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Business in 60 Seconds

TRT World

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Business in 60 Seconds
Business in 60 Seconds

Business in 60 Seconds

TRT World

7
Followers
7
Plays
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Business and financial news of the day from around the world in 60 seconds from TRT World.

Latest Episodes

September 18th, 2019 - Biz in 60

Britain intervenes in $5B takeover of Cobham The British government has launched an investigation into the takeover of UK defence company, Cobham, on national security grounds. Last month, shareholders approved the US private equity firm, Advent's, 5-billion dollar offer despite concerns raised by the founding family. Cobham is known for pioneering air-to-air fueling technology and is also supplies components for F-35 fighter jets. Turkey looks to boost manufacturing sector Turkey is looking to raise manufacturing as a share of the nation's GDP to 21 percent by 2023. That's up from around 16-percent over the past decade. Industry and technology minister, Mustafa Varank says the country wants manufacturing exports to hit 210-billion dollars. Turkey also wants R&D spending to reach 1.8-percent of GDP. Japan's exports slip for ninth month in August Japan's exports slipped for the ninth consecutive month in August as slowing global growth and trade tensions continued to weigh. The value of exports dropped 8-point-2 percent from a year ago, hit by shipments of auto parts and semiconductors. Imports also fell 12 percent for the month, resulting in a trade deficit of 1-point-2 billion dollars.

1 MIN1 days ago
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September 18th, 2019 - Biz in 60

September 17th, 2019 - Biz in 60

Lagarde wins EU approval to lead ECB Christine Lagarde has secured the backing of the European Parliament to become the next president of the European Central Bank. In July, the head of the International Monetary Fund was nominated to succeed Italian economist Mario Draghi. EU leaders will formally appoint Lagarde in October for an eight-year term. AB InBev seeks up to $4.8B in Hong Kong IPO AB InBev is planning to raise as much as 4-point-8 billion dollars from a revived listing of its Asian operation in Hong Kong. In July, the world's largest brewer tried to raise up to 9-point-8 billion dollars through the offering, but scrapped those plans due to market conditions. Meanwhile, office space provider, WeWork, has delayed its IPO over valuation concerns. Netflix acquires rights to stream Seinfeld Netflix has acquired the global streaming rights for the 90's hit sitcom, Seinfeld, following the loss of two other popular series. The Emmy-Award winning show will be available on the streaming service from 2021, when its contract with Hulu comes to an end. Netflix is poised to lose the popular comedies Friends and the Office to its rivals over the next two years.

1 MIN2 days ago
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September 17th, 2019 - Biz in 60

September 16th, 2019 - Biz in 60

Purdue Pharma files for bankruptcy protection Purdue Pharma, the drug company at the centre of the US opioid epidemic, has filed for bankruptcy. The move comes days after the OxyContin maker reached a tentative deal to resolve more than 2-thousand lawsuits.. which could be worth up to 12-billion dollars. The company hopes the bankruptcy process will fund payments to the defendants. Turkey's unemployment rate rises to 13% in June Turkey's unemployment rate stood at 13-percent in June, up from 10-point-2 percent in the same month last year. The jobless rate hit a decade high of nearly 15-percent in January, as economic activity slowed following last year's currency crisis. Under Turkey's new economic programme, the government has forecast unemployment will be at around 12-point-1 percent this year. General Motors workers go on strike in the US Tens of thousands of General Motors employees have gone on strike in what's the US car industry's first work stoppage in 12 years. United Auto Workers union called for industrial action after negotiations with the US carmaker over pay and working conditions broke down. Almost 50-thousand staff shut down 33 manufacturing plants across the US.

1 MIN3 days ago
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September 16th, 2019 - Biz in 60

September 12th, 2019 - Biz in 60

Google agrees to $1B settlement in France Google has reached a 550-million dollar settlement with French authorities over outstanding tax claims. The US internet giant has also agreed to pay 515-million dollars in additional taxes, bringing the total settlement to over 1-billion dollars. In 2015, France opened an investigation into Google to examine whether it failed to pay the necessary dues on its profits in the country. Cathay Pacific suspends flights, freezes hiring Cathay Pacific has suspended a number of short and long haul routes following the disruption caused by anti-government protests in Hong Kong. The move comes a day after the carrier reported an 11-point-3 percent fall in passenger numbers for August. Hong Kong's biggest airline has also ordered a hiring and spending freeze. Apple hits $1T valuation after iPhone launch Apple has once again reached a market capitalisation of one trillion dollars following its annual product launch event. The US tech giant unveiled its latest iPhones and watches, as well as brand new gaming and movie platforms. Apple first hit the 1-trillion-dollar mark in August 2018, but fell under the symbolic threshold after disappointing iPhone sales hit stock prices.

