Business and financial news of the day from around the world in 60 seconds from TRT World.
Turkey arrests dozens in Thodex crypto exchange fraud probe Turkish authorities are seeking a so-called 'red notice' from Interpol that would help them track down and arrest the founder of one of the country's biggest cryptocurrency exchanges, Thodex. Faruk Fatih Ozer, who's said to have fled to Albania, abruptly stopped payments to its 390-thousand active users. Turkish police have detained 62 people in eight cities including Istanbul, where Thodex is based, while 16 others remain at large. UK retail sales jump in March before lockdown easing UK retail sales jumped more than expected in March - the last month before coronavirus restrictions were eased. The volume of overall sales rose by 5-point-4 percent last month, thanks to purchases at clothing and gardening stores. Sales were also 1-point-6 percent higher than in February last year, before the pandemic struck. Panasonic to buy US software firm Blue Yonder for $7.1B Panasonic has agreed to buy US supply-chain software company, Blue Yonder, for 7-point-1 billion dollars. The deal marks the Japanese electronics giant's largest acquisition in a decade, as it looks to tap growing demand for artificial intelligence technologies. Last year, Panasonic bought a 20-percent stake in the company for 800-million dollars
Turkey opens probe into cryptocurrency platform Thodex Turkish prosecutors have launched an investigation into Turkish cryptocurrency exchange platform, Thodex. That's after the exchange abruptly shut down while holding at least 2-billion dollars, leaving thousands of users unable to access their digital assets. A preliminary assessment by police suggests Thodex's founder Faruk Fatih Ozer had flown out of the country on Tuesday. US weekly jobless claims fall to lowest level of COVID-19 US jobless claims fell more than expected last week as economic activity rebounded following the further easing of the coronavirus restrictions. Another 576-thousand people filed for unemployment benefits, down from 769-tthousand in the week prior. Claims are now at the lowest level since mid-March last year, when the COVID-19 pandemic began. Credit Suisse reports $275M Q1 loss after Archegos scandal Credit Suisse swung to a loss in the first quarter as it reels from back-to-back crises involving Archegos Capital and Greensill Capital. Net loss at the Swiss lender came in at 275-million dollars, driven by a 4-point-7 billion dollar loss linked to the collapse of Archegos. The bank says it'll raise nearly 2-billion dollars in capital to rebuild its balance sheet
UAE becomes second biggest buyer of US Treasury securities The United Arab Emirates surpassed China to become the second-biggest buyer of US Treasury securities in February after the UK. The oil-rich Gulf nation has added nearly 17-billion dollars' worth of US debt since January, raising its holdings to 50-point-6 billion dollars. The monthly haul was the biggest ever for the UAE. Australia scraps Victoria's Belt and Road deals with China Australia has scrapped agreements that the state of Victoria struck with China to co-operate on Beijing's Belt and Road Initiative. Foreign Minister Marise Payne says the deals agreed in 2018 and 2019 were inconsistent with Australia's foreign policy. Two other agreements between Victoria and the governments of Iran and Syria have also been cancelled. UK sues video app TikTok over use of children's data TikTok is being sued for several billion dollars for violating UK and EU data protection laws. The suit filed in London accuses the popular video app and its Chinese parent company, ByteDance, of illegally collecting the personal information of millions of children in the UK and Europe. TikTok says the claims are meritless and that it would defend itself in court.
UK's unemployment rate falls unexpectedly to 4.9% The UK's unemployment rate fell unexpectedly in the three months through February, despite the country being in a tight lockdown. The jobless rate averaged 4-point-9 percent, edging down from 5-percent in the prior quarter. The Office for National Statistics linked the fall to a large number of people leaving the jobs market altogether. Johnson & Johnson reports 7% rise in Q1 net profit to $6.2B Johnson and Johnson has reported a 7-percent rise in first-quarter net profit to 6-point-2 billion dollars, beating analysts' expectations. The US drugmaker has also said its COVID-19 vaccine - that's on hold in the US - generated 100-million dollars in revenues. Last week, US regulators halted the use of the injection following severe blood clots in seven vaccinated women. Gojek, PT Tokopedia reportedly finalise $18B merger Indonesia's two most valuable start-ups - transport and delivery provider, Gojek, and e-commerce firm, Tokopedia - are reportedly finalising an 18-billion dollar merger. According to Bloomberg, Gojek's shareholders will hold 58-percent of the combined company, while the rest will be controlled by Tokopedia investors. Gojek's co-CEO, Andre Soelistyo, will head the new entity called 'GoTo'.
Consumers stockpile $5.4T of savings since pandemic began Moody's has found that up to 5-point-4 trillion dollars has been stockpiled by consumers worldwide since the coronavirus pandemic began. That's as household incomes receive support from unprecedented government stimulus schemes designed to counter the economic downturn. The ratings agency expects a strong rebound in spending as more businesses reopen. GameStop chief executive George Sherman to step down US video-game retailer, GameStop, says its chief executive George Sherman will step down before the end of July. Sherman's departure will give incoming chair Ryan Cohen more control as he leads the company's transformation into an e-commerce business. Shares in GameStop jumped as much as 10-percent after the announcement. Shares in Trip.com rise 4.5% on Hong Kong debut Online travel agency, Trip-dot-com, has made a strong debut in Hong Kong, with shares rising more than 4-percent. The company had sold its shares at 34-point-5 dollars a piece to raise 1-point-1 billion dollars. The secondary listing is part of a wave of Wall Street- listed Chinese firms seeking a foothold in the Asian financial hub, as they face the risk of being delisted in the US.
Singapore's Grab to go public in $40B SPAC deal Southeast Asia's ride-hailing giant Grab has agreed to go public in the US through a merger with special purpose acquisition company, Altimeter Growth. The largest ever SPAC merger will value Singapore- based Grab at nearly 40-billion dollars. The deal underscores the frenzy on Wall Street involving so-called blank cheque companies that have raised around 99-billion dollars in the US so far this year. Ant Group to restructure as financial holding company The Alibaba- affiliated fintech giant, Ant Group, will transform itself into a financial holding company under a government- ordered overhaul. It comes after Alibaba was hit with a 2-point-75 billion dollar fine, as a result of an anti-monopoly investigation. In November, Chinese regulators suspended Ant Group's 37-billion dollar initial public offering Turkey's retail sales, industrial production up in February Turkey's retail sales for February climbed at the fastest pace in five months. Sales by volume jumped 4-point-6 percent from a year ago, helped by demand for computers, books, and telecoms equipment. Meanwhile, industrial production rose an annualised 8-point-8 percent in February, the ninth straight month of gains.
