September 23, 2020 Biz in 60

Germany approves 2021 budget with massive borrowing The German cabinet has approved a budget for 2021 that further suspends a law that prohibits taking on new debt. Europe's biggest economy is planning to borrow another 112-billion- dollars to finance massive stimulus measures during the pandemic. Meanwhile business activity in the eurozone fell far worse than expected in September, amid a rise in coronavirus infections. Unions at Suez file application to block Veolia's $3.5B bid Unions at French water and waste treatment firm, Suez, have filed an application to block rival, Veolia's, 3-and-a- half billion dollar takeover bid. The legal action comes amid fears the deal will lead to widespread job losses. Last month, Veolia offered to buy a nearly 30-percent stake in Suez to help fend-off rising competition in the sector from Chinese firms. Nike returns to profit as COVID-19 restrictions loosen Nike returned to profit in its first quarter as restrictions to curb the spread of COVID-19 were eased. Net profit rose to just over one-and- a-half billion dollars in the June to August period, versus a loss of 790-million- dollars in the previous quarter. Shares in the world's largest sportswear maker jumped as much as 13-percent after the results.