March 18, 2021 Biz in 60

Business in 60 Seconds

New Zealand's economy unexpectedly shrinks 1% in Q4 New Zealand's economy suffered a surprise contraction in the fourth quarter, denting hopes of a swift recovery from the pandemic. GDP shrank by 1 percent in the final three months of 2020, following nearly 14 percent growth in the third quarter. Economists expect the economy to shrink further in the current quarter, which would put the Pacific nation in a technical recession. Credit Suisse suspends bonuses over Greensill collapse Credit Suisse will overhaul its asset management business and suspend bonuses for some senior executives as it tries to contain the fallout from the collapse of Greensill Capital. The Swiss lender had multiple ties to Greensill, including 10-billion dollars of funds that offered exposure to the company's loans and were marketed to the bank's clients as safe investments. Shares in SK Bioscience jump 160% on market debut Shares in South Korean vaccine maker, SK Bioscience, more than doubled on their market debut. The company's stock jumped 160 percent on Seoul's KOSPI exchange, boosting its market value to 11-and- a-half billion dollars. The local manufacturer of AstraZeneca's vaccine raised 1-point-3 billion dollars from the IPO, marking the biggest domestic listing since 2017.