August 07, 2020 - Biz in 60

China's exports rise sharply in July, imports fall slightly Chinese exports rose sharply in July as global demand continued recovering as lockdowns were lifted. Shipments abroad increased by 7-point-2 percent from a year ago, while imports were down around 1-and-a half percent. As a result, China's trade surplus widened to 62-point-3 billion dollars, up from 46-point-4 billion dollars in June. Malaysia's ex-finance minister charged with corruption Malaysia's former finance minister, Lim Guan Eng, has been charged with corruption over a 1-point-5 billion dollar construction project. He allegedly asked for a bribe to appoint a company to manage an undersea tunnel project when he was the chief minister of Penang in 2011. Lim has denied any wrongdoing and says the charge is politically motivated. Uber reports net loss of $1.8B in second quarter Uber has lost more money than expected in the second quarter as the pandemic hammered demand for its services. The ride-hailing company has reported a net loss of 1-point-8 billion dollars, driven by a 75 percent plunge in bookings. The fall has been partly offset by a boom in Uber's food delivery business, which saw orders more than double during the period.