The 75th Cannes Film Festival has opened, with more than 100 films being shown in the official selection. The event is good news for the local economy and an essential stop for many in the entertainment world. For Daniela Elstner, the executive director of Unifrance, an organisation that promotes French cinema worldwide, Cannes can be a "gamechanger" for filmmakers. She explains that "the destiny of hundreds of films is negotiated at the festival". Also in the programme, we look at whether streaming platforms such as Netflix have reached their peak.
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.
Billionaire Elon Musk said Tuesday that his purchase of Twitter would not go ahead unless he was given assurances on the bots that he says plague the platform, further complicating his acrimonious bid for the social media giant.
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.
Elon Musk put his $44 billion deal for Twitter "temporarily on hold" on Friday while he awaits data on the proportion of its fake accounts, sending the shares in the social media platform plunging.
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.
Inflation is at its highest level in decades in many parts of the world. In the US, consumer prices were 8.3 percent higher in April than a year earlier. In the eurozone, they rose by around 7.5 percent. Energy prices have been driving the surge, with Russia's war in Ukraine further fuelling the trend. But higher inflation tends to have a bigger impact on low-income households. Xavier Jaravel from the London School of Economics discusses this and more with FRANCE 24's Kate Moody.
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.
Cryptocurrency has become a global phenomenon in recent years. More mainstream financial institutions are now embracing crypto assets, while two countries have adopted Bitcoin as legal tender. But there are many concerns around the technology and its capacity to disrupt traditional financial systems, even as Russia's war in Ukraine has highlighted its potential as a geopolitical tool. Sean Lee, senior advisor at the Crypto Council for Innovation joins Kate Moody to talk about the future of cryptocurrencies.