1 MIN1 weeks ago
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September 12th, 2019 - Biz in 60

September 11th, 2019 - Biz in 60

China issues tariff waivers on some US goods China has issued tariff exemptions on 16 US products as a goodwill gesture ahead of trade talks scheduled for next month. The products include anti-cancer drugs and lubricants, as well as animal feed ingredients, whey and fish meal. It's the first time Beijing has issued such waivers since the US-China trade war began last July. Prosus lists on Amsterdam Euronext exchange The South African media company, Naspers, which has a 31-percent stake in Tencent, is spinning-out its investment in the Chinese internet group via a listing on Amsterdam's stock exchange. The new company known as Prosus was worth 105-billion- dollars when it listed on Wednesday, making it the biggest consumer tech stock in Europe. Mexico to inject $5B into state oil firm Pemex Mexico is injecting 5-billion dollars into the state oil company, Pemex, as part of the government's efforts to strengthen its finances. Pemex will use the proceeds to reduce debt and avert a down...

1 MIN1 weeks ago
Comments
September 11th, 2019 - Biz in 60

September 10th, 2019 - Biz in 60

Commerzbank offices raided in fraud probe Prosecutors have raided the offices of Germany's Commerzbank as part of their investigations into a fraudulent share-trading scheme. The probe was launched in 2013 and has led to similar searches at other financial institutions including Deutsche Bank, Societe Generale and the Bank of New York Mellon. Boeing deliveries slump on 737 MAX grounding Boeing deliveries have plunged more than 40-percent to 276 planes in the first eight months of the year as its best-selling jets remain grounded. The US plane-maker hasn't received any new orders for its troubled 737 MAX jets since they were taken out of service by global regulators in March. Boeing expects to get the go-ahead from authorities by October to put the aircraft back in the air. SoftBank urges WeWork to postpone IPO WeWork's biggest investor, Softbank, has reportedly urged the office space provider to delay its initial public offering on concerns over its valuation. That's according to th...

1 MIN1 weeks ago
Comments
September 10th, 2019 - Biz in 60

September 7th, 2019 - Biz in 60

Commerzbank offices raided in fraud probe Prosecutors have raided the offices of Germany's Commerzbank as part of their investigations into a fraudulent share-trading scheme. The probe was launched in 2013 and has led to similar searches at other financial institutions including Deutsche Bank, Societe Generale and the Bank of New York Mellon. Boeing deliveries slump on 737 MAX grounding Boeing deliveries have plunged more than 40-percent to 276 planes in the first eight months of the year as its best-selling jets remain grounded. The US plane-maker hasn't received any new orders for its troubled 737 MAX jets since they were taken out of service by global regulators in March. Boeing expects to get the go-ahead from authorities by October to put the aircraft back in the air. SoftBank urges WeWork to postpone IPO WeWork's biggest investor, Softbank, has reportedly urged the office space provider to delay its initial public offering on concerns over its valuation. That's according to th...

1 MIN1 weeks ago
Comments
September 7th, 2019 - Biz in 60

September 6th, 2019 - Biz in 60

US reports weaker-than-expected jobs data The US economy added 130-thousand new jobs in August, falling short of expectations. Non-farm payrolls were boosted by 25-thousand temporary government workers to prepare for the 2020 Census. It follows a downwardly revised 159-thousand in July. Meanwhile unemployment held steady at 3.7 percent, remaining near its 50-year low. Alibaba buys e-commerce firm Koala in $2B deal Alibaba has agreed to buy e-commerce business, Kaola, from Chinese gaming company NetEase for two-billion dollars. The platform specializes in delivering luxury imported goods including clothes, electronics and sports accessories to domestic consumers. Alibaba is also investing 700-million dollars in NetEase's music streaming service as it takes on China's market leader Tencent. India's Sun Pharma to undergo forensic audit India's capital markets regulator has ordered a forensic audit of Sun Pharmaceuticals as part of an ongoing investigation on the back of a whistleblower...

