September 30, 2020 - Biz in 60

GardaWorld makes $3.8B hostile takeover bid for G4S Canadian security group, GardaWorld, has made a formal 3-point-8 billion dollar hostile takeover bid for its bigger UK rival, G4S. GardaWorld says G4S needs fresh management to deal with a series of scandals and lawsuits. G4S's board has unanimously rejected the offer, saying it significantly undervalues the group. Turkey cuts tax on foreign currency transactions Turkey has lowered a tax on foreign currency transactions in its latest step to support financial stability. The 'bank and insurance transaction tax' on retail foreign currency purchases, including gold, has been cut to 0-point-2 percent from 1 percent. The country has also slashed the level of withholding tax on lira bank deposits of more than one year to zero from 10-percent. Disney to cut 28,000 jobs in US theme parks division Shares in Disney fell after the company said it's laying-off 28-thousand employees, mostly at its US theme parks. That's as the COVID-19 pandemic weighs on its operations. The entertainment giant has blamed the parks' limited visitor capacity due to social- distancing requirements. Disney reported a 4-point-7 billion dollar loss in the quarter to June, as its theme parks business lost 2-billion dollars.