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Business in 60 Seconds

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Episodes

November 22nd - Biz in 60

11/22/2017
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Uber admits covering up 2016 hack attack Uber says it paid 100-thousand dollars to hide a massive data breach last year. Hackers stole information including names, email addresses and mobile phone numbers from about 57 million accounts of the ride hailing service. CEO Dara Khosrowshahi says the discovery of the cover up has resulted in the firing of two employees. Hang Seng tops 30,000, hitting decade high Hong Kong's benchmark share index has closed above the 30-thousand mark for the first...

Duration: 00:01:15


November 21st - Biz in 60

11/22/2017
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US sues to block ATT, Time Warner merger The US Justice Department is suing telecoms giant AT&T to block its planned merger with Time Warner, the parent of CNN and HBO. The department says allowing the acquisition would lead to higher monthly bills for TV viewers. US President Donald Trump had criticised the deal, saying it would concentrate too much power in the hands of a small number of firms. Drugmaker Concordia accused of overcharging NHS The UK's competition authorities have accused...

Duration: 00:01:17


November 20th, 2017 - Biz in 60

11/20/2017
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Alibaba buys stake in Sun Art Retail for $2.9B Chinese e-commerce giant Alibaba is pushing further into the traditional retail market. It's paying 2-point-9 billion dollars for a 36 percent stake in Sun Art Retail, China's largest hypermarket chain. The deal involves forming an alliance with France's Auchan Retail. The group plans to take on Wal Mart as it expands through China. Xiaomi plans to invest $1B in Indian startups Chinese phone maker Xiaomi reportedly plans to invest up to one...

Duration: 00:01:24


November 17th, 2017 - Biz in 60

11/17/2017
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Turkey's Erdogan criticises high interest rate Turkish President Recep Tayyip Erdogan says investments in Turkey would come to a halt if interest rates remain high. Erdogan also said past efforts to lower interest rates led to inflation falling to single digits. The lira weakened to above 3-point-90 per US dollar following his comments. Malaysian economy at fastest pace in 3 years Malaysia's economy grew at its fastest pace in more than three years in the third quarter. GDP grew by 6-point-2...

Duration: 00:01:16


November 16th, 2017 - Biz in 60

11/16/2017
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Food, online sales boost Walmart's Q3 results Walmart's third quarter results have surged past Wall Street estimates, with its food and online divisions performing strongly. Sales at the US retail giant rose by 2-point-7 percent compared to the same period last year. That was its strongest growth in more than eight years. Earnings of one dollar per share also beat forecasts. UK retail sales fall for first time since 2013 But across the Atlantic, retailers aren't doing quite as well. Sales in...

Duration: 00:01:16


November 15th, 2017 - Biz in 60

11/15/2017
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Crude oil prices fall nearly 2% Crude oil prices fell almost two percent on forecasts of rising output in the US, and slowing global demand. The U-S government expects shale oil production to rise for a 12th consecutive month in December. Meanwhile, the International Energy Agency delivered a surprisingly gloomy outlook for oil demand, cutting its forecast by 100-thousand barrels per day for this year. Japan's economic growth slows to 1.4% in Q3 Japan's economic growth slowed in the third...

Duration: 00:01:16


November 14th, 2017 - Biz in 60

11/15/2017
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S&P says Venezuela defaulted on its debt Standard & Poor's says Venezuela has defaulted on coupon payments on bonds due in 2019 and 2024. S&P also warned there is a strong chance Venezuela would miss more payments within three months. President Nicolas Maduro met creditors for talks on restructuring Venezuela's 60-billion dollars in outstanding bonds, but failed to reach an agreement. Spotify to sell beauty products Music streaming service Spotify will start selling beauty products on its...

Duration: 00:01:18


November 13th, 2017 - Biz in 60

11/13/2017
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Uber to sell $10B stake to Japan's Softbank The board of ride hailing app Uber has agreed to sell up to 10 billion dollars worth of shares to Japanese tech investor SoftBank. Uber's board has been divided for months over the sale. Venture capital firm Benchmark, a major early investor in Uber, has agreed to drop its lawsuit against former chief executive Travis Kalanick following the agreement. Emirates demands Airbus production guarantee Emirates Airlines has asked European plane maker...

Duration: 00:01:22


November 10th, 2017 - Biz in 60

11/10/2017
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Kobe Steel blames focus on profits for scandal Kobe Steel says a focus on profits led to its failure to adequately check the quality of its products. Japan's third biggest steelmaker admitted last month that workers had tampered with product specifications for at least a decade. That disclosure led automakers, plane manufacturers and others to carry out safety checks. Kobe Steel promised to reorganise its quality control systems. Hong Kong economy slows sharply in Q3 Hong Kong's economic...

Duration: 00:01:15


November 9th, 2017 - Biz in 60

11/10/2017
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UK government agrees $2B loan for Saudi Aramco The British government has agreed a two BILLION dollar loan guarantee for Saudi Aramco. It comes as London tries to persuade Aramco to list its shares on the London Stock Exchange,described as the biggest ever IPO. A UK finance ministry spokesman said the credit guarantees were NOT part of the attempt to secure the IPO. EU cuts UK growth forecast as eurozone grows The EU says the UK is set to have the lowest growth of any EU country when it...

