October 26 , 2020 - Biz in 60

US chipmaker AMD to buy rival Xilinx for $35B US semiconductor designer, Advanced Micro Devices, has agreed to buy rival, Xilinx, in an all-stock deal valued at 35-billion- dollars. The acquisition will help AMD better compete with industry giant, Intel, in the data centre chip market. The deal comes at a time when the shift to remote working during the pandemic boosts demand for chips used in computers and servers. Stimulus helps South Korea's economy grow 1.9% in Q3 South Korea's economy returned to growth in the third quarter as stimulus measures took effect. Gross domestic product grew by 1-point-9 percent from the previous three-month period, marking the fastest expansion in a decade. Asia's fourth-largest economy had shrunk 3-point-1 percent in the second quarter. BP swings to profit in Q3 on stronger oil demand BP swung to profit in the third quarter, thanks to stronger oil prices and the absence of significant exploration write-offs. Underlying replacement cost profit came in at 100-million- dollars, following a loss of 6.9 billion dollars in the second quarter. But the energy major has warned the pace of recovery from the pandemic remains uncertain.