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Business in 60 Seconds

Business & Economics Podcasts

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

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

Location:

United States

Description:

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

Twitter:

@trtworld

Language:

English


Episodes

October 29, 2020 Biz in 60

10/29/2020
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...

Duration:00:01:12

October 28, 2020 Biz in 60

10/28/2020
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...

Duration:00:01:10

October 27 , 2020 - Biz in 60

10/28/2020
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...

Duration:00:01:10

October 26 , 2020 - Biz in 60

10/27/2020
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...

Duration:00:01:08

October 23 , 2020 Biz in 60

10/26/2020
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...

Duration:00:01:12

October 22, 2020 Biz in 60

10/26/2020
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...

Duration:00:01:11

October 21, 2020 - Biz in 60

10/26/2020
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...

Duration:00:01:12

October 20, 2020-Biz in 60

10/20/2020
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...

Duration:00:01:10

October 19, 2020 - Biz in 60

10/19/2020
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...

Duration:00:01:12

October 16, 2020 - Biz in 60

10/17/2020
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...

Duration:00:01:12

October 14, 2020 - Biz in 60

10/14/2020
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...

Duration:00:01:12

October 13, 2020 - Biz in 60

10/14/2020
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...

Duration:00:01:08

October 12, 2020 - Biz in 60

10/12/2020
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...

Duration:00:01:08

October 8, 2020 - Biz in 60

10/8/2020
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...

Duration:00:01:10

October 7, 2020 Biz in 60

10/7/2020
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...

Duration:00:01:13

October 6, 2020 - Biz in 60

10/6/2020
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...

Duration:00:01:11

October 5, 2020 Biz in 60

10/5/2020
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...

Duration:00:01:11

October 2, 2020 - Biz in 60

10/2/2020
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...

Duration:00:01:12

October 1, 2020 - Biz in 60

10/1/2020
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...

Duration:00:01:11

September 30, 2020 - Biz in 60

9/30/2020
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...

Duration:00:01:12