Microsoft agrees to buy AI firm Nuance for about $16B Microsoft has agreed to buy artificial intelligence and speech technology firm, Nuance Communications, for about 16 billion dollars. The deal marks the US software giant's largest acquisition since it bought LinkedIn for more than 26 billion dollars in 2016. Microsoft and Nuance partnered in 2019 to roll out AI systems that help doctors with administrative tasks. Alibaba shares jump after $2.75B anti-monopoly fine Shares in Alibaba have jumped as much as 16-percent, after Chinese regulators fined the e-commerce giant 2-point-75 billion dollars for abusing market dominance. The company says the penalty marks an end to investigations into its online practices. Jack Ma's business empire has come under scrutiny since the billionaire's public criticism of China's financial regulator in October. Turkey's unemployment rate rises to 13.4% in February Turkey's unemployment rate rose to 13-point-4 percent in February. The figure was recorded before authorities eased coronavirus restrictions, and marked an increase from 12-point-7 percent in the previous month. Meanwhile, the country's current account deficit widened to 2-point-6 billion dollars in the same month.
Private equity firm CVC makes $20B offer for Toshiba CVC Capital Partners has made a 20-billion dollar offer to buy-out Toshiba. The bid comes as the Japanese conglomerate faces scrutiny over a series of scandals. Luxembourg-based CVC is one of several private equity firms to submit a bid, and is reportedly planning to take Toshiba off the Tokyo Stock Exchange. Toshiba's shares surged 18-percent on the news. Samsung Q1 profit up 44% on early release of smartphone Samsung Electronics says first-quarter profit likely rose 44-percent, thanks to the early release of its flagship S-series smartphone. A surge in demand for home electronics during the pandemic has also helped to boost sales. Analysts expect the South Korean tech giant's operating profit to come in at around 8.3-billion dollars for the three months to March. UK government launches new regulator for tech giants The UK has launched a new regulator aimed at curbing the dominance of tech giants. The Digital Markets Unit will create and monitor codes of conduct for companies like Facebook and Google and their relationship with users. The regulator was announced last year as a way to enforce a new pro-competition regime for online platforms.
Cryptocurrency market capitalisation tops $2T for first time The total value of the entire cryptocurrency market has topped $2 trillion for the first time, following a recent rally in prices of bitcoin and some other tokens. Bitcoin has surged by more than 100 percent this year with a growing number of financial institutions adding it to their portfolios. The world's most popular digital coin now represents over half of the market's total value. Credit Suisse removes two execs after $4.7B Archegos losses Credit Suisse is overhauling its executive ranks after revealing a $4.7 billion dollar loss linked to the collapse of Archegos Capital. The Swiss lender says its top investment banker, Brian Chin and chief risk officer, Lara Warner are stepping down. The Archegos fallout is the second scandal to hit the bank in just over a month, after the blow-up of Greensill Capital. EU regulatory official links AstraZeneca vaccine, thrombosis A top official in the European Medicines Agency has said that there is a link between the AstraZeneca coronavirus vaccine and blood clots. The UK, Norway and some other European countries have reported multiple deaths from blood clots among recipients of the vaccine.The EMA has previously declared that the benefits outweigh the risks and it should remain in use.
US court sides with Google in a copyright dispute with Oracle The US Supreme Court has handed Alphabet's Google a major victory in a long-running copyright battle with Oracle. The court said Google engaged in legitimate "fair use" when it used Oracle's Java programming language for the Android mobile operating system. Oracle had claimed at points to be owed as much as 9 billion dollars. GameStop shares slide after plan to sell $1B in stock GameStop is planning to raise up to 1 billion dollars from stock sales following a historic Reddit-fueled short squeeze. The video game retailer said it will sell up to 3-and-a-half million shares and will use the proceeds to fund its transformation into an e-commerce business. Shares in GameStop fell as much as 14 percent after the announcement. Turkey's annual inflation rises to 16.19% in March Turkey's annual inflation rose to 16.19 percent in March, keeping pressure on the central bank to maintain a tight monetary policy. The cost of transportation increased the most, with prices rising nearly 25 percent year-on-year, driven by higher energy and import prices. In February, annual inflation was recorded at 15-point-61 percent.
US unemployment claims fall to 684,000 last week US jobless claims fell more than expected last week as economic activity rebounded following weather-related disruptions. Another 684-thousand people filed for unemployment benefits, down from 781-thousand in the week prior. Claims are now at the lowest level since mid-March last year, when the coronavirus pandemic began. Mastercard faces $19B class action lawsuit in UK US credit card giant Mastercard is facing a historic 19-billion dollar class action lawsuit for allegedly overcharging UK consumers between 1992 and 2008. A two-day court hearing has kicked-off in London to determine the fate of Britain's first mass consumer claim. If the court rules against Mastercard, around 46-million people in the UK could receive a payout of up to 410 dollars. Cineworld reports first annual loss, raises more debt The world's second-largest cinema operator, Cineworld, has reported its first-ever annual loss due to the pandemic. The group, which shut all of its 660 movie theatres in the US and the UK in October, suffered a pre-tax loss of 3-billion dollars in 2020. The Regal Cinemas owner has also raised a further 213-million dollars in funds to bolster its finances.
Turkey's exports rose 9.6% in February, imports up 9.4% Turkey's exports rose by 9.6 percent on an annual basis to $16 billion last month, as economies around the world gradually reopen. Imports were also up 9.4 percent to $19.3 billion, bringing the foreign trade deficit to $3.3 billion. The top destination for Turkish goods during the month was Germany, followed by the UK and the US. Huawei's profit growth slows sharply as US sanctions bite Huawei's annual profit growth slowed sharply in 2020, as US sanctions and disruptions caused by the pandemic weighed on its operations. Net profit at the Chinese telecom giant came in at $9.9 billion, up by 3.7 percent year-on-year. That's down from the 5.6 percent growth recorded in the previous year. H&M swings to quarterly loss of $122M due to store closures H&M has swung to a quarterly loss, as lockdowns forced more than a third of its stores to close. The world's second-largest fashion retailer reported a net loss of $122 million in the three months to March. Meanwhile, the company says its commitment to China remains strong, in response to a boycott launched by Chinese shoppers after H&M spoke out about forced labour in the Xinjiang region.
Turkey to take Saudi boycott to World Trade Organization Turkey's lodging a complaint with the World Trade Organisation against Saudi Arabia for forcing businesses to boycott Turkish goods. Riyadh has been ramping up pressure on Ankara after a Turkish court began hearing a case against Saudis accused of murdering journalist Jamal Khashoggi. A decision against the kingdom would force it to compensate Turkish businesses for the lost revenues. Growth in South African labour costs slows to 3.9% in Q4 Growth in South African labour costs has continued to slow from a 27-year high in the fourth quarter. The South African Reserve Bank's latest quarterly bulletin shows growth in nominal unit labour costs fell to 3-point-9 percent from 4-point-6 percent in the previous quarter. BioNTech reports $430M net profit in Q4, shares surge BioNtech has reported better-than-expected fourth quarter results, sending its shares up more than 5 percent. Net profit at the German biotech company came in at 430 million dollars in the final three months, thanks to sales of its coronavirus vaccine. The company has also projected 11-and-a-half billion dollars in vaccine sales based on its existing contracts.
