October 20, 2020-Biz in 60

Intel sells NAND memory unit to SK Hynix for $9B US chipmaker Intel has agreed to sell its NAND memory chip business to SK Hynix for 9-billion- dollars. The deal will make the South Korean company the world's second- biggest flash memory chipmaker. Intel's flash memory products are used in smartphones, tablets and hard drives. Demand for those gadgets has surged during the pandemic. Lufthansa reports operating loss of $1.5B in Q3 Lufthansa has reported a third-quarter operating loss of 1-and- a-half billion dollars as the COVID-19 crisis continued to weigh on its operations. The loss narrowed slightly from the previous quarter, after the German carrier resumed some flights. But demand for air travel is expected to remain low in the coming months due to new restrictions as infections surge in Europe. Didi reportedly considering Hong Kong IPO at $60B valuation Chinese ride-hailing firm Didi Chuxing has reportedly begun talks with investment banks for an initial public offering in Hong Kong next year. According to Reuters, the company is targeting a valuation of more than 60- billion- dollars. Didi is also said to be re-considering previous plans to list in New York due to rising trade tensions between China and the US.