145 episodes

Business and financial news of the day from around the world in 60 seconds from TRT World.

Business in 60 Seconds TRT World

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Business and financial news of the day from around the world in 60 seconds from TRT World.

    August 12, 2020 -Biz in 60

    August 12, 2020 -Biz in 60

    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.

    • 1 min
    August 11 , 2020 - Biz in 60

    August 11 , 2020 - Biz in 60

    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.

    • 1 min
    August 10, 2020 - Biz in 60

    August 10, 2020 - Biz in 60

    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.

    • 1 min
    August 07, 2020 - Biz in 60

    August 07, 2020 - Biz in 60

    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.

    • 1 min
    August 06, 2020 - Biz in 60

    August 06, 2020 - Biz in 60

    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.

    • 1 min
    August 05, 2020 - Biz in 60

    August 05, 2020 - Biz in 60

    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.

    • 1 min

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