January 29, 2021 - Biz in 60

Business in 60 Seconds

France's economy shrinks 1.3% in fourth quarter France's economy fared better than expected in the fourth quarter despite the resurgence of coronavirus cases. Gross domestic product shrank by 1-point-3 percent in the final three months of last year, as new restrictions weighed on consumer and business activity. For the full year, the euro zone's second largest economy contracted 8-point-3 percent. Turkey's exports slips 6.3% to $169.5B in 2020 Turkish exports slipped 6-point-3 percent on an annual basis to around 170-billion- dollars in 2020, as the pandemic ravaged economies around the world. Imports rose 4-point-3 percent to 220-billion- dollars, bringing the foreign trade deficit to 50-billion- dollars. The top destination for Turkish goods was Germany, followed by the UK and the US. Dr. Martens shares surge after $1.8B London IPO Shares in Dr Martens jumped as much as 18-percent in their market debut in London after the British bootmaker priced the IPO at the top of its indicative range. Shareholders including parent company Permira Holdings raised 1-point-8 billion dollars, giving it a market valuation of more than 5-billion- dollars. The listing is the UK's largest domestic IPO since September last year.