Business daily: Recent Episodes
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A daily update on the latest business and economic news. Live on weekdays at 8.15 am and 6.45 pm Paris time.
The APEC summit is kicking off in Lima, Peru, ahead of the G20 Summit in Brazil next week.
Among world leaders attending is Chinese President Xi Jinping. His first order of business in Peru is to attend the inauguration of the Chancay port, a majority Chinese-owned megaport that's expected to become a major shipping hub for the Belt and Road initiative.
Plus, slumber business is booming in Japan as sleep-deprived workers increasingly turn to improving the quality of their sleep.
China's President Xi Jinping is expected to inaugurate a new "mega port" built by shipping giant Cosco in the Peruvian town of Chancay this Thursday. The visit comes on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum and underlines the important role played by China as a trade partner in the region, overtaking the United States. Also in this edition: a university in Ireland is now offering a degree to train the next generation of social media influencers.
As European farmers protest against a renewed push to ratify the controversial free trade agreement between the EU and the Mercosur South American trade bloc, French Prime Minister Michel Barnier has told EU chief Ursula von der Leyen that his government cannot and will not accept the deal, agreed in 2019, under the current terms. Plus, affordable housing for rent is becoming increasingly hard to come by in Paris and other cities in France.
In its 2024 Green Skills Report, social media platform LinkedIn uses data from its 1 billion users to track the evolution of so-called "green skills" on the labour market. Their findings show that while the number of people with the skills that help combat the effects of climate change has grown over 5 percent in the year, that's not keeping up with the 11 percent increase in jobs requiring those skills. With the COP29 climate summit underway, FRANCE 24's Charles Pellegrin speaks to LinkedIn's Vice President of Public Policy, Sue Duke.
US President-elect Donald Trump has announced that SpaceX CEO Elon Musk and one-time presidential hopeful Vivek Ramaswamy will lead a new "Department of Governmental Efficiency". The pair will be tasked with advising the administration on how to "dismantle bureaucracy". Musk had previously called for $2 trillion to be slashed from government spending. Also in this edition: French farmers plan to push back on EU plans to strike a free trade deal with South America.
Oil giant Shell has succeeded in overturning a landmark 2021 court ruling that ordered it to cut CO2 emissions by 45 percent from 2019 levels by 2030. The appeals court in The Hague said that while companies like Shell had the responsibility to contribute to mitigating climate change, there was not enough consensus in climate science on a specific reduction percentage to impose on them. Plus, Facebook says it will offer users in Europe an option to see fewer personalised ads, in order to appease EU regulators.
As Donald Trump assembles his team ahead of a second term as US president next year, we focus on what his plans to massively deport millions of undocumented immigrants will cost and what impact it will have on the economy. The total tab could end up costing close to a trillion dollars over 10 years, and the plans could lead to severe labour shortages and troubles with food supply.
As delegates from all over the world attend the opening of COP29 in Azerbaijan this Monday, we focus on the financial needs of developing economies in their bid to transition to a green economy and build up climate resilience. A leading group of experts has calculated that, excluding China, developing economies will need $2.4 trillion annually by 2030. Also in this edition, we look at what the Trump presidency could mean for the Federal Reserve’s independence.
Japanese carmaker Nissan says it will cut 9,000 jobs globally, after net profit in the April to September period plunged 93.5% year-on-year. The company has struggled with weak EV sales in China and has missed the hybrid boom in the US. But first, Germany's "traffic light" coalition has collapsed over differences on economic policy. At the heart of the political feud is the country's "debt brake" system. Now enshrined in the constitution, it forces balanced budgets.
On Wednesday, German Chancellor Olaf Scholz dismissed his finance minister and coalition partner, Christian Lindner, over disagreements on economic policy. The country will now be facing a snap election next year in a bid for more political stability. In this edition, we look at the issue at the heart of this split: Germany's "debt brake", which limits the country's ability to borrow money and might have to be suspended in order to revive a struggling economy.
Wall Street rallied on Wednesday, bitcoin hit a new record while German auto stocks plunged. As markets continue to digest Donald Trump's comeback, Chinese consumers are bracing for a possible new wave of punitive tariffs, but a new round of a trade war could hit China's economy harder than before. FRANCE 24's Yuka Royer speaks to economist Antonio Fatas of INSEAD, who says that the promised tariffs would ultimately lead to higher inflation and hurt American consumers.
As American voters cast their ballots, the rest of the world is watching closely since the outcome of the election will have global implications, including on trade and the economy. FRANCE 24's Yuka Royer takes a closer look at what Donald Trump and Kamala Harris may do regarding trade and tariffs. Plus, French tyre giant Michelin announces a plan to shut down two plants amid flagging sales.
All three major indices on Wall Street closed Monday's session in the red ahead of Election Day in the United States, with investors preferring to turn to US treasuries in the face of political uncertainty. In this edition, we look at which stocks could benefit from a Trump or Harris presidency but also see why campaign promises need to be taken with a pinch of salt. Also in this edition, Boeing workers vote to end a seven-week strike that has cost the company billions of dollars.
The US economy is humming, with GDP expected to grow at a healthy clip, unemployment low and inflation coming down closer to the Federal Reserve's 2 percent target. Yet polls have shown American voters are worried about the state of the economy, with home prices going through the roof. Both Kamala Harris and Donald Trump have promised to bring them down. Plus, Boeing workers are voting on a new wage offer, which could end their seven-week strike.
Union machinists vote Monday on whether to accept Boeing's latest contract offer of a 38 percent pay raise over four years and increased 401(k) contributions. Workers are fighting for the return of the company's pension plan, jettisoned in 2014 over cost concerns. China waits for the result of the US presidential election as Beijing prepares a new round of economic stimulus.
Russia has fined Google $20 decillion, or $20 billion trillion trillion, a sum greater than the size of the world's total GDP. We find out why. Also, the EU has launched a probe into e-commerce giant Temu. Meanwhile, European markets closed with their steepest loss for a year. Plus, Americans are expected to spend $11.6 billion on Halloween this year.
Chinese electric vehicle maker BYD saw its revenue top 200 billion yuan ($28 billion) in the third quarter, beating its US competitor Tesla for the first time on that particular metric. Sales have been boosted by Chinese government subsidies offered to consumers willing to trade in their petrol-powered cars for EVs or hybrids. Also in this edition, new figures show that Chinese e-commerce platforms Shein and Temu represent around a quarter of all postal packages delivered in France.
China is a top priority for US foreign and economic policy and the trade tensions between the world's largest economies are set to continue, regardless of who wins the US presidency. FRANCE 24's Beijing correspondent Yena Lee reports on the state of US-China tech rivalry. Also in the show: the UK government outlines £40 billion in tax hikes, in the first Labour budget in nearly 15 years.
Four months after taking office, the UK's Labour government and its Finance Minister Rachel Reeves are unveiling their first budget to the House of Commons this Wednesday. In this edition, we take a look at the big spending items on the agenda and at how Prime Minister Keir Starmer's government is hoping to reduce the national deficit. Also in the show, we report on Chinese smartphone and house appliance maker Xiaomi's meteoric rise in the world of electric vehicles.
Influencers are being offered millions to support US presidential candidates … and they’re under no legal obligation to disclose it. We take a closer look. Also in this edition: Indonesia is trying to become a major player across the electric vehicle supply chain, but a wealth in raw materials might not be enough. Meanwhile, the EU has given a final green light to steep tariffs on Chinese electric cars. Plus, JPMorgan Chase customers who thought they could get "free" cash from ATMs after TikTok videos went viral may have to pay a hefty price.
The World Bank Group forecasts that oil and commodity prices as a whole will continue to fall next year, in a new "Commodity Markets Outlook" published this Tuesday. The World Bank's Deputy Chief Economist, Ayhan Kose, speaks to FRANCE 24 about the report's findings and what they could mean, especially for developing economies.
Volkswagen staff have sounded the alarm over plans to slash "tens of thousands" of jobs, cut wages and close three factories across Germany. The carmaker's employee council said management had described the cost-cutting plans as necessary. If confirmed, the restructuring will mark a symbolic blow to German industry. Also in the show: FRANCE 24 reporters in Malaysia meet a former TikTok employee who has been replaced by artificial intelligence, in a controversial move by the Chinese-owned app.
For the first time since 2009, Japan's ruling coalition, led by the Liberal Democratic Party (LDP) of Prime Minister Shigeru Ishiba, has lost its majority. In this edition, we look at the role played by the cost-of-living crisis in the result and what this could mean for the Japanese economy going forward. The country's central bank, the Bank of Japan, and its policy of hiking interest rates is coming under particular pressure.
A lawsuit has been filed against McDonald's over an E. coli outbreak linked to its quarter pounders. Meanwhile, Tesla's stock soared 21 percent after Elon Musk surprised investors with a strong sales forecast. Also, Boeing's crisis just got worse after factory workers voted to extend a crippling strike. Plus, a Polish radio station has replaced journalists with AI presenters.
Boeing workers have voted to continue their strike, with 64 percent of them rejecting the latest offer that included a 35 percent wage hike over four years. The strike, now running for nearly six weeks, is worsening the planemaker's already dire financial situation. Boeing logged more than $6 billion in net loss in the latest quarter. But first, the UNDP warns that Lebanon's economy could shrink as much as 9.2 percent in 2024 if the war continues through the end of the year.
Boeing has reported a staggering $6.2 billion loss for the third quarter, as it grapples with its ongoing financial, safety, and reputational problems. New CEO Kelly Ortberg said the American aerospace giant is at a "crossroads", as he seeks to turn the page on years of crises. Aviation expert Anita Mendiratta tells FRANCE 24 that Ortberg faces an uphill battle: "What has been very reassuring is that he's owning the opportunity to really take the Boeing company, brand, and the industry into a stronger future."
Tokyo Metro, the main operator of the Japanese capital's sprawling underground rail network, made a stellar market debut on Wednesday in the country's biggest IPO in six years. Its shares rose 45 percent on its first day. Plus, FRANCE 24's correspondents visit Las Vegas to report on the state of the economy in the key swing state of Nevada.
At this year's BRICS summit, one of the main issues on the agenda is Russian President Vladimir Putin's idea for a payment system to rival SWIFT and bypass Western sanctions. Also, a UN report shows the impact of war has set back development in Gaza by 69 years. In the US presidential race, Kamala Harris is far ahead of Donald Trump when it comes to fundraising. Plus, the former CEO of clothing empire Abercrombie & Fitch has been arrested and charged with running a prostitution and international sex trafficking business.
With just two weeks to go before American voters choose their next president, Kamala Harris is leading Donald Trump by a wide margin in the money race, having raised nearly $1 billion in a single quarter. But first, as Israel continues its war against Hamas, a new UN report warns the impact of the conflict could set back development in Gaza by 69 years and is pushing three quarters of Palestinians into poverty this year.
US crude oil jumped slightly after US President Joe Biden said he was "discussing" an Israeli strike on Iranian oil facilities. Chaos builds for shippers as US dockworkers enter their third day of strike. In several cities across the US, the cost of childcare is overtaking the cost of housing, weighing heavily on families, particularly women. Plus, after a 7 year break, construction of the world's tallest skyscraper in Saudi Arabia has resumed.
OpenAI, the company behind artificial Intelligence chatbot ChatGTP, has secured new financing to the tune of $6.6 billion from a variety of investors. The start-up is now valued at $157 billion, on par with such groups as Uber or AT&T. It will have to commit to converting to a for-profit company within two years. Also in this edition: Argentinian students protest the government's freeze on higher education spending and US President Joe Biden calls on port employers to end the dockworkers' strike.
Global benchmarks for oil prices were steadily rising on Wednesday, a day after Iran fired a barrage of missiles against Israel in retaliation for the Israeli army's offensive against Hezbollah. In this edition, FRANCE 24's Charles Pellegrin explains why this could change the trajectory of global oil prices, how the world's energy supply could be affected and what this could mean for the global economy.
Yemen's Houthi rebels claimed attacks on an oil tanker and another commercial vessel in the Red Sea on Tuesday, the first such attacks in weeks. The Iran-backed militants started targeting merchant ships last year in support of Hamas in Gaza, prompting many shipping companies to take a longer route via the southern tip of the African continent. France 24's Yuka Royer speaks with Jakob P. Larsen, Head of Maritime Safety & Security at Bimco, about the heightened risks in the region.
The union representing 45,000 dockworkers in the United States announced a strike at midnight on Tuesday in American ports all the way from Maine to Texas. The workers are asking for better pay and guarantees against automation as the shipping industry has seen skyrocketing profits this year. The industrial action could cause higher inflation and shortages ahead of the US presidential election. Also, Ivory Coast responds to soaring global cocoa prices by increasing its buyers' price by 20 percent.
The wholesale price of butter in France hit a record high in September, rocketing to 8,180 euros, compared to 4,260 euros a year earlier, as an epidemic among cows affected production.
But first, a new, common digital payment system has been launched in France, Belgium and Germany, backed by 16 major banks. The platform, "Wero", enables person to person cross-border payments instantly, at no additional cost, as EU banks aim to regain sovereignty over digital payments.
With private insurer losses expected to top $6 billion, Hurricane Helene is another reminder of climate change's impact on the US home insurance market. Also in this edition: the UK's last coal-fired power plant gets set to shut down after 54 years as the country pursues its green energy transition.
The European Bank for Reconstruction and Development issued an updated report this Thursday on growth prospects in all the regions where it operates. Its Chief Economist Beata Javorcik spoke to FRANCE 24 specifically about the challenges facing the economies of conflict-hit countries like Lebanon, Ukraine and Russia.
As France's newly-formed government faces pressure to finalise its spending plans for 2025, Budget Minister Laurent Saint-Martin says the state of public finances is worse than was expected only a few days ago, and that this year's budget shortfall could top 6 percent of GDP – far above the government's earlier estimate of 5.1 percent. Plus, Commerzbank has named Bettina Orlopp as its new CEO, as it tries to fend off a possible hostile takeover by Italy's UniCredit.
Executives from Volkswagen and labour leaders are meeting this Wednesday in Hanover to discuss a new labour agreement. In the face of increased competition and high costs, the company has called for drastic cost-cutting measures. In this edition, we look at why the storied German industrial champion has hit a rough patch. Plus, our correspondents in Germany head to a town that's depended on VW's good health since the 1960s and is now planning for the worst.
In a first-of-its-kind lawsuit, the US state of California has sued ExxonMobil for fraud over plastic recycling. The state's attorney general accuses the oil giant of deceiving the public for decades by promoting recycling as a solution to plastic waste management while knowing that it isn't viable to do so at scale. FRANCE 24's Yuka Royer speaks with Alyssa Johl, Vice President of Legal and General Counsel at the Center for Climate Integrity.
The governor of the People's Bank of China, Pan Gongsheng, has announced new measures meant to boost the country's ailing economy. China's central bank is lowering its benchmark interest rate as well as reducing the cash requirement that banks are supposed to hold in a bid to free up lending capacity and reach the government's target of 5 percent growth this year. Also in this edition, a new report outlines the deforestation threats in Malaysia's Sarawak state and what the EU can do about it.
German Chancellor Olaf Scholz has warned against a "hostile takeover" of Commerzbank, after Italy's UniCredit revealed it had significantly increased its stake in Germany's second-largest bank, from 9 percent to 21 percent. Plus, with New York's Climate Week underway alongside the UN General Assembly, FRANCE 24's Yuka Royer speaks to Gregory Renand, head of the Z Zurich Foundation, about the need to boost measures to help vulnerable communities adapt to the consequences of climate change.
France's new economic team is led by two young and relatively unknown members of President Macron's pro-business coalition. They face a host of fiscal challenges as they try to reduce deficits without raising taxes on France's middle class.
People in Martinique are protesting the cost of living. That's because food products on the island cost up to 42 percent more than in mainland France. Sri Lankans are gearing up for a presidential election – and this year, the economy will be at the top of voters' minds. The Bank of England decided to hold its key rate steady at 5 percent, a day after the US Federal Reserve kicked off its own rate cuts with a half percentage point reduction.
Sri Lankan voters will head to the polls this Saturday to choose a new president. We'll see why the economy will be at the heart of the campaign with the financial collapse of 2022 still present in peoples' minds. In 2024, economic indicators have recovered but Sri Lankans are still suffering. Also in this edition, Donald Trump accuses the US federal reserve of "playing politics" after it cut its target interest rate.
The US Federal Reserve lowered its key lending rate by a deeper-than-expected 0.5 percent, in its first rate cut in more than four years. The move indicates that while monetary policymakers are confident about taming inflation, their focus has shifted to supporting the slowing job market. Plus, France 24's Yuka Royer speaks with Regina Mayor, Global Head of Clients & Markets at KPMG International, about what is top of mind for global CEOs amid economic uncertainty and technological advances.
Norway's road federation revealed on Tuesday that the number of electric vehicles on its roads was now larger than the number of petrol cars. Though diesel cars are still the most common type of vehicle in the country, EVs could overtake them in 2026. In this edition, we take a look at why Norway is leading the way in the transition to electric mobility. Also on the show, we discover the sweet Algerian spread that's creating a viral sensation in France and attracting the attention of regulators.
After weeks of negotiations, European Commission chief Ursula von der Leyen has unveiled her new top team, giving key economic portfolios to France, Italy and Spain. If approved by the European Parliament, the bloc's top brass will be charged with steering the EU's industrial agenda in the face of competition from China and the US. Plus, London Mayor Sadiq Khan announces a new plan to make a part of Oxford Street completely traffic-free.
In a long memo sent to Amazon staff on Monday, CEO Andy Jassy told the tech giant's corporate employees that they would no longer be allowed to work remotely so that they are "better set up to invent, collaborate, and be connected enough to each other". Amazon had previously faced protests when reducing the number of days that staff could work from home. Also in this edition, Meta bans Russian state media platforms from its apps and Boeing cuts costs and freezes hiring amid a damaging strike.
Boeing has announced a hiring freeze and cost-cutting measures amid a crippling strike at its assembly plants that has brought production of its best-selling jets, including the 737 MAX, to a virtual halt. But first, lawyers for TikTok and ByteDance have made their case against a US law, signed back in April, that gave them until January 19, 2025 to sell the app to a non-Chinese buyer or face a ban. The legal battle is expected to go all the way to the Supreme Court.
TikTok's lawyers are heading to US federal appeals court to argue that a law forcing Chinese parent company ByteDance to sell or see the app banned in the country is unconstitutional. Also in this edition: Ukrainian women step up into traditionally "male" jobs amid a labour shortage due to Russia's invasion.
Visa-free travellers going to the UK will have to get permission prior to their visit as the government expands its Electronic Travel Authorisation, or ETA, scheme to all visitors. A similar plan is also in the pipeline for the European Union. Plus, the Olympics may be over but the medal race continues. Around 1,400 people from nearly 70 countries are taking part in the 47th edition of the WorldSkills competition that's underway in the French city of Lyon.
Boeing workers in Washington and Oregon will be voting on Thursday night on whether to accept a new contract offer that increases wages by 25 percent over the next four years. If the deal is turned down, as has been predicted by union organisers, they will need a two-thirds majority to approve strike action. Also in this edition, we take a look at the plight of migrant workers in Singapore as Pope Francis calls for them to have a "fair wage" during his visit to the city-state.
As the EU prepares to impose additional, heavy tariffs on Chinese-made electric cars, Spain's prime minister has called on both sides to find a compromise to avoid a trade war. Pedro Sanchez made the comments during a trip to Beijing where he met President Xi Jinping. Plus, the British government says it has reached a new, improved deal with Tata Steel for the thousands of workers at the Port Talbot Steelworks who are set to be made redundant soon.
During Tuesday's US presidential debate, Vice President Kamala Harris and former president Donald Trump clashed over their plans on foreign trade. In this edition, we take a look at what both of them are advocating when it comes to applying import duties and countering China. Plus, FRANCE 24's Eliza Herbert outlines the candidates' plans to improve the US economy and the lives of ordinary Americans.
In a major win for EU regulators, the European Court of Justice has ruled that Apple must pay €13 billion in back taxes to Ireland, dismissing a final appeal by the company against the European Commission's 2016 order. Separately, the court upheld a €2.4 billion fine imposed on Google over its online shopping comparison service. Plus, taking space tourism to a whole new level: SpaceX launches Polaris Dawn, an all-civilian mission aiming for the first privately-funded spacewalk.
US tech giant Apple unveiled its new iPhone 16 on Monday in California, which it said is built to include artificial intelligence features. This is Apple's bid to reverse a slump in sales, especially as iPhones represent almost half of all revenue at the trillion-dollar company. Also in this edition, a new report from the EU Commission says that €800 billion are needed annually in order for the bloc to compete with China and the US.
A new antitrust trial for Google parent Alphabet gets underway, this time over its ad services following a judge's ruling last month that its search engine business is a monopoly. Also in this edition, France asks the EU for more time to deliver a plan to reduce its budget deficits and debt.
In a speech at the Forum on China-Africa Cooperation in Beijing, President Xi Jinping promised to provide 360 billion Yuan (€45 billion) in new financing to African countries over the next three years. The promise also includes the creation of one million jobs and 30 renewable energy projects. Also in this edition, the world's biggest semiconductor trade show – SEMICON – kicks off in Taiwan, shedding light on the chip-making sector and the geopolitical challenges it faces.
Volkswagen's management went head to head with some 25,000 employees as leaders defended planned cost cuts that include possible plant closures in Germany and the end to a long-running job protection scheme. Unions say the threat is tantamount to a "declaration of bankruptcy". Also in this edition, China rolled out the red carpet to dozens of African leaders as it kicked off the ninth edition of the Forum on China-Africa Cooperation.
Lebanon's former central bank governor, Riad Salameh, has been arrested in Beirut. Once lauded for reviving the country's economy after the civil war, Salameh's later years in office were marred by allegations of financial crimes including embezzlement and money laundering.
Plus, the trial against Martin Winterkorn, the former CEO of Volkswagen, has begun nine years after the "Dieselgate" emissions cheating scandal sent shockwaves through the global auto industry.
US vice president and presidential candidate Kamala Harris used a Labor Day speech to criticise a deal that would see American steelmaker US Steel taken over by Japan's Nippon Steel. The $14.1 billion takeover was agreed to in principle in December of last year but has come under heavy criticism from the United Steelworkers union. Also in this edition, surging demand for Oasis concert tickets has pushed the UK to crack down on "dynamic pricing" on ticketing platforms.
A panel of five Supreme Court justices in Brazil has unanimously upheld the decision of one of its judges to block Elon Musk's social media platform X in the country. The platform has already been suspended since Saturday for violating local rules. According to Brazil's telecom regulator, only Starlink, the satellite operator controlled by Musk, says it will not comply with the order. Plus, German employers are worried after the anti-immigration AfD made a strong showing in state elections.
