Business and financial news of the day from around the world in 60 seconds from TRT World.
October 28, 2020 Biz in 60
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.
October 27 , 2020 - Biz in 60
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.
October 26 , 2020 - Biz in 60
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.
October 23 , 2020 Biz in 60
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.
October 22, 2020 Biz in 60
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.
October 21, 2020 - Biz in 60
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.