J&J agrees to supply 400M vaccine doses to African countries Johnson and Johnson has agreed to supply up to 220-million doses of its single-shot coronavirus vaccine to the African Union this year. The US drugmaker says the delivery of the jabs to the 55 AU members will begin in the third quarter of 2021. A further 180-million doses could then be delivered next year. Vietnam's economy grows 4.48% in the first quarter Vietnam's gross domestic product grew nearly 4-and- a-half percent in the first quarter of 2021 compared to the same period a year earlier. That's as exports rose 22-percent, boosted by a surge in shipments of smartphones and personal computers to the US. The Southeast Asian nation is one of the few economies that didn't contract last year during the pandemic. China's Xiaomi opens production facility in Turkey One of China's biggest technology companies, Xiaomi, has launched a production facility in Turkey with supply giant, Salcomp. The factory in Istanbul will have an annual production capacity of 5-million smartphones and will employ around 2-thousand people. At the opening ceremony, President Recep Tayyip Erdogan says Turkey offers important opportunities for foreign investors due to its dynamic labour force and strategic location.
Pfizer begins human trials of oral COVID-19 drug Pharmaceutical giant, Pfizer, has begun early-stage US trials on a coronavirus oral anti-viral drug. The pill is designed to be taken early in an infection to prevent the virus from replicating in cells before patients get very sick. The drugmaker says there haven't been any unexpected problems in the study so far, and that it could generate results within weeks. Intel to invest $20B to build two semiconductor plants in US US chipmaker, Intel, says it will spend 20 billion dollars to build two semiconductor plants in Arizona in a bid to ramp up production. The announcement comes amid a global chip shortage that's slowed manufacturing activity in the auto industry. Intel's stock jumped as much as 7 percent after its announcement, while shares in Asian rivals, TSMC and Samsung, edged lower. Tesla starts accepting bitcoin as payment for its cars Tesla has started accepting Bitcoin as a form of payment for its electric cars. The option to pay using the cryptocurrency has been offered on the company's US website and will be available in other countries later this year. In a tweet, CEO Elon Musk also said that any bitcoin paid to Tesla will be retained as Bitcoin and not converted to a fiat currency.
UK unemployment falls to 5% in three months to January Unemployment in the UK has fallen for the first time since the pandemic began, with the jobless rate slipping to 5-percent. Figures from the Office for National Statistics show the number of workers on company payrolls climbed by almost 200-thousand in the three months to February. But the ONS says people aged under 25 continue to bear the brunt of job losses during the crisis. Microsoft reportedly in talks to buy Discord for $10B Microsoft is reportedly in talks to buy messaging platform, Discord, for more than 10-billion dollars. According to a Bloomberg report, Discord has reached out to potential buyers, including the US software giant. The San Francisco-based app is best known for its free service that lets gamers communicate by video, voice and text. Twitter's Jack Dorsey sells the first tweet as NFT for $2.9M Twitter founder Jack Dorsey has sold his first tweet to a Malaysia-based businessman for just over 2-point-9 million dollars. The tweet was sold as a non-fungible token - a unique digital certificate that authenticates digital assets. The buyer - Sina Estavi - says he believes the first-ever tweet will appreciate in value, just like the Mona Lisa.
CEO Leon Black quits Apollo over Jeffrey Epstein scandal Wall Street billionaire Leon Black has quit his leadership positions at Apollo Global Management, the investment giant he co-founded. Black's departure comes amid scrutiny over his ties to disgraced financier Jeffrey Epstein, who killed himself while facing federal sex trafficking charges. Apollo co-founder Marc Rowan has taken over as CEO Canadian Pacific to buy Kansas City Southern for $25B Railway group, Canadian Pacific, has agreed to buy Kansas City Southern for 25-billion dollars, marking the largest takeover deal so far this year. The transaction values the US freight group at 275-dollars per share, accounting for a 23-percent premium on Friday's closing price. The acquisition will create a 32-thousand kilometre railway network linking the US, Mexico and Canada. Deliveroo targets valuation of up to $12B in London IPO Online food delivery start-up, Deliveroo, is seeking a valuation of up to 12 -billion dollars in its planned initial public offering in London. The deal could mark Britain's largest stock market debut since commodities giant Glencore went public nearly a decade ago. The plans come at a time when lockdowns have forced restaurants to close, leading to a surge in online orders.
New Zealand's economy unexpectedly shrinks 1% in Q4 New Zealand's economy suffered a surprise contraction in the fourth quarter, denting hopes of a swift recovery from the pandemic. GDP shrank by 1 percent in the final three months of 2020, following nearly 14 percent growth in the third quarter. Economists expect the economy to shrink further in the current quarter, which would put the Pacific nation in a technical recession. Credit Suisse suspends bonuses over Greensill collapse Credit Suisse will overhaul its asset management business and suspend bonuses for some senior executives as it tries to contain the fallout from the collapse of Greensill Capital. The Swiss lender had multiple ties to Greensill, including 10-billion dollars of funds that offered exposure to the company's loans and were marketed to the bank's clients as safe investments. Shares in SK Bioscience jump 160% on market debut Shares in South Korean vaccine maker, SK Bioscience, more than doubled on their market debut. The company's stock jumped 160 percent on Seoul's KOSPI exchange, boosting its market value to 11-and- a-half billion dollars. The local manufacturer of AstraZeneca's vaccine raised 1-point-3 billion dollars from the IPO, marking the biggest domestic listing since 2017.
Four US states join Texas-led lawsuit against Google Four more US states have joined a Texas-led lawsuit against Alphabet's Google, bringing the number of plaintiffs to 15 states and territories. The lawsuit accuses the internet giant of breaking antitrust laws to boost its already dominant advertising business. Filed in December, the complaint is one of three ongoing antitrust cases against the search giant. Greensill family reportedly cashed out before collapse Australian businessman Lex Greensill and his family reportedly sold about 200-million dollars of shares in their financial services firm two years before its collapse. According to the Financial Times, the family cashed-out after Greensill Capital received a 1-and- a-half billion dollar investment from SoftBank in 2019. The business filed for administration in the UK last week Samsung warns of deepening semiconductor shortage Samsung has warned that a global chip shortage that's currently disrupting carmakers could spread to the broader technology sector. The South Korean tech giant expects the shortage will impact its business in the second quarter. Suppliers are struggling to meet the unprecedented demand for semiconductors, amid a surge in sales of cars and electronics during the pandemic.
