Business in 60 Seconds

India's trade deficit widens to five-month high in August

India's trade deficit widened to a five-month high of 6-point-8 billion dollars in August. Exports shrank by 13-percent from a year ago to 22-point-7 billion dollars, hit by weakening demand for leather goods, machinery, jewellery and other products. Imports also fell around 26-percent to 29-and- a-half billion dollars, despite surging gold imports during the pandemic.

Thomas Cook relaunches as online-only holiday firm

Thomas Cook has relaunched as an online-only holiday company one year after its collapse, which left thousands of holiday-makers stranded abroad. The new website will initially focus on destinations on Britain's safe travel corridor list, including Turkey, Italy and Greece. Chinese conglomerate, Fosun, bought the Thomas Cook brand last November for 14-million- dollars

Snowflake raises $3.4B in largest-ever software IPO

Snowflake has raised 3-point-4 billion dollars from its initial public offering, making it the largest ever US software listing. The IPO, which was priced at 120 dollars per share, values the cloud database company at more than 33-billion- dollars. Meanwhile, shares in British online retailer, Hut Group jumped 30-percent on their market debut in London.

WTO rules against US tariffs on Chinese goods

The World Trade Organization has ruled that the Trump administration's tariffs on 200-billion- dollars' worth of Chinese goods are illegal. The penalties were imposed in 2018 after Washington accused Beijing of unfair trade practices. The ruling allows Beijing to retaliate and the US can appeal the decision.. But Washington has paralysed the appeals court by refusing to accept new members for it, rendering the WTO toothless.

Former Nissan executive Greg Kelly pleads not guilty

A former aide to former Nissan chairman Carlos Ghosn has pleaded not guilty to charges of financial fraud at the opening of his trial in Tokyo. Greg Kelly is charged with helping Ghosn hide 88-million- dollars in compensation over eight years through deferred payments. If found guilty, Kelly could face up to 10 years in prison

Sony reportedly slashes estimate for PS5 production

Sony has reportedly cut its estimated production of its new PlayStation 5 console by 4-million units for this fiscal year, over issues with the production of its custom-made chips. The Japanese firm will now reportedly aim to produce around 11-million units which are due to be released later this year. The report comes as Sony prepares for a holiday-season console battle with Microsoft.

Nvidia to buy chip designer Arm from SoftBank for $40B

US chipmaker, Nvidia, has agreed to buy the British chip designer, Arm Holdings, from SoftBank in a deal worth up to 40-billion- dollars. The sale is part of the Japanese conglomerate's shift towards becoming a global investment and asset management powerhouse. SoftBank paid 32-billion- dollars for Arm Holdings back in 2016.

Gilead Sciences to acquire Immunomedics for $21B

US drug-maker Gilead Sciences will buy biotech company, Immuno- medics, for 21-billion- dollars. The acquisition will bolster Gilead's portfolio of cancer treatments by gaining access to its prized breast-cancer drug, Trodel-vy. Gilead says it will pay Immuno- medics 88-dollars per share, representing a premium of about 108-percent to their closing price on Friday.

Turkey's industrial production rose 8.4% in July

Turkey's industrial output rose 8-point-4 percent in July, as factories ramped-up production after coronavirus lockdowns. Manufacturing activity recorded the highest rise, jumping 8-point-6 percent month-on-month, followed by the mining and quarrying sector. Meanwhile, retail sales jumped 9-and- a-half percent from a month ago, driven by a surge in online and mail-order sales.

UK signs first post-Brexit trade deal with Japan

The UK has secured its first post-Brexit trade deal, following an agreement with Japan. The deal will boost trade between the countries by over 19 billion dollars over the next 15 years. UK businesses will also enjoy tariff-free trade on 99-percent of exports to the country. Meanwhile, Britain's economy grew by six-point-six percent in July as coronavirus restrictions eased.

Turkey's current account deficit narrows to $1.8B in July

Turkey's current account deficit narrowed to one-point-eight billion dollars in July fueled by purchases of energy and gold. Although the coronavirus pandemic has continued to impact overseas orders. July's figure compares to a two-point-nine billion dollar deficit in the previous month and a surplus of one-point-nine billion dollars a year ago.

Rio Tinto CEO resigns over Aboriginal cave destruction

Rio Tinto chief executive Jean-Sebastien Jacques and two senior executives have resigned following the destruction of two ancient caves in Australia. In May, the world's biggest iron ore miner destroyed the 46-thousand- year-old Aboriginal rock shelters as part of a mine expansion. The incident sparked widespread criticism from investor groups and the public.

Jane Fraser to be first woman to lead major US bank

Jane Fraser has become the first-ever woman to head a major Wall Street bank after Citigroup's board appointed her as the investment bank's Chief Executive Officer. The Scottish-American has previously headed the bank's mortgage business and steered it out of the global financial crisis of 2008 as head of global strategy. She will take the helm from her predecessor, Michael Corbat in February.

US weekly jobless claims rise slightly to 881,000

US unemployment claims held steady at 884-thousand last week in a sign the labour market recovery is losing steam. Although the figure fell from a March peak of six-point-nine million, it still remained above the pre-pandemic record of 695-thousand. Continuing claims also climbed to 13-point-four million from 13-point-three million in the prior week.

Turkey's unemployment rate rises to 13.4% in June

Turkey's unemployment rate rose to 13-point-4 percent in June, as more people looked for a job after the easing of coronavirus lockdowns. That's compared to 13 percent in the same month a year ago. Last week, the government extended a wage support system and the ban on layoffs for another two months to mitigate the impact of the pandemic.