The historic showing for Germany's far-right anti-immigrant AfD party in Sunday's state elections threatens to complicate the country's search for the foreign talent it needs to maintain its labour force. We take a closer look. Also in this edition: Brazil's Supreme Court votes on whether or not to uphold a nationwide ban on social media platform X.
After French President Emmanuel Macron rejected the idea of naming a prime minister from the left-wing New Popular Front coalition, saying a leftist government would immediately be ousted by all other parties, many French business leaders gathering at the employer federation Medef's annual conference voiced optimism that the pro-business environment of the past seven years would be maintained. FRANCE 24's Yuka Royer speaks to Laurent Saint-Martin, President of Business France, about the current business climate.
As suspense continues over who will become France's next prime minister, the country's largest employer federation, Medef, kicked off its annual "back to school" conference on the theme of ''power''. The US presidential election, regional conflicts and trade tensions are also high on business leaders' minds. FRANCE 24's Yuka Royer speaks to Boris Lombard, president of German manufacturing firm KSB, about the challenges facing the industrial sector.
Indonesia is gearing up to inaugurate its new capital Nusantara later this week, on the country's Independence Day.
Amid delays and slow private investment, President Joko Widodo hailed the unfinished city as a "canvas on which to draw the future". Yuka Royer takes a closer look at the 30 billion euro megaprojects and convroversies surrounding it.
Global oil benchmarks Brent crude and West Texas Intermediate surged this Wednesday on the news that Hamas's political leader Ismail Haniyeh had been killed by a suspected Israeli strike in Iran. Fears over a regional escalation of the Israel-Hamas war are fuelling concerns over production and distribution of oil in a region that produces about a third of global supply. Also in this edition, we look ahead to the US Federal Reserve's next decision on interest rates.
On a five-day visit to China, Italian Prime Minister Giorgia Meloni has vowed to "relaunch" economic cooperation with Beijing and "rebalance trade". She has also sought to position herself as a potential mediator between China and the EU as the two blocs butt heads, especially on the issue of Chinese electric vehicle imports. In this edition, we look at what could make Meloni's job harder.
As Venezuela's opposition contests the re-election of President Nicolas Maduro, we take a closer look at the South American country's economic challenges. Hyperinflation, which reached a peak in 2019, may have subsided but it has underlined issues with wealth inequality and dependence on the oil sector. In addition, Caracas is carrying a massive foreign debt load of around $150 billion.
As the US presidential election campaign is roiled by Joe Biden's decision to pull out of the race against Donald Trump, we look at the role Silicon Valley has been playing in the contest so far. Long a bastion of liberal values, the US tech scene is seeing an increase in backers to Trump and the Republican Party. Michael Fertik, founder and managing partner of Heroic Ventures, tells FRANCE 24 how this has happened and why so many venture capitalists are drawn to the MAGA (Make America Great Again) message.
The world’s first AI beauty pageant has crowned a virtual Moroccan lifestyle influencer. But first, Spaniards are being pushed out of the property market as tourism breaks new records in the country. China is building more wind and solar power projects than the rest of the world combined. Plus, the UK economy grew faster than expected in May.
The Russian military still relies on western-designed components to fire missiles at Ukraine, an FT report has found. Mexican navy officials are flagging concern about the rising flows of unregulated “dual use” chemicals used to produce synthetic drugs. The S&P 500 climbs to a fresh record, breaking about 5,600 for the first time. Plus, Paris is an unpopular destination for tourists ahead of the Olympics.
At the conclusion of a three-day walkout, workers at Samsung Electronics in South Korea announced they would continue their industrial action with an "indefinite strike". Among other demands, the 30,000 strong labour union is asking for a 3.5 percent increase in base wages. The strike is happening as the company's profits are expected to increase 15-fold annually amid a global boom in demand for advanced chips to fuel the Artificial Intelligence revolution.
American energy generation is getting cleaner, with wind power becoming a bigger source of electricity in the US than coal.The Panama Canal’s administrator is building a billion-dollar water reservoir to compensate for drought. Jerome Powell tells lawmakers that keeping interest rates elevated for too long could jeopardise economic growth. Plus, the "summer camp for billionaires" kicks off this week.
South American free trade bloc Mercosur held its presidential summit on Monday in Paraguay without Argentina's President Javier Milei, who was in Brazil for a conference of Latin American conservatives. The snub was slammed as "complete foolishness" by Brazil's leader Luis Inacio Lula da Silva and underlines the political frictions within the bloc. In this edition, we take a closer look at some of the challenges Mercosur has faced and also head back to France to see what businesses and workers think of the leftist New Popular Front's economic programme.
After the New Popular Front left-wing alliance won the largest number of seats in France's National Assembly, investors have been assessing what this might mean for the French economy. In this edition, we look at what the market reaction to the surprise result has been and take a closer look at the New Popular Front's economic programme.
The European Union has sharply raised import duties on Chinese electric vehicles to address what it sees as unfair competition.
Starting Friday, provisional tariffs of up to 37.6% will be imposed on China-made EVs coming into the EU, on top of the standard 10% tariff on imported cars.
Meanwhile, China's BYD opened a new factory in Thailand, its first in Southeast Asia, as part of a push to expand its global reach.
The energy required to power AI data centres has caused Google's greenhouse gas emissions to increase 48 percent since 2019. Meanwhile, General Motors is faced with a $146 million fine to settle allegations that its vehicles released more pollution than the carmaker reported. But first, Bolivia's president has announced that the country is lifting its ban on cryptocurrencies.
Japan's first new banknotes in 20 years have entered circulation, featuring three-dimensional portraits of the founders of financial and female education institutions in an attempt to curb counterfeits. While ATMs and ticket machines have been updated to treat the new bills, many of the country's ubiquitous vending machines have not. But first, a new law has gone into effect in Greece allowing employees to work six days a week in order to make up for a shrinking working population.
Bolivia's president thwarted an attempted coup last week. But as a political feud continues between rivals, the country's deepening economic crisis and President Luis Arce's refusal to admit there is one, are fuelling public distrust in the government. But first, with the Olympics just around the corner, hotels in Paris are facing a decline in occupancy rates as worries over price hikes and restrictions keep many tourists away.
Hotel occupancy rates in the French capital are well below average, as bad weather combines with Olympics-related transport hassles and price hikes to keep summer tourists away. Also, President Emmanuel Macron's planned unemployment insurance reform becomes the latest casualty of France's political upheaval – we take a closer look.
European antitrust regulators have charged Meta with violating the EU's competition law.
Brussels has found Meta's new "pay or consent" advertising model in breach of the Digital Markets Act, which is designed to ensure fair competition and rein in the power of Big Tech. Plus, French shares soar after the far-right National Rally won the most votes in Sunday's first round of legislative elections, despite projections pointing to a hung parliament.
Paris's CAC 40 index jumps at the open after losing more than 6 percent last week, as investors calculate the possibility of a hung parliament in Europe's second-largest economy. Plus, we take a closer look at France's public debt and the spending plans of the far-right National Rally and the left-wing New Popular Front coalition.
In a new report commissioned by Brazil for its G20 presidency, French economist Gabriel Zucman says an international scheme to impose a global minimum tax on the world's richest individuals is technically feasible and that a 2 percent wealth tax on 3,000 billionaires could generate more than $200 billion in revenue. Plus, the summer sales have kicked off here in France. But the month-long period isn't as successful as in the past, when promotional sales were more restricted over the rest of the year.
Ahead of the first round of voting in legislative elections on June 30, top representatives of France's major parties and alliances took part in a televised debate on Tuesday night. In this edition, we take a look at the proposals and arguments put forward by the National Rally, the New Popular Front and President Emmanuel Macron's ruling "Together" coalition. Front and centre were issues relating to purchasing power, fiscal discipline and pensions.
Kenya's President William Ruto has vowed to restore calm "at whatever cost" after protesters stormed parliament and security forces opened fire. He said the debate over a controversial new tax bill has been "hijacked by dangerous people". The finance bill has failed to appease protesters, even after the government backtracked on some of its initial proposals. Plus, Tesla has recalled more than 11,000 of its futuristic Cybertrucks over issues with windshield wipers and exterior trim.
In a speech at the World Economic Forum in China on Tuesday, Premier Li Qiang hit back at criticism from the US and EU that its manufacturers of green technologies benefit from an unfair advantage. His speech comes as Canada could impose higher tariffs on Chinese electric vehicles, following in Washington and Brussels' footsteps. Meanwhile, we report on how Chinese electric cars are making gains in other markets, such as Nepal.
US federal prosecutors are recommending that the Department of Justice bring criminal charges against Boeing for violating a deal that shielded it from prosecution for defrauding the FAA, over two fatal crashes involving its 737Max jets.
Plus, Apple has become the first tech giant to be charged under the EU's Digital Markets Act, accused of imposing unfair restrictions on developers in its App Store.
Candidates for France's snap election defended their economic programmes at the employer association Medef, though business leaders remain skeptical about how their spending plans will be funded.
Meanwhile, the think tank Institut Montaigne put a price tag on different parties' key election promises from the ruling Ensemble's tax-free bonuses to the far right National Rally's VAT cut on energy and fuel to the left-wing New Popular Front's freeze on prices of essential goods.
Representatives of major parties in the upcoming snap French legislative elections have pitched their economic plans at a meeting of France's top employers' federation, with the leftist New Popular Front coalition and the far-right National Rally delivering starkly different visions. FRANCE 24's Bryan Quinn takes a closer look.
The European Commission has recommended disciplinary action against France, as well as Belgium, Italy, Hungary, Malta, Slovakia and Poland, for running excessive budget deficits.
The EU's Maastricht treaty requires member states to keep public debt below 60 percent and deficits below 3 percent of GDP. Plus, Nvidia has overtaken Microsoft to become the world's most valuable company, with $3.3 trillion in market capitalisation.
Boeing's CEO David Calhoun testified at a US Senate subcommittee investigating the planemaker's 'broken safety culture'. Relatives of some of the 346 victims of two fatal crashes involving the Boeing 737 Max also attended the hearing and heard the CEO directly apologise to them, while the panel grilled him about his plans to fix Boeing's manufacturing problems.
France 24's Yuka Royer also spoke to aviation and tourism expert Anita Mendiratta about the importance of whistleblowers.
The GenZ desperately want to be eco-friendly and want to choose a company with better climate credentials. But a new survey by LinkedIn has found that only one in 20 Gen Zers have the "green skills" needed to tackle the climate crisis.
France 24's Yuka Royer speaks to Sue Duke, LinkedIn's Head of Global Public Policy about the social network's latest findings.
Chinese Premier Li Qiang visits Australia seeking to repair relations after a diplomatic spat between the two countries triggered punitive tariffs. While in Australia, he will visit a Chinese-controlled lithium processing plant, as Beijing eyes more investment in critical minerals. Also in this edition: Muslim pilgrims fill Saudi Arabia as the kingdom tries to boost tourism in a pivot away from oil exports, and the US Surgeon General calls for warning labels on social media platforms.
G7 leaders have agreed to use the interest generated from frozen Russian assets to raise $50 billion per year for Ukraine. Also in this edition: Elon Musk is optimistic about keeping his billion-dollar Tesla pay package. And Germany gears up to host the Euros, with 3 million visitors expected across the 10 host cities.
The US Federal Reserve has decided to keep its lending rate unchanged at the current 5.25-5.50 percent range and projected just one rate cut this year, despite soft inflation data. But first, the European Commission has informed China that it will impose new tariffs of up to 38 percent on Chinese-made electric cars from July 4 unless a solution is found. This comes following months of investigation into Chinese subsidies.
Several media outlets are reporting that the European Commission will notify carmakers this Wednesday that it will impose provisional import duties on Chinese electric vehicles next month. The move is based on a probe the EU has conducted amid accusations that Chinese carmakers benefit from an unfair advantage thanks to heavy state subsidies and tax breaks. Also in this edition, we look at the debt distress facing many African states at a time of high interest rates and inflation.
The World Bank has upgraded its global growth outlook for this year, expecting it to hold steady at 2.6 percent for the first time in three years. The latest Global Economic Prospects report, however, warns that growth still remains well below the average of the pre-pandemic decade, with the world's poorest economies still grappling with inflation and high debt. The World Bank's Deputy Chief Economist Ayhan Kose spoke to FRANCE 24.
The euro tumbled and European stocks, particularly in France, fell sharply on Monday after far right groups gained in Sunday's EU parliamentary election prompting Emmanuel Macron to call a snap election in France.
We also look at what the election outcome could mean for Europe's ambitious climate plans.
The European Central Bank has decided to lower its benchmark interest rates by 0.25% from a record high, effective June 12th. However, the ECB also revised its outlook for the coming months and said it no longer believed inflation would hit its target of 2% this year, but instead would average at around 2.2%. Plus, Ireland losing hundreds of young doctors every year as they emmigrate to Australia, in search of better working conditions.
As the world marks the 80th anniversary of the D-Day landings, the historic moment is also remembered as a catalyst for the turning of economic tides. A series of post-war events and decisions such as the Bretton Woods Conference heralded a new era for economic cooperation and financial order. We also look at the United States' role in rehabilitating Europe with its Marshall Plan: aid worth an estimated $140 billion in today's money.
As hundreds of thousands of people flock to the French region of Normandy to commemorate the 80th anniversary of D-Day, local businesses there are capitalising on tourists' passion for World War II history. FRANCE 24's Leo McGuinn and our colleagues from France 2 report on this business of souvenir sales and historical re-enactments. Also in this edition, we look at the UK's fiscal debate and at one think tank's warning of a looming £33 billion deficit.
Indian shares plunged and the rupee tumbled after early results showed Prime Minister Narendra Modi's party winning far fewer seats than expected, leaving it reliant on coalition partners. Billionaire Gautam Adani's business empire saw nearly $45 billion in its market value wiped off in a single day. We take a closer look at the state of the Indian economy. Plus, South Korea hosted leaders from dozens of African nations to try and boost trade, particularly in minerals.
India's Nifty 50 index saw shares tumble as much as 7 percent this Tuesday as the country's election results are counted. These show a tighter race than expected, even if Prime Minister Narendra Modi is still on course to win a third term. Also in this edition, Chinese fast-fashion giant Shein is reportedly considering listing on the London Stock Exchange.
On top of security, immigration and the green transition, Mexico's President-elect Claudia Sheinbaum is facing a host of economic challenges. In this year's budget, Mexico's public deficit stands at 5.9 percent, the largest in decades. Plus, as she seeks to cut spending, Sheinbaum will have to decide what to do with Pemex, the world's most indebted oil company, which has become a drag on public finances. We take a closer look.
A centuries-old British institution is set to be sold to a foreign firm. Royal Mail's parent company has accepted a £3.6 billion takeover offer by Czech billionaire Daniel Kretinsky's EP group. Privatised about a decade ago, the postal service that dates back to Tudor times has struggled in the era of emails. Meanwhile, the world's biggest mining firm BHP has walked away from a $49 billion plan to take over British rival Anglo American, after the latter rejected a request to extend talks.
As South Africans vote in the country's general election this Wednesday, we focus on the state of the economy after three decades under the rule of the African National Congress. In this edition, we see how the country's crumbling energy infrastructure has hampered economic activity and explore the reasons behind South Africa's high unemployment rate. Also, we look at the different types of economic policies that could emerge depending on the results of the election.
When the ANC, founded by Nelson Mandela, swept to power in 1994, it promised "a better life for all".
But now, South Africa is worse off than it was 30 years ago and the governing party could lose its parliamentary majority in Wednesday's election, with voters frustrated with soaring unemployment - above 30% - and stark inequality.
France 24 spoke with Dr. Azar Jammine, chief economist at the think tank Econometrix, about the state of the South African economy.
French President Emmanuel Macron made calls to "buy European" during a speech in Dresden while on a three day visit to Germany. Macron advocated for a European preference in key sectors like defence and space, following in the footsteps of Washington and Beijing. Also in this edition, FRANCE 24's China correspondent Yena Lee goes to Yiwu, the Chinese manufacturing hub benefitting from the Paris 2024 Olympics.
As Emmanuel Macron continues his state visit to Germany, the first by a French president in 24 years, we take a look at how the two countries manage their public finances and at issues they don't see eye-to-eye on.
Plus, the world's most famous shiba inu has died at the age of 18. Kabosu went from a rescued dog to an internet sensation, and became the face of meme cryptocurrency Dogecoin, with blessings from Elon Musk.
The annual tech fair VivaTech has kicked off in Paris, drawing thousands of startups and hundreds of tech bosses. Artificial intelligence is taking centre stage, with companies touting how the technology can be applied to many practical fields such as medicine, and help address global challenges like climate change. Plus, the US government has announced that some new tariffs on a range of Chinese goods, including a 100 percent import duty on electric cars, will take effect on August 1.
It’s often referred to as the biggest startup event in Europe. VivaTech opens its doors this Wednesday in Paris with 150,000 people in attendance, as well as 10,000 startups. The event takes place as signs are emerging that the French tech sector might be recovering from a period of cost-cutting and high interest rates. We discuss this and the race to develop AI skills with the co-founder of Vivatech, Pierre Louette.
One of Europe's largest tech conferences kicks off in Paris this Wednesday. Startups will meet investors, and guest speakers including Elon Musk will discuss the role of artificial intelligence at the VivaTech event. On Tuesday, President Emmanuel Macron announced extra investment in AI in France. Meanwhile, the EU has given its final green light to the AI Act, the first of its kind.
A group of NGOs filed a criminal complaint in Paris asking a court to open a trial against TotalEnergies' top management as well as major shareholders for the climate damage they have caused. The filing comes on the same day the company announced a new, 6 billion euro project to develop two deepwater oil fields off the coast of Angola.
Plus, OpenAI's CEO Sam Altman apologised to Scarlett Johansson after the actress complained about ChatGPT's voice sounding "eerily" similar to hers.
The US Senate Finance Committee has released the findings of a two-year probe which shows that BMW, Jaguar Land Rover and Volkswagen have all used components from a Chinese supplier banned in the US under the Uyghur Forced Labor Prevention Act (UFLPA). In this edition, we find more about that particular supplier, Sichuan Jingweida Technology Group Co and why the US wants to step up enforcement of the UFLPA. Also, we look at the French unions fighting to get a summer "Olympics" bonus.
Global markets appeared unfazed after Iran's president Ebrahim Raisi was killed in a helicopter crash. Any political instability could deal a blow to Iran's economy already struggling under the US sanctions, soaring inflation and high unemployment, but many analysts believe the impact of the tragedy will be limited.
Plus, it's World Bee Day, and some honey producers in France are facing a crisis after a particularly wet spring.
Beijing sanctions three American defence companies as Taiwan's new president takes office. China is also launching an anti-dumping investigation into imported EU, US, Japan and Taiwan chemicals amid a growing trade spat. The country's struggling property market gets a government lifeline, but investors remain unconvinced that it will be enough.
Vladimir Putin hails 80 joint investment projects on his state visit to Beijing, as Xi Jinping walks a fine line between maintaining trade with Russia and avoiding harsh Western sanctions. US inflation cools after months of unexpectedly high readings, and Japan's economy shrinks in the first quarter.
France has declared a state of emergency in its overseas territory of New Caledonia. Violence over a planned constitutional reform is threatening its already struggling economy. Plus, Boeing may face the criminal prosecution it had avoided back in 2021, with the US Justice Department accusing the planemaker of violating the terms of the deferred prosecution deal.
The United States Trade Representative Katherine Tai said on Tuesday her office is concerned with the possibility of seeing Chinese electric cars enter the US market via Mexico. This comes as the Biden administration is looking to shield its auto industry from Chinese competitors as makes its EV transition. Also, Google launches new AI features on its search engine but faces protests over its ties with Israel.
US President Joe Biden has announced a raft of new tariffs on some 18 billion dollars’ worth of Chinese goods, including quadrupling the border tax on electric cars. The White House says the measures are carefully targeted at strategic sectors to protect American companies from unfair trade practices. Beijing has strongly criticised the move. Plus, a new version of ChatGPT is out ... and it's more human than ever. And Google is also revamping its search engine with artificial intelligence.
US video game retailer Gamestop closed trading 75 percent higher on Monday after investors boosted its shares following a social media post by Keith Patrick Gill, also known as "Roaring Kitty" on X. In this edition, we take a look at why Gamestop was the recipient of a previous social media-fuelled boom in 2020 and what's behind this latest move. Also, OpenAI has launched an updated ChatGPT which includes a hyper-realistic voice assistant.
French President Emmanuel Macron hosted around 180 global CEOs at the Palace of Versailles for the 7th edition of the 'Choose France' investment summit, where a record €15 billion across 56 projects were pledged. Macron however warned that Europe needs to rethink its business model in the face of rising protectionism in the US and China.
The 7th annual foreign investment summit known as "Choose France" kicks off at Versailles with €15 billion in new projects expected. Also in this edition, China prepares a $140 billion debt float to fund economic stimulus. Plus, hundreds of environmental activists storm Tesla's Gigafactory in Germany.
As the Olympic torch reaches French soil this Wednesday, we look at the kinds of opportunities the relay will offer sponsors over the course of 68 different stages, potentially reaching 90 percent of the French population. Of course, the relay pales in comparison to the billions of people who will tune in to watch the actual Games. Also in this edition: France's Flamanville nuclear power plant finally gets the green light to come into service, 17 years after construction began.
TikTok and its Chinese parent company ByteDance have filed a petition with a US court, seeking to block a law that forces them to sell the social media app to a non-Chinese buyer or face a ban. They argue the legislation is unconstitutional, setting the stage for a historic legal battle. But first, China's President Xi Jinping has arrived in Serbia on the second leg of his European tour. He expects to receive a much warmer welcome than he did in France.
The World Bank Group has released a new report outlining how global agriculture and food production can be overhauled in order to cut carbon emissions and limit global warning to 1.5°C above pre-industrial levels. In this edition, we speak to Julian Lampietti, Global Agriculture Practice Manager at the World Bank, about the steps that need to be taken and whether they go far enough.
The number of foreign direct investment projects in Europe fell 4 percent in 2023 compared to the previous year, the first decline since the pandemic. Germany was hit particularly hard with a 12 percent drop in FDI projects, amid concern over its economic slowdown and energy security. France's tally fell by 5 percent but it still came out on top with the most projects. The UK bucked the regional trend with a 6 percent increase. Also in this edition, a free Madonna concert in Rio de Janeiro this Saturday is expected to bring in nearly $60 million to the local economy.
The US Federal Reserve has decided to keep its benchmark interest rate at 5.25 to 5.50 percent.
Chairman Jerome Powell said while inflation has eased significantly over the past year, it's still too high, and that while wage growth has slowed down, the labour market remains tight.
The central bank will slow down the pace of quantitative tightening from next month, reducing the cap on Treasury bonds it allows to run off to $25 billion from the current $60 billion per month.
A court in Seattle has sentenced Changpeng Zhao, the founder and former CEO of the crypto exchange Binance, for violating US money laundering laws.
