February 1, 2021 - Biz in 60

Business in 60 Seconds

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 retailer, Asos, has agreed to buy Topshop and three other brands from Arcadia for 405-million- dollars. But the deal does not include the group's 70 High Street stores, putting 25-hundred jobs at risk. Sir Philip Green's Arcadia fashion empire went into administration last year, becoming Britain's biggest corporate casualty of the COVID-19 pandemic. Ryanair reports annual loss of $1.2B as COVID-19 bites Ryanair has warned that it could lose nearly 1-point-2 billion dollars in its current fiscal year ending in March. Europe's largest low-cost carrier said it faced the most challenging period in its history, as governments restrict travel to curb the spread of coronavirus. But the Irish airline is expecting a strong recovery for the next summer period thanks to the vaccine rollout.