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Episodes

October 19th, 2018 - Biz in 60

10/19/2018
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Lippo Group raided in probe over $21B project Indonesia's anti-corruption agency, KPK, has raided 10 locations, including the home of Lippo Group's deputy chairman, James Riady. The raids are part of a bribery probe into the conglomerate's 21-billion dollar Meikarta development project. Earlier this week, KPK arrested two Lippo Group consultants and an employee accused of trying to pay-off city officials to obtain property permits. Acacia Mining threatens to sue Tanzania govt Acacia Mining...

Duration:00:01:12

October 18th, 2018 - Biz in 60

10/19/2018
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HSBC reportedly gears up for China listing HSBC is reportedly on track to become the first foreign company to list its shares in China. According to the Financial Times, Europe's largest bank is planning an IPO through the upcoming Shanghai-London trading link. The link is expected to come online by the end of the year, and is part of China's attempts to open-up its stock market to foreign investors. Careem raises $200M from existing investors Ride-hailing app, Careem, has secured...

Duration:00:01:10

October 17th, 2018 - Biz in 60

10/18/2018
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IMF chief Lagarde skips Saudi investment event IMF Managing Director Christine Lagarde is the latest leading business figure to pull-out of Saudi meetings following the disappearance of journalist Jamal Kashoggi. Lagarde was scheduled to fly to Riyadh for an investment conference this month, but postponed her visit without giving a reason. Danish regulators block Danske Bank's CEO pick Danske Bank has had to ditch its choice of CEO. Danish regulators say the lender needs a more experienced...

Duration:00:01:12

October 16th, 2018 - Biz in 60

10/16/2018
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Goldman Sachs posts 19% rise in Q3 net income Goldman Sachs has reported better-than-expected third-quarter results. Net income at the US bank rose 19-percent to top two-and-a-half billion dollars, driven by its equities trading and investment banking businesses. Meanwhile, Morgan Stanley has also posted positive results on the back of higher bond trading revenue. Reports: Uber valuation could top $120B in IPO Ride-hailing app, Uber could be valued at 120-billion dollars in an initial public...

Duration:00:01:12

October 15th, 2018 - Biz in 60

10/15/2018
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US retail sales miss forecast in September US retail sales rose less than expected in September, marking the second disappointing month in a row. The value of overall sales rose 0-point-1 percent, as a rebound in auto purchases was offset by the biggest drop in spending at restaurants and bars in nearly two years. Economists had forecast retail sales increasing 0-point-6 percent. North, South Korea to reconnect roads, railways North and South Korea have agreed to reconnect rail and road...

Duration:00:01:08

October 10th, 2018 - Biz in 60

10/10/2018
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Sears shares plunge on bankruptcy fears Shares in Sears plunged by more than a third after a report said the struggling US retailer is preparing to file for a bankruptcy protection as soon as this weekend. The Wall Street Journal is reporting the company has hired advisers to help with the proceedings, as it faces 134-million dollars of debt maturing next Monday. Sears was the world's largest retailer back in the 1960s. UK economy grows 0.7% in three months to August The UK economy continued...

Duration:00:01:10

October 9th, 2018 - Biz in 60

10/9/2018
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Rupee plunges as Pakistan seeks IMF bailout The Pakistani rupee has plunged about seven-percent in an apparent central bank devaluation. That comes a day after the country's finance minister confirmed that Pakistan will ask the IMF for its 13th bailout. Foreign currency reserves dropped to 8-point-4 billion dollars in late September, barely enough to cover import payments until the end of the year. Germany's trade surplus jumps to $21B in August Germany's trade surplus jumped 15-percent to...

Duration:00:01:11

October 8th, 2018 - Biz in 60

10/9/2018
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Turkey implements import quotas on steel Turkey is planning to implement import quotas to protect its domestic steel industry. In a filing to the World Trade Organisation, Turkey says it will put limits on the amount of steel it imports starting from next Wednesday, with an additional 25-percent duty levied on any imports above the quotas. In August, the Trump administration doubled tariffs on Turkish steel and aluminum. MGM to create content for Walmart's Vudu Walmart is teaming-up with...

Duration:00:01:12

October 5th, 2018 - Biz in 60

10/5/2018
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US unemployment falls to 49-year low in Sept The US added 134-thousand non-farm jobs in September. The figure was far below expectations. Analysts say Hurricane Florence forced many restaurants and bars to stop hiring during the month. But, that still brought the unemployment rate down to 3-point-7 percent, the lowest level since December 1969. Meanwhile, average hourly earnings rose 2-point-8 percent year-on-year, in line with expectations. Unilever scraps plan to move HQ from London...

Duration:00:01:09

October 4th, 2018-Biz in 60

10/5/2018
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Comcast secures over 75% of Sky shares Comcast says it's secured over 75 percent of the shares of British media giant, Sky. The announcement comes days after the US cable operator borrowed 27 billion dollars to buy 39 percent of Sky shares. Last month, Comcast beat Rupert Murdoch's Fox in a rare weekend auction held by UK regulators to decide who would get to buy Sky. Amazon cuts bonuses as minimum wage rises Amazon has ended its bonus and stock incentive programmes for warehouse and...

