Business

The 2025 Nobel Prize in Economics was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on "explaining innovation-driven growth". They are credited with quantifying the concept of "creative destruction" – the idea that innovations like steam engines and artificial intelligence, which replace older technologies and businesses, can ultimately benefit humanity in the long run. And, in an unprecedented move, the Dutch government took control of the Chinese-owned chipmaker Nexperia over national security concerns, marking an unprecedented move.

Long reliant on humanitarian aid due to the Israeli blockade, Gaza’s economy is now in ruins –unemployment exceeds 80 percent, 92 percent of its private homes have been destroyed, and more than 98 percent of its farmland is rendered unusable. Rebuilding cost estimates range from 50 to 80 billion dollars, but it remains unclear who will foot the bill.

Ferrari has unveiled technology – new powertrain and chassis – that will power its first electric car, scheduled for launch next year. However, the Italian carmaker also scaled back its electrification plan, and its revised profit and revenue forecast disappointed investors, sending its stock down 15 percent. But first: amid the ongoing political chaos, we look at how French businesses are struggling to plan ahead.   

China's commerce ministry has announced it is imposing new rules limiting the export of rare earths and associated technology, including related to overseas companies using Chinese rare earths. The move comes amid long-standing trade talks with the United States and ahead of expected talks between Presidents Xi Jinping and Donald Trump later this month. Also in this edition: Ben & Jerry's co-founder Ben Cohen vows to keep fighting for his brand's social activism.

France's caretaker Prime Minister Sébastien Lecornu says he'll present a draft budget bill next Monday, adding that there is still "a lot to debate".  Among the sticking points is President Emmanuel Macron's signature pension reform, which was passed in 2023. So could it possibly be suspended? If so, at what cost? Also in the segment: British Prime Minister Keir Starmer says he wants the "biggest post-Brexit trade deal" with India to be implemented "as soon as humanly possible", as he begins a two-day visit to the Asian country. 

The price of an ounce of gold soared past $4,000 on Tuesday, as investors move towards the safe-haven asset in response to mounting debt and other issues threatening the standing of US dollar-denominated assets like Treasury Bonds. In this edition, we examine what has driven the price of gold up over the past few years and what has brought the value of the US dollar down. Also, the Trump administration says it cannot guarantee that all furloughed workers will receive their pay at the end of the US government shutdown.

The European Commission has moved to cut free-trade quotas by 47 percent for steel and steel products and to double out-of-tariff import duties to 50 percent, taking a leaf out of US President Donald Trump's protectionist playbook. It's a way to protect the continent's struggling industry in the face of Trump's disruptive trade policy and global oversupply of the metal. Meanwhile, Trump hosts Canada's Prime Minister Mark Carney as the two sides hope to work out a trade deal. 

With markets under pressure amid French political turmoil in the wake of Prime Minister Sébastien Lecornu's surprise resignation, we speak with Antonio Fatas, Professor of Economics at INSEAD. In this conversation, he provides a wider context to the public finance issues the country is facing and discusses possible paths forward to resolve them. 

The United States has ambled into another government shutdown as Republicans and Democrats in Congress failed to pass a funding bill in time for the new fiscal year. It comes as the US economy is in a precarious state, with inflation rising and the job market weakening. Also in this segment: France is bracing for another day of nationwide strikes and protests as new Prime Minister Sébastian Lecornu tries to draft a budget. The rallying cry for unions is "Tax the Rich".   

The US federal government entered a shutdown at midnight on October 1, leaving as many as 750,000 federal employees furloughed each day. In this edition, we get a sense of how much this shutdown might cost the US economy, and what that would do to the employment picture in the country. Plus, FRANCE 24's Luke Shrago looks back at what happened during the last shutdown, which began in late 2018.