August 24, 2020- Biz in 60

Nigeria's economy shrinks 6.1% in second quarter Nigeria's economy has contracted for the first time in three years due to lower oil prices and coronavirus lockdowns. Gross domestic product shrank by 6-point-1 percent in the second quarter, compared with an expansion of 1-point-8 percent in the first three months. Africa's largest economy is expected to contract by up to 8-point-9 percent this year. Rio Tinto cuts executive bonuses over sacred caves blast Mining giant Rio Tinto has slashed bonuses for three senior executives following the destruction of two ancient caves in Australia. The decision comes after an internal review found systemic failures in heritage management practices. In May, the world's biggest iron ore miner destroyed the 46-thousand- year-old Aboriginal rock shelters as part of a mine expansion. Microsoft backs Epic Games in battle with Apple Microsoft is backing Fortnite maker, Epic Games, in its legal battle with Apple. In a court filing, the US software giant said Apple's threat to cut-off Epic Games from developing tools would hurt a sizeable community of game creators. The iPhone-maker removed Epic's titles from its App Store, accusing it of violating its in-game payment rules.