The billionaire told the court that he had failed and that he was sorry. The sentencing comes after the defendant pleaded guilty last November and paid 50 million dollars in fines.
Plus, Zimbabweans lined up at banks to withdraw cash as the new currency zig, the sixth since the 2009 collapse of the Zimbabwe dollar, has gone into circulation.
US Entertainment giant Paramount Global announced on Monday that CEO Bob Bakish was stepping down. In this edition, we take a closer look at how the company's controlling shareholder, Shari Redstone, may have been behind this move and why the firm's value has plummeted 80 percent in the past eight years. Meanwhile in Argentina, President Javier Milei's second attempt at getting his economic overhaul package through parliament is facing fierce opposition.
Tesla's shares surged after the EV maker won tentative approval to deploy its Full Self-Driving system in China, as Elon Musk met high-ranking officials on a surprise visit to Beijing.
Plus, the French state has offered to buy key assets from troubled IT giant Atos, to protect national interests.
A growing protest movement on US college campuses wants universities to sell off assets related to Israel's war in Gaza and its occupation of the West Bank. We take a closer look. Also, the French government offers to buy the data security operations of struggling IT firm Atos, and Elon Musk makes progress in his bid for the rollout of Tesla's Full Self-Driving service in China.
Meta announced a 27 percent jump in Q1 revenues but still saw shares tank after hours, amid fears over the social media giant's increased capital expenditure on AI infrastructure. Also in this edition: British mining giant BHP makes a $39 billion bid for its rival Anglo American, and Boeing's losses deepen.
Under intense pressure since part of the fuselage on its 737 MAX plane blew out mid-flight back in January, Boeing has reported its first-quarter results, with revenue falling to $16.5 billion and a cash burn of nearly $4 billion. Yet the figures were still better than feared. The planemaker's board has yet to name a successor to CEO Dave Calhoun, who announced his resignation last month. Plus, the EU launches a probe into China's medical device market, drawing a sharp response from Beijing.
On Tuesday, the US Senate approved a measure that would force the owner of social media app TikTok to either sell the US unit of the company or face a ban. The Chinese-owned group stands to lose a lot if it leaves the US market and is already planning to fight the bill in the courts, arguing it goes against users' free speech rights. Also in this edition, FRANCE 24's Bryan Quinn looks at Tesla's falling revenues and profits amid competition from cheaper rivals.
A war of words is escalating between the Australian government and the owner of X, with PM Anthony Albanese calling Elon Musk an "arrogant billionaire who thinks he's above the law" in response to Musk's social media comments accusing the Australian government of censorship. The spat stems from X's reluctance to comply with an order from the country's internet regulator to take down footage of last week's alleged terrorist attack in Sydney at a church. We take a closer look.
As India's opposition leader Rahul Gandhi claims on the campaign trail that Prime Minister Narendra Modi has made the country into a "centre of unemployment", we look at the situation that young Indians face on the job market. Also in this edition, the US will see its first high-speed rail line in 2028, when commuters will be able to travel from Los Angeles to Las Vegas in just over two hours.
Turkey's President Recep Tayyip Erdogan was in Iraq this Monday on his first official visit in over a decade. Erdogan signed a raft of deals in a bid to reset rocky relations. High on the agenda was the water issue, stemming from Turkey's construction of dams on the Tigris and Euphrates rivers that has reduced water supply downstream to Iraq. We take a closer look.
A report by Net Zero Tracker released this Earth Day shows that most of the world's biggest private companies have failed to set net zero targets. Only 40 of 100 private firms studied have pledged to achieve zero carbon emissions, compared to 70 out of 100 publicly-listed firms. Net Zero Tracker blames a lack of market and reputational pressures, as well as an absence of regulation. Plus, electric car giant Tesla slashes prices across several markets as its sales decline.
As the clock ticks down towards the next "bitcoin halving" – an event coded into the cryptocurrency's algorithm to slow down the introduction of new coins into circulation – we take a deep dive into the history of bitcoin and the blockchain technology powering it. Plus, Venezuela's President Nicolas Maduro remains defiant after the US decision to reimpose sanctions on his country's oil sector.
On a visit to steelworkers in the key swing state of Pennsylvania, US President Joe Biden accused China of dumping cheap steel on global markets and called for sharply higher tariffs on Chinese metal products. Plus, former and current Boeing engineers, including whistleblower Sam Salehpour, testify in the US Senate about the planemaker's safety culture.
As the US government and its allies mull new sanctions on Iran after Tehran's missile and drone attack on Israel, we look at whether existing sanctions have been effective at stemming the flow of Iranian oil to global markets. Also in this edition, we see how global oil markets are reacting to the crisis in the Middle East. Plus, the Canadian government unveils a new budget that promises to increase taxes on the rich, while boosting spending on education and housing.
China's National Bureau of Statistics said on Monday that the country's economy grew to the tune of 5.3 percent in the first three months of the year, ahead of economists' expectations. Manufacturing and infrastructure are fuelling that growth, while housing and domestic consumption are still a source of concern. Meanwhile, German Chancellor Olaf Scholz is on a three-day visit to China, Berlin's top trading partner.
Crude oil prices subside as traders bet that the worst is over in tensions between Iran and Israel, although fears remain. Meanwhile, investors charge into safe-haven assets like gold, and Chinese market regulators roll out new investor protections.
The US consumer price index for March stood 3.5 percent higher than a year earlier, as inflation proved stickier than expected. A rate cut from the Federal Reserve, anticipated for June, is now in doubt. Also in this edition: the UN's climate chief calls for a new finance deal for developing countries, saying nations have two years to save the planet.
French IT services and consulting firm Atos unveiled a refinancing plan on Tuesday that failed to fully reassure investors. In this edition, we take a look at how the company, which provides cybersecurity services to the Olympic Games and supercomputers for France's nuclear arsenal, accumulated close to €5 billion in debt.
The trial of 27 people charged in the "Panama Papers" tax evasion and money laundering scandal opened in Panama on Monday. After the first day of hearings, we take a look back at the bombshell investigation that showed how the world's rich and famous used shell companies to avoid their domestic tax authorities. Also in this edition, FRANCE 24's Bryan Quinn reports on US President Joe Biden's second attempt at cancelling student loan debt for 30 million Americans.
China's minister of commerce is in Europe for a week-long trip, with a focus on pushing back against accusations of unfair state subsidies in the Chinese electric vehicle sector. Also in this edition: US Treasury Secretary Janet Yellen calls out overcapacity in Chinese green energy exports as she wraps up a visit there, and Elon Musk faces off against a Brazilian Supreme Court justice.
A new report by the World Bank and the United Nations, based on remote data collection sources, shows that damage to critical infrastructure in Gaza between October and January represents 97 percent of the GDP of the West Bank and Gaza from 2022. In this edition, we see how Israel's war on Hamas has levelled housing and social infrastructure in the Palestinian territory. Plus, FRANCE 24's Bryan Quinn tells us about the economic issues that came up in a phone call between US President Joe Biden and his Chinese counterpart Xi Jinping on Tuesday.
As Senegal's President-elect Bassirou Diomaye Faye is sworn in this Tuesday, we focus on the major economic challenges facing the country. In a bid to lower Senegal's 20 percent unemployment rate, the anti-establishment leader is pushing for measures that will boost job creation and lower the cost of living. Among other things, he's pinned his hopes on the country's oil and gas reserves. Also in this edition, California's fast food workers are now among the best paid in the US, earning $20 per hour.
As Turkey's opposition celebrates a strong showing in local elections, the country's official inflation rate has crept back up to 67 percent, despite President Recep Tayyip Erdogan's shift towards mainstream economic policies. Also in this edition: Germany's legalisation of recreational cannabis aims to curb the black market, but misses out on tax revenues.
French Prime Minister Gabriel Attal signals a further tightening of unemployment benefits as France seeks to reduce an unexpectedly large budget deficit. Meanwhile, the government rules out new taxes, despite calls from French lawmakers to tax corporate windfalls and share buybacks. We take a closer look in this edition.
The collapse of Baltimore's Francis Scott Key Bridge, after a container ship crashed into it, has cost human lives and will also have an impact on the US economy. In this edition, we look at what the closure of the port of Baltimore means for US trade, especially as the city is a key transit hub for the automobile sector. Plus, we see how Chile is looking to keep a firm hand on its lithium reserves as the metal will be crucial in building a sustainable economy.
New York's attorney general could move to seize Donald Trump's assets this Monday to cover the now $457 million fine from a civil fraud trial. Meanwhile, Trump's Truth Social network is approved to start trading on stock markets, but he may not be able to sell shares in time to cover the penalty. We take a closer look.
EU member states and lawmakers have reached an agreement on Ukrainian agricultural exports that seeks to strike a balance between the bloc's obligations towards Kyiv and the demands of protesting farmers around the continent. We look at the details of the deal and why it won't fully satisfy disgruntled farmers. Also in the show, as US senators consider a law that would force TikTok's Chinese owner to sell the app, FRANCE 24's Liza Kaminov looks at how American content producers could be affected.
President Vladimir Putin has been re-elected to a fifth term in office after a vote in which he faced no real opposition. Since the full-scale invasion of Ukraine in February 2022, Russia has become the most sanctioned country in the world. But the Russian economy has proven surprisingly resilient, with defence spending priming industrial production and the country's oil and gas industry finding ways around Western sanctions and price caps. We take a closer look.
Apple launched its latest iPhone on Tuesday during an event at its California headquarters, highlighting the device’s new features such as a USB charging port and a titanium lining. The company is diversifying its supply chain away from China by increasing the number of smartphones made in India. Also in this edition, a traffic jam is forming at the entrance of the Panama Canal as passage has been restricted to conserve water. German sandal brand Birkenstock files for an IPO on the New York Stock Exchange. We take a closer look.
Google and its parent company Alphabet will spend the next ten weeks on the docket in a federal court in Washington DC as they face accusations of rigging the market in their favour. FRANCE 24’s correspondent Eric Pape explains what this might mean for the tech giant as he reports from Los Angeles. We also take a look at an Amnesty International report on human rights abuses within DR Congo’s growing cobalt and copper mining industry, which is driven by rising demand for electric vehicle batteries.
US President Joe Biden and Vietnamese leader Nguyen Phu Trong have signed a "strategic partnership" on semiconductor manufacturing and rare earth minerals in a bid to counter China's influence in the Asia-Pacific region. We take a closer look. Also, Chevron tries to head off strikes at its Australian LNG plants, and Taylor Swift's "Eras" tour boosts the US hotel industry.
Shortly after touching down in New Delhi for the G20 summit, US President Joe Biden met with Indian PM Narendra Modi for just under an hour of talks. The two leaders released a statement reaffirming cooperation on issues ranging from semiconductor chips to nuclear energy. Biden also welcomed a request for New Delhi to procure 31 General Atomics MQ-9B drones, which the two countries said would enhance the Indian military's intelligence and surveillance capabilities. We take a closer look.
Apple's market value has tumbled by some $200 billion in the wake of reports that Beijing has banned iPhones among government employees. We take a closer look. Also, Chinese car manufacturers make inroads into the European market, and New York City cracks down on Airbnb.
The UK has announced it's rejoining the European Union's flagship science funding programme, Horizon. In the wake of Brexit, London had been blocked from re-associating with the scheme, which is the world's biggest civil research and innovation programme. The UK government says the new deal gives local scientists "unrivalled opportunities" at a good price for taxpayers.
The Biden administration has scrapped oil leases in Alaska's Arctic National Wildlife Refuge on the basis of "legal deficiencies". The leases awarded by the Trump administration had been widely criticised by environmental groups. However, the White House's move comes after it approved an oil drilling project in another Alaskan reserve a few months ago. Also in this edition, China's trade slump persists and our Taiwan correspondent Lucie Barbazanges meets with insiders from the semiconductor industry.
According to the International Energy Agency, global investment will need to surge to $2 trillion a year within a decade to reach the Paris climate agreement goals. One of the hurdles to financing the green transition in Africa is ballooning debt. A new paper by the Debt Relief for a Green and Inclusive Project shows the region will face debt servicing costs that are roughly the same as their climate financing needs. For more, we spoke to Kevin P. Gallagher of Boston University's Global Development Policy Center.
Danish drugmaker Novo Nordisk is now Europe's largest company in market capitalisation, ahead of French luxury giant LVMH. This follows the UK launch of Wegovy, a weight loss drug that cuts appetite and cravings. Tens of thousands of people have already signed up to waiting lists for the treatment. Also in this edition: Qantas's long-serving CEO will retire earlier than expected following a ticket scandal and we take a look at the startup bringing solar-powered cold storage to Kenyan farmers.
With more than 41 percent of exhibitors at the Munich IAA mobility show headquartered in Asia, analysts say European carmakers will need to prove their ability to compete with China in the electric vehicle age. Chinese companies, whose presence has doubled at the event compared to last year, have their sights set on Europe's EV market. While lagging behind, domestic players are still making an effort. Over the weekend, Mercedes and BMW both unveiled new electric models. We take a closer look.
Chinese real estate group Country Garden has posted record losses of €6.5 billion for the first half of 2023 and warned that it could default on its debt if its financial performance "continues to deteriorate". The news underlined the country's struggling growth, since the property sector may represent as much as 30 percent of the Chinese economy. Also in this edition, FRANCE 24's James Mulholland takes a closer look at the success of Chinese cars on the Russian market.
As a group of senior Gabonese military officers announce they have seized power and placed President Ali Bongo under house arrest, we take a closer look at Gabon's economic situation. The Central African nation is the fourth-largest oil producer in sub-Saharan Africa, but a third of its population lives below the poverty line. One particular source of frustration lies in the high levels of corruption: the country ranks 136th in Transparency International's Corruption Perceptions Index. FRANCE 24's Charles Pellegrin tells us more.
The annual meeting (24-26 August) hosted by the US Federal Reserve will be closely watched, especially Federal Reserve chair Jerome Powell on Friday. While the policy of raising interest rates to lower inflation is no longer in doubt, observers will be watching out for clues as to when the US central bank might consider lowering rates again. The Federal Reserve has repeatedly stressed the importance of reaching the 2 percent inflation target.
As Zimbabweans head to the polls this Wednesday, we take a look at the dire economic straits the country finds itself in. Inflation has gone from the single digits in 2017 to 77 percent this month, the currency has crashed against the US dollar, and high unemployment has led many to emigrate. While incumbent President Emmerson Mnangagwa has played up improved infrastructure on the campaign trail, his opponent Nelson Chamisa detailed a plan that he says will build Zimbabwe into a $100 billion economy.
As BRICS leaders meet in Johannesburg on Tuesday, they will be sure to discuss ways to increase commercial exchanges within the bloc of emerging economies comprised of Brazil, Russia, India, China and South Africa. The group, which represents 16% of global trade, will also look to encourage the use of local currencies in exchanges. However, the Brazilian idea of creating a common currency for the bloc appears to now be on the back burner.
The People's Bank of China announced it was cutting its key one-year interest rate for the second time in three months on Monday, but left its five-year rate unchanged. The move comes as China's economy has struggled to recover from the impact of the pandemic. The move has defied expectations of steeper cuts and once again raised questions over the government's ability to provide the stimulus required to revive the economy. Stock markets in China and Hong Kong traded lower on the news.
US parcel shipping company UPS and the International Brotherhood of Teamsters union have agreed on a deal to renew a five-year labour contract. Although the deal still has to be ratified by union members next month, it will avert a strike that could have started as early as next week. Industrial action could have had a serious impact on the US economy as UPS delivers about $3.8 billion in goods per day. We look at what's in the deal and what this means for other strikes in the US.
Real estate and tech stocks in Hong Kong and China soared this Tuesday after a Politburo meeting signalled the government would provide more support to the economy. The July meeting is often seen as crucial in setting the tone for economic policy in the country. China says it is on track to reach its 5 percent growth target for the year, but slow consumption and high youth unemployment are still sources of concern.
Blockbuster movies "Barbie" and "Oppenheimer", which have been pitted against each other in social media memes over the past few months, have generated over $235 million in their opening weekend in the US and Canada. The weekend of July 21 ranks as the fourth biggest of all time at the box office. In this edition, we take a look at the marketing campaign behind "Barbie" and at what this success could mean for movie theatres.
As the 2023 Women's World Cup kicks off in New Zealand, we take a look back at the struggle between FIFA and national broadcasters over TV rights. With FIFA reportedly aiming for $300 million in global media rights, broadcasters were reluctant to meet its price demands, leading to fears of a media blackout. We also look at how viewership figures have increased and how TV revenue is supposed to help bridge the prize money gap between men's and women's football.
The ongoing heatwave in the northern hemisphere highlights the critical importance of reducing carbon emissions and transitioning to renewable energy sources. REN21, a think tank specialising in energy policy, closely monitors the progress of renewable power on an annual basis. According to their global report for 2022, renewable energy achieved a record share of 30% in electricity generation, but still faces challenges in sectors such as heat and fuel. To gain insights into the obstacles and opportunities of the renewable energy transition, we had a conversation with Rana Adib, Executive Editor of REN21.
The Russian government has seized the local subsidiaries of both French dairy group Danone and Danish brewer Carlsberg using a decree signed by President Vladimir Putin on Sunday. This follows the introduction of new rules in April that allow the state to take over the assets of firms from "unfriendly" countries. In this edition, we take a closer look at the tightrope that Western companies have to walk if they are still operating in Russia despite its full-scale invasion of Ukraine.
US Treasury Secretary Janet Yellen has called on rich countries to speed up debt relief to developing nations ahead of the G20 finance ministers' meeting in India this week. Her call comes as a new report by the United Nations Development Programme (UNDP) shows that the number of countries that spend more than 20 percent of their revenue on debt repayments is at its highest level in over two decades, reducing their ability to invest in social programmes. In today's show, we speak to the head of the UNDP, Achim Steiner.
India on Friday sent its Chandrayaan-3 spacecraft on a mission to land on the moon, hoping to join the three other countries that have managed the feat. Comparatively, though, India's quest has a considerably lower budget, with a price tag of $74.6 million. The launch comes at a time of growing opportunities in the space industry, and according to an Indian minister, the country's space sector is on a trajectory to become a trillion-dollar economy in the coming years.
As protests against Israeli PM Benjamin Netanyahu's revised plans to reform the courts flare up, we take a look at the impact the controversy has had so far on the country's economy. The Israeli tech sector, which represents 15 percent of GDP, is among those most opposed to the plan. Also in this edition, FRANCE 24's Yinka Oyetade takes a look at how China's youth is turning to street vending in a context of high unemployment.
NATO's 31 members are meeting in Lithuania's capital for a summit where they will discuss a new financial commitment to the Alliance. On Friday, Secretary General Jens Stoltenberg said member states will "invest a minimum of 2 percent of GDP annually on defence". In this segment, we see that so far only a minority of countries have managed to keep previous spending commitments. We also zero in on the challenges Germany will face in order to increase its budget.
BUSINESS DAILY – Monday, 10.07.2023: We take a look at how the investment of €1.4 billion to clean up the Seine river is beginning to bear fruit. The Paris mayor's office has unveiled the three sections of the Seine that will be safe to swim in by 2025, in a continuation of the Paris Olympics pledge. But first, we discuss how China's economy is still struggling, with the country now on the brink of deflation. Also, Sri Lanka takes stock of its economic woes, one year after its president was ousted.
US Treasury Secretary Janet Yellen met with Chinese economic officials and US business leaders on Friday as she tries to soothe mounting tensions between the world's two largest economies. Also, Twitter threatens legal action over Meta's new "Threads" app, and delivery app firms sue New York City over a minimum wage law for drivers.
Seven hours after its launch, some 10 million people had signed up to the new "text-based social media platform" Threads, according to Meta CEO Mark Zuckerberg. The app aims to attract Twitter users who are unhappy with some of the changes on that platform under Elon Musk's ownership. Also in this edition, we see how heatwaves in India are leaving a mark on the country's agricultural and construction sectors. Plus, one California company gets approval for a test flight of a flying car.
In spite of an agreement struck in April to cut production of crude by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, oil prices still haven't seen a boost. In this edition, we see that concerns over global economic growth are outweighing the production cuts. Also, European space rocket Ariane 5 gears up for its final lift-off and Singaporean bank UOB makes a winning bet on Taylor Swift fans.
Beijing has announced it will set restrictions on the export of two key materials used to make computer chips. Starting on August 1, China's commerce ministry will require producers of gallium and germanium to obtain licences before exporting the metals. The move comes after the United States imposed similar restrictions on exports of semiconductors to China last year on national security grounds. Also in this edition, Indonesia's president goes to Australia in the hope of enlisting help in building up an electric battery supply chain. Plus, Meta says it will launch a rival to Twitter.
The Wall Street Journal is reporting that Washington is looking to further restrict the exports of artificial intelligence chips to China. The United States is concerned that Beijing could use American-made technology to develop weapons or increase its hacking abilities. Also in this edition: UK food retailers face tough questions on high prices in parliament, and drinks giant Diageo cuts ties with hip-hop mogul Diddy over accusations of racism.
In his address at the World Economic Forum in Tianjin on Tuesday, Chinese Premier Li Qiang dismissed the notion put forth by the United States and the European Union of decreasing dependence on China's economy as a "misguided proposition". Furthermore, he reassured attendees that despite mounting concerns about the vigor of the nation's economic recovery, China is on course to attain its projected 5% GDP growth for 2023. In other news, high food prices have thrust UK supermarket chains into the spotlight as they prepare to answer questions before Parliament in the latest edition.
The latest report from the UK-based Energy Institute trade group shows demand for energy rising in 2022 as fossil fuels continued to make up more than four-fifths of global supply last year. Also in this edition: inflation renders the Hajj pilgrimage increasingly unaffordable, and Greek voters choose economic stability after a decade of crisis.
Several companies at the Paris Air Show are presenting advanced prototypes of air taxis that could offer an alternative means of inner city transport. One of them, German group Volocopter, is aiming to get its aircraft up and running for the 2024 Paris Olympics. Also in the show, we look ahead to the Summit for a New Global Financing Pact that's taking place in Paris later this week. World leaders will be convening to discuss changes to the global financial system in order to better respond to the climate emergency.
BUSINESS DAILY – Monday, 19.06.2023: With over 300,000 visitors and thousands of deals expected to be made, exhibitors from the aeronautic and air defence industries have gathered outside Paris for the "Le Bourget" air show. We also take a look at Switzerland's decision to become carbon neutral by 2050 and raise corporate taxes to 15 percent.
BUSINESS DAILY - Friday, 16.06.2023: The cost of importing food is expected to reach nearly $2 trillion this year, with inflation increasing hunger and starvation in poorer nations. Also, prior to next week's Paris Air Show, French President Emmanuel Macron is announcing investments in greener ways to fly. Plus, we see how Beijing, Washington and Brussels are taking three different approaches to interest rates. Finally, we discuss Elon Musk's upcoming talks with Macron and his stop at the VivaTech trade show.
