October 12, 2020 - Biz in 60

American duo wins economics Nobel for work on auction theory The Nobel Prize in Economics has been awarded to two Stanford University academics for their contributions to auction theory and the design of new formats. Paul Milgrom and Robert Wilson were recognized for theoretical discoveries that improved how auctions work. Last year, the prize was awarded to three professor for their work in fighting global poverty. Turkey's unemployment rate holds steady at 13.4% in July Turkey's unemployment rate held steady at 13-point-4 percent in July driven by a drop in work force participation. Last month, the government extended a wage support system and the ban on layoffs for another two months to mitigate the impact of the pandemic. The country's new economic program targets a jobless rate of 13-point-8 percent this year. British Airways CEO Alex Cruz steps down amid crisis British Airways chief executive Alex Cruz has stepped down as the carrier faces its worst crisis in the wake of the pandemic. Cruz, who has been at the helm since 2016, will be immediately replaced by Aer Lingus boss Sean Doyle. The shake-up marks the first major move by Luis Gallego, who took over as chief executive officer at parent company IAG last month.