Business in 60 Seconds

Boeing 737 Max declared safe to fly again

Europe's aviation regulator has declared Boeing's 737 MAX safe to fly, saying it could return to the region's skies before the end of 2020. The European Union's Aviation Safety Agency says it's satisfied with the changes the planemaker has made to the aircraft.. and could formally approve it in around a month's time. The 737 Max was grounded worldwide in 2019 after two fatal crashes that killed 346 people.

Ant Group reportedly raises valuation target to $280B

Jack Ma's Ant Group is reportedly planning to raise the valuation target for its initial public offering to 280-billion- dollars due to strong demand. According to Bloomberg, the Chinese fintech powerhouse now aims to raise about 35-billion- dollars in what could be the world's largest-ever IPO. Shares will be listed in Hong Kong and Shanghai.

Tech mogul Robert Brockman charged in tax fraud scheme

technology executive Robert Brockman has been charged in the biggest tax evasion case in US history. Brockman allegedly hid 2-billion- dollars in income over two decades by using a web of off-shore companies in Bermuda and St Kitts and Nevis. The indictment came after fellow billionaire Robert Smith turned against him to avoid prosecution himself.

China's stock market value hits record $10T

Chinese stock valuations have climbed to a record high as the world's second largest economy recovers from the COVID-19 pandemic. The combined value of shares trading on the Shanghai and Shenzhen exchanges reached 10-point-04 trillion dollars. The market value briefly touched that level in 2015, prior to a brutal sell-off which resulted in the market plunging by half.

Singapore's economy shrinks at slower pace in Q3

Singapore's economic contraction has slowed in the third quarter following the easing of lockdown restrictions. Gross domestic product shrank by 7 percent in the July to September period compared with a year ago, improving from a 13-point-3 percent contraction in the second quarter. On a quarterly basis, the Singaporean economy rebounded by 7-point-9 percent.

Eli Lilly pauses trials of antibody drug over safety concern

US drugmaker Eli Lilly has paused the government-sponsored clinical trials of its COVID-19 antibody treatment due to a safety concern. Lilly's drug is similar to the one taken by US President Donald Trump after he tested positive for the virus. The move came a day after Johnson and Johnson suspended trials of its coronavirus vaccine after a participant contracted an unexplained illness.

Turkey's industrial production rises 10.4% in August

Turkey's industrial production rose 10-point-four percent from a year ago in August, marking its strongest performance in more than two years. That's as the economic recovery picked up pace following coronavirus lockdowns. Meanwhile, retail sales also jumped five-point-eight percent year-on-year, driven by a surge in online and mail-order sales.

UK jobless rate jumps to 4.5% in three months to August

The UK unemployment rate has jumped to its highest level in more than three years as the outbreak continued to hurt the labour market. The jobless rate grew to four-point-five percent in the three months to August, up from four-point-one percent in the previous quarter. The number of redundancies also increased by the most since 2009, during the global financial crisis.

China's exports, imports rise sharply in September

China's trade growth accelerated in September as more trading partners lifted virus restrictions. Shipments abroad rose nine-point-nine percent from a year ago to 240 billion dollars, while imports were also up around 13 percent to 203 billion dollars. As a result, China's trade surplus narrowed to 37 billion dollars from 59 billion dollars in the previous month.

American duo wins economics Nobel for work on auction theory

The Nobel Prize in Economics has been awarded to two Stanford University academics for their contributions to auction theory and the design of new formats. Paul Milgrom and Robert Wilson were recognized for theoretical discoveries that improved how auctions work. Last year, the prize was awarded to three professor for their work in fighting global poverty.

Turkey's unemployment rate holds steady at 13.4% in July

Turkey's unemployment rate held steady at 13-point-4 percent in July driven by a drop in work force participation. Last month, the government extended a wage support system and the ban on layoffs for another two months to mitigate the impact of the pandemic. The country's new economic program targets a jobless rate of 13-point-8 percent this year.

British Airways CEO Alex Cruz steps down amid crisis

British Airways chief executive Alex Cruz has stepped down as the carrier faces its worst crisis in the wake of the pandemic. Cruz, who has been at the helm since 2016, will be immediately replaced by Aer Lingus boss Sean Doyle. The shake-up marks the first major move by Luis Gallego, who took over as chief executive officer at parent company IAG last month.

UK lawmakers say Huawei colludes with Chinese government

The UK parliament's defence committee says it's found clear evidence of collusion between Huawei and the Chinese government. Lawmakers say Downing Street may need to bring forward a deadline for the removal of the telecom giant's equipment from its networks. In July, Prime Minister Boris Johnson ordered firms to ditch Huawei gear by 2027.

Samsung expects 58% jump in Q3 operating profit

Samsung says profits likely rose 58-percent in the third quarter as its mobile and chip businesses benefited from US sanctions on Huawei. The South Korean giant is expecting an operating profit of 10-point-6 billion dollars, beating analysts' estimates. The forecast suggests Samsung could re-take its position as the world's top smartphone seller.

Citigroup fined $400M for risk management deficiencies

US bank regulators have fined Citigroup 400-million- dollars for failures in its risk management and control systems. The penalty comes as the lender faces renewed scrutiny after one of its bankers mistakenly sent more than 900-million- dollars to a client's creditor. The bank says it's planning to invest more than a billion dollars to meet regulatory requirements this year.