New data shows Chinese economic growth slowing, with property investment in steep decline and youth unemployment at a record high. Also, the US Federal Reserve confirms its "hawkish pause" policy, keeping interest rates steady for now but planning for more hikes. Finally, economists name an unlikely culprit for persistent Swedish inflation: Beyoncé.
The merger was finalised just under three months after a rapid agreement brokered by the Swiss government. Meanwhile, European leaders are exerting pressure on Tunisia to accept a $1.9 billion IMF bailout. In other news, financier George Soros is transferring control of his $25 billion empire to his 37-year-old son.
Prime Minister Rishi Sunak visits Washington as the UK looks for closer economic ties after leaving the EU. China denounces Europe's new "economic weapon" aimed at preventing Beijing from putting trade pressure on EU members over support for Taiwan, and TikTok aims to quadruple its e-commerce revenues.
America's top markets regulator sues Coinbase for operating as an unregistered securities broker a day after filing similar charges against Binance. Chinese exports drop sharply, and the World Bank warns that slow global growth and high interest rates are creating a debt crisis in developing economies.
Apple unveils its first new piece of hardware in nearly a decade: the $3,500 Vision Pro augmented reality goggles come as interest in the metaverse has been surpassed by buzz around artificial intelligence. Also, the US regulatory agency SEC sues Binance and the Hollywood actor's union SAG-AFTRA votes to authorise a strike.
The US Securities and Exchange Commission has filed a lawsuit against cryptocurrency exchange Binance and its CEO, Changpeng Zhao, accusing the platform of engaging in a "web of deception". The SEC's civil complaint lists 13 charges, including operating as an unregistered exchange, and accuses Binance of diverting investor funds to other companies owned by Zhao. It's the latest blow to the platform, which is the subject of another lawsuit filed by the The Commodity Futures Trading Commission.
The annual inflation rate in the Eurozone dipped sharply in May to 6.1 percent, its lowest level since Russia invaded Ukraine last year. Despite this, European Central Bank Chief Christine Lagarde hinted at further, more gradual interest rate hikes to bring inflation down to its target of 2 percent. The central bank's rate policy is having an effect on homebuyers in France, as they struggle with rising borrowing costs. Real estate agencies are therefore finding it harder to sell homes and some of them are going bust.
The compromise bill, supported by both Republicans and Democrats, was passed in the US House of Representatives on Wednesday and is now slated for a vote in the Senate ahead of the June 5th deadline. Our coverage delves into some of the measures outlined in the 99-page document. Also in the news, Amazon employees protest the company's lack of progress on climate objectives, and hip-hop magnate Diddy initiates a lawsuit against beverage giant Diageo, alleging racial discrimination.
Elon Musk, Chief Executive of Tesla, is making a visit to China this week. As the electric vehicle company's second-largest market and a crucial player in its supply chain, the country holds significant importance for Tesla. After a meeting with the Chinese foreign minister, Musk was reported to have expressed his opposition to the idea of "decoupling" the world's two leading economies. In other news, the debt ceiling deal brokered by Joe Biden and Kevin McCarthy is advancing to the House floor, while inflation in France has moderated to its slowest pace in a year.
France's inaugural "gigafactory" is perceived as a critical milestone in the transition towards a green economy, given that the EU is set to prohibit the sale of petrol cars beginning in 2035. In anticipation of this deadline, both France and Europe aim to lessen their reliance on Chinese suppliers, who have enjoyed a lead of over a decade. In other news, Nvidia's CEO has announced a 'new era of computing' as the chip manufacturer seeks to capitalise on the surge of generative AI technology.
US President Joe Biden has announced that an agreement has been brokered with Republican House Speaker Kevin McCarthy to raise the government's debt ceiling This pivotal piece of legislation, now poised for a vote in Congress, requires a simple majority for its enactment. If passed, it would circumvent an unprecedented debt default potentially looming as early as June 5. President Biden characterises the proposed legislation as a "compromise", outlining a two-year budget plan which, in essence, holds non-defence spending steady for 2024.
Technical malfunctions have marred Florida Governor Ron DeSantis's announcement that he's running for US president. The hyped Twitter Spaces appearance was 20 minutes late in starting, repeatedly lost sound and many users said they had trouble logging in. Since Elon Musk took the reins, Twitter has struggled with a myriad of problems, as FRANCE 24's Catherine Viette explains. Also in the show: Ratings agency Fitch warns the US that its AAA credit rating is at risk, while Germany officially enters recession.
Congolese President Felix Tshisekedi is expected in China this Wednesday for a five-day state visit, which will include a meeting with President Xi Jinping. China is the DR Congo's top trading partner and a major mining investor. Top of the agenda will be the renegotiation of a "resources-for-infrastructure" deal struck in 2008, which Tshisekedi believes is unfair. Also on the show: Australia looks to increase its trade ties with India in order to reduce reliance on China.
Nigeria has opened an oil plant billed as Africa's largest refinery. Outgoing President Muhammadu Buhari inaugurated the new facility in Lagos, calling it a "game-changer". With a capacity of 650,000 barrels a day, the $19 billion plant built by Aliko Dangote – Africa's wealthiest man – could help Nigeria's drive to lower imports of refined petroleum products and even become a net exporter. Also in this edition, we get the latest in the protracted debt ceiling talks between US President Joe Biden and Republicans, as well as TikTok's lawsuit against Montana's decision to ban the app.
US President Joe Biden is meeting with Republican House Speaker Kevin McCarthy this Monday, resuming talks on raising the government's borrowing limit. Washington has until June 1 to reach a deal before the government runs out of money to pay its bills, which would send shockwaves through the US economy and global financial markets. Republicans want the Biden administration to commit to massive spending cuts, but Democrats say they need to back down from their "extreme positions".
Deutsche Bank has agreed to pay $75 million to settle a lawsuit that accused the lender of aiding and benefitting from late financier Jeffrey Epstein's sex-trafficking ring. Also, the EU rolls out plans for the biggest-ever overhaul of its customs union, while Brussels and London take steps to harmonise their financial regulations.
France's jobless rate has been steady at 7.1 percent since the last quarter of 2022 – the lowest level since 1982. Youth unemployment stands at more than 5 percentage points below pre-pandemic levels. The new data could boost President Emmanuel Macron's economic credentials as he seeks to achieve full employment. Plus, as e-commerce continues to grow, the European Commission has proposed "the most ambitious reform" of the EU Customs Union since its creation in 1968.
US prosecutors have indicted a former Apple engineer for theft of trade secrets after he fled to China with proprietary self-driving technology. Also in this edition: US senators lambaste executives of collapsed mid-sized lenders for evading responsibility after their banks' implosions, and France unveils new subsidies to support green industrial development.
The head of OpenAI, the company behind ChatGPT, has testified in US Congress for the first time. Sam Altman called on lawmakers to regulate artificial intelligence. The hearing comes as European lawmakers are working on a new law, the AI Act, to regulate the technology. Plus, US President Joe Biden has held a second round of talks with Congressional leaders in a bid to end a stalemate on raising the government's borrowing limit.
Europe's competition watchdog gives the green light to Microsoft's $69 billion acquisition of Activision Blizzard, the game studio behind "Call of Duty", "World of Warcraft" and "Candy Crush", but UK and US regulators remain opposed. Also, Joe Biden is set to meet with Republican lawmakers to seek a compromise on raising the US borrowing limit, and China's latest economic data comes up short.
Sky-high inflation and a plunging lira continue to be at the forefront of Turkish voters' minds as the country appears set for a runoff election between President Recep Tayyip Erdogan and his challenger Kemal Kilicdaroglu. Erdogan's unorthodox economic theories have unnerved investors and analysts as he contradicts mainstream methods to tame the country's cost-of-living crisis.
Twitter boss Elon Musk says he has hired someone to replace him, without naming the new CEO, simply saying she will start in about six weeks. It comes after the billionaire asked Twitter users in a poll if he should step down, with 17 million accounts voting yes. Musk has come under pressure to hand over the reins and focus on his other businesses. Shares in his electric car company Tesla jumped about two percent after the announcement. Also in the show: as G7 finance ministers meet in Japan, the US calls for "coordinated action" to counter China's economic coercion.
For the fourth consecutive year, France was the European country that received the most foreign investment last year, according to a survey by consultancy firm EY. Looking at the details though, these investments are leading to fewer job creations than in the UK or Germany. We speak to Pascal Cagni, the chairman of Business France, which is the government agency tasked with promoting inward investment in the country.
Google will begin using its AI chatbot in its search engine, as it seeks to catch up with rivals in the fast-growing sector. The announcement came on the eve of a European vote on new regulations for artificial intelligence. Also in the show: US inflation drops below 5 percent for the first time in two years, and French drivers accuse petrol distributors of raking in the profits from unfair prices.
EU member states are discussing a new sanctions package against Russia over its war in Ukraine. The latest measures will be focused on tackling the issue of "third" countries circumventing existing sanctions. For the first time, they could include measures targeted at firms from other countries, including China and Iran. We also get the latest in the stalled talks over the US debt ceiling. Plus we look at how Tesla is taking advantage of electric car subsidies in France.
As a deadline looms on raising the US government's $31.4 trillion debt ceiling, President Joe Biden began talks with congressional leaders at the White House on Tuesday. Republicans are seeking concessions from the Biden administration to lift the borrowing limit, but the White House has said there should be no negotiations. Officials have warned that the US could default on its debt by as soon as June 1.
The US president will be speaking with Democratic and Republican congressional leaders at the White House on Tuesday to discuss raising the debt ceiling. We take a closer look at the potential consequences of the US defaulting on its debt. Also in the show, Chinese police raid the offices of another US consultancy firm, accusing it of transmitting sensitive data abroad. Finally, good weather conditions in France mean fruit and vegetable prices have remained stable.
In an 11th round of sanctions on Russia, Brussels is hoping to crack down on the evasion of existing trade restrictions, particularly when it comes to the re-exportation of sensitive technology that can be used on the battlefield in Ukraine. On Monday, the European Commission proposed curbing exports to nations it accuses of helping Moscow get around trade sanctions, as well as blacklisting several Chinese companies that sell equipment that can be used in weapons.
US Treasury Secretary Janet Yellen has urged lawmakers to find common ground and raise the country's borrowing limit. Speaking to ABC News, she also warned that the idea of invoking the 14th amendment to raise the debt ceiling could lead to a "constitutional crisis". Also, the Financial Times reports that Brussels is considering applying sanctions to seven Chinese companies for aiding the Russian war effort against Ukraine. Plus, Zimbabwe launches its own gold-backed digital token to reduce reliance on the US dollar.
The US Federal Trade Commission has unveiled a proposal that would bar social media giant Meta from profiting off the personal data collected from child users. The FTC is accusing Facebook and Instagram's parent company of repeated violations of data privacy policies. Also in the show, regional US lender WestPac is looking at "strategic options", fuelling concerns over the banking sector. Plus, after the US Federal Reserve, the European Central Bank is set to raise interest rates further.
Portuguese football star Cristiano Ronaldo tops the 2023 Forbes rankings of the world's highest-paid athletes. The striker's move to Saudi Arabian club Al-Nassr has meant a boost in salary and marketing opportunities, leading to earnings of $136 million in the last twelve months. Also in the show, we get the latest on the debt ceiling standoff between Republicans and Democrats in the US. Plus, shares in regional US banks continue to slide, even after the rescue of First Republic Bank.
Hollywood is at a loss for words, as thousands of film and television writers go on strike for the first time in 15 years. Members of the Writers' Guild of America voted to walk out after failing to reach a pay deal – they say they're paying the price for the switch to streaming content. Also in the show: inflation in the eurozone ticks higher, complicating the European Central Bank's next decision on interest rates.
US Treasury Secretary Janet Yellen has written to congressional leaders warning that the federal government could run out of cash as early as June 1, unless they agree on raising the debt limit or suspending it. President Joe Biden has invited Republican House leader Kevin McCarthy for talks on May 9. Failure to reach an agreement could cause "severe hardship", Yellen warns. Also on the show, we look at a crucial week ahead for investors after the failure of First Republic Bank. Plus, British energy giant BP posts higher-than-expected profits.
Amazon posted higher-than-expected revenues and profits for Q1 2023, but slowing growth in its profit-generating AWS cloud services sector sent shares tumbling after hours. Also in this edition: US economic growth slows sharply in the first quarter, and Paraguay's upcoming election on Sunday could have big geopolitical consequences for Taiwan.
US House Republicans have voted in favour of a bill that would raise the federal government's debt ceiling, in exchange for spending cuts and a rollback of some of President Joe Biden's signature policies. The bill won't be able to pass in the Democrat-controlled Senate, but is meant to kickstart talks with the president and avoid a potential government default. Also in this edition, Argentina says it will start paying for Chinese imports by using the Yuan.
British American Tobacco (BAT) has been fined $635 million for breaching sanctions on North Korea. The British multinational, a leader in the sale of tobacco products, will pay the record sum to US authorities. BAT's Singapore subsidiary admitted to selling cigarettes to North Korea over a decade between 2007 and 2017, in violation of US sanctions on Pyongyang over its nuclear missile activities. But first, we take a look at the resilient earnings reports of Alphabet and Microsoft and at the rising concerns over the future of First Republic Bank.
Leaders from nine nations surrounding the North Sea have pledged to ramp up clean energy production by using offshore wind turbines. Seven EU members plus Norway and the UK hope the project will allow them to meet climate targets but also reduce their energy dependence on Russia. The collective goal is to reach 120 gigawatts by 2030 and at least 300 gigawatts by 2050. The EU says it will cost 800 billion euros to reach the 2050 capacity.
As South Korean President Yoon Suk-yeol heads to Washington for a visit, the Financial Times is reporting that the White House has asked Seoul to urge its chipmakers (Samsung Electronics and SK Hynix) not to fill the China shortfalls of US rival Micron in the event of a ban by Beijing. Such a move would be the latest in an escalating tech rivalry between the United States and China. Also in this edition, we take a closer look at Chile's decision to nationalise its lithium supply.
Electric vehicle maker Tesla reported a 24 percent rise in revenue in the first quarter of the year, while also seeing a 24 percent drop in profits. This follows a price-cutting drive in order to gain more market share in an increasingly competitive industry. Also in this edition, the Republican Party presents its plan to raise the US debt ceiling, and American marijuana producers struggle with market saturation.
China's economy grew faster than expected in the beginning of the year at 4.5 percent, on the back of strong export and infrastructure investment figures. GDP is bouncing back after the country put an end to its so-called "Zero-Covid" policy and as the government has pledged to do more to support business. Also today, the Shanghai auto show opens its doors for the first time since 2019 and so does India's first ever Apple store.
The European Commission has rejected moves by certain member states to ban some imports of Ukrainian grain and other food items.On Monday Slovakia joined Poland and Hungary in announcing the bans. Transiting goods have been piling up in Central Europe, driving down prices and causing losses for farmers. The EU says a solution must be found that respects the bloc's legal framework.
Brazilian President Luiz Inacio Lula da Silva has praised the Shanghai-based New Development Bank (NDB) on his trip to China, saying it "frees emerging countries from submission to traditional financial institutions". The NDB was created by the BRICS group and is headed by his predecessor Dilma Rousseff. Meanwhile in Washington, the International Monetary Fund and World Bank co-sign an agreement to jump-start debt restructuring following criticism from Beijing. But first, new statistics show the war in Ukraine has taken a huge toll on the country's economy.
American radio network NPR has said it will stop using Twitter, in protest over being labeled a 'government-funded media' outlet. Twitter's owner Elon Musk says the tags will allow more transparency for users. But the changes could set up a clash between the platform and news organisations. Also in the show - the US moves to tighten restrictions on car emissions, and American inflation drops to its lowest level in nearly two years.
During its annual Spring Meeting in Washington, the International Monetary Fund has revised its forecasts upward to 7 percent for global inflation this year and 4.9 percent in 2024. Those figures, above the target rate of 2 percent, will be contributing factors in slowing down growth, including for developing economies. Also in the show, Switzerland holds parliamentary hearings to review the takeover of embattled bank Credit Suisse by its rival UBS. Plus, Chile passes a law to gradually reduce the working week to 40 hours.
Alibaba is the latest tech company to enter the artificial intelligence race, as it unveils its own chatbot, Tongyi Qianwen. But it could face restrictions before even launching, as authorities in Beijing have outlined draft regulations to govern AI, including the stipulation that such platforms will reflect the core values of socialism. Also in the show - the IMF forecasts the weakest global economic growth since 1990, and Swiss lawmakers question last month's hasty rescue of Credit Suisse.
Brazilian President Luiz Inacio Lula da Silva is heading to China this week to meet with Xi Jinping, the leader of Brazil's most important trade partner. Lula will be accompanied by a delegation of over 200 businesspeople. We take a look at what's behind the record flow of exchanges between Beijing and Brasilia last year. Meanwhile, China and Australia are also improving their strained ties: the two sides have reached an agreement on rolling back punitive tariffs on barley.
After building an electric vehicle factory in Shanghai in 2019, the US company has signed an agreement to build another plant in the city, this time to make large-scale energy storage units known as "megapacks". With the agreement, Elon Musk's company is doubling down on its China investments, amid increasing pressure from Washington on US companies to divest. Also, while India is set to become the world's most populous country this week, women there are seeing their place in the workforce decline.
We look at why the IMF's predicted economic growth of just 3 percent, the lowest forecast since 1990, could hurt developing nations most. We also take a closer look at Airbus's deal in China, as French President Emmanuel Macron meets his Chinese counterpart Xi Jinping. Finally, we find out why Sean "Diddy" Combs has been paying Sting $5,000 a day, and has been doing so for years.
French President Emmanuel Macron and EU Commission President Ursula Von der Leyen begin a three-day visit to China this Wednesday, with a delegation of more than 50 business leaders in tow. But while there is eagerness to revive ties with a Chinese economy that's opening up again, other geopolitical considerations could get in the way of business. Also in this edition, US healthcare giant Johnson & Johnson proposes a $8.9 billion settlement over allegations that its talcum powder caused cancer.
Disney CEO Bob Iger has criticised Florida governor and Republican presidential hopeful Ron DeSantis as being "anti-business" and "anti-Florida". The comments are part of an ongoing feud between the entertainment giant and DeSantis that started when Disney voiced its opposition to a state law banning education on LGBT issues in schools. Also on the show, we look at oil prices soaring 6 percent on Monday on the back of a surprise supply cut announced by OPEC+. Finally, Britain's King Charles III gets his own stamps.
Britain has clinched a deal to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and become the trade bloc's first new member since its inauguration in 2018. It's a win for the UK, which had been looking to bolster global trade ties since leaving the European Union. Plus, with the US expected to announce guidance for tax breaks on new electric cars, we take a closer look at the conditions set under the Inflation Reduction Act.
Disney has laid off Isaac ("Ike") Perlmutter, the head of Marvel Entertainment, as part of its cost-cutting plans. The company began cutting 7,000 jobs this week in an effort to reduce $5.5 billion in costs. Also, Portugal scraps VAT on basic food products in a bid to fight inflation. Plus, the man who invented mobile phones half a century ago tells people to take their eyes off their smartphones.
US lawmakers say the embattled bank Credit Suisse has violated the terms of a plea deal, related to tax evasion. A two-year investigation suggests the lender has continued to conceal the bank accounts of wealthy Americans. Meanwhile, UBS has brought back former CEO Sergio Ermotti to lead its takeover of Credit Suisse. Also in the show - Vladimir Putin makes the unexpected admission that Western sanctions could have a negative impact on the Russian economy.
As the European Union is poisedto agree tougher targets to expand renewable energy by 2030, members remain split over whether to recognise nuclear power as a renewable energy source and allow it to contribute towards the EU's goals. Plus, Adidas files and quickly retracts an opposition to the Black Lives Matter global network's trademark application for register the movement's three parallel stripes.
Five of France's biggest banks are facing scrutiny in an ongoing investigation into possible tax fraud. BNP Paribas and Société Générale were among the lenders whose Paris offices have been raided by French prosecutors. They're accused of helping facilitate tax avoidance related to dividend payments. Also in the show - Chinese tech giant Alibaba is split into six separate units, a day after the public reappearance of its co-founder, Jack Ma.
The United States and Japan have agreed a deal on trading in minerals that are key to making electric car batteries. The aim is to bolster EV (electric vehicle) battery supply chains and reduce the countries' reliance on China. The deal will give Japanese carmakers wider access to $7,500 tax breaks under President Joe Biden's Inflation Reduction Act. Plus, Twitter CEO Elon Musk has announced a shake-up of the social media platform's "verified user", or Blue Tick, feature.
In this edition: Germany seeks an "e-fuels" exemption to the EU's ban on the sale of new petrol and diesel cars after 2035, while France pushes for an all-electric transport future. Also, markets drop amid ongoing interest rate hikes and banking turmoil, and US short seller Hindenburg Research targets Jack Dorsey's Block payment firm.
The International Monetary Fund (IMF) and Kyiv have reached a staff-level agreement for a $15.6 billion loan which should be finalised in the coming weeks. The Washington-based lender had previously changed its rules in order to allow loans to countries facing "exceptionally high uncertainty", without naming Ukraine specifically. Also in this bulletin, we see how Germany's solar panel boom is being stifled by a labour shortage. Plus, a new study shows that Scotland's minimum pricing of alcohol may well have saved lives.
Credit Suisse, a storied bank established in the 19th century, is in its last days as an independent entity. Switzerland's largest bank UBS has agreed to acquire it in a $3.2 billion all-share deal. The forced takeover was brokered by regulators and the Swiss government, who feared reputational damage to the country's financial sector and wanted to stop the crisis spreading further. We take a closer look.
In an effort to stave off contagion, 11 of the largest American banks have injected a total of $30 billion into First Republic, a regional bank based in San Francisco that's been struggling amid this week's turmoil in the financial sector. We take a closer look. Meanwhile, the European Central Bank has again raised interest rates by half a percentage point despite worries over stability in the banking sector.
The European Central Bank raised key interest rates by 0.5%, despite recent turmoil in the banking sector. John Leer, Chief Economist at Morning Consult, said he expects most central banks to stay the course as they fight high inflation - and that could affect more lenders. "As interest rates start rising, I think we will see more and more poor risk management, more poor decisions having been made by banks, and it's really a matter of time for those decisions to be exposed."
European markets have calmed down after Credit Suisse secured a lifeline of up to 50 billion Swiss francs from the country's central bank. The crisis is just the latest to hit the embattled lender, which has suffered a string of scandals and management issues. Jitters over the banking sector remain as the European Central Bank decides on the next rate hike. Plus, Beijing has reacted furiously to Washington giving TikTok's Chinese owner ByteDance an ultimatum: sell up or face a total ban in the US market.
