August 04, 2020 - Biz in 60

Turkey's annual inflation falls to 11.76% in July Turkey's inflation slowed more than expected in July following two consecutive months of increases, thanks to falling food and clothing prices. The annual inflation rate fell to 11-point-76 percent last month, from 12-point-62 percent in June. Meanwhile, manufacturing activity in July jumped to its highest level in nine years after the country eased coronavirus restrictions. Argentina agrees with creditors to restructure $65B debt Argentina has reached a deal with its biggest creditors to restructure 65-billion- dollars of sovereign debt. Latin America's third-largest economy has been in default since May when it missed a deadline to pay 500-million- dollars in interest on its already delayed bond debt. If approved, the agreement means Argentina can avoid being of excluded from capital markets. BP halves dividend after record Q2 loss BP has halved its shareholder payout for the second quarter after reporting a record 6-point-7 billion dollar loss. That was largely due to the energy major writing down the value of its assets on expectations of lower commodity prices. The energy sector has been struggling with lower demand in oil, sparked by government measures to curb the spread of the pandemic.