Sackler family increases opioid settlement offer to $4.3B Members of the Sackler family who own Purdue Pharma, have offered 4-point-3 billion dollars to resolve thousands of lawsuits linked to their powerful painkiller, OxyContin. Purdue is accused of fueling America's deadly opioid epidemic through the deceptive marketing of the drug. A group of around half of all US states has rejected a previous settlement offer of 3-billion dollars. Encrypted messaging app Signal blocked in China The encrypted messaging app, Signal, has stopped working in China without the use of a virtual private network. Signal is one of the last widely used apps in the country that allows users to send and receive messages that can't be accessed by a third party. The ban comes at a time of increasing internet censorship in China, where Facebook, Twitter and Instagram have long been blocked. Nokia plans to slash up to 10,000 jobs by 2023 Nokia is planning to slash up to 10-thousand jobs over the next two years as part of a wider restructuring plan. The job cuts come as the Finnish telecoms equipment maker tries to regain its competitiveness in the race to win orders for 5G networks. The company says the restructuring could cost as much as 835-million dollars by the end of 2023.
China's industrial production and retail sales surge China's industrial output has surged sharply in the first two months of the year, underscoring the country's recovery from the coronavirus pandemic. Official figures show industrial production jumped 35-percent from a year ago, marking its biggest bounce in decades. Meanwhile, retail sales also rose nearly 34-percent in January and February, beating analysts' expectations. Stripe valuation soars to $95B after latest funding round Online payments technology provider, Stripe, has raised 600-million dollars in its latest funding round, boosting its valuation to 95-billion dollars. That makes Stripe the most valuable private company out of Silicon Valley. Stripe says it will use the proceeds to expand its business in Europe and beef-up its global payments and treasury network. Danone ousts Emmanuel Faber as chairperson and CEO Danone's board of directors has decided to oust Emmanuel Faber as chief executive and chairperson. The move comes after months of pressure from shareholders about the French food giant's underperforming share price. Gilles Schnepp, the former CEO of industrial group Legrand, has been appointed as new chairperson and will lead the search for a new CEO.
OECD revises up global growth forecast for 2021 The Organization of Economic Cooperation and Development has revised up its forecast for global growth this year because of the relatively rapid rollout of COVID-19 vaccines. The OECD now predicts a 5.6-percent expansion, led by a recovery in the US, China and India. It has also increased its growth forecast for the Turkish economy by 3-percentage points to 5.9-percent this year. Zoom founder transfers stock worth more than $6B Zoom founder Eric Yuan has transferred more than 6-billion dollars' worth of his stake in the video-conferencing company. Filings show Yuan - who's also Zoom's chief executive - donated around 40-percent of his shares to unspecified beneficiaries last week. He's the latest in a number of the world's mega-rich to have transferred stock recently, including Amazon founder Jeff Bezos. GameStop shares surge more than 40% on e-commerce plans GameStop shares have surged more than 40-percent on news the world's largest video game retailer is developing an e-commerce strategy with Chewy dot-com founder, Ryan Cohen. Cohen, who made a large investment in the company last year, has been pushing for a move away from the traditional brick-and-mortar model since joining the board in January.
Microsoft hack tied to China leaves thousands vulnerable Microsoft is blaming the Chinese- government backed hacking group, Hafnium, for an attack on its servers that has so far compromised at least 60-thousand accounts. Most of the victims are small and medium sized businesses but some government institutions have also been affected. This is the eighth time the software giant has been targeted by hackers from the mainland in the past 12 months. Oil prices jump after attack on Saudi energy facility Oil prices have risen above 70-dollars a barrel for the first time since the start of the coronavirus pandemic. That's after the world's top oil exporter, Saudi Arabia, said its energy facilities had been attacked. Prices had risen almost 7-percent last week as OPEC and its allies announced their decision to keep current production levels unchanged. Deliveroo reports narrowing losses ahead of IPO Deliveroo has announced it plans to make its debut on the London Stock Exchange later this year.. targeting a valuation of up to 10-billion dollars. The online food delivery start-up managed to boost its sales by 54-percent in 2020 and reduce its losses.. as lockdowns forced restaurants to close, leading to a surge in online orders.
US suspends tariffs on UK goods seeking to resolve dispute The United States has agreed to suspend retaliatory tariffs imposed on UK goods over a long-running dispute over aircraft subsidies. The tariffs on a range of products including Scotch whisky, biscuits and clotted cream will be halted for a period of four months. The UK had earlier dropped its tariffs on some US goods, as it looks to seal a post-Brexit trade deal with Washington. Lufthansa reports record loss of $8.1B in 2020 Lufthansa has suffered its worst annual loss in its history, as the COVID-19 crisis ravages the aviation industry. Net loss came in at 8-point-1 billion dollars for 2020, after global travel restrictions wiped-out passenger demand. The German carrier has also warned that air traffic would not return to pre-pandemic levels before the middle of the decade. Deliveroo seeks $10B valuation in London IPO Deliveroo is planning a London stock market listing that could value the British food delivery firm at up to 10-billion dollars. The IPO could mark the biggest new share issue in the UK in three years. Deliveroo will adopt a dual-class share structure for its market debut, giving its founder and CEO Will Shu more control over the direction of the company.
Turkey's inflation rate rises to 15.6% in February Turkey's annual inflation rose to 15-point-6 percent in February, maintaining pressure for tight monetary policy. The cost of household equipment jumped the most, with prices rising 23-and- a-half percent year-on-year, followed by transportation, which rose 22-percent. In January, annual inflation stood at just under 15-percent. Rio Tinto chairman resigns after cave blast disaster Rio Tinto chairman Simon Thompson is stepping down over the destruction of two ancient caves in Australia. In May last year, the world's biggest iron ore miner knowingly destroyed the 46-thousand- year-old Aboriginal rock shelters as part of a mine expansion. The incident has already led to the departure of former CEO Jean-Sebastien Jacques. Stellantis expects improved profitability in 2021 Stellantis says profitability and vehicle sales are expected to improve this year, after it was formed through a merger of Fiat Chrysler and Peugeot-maker, PSA Group in January. The world's fourth- largest carmaker says it's targeting an adjusted operating profit margin of up to 7-and- a-half percent. The company is also forecasting 6-billion- dollars in annual savings from the merger.
Two Americans extradited to Japan for allegedly aiding Ghosn Two American men have been handed over to Japanese authorities for allegedly helping the former Nissan chief Carlos Ghosn flee the country. The father-and-son duo had been fighting to stop extradition proceedings in the US since their arrest last May. In 2019, Ghosn escaped from Japan to Lebanon in a box, while he was awaiting trial on financial misconduct charges. South Korea proposes extra $13.4B fund for small businesses South Korea has unveiled an extra budget of 13-point-4 billion dollars, to support small businesses and protect jobs. The move comes after a coronavirus resurgence prompted the government to uphold social distancing restrictions. The new spending plan is in addition to record stimulus packages totalling around 285-billion dollars launched by the government since the start of the pandemic. Goldman Sachs reportedly to relaunch cryptocurrency desk Goldman Sachs is reportedly relaunching its cryptocurrency trading desk, prompted by a surge in the value of Bitcoin. According to Reuters, the US banking giant will start dealing bitcoin futures and non-deliverable forwards for clients from next week. The desk was first set up in 2018, just as bitcoin's price was falling from record highs.