Shares of Credit Suisse plunged to a record low, after its top shareholder declined to increase its stake. The slide has added to market jitters over the state of Europe's banking sector, although it's not directly related to the recent collapse of two American lenders. Also in the show - the UK government outlines its budget, as it tries to protect households and businesses from the ongoing cost of living crisis.
After a disastrous derailment in East Palestine, Ohio on February 3, the US state's attorney general has filed a lawsuit against the Norfolk Southern rail company, saying it prioritises profits over people. The state is seeking to hold the railroad financially accountable for the accident. Also in this edition, media reports in the US say investigations into Silicon Valley Bank's collapse by the US Justice Department and other agencies have started. Finally, we look at the latest economic data out of China.
The US Federal Reserve faces a tricky balancing act, as it tries to navigate high inflation and instability in the banking sector. Alexander Yokum, of CFRA Research, says the collapse of Silicon Valley Bank and Signature Bank could affect the Fed's next interest rate decision, despite a 6% jump in consumer prices. Also in the show - Facebook's parent company Meta confirms a further 10,000 job cuts, and a California court rules that gig economy workers should not be considered employees.
Banking stocks around the world have fallen sharply following the collapse of Silicon Valley Bank and a subsequent intervention by US regulators to protect depositors. Smaller regional lenders in the US are particularly hard hit, with many requests being made to move deposits to some of the country's larger lenders. Also in this bulletin, we look at the calls for stricter regulation of the financial sector.
The US Treasury, Federal Reserve and Federal Deposit Insurance Corporation have unveiled a plan meant to stem any contagion from Silicon Valley Bank's (SVB) failure on Friday. The Federal Reserve will provide an emergency lending facility that will ensure all of the bank's depositors are repaid in full. Elsewhere, the UK government says SVB's UK subsidiary has been purchased by HSBC and Goldman Sachs says a Fed rate hike is no longer expected because of "stress in the banking system".
US President Joe Biden unveils a $6.8 trillion budget proposal with key provisions aimed at boosting American competitiveness against China, while Beijing rails against economic containment and suppression. Plus, a sell-off in US bank shares sparked by a run on a small California lender spreads to Asia and Europe as markets tumble.
The EU has loosened its own rules on state aid, to be more competitive against America's sweeping green subsidies. Member states may be able to match the incentives offered by other countries, in order to keep clean tech businesses from shifting their investment. They aren't the only players in the game though - Latin America is poised to become a major producer of renewable energy over the next decade.
In a letter to the Dutch parliament, the country's trade minister has said exporters of chip technology will have to ask for licences to do business abroad, citing concerns over international security. The Netherlands is home to one of the leaders in chipmaking equipment, ASML. Also in the show, FRANCE 24's Catherine Viette tells us what we can expect from the budget plan US President Joe Biden will unveil later this Thursday. Finally, China's consumer prices rise at their slowest pace in 12 months.
The cost of childcare in the UK is among the highest in the world, and is driving many women to leave the workforce. Access to affordable childcare is a crucial element in addressing gender inequality. On International Women's Day, we also look at efforts to promote female entrepreneurs in the tech industry – Delphine Rémy-Boutang of Digital Women's Day (JFD) says "education, regulation, investment and role models" are all needed. Finally, ECB President Christine Lagarde gives her perspective on being a female leader.
A US congressional report reveals the Federal Trade Commission has made repeated requests for internal communications related to Twitter owner Elon Musk. The agency is concerned that the layoffs at the social media company since he took over could have jeopardised users' data protection. Also in the show, we look at a US Senate bill that could give the US government the power to ban TikTok. Plus, Volkswagen puts plans for a European battery plant on hold in favour of another facility in the US.
Workers at petrol refineries across France are among those on strike against the government's proposed pension reform. If unions continue the walkouts on a rolling basis, motorists are worried they could face petrol shortages. Also in the show - power cuts in South Africa have weighed more than expected on GDP growth, and US lawmakers prepare to crack down on TikTok.
French President Emmanuel Macron's plan to raise the legal retirement age has united all of the country's major trade unions against it. This Tuesday marks the sixth day of nationwide mobilisation since January, with the stated aim of "bringing France to a standstill". In today's show, we take a look at what the economic impact of industrial action in France tends to look like and how it can be difficult to properly assess.
With China's National People's Congress underway, the government has set out what many are calling an achievable target for economic growth in 2023. The 5 percent objective is the lowest in over three decades and comes as Beijing has lifted most of the restrictions set up during the Covid-19 pandemic. Also in this edition, we look ahead to a day of nationwide strikes against pension reform in France. Finally, iconic chocolate brand Toblerone is forced to change its logo because of strict rules regulating "Swissness".
The Chinese Communist Party is expected to unveil its lowest economic growth target in decades amid an ongoing slump in the country's real estate market. Also on the show: Mexico plans food tariff cuts to confront high inflation, and Franco-Angolan business ties take centre stage as President Emmanuel Macron visits Luanda.
China's official manufacturing sector purchasing managers' index rose to 52.6 in February, well above expectations. This comes amid a strong recovery in demand after Beijing lifted almost three years of Covid restrictions. Stock markets in mainland China and Hong Kong reacted positively to the news. Also on the show, we take a look at the strings attached to the US Chips Act, which will provide subsidies to companies willing to make semiconductors on American soil.
A Paris court could order the oil major TotalEnergies to halt the development of a Uganda pipeline, based on legislation that makes big companies liable for risks to the environment and human rights. The French oil giant has been accused by activist groups of not fairly compensating the people who were expropriated and of endangering Ugandan ecosystems. Also in the show, the White House urges government employees to enforce a ban on TikTok within 30 days. Finally, Florida Governor Ron DeSantis takes the keys of Disney's magic kingdom in Florida.
The annual Mobile World Congress brings together the biggest names in the telecoms industry and this year has reverted to its pre-pandemic format, with over 80,000 delegates expected in Barcelona. FRANCE 24's Leo McGuinn explains what the sector has in store to find a path back to profits. Also in this edition: some 11 days after saying they couldn't contact him, investment bank China Renaissance says its missing founder Bao Fan has been "cooperating" with Chinese authorities.
For the six months ending in December, the Australian national carrier Qantas posted profits of €920 million. It expects strong demand over the next two years as well. But as FRANCE 24's Bryan Quinn explains, dark clouds are still looming over the company and its decision to cut staff during the Covid-19 pandemic. Also on the show: South African utility Eskom asks its chief to take an early exit, and sandwich chain Subway is launching its own electric vehicle charging stations.
Microsoft is lobbying European regulators to approve its $69 billion dollar takeover bid for video game giant Activision Blizzard. To allay concerns about competition, it's agreed to let Nintendo and Nvidia users access some of its titles. But there are still plenty of roadblocks for what could be the tech industry's biggest deal. Also in the show - carmakers Toyota and Honda agree to the biggest wage increases in two years for Japanese workers, and Pakistan nears a bailout deal with the IMF.
The missing founder of China Renaissance, Bao Fan, was looking to start a fund for his personal fortune, according to the Financial Times. Bao is one of the country's biggest financiers in the tech sector and could be the latest target of a crackdown on the industry. Also in the show, Hong Kong presents a new budget to help the territory's battered economy recover from the Covid-19 pandemic. And Starbucks's next big bet is to launch olive oil-infused coffee... in Italy.
Vladimir Putin claims the Russian economy has withstood Western sanctions, as he prepares to mark one year since the invasion of Ukraine. While GDP has contracted less than many analysts expected, Beata Javorcik of the EBRD explains that's largely the result of years of 'sanctions-proofing', and doesn't mean that households and businesses aren't suffering. Also in the show - the EU's carbon price hits a record high of €100/tonne, and Sri Lanka's cabinet agrees to start repaying its debt.
The nine US Supreme Court justices will hear arguments in two cases opposing individuals to large internet platforms this week. In both of them, the plaintiffs are the families of terror attack victims, who argue that internet giants should be held responsible for the content on their platforms. FRANCE 24's Bryan Quinn reports on a ruling that could change one of the founding principles of the internet. Also on the show: French President Emmanuel Macron defends his government's pension reform and UK businesses successfully trial the four-day work week.
Unable to pay its heating bill amid soaring energy costs, one Hungarian ballet company is getting a little extra help from one of its sponsors by rehearsing in an Audi factory. We take a closer look. Also, Meta unveils paid verification status for Facebook and Instagram. Plus, the US Supreme Court prepares to hear a case on foundational internet content law that has been brought by families of victims of jihadist attacks.
Labor action at seven German airports is set to ground nearly 300,000 passengers Friday as unions call for higher pay amid decades-high inflation. Portugal is ending its "Golden Visa" program for real-estate investors as housing prices skyrocket, and US regulators charge crypto firm Terraform Labs and founder Do Kwan with fraud in the $40 billion collapse of the Terra/Luna stablecoin system last year.
The South Korean capital's transport authorities have been posting losses because of the increasing number of silver surfers. As FRANCE 24's Georgina Robertson explains, some businesses are even taking advantage of the policy by employing seniors to deliver packages. Also in this edition, the US Congressional Budget Office gives a deadline for debt ceiling negotiations and hands in a sobering assessment of the nation's finances. And Sri Lankans are asked to pay 66 percent more for electricity.
The United States is taking a step towards protecting cryptocurrency investors, as the Securities and Exchange Commission moves towards new regulations. Tim Byun, Global Government Relations Officer at OKX, speaks to France 24 about the potential implications for the industry, and how the collapse of FTX affected public perception of the crypto sector.
The President of the World Bank Group, David Malpass, will leave his post about a year before the end of his five-year term. Appointed by US President Donald Trump in 2019, Malpass had courted controversy for his views on climate change, but said he was 'proud' of the work he had accomplished. Also in the show - the EU unveils a 10th round of sanctions against Russia, and Tim Byun, Global Govt. Relations Officer at OKX, speaks to France 24 about looming regulations for the crypto sector.
The government's proposed changes to the pension system have partly been turned down by the country's parliament. Article 2, which would have set up a "senior employment index" to support older workers, did not get a majority. The measure was meant to accompany the raising of the legal retirement age from 62 to 64. Also in the show, we'll take a look at Air India's massive order of aircraft from Boeing and Airbus and the nomination of Pharrell Williams at the head of meanswear at Louis Vuitton.
The European Parliament has given a green light to a plan to halt sales of petrol and disel cars from 2035. It's a crucial part of the bloc's plan to become a "climate neutral" economy by 2050. Also in the show - US inflation remains hotter than expected, putting pressure on Federal Reserve policymakers, and Air India announces a record-breaking deal for 470 planes from Airbus and Boeing.
South African President Cyril Ramaphosa has declared a national "state of disaster" over the country's rolling power shortages. Energy provider Eskom says its ageing coal-fired power plants cannot keep up with demand and it's been imposing scheduled cuts. The blackouts are weighing on business activity and South Africa's economic growth. Also in the show: migrant workers building Senegal's "City of the Future" allege mistreatment and abuse on some construction sites.
Starting in April, wide-eyed delivery robots will be allowed to use Japan's roads to deliver food and parcels. FRANCE 24's Solange Mougin explains how this could help the country's ageing workforce. But first, Disney cuts 7,000 jobs in a bid to make its streaming business profitable. Plus, Alphabet's stock tumbles as its newly presented AI-powered search bot makes a mistake in a demo video.
The 24-year-old partnership between the French and Japanese carmakers Renault and Nissan is getting a reboot. After months of tough negotiations, the boards of both groups have agreed to a new deal that will give each side an equal 15 percent ownership stake in the other. The alliance had sought a new direction ever since the high-profile downfall of former CEO Carlos Ghosn. Also in the show, a jury finds Elon Musk not guilty of fraud over a 2018 tweet saying he had secured funding to take Tesla private.
BUSINESS DAILY – Friday, 03.02.2023: We take a look at the reasons behind Apple's largest drop in sales since 2019. We also see how Adani stock dropped 35 percent before rallying. Meanwhile, tense negotiations are taking place between Pakistan and the IMF, with the nation's PM saying it has no choice but to accept the fund's strict conditions. Finally, we find out about a video combatting cataract blindness that some are criticising as "charity porn".
The Adani Group conglomerate has seen tens of billions of euros wiped off its market value since a short-seller's report accused it of pulling "the largest con in corporate history" last week. It has now cancelled a €2.2 billion ($2.5 billion) share sale meant to help reduce debt levels. Billionaire founder Gautam Adani maintains that the "fundamentals" of the group are "strong". Also in the show, we take a look at central banks' continued war on inflation as the Federal Reserve continues raising interest rates.
US oil company ExxonMobil recorded a net profit of $56 billion last year, beating its previous 2008 record. It benefitted from a surge in prices following the Russian invasion of Ukraine and a cost-cutting drive during the pandemic. The White House has called these profits "outrageous", leading to further calls for a windfall tax. Meanwhile in the UK, some 500,000 workers are expected to walk off the job this Wednesday amid a cost-of-living crisis. Finally, Hong Kong bans all CBD products, saying they are a "dangerous drug".
The International Monetary Fund's new projections for 2023 show GDP for the world economy growing by 3.2 percent, compared to a 1.9 percent expansion last year. The improved forecast is aided by China's scrapping of its zero-Covid policy and the fall in gas prices. Also on the programme, we report from Niger, where telecom operators have been forced to cancel a price hike after popular anger. Finally, we bid farewell to the iconic Boeing 747.
The mining giant Rio Tinto has apologised after losing a radioactive capsule in Western Australia. The tiny object disappeared along a 1,400-kilometre route between a mining site and Perth. It could put any person within a 5-metre radius at risk. Local authorities have launched investigations to understand how the capsule went missing. We report on how this is not the first time the mining giant has faced bad publicity in Australia. Also in this edition, Indian conglomerate Adani Group fights back against a report alleging it is involved in "brazen stock manipulation and accounting fraud".
French luxury goods giant LVMH is not feeling the post-Covid pinch. The group has released its figures for 2022, which show revenue just below the bar of €80 billion. Meanwhile, shipments of smartphones have dropped to a near-decade low. Finally, we find out about a lawsuit that involves King Charles III and Elon Musk.
BUSINESS DAILY – Tuesday, 24.01.2023: We discuss how Microsoft is to invest billions in the artificial intelligence firm OpenAI, which created the software ChatGPT. In other business news: Spotify unveils mass layoffs, France decides not to request an exemption for neonicotinoids and finally, Bill Gates invests in an Australian company that's tackling cow burps and the methane they emit.
The French and German leaders pledged to strengthen ties at a meeting in Paris on Sunday. Among the issues discussed was how to boost European competitiveness to counter the US Inflation Reduction Act, which includes hundreds of billions of dollars in subsidies for American-made green tech. Plus, we take a look at how Argentina's farmers are coping with three years of drought and how the problem is impacting exports.
As Davos 2023 winds down France 24's Business Editor finds out how globalisation isn't dead, but adapting, post-pandemic. Also in today's show we bring you the latest reaction from Davos to the strikes over pension reform in France.
The Ukrainian president is set to speak at the World Economic Forum by videolink this Wednesday, as our Business Editor Kate Moody explains. This comes amid the ongoing energy crisis in Europe sparked by Russia's invasion of Ukraine. Speaking to FRANCE 24 in Davos earlier, EU chief Ursula Von der Leyen said the bloc is reacting successfully to the challenge of ending its dependence on Russian oil and gas. Also in the show, a new report sheds light on the Forum's carbon footprint.
The World Economic Forum has officially kicked off in Davos. Ukraine's First Lady Olena Zelenska, EU Commission President Ursula von der Leyen and Chinese Vice Premier Liu He are among the expected speakers this Tuesday. Our Business Editor Kate Moody brings us an update from Davos, with insights on the billions being poured into chip production, as well as how companies are responding to inflation and energy costs.
Political and business leaders from around the world are convening in the Swiss resort town of Davos. The theme for this year's meeting is "cooperation in a fragmented world". FRANCE 24's Kate Moody is in Davos and tells us what we should expect. Also in the show, Oxfam releases its annual report on inequality, asking many of the people present at Davos to pay more in taxes. Some 63 percent of the wealth generated since the pandemic has been captured by the richest 1 percent.
Disney CEO Bob Iger is on the defensive after Trian Partners, which holds a $900 million stake in the company, published a report critical of his management and asked shareholders for a boardroom seat. The entertainment giant has seen its share price fall close to 40 percent in the past year amid concerns over its costly streaming business. Also in the show, we look at the dramatic impact of the depreciation of the Egyptian pound on the country's poorest families.
The French government's plan to raise the retirement age from 62 to 64 has many people worried, especially those who work in physically demanding professions. Though the government says there will be possibilities for early retirement based on working conditions, we meet French metalworkers who remain concerned about their future. Also in this bulletin, Uniqlo owner Fast Retailing is raising wages for its Japanese employees by 40 percent. A week earlier, Prime Minister Fumio Kishida had urged companies to do more to help people with inflation. But first, we look at the World Bank's gloomy forecast for the world economy in 2023.
Prime Minister Elizabeth Borne is scheduled to unveil Emmanuel Macron's cornerstone reform later on Tuesday. The government argues the system is currently financially unsustainable and will need more contributions going forward. In this show, we look at what Borne's key measures are (raising retirement age, ending specialised pension schemes) and check whether or not the system is as unsustainable as the government says it is.
On Sunday, tens of thousands of travelers flew in and out of China without having to submit to stringent centralised quarantine requirements. The change in policy is raising hope in neighboring countries that this will signal the return of Chinese tourists. Holiday bookings have already increased and markets are trading higher on the news, but as we explain, it will take some time for travel to return to what it was before the pandemic.
China is gearing up for the Lunar New Year, which falls on January 22. The New Year travel rush, known as "Chunyun", begins this weekend. Authorities estimate that 2.1 billion passenger trips will be made during the period, doubling from last year. But the travel rush is set to be highly unpredictable, amid a surge in Covid cases. Plus, the US antitrust regulator proposes a new rule that would enable employees to work for a rival company after leaving their jobs.
E-commerce giant Amazon has announced it will lay off 18,000 people. CEO Andy Jassy says the cuts will mostly affect the human resources teams and the Amazon Stores operations, and will represent around 6 percent of the company's 300,000 corporate workforce. This comes after similar layoff plans took place at Meta, Twitter and Salesforce. Also in the show, the annual tech event CES kicks off in Las Vegas, presenting the world's latest innovations. We take a closer look at one of them: the hands-free, self-driving baby stroller.
The founder and former CEO of the cryptocurrency exchange FTX appeared in a New York court for an arraignment hearing on Tuesday. Sam Bankman-Fried's lawyers maintained his innocence amid accusations he misappropriated customer and investor funds. The trial is set for October 2 and Bankman-Fried could still change his plea. Also in the show, Microsoft recognises its first ever labour union in the US. Plus, the French government's plans for pension reform are met with united opposition from trade unions.
The electric car maker Tesla has been hit hard by supply chain issues linked to China's zero-Covid policy and is now facing a slump in consumer demand. Despite Tesla making record deliveries in 2022, the figures fell short of Wall Street expectations. The group's share price plunged 65 percent last year, as investors were concerned that CEO Elon Musk was too distracted by his acquisition of Twitter. Also in the show, France's prime minister says raising the retirement age to 65 is negotiable ahead of pension reform talks with unions. We end by looking at the business of hiring "virtual" people in China.
Kristalina Georgieva, the managing director of the International Monetary Fund, is warning that this year will be tougher than the last and that the war in Ukraine, rising inflation and higher interest rates will weigh heavily on the global economy. She expects the EU to be particularly hard hit, with half of its members seeing declines in growth. Also in this edition, Croatia bids farewell to the kuna and joins the eurozone. Plus, we look at Japan's incentives to entice families to leave Tokyo for smaller towns.
The US central bank has raised its benchmark rate to its highest level in 15 years, although at a slower clip than previously. Federal Reserve Chair Jerome Powell argues that while inflation has dipped, it is still too high to warrant a change in monetary policy. Also on the show, the US Senate unanimously passes a bill that would ban federal employees from using TikTok on their work phones or devices over data security fears. Finally, James Cameron's "Avatar: The Way of Water" is set for a blockbuster opening weekend in the US.
Sam Bankman-Fried, the disgraced head of once-leading cryptocurrency trading platform FTX, is to be extradited to the US after being arrested in the Bahamas. US prosecutors have yet to unseal the indictment against 30-year-old Bankman-Fried, who became a billionaire during the cryptocurrrency boom. In this edition, we take a closer look at the downfall of FTX, how Bankman-Fried ended up in the crosshairs of investigators and ask what's next for the wider crypto sector.
In its first space mission, Japanese company ispace Inc. has built the lander that is carrying the United Arab Emirates' Moon rover, as well as other payloads for government agencies from the US, Canada and Japan. Created over a decade ago, it could be the first private company to land on the Moon's surface. Also in the show, the UK prepares for a winter of industrial action, starting with postal workers.
The US Federal Trade Commission has filed a formal complaint to stop Microsoft's $69 billion dollar acquisition of video game studio Activision. Also in the show: China and Saudi Arabia sign $30 billion in new contracts, and we see how Italy's pasta sector is under strain from high energy prices.
Ramesh "Sunny" Balwani, the right-hand man and ex-boyfriend of company founder Elizabeth Holmes, is planning to appeal an almost 13-year prison sentence for fraud. Prosecutors argued he played an essential role in defrauding investors of $900 million. Theranos falsely claimed it could run blood tests with a single prick of a finger. Also in the show, we look at two complaints filed against TikTok by the US state of Indiana, and at the South Korean government's crackdown on an ongoing trucker strike.
As Donald Trump eyes a return to the White House, a jury has found the Trump Organization guilty of 17 counts of tax fraud. The company paid less in tax by compensating executives with "off the books" perks such as luxury apartments. In addition to a fine, the Trump Organization will find it harder to get access to financing. Also, we take a look at protests against corruption and inflation in Mongolia. Finally, we discover the Japanese spider robots that could help with the upkeep of the country's ageing sewage system.
Starting this Monday, all Russian oil sold on international markets will be subject to a G7 and EU-imposed price cap. The measure is aimed at cutting into Moscow's financing for the war in Ukraine, while maintaining global supply. The bar has been set at $60 a barrel, which Ukraine's president has criticised as being too high. Russia has responded by saying it won't sell crude to customers abiding by the cap. This Monday also sees an EU embargo on maritime deliveries of Russian crude oil come into force. Also in the show, we take a look at the EU's response to the US Inflation Reduction Act.
Once a darling in the business and tech world, Sam Bankman-Fried has become a pariah. The founder of crypto exchange FTX, which declared bankruptcy last month, has given his first media interview since his platform collapsed. He denied any intention to commit fraud and pleaded ignorance at the mismanagement of user funds. Also in the show, we take a look at the struggles facing Venezuela's oil industry, even as US energy giant Chevron resumes some operations in the country.