Duration: 00:01:15


November 8th, 2017 - Biz in 60

11/8/2017
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Turkey industrial output up 10.4% in September Turkish industrial output surged 10-point-4 percent in the year to end-September. Industry minister Faruk Ozlu said the figure suggests GDP growth for the full year may be higher than the government's forecast. President Recep Tayyip Erdogan has said the economy is likely to grow by six percent this year. Deutsche Bank CEO hints thousands of job cuts The chief executive of Deutsche Bank is reportedly planning on shedding thousands of jobs. In...

Duration: 00:01:16


November 7th, 2017 - Biz in 60

11/7/2017
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UK retail sales grow 0.2% in year to October Sales in the UK of non-food items including clothing grew by 0-point-2 percent in the year to October. That was the slowest rate since the British Retail Consortium began keeping records in 2012. Meanwhile the Halifax building society said house prices grew by 2-point-3 percent in the three months to October, but confidence sank to a five year low. South Korean prosecutors raid Woori Bank South Korean prosecutors have raided the headquarters of...

Duration: 00:01:15


November 6th, 2017 - Biz in 60

11/6/2017
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President Trump accuses Japan of unfair trade US President Donald Trump has accused Japan of engaging in unfair trade practices. His comments sent the yen to an eight-month low against the dollar. Trump was in Toyko on the first leg of a trip through Asia. He complained that millions of Japanese cars are sold in the US, but virtually no American cars are sold in Japan. The US goods and services deficit with Japan was 55 billion dollars last year. Qatar Airways buys 9.6% of Cathay Pacific...

Duration: 00:01:23


November 3rd, 2017 - Biz in 60

11/3/2017
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US adds 261,000 jobs in October U-S employers added 261-thousand new jobs in October, the highest number in a year, but lower than analyst forecasts. The figure represents a sharp rebound from September, when two hurricanes hit the US. The unemployment rate fell to a 17-year low of 4-point-1 percent. But average hourly wages were flat. Turkey's inflation rate highest in nine years Turkey's consumer prices rose at their fastest rate in nine years in October, climbing 11-point-9 percent...

Duration: 00:01:15


November 2nd, 2017 - Biz in 60

11/3/2017
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Alibaba sales beat estimates in Q2 earnings Chinese e-commerce giant Alibaba has reported a 61 percent jump in revenue for the three months to the end of September. The result beat analysts' forecasts, and sent its share price sharply higher. Chief Executive Daniel Zhang said Alibaba's push into traditional brick-and-mortar outlets has helped it grow quickly. Emaar plans to raise $1.5B from an IPO Dubai-based property giant Emaar plans to raise up to 1-and-a-half billion dollars in the...

Duration: 00:01:23


October 27th, 2017 - Biz in 60

10/27/2017
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US economy grows 3% in Q3 despite hurricanes The US economy grew by three percent in the second quarter year on year, boosted by robust business investment. The expansion was faster than analyst forecasts, and marked the first time in three years the economy has exceeded three percent growth for two straight quarters. Subaru admits quality issues with its vehicles Subaru has become the latest Japanese manufacturer to report potential quality issues with its products. The carmaker is...

Duration: 00:01:15


October 26th, 2017 - Biz in 60

10/26/2017
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Deutsche Boerse CEO quits amid trading scandal Carsten Kengeter, the chief executive of Germany's stock exchange, has stepped down, days after a Frankfurt court refused a settlement with prosecutors over corruption allegations. Kengeter bought shares in Deutsche Boerse ahead of a failed merger with the London Stock Exchange Group. Kengeter and Deutsche Boerse say the allegations are unfounded. South Korean economy at fastest pace in 7 years South Korea's economy grew at its fastest rate in...

Duration: 00:01:13


October 24th, 2017 - Biz in 60

10/25/2017
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South Africa budget deficit at eight-year high South Africa's budget deficit has widened to 4.3 percent of GDP from 3.1 percent as its economy slows. The projected deficit is the highest in 8 years and comes ahead of political uncertainty surrounding the election of a new African National Congress party leader to succeed President Jacob Zuma. Despite emerging from recession in the second quarter, economic growth is estimated at just 0.7 percent this year. That is down from an earlier...

Duration: 00:01:19


October 24th, 2017 - Biz in 60

10/25/2017
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Indian government approves $100B road projects The Indian government has announced plans to create thousands of new jobs and stimulate its economy. It said it would spend 100 billion dollars on building 83-thousand kilometers of roads and highways to improve its infrastructure. And it plans to spend another 32 billion dollars over the next two years to reduce bad debt levels in its banks. Commerzbank seeks advice on possible takeover Germany's second largest lender, Commerzbank, has...

Duration: 00:01:15


October 23rd, 2017

10/23/2017
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Toshiba expects to post $1B net loss Embattled, Toshiba expects to post a ONE billion dollar net loss,,due to the tax impact of the sale of its memory chip business. Last month it agreed to sell its lucrative chip unit to a consortium led by private equity firm Bain Capital. Toshiba needs to sell the business to cover billions in losses incurred at its US nuclear unit. Spire rejects takeover bid from Mediclinic Spire Healthcare, one of the largest UK operators of private hospitals, has...

Duration: 00:01:23

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