Business

Inflation in the US has surged to the highest level in four decades. January's 7.5 percent reading is the fastest annual pace since 1982. It will add more pressure to the US Federal Reserve to rein in the spiralling price rises. Also in the show: French President Emmanuel Macron announces plans to build new nuclear reactors to boost energy production.

Disney's earnings jumped above pre-pandemic levels in its latest financial results, boosted by the return of visitors to the company's theme parks. The streaming service Disney+ also added almost 12 million subscribers in the last three months of 2021, more than expected, thanks to popular additions including the Beatles documentary "Get Back". Also today, we look ahead to French President Emmanuel Macron's announcements on nuclear power, which is becoming a major issue in April's presidential election.

The price of Bitcoin dipped in early trading on Wednesday, after the US Justice Department announced it had arrested two people and seized Bitcoin worth $3.6 billion that was stolen from the exchange Bitfinex in 2016. The investigation is being closely watched by players in the cryptocurrency sector as to how investigators are tracking criminal activity involving the tokens. Also today, we report on protests in Argentina against the latest agreement with the International Monetary Fund.

It was the biggest ever deal in the chipmaking industry, but US firm Nvidia has abandoned its planned $40 billion purchase of Britain's Arm Holdings. The sale was called off after pressure from regulators in the UK, EU and US. Softbank, Arm's current owner, is planning to float the company on the stock market instead. Also today, we look ahead to the announcement of EU plans to boost semiconductor production.

Some of the world's top corporations have made bold promises to reach carbon neutrality. But according to a report from the New Climate Institute, many of them are far off track from their own targets. Also, Japanese conglomerate Toshiba revises its restructuring plan, and cryptocurrency exchanges are planning to spend big at the Super Bowl.

The German government has blocked a Taiwanese company from buying chip supplier Siltronic. The €4.3 billion deal would have had a major impact on the semiconductor industry. Germany – and the European Union – are trying to protect domestic producers from foreign takeovers, while boosting their own share of the chip market. Also in the show: eurozone unemployment hits a record low, and the overnight hit game Wordle gets sold to The New York Times.

Thousands of French workers have protested across the country, calling for better wages to deal with the rising cost of living. Households' purchasing power is set to be a major issue in the upcoming presidential elections and French supermarkets are already holding talks on how to deal with high inflation. Also in the show: the US economy expands at its fastest pace in nearly four decades, and residents of the Greek island of Tinos worry about the impact of new wind turbines along their shores.

The US Federal Reserve is setting the stage to raise interest rates in March, in a bid to combat elevated inflation. It's also taking further steps to phase out its emergency support of the US economy. Nancy Vanden Houten, Lead US Economist at Oxford Economics, tells us America's central bank has limited tools to fight the surge in prices. Also on the show: workers at France's power utility EDF go on strike over government efforts to limit electricity bills.

The International Monetary Fund has slashed its forecast for the global economic recovery, warning of "multiple challenges" including new variants of Covid-19, high inflation and ongoing disruption to global supply chains. Petya Koeva Brooks, Deputy Director of the IMF's Research Department, discusses the risks and policy challenges as the pandemic enters its third year.

Oil prices have jumped to their highest level since 2014 after the drone attack on fuel tankers in the United Arab Emirates and amid broader concerns about supply in the market. In early trading on Tuesday, the international benchmark Brent Crude rose above $88 per barrel. Oil producers are sticking to their planned supply increases, despite surging demand. The rising cost of fuel is set to hit consumers, who are already facing the highest inflation rate in decades. FRANCE 24's Business Editor Stephen Carroll tells us more.