November 5, 2020 - Biz in 60

Business in 60 Seconds

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November 5, 2020 - Biz in 60

Business in 60 Seconds

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.
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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.
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