Business

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.

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.

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.

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.

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.