1 MIN2 weeks ago
Comments
September 6th, 2019 - Biz in 60

September 5th, 2019 - Biz in 60

US businesses add 195,000 jobs in August The US private sector added 195-thousand jobs in August - the largest gain in four months. Economists had expected a growth of 148-thousand, following a downwardly revised 142-thousand in July. The biggest gains came in the services sector with 184-thousand new positions, driven mostly by education and health. German factory orders drop on trade uncertainty German factory orders fell 2.7 percent in July as the risk of a no-deal Brexit and an intensifying US-China trade war took a toll on Europe's largest economy. Domestic orders dropped half a percent while foreign orders slipped 4.2 percent from June. Germany's economy contracted in the second quarter and is expected to decline again- putting it in a technical recession. Apple to issue $7B in corporate bonds Apple is looking to raise 7-billion dollars through a sale of bonds. It's the first time the tech giant plans to borrow in the bond market since the US tax reform took effect early last ...

1 MIN2 weeks ago
Comments
September 5th, 2019 - Biz in 60

September 4th, 2019 - Biz in 60

US trade deficit narrows to $54B in July The US trade deficit dropped 2.7-percent in July to 54-billion dollars. The data comes as new tariffs on both US and Chinese goods took effect over the weekend. The gap with Beijing widened to 32.8 billion dollars, with imports jumping 6.4 percent. Meanwhile Washington announced sanctions on a network of Iranian entities and individuals it believes supplied oil to Syria. Greek economy grows 1.9% in Q2 on exports Greece's economy expanded by 1.9 percent year-on-year in the second quarter as government spending and exports grew. That's compared to the 1.1-percent growth in the previous period. Greece emerged from a decade of bailouts last year and is relying on financial markets to cover borrowing needs. The EU Commission expects the Greek economy to expand 2.2 percent this year. M&S to drop out of FTSE 100 for first time British retailer Marks and Spencer is to be demoted from the FTSE 100 for the first time, as its value fell below the thresh...

1 MIN2 weeks ago
Comments
September 4th, 2019 - Biz in 60

Latest Episodes

September 18th, 2019 - Biz in 60

Britain intervenes in $5B takeover of Cobham The British government has launched an investigation into the takeover of UK defence company, Cobham, on national security grounds. Last month, shareholders approved the US private equity firm, Advent's, 5-billion dollar offer despite concerns raised by the founding family. Cobham is known for pioneering air-to-air fueling technology and is also supplies components for F-35 fighter jets. Turkey looks to boost manufacturing sector Turkey is looking to raise manufacturing as a share of the nation's GDP to 21 percent by 2023. That's up from around 16-percent over the past decade. Industry and technology minister, Mustafa Varank says the country wants manufacturing exports to hit 210-billion dollars. Turkey also wants R&D spending to reach 1.8-percent of GDP. Japan's exports slip for ninth month in August Japan's exports slipped for the ninth consecutive month in August as slowing global growth and trade tensions continued to weigh. The value of exports dropped 8-point-2 percent from a year ago, hit by shipments of auto parts and semiconductors. Imports also fell 12 percent for the month, resulting in a trade deficit of 1-point-2 billion dollars.

1 MIN1 days ago
Comments
September 18th, 2019 - Biz in 60

September 17th, 2019 - Biz in 60

Lagarde wins EU approval to lead ECB Christine Lagarde has secured the backing of the European Parliament to become the next president of the European Central Bank. In July, the head of the International Monetary Fund was nominated to succeed Italian economist Mario Draghi. EU leaders will formally appoint Lagarde in October for an eight-year term. AB InBev seeks up to $4.8B in Hong Kong IPO AB InBev is planning to raise as much as 4-point-8 billion dollars from a revived listing of its Asian operation in Hong Kong. In July, the world's largest brewer tried to raise up to 9-point-8 billion dollars through the offering, but scrapped those plans due to market conditions. Meanwhile, office space provider, WeWork, has delayed its IPO over valuation concerns. Netflix acquires rights to stream Seinfeld Netflix has acquired the global streaming rights for the 90's hit sitcom, Seinfeld, following the loss of two other popular series. The Emmy-Award winning show will be available on the streaming service from 2021, when its contract with Hulu comes to an end. Netflix is poised to lose the popular comedies Friends and the Office to its rivals over the next two years.

