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June 19th, 2018 - Biz in 60

6/19/2018
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ZTE shares drop 25% after US senate blocks deal Shares in Chinese telecoms equipment maker ZTE tumbled as much as 25 percent. That's after the US Senate blocked President Donald Trump's deal with the company. The Trump administration lifted sanctions on ZTE earlier this month, in exchange for a fine of more than 1 billion dollars and other punishments. Australian court fines Apple $6.7M An Australian court has fined Apple 6-point-7 million dollars for refusing to offer free repairs to its...

Duration:00:01:12

June 18th, 2018 - Biz in 60

6/18/2018
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Audi CEO arrested over diesel emissions scandal The head of Volkswagen's luxury arm Audi has been arrested in connection with VW's diesel emissions scandal. Munich prosecutors said Rupert Stadler was being detained due to fears he might obstruct the ongoing investigation. His private apartment was raided by prosecutors last week. Google to invest $550M in China's JD.com Google is investing 550 million dollars in China's second-largest e-commerce platform, jd-dot-com. The two companies said...

Duration:00:01:12

June 15th, 2018 - Biz in 60

6/15/2018
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Bank of Japan keeps monetary policy steady The Bank of Japan has maintained its short-term interest rate at minus 0-point-1 percent. It's a sign of divergence from both the US and Europe, which have both moved to tighten monetary policy this week. Didi to launch ride-hailing app in Australia China's largest ride-hailing group Didi is continuing its international expansion with a plan to launch in Australia this month. The move will again put Didi in direct competition with its rival Uber....

Duration:00:01:08

June 11th, 2018 - Biz in 60

6/11/2018
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German prosecutors raid Audi CEO Stadler's home German prosecutors have raided the home of Audi chief executive Rupert Stadler. It was part of a probe into his alleged involvement in the dieselgate scandal. Almost three years after parent company Volkswagen admitted to falsifying US diesel emissions tests, the Munich prosecutor's office says it is now investigating 20 suspects. Stadler has denied any involvement in the scandal. Indian billionaire reportedly seeks UK asylum Media reports...

Duration:00:01:12

June 8th, 2018-Biz in 60

6/8/2018
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China's trade surplus narrows to $24.9B China's trade surplus narrowed to almost $25 billion in May as imports rose, but its gap with the United States widened. Trade tensions between the world's two largest economies have escalated after they've both threatened to slap tariffs worth tens of billions of dollars on each other. UK markets regulator to loosen listing rules In a bid to attract companies like Saudi Aramco, the UK's financial markets regulator is loosening its listing rules for...

Duration:00:01:04

June 7th, 2018-Biz in 60

6/7/2018
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US reaches deal with China's ZTE The US has reached a deal with China's ZTE that would lift a ban on buying parts from US suppliers. This will allow China's number 2 telecommunications equipment maker to get back into business. Under the deal, ZTE will pay a one billion dollar fine, and will change its board and management within thirty days. The company will also retain a US-selected compliance team. UK publishes Irish border backstop proposal The British government has published its...

Duration:00:01:12

June 6th, 2018-Biz in 60

6/6/2018
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US trade deficit falls to 7-month low in April The US trade deficit fell to a seven-month low of 46-point-2 billion dollars in April. That's as exports rose to a record 211-point-2 billion dollars, lifted by an increase in industrial materials and soybeans shipments. Its trade deficit with China, however, widened more than 8 percent to 28 billion dollars. China arrests 245 scrap steel smugglers Chinese authorities have arrested 245 suspects as part of a probe into a scrap steel smuggling...

Duration:00:01:11

June 5th, 2018-Biz in 60

6/5/2018
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UK cabinet approves Heathrow third runway plan The UK cabinet has approved a controversial 18-point-6 billion dollar plan to build a third runway at Heathrow Airport. However, a proposal from a group of airlines led by British Airways to build it, was rejected by ministers. Parliament will vote on the new runway within the next three weeks. South Africa's economy shrinks 2.2% in Q1 South Africa's economy shrank by 2-point-2 percent in the first quarter after growth of 3-point-1 percent in...

Duration:00:01:11

June 4th, 2018-Biz in 60

6/4/2018
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Turkey's inflation climbs to 12.15% in May Turkey's annual inflation rate rose to 12.15-percent in May, up from 10.85 percent in April. A sharp drop in the Lira and higher oil prices drove-up the cost of consumer goods. Transportation costs soared the highest, with a 20-percent rise.. followed by furnishing and household equipment, which jumped nearly 17-percent. CBA pays $534M to settle money-laundering case The Commonwealth Bank of Australia has agreed to pay a record penalty of...

Duration:00:01:12

June 1st, 2018 - Biz in 60

6/1/2018
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S&P downgrades Deutsche Bank credit rating Standard and Poor's has downgraded Deutsche Bank over its restructuring plans. The agency lowered its credit rating from A-minus to triple-B-plus after the German lender said last week it would cut more than 7-thousand jobs. The downgrade follows a Wall Street Journal report on Thursday saying US regulators considered the bank in a 'troubled condition' last year. Fiat Chrysler to invest $10.5B in electric cars Fiat Chrysler will invest 10 and a...

