Business

HSBC reported a surprise uptick in profits in the period from July to September, as the UK-based bank's CEO announced it plans to buy back up to $2 billion in company shares. Also, the global cruise industry rebounds after a brutal 2020, and the Democratic majority in US Congress is set to include a tax on the ultra-rich to help raise money for a sweeping social spending bill.

French carmaker Renault will be rolling out half a million fewer vehicles this year due to a shortage of semiconductors. The company says it should be able to maintain its profit outlook despite the chip shortage, by hiking car prices and cutting costs.

Amid projections that a staggering 97 percent of Afghan households could fall below the poverty line by the middle of next year, the United Nations Development Programme has launched a $670 million trust fund to provide economic relief. Also, Evergrande makes a key debt payment and shares for Snapchat's parent company plunge as the application faces tighter privacy restrictions on iPhones.

Shares in the Chinese real estate giant Evergrande have slumped by more than ten percent in Hong Kong, after an offer to buy its property management unit fell through. The company's stock had been suspended from trading for two weeks while the potential offer was being considered. Evergrande is facing a liquidity crisis after missing several debt payments in the past month. We also discuss today why the prices of second-hand smartphones could soon rise in France.

The South Korean drama 'Squid Game' is the most successful original Netflix series to date, and has helped boost the streaming giant's subscriber numbers. The company added 4.4 million paying customers between July and September, according to its latest financial results. The platform is also expecting a further influx of viewers as it releases new episodes and films later this year. Meanwhile, we see another boost to the price of Bitcoin from the launch of a Wall Street fund.

The French government has promised to announce measures to combat rising fuel prices by the end of the week. Government spokesman Gabriel Attal made the pledge after the price of diesel jumped to a record high for French motorists, driven by rising oil prices. We report on how businesses are being affected by the increased costs. Meanwhile, we delve into why Apple's new MacBook laptops represent an important shift in manufacturing.

China's Q3 GDP growth came in below forecasts at 4.9%, as power shortages, supply chain disruptions and a liquidity crisis in the real estate market continue to weigh on the economy. Also, Facebook announces a plan to hire 10,000 new EU workers to build its "metaverse", and Hollywood narrowly avoids a major production crew strike.

More than 100,000 American workers are on strike or preparing to strike as a tightening labour market signals a comeback for organised labour after decades of decline. Also, France calls for an end to trade tensions with the US, and the demise of Italy's flagship carrier Alitalia heralds the birth of a new low-cost successor.

After 75 years of service, Alitalia is closing down. Italy's national carrier had failed to turn a profit in over 20 years and struggled to adapt to low-cost competition. Also in the show: America's labour market recovery remains uneven as more women leave the workforce, and the global supply chain crunch leaves retailers worried about the holiday season.

Officials are scrambling to help clear supply chain backlogs, with two of the US's largest ports operating 24 hours per day as traffic jams of container ships wait offshore. Also, the IMF unveils a new mechanism for rich countries to lend or donate to poor nations, and Hollywood braces for the biggest crew strike since the 1940s.