Business

Inflation is continuing to soar in advanced economies around the world. In the UK, the consumer price index rose by 4.2 percent in October, the highest in a decade, while the eurozone's inflation rate hit a 13-year high. Also in the show: the EU proposes new rules to combat deforestation, and thousands of Chinese millennials seek a new life on rural farms.

The benchmark price for natural gas in Europe continued to rise in early trading on Wednesday, after spiking by 18 percent on Tuesday. The move comes after Germany's energy regulator temporarily suspended certification for the Nord Stream 2 gas pipeline that would link the country to Russia. Gas supplies in Europe have been under pressure for months, with prices rising sharply for consumers since the summer. Also, we look at why factories in China are experiencing a shortage of workers.

US President Joe Biden has signed the $1 trillion package of spending on America's infrastructure. The money will be spent on roads, transport, broadband and other areas. It's a rare bipartisan deal, and Democrats are now focusing on an even larger package for healthcare, education and climate change. Also today, a co-operative runs its first freight train service on France's railways. The partly crowdfunded initiative Railcoop is also planning to start passenger services on underused lines.

The EU predicts that inflation in the bloc will peak at 2.6 percent this year, with levels easing further in 2022 and 2023. Meanwhile in the US, the cost of living is rising faster than it has in 31 years. And British luxury brand Burberry says its revenues returned to pre-pandemic levels during the first half of its financial year.

Google has lost an antitrust case brought by the European Union. The tech giant could have to pay a €2.4 billion fine over its price comparison shopping service. Also in the show: inflation in the US hits its highest level in three decades, and former Danone CEO Emmanuel Faber speaks to FRANCE 24 about the food industry's role in fighting climate change.

US electric vehicle maker Rivian is set to make its debut on Wall Street at $78 a share, in one of the biggest initial public offerings ever. Also, director Peter Jackson sells his visual effects firm for $1.6 billion and a legendary Parisian department store gears up for a busy holiday shopping season after a 16-year hiatus.

Chinese property developers have met with a government think tank, amid increasing concern over the real estate sector's heavy debt burden. The liquidity crisis goes well beyond the high-profile firm Evergrande. Also, Australia unveils a €114 million investment aimed at boosting sales of electric vehicles, and Virgin Galactic sells another 100 tickets for sub-orbital space flights.

With the US House of Representatives moving towards a vote on a $1.75 trillion social spending and climate package, the country could see a string of new tax hikes. Also, eco-friendly fashion designers hope to change a sector known for a heavy carbon footprint and enthusiasts of NFTs (non-fungible tokens) meet up in New York City.

Benefitting from soaring demand for online ads, Google's parent company Alphabet reported nearly $19 billion in profits between July and September, up 68 percent from the same period last year. Microsoft's earnings also beat expectations, while French consumers are gearing up for some price hikes at the bakery.

Despite grappling with the fallout over leaked documents, Facebook reported $9 billion in profits from July to September, a solid increase compared to the same period last year. Also, carmaker Tesla joins the small club of companies valued at over $1 trillion, and workers at a New York City warehouse aim to become the first group of Amazon employees to form a union in the US.