March 31, 2021 Biz in 60

Business in 60 Seconds

Turkey to take Saudi boycott to World Trade Organization Turkey's lodging a complaint with the World Trade Organisation against Saudi Arabia for forcing businesses to boycott Turkish goods. Riyadh has been ramping up pressure on Ankara after a Turkish court began hearing a case against Saudis accused of murdering journalist Jamal Khashoggi. A decision against the kingdom would force it to compensate Turkish businesses for the lost revenues. Growth in South African labour costs slows to 3.9% in Q4 Growth in South African labour costs has continued to slow from a 27-year high in the fourth quarter. The South African Reserve Bank's latest quarterly bulletin shows growth in nominal unit labour costs fell to 3-point-9 percent from 4-point-6 percent in the previous quarter. BioNTech reports $430M net profit in Q4, shares surge BioNtech has reported better-than-expected fourth quarter results, sending its shares up more than 5 percent. Net profit at the German biotech company came in at 430 million dollars in the final three months, thanks to sales of its coronavirus vaccine. The company has also projected 11-and-a-half billion dollars in vaccine sales based on its existing contracts.