1 MIN2 days ago
Comments
September 17th, 2019 - Biz in 60

September 16th, 2019 - Biz in 60

Purdue Pharma files for bankruptcy protection Purdue Pharma, the drug company at the centre of the US opioid epidemic, has filed for bankruptcy. The move comes days after the OxyContin maker reached a tentative deal to resolve more than 2-thousand lawsuits.. which could be worth up to 12-billion dollars. The company hopes the bankruptcy process will fund payments to the defendants. Turkey's unemployment rate rises to 13% in June Turkey's unemployment rate stood at 13-percent in June, up from 10-point-2 percent in the same month last year. The jobless rate hit a decade high of nearly 15-percent in January, as economic activity slowed following last year's currency crisis. Under Turkey's new economic programme, the government has forecast unemployment will be at around 12-point-1 percent this year. General Motors workers go on strike in the US Tens of thousands of General Motors employees have gone on strike in what's the US car industry's first work stoppage in 12 years. United Auto Workers union called for industrial action after negotiations with the US carmaker over pay and working conditions broke down. Almost 50-thousand staff shut down 33 manufacturing plants across the US.

1 MIN3 days ago
Comments
September 16th, 2019 - Biz in 60

September 12th, 2019 - Biz in 60

Google agrees to $1B settlement in France Google has reached a 550-million dollar settlement with French authorities over outstanding tax claims. The US internet giant has also agreed to pay 515-million dollars in additional taxes, bringing the total settlement to over 1-billion dollars. In 2015, France opened an investigation into Google to examine whether it failed to pay the necessary dues on its profits in the country. Cathay Pacific suspends flights, freezes hiring Cathay Pacific has suspended a number of short and long haul routes following the disruption caused by anti-government protests in Hong Kong. The move comes a day after the carrier reported an 11-point-3 percent fall in passenger numbers for August. Hong Kong's biggest airline has also ordered a hiring and spending freeze. Apple hits $1T valuation after iPhone launch Apple has once again reached a market capitalisation of one trillion dollars following its annual product launch event. The US tech giant unveiled its latest iPhones and watches, as well as brand new gaming and movie platforms. Apple first hit the 1-trillion-dollar mark in August 2018, but fell under the symbolic threshold after disappointing iPhone sales hit stock prices.

1 MIN1 weeks ago
Comments
September 12th, 2019 - Biz in 60

September 11th, 2019 - Biz in 60

China issues tariff waivers on some US goods China has issued tariff exemptions on 16 US products as a goodwill gesture ahead of trade talks scheduled for next month. The products include anti-cancer drugs and lubricants, as well as animal feed ingredients, whey and fish meal. It's the first time Beijing has issued such waivers since the US-China trade war began last July. Prosus lists on Amsterdam Euronext exchange The South African media company, Naspers, which has a 31-percent stake in Tencent, is spinning-out its investment in the Chinese internet group via a listing on Amsterdam's stock exchange. The new company known as Prosus was worth 105-billion- dollars when it listed on Wednesday, making it the biggest consumer tech stock in Europe. Mexico to inject $5B into state oil firm Pemex Mexico is injecting 5-billion dollars into the state oil company, Pemex, as part of the government's efforts to strengthen its finances. Pemex will use the proceeds to reduce debt and avert a down...

1 MIN1 weeks ago
Comments
September 11th, 2019 - Biz in 60

September 10th, 2019 - Biz in 60

Commerzbank offices raided in fraud probe Prosecutors have raided the offices of Germany's Commerzbank as part of their investigations into a fraudulent share-trading scheme. The probe was launched in 2013 and has led to similar searches at other financial institutions including Deutsche Bank, Societe Generale and the Bank of New York Mellon. Boeing deliveries slump on 737 MAX grounding Boeing deliveries have plunged more than 40-percent to 276 planes in the first eight months of the year as its best-selling jets remain grounded. The US plane-maker hasn't received any new orders for its troubled 737 MAX jets since they were taken out of service by global regulators in March. Boeing expects to get the go-ahead from authorities by October to put the aircraft back in the air. SoftBank urges WeWork to postpone IPO WeWork's biggest investor, Softbank, has reportedly urged the office space provider to delay its initial public offering on concerns over its valuation. That's according to th...

