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US Senate blocks Trump's Fed nominee Judy Shelton

The US Senate has blocked the nomination of Judy Shelton to serve on the Federal Reserve's Board of Governors. Shelton was nominated by President Donald Trump 16 months ago, but her confirmation has been delayed by lawmakers' scepticism over her views. Republican Senate majority leader, Mitch McConnell says he's taken steps that will allow the nomination to be reconsidered.

Samsung takes on chipmaker TSMC with $116B investment

Samsung is speeding up its plans to invest 116 billion dollars into its next-generation chip business to take on industry leader T-S-M-C. According to Bloomberg, the South Korean tech giant is on course to mass-produce 3 nanometer chips in 2022. If it succeeds, that would boost Samsung's efforts to become the chip supplier of companies like Apple and Advanced Micro Devices.

Ethiopia freezes assets of 34 firms for 'financing violence'

Ethiopia has frozen the assets of dozens of companies linked to a conglomerate run by the ruling party of the dissident Tigray region. Authorities say 34 subsidies of the Endowment Fund for the Rehabilitation of Tigray will not be able to access their bank accounts. The companies have been accused of financing ethnic violence across the country.

Walmart posts upbeat Q3 results on buoyant online sales

Walmart has reported better-than-expected third quarter results thanks to a surge in online sales during the coronavirus pandemic. Net profit at the world's largest retailer came in at 5-point-14 billion dollars, up by 56 percent from the same period last year. Meanwhile, US retail sales rose 0-point-3 percent in October, but failed to meet analysts' estimates.

Huawei sells budget smartphone unit amid US sanctions

Huawei is selling its budget smartphone unit, Honor, to a consortium of over 30 agents. It's a bid to ensure the brand's survival amid US sanctions. In a statement, the Chinese telecoms giant says it won't hold any shares in the new company after the sale. Terms of the deal haven't been disclosed but Reuters previously reported it could be worth 15 billion dollars.

Short-term home rental service Airbnb files for IPO

Airbnb has reported widening losses in its long-awaited filing for an initial public offering. The US home rental service lost nearly 700 million dollars in the first nine months of the year, compared with a net loss of 323 million dollars a year ago. Airbnb is reportedly aiming to raise around 3 billion dollars in an IPO in December

Moderna shares soar after it says vaccine is 94.5% effective

Shares in Moderna jumped more than 10 percent after the US drug-maker said its COVID-19 vaccine is nearly 95 percent effective. Moderna's trial involved 30-thousand people across the United States, with half given two doses of the vaccine, four weeks apart. This comes just days after Pfizer announced its vaccine against the virus was 90-percent effective

Japan's economy grows 5% in third quarter

Japan's economy has returned to growth in the third quarter thanks to a surge in domestic demand and exports. Gross domestic product grew by five percent in the July-September period, following three consecutive quarters of contraction due to the coronavirus pandemic. At an annualised rate, the world's third largest economy expanded by 21-point-4 percent.

Aramco to sell billions of dollars in international bonds

Saudi Aramco is planning to sell billions of dollars in international bonds to bolster its finances. In a filing with the Riyadh stock exchange, Aramco said it would issue dollar-denominated bonds with maturities of between three and 50 years. The world's biggest oil producer has been hit by lower oil demand and crude prices during the COVID-19 pandemic.

South Africa's jobless rate rises to 17-year high in Q3

South Africa's unemployment rate jumped back to a 17-year high in the third quarter, as more people looked for a job after the easing of coronavirus lockdowns. The jobless rate rose to 30-point-8 percent in the three months through September, from 23-point-3 percent in the second quarter. The number of people employed also rose by 543-thousand to top 14-and- a-half million.

Emirates posts first half-year loss in more than 30 years

Emirates has slumped to its first half-year loss in more than 30 years, after the pandemic hammered demand for air travel. The carrier posted a net loss of 3-point-4 billion dollars in the first six months of its financial year, compared to a 235 million dollar profit a year ago. Revenue also plunged 75 percent year-on-year to 3-point-2 billion dollars.

Nissan cuts annual operating loss forecast to $3.2B

Nissan has trimmed its forecast for an annual operating loss by about a third to 3-point-2 billion dollars. That's due to restructuring efforts and a strong recovery in world's largest car market, China. The Japanese carmaker said its net loss also shrank to 422 million dollars in the second quarter, from a 2-point-7 billion dollars in the previous three-month period.

India car sales to dealerships up 14% in October

Car sales to dealerships rose 14-percent in October from a year ago, but the number of people buying vehicles has fallen. The Society of Indian Automobile Manufacturers says dealerships bought-up stock anticipating higher demand during India's festive season. But the Federation of Automobile Dealers Associations says sales to customers fell 9-percent compared to last year.

TikTok challenges Trump sale order as deadline looms

TikTok has filed a last-minute legal petition against the White House's plans to force the sale of the app's US operations on Thursday. The Trump administration had provisionally approved a deal between TikTok's Chinese parent company, ByteDance, and the US software firm, Oracle, designed to avert a ban on the app on national security concerns. But ByteDance says it's been waiting for the deal to be finalised.

Apple unveils first devices featuring in-house processors

Apple has unveiled a new range of products powered by its own processor chips. It's a shift away from Intel's technology, which has driven the electronic brains of Apple laptops and desktops for nearly 15 years. The new chip, called the M1, will also tie Apple's computers and iPhones closer together, technologically.

