Business

Announcing his plans for France's rotating presidency of the European Union, President Emmanuel Macron said he's in favour of legislation on a minimum wage for all EU nations. However, many challenges lie ahead on the issue. Also today, a Starbucks branch has unionised for the first time in its 50-year history. The New York employees say they feel they've started a revolution at the global coffee company.

The CEO of mortgage company Better.com has apologised for firing 900 of his employees on a Zoom call. The video of Vishal Garg announcing the layoffs went viral online, and he has now published a statement admitting he "blundered" through the move, and that the manner of his announcement "made a difficult situation worse." Also today, Turkey's president appeals for patience over his economic policies, as Turks face spiralling inflation and a plunge in the value of the lira.

Turkish President Recep Tayyip Erdogan has defended his "economic vision", even as the lira continues to hover near record lows. The plunge in the value of the currency has left many families struggling to make ends meet. Also in the show: the EU outlines a new trade strategy to give it more leverage against countries that try to coerce the bloc for economic or political gain.

Shares in the Chinese property company Kaisa have been suspended from trading in Hong Kong, as fears mount that the firm may be unable to make a $400 million debt payment due on Thursday. Kaisa is a much smaller player than the troubled giant Evergrande, but also has high levels of foreign debt. Also today, we look at how the United Arab Emirates has changed its working week to Monday-Friday to align with other international business hubs.

The Chinese property giant Evergrande has missed a key debt deadline and is inching closer to a possible restructuring. Financial Analyst Danni Hewson explains why the meltdown isn't sparking turmoil on global stock markets. Also in the show: the Carbon Disclosure Project releases its 2021 ranking of sustainable business practices.

France's small business minister is to outline details of compensation for the nightclub and events industries, after the announcement that clubs would be forced to close for four weeks from this Friday due to rising coronavirus cases. French nightclub owners have said they feel unfairly targeted by the measures, after already having to shut for 16 months until July of this year. Also today, we look at the latest twist in the debt troubles facing the Chinese property developer Evergrande.

The Chinese ride-hailing app Didi has announced plans to shift its shares from the New York Stock Exchange to Hong Kong. It's among the first in what could be a series of delistings due to new regulations in both the US and China. Some 200 Chinese firms could be affected, with huge consequences for investors. Also on the show: Europe's tourism sector hopes the latest Covid-19 surge won't throw off their end-of-year bookings.

Shares in Evergrande tumbled as much as 19 percent on Monday in Hong Kong, after the Chinese property developer warned it might not have enough funds to repay its debt, prompting authorities to summon its chairman. A grace period expires on Monday for a coupon repayment worth over $82 million, pushing the company to the verge of default once again. Evergrande has already made three 11th-hour repayments in the past two months.

Turkey's Finance Minister, Lutfi Elvan, has resigned amid another plunge in the value of the country's currency, the lira. He is being replaced by his deputy, Nureddin Nebati, who supports President Recep Tayyip Erdogan's controversial economic policies. The lira has lost almost half of its value this year as Erdogan has pushed for low interest rates, despite rising inflation. Also today, we look at how some French parents are choosing to rent toys for their children, instead of buying new ones.

The European Union has unveiled a €300 billion infrastructure investment plan. The Global Gateway project is designed to counter the growing influence of China's Belt and Road Initiative, with a focus on sustainability. Also in the show: Fiji opens up to tourists for the first time in over 600 days, and America's labour shortage hits the seasonal Santa lookalike industry.