November 9, 2020 - Biz in 60

Business in 60 Seconds

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November 9, 2020 - Biz in 60

Business in 60 Seconds

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.
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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.
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