Business

The European Commission has unveiled plans to provide €90 billion to support Ukraine over the next two years, by either using frozen Russian assets or borrowing money on international markets. Although the EU has already been using interest earned on Russian central bank assets held up in Europe to help Ukraine, Belgium is firmly against tapping into the actual funds. But first, the EU has presented a new strategy to reduce its dependence on China for rare earths. 

The European Union will release an updated plan this Wednesday to end its dependence on China for rare earths. These critical minerals are considered crucial in a number of high-stakes supply chains, notably in the defence, renewable energy and auto sectors, yet Beijing dominates both their mining and refining globally. Also in this edition, we look at how deforestation may have helped exacerbate recent floods in Indonesia.

OpenAI CEO Sam Altman has declared a "code red" to improve ChatGPT, planning to put all other projects on the back burner. The urgent call in an internal memo, first reported by The Information, highlights the ever-tightening race for AI supremacy, with Google's recent launch of its new Gemini chatbot threatening ChatGPT's lead in the field. Also in this segment: the OECD says the global economy has held up better than expected this year in the face of US tariffs, but warns that risks remain. 

Airbus says it's inspecting "a limited number" of A320s after it identified a quality issue with metal panels used on the exterior of the planes. The planemaker says it's unlikely to cause any safety issues and that all newly produced panels conform to requirements. The revelation sent Airbus's stock tumbling, coming days after a software recall resulted in the grounding of some 6,000 passenger jets worldwide. Also in the segment: cryptocurrencies continue to slide after a very bad November. 

Australian children brace for an upcoming social media ban on under-16s as governments around the world consider their own restrictions in a bid to protect youngsters' mental health. Also in this edition: South Korea's largest e-commerce firm suffers a major data breach, and Donald Trump says he's picked the next head of the US Federal Reserve.

Two of Wall Street's biggest banks have announced expansion plans in the UK, a day after the British finance minister revealed a budget that spared them from tax increases. Also, French MPs are debating whether or not to nationalise steelmaking giant ArcelorMittal amid concern for the industry. Plus, Venezuela bans several foreign airlines, including Iberia and TAP Air Portugal, from flying to the country.

The Financial Times is reporting that a depositary firm that holds frozen Russian state assets in the EU has warned that the bloc's plan to use these assets to back €140 billion in loans to Ukraine could lead to higher borrowing costs for member states. Also in this edition, Japanese beer giant Asahi says the personal details of more than 1.5 million people have been leaked after it was hit by a cyber attack. Plus we look into exactly how much it costs to put together a Thanksgiving dinner.

UK Finance Minister Rachel Reeves has announced a new budget that includes more taxes for ordinary workers, but higher government spending on social welfare programmes. The new plan will raise the government's tax take to a post-war high of 38 percent of GDP by 2031, according to the Office for Budget Responsibility (OBR). It will give the government greater room to meet its deficit-reduction targets – prompting investors to buy long-dated government bonds, sending yields sharply lower. We take a closer look.

UK Finance Minister Rachel Reeves will present her second annual budget to parliament this Wednesday, promising to plug a spending gap of at least £30 billion (€30.4 billion). Reeves has been under pressure both from her Labour Party backbenchers and investors to deliver a financial plan that delivers on her campaign promises, while shoring up public finances. We take a closer look in this edition.

German auto giant Volkswagen has announced the completion of a new R&D centre at its hub in Hebei, eastern China, saying that for the first time in the company's history, new cars can be developed from start to finish outside Germany. Volkswagen is hoping to win back its share in the world's largest auto market. Also in the segment: the UK government has backed a plan for a third runway at London's Heathrow Airport, moving the long-running project forward.