Business

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.

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.

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.

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.

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.