March 3, 2021 Biz in 60

Business in 60 Seconds

Turkey's inflation rate rises to 15.6% in February Turkey's annual inflation rose to 15-point-6 percent in February, maintaining pressure for tight monetary policy. The cost of household equipment jumped the most, with prices rising 23-and- a-half percent year-on-year, followed by transportation, which rose 22-percent. In January, annual inflation stood at just under 15-percent. Rio Tinto chairman resigns after cave blast disaster Rio Tinto chairman Simon Thompson is stepping down over the destruction of two ancient caves in Australia. In May last year, the world's biggest iron ore miner knowingly destroyed the 46-thousand- year-old Aboriginal rock shelters as part of a mine expansion. The incident has already led to the departure of former CEO Jean-Sebastien Jacques. Stellantis expects improved profitability in 2021 Stellantis says profitability and vehicle sales are expected to improve this year, after it was formed through a merger of Fiat Chrysler and Peugeot-maker, PSA Group in January. The world's fourth- largest carmaker says it's targeting an adjusted operating profit margin of up to 7-and- a-half percent. The company is also forecasting 6-billion- dollars in annual savings from the merger.