France's ex-president Sarkozy given jail term for corruption Former French president Nicolas Sarkozy has been sentenced to three years in jail, with two of them suspended, over corruption charges. The 66-year-old who led France from 2007 to 2012 was found guilty of trying to bribe a judge for information on an inquiry into his 2007 campaign. Sarkozy faces a seperate trial later this month over the alleged illegal financing of his 2012 presidential campaign. China's manufacturing activity drops for a third month China's manufacturing activity slowed for a third month in February as the Lunar New Year and a fresh wave of COVID-19 hit demand. Manufacturing PMI fell to 50.9 from 51.5 the previous month, the lowest level in nine months. The data comes ahead of this week's annual budget, which will include a recovery plan from the fall-out of the coronavirus crisis. Brazos Electric files for bankruptcy after Texas outage The largest power firm in the US state of Texas has filed for bankruptcy protection after last month's historic outages. Brazos Electric has blamed a 1.8-billion dollar disputed bill from the state's grid operator for blackout-related charges. State-wide power outages left more than 4-million people without heat or electricity last month.
US weekly unemployment claims fall sharply to 730,000 The number of Americans filing for unemployment benefits fell more than expected amid an easing of COVID-19 infections. Another 730-thousand people lodged jobless claims last week, compared with 841-thousand in the week prior. But the number is still well above the 665-thousand peak recorded during global financial crisis more than a decade ago. Qantas shares rise despite $820M loss in first half Qantas Airways swung to an 820 million dollar first-half underlying loss, compared with a 615 million dollar profit a year ago. Earnings were hit by strict quarantine restrictions and limits on travel due to the pandemic. But the Australian carrier has laid out a plan to resume most international flights from October, sending its shares up as much as 5 percent. Netflix to spend $500M in South Korea this year Netflix is planning to spend half-a-billion dollars on original movies and television shows in South Korea this year. Since entering the country in 2016, the US streaming giant has already invested 700 million dollars to expand its slate of Korean content. Netflix said it had 3-point-8 million paid subscribers in South Korea as of the end of last year.
Top executives resign from Texas power grid operator Top executives of Texas's power grid operator have stepped down after millions of homes lost electricity during a deadly winter storm last week. The chairperson of the Electric Reliability Council of Texas and four other board directors have resigned with immediate effect. State lawmakers are scheduled to hold hearings on the crisis on Thursday. GameStop CFO quits after stock trading frenzy GameStop's chief financial officer Jim Bell has resigned after a Reddit-fuelled stock trading frenzy saw the struggling US video game retailer skyrocket in value. The company says Bell will step down in March, but hasn't given any reason. GameStop shares soared as much as 1,900 percent earlier this month, as retail investors looked to counter a short squeeze on the stock. Singapore developer CapitaLand reports $1.2B loss Singapore's largest developer, CapitaLand, has reported its first full-year loss in almost two decades. That's after the pandemic forced the company to write down the value of some of its properties. Net loss came in at 1-point-2 billion dollars for 2020, compared with a net profit of nearly 1-billion dollars in the prior year.
UK unemployment hits highest level in almost five years Unemployment in the UK has reached its highest level in nearly five years after a coronavirus resurgence prompted tougher lockdown measures. The Office for National Statistics says the jobless rate rose to 5-point-1 percent in the final three months of 2020. The Bank of England expects the rate to peak at 7-point-8 percent in the third quarter of this year HSBC further shifts focus to Asia as annual profits plunge HSBC has unveiled a further strategic shift from developed markets to Asia's faster-growing economies. Europe's largest bank, which already generates the bulk of its revenues in Asia, has pledged to invest 6-billion dollars to expand in Hong Kong, China and Singapore. The plans come as the lender posted a 34-percent fall in annual profits due to the pandemic. Sudan devalues its currency to try to secure debt relief Sudan's central bank has sharply devalued its currency as it unified the official and black market exchange rates. The bank set the official rate at 375 Sudanese pounds to the dollar, from a previous rate of 55-pounds. The change was demanded by international lenders and is part of Sudan's efforts to secure debt relief and ease an economic crisis.
Indian court halts Future's $3.4B deal on Amazon plea India's Supreme Court has blocked the 3-point-4 billion dollar sale of retailer, Future Group, to the country's largest business conglomerate, Reliance Industries. The injunction follows claims that Future Group's sale violates a contract with the online retail giant, Amazon. The freeze could shutter hundreds of outlets and jeopardise up to 25-thousand jobs. Global dividend payments fall $220B in 2020 The pandemic saw companies slash their dividends shareholders by 220-billion dollars in 2020. According to the latest Global Dividend Index from asset manager Janus Henderson, payouts to shareholders fell 12-percent to 1-point-26 trillion dollars. That's the biggest slump since the financial crisis more than a decade ago. But the report estimates dividends could rebound by as much as 5-percent this year. Copper prices hit highest level in almost 10 years Copper prices have surged to the highest level in nearly ten years thanks to optimism about a global economic recovery. Benchmark copper on the London Metal Exchange has risen as much as 3-percent, crossing 9-thousand dollars a tonne. The metal has also benefited from a weaker dollar and a rise in inflation expectations.
Turkey's central bank keeps policy rate unchanged at 17% Turkey's central bank has left its benchmark interest rate unchanged at 17-percent, in line with expectations. Under the newly appointed governor Naci Agbal, the bank has hiked its repo rate by 675 basis points since November in an attempt to reduce inflation. Tighter monetary policy has helped to boost the Turkish lira. Walmart reports strong sales in Q4 thanks to govt stimulus Walmart has reported strong fourth quarter sales thanks to a new round of government stimulus cheques. Total revenue grew by 7-point-3 percent in the three months to the end of January to 152 billion dollars. But shares in Walmart fell as much as 5 percent after the world's largest retailer announced a steep increase in capital spending. Air France-KLM reports $8.5B loss in 2020 due to pandemic Air France-KLM slumped to an 8-and- a-half billion dollar loss in 2020 as the COVID-19 crisis hit air travel demand. Group revenues plunged by nearly 60-percent to 13-point-4 billion dollars, and passenger numbers plummeted 67-percent from a year ago. The airline group is currently in talks with the French and Dutch governments for a new rescue package.