French President Emmanuel Macron's state visit to the US is bringing simmering EU-US tensions over economic policy to the boil. At the heart of European criticisms are multi-billion-dollar economic support packages that could be perceived as giving the US an unfair advantage. Also in the show, the US Congress is heeding Joe Biden's call to do whatever it takes to avert a costly railroad shutdown. Plus, French butchers take to the streets to protest the rise in energy prices.
US President Joe Biden has called on lawmakers to pass legislation that would avert a nationwide rail shutdown. This would impose a contract that has not been approved by all negotiating unions but would nonetheless guarantee a 24 percent wage increase for rail workers. The US economy stands to lose $2 billion a day in the event of a strike. Also in the show, we discover the hardline tactics used by South Korea's government to put an end to a truckers' strike and find out why Chinese stock markets have rebounded after the Covid protests that took place over the weekend.
Nationwide protests against China's zero-Covid policy have left investors concerned about the outlook for the country's economy. On Monday morning, both the Shanghai Composite and Hang Seng in Hong Kong were posting losses. The price of oil was also affected, on the assumption that Chinese demand for crude will be weaker. Also in this edition, we take a look at record online sales during Black Friday.
We take a look at how French consumers have adopted the American tradition of Black Friday sales. With clothing expected to the number one item that will be purchased in France during the discounted period, we also find out how the globe's appetite for fast fashion is having a dire effect on Chile's desert.
Talks are taking place in Brussels on a proposal to set the ceiling for the price of Russian natural gas at €275 per megawatt hour. The plan has come under criticism from all sides for either being too complicated, too high or unnecessary. Meanwhile, the G7's plan to cap Russian oil prices will also be discussed. Also in the show, we take a look at one of the most prestigious brands in sport, which could soon be up for sale: Manchester United.
Qatar has spent more than $200 billion preparing for the World Cup by building roads, stadiums and hotels. Although much of the infrastructure spending has been part of a larger public investment project, this tournament will be the most expensive World Cup ever. Plus, in a surprise reshuffle, Disney's former CEO Bob Iger is returning to the helm, less than a year after retiring.
Elon Musk has defended himself in court over a massive pay package at Tesla, as the billionaire speeds up the restructuring of Twitter following his acquisition. But first, the British finance minister is set to unveil a revised budget plan in parliament. With tens of billions of pounds in tax hikes and spending cuts, it will mark a complete reversal of the previous mini-budget, which triggered market turmoil and led to Liz Truss's resignation as prime minister.
For the fifth time in a row, the soft drink producer Coca-Cola has won the unfortunate title of worst plastic polluter of the year, according to a brand audit run by the NGO Break Free From Plastics. This year's audit found that more than 31,000 Coca-Cola branded products were among trash collected by volunteers, three times the proportion found in 2018. As a result, the company's role as sponsor of the COP27 climate summit in Egypt is raising eyebrows. Also in this edition, we take a look at the cash crunch felt by local governments in China as they find themselves unable to pay for mass Covid testing.
After Meta and Twitter, Amazon is the latest e-commerce giant looking to reduce its payroll. Reports in The New York Times and other outlets say this is part of the company's drive to cut any lossmaking or underperforming units. The job cuts, which could represent as much as 3 percent of the group's corporate workforce, would be the largest in Amazon's history. Also in this edition, we take a look at why Japan's economic growth slowed unexpectedly in the last quarter.
Our correspondents report from Italy, where migrant workers are essential to several key sectors of the economy. This comes amid a rift between Paris and the far-right government in Rome, after France allowed a migrant rescue ship to dock following a refusal by Italy. But first, we take a look at how stock markets are responding to the latest US inflation figures.
FRANCE 24's Solange Mougin takes a closer look at the economic benefits of Israel and Lebanon's maritime border agreement. The deal is not only a political and diplomatic milestone between the two nations, which are technically at war. It also has the potential to bring in hundreds of millions of dollars to both nations as they tap into offshore gas fields.
Amid a push in France to index salaries to inflation, we take a look at the potential risks and benefits of such measures, which exist in a number of European countries. Also, with Adidas dropping Ye, the artist formerly known as Kanye West, over hate speech and repeated scandals, both the sportswear giant and the artist are expected to weather financial losses. Finally, deep fakes, or digital simulations of celebrities, are on the rise in the advertising world.
Inflation in the UK has spiked back to its 40-year high of 10.1% as households and businesses continue to struggle with soaring food and energy prices. The data come "despite the Bank of England trying to turn down the heat on this bubbling pot of prices", says Susannah Streeter, Senior Markets Analyst at Hargreaves Lansdown. The figures will add more pressure to the struggling government of Prime Minister Liz Truss.
EU policymakers remain divided over how best to deal with the ongoing energy crisis. High prices are affecting households and businesses across the bloc, including Italy's storied textiles industry, as our correspondents report. Also in the show: French unions strike amid calls for higher wages, and electric vehicles are in the spotlight at the Paris Auto Show.
Shortages at fuel stations due to a refinery workers’ strike continue to impact drivers across France, resulting in long queues. TotalEnergies, which runs about a third of the country's service stations, has offered to advance pay talks but unions remain firm in their strike action. Plus, former Fed chairman Ben Bernanke, has, along with US economists Douglas Diamond and Philip Dybvig, won this year's Nobel Prize for Economics for their work on the role of banks in financial crises.
The decision by the OPEC+ oil cartel to lower global production to 2 million barrels per day starting in November has prompted the US to dip into its Strategic Petroleum Reserve to dampen prices. An upcoming price cap on Russian oil could also add more inflationary pressure if Moscow decides to respond by cutting supply to participating countries. Also in this edition, we take a look at a petrol shortage in France and the tough negotiations between Elon Musk and Twitter to iron out a takeover deal.
The group of oil producers known as OPEC+ say they will slash their daily output by 2 million barrels per day because of uncertainty in the global outlook. The decision has been slammed by the US, which had been lobbying for Saudi Arabia and other producers to pump more oil. It's also seen as a political move that sees the cartel siding with Russia. Also in the show: we hear from branding expert Allyson Stewart-Allen about Elon Musk's vision for Twitter, now that his takeover is back on.
Just two weeks before going to trial, Elon Musk has agreed to follow through with his $44 billion deal to buy Twitter. The billionaire entrepreneur had tried to call off the takeover just days after announcing it in April. Twitter shares soared as the news was confirmed. Also in the show: confusion continues over the economic policies of UK Chancellor Kwasi Kwarteng, and the EU Parliament overwhelmingly approves a shift to universal phone chargers.
Just ten days after presenting his controversial mini-budget, UK Finance Minister Kwasi Kwarteng has had to retract one of its key features. Those with annual incomes above £150,000 will not see their taxes cut in the end. The U-turn comes after days of market turmoil and political pressure. Also in the show: as Berlin seeks to wean itself off Russian gas, our correspondents visit the country's first floating Liquefied Natural Gas terminal.
Despite higher interest rates and rising inflation, the luxury sector is still thriving. German sports car brand Porsche is one example, with its strong earnings record and hotly anticipated IPO on the Frankfurt stock exchange this Thursday. Also in this edition, we look at the Bank of England's emergency move to stabilise debt markets and save pension funds, as well as the prospect of a rise in the cost of the baguette in French bakeries.
The Bank of England has launched a £65 billion emergency bond-buying programme, in an effort to calm the markets and avert a financial crisis. The "unprecedented" support comes amid mounting criticism of the government's plan to slash taxes. Also in the show: Beata Javorcik, Chief Economist at the European Bank for Reconstruction and Development, tells FRANCE 24 that "the longer the sanctions continue, the greater the bite they will have" on the Russian economy.
The Bank of England has launched a £65 billion emergency bond-buying programme, in an effort to calm the markets and avert a financial crisis. The "unprecedented" support comes amid mounting criticism of the government's plan to slash taxes. Also in the show: Beata Javorcik, Chief Economist at the European Bank for Reconstruction and Development, tells FRANCE 24 that "the longer the sanctions continue, the greater the bite they will have" on the Russian economy.
Like many other world currencies, China's onshore and offshore Yuan both fell against the dollar on Wednesday, increasing the pressure on the People's Bank of China to intervene directly. The drop is a result of the strong US dollar following the Federal Reserve's rate hikes, coupled with Beijing's more dovish approach to monetary policy in order to stimulate growth. Also in this edition, we look at the IMF's criticism of the UK's new tax-cutting fiscal policy.
As European leaders were warning of sabotage to the Nord Stream 1 and 2 pipelines, Poland and Norway inaugurated a new conduit that will reduce dependence on Russian gas. The move underscores the urgency of EU economies' search for new energy sources. Also in the show: our Berlin correspondents Nick Spicer and Anne Mailliet report on the German businesses being forced to close because of high energy costs, and the pound sterling stabilises a day after historic losses.
As European leaders were warning of sabotage to the Nord Stream 1 and 2 pipelines, Poland and Norway inaugurated a new conduit that will reduce dependence on Russian gas. The move underscores the urgency of EU economies' search for new energy sources. Also in the show: our Berlin correspondents Nick Spicer and Anne Mailliet report on the German businesses being forced to close because of high energy costs, and the pound sterling stabilises a day after historic losses.
After statements from the Bank of England and the UK Finance Minister Kwasi Kwarteng on Monday, the British pound recovered slightly on Tuesday morning but remained at its lowest level in decades against the dollar. All eyes will now be on the UK central bank's November meeting and a potential rate hike. Also in this edition, we see why the World Bank has lowered its growth forecast for the Chinese economy. Plus, we head to Spain, where local communities are joining forces to invest in solar energy.
After statements from the Bank of England and the UK Finance Minister Kwasi Kwarteng on Monday, the British pound recovered slightly on Tuesday morning but remained at its lowest level in decades against the dollar. All eyes will now be on the UK central bank's November meeting and a potential rate hike. Also in this edition, we see why the World Bank has lowered its growth forecast for the Chinese economy. Plus, we head to Spain, where local communities are joining forces to invest in solar energy.
At the head of a right-wing coalition, far-right Brothers of Italy leader Giorgia Meloni is gearing up to become Italy's new head of government. On the economic front, she'll be faced with rising consumer prices as well as the ongoing issue of national debt. Meloni has promised to renegotiate her country's share of the EU recovery fund, leading to a likely showdown with Brussels. We also take a look at the reasons for the dramatic drop of the British pound against the US dollar. Plus, we take a closer look at French energy giant TotalEnergies's latest investment in Qatar.
At the head of a right-wing coalition, far-right Brothers of Italy leader Giorgia Meloni is gearing up to become Italy's new head of government. On the economic front, she'll be faced with rising consumer prices as well as the ongoing issue of national debt. Meloni has promised to renegotiate her country's share of the EU recovery fund, leading to a likely showdown with Brussels. We also take a look at the reasons for the dramatic drop of the British pound against the US dollar. Plus, we take a closer look at French energy giant TotalEnergies's latest investment in Qatar.
Boeing is set to pay $200 million to settle charges from the US Securities and Exchange Commission that the aviation giant misled investors over safety concerns surrounding the 737 MAX amid two deadly crashes in 2018 and 2019. Also, the UK prepares to unveil a "mini-budget" of measures aimed at boosting growth and fighting inflation, while electric car giant Tesla is ordered to recall 1.1 million vehicles in the US.
Boeing is set to pay $200 million to settle charges from the US Securities and Exchange Commission that the aviation giant misled investors over safety concerns surrounding the 737 MAX amid two deadly crashes in 2018 and 2019. Also, the UK prepares to unveil a "mini-budget" of measures aimed at boosting growth and fighting inflation, while electric car giant Tesla is ordered to recall 1.1 million vehicles in the US.
The Bank of England has warned that the UK economy may already be in recession, as it hikes interest rates for the seventh time to combat the spiralling pace of price rises. Inflation is still hovering nearly 40-year highs at just under 10 percent. Meanwhile, Turkey's central bank continues its unorthodox monetary policy, lowering interest rates despite inflation topping 80 percent. Also in the show, French President Emmanuel Macron inaugurates the country's first offshore wind farm.
The Bank of England has warned that the UK economy may already be in recession, as it hikes interest rates for the seventh time to combat the spiralling pace of price rises. Inflation is still hovering nearly 40-year highs at just under 10 percent. Meanwhile, Turkey's central bank continues its unorthodox monetary policy, lowering interest rates despite inflation topping 80 percent. Also in the show, French President Emmanuel Macron inaugurates the country's first offshore wind farm.
Many central banks around the world are following the lead of the US Federal Reserve and raising their benchmark interest rates in order to rein in inflation. The Bank of Japan, however, is marching to the beat of its own drum. At a policy meeting this Thursday, the bank maintained its ultra-loose monetary policy in a bid to spur more internal demand. Meanwhile, the yen and many other currencies continue to fall against the dollar.
Many central banks around the world are following the lead of the US Federal Reserve and raising their benchmark interest rates in order to rein in inflation. The Bank of Japan, however, is marching to the beat of its own drum. At a policy meeting this Thursday, the bank maintained its ultra-loose monetary policy in a bid to spur more internal demand. Meanwhile, the yen and many other currencies continue to fall against the dollar.
The US Federal Reserve has raised interest rates by 0.75 percent for the third time in a row, bringing America's borrowing costs to the highest level since 2008. Like other central banks, the Fed hopes to tame inflation, which is hovering near 40-year highs. Also in the show: the German government nationalises gas giant Uniper, and our Tunis correspondents Lilia Blaise and Fadil Aliriza report on food shortages in Tunisian shops.
The US Federal Reserve has raised interest rates by 0.75 percent for the third time in a row, bringing America's borrowing costs to the highest level since 2008. Like other central banks, the Fed hopes to tame inflation, which is hovering near 40-year highs. Also in the show: the German government nationalises gas giant Uniper, and our Tunis correspondents Lilia Blaise and Fadil Aliriza report on food shortages in Tunisian shops.
Sweden's Riksbank has kicked off what's expected to be a series of interest rate hikes around the world, as central banks struggle to curb inflation. The 100 basis point hike is Sweden's biggest in three decades, in response to a cost-of-living crisis that's affecting households and businesses. Also in the show, FRANCE 24's Soukaina Skalli and Julien Sauvaget meet undocumented workers of France's gig economy, who say they're not longer able to work for delivery services like Uber Eats.
Sweden's Riksbank has kicked off what's expected to be a series of interest rate hikes around the world, as central banks struggle to curb inflation. The 100 basis point hike is Sweden's biggest in three decades, in response to a cost-of-living crisis that's affecting households and businesses. Also in the show, FRANCE 24's Soukaina Skalli and Julien Sauvaget meet undocumented workers of France's gig economy, who say they're not longer able to work for delivery services like Uber Eats.
US President Joe Biden's claim in a TV interview that "the pandemic is over" has triggered a sell-off, wiping over $10 billion off the market value of the main Covid-19 vaccine makers. Investors are worried about public apathy towards Covid and the resulting impact on demand for vaccines and boosters. Also in this update, we take a look at the highly awaited Porsche IPO, as well as leaked footage from an upcoming instalment of iconic video game franchise Grand Theft Auto.
US President Joe Biden's claim in a TV interview that "the pandemic is over" has triggered a sell-off, wiping over $10 billion off the market value of the main Covid-19 vaccine makers. Investors are worried about public apathy towards Covid and the resulting impact on demand for vaccines and boosters. Also in this update, we take a look at the highly awaited Porsche IPO, as well as leaked footage from an upcoming instalment of iconic video game franchise Grand Theft Auto.
Travellers face a difficult day after the largest union of air traffic controllers called for a 24-hour strike in France. About half of scheduled connections in and out of the country have been grounded. Low-cost airline Ryanair called for EU action as it had to cancel hundreds of flights, which it said were affecting 80,000 passengers, mainly those flying over France. Plus, Britain's antitrust authority is looking into whether Microsoft's planned takeover of gamemaker Activision Blizzard may stifle competition in the industry.
Travellers face a difficult day after the largest union of air traffic controllers called for a 24-hour strike in France. About half of scheduled connections in and out of the country have been grounded. Low-cost airline Ryanair called for EU action as it had to cancel hundreds of flights, which it said were affecting 80,000 passengers, mainly those flying over France. Plus, Britain's antitrust authority is looking into whether Microsoft's planned takeover of gamemaker Activision Blizzard may stifle competition in the industry.
Business ties are high on the agenda at the Shanghai Cooperation Organisation summit in Uzbekistan. The countries represented are huge potential markets for Russian energy, and Vladimir Putin has been pushing for closer ties. China and India in particular have increased their imports of Russian oil, natural gas and coal since the invasion of Ukraine. Also on the show: US railworkers reach a deal to avoid a costly strike, and the owner of Patagonia donates the retailer to a climate charity.
Business ties are high on the agenda at the Shanghai Cooperation Organisation summit in Uzbekistan. The countries represented are huge potential markets for Russian energy, and Vladimir Putin has been pushing for closer ties. China and India in particular have increased their imports of Russian oil, natural gas and coal since the invasion of Ukraine. Also on the show: US railworkers reach a deal to avoid a costly strike, and the owner of Patagonia donates the retailer to a climate charity.
The US state of California has filed a lawsuit against Amazon, accusing the e-commerce giant of violating its antitrust law by blocking price competition and making online shopping more expensive for consumers. The lawsuit is limited to California, but, if successful, could trigger similar action in other states. Plus, inflation in Argentina rose by 7 percent again in August, making prices nearly 80 percent higher than a year ago.
The US state of California has filed a lawsuit against Amazon, accusing the e-commerce giant of violating its antitrust law by blocking price competition and making online shopping more expensive for consumers. The lawsuit is limited to California, but, if successful, could trigger similar action in other states. Plus, inflation in Argentina rose by 7 percent again in August, making prices nearly 80 percent higher than a year ago.
The French government is extending its energy aid for households and businesses. Price hikes for electricity and gas bills will be capped at 15 percent and low-income families will receive direct payments of €100 to €200 each. Also in the show: Google loses an appeal over a €4.3 billion EU antitrust fine, as a court largely upholds a ruling that its Android operating system quashes competition.
The French government is extending its energy aid for households and businesses. Price hikes for electricity and gas bills will be capped at 15 percent and low-income families will receive direct payments of €100 to €200 each. Also in the show: Google loses an appeal over a €4.3 billion EU antitrust fine, as a court largely upholds a ruling that its Android operating system quashes competition.
A slight increase in US consumer prices for the month of August has ignited fears of more Federal Reserve moves to curb inflation. An earlier drop in US markets had a knock-on effect on Asian marketplaces this Wednesday. Asked about the issue, Joe Biden responded by saying that the stock market does not reflect the real economy. Also in the show, we look at the latest chapter in the Twitter takeover saga. Shareholders have approved Elon Musk's purchase of the platform, even as he is trying to back out of it.
A slight increase in US consumer prices for the month of August has ignited fears of more Federal Reserve moves to curb inflation. An earlier drop in US markets had a knock-on effect on Asian marketplaces this Wednesday. Asked about the issue, Joe Biden responded by saying that the stock market does not reflect the real economy. Also in the show, we look at the latest chapter in the Twitter takeover saga. Shareholders have approved Elon Musk's purchase of the platform, even as he is trying to back out of it.
Twitter shareholders have approved Elon Musk's $44 billion offer to buy the social media platform, months after the billionaire tried to back out of the deal. The case will be heard by a US court in October. Meanwhile, a Senate panel has heard explosive testimony about security practices at Twitter. A whistleblower alleges that a Chinese agent was on Twitter's payroll and that management routinely ignored warnings about data security. Also in the show, US inflation hovers near 40-year highs.
Twitter shareholders have approved Elon Musk's $44 billion offer to buy the social media platform, months after the billionaire tried to back out of the deal. The case will be heard by a US court in October. Meanwhile, a Senate panel has heard explosive testimony about security practices at Twitter. A whistleblower alleges that a Chinese agent was on Twitter's payroll and that management routinely ignored warnings about data security. Also in the show, US inflation hovers near 40-year highs.
A new report from the UN's International Labour Organization (ILO) shows that more than 27 million people are engaged in forced labour around the world. This Tuesday, Brussels is announcing new rules to ban goods made with forced labour or those imported into the bloc. The ILO report also raised alarm over the working conditions of Uighurs and other Muslim minorities in the western Chinese region of Xinjiang. Also in this update, the US and Mexico set aside their energy row to focus on bringing semiconductor manufacturing back to North America.
A new report from the UN's International Labour Organization (ILO) shows that more than 27 million people are engaged in forced labour around the world. This Tuesday, Brussels is announcing new rules to ban goods made with forced labour or those imported into the bloc. The ILO report also raised alarm over the working conditions of Uighurs and other Muslim minorities in the western Chinese region of Xinjiang. Also in this update, the US and Mexico set aside their energy row to focus on bringing semiconductor manufacturing back to North America.
Following the death of Queen Elizabeth II, we take a closer look at the cost of royal funerals and the rush to acquire memorabilia with the late monarch's profile and insignia on it. Also, manufacturing is already slowing across Europe, amid high energy costs. With rising electricity prices, the timing could not have been worse for one electricity firm in eastern France – it accidently sold too many gigawatts, leading to a potential shortage and a pricey buy-back.
Following the death of Queen Elizabeth II, we take a closer look at the cost of royal funerals and the rush to acquire memorabilia with the late monarch's profile and insignia on it. Also, manufacturing is already slowing across Europe, amid high energy costs. With rising electricity prices, the timing could not have been worse for one electricity firm in eastern France – it accidently sold too many gigawatts, leading to a potential shortage and a pricey buy-back.
The world is paying tribute to Queen Elizabeth II, who has died at the age of 96. She reigned for 70 years over a British economy that was transformed in many ways. Our Business Editor Kate Moody looks at how the economy has changed, the cost of living crises that have bookended her time on the throne, and what's in store for businesses during the period of national mourning.
The European Central Bank has hiked its key interest rate by an unprecedented 0.75 percent, as it tries to tackle the highest inflation in the bloc's history. But the pace of price rises is largely due to energy costs. Craig Erlam, Senior Market Analyst at Oanda, says the policy shift "is not going to be as effective as you would ordinarily see". He says government action – like the UK's newly-announced plans to cap energy bills – will have a bigger impact for most consumers.
The European Central Bank has hiked its key interest rate by an unprecedented 0.75 percent, as it tries to tackle the highest inflation in the bloc's history. But the pace of price rises is largely due to energy costs. Craig Erlam, Senior Market Analyst at Oanda, says the policy shift "is not going to be as effective as you would ordinarily see". He says government action – like the UK's newly-announced plans to cap energy bills – will have a bigger impact for most consumers.
California tech giant Apple launched its new iPhone 14 model on Wednesday, featuring emergency satellite communication and improved cameras. It's Apple's latest push to increase its share of the global smartphone market. Plus, we look ahead to the European Central Bank's announced rate hike and British PM Liz Truss's much-awaited plan to deal with soaring energy bills.
