As widespread protests break out across China, we take a closer look at the impact of the zero-Covid policy on workers, businesses and the economy, by speaking to Professor Chang-Tai Hsieh of the University of Chicago Booth School of Business. "There is no question that this has been an unmitigated economic disaster. The growth is down to levels that we haven't seen in decades," he told us.
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.
"Quiet quitting" is the latest trend to sweep across the American workforce. The concept doesn't involve actually leaving one's job, but rather making a conscious decision not to go above and beyond basic duties. The expression began circulating in July when a New York-based engineer published a video on TikTok that went viral. But employers shouldn't dismiss this as a social media trend, warns Allyson Stewart-Allen, CEO of International Marketing Partners. "This is not a passing fad or just another employment cycle. This is a profound reassessment that people are taking time to do, to think about balance."
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.
This week, we're focusing on Qatar and asking what the economic impact of hosting the FIFA World Cup could be. Can this be a transformative event for the gas-dependent country? Or will it be a financial abyss worth an estimated $200 billion? We ask Alexis Antoniades, an economics professor at Georgetown University’s campus in Qatar.
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.
Twitter has removed its "Twitter Blue" feature, a monthly $7.99 subscription that would have allowed users to have a blue verification check on their account. The paid service backfired after a wave of imposter accounts invaded the social media platform. We tell you more in this edition of Truth or Fake.
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.