Rio Tinto to pay record $6.5B dividend as profit soars Rio Tinto has rewarded investors with the biggest dividend in its history after higher iron ore prices boosted its full-year earnings. The Anglo-Australian miner will pay a final dividend of 6-and- a-half billion dollars to shareholders, taking its total payout for the year to 9-billion dollars. Net profit jumped 22-percent last year to 9-point-8 billion dollars. EU court rejects Ryanair challenge against airline aid Ryanair has lost its legal fight against bailouts that were granted to rivals Air France and Sweden's SAS through national schemes. The EU's general court said those funds didn’t break state aid rules because they were designed to help the carriers through the pandemic. The Irish budget-carrier says it will appeal the ruling to the bloc's top court. Jeff Bezos reclaims title as world's richest person Amazon founder Jeff Bezos has overtaken Elon Musk to reclaim his title as the world's richest person with a net worth of around 191-billion dollars. That comes after Tesla shares fell 2-and- a-half percent, slashing its chief executive's net worth by 4-point-6 billion dollars. Last month, Musk had surged to the top spot on the Bloomberg Billionaires Index ranking
Bitcoin briefly tops $50,000 for the first time Bitcoin has briefly crossed the 50-thousand dollar mark for the first time, as the world's most popular cryptocurrency extends its rally. The digital token climbed as much as 4 -percent to hit 50,400 dollars on Tuesday, before retreating to 49,500. Bitcoin was up around 25 percent last week, driven by endorsements from Tesla and the investment bank, BNY Mellon Singapore unveils $8.3B pandemic relief package Singapore has announced further support for households and businesses hit hard by the COVID-19 pandemic. Finance Minister Heng Swee Keat has unveiled a new fiscal package worth 8-point-3 billion dollars in his annual budget speech. Last year, the Asian city-state committed nearly 70-billion- dollars - or around 20 percent of its GDP - to cushion citizens from the pandemic's economic impact. Mining giant BHP sees profit jump, declares record dividend The world's biggest miner BHP has reported its best first-half profit in seven years thanks to higher iron ore prices. Underlying profit for the six months to the end of December jumped 15-percent from the same period last year to over 6-billion- dollars. The Anglo- Australian company has also announced a record 5-point-1 billion dollar interim dividend.
Japan economy grows 12.7% year-on-year in fourth quarter Japan's economy has recorded another quarter of double-digit growth thanks to a surge in exports. GDP grew an annualised 12.7-percent from October through December.. following a record 22.9-percent expansion in the prior quarter. But for the full year, the world's third largest economy shrank 4.8-percent, the first annual contraction since the 2009 financial crisis. Bitcoin retreats from high of $50,000 due to profit-taking Bitcoin has retreated from record highs a day after it reached nearly 50-thousand dollars. The world's biggest cryptocurrency dropped as much as 6-percent to just below 46-thousand dollars, as investors took profits from a weekend rally. The digital token was up around 25-percent last week, driven by endorsements from Tesla and the investment bank, BNY Mellon. Jaguar luxury cars to go fully electric by 2025 Luxury car brand, Jaguar, will go all-electric as the auto industry adapts to tighter emissions limits around the world. Jaguar Land Rover, which is owned by India's Tata Motors, says all Jaguar models will be entirely powered by batteries by the middle of this decade. JLR is also aiming to become a net zero carbon company by 2039.
US weekly unemployment claims dip slightly to 793,000 The number of Americans filing for unemployment benefits has fallen slightly as authorities begin easing coronavirus restrictions. Another 793,000 people lodged jobless claims last week, down 19,000 from the week before. But the number is still above the 665,000 peak recorded during the recession. Malaysia's economy shrinks 5.6% in 2020 Malaysia's economy shrank at a faster-than-expected rate in the fourth quarter, as a fresh wave of COVID-19 hit domestic consumption. GDP contracted 3-point-4 percent from a year earlier, falling for a third straight quarter. For the full year, Malaysia's economy shrank 5-point-6 percent, marking its worst performance since the Asian financial crisis of 1997-to 98. AstraZeneca reports 10% rise in 2020 sales to $26.6B And AstraZeneca has reported a 10 percent rise in sales for 2020, beating analysts' expectations. Total revenue came in at 26-point-6 billion dollars for the year, thanks to strong sales of its cancer treatments. The Anglo-Swedish drugmaker is also expecting a double-digit revenue growth for 2021.
Reddit's valuation doubles to $6B after funding round Reddit has raised more than 250 million dollars in a new round of funding, that doubled its valuation to six- billion dollars. The funding came after the social media platform gained attention for its role in the recent Wall Street trading mania. The company also said, it's planning to double the number of its employees this year. Total reports 66% plunge in full-year profit to $4.06B Total has reported a sharp fall in full-year earnings as the COVID-19 pandemic weighed on the energy sector. Net profit at the French oil major fell 66 percent from a year ago to 4-point-06 billion dollars, hit by lower energy prices. The company also took charges of 8-point-1 billion dollars last year, to cover asset write-downs. Chinese car sales jump 25% year-on-year in January Car sales in China rose more than expected in January, as the world's biggest auto market recovers from lows hit during coronavirus lockdowns. Retail sales of passenger cars rose 25 percent from a year ago, to 2-point-16 million vehicles. But, sales slowed from the previous month, as semi-conductor chip shortages hit production.
Elon Musk's electric carmaker Tesla invests $1.5B in bitcoin Tesla has announced it bought 1-and-a-half billion dollars worth of Bitcoin in January as part of its efforts to diversify its investments. In a regulatory filing, the electric carmaker also said it will start accepting the cryptocurrency as a form of payment for its products. The news sent bitcoin rallying to a new record high of 44-thousand dollars. SoftBank sees WeWork recovery, Q3 net profit soars to $11B Softbank net profit soared to 11 billion dollars in the third quarter, thanks to the global rally in tech stocks. The figure marks a more than twenty-fold jump from a year ago, when profits were almost wiped out due to troubles with its office-sharing business, WeWork. The Japanese group's Vision Fund also swung to a record 8-billion dollar profit during the period. Boohoo buys three brands from Arcadia for $34.6M British online fashion retailer Boohoo has agreed to buy Dorothy Perkins and two other brands from Arcadia for 34-point-6 million dollars. But the deal does NOT include the group's high-street stores, putting 2-and-a half thousand jobs at risk. Philip Green's Arcadia fashion empire went into administration last year, becoming Britain's largest corporate casualty of the pandemic.