1 MIN1 weeks ago
Comments
September 10th, 2019 - Biz in 60

September 7th, 2019 - Biz in 60

Commerzbank offices raided in fraud probe Prosecutors have raided the offices of Germany's Commerzbank as part of their investigations into a fraudulent share-trading scheme. The probe was launched in 2013 and has led to similar searches at other financial institutions including Deutsche Bank, Societe Generale and the Bank of New York Mellon. Boeing deliveries slump on 737 MAX grounding Boeing deliveries have plunged more than 40-percent to 276 planes in the first eight months of the year as its best-selling jets remain grounded. The US plane-maker hasn't received any new orders for its troubled 737 MAX jets since they were taken out of service by global regulators in March. Boeing expects to get the go-ahead from authorities by October to put the aircraft back in the air. SoftBank urges WeWork to postpone IPO WeWork's biggest investor, Softbank, has reportedly urged the office space provider to delay its initial public offering on concerns over its valuation. That's according to th...

1 MIN1 weeks ago
Comments
September 7th, 2019 - Biz in 60

September 6th, 2019 - Biz in 60

US reports weaker-than-expected jobs data The US economy added 130-thousand new jobs in August, falling short of expectations. Non-farm payrolls were boosted by 25-thousand temporary government workers to prepare for the 2020 Census. It follows a downwardly revised 159-thousand in July. Meanwhile unemployment held steady at 3.7 percent, remaining near its 50-year low. Alibaba buys e-commerce firm Koala in $2B deal Alibaba has agreed to buy e-commerce business, Kaola, from Chinese gaming company NetEase for two-billion dollars. The platform specializes in delivering luxury imported goods including clothes, electronics and sports accessories to domestic consumers. Alibaba is also investing 700-million dollars in NetEase's music streaming service as it takes on China's market leader Tencent. India's Sun Pharma to undergo forensic audit India's capital markets regulator has ordered a forensic audit of Sun Pharmaceuticals as part of an ongoing investigation on the back of a whistleblower...

1 MIN2 weeks ago
Comments
September 6th, 2019 - Biz in 60

September 5th, 2019 - Biz in 60

US businesses add 195,000 jobs in August The US private sector added 195-thousand jobs in August - the largest gain in four months. Economists had expected a growth of 148-thousand, following a downwardly revised 142-thousand in July. The biggest gains came in the services sector with 184-thousand new positions, driven mostly by education and health. German factory orders drop on trade uncertainty German factory orders fell 2.7 percent in July as the risk of a no-deal Brexit and an intensifying US-China trade war took a toll on Europe's largest economy. Domestic orders dropped half a percent while foreign orders slipped 4.2 percent from June. Germany's economy contracted in the second quarter and is expected to decline again- putting it in a technical recession. Apple to issue $7B in corporate bonds Apple is looking to raise 7-billion dollars through a sale of bonds. It's the first time the tech giant plans to borrow in the bond market since the US tax reform took effect early last ...

1 MIN2 weeks ago
Comments
September 5th, 2019 - Biz in 60

September 4th, 2019 - Biz in 60

US trade deficit narrows to $54B in July The US trade deficit dropped 2.7-percent in July to 54-billion dollars. The data comes as new tariffs on both US and Chinese goods took effect over the weekend. The gap with Beijing widened to 32.8 billion dollars, with imports jumping 6.4 percent. Meanwhile Washington announced sanctions on a network of Iranian entities and individuals it believes supplied oil to Syria. Greek economy grows 1.9% in Q2 on exports Greece's economy expanded by 1.9 percent year-on-year in the second quarter as government spending and exports grew. That's compared to the 1.1-percent growth in the previous period. Greece emerged from a decade of bailouts last year and is relying on financial markets to cover borrowing needs. The EU Commission expects the Greek economy to expand 2.2 percent this year. M&S to drop out of FTSE 100 for first time British retailer Marks and Spencer is to be demoted from the FTSE 100 for the first time, as its value fell below the thresh...

1 MIN2 weeks ago
Comments
September 4th, 2019 - Biz in 60