SoftBank's first-half net profit jumps 347% to $18 billion

Softbank has reported a more than three-fold increase in first-half net profit to 18 billion dollars. The surge is mainly due to net gains on investments, which topped 13-and-a-half billion dollars in the six months through September. The Japanese conglomerate lost 9 billion dollars last year due to troubles with its office-sharing business, WeWork.

Singapore Airlines seeks liquidity after heavy loss

Singapore Airlines has entered talks to raise funds through the debt market after reporting its biggest quarterly loss on record. The embattled carrier posted a net loss of 1-point-74 billion dollars for the July-September quarter, as the pandemic continues to hit air travel demand. The airline has already raised more than 8 billion dollars to survive the economic downturn.

Volkswagen's Traton agrees to buy Navistar for $3.7B

Volkswagen's truck-making subsidiary, Traton, has agreed to buy US peer Navistar in a 3-point-7 billion dollar equity deal. The acquisition will expand Traton's presence in the lucrative US heavy-duty vehicle market and help it to better compete with rivals Daimler and Volvo. The transaction is expected to close in mid 2021.

Ride-hailing firm Uber posts $1.1B loss in third quarter

Uber has reported a net loss of 1-point-1 billion dollars in the third quarter, as the pandemic continues to impact travel and commuting. But the figure has improved on a loss of 1-point-8 billion dollars in the previous quarter, thanks to Uber's booming food delivery business. Earlier this week, the ride-hailing firm won a key vote to keep its drivers as contractors in California.

All Blacks in talks with private equity investors

The New Zealand national rugby team is up for sale as it struggles with the financial impact of the coronavirus crisis. The All Blacks entered talks with private equity investors after burning through half of their 56 million dollar cash reserves during the pandemic. The All Blacks are three-time world champions and are the most valuable brand in rugby.

Luxury carmaker Bentley to go fully electric by 2030

Bentley has pledged to go fully electric by 2030, as the auto industry adapts to tighter emissions limits in Europe and China. The British firm says it will offer only hybrid cars by 2026 and switch its entire line-up to fully-electric vehicles four years later. Bentley also wants to make its operations carbon neutral.

GM posts 74% jump in Q3 net profit to $4.05B

General Motors has reported stronger-than- expected third quarter results, sending its shares up as much as 7-percent. Net profit at the US carmaker jumped 74-percent from a year ago to top 4-billion- dollars. Earnings were boosted by strong demand for its trucks and SUVs in the United States, and a rebound in sales in China.

Lufthansa reports net loss of $2.4B in Q3

Lufthansa has reported a widening loss in the third quarter as the pandemic continues to hit air travel demand. Net loss came in at 2-point-4 billion dollars, compared with 1-point-7 billion in the prior quarter. The German carrier has also warned of further losses due to new restrictions to combat a resurgence of COVID-19 infections across Europe.

Indonesia slips into recession for first time in 22 years

Indonesia has fallen into recession for the first time since the 1998 Asian financial crisis, as the pandemic hit consumption and business activity. GDP shrank 3-and- a-half percent on an annual basis in the third quarter, following a 5-point-3 percent contraction in the prior three-month period. Meanwhile, the unemployment rate surged to a nine-year high of 7-percent in August.

Uber, Lyft stocks soar after ballot victory in California

Shares in Uber and Lyft jumped more than 10-percent after the ride-hailing firms won a key vote to keep their drivers as independent contractors in California. The outcome will allow them and food delivery companies to bypass a state law intended to provide employee-like protections for their drivers. The companies had said the law would've forced them to shut down in California.

BMW reports upbeat Q3 results on China boost

BMW has reported better-than- expected third quarter results as it benefited from a strong recovery in China. Net profit at the German carmaker jumped 17-percent from a year ago to 2-point-2 billion dollars. Sales in the world's largest car market, China, grew 31-percent in the quarter through September, while European sales were also up 7-percent

Saudi Arabia to ease restrictions on foreign workers

Saudi Arabia will remove several restrictions on foreign workers as part of plans to improve its labour market attractiveness. Under the reforms, non-Saudis will no longer need their employer's permission to change jobs and travel abroad. The new rules will come into effect in March next year and apply to all foreign workers in the private sector.

Low-cost carrier Ryanair posts first summer loss in decades

Ryanair has reported a loss for its key summer period for the first time in 30 years as the pandemic hit air travel demand. The low-cost carrier lost 230-million- dollars in the six months to September, driven by an 80-percent drop in passenger numbers. The company has also warned of bigger losses as a resurgence of infections sparks new lockdowns across Europe.

Aspen to manufacture J&J COVID-19 vaccine in South Africa

South African drugmaker, Aspen Pharmacare, has agreed to manufacture the COVID-19 vaccine candidate being developed by Johnson & Johnson. The potential vaccine is still in clinical trials, and if approved, will be made and packaged at Aspen's plant in Port Elizabeth. Shares in Aspen rose more than 5-percent after the announcement.

Turkish manufacturing recovery picks up pace in October

Turkey's manufacturing activity grew for a fifth straight month with sharp upticks in orders and output. The Purchasing Managers' Index for manufacturers rose to 53-point-9 in October, from 52-point-8 in the previous month. Meanwhile, a separate report showed Turkey's exports rose 5-point-6 percent to a record high of 17-point-3 billion dollars in the same month.