October 29, 2020 - Biz in 60

Business in 60 Seconds

Tiffany's board approves sale to LVMH at lower price The French luxury goods giant, LVMH, will pay slightly less to buy the US jeweller Tiffany & Co after the two firms agreed to salvage the luxury sector's biggest-ever deal. LVMH will now pay 15-point-8 billion dollars, down from the 16-point-2 billion dollars originally agreed. The Louis Vuitton- owner had tried to get out of the acquisition, citing concerns over the pandemic. Shell raises dividend after reporting upbeat Q3 earnings Royal Dutch Shell has raised its dividend to shareholders, just six months after slashing the payout for the first time since the Second World War. The energy major said the dividend for the third quarter will increase by 4-percent to just under 17-cents per share and grow annually thereafter. Shell's adjusted net profit came in at 955-million- dollars last quarter, beating analysts' estimates. Samsung reports 49% jump in Q3 net profit to $8.3B Samsung has reported better-than- expected third quarter results as its mobile and chip units benefited from US sanctions on Huawei. Net profit in the July to September period jumped 49 -percent from a year ago to 8-point-3 billion dollars. Meanwhile, the US has reportedly started allowing chip companies to supply components to Huawei's non-5G businesses.