LVMH pulls out of $16.2B Tiffany deal citing US tariffs

French luxury goods giant LVMH is scrapping its planned 16-point-2 billion dollar takeover of US jeweler Tiffany. The largest-ever deal in the luxury sector came under pressure after the Trump administration threatened to impose tariffs on French goods. Tiffany said it has filed a lawsuit against the Louis-Vuitton owner for a breach of its obligations.

Tullow Oil slumps to $1.3B net loss, shares tank

Africa-focused energy group Tullow Oil has slumped to a one-point-three billion dollar net loss for the first half of the year. That was largely due to the British explorer writing down the value of its assets up to one-point-four billion dollars on expectations of lower energy prices. Shares in Tullow Oil plunged as much as 20 percent after the report.

Berkshire Hathaway to invest $570M in Snowflake

Warren Buffet's Berkshire Hathaway is investing more than 570 million dollars in cloud database company Snowflake. It was revealed as Snowflake published an indicated price range for its upcoming initial public offering that could value the company at up to 23-point-seven billion dollars. The IPO could raise around two-point-seven billion dollars for the startup.

German exports up 4.7% in July as trade with China rebounds

German exports rose for the third consecutive month in July, but still remain far below their pre-coronavirus levels. Shipments abroad increased by four-point-seven percent from the previous month, mainly boosted by growth in trade with countries outside Europe, especially China. Imports also rose one-point-one percent, resulting in a trade surplus of 21-point-three billion dollars.

General Motors to buy 11% stake in Nikola for $2B

General Motors has agreed to buy an 11 percent stake in electric truck maker Nikola for around two billion dollars. Under the deal, the carmakers will also jointly produce Nikola's hydrogen fuel cell electric pickup truck, the Badger, by the end of 2022. Shares in Nikola jumped as much as 53 percent on the news, while GM shares were also up around 10 percent.

Shares in Nongfu Spring surge on Hong Kong debut

Shares in Chinese drinks producer Nongfu Spring jumped 54 percent on the first day of trading in Hong Kong. The initial public offering valued the bottled water company at nearly 48 billion dollars. The surge in the stock has made the company's founder, Zhong Shanshan, China's third-richest person with a fortune of more than 50 billion dollars.

Softbank shares plunge on reports it drove up US tech stocks

Shares in Softbank fell as much as eight percent amid a massive tech sell-off on Wall Street. Investors wiped nearly nine billion dollars off its market value following reports that the Japanese conglomerate made aggressive bets on technology stocks. The decline in the stock came despite the group reportedly making four billion dollars in trading gains from those bets.

Samsung clinches $6.6B network deal with Verizon

Samsung has signed a six-point-six billion dollar deal with US wireless carrier Verizon to provide network equipment and services. The deal will help the South Korean tech giant expand its presence in the strategically crucial 5G network market. The group has been pouring resources into its network business after the US imposed sanctions on its Chinese rival Huawei.

Primark's full-year profits on course to beat forecasts

Associated British Foods says full-year profits at its Primark fashion chain would be at least at the top end of the previously advised 400 to 460 million dollar range. This comes as sales recovered when stores reopened following weeks of lockdowns. The firm says sales since reopening would hit two-point-six billion dollars by the end of the year.

German industrial orders rise 2.8% in July

German factory orders rose by 2-point-8 percent from the previous month in July, failing to meet analysts' expectations. The weak data suggests the recovery of the manufacturing sector in the Europe's largest economy is losing momentum. Despite the improvement, factory orders were still 8-point-2-percent lower than in February, the last month before the pandemic struck.

Bain Capital becomes new owner of Virgin Australia

US private equity firm, Bain Capital, has become the new owner of Virgin Australia after creditors agreed to its 2-point-6 billion dollar offer. Australia's second- largest airline fell into administration in April, after canceling all of its flights following widespread travel bans. Under Bain's overhaul plans, Virgin is set to cut around a-third of its workforce to reduce costs.

Pret A Manger to open suburban shops to win back customers

British sandwich and coffee chain Pret A Manger will deliver dinners to city-dwellers and open more suburban branches in a bid to survive the pandemic. In-store sales have been hammered as people work from home during the outbreak. Pret will also launch a subscription service for drinks at a cost of around 26-dollars a month.

US weekly jobless claims falls to 881,000

The number of Americans filing for unemployment benefits has dropped below the key 1-million mark for the second time during the pandemic. Another 881-thousand people lodged jobless claims last week, in a sign the labour market is continuing its recovery. It also reflects changes to the way the US Bureau of Labor Statistics is adjusting the numbers to factor-in seasonal swings in employment.

Turkey's inflation rate rises slightly to 11.77%

Turkey's inflation rose slightly in August driven by higher energy prices and a weaker Lira. Consumer prices rose 11-point-77 percent from a year ago, following an 11-point-76 percent increase in July. The cost of miscellaneous goods and services jumped by the most, with prices rising 27-percent.. followed by health-related costs which rose 14-point-7 percent.

Saudi Aramco reportedly delays diversification plans

Saudi Aramco is reportedly postponing some of its plans to diversify its economy, as the coronavirus crisis hammers crude prices. According to the Wall Street Journal, the world's biggest oil exporter is now reviewing a proposed 20-billion- dollar refining and petrochemical complex and a 6-point-6 billion- dollar plan to expand its refinery in Texas.