deadline to pay 500-million- dollars in interest on its already delayed bond debt. If approved, the agreement means Argentina can avoid being of excluded from capital markets.
BP halves dividend after record Q2 loss BP has halved its shareholder payout for the second quarter after reporting a record 6-point-7 billion dollar loss. That was largely due to the energy major writing down the value of its assets on expectations of lower commodity prices. The energy sector has been struggling with lower demand in oil, sparked by government measures to curb the spread of the pandemic.
7-Eleven owner to buy US petrol station chain for $21B The owner of the Japanese retail giant, 7-Eleven, is buying the US petrol station chain, Speedway, for 21-billion- dollars. The deal will add 4-thousand outlets to the grocery chain's existing 9-thousand- 800 shops in the US and Canada. 7-Eleven's profits fell 73-percent in the second quarter compared to last year becuase of the pandemic.
HSBC's first-half profit plunges 65% to $4.3B on bad loans Profits at Europe's biggest bank, HSBC, plummeted 65-percent to 4.3-billion- dollars in the January to June period compared to last year. The lender has had to ease repayment terms on 27-billion- dollars' worth of loans. It's also setting aside 13-billion- dollars for bad loans, as a rising number of its clients suffer during the outbreak.
US department store Lord & Taylor files for bankruptcy And one of America's oldest department stores, Lord & Taylor, is filing for bankruptcy. Its iconic flagship store on New York's FIfth Avenue was auctioned-off last year. Now its French owner, Le Tote, is looking for a buyer for the remaining 37-outlets. Meanwhile, Texas-based Tailored Brands is also restructuring nearly 700-million- dollars in debt.