California tech giant Apple launched its new iPhone 14 model on Wednesday, featuring emergency satellite communication and improved cameras. It's Apple's latest push to increase its share of the global smartphone market. Plus, we look ahead to the European Central Bank's announced rate hike and British PM Liz Truss's much-awaited plan to deal with soaring energy bills.
The European Union is proposing a cap on the price of Russian natural gas, despite Vladimir Putin threatening to cut off supplies for any market that does so. European Commission President Ursula von der Leyen is also asking energy ministers to consider imposing a windfall tax on companies that have reaped the benefits of high oil and gas prices. It's a move many countries are considering, although the UK's new Prime Minister Liz Truss has ruled it out.
The European Union is proposing a cap on the price of Russian natural gas, despite Vladimir Putin threatening to cut off supplies for any market that does so. European Commission President Ursula von der Leyen is also asking energy ministers to consider imposing a windfall tax on companies that have reaped the benefits of high oil and gas prices. It's a move many countries are considering, although the UK's new Prime Minister Liz Truss has ruled it out.
On Sunday, German Chancellor Olaf Scholz presented the third package of its kind since Russia's invasion of Ukraine. We take a closer look at the raft of measures that will bring financial support to cash-strapped German households and the windfall tax on energy providers that's due to finance part of it. Meanwhile, faced with a climate crisis in addition to an energy crisis, we see how the US town of Commerce, Georgia is banking on green technology for the future.
The International Monetary Fund has concluded "constructive" talks with the government of Sri Lanka over a possible bailout. The island is facing its worst economic crisis on record, with protests over food, fuel and medicine shortages. Also on the show: why France is faring better than its neighbours when it comes to inflation. Plus FRANCE 24's Madrid correspondent Sarah Morris reports on the Spanish companies suffering from a diplomatic spat with Algeria.
Germany has taken a step towards rationing natural gas by activating the second of three stages in an emergency plan. Officials say that since Russia reduced supplies, gas is now a "scarce commodity". Also in the show: the UK is hit by a second day of rail strikes over job security, pay and the rising cost of living, and high inflation in France prompts a boom in demand for camping holidays.
US President Joe Biden has asked Congress to approve a three-month suspension of a federal tax on gasoline, as soaring energy prices weigh on households and businesses. But the 18 cent per gallon tax represents just a fraction of what's paid at the pump, so will it really help? Also in the show: inflation in the UK hits a fresh high of 9.1 percent, and Haider Rafique, chief marketing officer at OKX, explains the recent crypto market crash and how it could change the industry.
Tech giants such as Meta, Sony and Adobe, together with oversight groups like the World Wide Web Consortium, have created a forum to set standards for the nascent metaverse industry. The move aims to make digital worlds compatible with each other. However, Apple and Snapchat have not joined the outfit. Plus, after being hit by a dramatic fall in visitors from Russia and Ukraine, the Egyptian Red Sea resort of Sharm el-Sheikh is looking to attract tourists from elsewhere. We take a closer look.
Much of the UK has been crippled by the largest rail strike in decades. Some 40,000 workers participated in Tuesday's walkout, calling for higher wages to deal with the spiralling cost of living. Experts say the disruptions will weigh on economic growth. Also in the show: EasyJet is on the frontline of the aviation industry's staff shortages. Finally, businesses in Las Vegas can continue performing Elvis-themed weddings after reaching a deal with the late singer's estate.
A new US law that imposes a near-blanket ban on imports from China's Xinjiang province comes into force this Tuesday. Companies now have to prove that goods they bought from the region were not made with forced labour. Beijing accuses Washington of fabricating accusations of human rights abuses. Plus, the EU urges member states not to backtrack on their commitment to fight climate change, as several nations including Germany decide to burn more coal to replace Russian gas.
The Bank of England has followed the US Federal Reserve in raising interest rates. Both economies are battling the highest level of inflation in years and hope that tighter monetary policy will curb spiralling price rises. Also in the show: Australia's new government commits to more ambitious emissions reduction targets, and TV critics question Netflix's plans for a reality show based on the life-or-death hit "Squid Game".
Executives at France's state-backed utility EDF say they're confident the troubled nuclear reactor at their Flamanville plant will be able to go online by the end of 2023. Under construction since 2007, the new EPR project has been plagued by cost overruns and repeated delays. We take a closer look. Plus, on the sidelines of the VivaTech trade fair in Paris, India's IT minister tells FRANCE 24 how the country is looking to bring its technology to Europe and beyond.
The US Federal Reserve has raised interest rates by 0.75% – the most aggressive hike since 1994 – in an effort to curb soaring inflation. America's central bank is trying to tighten monetary policy, while fostering growth in the economy and labour markets. But will the move be effective? Christian Lawrence, senior markets strategist at Rabobank New York, says the Fed is "in a bad situation" because it cannot control the primary drivers of inflation: food and energy costs.
Already-strained global gas supplies have been shaken once again. An LNG terminal in Texas will remain offline for longer than expected after a fire last week, while Russia's Gazprom has said it's cutting supplies to Europe by some 40 percent. Also in the show: investors look ahead to a possible 0.75% interest rate hike as the US Federal Reserve tries to rein in spiralling inflation, and farmers in Ukraine worry about this year's harvest.
Wall Street had one of its worst days in recent weeks on Monday as a worse-than-expected US inflation figure last Friday fuelled concern about more aggressive rate hikes to come from the Federal Reserve. Cryptocurrencies also continued to tank after a lender froze withdrawals. Plus, as Europe looks to bolster the continent's energy security, France's TotalEnergies signs a deal with Qatar on a major gas field project.
South Korea's manufacturing sector is starting to feel the impact of a week-long strike by lorry drivers. Faced with surging fuel prices, thousands of drivers are demanding the government set minimum freight rates. But first, as British households continue to grapple with a cost of living crisis, a business lobby warns the country could "easily" slip into a recession.
The European Central Bank is setting the stage to raise interest rates in July, for the first time since 2011. Policymakers have been under growing pressure to tackle soaring inflation, which hit a record 8.1 percent in the eurozone in May. Frédérik Ducrozet, Head of Macroeconomic Research at Pictet Wealth Management, tells FRANCE 24 it will take time for households and businesses to feel the effects of the change.
Disney's upcoming animated adventure film "Strange World" will go straight to Disney+ in France, while it will debut on the big screen elsewhere. The entertainment giant is protesting against the country's strict rules that require theatrically-released films to wait 17 months before going to streaming platforms. But first, European lawmakers take a step closer to meeting the bloc's target of making all new cars emissions-free by 2035, by endorsing a proposed ban on new fuel-powered cars.
Russia's war in Ukraine is derailing the global economy's recovery from the pandemic. The Organisation for Economic Cooperation and Development (OECD) is the latest to slash its forecast for economic growth, warning of high inflation and a possible food crisis. Also in the show: India's central bank raises interest rates for the second time in less than a month, while Turkey's government refuses to do so, despite spiralling inflation.
The EU has agreed on the text of a law to force smartphone makers to equip their devices with a single, common charging port known as USB Type-C. The deal with member states and lawmakers comes as a setback to Apple, which had argued that imposing a universal cable could hinder innovation. We take a closer look. But first, the World Bank warns of 1970s-style stagflation as it sharply lowers its forecast for global growth.
Elon Musk's legal team has warned Twitter that the Tesla boss could walk away from a $44 billion deal to buy the social media giant, accusing it of breaching its contractual obligations by not sharing information about how fake accounts are calculated. We take a closer look. Plus, at its annual Worldwide Developers Conference in Palo Alto, Apple launches a redesigned MacBook Air and a MacBook Pro with a new chip that makes them faster and more powerful.
Like the poverty threshold, France's Inequality Observatory has published a report defining who is considered financially wealthy in the country. But first, we see how Saudi Arabia could step in to boost global oil production. Also, we take a look at Sheryl Sandberg's legacy following her decision to step down from her role as COO of Facebook's parent company Meta. Finally, we discuss the economic impact of the Queen's Platinum Jubilee.
The new German government is making most public transport across the country available until the end of August for a monthly fee of only €9. The move aims to offset inflation and reduce carbon emissions. Our Berlin correspondents Anne Mailliet and Nick Spicer report. Also in this edition, we see how an EU embargo on Russian oil risks backfiring.
French inflation comes in higher than expected at 5.2 percent at May, with consumer prices also on the rise across the continent, driven by skyrocketing food and fuel costs. We take a closer look at how French consumers are looking for discounts in supermarkets. Also, we see how the fashion industry's sustainability efforts continue to fall short.
On the sidelines of the World Economic Forum in Davos, Canada's Industry Minister François-Philippe Champagne has told FRANCE 24 that "all options are on the table" when it comes to sanctions on Russia over its invasion of Ukraine. He also detailed the country’s burgeoning electric vehicle industry, and how it will help secure supply chains.
The 2022 meeting of the World Economic Forum has come to a close, with the war in Ukraine dominating proceedings. German Chancellor Olaf Scholz delivered a blistering attack on Russian leader Vladimir Putin, accusing him of waging a war of "imperialism" in Ukraine and calling for Europe to end its dependence on Russian energy. FRANCE 24's Business Editor Kate Moody looks back at the week's highlights, as well as the question of whether global supply chains are sustainable in the 21st century.
Skyrocketing energy and food prices driven by Russia's invasion of Ukraine risk sending the global economy into a recession, according to the president of the World Bank. We take a look at how economic growth has already slowed in Germany. Also, stock markets try to break out of bear market territory. Finally, US pop star Justin Timberlake sells his song catalogue for $100 million.
As the World Economic Forum in Davos draws to a close, Business Editor Kate Moody gives us an update on the final day's agenda. The war in Ukraine and global food and energy security dominated discussions throughout the event. The head of the International Energy Agency (IEA), Fatih Birol, has told FRANCE 24 that it will be very difficult for Europe to move away from Russian gas because of its over-reliance on the country's supplies over the years.
Our Business Editor Kate Moody has been speaking to the head of the European Bank for Reconstruction and Development (EBRD) at the World Economic Forum in Davos. EBRD head Odile Renaud-Basso explained how the institution, which was already present in Ukraine before the Russian invasion, has been "shifting" its support for Kyiv since February 24. She also expressed concern over the rise in energy and food prices for developing and emerging countries and the looming risk of a "food crisis".
The agenda of the World Economic Forum in Davos has been dominated by the war in Ukraine and its implications for the global economy and supply chains. Volkswagen CEO Herbert Diess spoke to our Business Editor Kate Moody on the sidelines of the event. He warned that a "long-lasting" war in Ukraine would be "really negative, mostly for Europe".
Social media giant Twitter has agreed to pay US authorities $150 million as part of a settlement over allegations that it misused private information for targeted ads, while telling users the data was collected for security reasons. Plus, we see how a startup in Ghana is helping with cancer research on the African continent, which has some of the world's highest mortality rates from the disease.
The war in Ukraine and its impact on the global economy continue to dominate discussions at the World Economic Forum in Davos, Switzerland. Business Editor Kate Moody has been speaking with Paolo Gentiloni, EU Commissioner for the Economy, about Europe's ongoing efforts to wean itself off Russian energy.
An Italian factory that works in conjunction with the Ukrainian steelworks Azovstal is currently at a standstill, as steel from Ukraine is no longer arriving. But just down the road, a factory partially owned by a Russian oligarch is operating at full capacity, using Russian steel. Our correspondents report from northern Italy. But first, the United States has cut off the last remaining financial route for Russia to pay off its debts to US bondholders by allowing a waiver to expire.
The war in Ukraine, supply chain problems, inflation, and labour shortages have been dominating the agenda at the World Economic Forum in Davos, where business and political leaders pitch investment and global collaborations. FRANCE 24 Business Editor Kate Moody has been speaking to Martin Shanahan, CEO of IDA Ireland, about how the war might affect foreign investment in Europe, as well as the looming changes for the tech industry.
The world is facing its worst food crisis in history. Millions of tonnes of wheat are stuck in Ukraine, worsening an already precarious situation for many countries that depend on exports from the region. IMF Managing Director Kristalina Georgieva tells FRANCE 24 Business Editor Kate Moody that only "very strong international mobilisation" will save the lives of millions of people. Also in our update from Davos: EU member states move towards an embargo on Russian oil, but with no consensus on the timeline.
With world leaders at Davos set to discuss energy independence and sustainability, Germany's economy minister says an EU ban on Russian oil could be "days away". Meanwhile, supply chain disruptions to the world economy are also on the agenda. FRANCE 24's Business Editor Kate Moody reports from the Swiss Alps.
The war in Ukraine, inflation, plus food and energy insecurity continue to dominate the World Economic Forum in Davos. But participants are also discussing issues like climate change and digital development. FRANCE 24 Business Editor Kate Moody has been speaking to the head of the Crypto Council for Innovation, Sheila Warren, about the role cryptocurrencies can play, and the recent sell-off.
While most advanced economies are recovering from the worst effects of the pandemic, labour markets are facing a new and unexpected challenge: a shortage of workers. It's one of the issues business leaders are discussing at the World Economic Forum in Davos, Switzerland. Christophe Catoir, President of Adecco, tells FRANCE 24's Business Editor Kate Moody that the problem could persist for several years to come.
The 2022 edition of the World Economic Forum is largely focused on Russia's war in Ukraine and its implications for the global economy. As food and fuel prices soar and shortages loom, the head of the UN Development Program, Achim Steiner, tells FRANCE 24's Business Editor Kate Moody that the international community "must do more" to protect the most vulnerable.
The World Economic Forum has opened in Davos, Switzerland for its first in-person meeting in more than two years. Political and business leaders are gathering to discuss the most pressing challenges for the global economy in a world that has drastically changed since the last time the event took place in 2020. Russia's war in Ukraine and its consequences top the agenda, as FRANCE 24's Business Editor Kate Moody reports from the Swiss alpine resort.
Wall Street's benchmark S&P 500 index is on the cusp of what is known as a bear market, as it nears a 20 percent drop from its peak earlier this year. Investors are fretting over higher interest rates, rising energy prices linked to the war in Ukraine and a slowdown in China due to Covid-19. Also, Canada moves to ban Chinese tech giant Huawei from its 5G networks, and Sri Lanka grapples with a fuel shortage on top of a painful economic crisis.
Sri Lanka has defaulted on its international debt obligations, after the government confirmed it had not been able to make some $87 million in interest payments. It further deepens the country's economic crisis, which has sparked mass protests and left the country struggling with fuel shortages. Also in the show: G7 ministers discuss further financial aid for Ukraine, and FRANCE 24's Yuka Royer reports from the ChangeNow climate summit in Paris.
Japan's GDP fell at an annualised rate of 1 percent in the first three months of this year as the Omicron variant of the coronavirus hampered consumer spending. Rising commodity prices also weighed on businesses in the world's third-largest economy. Plus, as unemployment remains stable in France at 7.3 percent, a steelworks factory in the northern city of Dunkirk is offering a cash bonus to employees to encourage them to recruit family members.
Elisabeth Borne has been appointed France's new prime minister. The former transport, ecology and labour minister faces numerous challenges, with the most pressing priority being helping French households with the soaring cost of living. She will also need to tackle the thorny issue of pension reform as well as steer the country through a major energy transition. Plus, Moscow residents display mixed feelings after US fast food giant McDonald's announces it's pulling out of Russia for good.
New data shows China's economy cooled sharply in April, as many cities including Shanghai suffered Covid-19 lockdowns. Industrial output dropped nearly 3 percent compared to a year before, while retail sales slumped 11 percent. Meanwhile, global wheat prices jump after India announces a ban on exporting the grain due to damage from a heatwave. Finally, we see how tourists are returning to Barcelona. The development is good news for local businesses but could revive tensions over mass tourism.
Cryptocurrency markets are in turmoil as so-called stablecoins, designed to be protected from extreme volatility, have tumbled in recent days. One such token, Luna, has all but evaporated, plunging from a high of $118 last month to less than one cent. Plus, the airline industry is struggling with staff shortages ahead of the summer holiday season – we find out why.
The International Labour Organization says nearly 5 million jobs have been lost in Ukraine since the start of the Russian invasion, as nearly half of businesses in the country have been knocked out of operation. The UN agency warns that the situation could have ripple effects across Europe and Central Asia. Meanwhile, as the war in Ukraine worsens supply shortages and price hikes, French dairy farmers are struggling to keep afloat, raising fears of potential milk shortages.
US tech giant Apple has announced it is stopping production of its iconic iPod device, which was first launched in 2001. With a battery life of 10 hours and enough space for 1,000 songs, the iPod completely changed the way we listen to music and paved the way for smartphones. Also in the show, US President Joe Biden says the fight against inflation is his "top priority".
Facebook owner Meta Platforms has opened its first physical retail store in Burlingame, California. It's located at the main campus of Reality Labs, the company's unit that produces hardware like virtual reality headsets or smart glasses. Meta has staked its future business on the idea of the metaverse, an immersive and shared virtual space, as growth fuelled by ad revenue slows. But first, we look at how global markets are faring amid fears of an economic slowdown.
After a sell-off on Wall Street, global investors are grappling with price increases and rising borrowing costs. Inflation is particularly brutal in Turkey, and the Greek government unveils a program to protect households from soaring energy prices.
America's central bank is hiking interest rates by half a percent in a bid to tame decades-high inflation in the US. But it’s also tempering its plan for future hikes to avoid sending the economy into recession. Meanwhile, French consumers are facing skyrocketing prices across a number of sectors.
The US Federal Reserve has hiked interest rates by half a percentage point - double its usual rate - to tackle the country’s highest level of inflation in 40 years. Fed Chairman Jerome Powell said it was 'essential' to lower inflation and reduce hardship for American families. Thomas Costerg, Senior Economist at Pictet Wealth Management, says the move will help balance the economy.
Elon Musk says companies and governments might need to pay to use Twitter under his ownership, as the billionaire Tesla founder seeks more investors to cover the private financing of his $44 billion takeover deal. The US Fed gets set to hike interest rates, and soaring profits at oil companies spur a push for windfall taxes.
As EU member states consider tightening restrictions on Russian energy imports, Italian Prime Minister Mario Draghi is among those calling for closer European integration. He says the bloc needs “structural solutions” to deal with soaring energy prices. Meanwhile, Italy and the UK take different stances over “windfall taxes” for energy giants as they reap record profits, and India's heatwave pushes electricity consumption to a record high.
Amazon, Yelp and Citibank are among the companies offering to reimburse medical travel expenses as the US Supreme Court prepares a decision that could allow states to ban abortion outright. Amazon defeats a new unionisation effort in a setback for labour organizers, and international tourism returns to France's medieval city of Carcassonne.
Australian flagship carrier Qantas will begin non-stop flights between Sydney and London as well as New York and Paris starting in 2025. The airline has placed its largest ever plane order with European jet maker Airbus for long-haul jumbo jets as well as smaller domestic and regional aircraft.
Amazon records its first quarterly loss since 2015 as online sales drop, while Apple warns of an $8 billion hit from the war in Ukraine and Covid-19 lockdowns in China. Also, French growth hits zero as consumer spending falls, and the IMF warns of dangers for the economies of sub-Saharan Africa.
Some European energy firms are considering a two-tiered payment scheme, which would comply with Russian demands for payments in roubles. German provider Uniper is among those arguing the system would comply with EU law – although Brussels has warned that companies could breach sanctions if they agree to the Kremlin's demands. Also in the show: the US economy unexpectedly contracts in the first quarter of 2022, and French unemployment drops.
With Poland and Bulgaria cut off from Russian gas, major European energy firms are reportedly considering compliance with Moscow's demand to be paid in roubles. Over in the US, Archegos Capital's Bill Hwang pleads not guilty to fraud. Finally, amid a shortage of sunflower oil due to the Russian invasion of Ukraine, the French government has authorised food companies to change their recipes without altering their packaging.
Russia's Gazprom says it has halted gas deliveries to EU members Poland and Bulgaria, ostensibly because they refused to pay in Russian roubles. Ever since Western sanctions over the war in Ukraine began to hobble the Russian economy, fears had mounted that Moscow would use its energy supplies as a weapon. European countries see the shutdown as the first shot in a coming energy war as the continent tries to wean itself off Russian fossil fuels. FRANCE 24's Bryan Quinn takes a closer look.
Elon Musk has promised big changes at Twitter, after the social media platform accepted his takeover bid worth $44 billion. But the acquisition has sparked concern about how Musk will balance a commitment to free speech with rules about moderating content, as well as questions about his links to China. Meanwhile, Musk's electric car company Tesla has been rebuffed by Indian officials, who say they won't import the brand's cars from China.
The world's richest man appears to have succeeded in his $44 billion takeover of one of the internet's most influential social networks, but what comes next? From finding a new CEO, to confronting new EU regulations, to boosting lacklustre performance, Twitter's future as a private company under Elon Musk will be filled with challenges. FRANCE 24's Bryan Quinn takes a closer look.
With Emmanuel Macron having secured a second term in office, we take a closer look at the French president's economic proposals for the next five years. From inflation to the energy crisis to the cost of living, Macron has laid out specific measures in a bid to fix the many challenges facing the French economy. We also find out how pension reform could be central to his plans to finance his economic vision.
Emmanuel Macron and Marine Le Pen have outlined differing visions for the French economy ahead of Sunday's election. The presidential candidates want to tackle the top issue for French voters: the rising cost of living. Daniela Ordonez, Chief French Economist at Oxford Economics, breaks down the different proposals and what they would cost the French state.
The cost of living crisis is the top issue for most French voters, ahead of the second round of the presidential election on Sunday. With Emmanuel Macron and Marine Le Pen preparing to spar in a televised debate, what measures are the candidates proposing? Also in the show: Netflix loses subscribers for the first time in a decade.
We take a look at the many reasons why the global streaming giant Netflix lost some 200,000 users this past quarter and we find out what the site may do to get investors happy again. We also discuss the IMF's downgrading of global economic forecasts. Finally, takeaway delivery platform Deliveroo gets a big fine from a French court.
Ahead of the French presidential run-off on Sunday, we take a closer look at Emmanuel Macron and Marine Le Pen's divergent views on the future of the renewable energy sector in France. Macron wants to add thousands of jobs to the wind turbine industry, while Marine Le Pen wants to dismantle it completely. We also discuss the rising cost of wood, now that the world's largest forests in Russia are under sanctions. Also in today's business news, Sri Lanka makes a plea to the IMF and French music streaming site Deezer announces plans to go public.
Over the first three months of the year, China's economy expanded at an annual rate of nearly 5 percent when compared to the same stretch last year. But as Covid-19 lockdowns roll on, the country's annual growth target looks hard to reach. Also, talks kick off between Sri Lanka and the IMF, and Mexican legislators vote down a controversial energy reform package.