Duration:00:01:11

May 30th, 2018 - Biz in 60

6/1/2018
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Moody's cuts Turkey's growth forecast to 2.5% Moody's has slashed its growth forecast for Turkey, following a recent sell-off in the Lira. The rating agency says it now expects the economy to grow by 2-point-5 percent this year and 2 percent in 2019, down from 4 percent and 3-point-5 percent respectively. Meanwhile, the lira strengthened to a nearly two-week high against the dollar, after top economic officials met investors in London. Martin Sorrell plots comeback with new company Just...

Duration:00:01:10

May 29th, 2018 - Biz in 60

6/1/2018
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Alibaba sells medical assets to HK affiliate Alibaba Group is selling its medical assets to its Hong Kong-listed healthcare affiliate for 1-point-4 billion dollars. The businesses include its T-Mall online pharmacy. Alibaba Health will pay for the assets in new shares, giving Alibaba Group a controling stake. JAB Holdings buys Pret A Manger for $2B Luxembourg-based investment firm JAB Holdings has agreed to buy British sandwich chain Pret a Manger. The Financial Times reported the value of...

Duration:00:01:11

May 25th, 2018 - Biz in 60

5/25/2018
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Fiat Chrysler recalls 4.8M vehicles in the US Fiat Chrysler has recalled 4-point-8 million vehicles in the US for a defect that could prevent drivers from disengaging cruise control. The recall involves various models built from 2014. The Italian-American carmaker urged owners not to use the function until their vehicles have been inspected. Oleg Deripaska resigns from Rusal board Russia's largest aluminum producer Rusal says its founder, Oleg Deripaska, has stepped down from his role as a...

Duration:00:01:10

May 24th, 2018 - Biz in 60

5/25/2018
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Central bank money used for 1MDB payments Malaysia's finance minister has confirmed reports that the central bank and sovereign wealth fund Khazanah were used to service the debts of 1-MDB. Lim said the two organisations paid the troubled state investment fund 1-point-75 billion dollars during the tenure of ousted Prime Minister Najib Razak. Deutsche Bank to cut more than 7,000 jobs Deutsche Bank has said it plans to cut at least seven thousand jobs to well below 90-thousand staff....

Duration:00:01:11

May 23rd, 2018 - Biz in 60

5/24/2018
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Turkish lira hits fresh low against dollar The Turkish lira fell as much as five percent to a record low of 4.92 to the dollar before recovering slightly to 4.86. Since the beginning of this year, the Turkish currency has weakened more than 20 percent. Last month, Turkish Central Bank increased interest rates by 75 basis points. It's due to hold its next rate-setting meeting on June 7th. Malaysia to cut national debt of 65% of GDP Malaysia's new Prime Minister Mahathir Mohamad says the...

Duration:00:01:08

May 18th, 2018 - Biz in 60

5/22/2018
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Italian bonds hit seven-month lows Italian 10-year bonds have hit their weakest level in seven months as the country's populist parties agreed to form government. Two parties published their joint government program, promising a major spending spree that will likely put the country on a collision course with the European Union. Italian stocks fell for the third day in a row. Richemont annual profit hit by watch buybacks Swiss luxury goods maker Richemont has reported a 1 percent rise in...

Duration:00:01:10

May 22nd, 2018 - Biz in 60

5/22/2018
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US and China near deal to remove ZTE ban Media reports say Washington and Beijing are near an agreement to the lifting of a ban on US component sales to Chinese telecoms giant ZTE. The sanctions imposed by the Trump administration in April raised doubts about whether ZTE would survive. Meanwhile, China says it will cut import tariffs on cars from 25 percent to 15 percent from July 1st. EU approves free-trade talks with Australia, NZ The EU has given the green light for talks on a free...

Duration:00:01:08

May 21st, 2018 - Biz in 60

5/21/2018
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GE merges transportation unit with Wabtec General Electric has agreed to merge its century-old locomotive business with US rail equipment maker Wabtec in a deal valued at 11-point-1 billion dollars. GE will receive 2-point-9 billion dollars up-front in cash, and its shareholders will take a 50-point-1 percent stake in the combined company. Third round of Australia banking inquiry begins Australia's top four lenders have admitted to misconduct in the latest round of public hearings. The...

Duration:00:01:08

BIZ BIZ60 SOT 1730 17 TRT01FSV

5/17/2018
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Today’s BIZ IN 60 Walmart Q1 sales boosted by e-commerce Walmart has reported better than expected first quarter results. Total sales for the period rose 4-point-4 percent to more than 122 billion dollars as US online sales grew 33 percent. The company expects its recent investment in Indian e-commerce company Flipkart to hurt fiscal year 2019 earnings per share by 25 cents to 30 cents if the deal closes at the end of the second quarter. Franklin Templeton buys $2.25B Argentine bonds...

Duration:00:01:11

BIZ BIZ60 SOT2 1730 16 TRT01FKS

5/17/2018
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Turkey's industrial production rises 9.8% in Q1 Turkey's industrial production rose 9-point-8 percent in the first quarter of 2018, and 7-point-6 percent in March year-on-year. Industrial output is seen as a preliminary gauge for GDP figures. Growth in mining and quarrying were the main factors behind the rise. Tencent Q1 profit jumps 61% to $3.66B Chinese internet giant Tencent has reported better-than-expected first quarter results. Net profit at Asia's second-most valuable listed...

Duration:00:01:11