Duration:00:01:12

October 3rd, 2018-Biz in 60

10/3/2018
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Wife of former Malaysian PM arrested The wife of former Malaysian Prime Minister Najib Razak, has been arrested by the country's anti-graft agency. Rosmah Mansor was arrested after three rounds of questioning as part of the corruption probe into the debt-laden state fund 1MDB. In a statement, the agency said Rosmah will face several corruption charges on Thursday. Aston Martin shares tumble on debut Shares in Aston Martin fell as much as 7-and-a-half percent on their UK market debut. The...

Duration:00:01:11

October 2nd, 2018-Biz in 60

10/2/2018
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Amazon lifts minimum wage to $15 for US workers Amazon is raising its minimum wage for all US and UK employees. The world's largest retailer and its CEO Jeff Bezos have faced criticisms over low pay. In the US, from November 1st all Amazon employees and seasonal workers will earn at least 15 dollars an hour, more than double the national minimum wage. Amazon staff in the UK will make at least 12-dollars-30 cents. Shell signs $31B deal to develop LNG in Canada Royal Dutch Shell and its four...

Duration:00:01:12

October 1st, 2018-Biz in 60

10/1/2018
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GE shares soar after CEO Flannery replaced General Electric has sacked its chief executive John Flannery after just 14 months in the role. Flannery will be replaced by former Danaher CEO, Lawrence Culp. The board decided to act after realising the depth of problems within its power generation business.. announcing a 23-billion dollar non-cash charge for the struggling division. Tesla shares surge after SEC settlement Shares in Tesla surged more than 15-percent after Elon Musk settled charges...

Duration:00:01:12

September 28th, 2018-Biz in 60

9/28/2018
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Tesla shares plunge after US regulator lawsuit Shares in Tesla plunged 12-percent after the US Securities and Exchange Commission filed a lawsuit against founder and CEO Elon Musk for alleged fraud. He's being accused of misleading investors about plans to take the electric car-maker private. The SEC is also looking to bar him from leading the company. Musk says the allegations are 'unjustified'. Ryanair cancels 250 flights due to strikes Ryanair has been forced to cancel 250 flights,...

Duration:00:01:11

September 27th, 2018-Biz in 60

9/27/2018
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Petrobras hit with $853M corruption fine Brazil's Petrobras has agreed to pay an 853-million dollar fine to settle bribery probes in the US and Brazil. The scandal-hit state-run oil company will pay 80-percent of the penalty into a special fund in Brazil.. while the US Justice Department and Securities and Exchange Commission will divide the rest. Petrobras shares rose four-percent on the news. IMF increases Argentina bailout package to $57B The International Monetary Fund will lend an extra...

Duration:00:01:12

September 26th, 2018-Biz in 60

9/26/2018
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Fox to sell Sky stake to Comcast for $15B 21st Century Fox and Walt Disney have agreed to sell their shares in Sky to Comcast for more than 15 billion dollars. The sale would give the US cable operator full control of the British pay-TV company. Disney plans to use the money to create new content and reduce debt. Comcast beat Fox on Saturday in a rare weekend auction held by UK regulators to decide who would get to buy Sky. India's top court upholds validity of ID system India's Supreme...

Duration:00:01:10

September 25th, 2018-Biz in 60

9/25/2018
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Trump says OPEC is 'ripping off the world' US President Donald Trump has attacked oil producing countries as crude prices hit new four-year highs. Speaking at the UN General Assembly, Trump told world leaders that OPEC members are ripping off the rest of the world. His remark came just days after oil producers led by Saudi Arabia and Russia decided against an additional boost in output. Argentina's central bank governor resigns Argentina's central bank governor Luis Caputo has resigned just...

Duration:00:01:10

September 24th, 2018-Biz in 60

9/24/2018
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France unveils major tax cuts in 2019 budget The French government has unveiled nearly 30 billion dollars tax cuts for households and firms next year. The move comes as support for President Emanuel Macron's plans to revive the economy and create jobs is falling, along with his approval ratings. In its 2019 budget bill, the government has also confirmed that the public sector deficit was set to rise to 2-point-8 percent of GDP next year from 2-point-6 percent now. Barrick Gold, Randgold...

Duration:00:01:12

September 20th, 2018-Biz in 60

9/21/2018
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Alibaba abandons plans to create 1M jobs in US Alibaba founder and chairman Jack Ma says the Chinese e-commerce giant can no longer meet its promise to create 1 million jobs in the US. Ma says this is due to ongoing trade tensions between the world's two largest economies. He initially made the commitment during a high-profile meeting with US President Donald Trump in January 2017. London cab drivers seek to overturn Uber ruling London taxi drivers have launched a legal challenge to a court...

Duration:00:01:12

September 19th, 2018-Biz in 60

9/19/2018
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China pledges equal treatment for all investors Chinese Premier Li Keqiang has promised a series of pro-business reforms. They include tax cuts and equal treatment for foreign investors. The government is trying to boost confidence in the economy, which has been under pressure as trade tensions with Washington escalate. Amazon launches operations in Turkey Amazon has launched its operations in Turkey, marking its seventh European market. The world's largest online retailer is now offering...

Duration:00:01:08