The French shipbuilder Naval Group has described Australia's decision to cancel a multi-billion euro contract to build 12 submarines as a "major disappointment". The deal – first agreed in 2016 – has been the subject of debate in Australia for years over potential delays and rising costs. Naval Group is now in line for tens of millions of euros in compensation from Canberra for breaking the contract. Also today, we look at the latest worries over Chinese property developer Evergrande.

The EU has outlined a plan to boost its production of semiconductors. Global industries have been suffering from a shortage of the tiny chips, which are almost all produced in Asia. Also in the show: casinos in Macau are facing tighter regulation from Chinese authorities and Facebook is under scrutiny for knowingly causing harm to users.

In a bid to tackle soaring energy prices, Spain's government is to cut taxes on electricity and claw back billions of euros in what the prime minister has described as "excess profits". The cost to Spanish consumers has risen by 35 percent in the past year, as wholesale price rises have been passed on to households. Also today, we look at the situation of European economies ahead of the State of the Union address by Commission President Ursula von der Leyen.

Apple has urged users to update the software on their iPhones, iPads, Apple Watches and Macs to plug a security weakness that allowed for spyware infections. The vulnerability was discovered by researchers at the University of Toronto, who said it was the first "zero click" attack, where users don't have to click on a link or a file to be affected. Also today, we look at the French central bank's latest forecast, in which it warns a labour shortage could derail the economic recovery.

After Richard Branson and Jeff Bezos, another billionaire is set to blast off into space – this time, aboard a SpaceX vehicle and into orbit. Jared Isaacman, founder and CEO of Shift4 Payments, has chartered the flight and is going with three other crew members, all of them civilians. But first, China's deepening crackdown on tech giants rattles markets. The Financial Times reports that Beijing intends to break up AliPay, the hugely popular payments app run by Jack Ma's Ant Group.

US President Joe Biden and Chinese President Xi Jinping have held a 90-minute telephone conversation, discussing the need to try to avoid their rivalry veering into conflict. The Biden administration has yet to establish a trade policy with China. Despite worsening diplomatic tensions, bilateral trade has boomed this year, partly due to the pandemic.  Plus, Facebook teams up with Ray-Ban to launch "smart glasses" that let wearers listen to music, take photos and videos and share them online.

The founder of medical testing startup Theranos, Elizabeth Holmes, has been painted as both a villain and an underdog on the first day of her fraud trial in California. She is accused of deceiving patients and investors with claims about technology that could screen for medical conditions with a few drops of blood. Holmes denies the charges. Also today, Treasury Secretary Janet Yellen has warned US political leaders to raise the country's borrowing limit or risk the government running out of cash next month.

It's set to be one of the most closely watched trials of a US corporate executive in years. Elizabeth Holmes, the founder of Theranos, has gone on trial for alleged fraud. The former Silicon Valley star is accused of making false claims about her now-defunct multibillion-dollar startup. Also in the show: the number of job openings in the US hits an all-time high, and the value of Bitcoin continues to drop.

The value of Bitcoin has plunged by more than 10 percent after El Salvador on Tuesday became the first country in the world to accept the cryptocurrency as legal tender. The launch was marred by protests and technical difficulties with the digital wallet app, which had to be taken offline for several hours. Also today, we report on tourism businesses in the southwest of France that have benefitted from the recent spell of good weather, which has prolonged their summer season.

El Salvador has become the first country in the world to use bitcoin as legal tender. The move is controversial, in part because of the cryptocurrency's volatility. Also in the show: our reporters take a look at the rising popularity of cryptocurrencies in Argentina, and UK regulators slam Kim Kardashian's promotion of a little-known digital token.