US economy adds 49,000 jobs in January US jobs growth rebounded in the first month of 2021 as authorities began easing coronavirus restrictions on businesses. Nonfarm payrolls increased by 49-thousand in January, following a decline of 140-thousand in December. The unemployment rate also fell to 6-point-3 percent, but it's still well above the 3-and- a-half percent rate from a year ago. Nigeria's Okonjo-Iweala close to leading WTO Nigeria's former finance minister Ngozi Okonjo-Iweala is set to to become the first African and the first woman to lead the World Trade Organization. That's after South Korea's candidate dropped-out of the race following mounting diplomatic pressure. The global trade watchdog has been without a leader since August 2020 when Brazil's Roberto Azevedo stepped down. Shares in Kuaishou nearly triple in Hong Kong debut Shares in TokTok rival, Kuaishou, nearly tripled on their first day of trading in Hong Kong, giving it a valuation of 180-billion dollars. The Chinese online video operator raised 5-point-7 billion dollars after pricing its shares at the top of its expected range. It's the largest tech IPO since the ride-hailing company, Uber, raised 8-billion dollars in 2019.
UK, EU to probe Nvidia’s $40B acquisition of Arm Holdings The UK and EU will open a probe into Nvidia's 40-billion- dollar acquisition of British chip designer, Arm Holdings, from Softbank. Regulators will consider whether Arm has an incentive to withdraw or reduce the quality of its services to Nvidia's rivals. The deal was part of Softbank's strategy to shift towards becoming a global investment and asset management powerhouse. Report: McKinsey agrees to pay $573M to settle opioid claims McKinsey has reportedly agreed to pay 573-million dollars to resolve claims over its role in the opioid epidemic in the US. That's according to the Associated Press. The consulting firm came under scrutiny for advising Purdue Pharma and its owners the Sackler family on how to boost sales of the prescription opioid, OxyContin. China's Xiaomi to open production facility in Turkey China's leading electronic device maker, Xiaomi, is planning to open a production facility in Turkey with an investment of 30 million dollars. The company says it will employ around 2-thousand people at the plant, which will have an annual production capacity of 5 million smartphones. The plant is scheduled to start production in the first quarter of this year.
Tencent blacklists 37 firms, fires more than 100 staff Tencent has blacklisted and terminated relations with 37 partner companies over embezzlement and bribery incidents. The Chinese social media and gaming giant has also fired more than 100 staff following a series of anti-graft investigations over the past year. Tencent said it would stick to a "zero tolerance" policy towards unethical behaviour. Ant Group reportedly agrees with regulators on overhaul Jack Ma's Ant Group has reportedly agreed to overhaul the business after it was forced to halt plans for what was set to be the world's largest IPO. According to Bloomberg, the fintech giant will be turned into a financial holding company at the behest of Chinese regulators. Meanwhile, Alibaba which Ma also founded - has reported a 37-percent jump in fourth-quarter revenue on a pandemic-driven jump in e-commerce. Turkey's annual inflation rises to 14.97% in January Turkey's annual inflation rose slightly to 15-percent in January, maintaining pressure for tight monetary policy. The cost of miscellaneous goods and services jumped the most, with prices rising 24-and- a-half percent year-on-year.. In December, annual inflation stood at 14-point-6 percent.
Robinhood raises another $2.4B amid surge in trading Robinhood Markets has raised 2-point-4 billion dollars from shareholders in a bid to shore up its finances strained by turbulent trading. That's on the top of the 1 billion dollars it raised last week. The online brokerage has been at the centre of the boom in day trading, as retail investors bet against short sellers following calls on Reddit and other platforms. Energy giant BP reports first annual loss in decade BP has reported its first annual loss in a decade as the COVID-19 pandemic pushed oil and gas prices lower. The British energy giant slumped to a loss of 5-point-7- billion dollars.. down from a 10-billion dollar profit in 2019. Meanwhile, US rival ExxonMobil said it lost 22-point-4- billion dollars in 2020 on a writedown and losses in oil production. US tech billionaire buys flight into orbit with SpaceX US billionaire is buying an entire SpaceX flight for an undisclosed sum to take three people with him to circle the globe this year. Jared Isaacman, the founder of Shift4 Payments, says he wants to use the private trip to raise 200-million- dollars for an organisation that helps young cancer patients. The flight will bolster Elon Musk's efforts to make human spaceflights more common.
Turkey's manufacturing activity expands in January Turkey's manufacturing activity expanded at a strong pace in January with sharp upticks in orders and output. The Purchasing Managers' Index for manufacturers rose to 54-point-4 last month, well above the 50-point mark that separates growth from contraction. The Turkish lira rose around 2-percent on the data.. hitting its highest level in more than five months. Asos buys Topshop and other Arcadia brands for $405M British online fashion retailer, Asos, has agreed to buy Topshop and three other brands from Arcadia for 405-million- dollars. But the deal does not include the group's 70 High Street stores, putting 25-hundred jobs at risk. Sir Philip Green's Arcadia fashion empire went into administration last year, becoming Britain's biggest corporate casualty of the COVID-19 pandemic. Ryanair reports annual loss of $1.2B as COVID-19 bites Ryanair has warned that it could lose nearly 1-point-2 billion dollars in its current fiscal year ending in March. Europe's largest low-cost carrier said it faced the most challenging period in its history, as governments restrict travel to curb the spread of coronavirus. But the Irish airline is expecting a strong recovery for the next summer period thanks to the vaccine rollout.
France's economy shrinks 1.3% in fourth quarter France's economy fared better than expected in the fourth quarter despite the resurgence of coronavirus cases. Gross domestic product shrank by 1-point-3 percent in the final three months of last year, as new restrictions weighed on consumer and business activity. For the full year, the euro zone's second largest economy contracted 8-point-3 percent. Turkey's exports slips 6.3% to $169.5B in 2020 Turkish exports slipped 6-point-3 percent on an annual basis to around 170-billion- dollars in 2020, as the pandemic ravaged economies around the world. Imports rose 4-point-3 percent to 220-billion- dollars, bringing the foreign trade deficit to 50-billion- dollars. The top destination for Turkish goods was Germany, followed by the UK and the US. Dr. Martens shares surge after $1.8B London IPO Shares in Dr Martens jumped as much as 18-percent in their market debut in London after the British bootmaker priced the IPO at the top of its indicative range. Shareholders including parent company Permira Holdings raised 1-point-8 billion dollars, giving it a market valuation of more than 5-billion- dollars. The listing is the UK's largest domestic IPO since September last year.
Kenya's economy enters first recession in 20 years Kenya's economy has slipped into recession for the first time in 20 years as measures to contain the spread of COVID-19 hit industrial output. GDP contracted by 1.1-percent in the third quarter, after sliding five-and- a-half percent in the prior period. The country's education, tourism and food businesses are among the worst affected. Samsung phone sales drop 11% in Q4 as rival Apple gains Samsung's fourth quarter revenues climbed 2.8-percent compared to last year, on strong demand for home appliances. But mobile phone sales fell 11-percent, as rival Apple's new line-up of smartphones pulled customers away from the South Korean tech giant. The company expects the rollout of its new Galaxy smart devices to prop-up sales in this quarter. Toyota overtakes VW as world's highest-selling auto brand Toyota sold 9-and- a-half-million vehicles in 2020 to become the world's highest selling automotive brand. It's reclaimed the title from Volkswagen after five years. The Japanese automaker enjoyed strong demand, including a 10-percent jump in sales in China, bucking the declining trend in global auto sales.
