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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...