September 22, 2020-Biz in 60

China jails property tycoon Ren Zhiqiang for 18 years
A Chinese court has sentenced former real estate tycoon Ren Zhiqiang to 18 years in prison on charges of corruption. Ren, who has been a vocal critic of President Xi Jinping, was accused of taking bribes and embezzling public funds. The court said he had confessed to all charges and would not appeal against the decision.

Deutsche Bank to close around 100 branches in Germany
Deutsche Bank will shutter one in five branches in Germany as part of cost-cutting efforts to return to profitability. The lender said it would close around 100 branches across the country as the pandemic drives more customers online. The decision follows a similar move taken by domestic rival, Commerzbank, which recently opted to shut 200 of its 1-thousand branches.

GE plans to stop building coal-fired power plants
General Electric is planning to stop making coal-fired power plants as it focuses on gas turbines and renewable energy equipment. The US industrial giant said the exit from the coal business could include asset sales, site closings and job reductions. That's as GE works with customers to complete its existing obligations. Shares in the company fell around 8-percent after the announcement.