Billionaires' wealth at record high of $10.2T

Billionaires are richer than ever before despite the COVID-19 pandemic. A report by UBS and PwC found the fortunes of the world's wealthiest rose by more than a quarter to 10-point-2 trillion dollars. They've been boosted by a rally in stock prices and gains in technology and healthcare. The number of billionaires has also hit a new high of nearly 2-thousand-200.

Tesco increases dividend as first-half profit surges

Tesco has increased its shareholder payout by a fifth after reporting a 29-percent rise in first-half profit to 710-million- dollars. Earnings at the British supermarket giant were boosted by a surge in online sales as people stayed at home during the pandemic. But Tesco says coronavirus-related costs hit 715-million- dollars in the first half, driven by mounting losses at Tesco Bank.

ABS-CBN shares jump after returning to free-to-air TV

Shares in ABS-CBN jumped 50-percent after the Philippine media giant announced the return of some programming on free-to-air television. The group says it will begin airing entertainment shows and movies from the 10th of October on the newly rebranded channel, A-2-Z. ABS-CBN, which had aired critical views of President Rodrigo Duterte, was forced off the air in May.

Anti-virus software creator McAfee arrested for tax evasion

Anti-virus software entrepreneur John McAfee has been arrested in Spain over tax evasion charges in the US. McAfee was accused of failing to file tax returns from 2014 to 2018 and hiding assets including a yacht and real estate from US authorities. He's being held pending extradition and could face up to six years in prison if found guilty.

The Australian government has pledged billions in tax cuts and measures to boost employment in its latest budget, hoping to revive the economy during the pandemic. The measures are forecast to push the budget deficit to a record 153-billion- dollars for the fiscal year ending June 2021. Australia is grappling with its first recession in three decades, with unemployment hitting a 22-year high.

France's Engie sells $4B stake in Suez to Veolia

French water and waste firm, Veolia, has acquired Engie's 30-percent stake in rival, Suez, for 4-billion- dollars. The deal comes after Veolia sweetened its previous bid by 16-percent, and offered guarantees on employment. The move could pave the way for a full takeover as Veolia looks to become a global leader in waste and water management.

Turkey's inflation eases marginally to 11.75% in September

Turkey's annual inflation edged down slightly in September as slowing price gains in housing and apparels offset the impact of a weaker lira. Consumer prices rose 11-point-75 percent last month, following an 11-point-77 percent reading in August. Under a new economic programme unveiled last week, Turkey is aiming for a 10-and- a-half percent inflation rate by the end of the year.

Italian payment providers Nexi, SIA agree on $17.6B merger

Italy's biggest payment provider, Nexi, has agreed to buy domestic rival, SIA, in a 17-point-6 billion dollar merger. The deal would create one of Europe's largest fintech groups, with combined annual revenues of more than 2-billion- dollars. Nexi will have a 70 -percent stake in the merged company, while SIA will hold the remaining 30-percent.

Bristol Myers Squibb to buy MyoKardia for $13B

US drug-maker Bristol Myers Squibb has agreed to buy MyoKardia for around 13-billion- dollars. The acquisition will bolster Bristol Myers' heart disease therapies by gaining access to MyoKardia's promising drug, mava- camten. Bristol Myers' latest deal comes after it paid 74-billion- dollars to buy the cancer drug maker, Celgene, last year.. marking the industry's biggest merger.

US economy adds 661,000 jobs in September

US jobs growth slowed more than expected in September amid a resurgence of coronavirus infections. Employers added 661,000 non-farm payrolls last month, far below the 1.4 million jobs added in August. The Labor Department's final jobs report before the November election also shows the unemployment rate has fallen to 7.9% from 8.4%.

Walmart sells majority stake in Asda for $8.8B

Walmart has agreed to sell its British supermarket chain, Asda, to TDR Capital and the owners of EG Group for 8.8 billion dollars. The sale comes as part of Walmart's strategy to focus on the US and faster-growing overseas markets. Last year, the US retailer's attempt to exit the UK by merging Asda with Sainsbury's was blocked by competition regulators.

Amazon: Nearly 20,000 employees contract COVID-19

And Amazon says that almost 20,000 of its frontline workers in the US have tested positive for the coronavirus since March. The figure represents almost 1.5% of its 1.37 million workers across Amazon and its subsidiary, Whole Foods. The US e-commerce giant has long been criticised by employees, unions and officials for putting workers' health at risk.

Tokyo Stock Exchange suffers worst outage ever

Tokyo's stock exchange has suffered its worst-ever outage after a backup system failed to kick-in following a hardware malfunction. Trading of more than 2,500 stocks listed on the 6-trillion- dollar market froze for the entire day. The Japan Exchange Group says it's replacing the hardware to ensure normal trading resumes on Friday.

Rolls-Royce plans to raise $6.5B to survive COVID-19 crisis

Jet engine maker Rolls-Royce is planning to raise 6.5 billion dollars as it looks to survive the coronavirus crisis. The British company said it would tap shareholders in a 2.5 billion dollar rights issue, and also raise funds by issuing new debt. Rolls-Royce suffered a record 7.1 billion dollar loss during the first half of this year, after a slump in air travel.

H&M to close 250 stores in 2021 as shift online speeds up

And H&M has unveiled plans to close about 250 of its 5,000 stores next year and invest more in online growth. The move comes at a time when online sales have soared during the pandemic, as shoppers avoid physical stores. The world's second-largest fashion retailer has also reported a 16% fall in third-quarter sales, which is better than analysts' expectations.