We take a closer look at the bid by the world's richest man to buy Twitter for $43 billion. Elon Musk would need the backing of major investment firms for the hostile takeover. We explore what a potential purchase could mean for free speech on Twitter and find out why Musk's asking price may have a drug-related reference. Also on the show, we report on why the price of fertilisers is skyrocketing and we get the latest on a fuel shortage in Kenya.
Amid surging inflation, the two remaining French presidential candidates are promising to help voters make a better living. Incumbent Emmanuel Macron is promising to triple the amount of a special tax-free bonus that employers can give workers. Meanwhile, far-right hopeful Marine Le Pen wants to give tax incentives to companies to raise the basic salary. Both proposals would come at a cost; we take a closer look. Plus, Elon Musk is offering to buy up all of the remaining shares in Twitter at a premium, saying the social media giant needs to go private to see effective changes.
After Sunday's vote placed him in a tighter-than-expected run-off contest with his closest rival Marine Le Pen, French incumbent Emmanuel Macron is trying to persuade voters to keep him in the Élysée Palace. Macron has signalled that he is ready to walk back his pension reform plan, suggesting he may not raise the legal retirement age to 65 after all. Marine Le Pen wants to keep it at the current age of 62. We take a closer look at how much their plans could cost the state coffers.
Consumer prices in the US surged by 8.5 percent in March, the fastest pace since 1981. The inflation spike was fuelled by a 32 percent jump in energy costs, linked to Russia's war in Ukraine. Many American consumers are struggling to keep up with the price rises. Also in the show: Emmanuel Macron appears to waver on his pledge to raise France's retirement age to 65, and Sri Lanka enters default as its economic crisis deepens.
As European nations look for alternatives to Russian energy, efforts to shift towards renewables are picking up pace. Spain is turning to more wind power, which is already its main source of electricity. In Germany, a new floating solar power station is set to go online next month. Plus, speculation abounds following the surprise decision by Elon Musk not to join Twitter's board. One analyst says the story has turned from "Cinderella" to "Game of Thrones".
With inflation hitting multi-decade highs, the rising cost of living has become the most pressing issue for French voters. Both centrist incumbent Emmanuel Macron and far-right challenger Marine Le Pen have promised to help French consumers. Their proposals range from tripling the amount of a one-time tax-free bonus to scrapping income tax for under-30s. FRANCE 24's Yuka Royer takes a closer look at some of the key economic pledges made by the two candidates who are through to the second round.
As the Russian invasion of Ukraine drags on, prices of food rose nearly 13 percent in March, up from already record high levels reached the previous month. The UN Food and Agriculture Organization warns that at least a fifth of Ukraine's cropland will not be harvested this year because of the fighting. Plus, Elon Musk promises to launch futuristic self-driving taxis at a huge opening party of Tesla's latest Gigafactory in Texas.
Concern over global food supplies has been rising since Russia invaded Ukraine. Known as "the breadbasket of Europe", Ukraine is a major exporter of wheat and other cereals. But with fierce fighting threatening crops and harvests, authorities say wheat production this year could drop by 30 percent. We take a closer look. Plus, the US Federal Reserve has signalled that it will start selling off its massive haul of bonds to the tune of $95 billion a month, rattling markets.
We take a look at the EU’s fifth round of sanctions on Russia and the proposal for a ban on Russian coal imports. If passed, it could be a symbolic step toward curbing European dependence on Russian fossil fuels. But the EU will need to look elsewhere for its coal needs. Also, we delve into the latest chapter of Elon Musk's relationship with Twitter. After buying the largest stake in the company, he's now on the board and wants an Edit function added to the site.
The European Union has proposed a ban on imports of Russian coal, as the bloc expands sanctions on Moscow. But how important is coal to the EU's energy mix? Also in the show: Elon Musk officially joins the board of directors of Twitter, after becoming the platform's single biggest shareholder.
We take a look at how the world's richest man now owns nearly $3 billion worth of Twitter stock. Elon Musk recently bought a 9.2 percent stake in the company, making him the top shareholder. But the Tesla founder, who has 80 million Twitter followers, has not refrained from criticising the platform. Also, the United Nations says that 99 percent of the world's population breathe in dirty air, although the problem is much worse in poorer countries. Finally, US toymaker Mattel says it's going to produce greener toys.
Following days of protests over soaring prices and fuel shortages, Sri Lanka's cabinet ministers have resigned en masse. The head of the central bank has also stepped down. We take a look at how the heavily indebted country got to this stage. Plus, our correspondents report on how Niger could be facing its worst food crisis in a decade, amid global food and energy shortages worsened by the war in Ukraine.
Russian gas continues to flow into Europe after President Vladimir Putin threatened to cut off supplies unless they are paid in roubles, a demand rejected by European leaders as a breach of contract. However, Putin's decree does include a mechanism under which foreign buyers would set up special accounts at Gazprombank, which would convert foreign currency payments into roubles on their behalf. Plus, workers at an Amazon warehouse in New York could be heading for a landmark victory for organised labour following a vote on whether to unionise.
US President Joe Biden has ordered the release of 180 million barrels of oil from the country's Strategic Petroleum Reserve. It's the third such move in six months, but the biggest amount on record, in an effort to lower soaring petrol prices. Also in the show: the EU faces a potential shortage of natural gas as Vladimir Putin doubles down on his demand for payment in roubles, and inflation in France hits its highest level since 1997.
The price of oil tumbled in early trading on Thursday, after reports that the United States was preparing to release more oil from its strategic reserves in a bid to bring down the cost for consumers. President Joe Biden is due to make an announcement later this Thursday. It would be the second time this month that the US has released oil from its stockpile. Also today, we look at how French consumers are preparing for a potential shortage of sunflower oil due to the war in Ukraine.
Vladimir Putin has backtracked on a demand that European customers pay for Russian natural gas imports in roubles, staving off an immediate supply problem. But Germany has activated the first stage of an emergency law that would pave the way for gas rationing. Officials are urging households and businesses to reduce their energy consumption, as they try to diversify their suppliers. Also in the show: inflation in Spain hits a 37-year high, as the government rolls out additional aid.
The German government has activated its emergency plan for gas supplies, as fears rise that Russia could cut off the flow of gas to Europe. The early warning, announced by Economy Minister Robert Habeck, is the first of three stages in Berlin's emergency plan aimed at securing supplies. The move comes as Moscow insists it be paid in roubles for Russian gas. Also today, we report on how the sanctions on Russia are affecting the diamond trade in the Belgian city of Antwerp.
While the EU tries to reduce its dependence on Russian energy, others are cashing in. India is buying more oil from Russia, at a heavily discounted price. It's already ordered six million barrels of Russian crude oil – half of last year's imports. Also in the show: Ghana's lawmakers approve a controversial "e-levy", a 1.5 percent tax on electronic payments.
After a 7 percent slump on Monday, oil prices saw further falls in Asian trading on Tuesday, as investors considered the impact of the latest Covid-19 lockdowns on demand for oil. The price of crude has been extremely volatile in recent months. At the start of the Russian invasion of Ukraine, the international benchmark Brent rose to its highest level since 2008. Also today, we report on a protest by ride-hailing drivers in France over high fuel prices.
The Organisation for Economic Co-operation and Development has warned of a major shock to the global economy from the Russian invasion of Ukraine. In its latest report, the OECD estimates that it could wipe a percentage point off global economic growth this year, and drive up inflation by 2.5 percentage points. Chief Economist Laurence Boone tells FRANCE 24 that EU countries could see an even bigger hit to growth from the conflict.
The United States Federal Reserve has raised interest rates for the first time since 2018, as it tries to cool inflation, which is running at the highest level in 40 years. The Chair of the central bank, Jerome Powell, said the implications of the Russian invasion were "highly uncertain", pointing to the risk of disruption to supply chains. Also today, we look at details of the French government's plan to ease the economic impact of the war in Ukraine.
Russia faces a payment deadline for two international bonds today – worth $117 million – but it's unclear whether Moscow will be able to pay. The finance ministry has said its ability to make foreign payments has been hampered by sanctions. If Russia is unable to make the payments within a 30-day grace period, it will face its first default on international debt in more than a century. Also today, two fuel depots in western France have been blockaded in protest at high prices.
Stock markets in Shanghai and Hong Kong slumped on Tuesday, as investors fear the impact of the latest Covid-19 lockdowns on China's economy. Nearly 30 million people are now living under restrictions in the country, including in the technology manufacturing hub of Shenzen. Also today, Volkswagen has suspended production of vehicles at some plants in Germany over a shortage of parts that are supplied from Ukraine.
As concerns grow over Russia's ability to meet its debt obligations, IMF chief Kristalina Georgieva says a default is no longer seen as "improbable". Also, lockdowns in China send shares in Hong Kong plummeting, and the French economy adjusts to higher fuel prices.
The growing exodus of Western firms has upset Russian consumers, while authorities are weighing up the possibility of temporarily taking over firms with large shares of foreign ownership. We take a closer look. Also, the IMF warns that rising commodity prices due to the war in Ukraine could hurt developing nations in particular, and investors grapple with market volatility.
Russia's invasion of Ukraine has sparked a massive humanitarian and economic crisis. Gita Gopinath, First Deputy Managing Director of the International Monetary Fund, tells FRANCE 24 the war will also have "lasting consequences on the global economy". Also in the show: how should the current energy crisis be compared to the 1973 oil shock?
The price of oil plunged on Wednesday, after a diplomat from the United Arab Emirates said the country was in favour of the oil-producing group OPEC increasing production. The ambassador's statement was followed by a tweet from the Emirati energy minister, who said the UAE would stick to current production targets. The United States and the International Energy Agency have appealed to producers to boost their supplies of oil. We take a closer look.
Russia's Deputy Prime Minister Alexander Novak has said Moscow could cut off the flow of natural gas through the Nord Stream 1 pipeline, which links the country to Germany, in retaliation for sanctions imposed on its economy over the invasion of Ukraine. This latest threat comes as the United States is considering banning purchases of Russian oil. Novak warned that such a move could push prices as high as $300 a barrel. In early trading on Tuesday, the international benchmark Brent crude was trading at around $125.
Crude oil futures touched 13-year highs on Monday as the US and UK signalled a willingness to include the previously untouched Russian energy sector in sanctions. Meanwhile, more US firms and Chinese social media giant TikTok are suspending Russian operations, and new UK laws to sanction Russian oligarchs could mean big changes for London's luxury real estate market.
Russia's wealthiest men have lost some $80 billion in wealth since Vladimir Putin launched his war on Ukraine. This may be only the beginning, as Western powers seek to identify and seize their hidden assets. Also, markets tumble amid fears of intense fighting around Europe's largest nuclear plant, located in the south of Ukraine, and spiking commodity prices threaten already battered supply chains.
Shipments of Russian natural gas through the Yamal Pipeline have sharply declined, a week after Russian troops invaded Ukraine. Gazprom insists it's fulfilling all of its European contracts, but the data has underscored the EU's dependence on Russian energy imports. European Commission President Ursula von der Leyen says ending that reliance is now a priority. Also in the show: the Russian rouble falls to a new record low, and Western companies continue to cut ties with Moscow.
One week after Russia's invasion of Ukraine, US enterprise software giant Oracle has suspended its Russian operations, while Amazon is pledging logistical and cybersecurity support for Ukraine. Meanwhile, Russia's sovereign credit rating has been slashed to junk status by two major ratings agencies and the Moscow Stock Exchange is closed for a fourth consecutive day. We also take a closer look at how the US and EU are working on measures to make sure cryptocurrencies are not used to circumvent sanctions on Russia.
After the Russian invasion of Ukraine, the US, EU and their allies have been announcing measures designed to isolate and weaken the Russian economy. Since 2014, Vladimir Putin has been taking pre-emptive steps to protect Russia's economy from future sanctions. But Brian O'Toole, a former US Treasury official and senior fellow at the Atlantic Council, tells FRANCE 24 that in the face of Western sanctions, "Fortress Russia is gone."
As aggressive sanctions hit Russia over the war in Ukraine, a growing number of Western firms are cutting ties with the country. While ordinary Russians stand to be hit hard, the EU has also imposed more targeted measures at business elites. We take a closer look.
Russia's top banks, technology and aerospace industries, and debt markets are targeted by the United States, Britain and the European Union in response to the invastion of Ukraine. But the West remains divided on excluding Russia from the SWIFT interbank transfer system.
World powers, including the United States and the European Union, have announced their first round of sanctions against Russia over its recognition of two breakaway republics in Ukraine. They include blacklisting certain banks, barring American and European banks from trading Russian government bonds, and targeting individuals with asset freezes and travel bans. FRANCE 24's Business Editor Stephen Carroll looks at how the measures might affect the Russian economy.
Oil prices continue to surge as Russia escalates tensions with Ukraine. Victoria Scholar, head of investment at Interactive Investor, says the geopolitical volatility and limited supplies mean oil prices will continue to rise and are likely to pass well beyond the symbolic $100 per barrel level.
Russia's move to recognise the breakaway Ukrainian regions of Donetsk and Luhansk has sent ripples through global markets on Tuesday, with falls across Asia, and in early trading in Europe. Oil prices also jumped, with the international benchmark Brent Crude hitting its highest level since mid-2014. Investors are now focusing on which sanctions the United States, the United Kingdom and the European Union might impose on Russia in response.
Switzerland's second-largest bank stands accused of handling funds for dictators, drug traffickers and torturers after a whistleblower leak led to a year-long investigation by a consortium of journalists. And the United States and Britain have raised the stakes for potential sanctions on Russia if it invades Ukraine. Finally, Italy's famed glassblowers are cracking under red-hot energy prices.
London Fashion Week is back, with an increasing share of brands cutting the use of fur and aiming to show off their green credentials. We find out more. But first, we take a closer look at the EU's new €150 billion investment plan for Africa.
European Union leaders are meeting with their counterparts from the African Union in Brussels this Thursday. Several major economic issues will be discussed, including the €150 billion investment plan promised by EU Commission President Ursula von der Leyen. Ahead of that gathering, French President Emmanuel Macron promised a deal on reallocating of up to $100 billion of International Monetary Fund finance to African countries. Also today, we bring you the latest on the fuel shortage crisis in Nigeria.
Heineken is raising the price of a pint, as supply shortages and high costs hit the beer-brewing business. It's a concrete example of how inflation is affecting both businesses and consumers. Meanwhile, inflation in the UK has hit a 30-year high, and French shoppers are worried about their purchasing power.
Exports of French wine and spirits jumped to a record high of €15.5 billion in 2021, boosted by the global economic recovery and the lifting of trade tariffs by the United States. Sales of champagne soared by 42 percent, according to the association representing French wine and spirit exporters. Also today, Airbnb says it expects bookings to return to pre-pandemic levels by the end of March this year, as the rental platform reports record revenues for 2021.
The price of Bitcoin dipped in early trading on Wednesday, after the US Justice Department announced it had arrested two people and seized Bitcoin worth $3.6 billion that was stolen from the exchange Bitfinex in 2016. The investigation is being closely watched by players in the cryptocurrency sector as to how investigators are tracking criminal activity involving the tokens. Also today, we report on protests in Argentina against the latest agreement with the International Monetary Fund.
It was the biggest ever deal in the chipmaking industry, but US firm Nvidia has abandoned its planned $40 billion purchase of Britain's Arm Holdings. The sale was called off after pressure from regulators in the UK, EU and US. Softbank, Arm's current owner, is planning to float the company on the stock market instead. Also today, we look ahead to the announcement of EU plans to boost semiconductor production.
Some of the world's top corporations have made bold promises to reach carbon neutrality. But according to a report from the New Climate Institute, many of them are far off track from their own targets. Also, Japanese conglomerate Toshiba revises its restructuring plan, and cryptocurrency exchanges are planning to spend big at the Super Bowl.
We take a look at the business of this year's Winter Olympics. A report suggests the true cost is 10 times more than the official $3.9 billion price tag, but Beijing is banking on other benefits. Also, Amazon reports another strong sales quarter, with its advertising business playing an increasingly significant role.
Inflation in Turkey has soared to nearly 49 percent - the highest level in two decades. It's another sign that President Recep Tayyip Erdogan's unorthodox monetary policy may not be bearing fruit. Also in the show: as energy prices surge, British authorities unveil more financial aid for electricity bills, and Facebook shares plunge as it reports a drop in user numbers for the first time.
The number of daily users of Facebook has fallen for the first time in the social network's 18-year history. The news sent shares in the platform's parent company Meta plunging by more then 20 percent in after-hours trading on Wall Street – a slump which wipes around $200 billion off its market value. In a call with investors, CEO Mark Zuckerberg pointed notably to the increased competition the company was facing from TikTok. FRANCE 24's Business Editor Stephen Carroll explains.
Inflation in the eurozone hit another record high in January, climbing to 5.1 pertcent for the first time since records began. The price surge was driven by the rising cost of energy. Also in the show: Egyptian authorities consider rolling back a bread subsidy scheme, and French drivers rush to retrofit their cars with electric motors.
Ministers from the OPEC+ group of oil-producing countries are meeting on Wednesday to discuss supply levels, as prices have soared to their highest since 2014. The 23 states are responsible for more than 40 percent of global oil production. Prices have jumped in recent months, as supply has failed to keep pace with demand. OPEC+ has been gradually increasing production since July, but the group is coming under pressure from countries including the US to go further. We take a closer look.
The German government has blocked a Taiwanese company from buying chip supplier Siltronic. The €4.3 billion deal would have had a major impact on the semiconductor industry. Germany – and the European Union – are trying to protect domestic producers from foreign takeovers, while boosting their own share of the chip market. Also in the show: eurozone unemployment hits a record low, and the overnight hit game Wordle gets sold to The New York Times.
India's government has announced billions of euros worth of investment in infrastructure, as part of the country's recovery from the economic slump linked to the Covid-19 pandemic. The finance minister unveiled a public spending package totalling more than €470 billion for the next financial year, including money for roads and railways. Also today, we look at the New York Times' deal to buy the popular online game Wordle.
Music streaming giant Spotify has published its content policies, which have not been changed, and said it would add a content advisory to any podcasts discussing Covid-19. The move comes after a backlash over a recent episode of prominent vaccine skeptic Joe Rogan, which prompted musicians Neil Young and Joni Mitchell, as well as some other artists, to pull their works off the platform.
Plus, China's factory activity slowed in January as Covid lockdowns weighed on manufacturing and demand.
The French economy grew an estimated 7 percent in 2021, fuelled by strong domestic demand despite the ongoing Covid-19 pandemic and rising inflation. Economy Minister Bruno Le Maire says the new figures also show the government's policies have worked, praising the "spectacular" bounceback that wiped out the impact the pandemic had on the economy in 2020. Plus, Apple reports all-time record quarterly sales, helped by strong iPhone 13 sales in both developed and emerging markets.
Thousands of French workers have protested across the country, calling for better wages to deal with the rising cost of living. Households' purchasing power is set to be a major issue in the upcoming presidential elections and French supermarkets are already holding talks on how to deal with high inflation. Also in the show: the US economy expands at its fastest pace in nearly four decades, and residents of the Greek island of Tinos worry about the impact of new wind turbines along their shores.
Stock markets slumped in Asia on Thursday and European shares started the day's trading in the red, after signals from the US Federal Reserve that it could raise interest rates more than three times in 2022. Fed Chair Jerome Powell said the central bank's policy committee was "of a mind" to start raising rates in March, and that it would be guided by the economic data. FRANCE 24's Business Editor Stephen Carroll looks at market reaction to the announcements.
The US Federal Reserve is setting the stage to raise interest rates in March, in a bid to combat elevated inflation. It's also taking further steps to phase out its emergency support of the US economy. Nancy Vanden Houten, Lead US Economist at Oxford Economics, tells us America's central bank has limited tools to fight the surge in prices. Also on the show: workers at France's power utility EDF go on strike over government efforts to limit electricity bills.
The United States has warned that companies' stockpiles of semiconductor chips have shrunk dramatically due to a global supply shortage, putting production at risk from any disruption. A survey of 150 firms for the Commerce Department found the median stocks held by manufacturers had fallen from 40 days' worth in 2019 to just five days' worth in 2021. It comes as Democrats in the House of Representatives published a bill for investment worth $52 billion in the sector.
The International Monetary Fund has slashed its forecast for the global economic recovery, warning of "multiple challenges" including new variants of Covid-19, high inflation and ongoing disruption to global supply chains. Petya Koeva Brooks, Deputy Director of the IMF's Research Department, discusses the risks and policy challenges as the pandemic enters its third year.
It's been a rollercoaster 24 hours on global stock markets, with huge swings on Wall Street and volatility hitting its highest level since October 2020. Investors are waiting for the decision from the US Federal Reserve on when it will start raising interest rates, but are also concerned about the rising tensions at Ukraine's border. Meanwhile, Bitcoin has slumped as low as $33,000, down over 50 percent from its peak in November. Our Business Editor Stephen Carroll has the details.
Streaming giant Netflix says it's bracing for slower-than-expected growth this year, a development that saw its share price plummet. As FRANCE 24's Cole Stangler explains, it's not the only firm that's struggled to keep up momentum after booming in the early days of the Covid-19 pandemic, when millions of people were on lockdown.
During a press conference to mark his first year in office, US President Joe Biden cited high prices as one of the biggest problems facing the United States. Inflation hit a 40-year high of 7 percent in December. Our correspondents report from Washington on how a higher cost of living is driving many workers to change jobs for higher pay, and FRANCE 24's Business Editor Stephen Carroll looks at how the French government is tackling this issue.
Shares in Sony slumped more by than 10 percent in Tokyo on Wednesday on news of Microsoft's $75 billion deal to buy the video games maker Activision Blizzard. Investors fear the acquisition could mean popular titles like Call of Duty would be moved exclusively to Microsoft platforms. FRANCE 24's Business Editor Stephen Carroll examines the consequences of the deal for the companies involved, and their rivals.
Oil prices have jumped to their highest level since 2014 after the drone attack on fuel tankers in the United Arab Emirates and amid broader concerns about supply in the market. In early trading on Tuesday, the international benchmark Brent Crude rose above $88 per barrel. Oil producers are sticking to their planned supply increases, despite surging demand. The rising cost of fuel is set to hit consumers, who are already facing the highest inflation rate in decades. FRANCE 24's Business Editor Stephen Carroll tells us more.
China's economy grew by 8.1 percent last year, but the expansion slowed towards the end of 2021. FRANCE 24's Cole Stangler takes a closer look at the factors holding up growth, from sluggish retail sales to the high cost of Covid-19 lockdowns.
In a blow to the Biden administration, the US Supreme Court has blocked its federal Covid-19 vaccine mandate for large businesses. The conservative-majority court ruled that the plan to require vaccines or weekly tests for employees at businesses with at least 100 staff was a "significant encroachment" on the lives and health of many Americans. FRANCE 24's Cole Stangler takes a closer look at existing requirements in the private sector and how businesses are reacting to the Supreme Court's decision.