August 27, 2020- Biz in 60

Walmart partners with Microsoft on TikTok deal Walmart has announced it's teaming-up with Microsoft to in a bid to buy video-sharing app, TikTok. The surprise move comes after TikTok's chief executive, Kevin Mayer, annouced he's leaving the company, just three months into the job. The Trump administration is threatening to ban the app if Chinese parent company, ByteDance, doesn't sell its US operations by mid-September. Rolls-Royce reports record first-half loss as demand slumps Jet engine maker Rolls-Royce has reported record losses after the coronavirus pandemic led to a slump in air travel. The British company sank into a 7-point-1 billion dollar pre-tax loss during the first six months of this year. Rolls-Royce says it will look to raise 2-point-6 billion dollars by selling some assets to boost its balance sheet. China's industrial profit grows at fastest rate in two years Profits at Chinese industrial companies increased at the fastest rate in two years last month, suggesting the country's economic recovery is gaining momentum. Earnings jumped 19-point-6 percent from the same month last year to 85-billion- dollars, following an 11-percent expansion in June. The growth was mainly driven by higher profits in the auto and electronics sectors.