Business

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.

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.