South Korea's economy expands 1.1% in fourth quarter South Korea's economy grew at a faster-than- expected pace in the fourth quarter, as surging exports helped offset sagging domestic demand. GDP expanded 1-point-1 percent in the final three months of 2020 compared with the prior quarter. But for the whole of last year, Asia's fourth-largest economy shrunk 1-percent, its worst growth rate in more than two decades. Johnson & Johnson beats fourth quarter earnings expectations Johnson and Johnson has reported better-than- expected fourth quarter results, boosted by demand for its prescription drugs. Net profit at the pharmaceutical giant came in at almost 1-and- a-quarter- billion dollars despite litigation expenses of 2-point-9 billion dollars. J&J has also offered an upbeat outlook for its business this year, as it races to develop a single-dose COVID-19 vaccine. UBS unveils $4.5B share buyback programme as profits jump UBS has unveiled a 4-and- a-half billion dollar share buyback program as it reported its highest annual profit of the post-financial crisis era. Net income at Switzerland's biggest lender came in at 6-point-6 billion dollars in 2020, up by 56-percent from the year before. Earnings were boosted by its wealth management and investment divisions.
Deutsche Bank probes sales of investment banking products Deutsche Bank says it's conducting an internal probe into the alleged mis-selling of investment bank products. The investigation codenamed Project Teal has been launched in response to client complaints last year and initially focused on a desk in Spain. The move comes as part of the German lender's efforts to improve relations with regulators. Mastercard to increase fees for UK purchases from EU Mastercard will increase its transaction fees for British shoppers purchasing from an EU-based company. Credit card fees will increase to 1-and- a-half percent of the value of the purchase from the 15th of October, up from the current 0-point-3 percent charge. The global credit card giant has attributed the move to the UK's decision to leave the EU. TikTok rival Kuaishou looks to raise up to $6.3B in IPO TikTok rival, Kuaishou, is seeking to raise as much as 6-point-3 billion dollars in its Hong Kong initial public offering. That would be the largest tech IPO since the ride-hailing company, Uber, raised 8-billion- dollars in 2019. The deal could value the Chinese short video app at up to 62-billion- dollars, up from the 28-billion- dollars it achieved in a funding round last year.
Volkswagen reports operating profit of $12.2B in 2020 Volkswagen has defied the pandemic to report an annual operating profit of 12-point-2 billion dollars. That's as a late Chinese-led sales recovery helped to mitigate the impact of a widespread shutdown of global car production. The German carmaker has also emerged with a small gain in market share, with some of its rivals hit harder by the crisis. China fails to meet US trade deal target in 2020 China has failed to meet its commitment to buy American goods under the "phase one" trade deal it signed with the US last January. In the first year of the deal, China imported 100 billion dollars' worth of goods, which is roughly 58 percent of the targeted 173 billion dollars for 2020. As part of the deal, Beijing has agreed to buy an additional 200 billion dollars of US goods by the end of 2021. Google threatens to shut down search in Australia Google has threatened to shut down its search function in Australia if a controversial bill designed to benefit the news media becomes law. Under the proposal, the Australian government is aiming to make tech giants pay local media outlets for sharing their content. Australian Prime Minister Scott Morrison said lawmakers would not yield to threats made by Big Tech.
Norwegian Air gets state backing for restructuring plan Norwegian Air has won state backing for its restructuring plan to exit bankruptcy protection. The government says it will help to fund a hybrid loan, provided the airline raises at least 530-million- dollars from investors, and the proposal receives court approval. The struggling carrier has grounded most of its aircraft during the coronavirus crisis. Turkey's central bank keeps policy rate unchanged Turkey's central bank has left its benchmark interest rate unchanged at 17-percent following two consecutive rate hikes. Under the newly appointed governor Naci Agbal, the bank has hiked its one-week repo rate by 675 basis points since last November, in an attempt to reduce inflation. The bank says it will keep monetary policy tight for an "extended" period. Beckhams pay themselves $20M in dividends since 2019 David and Victoria Beckham have paid themselves almost 20-million dollars in dividends, following strong sales of the former footballer's image rights. That's despite pre-tax profits at David Beckham Ventures Limited, which is wholly owned by the couple, falling to around 15-million- dollars in 2019. Victoria Beckham's eponymous fashion label reported an increase in sales, but it continued to lose money.
International Energy Agency cuts outlook for oil demand The International Energy Agency has cut its global oil demand forecast for the year. That's due to a coronavirus resurgence that's prompted the return of lockdown measures around the world. The Paris-based agency now expects daily demand for oil to recover by 5.5-million barrels per day, down 300-thousand from last month's assessment. Goldman Sachs, Bank of America post upbeat Q4 results Net income at Goldman Sachs more than doubled to 4-and- a-half billion dollars in the fourth quarter, the highest in more than a decade.. with the firm's stock traders delivering a 40-percent revenue increase. Meanwhile, a drop in interest income at Bank of America helped drag down its earnings by 22-percent last quarter. America's second-largest bank says its profit totaled almost 5-and- a-half- billion dollars. Hong Kong's jobless rate rises to 16-year high in Q4 Hong Kong's unemployment rate has jumped to a 16-year high, as a resurgence of COVID-19 hit economic activity. The jobless rate rose to 6-point-6 percent in the final three months of 2020, up from 6-point-3 percent in the third quarter. Unemployment in the consumption and tourism-related sectors remained above 10-percent.
Samsung's Jay Y Lee gets 30 months in prison for bribery A South Korean court has sentenced Samsung vice chairman Jay Y Lee to two-and- a-half years in jail. The 52-year-old Lee was convicted of bribing an associate of former president Park Geun-hye and jailed in 2017. But the sentence was reduced and suspended on appeal. Shares of firms linked to the electronics giant plunged after the verdict. Malaysia to introduce additional $3.7B stimulus package Malaysian Prime Minister Muhyiddin Yassin says the government will inject 3-point-7 billion dollars in additional stimulus to support the pandemic-hit economy. The move comes a week after the Southeast Asian country declared a state of emergency to stem a new surge in coronavirus cases. The newly announced economic measures will include cash support to the poor, tax breaks and wage subsidies. Carmakers Fiat Chrysler, PSA Group complete $48B merger Fiat Chrysler and PSA Group have completed their 48-billion- dollar merger to create the world's fourth-largest carmaker. The automakers said the newly formed company, called Stellantis, is expected to cut annual costs by more than 6-billion- dollars. Shares in Stellantis jumped as much as 7-and- a-half percent on their first trading day in Milan and Paris.