Business

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.

America's central bank is hiking interest rates by half a percent in a bid to tame decades-high inflation in the US. But it’s also tempering its plan for future hikes to avoid sending the economy into recession. Meanwhile, French consumers are facing skyrocketing prices across a number of sectors.

Elon Musk says companies and governments might need to pay to use Twitter under his ownership, as the billionaire Tesla founder seeks more investors to cover the private financing of his $44 billion takeover deal. The US Fed gets set to hike interest rates, and soaring profits at oil companies spur a push for windfall taxes.

As EU member states consider tightening restrictions on Russian energy imports, Italian Prime Minister Mario Draghi is among those calling for closer European integration. He says the bloc needs “structural solutions” to deal with soaring energy prices. Meanwhile, Italy and the UK take different stances over “windfall taxes” for energy giants as they reap record profits, and India's heatwave pushes electricity consumption to a record high.

Amazon, Yelp and Citibank are among the companies offering to reimburse medical travel expenses as the US Supreme Court prepares a decision that could allow states to ban abortion outright. Amazon defeats a new unionisation effort in a setback for labour organizers, and international tourism returns to France's medieval city of Carcassonne.

Australian flagship carrier Qantas will begin non-stop flights between Sydney and London as well as New York and Paris starting in 2025. The airline has placed its largest ever plane order with European jet maker Airbus for long-haul jumbo jets as well as smaller domestic and regional aircraft.

Amazon records its first quarterly loss since 2015 as online sales drop, while Apple warns of an $8 billion hit from the war in Ukraine and Covid-19 lockdowns in China. Also, French growth hits zero as consumer spending falls, and the IMF warns of dangers for the economies of sub-Saharan Africa.

With Poland and Bulgaria cut off from Russian gas, major European energy firms are reportedly considering compliance with Moscow's demand to be paid in roubles. Over in the US, Archegos Capital's Bill Hwang pleads not guilty to fraud. Finally, amid a shortage of sunflower oil due to the Russian invasion of Ukraine, the French government has authorised food companies to change their recipes without altering their packaging.

Russia's Gazprom says it has halted gas deliveries to EU members Poland and Bulgaria, ostensibly because they refused to pay in Russian roubles. Ever since Western sanctions over the war in Ukraine began to hobble the Russian economy, fears had mounted that Moscow would use its energy supplies as a weapon. European countries see the shutdown as the first shot in a coming energy war as the continent tries to wean itself off Russian fossil fuels. FRANCE 24's Bryan Quinn takes a closer look.

Elon Musk has promised big changes at Twitter, after the social media platform accepted his takeover bid worth $44 billion. But the acquisition has sparked concern about how Musk will balance a commitment to free speech with rules about moderating content, as well as questions about his links to China. Meanwhile, Musk's electric car company Tesla has been rebuffed by Indian officials, who say they won't import the brand's cars from China.