Business

As South Africans vote in the country's general election this Wednesday, we focus on the state of the economy after three decades under the rule of the African National Congress. In this edition, we see how the country's crumbling energy infrastructure has hampered economic activity and explore the reasons behind South Africa's high unemployment rate. Also, we look at the different types of economic policies that could emerge depending on the results of the election.

When South Africa's ANC, founded by Nelson Mandela, swept to power in 1994, it promised "a better life for all". But today, South Africa is worse off than it was 30 years ago and the ruling party could lose its parliamentary majority in Wednesday's election, with voters frustrated with soaring unemployment – currently above 30 percent – and stark inequality. FRANCE 24 spoke with Dr. Azar Jammine, chief economist at the think tank Econometrix, about the state of the South African economy. 

French President Emmanuel Macron made calls to "buy European" during a speech in Dresden while on a three day visit to Germany. Macron advocated for a European preference in key sectors like defence and space, following in the footsteps of Washington and Beijing. Also in this edition, FRANCE 24's China correspondent Yena Lee goes to Yiwu, the Chinese manufacturing hub benefitting from the Paris 2024 Olympics.

As Emmanuel Macron continues his state visit to Germany, the first by a French president in 24 years, we take a look at how the two countries manage their public finances and at issues they don't see eye-to-eye on. Plus, the world's most famous Shiba Inu has died at the age of 18. Kabosu went from a rescued dog to an internet sensation, and became the face of meme cryptocurrency Dogecoin, with blessings from Elon Musk. 

The annual tech fair VivaTech has kicked off in Paris, drawing thousands of startups and hundreds of tech bosses. Artificial intelligence is taking centre stage, with companies touting how the technology can be applied to many practical fields such as medicine, and help address global challenges like climate change. Plus, the US government has announced that some new tariffs on a range of Chinese goods, including a 100 percent import duty on electric cars, will take effect on August 1. 

It’s often referred to as the biggest startup event in Europe. VivaTech opens its doors this Wednesday in Paris with 150,000 people in attendance, as well as 10,000 startups. The event takes place as signs are emerging that the French tech sector might be recovering from a period of cost-cutting and high interest rates. We discuss this and the race to develop AI skills with the co-founder of VivaTech, Pierre Louette.

One of Europe's largest tech conferences kicks off in Paris this Wednesday. Startups will meet investors, and guest speakers including Elon Musk will discuss the role of artificial intelligence at the VivaTech event. On Tuesday, President Emmanuel Macron announced extra investment in AI in France. Meanwhile, the EU has given its final green light to the AI Act, the first of its kind.

A group of NGOs have filed a criminal complaint in Paris, asking a court to open a trial against TotalEnergies' top management as well as major shareholders for the climate damage they have caused. The filing comes on the same day the French energy giant announced a new €6 billion project to develop two deepwater oil fields off the coast of Angola. Plus, OpenAI CEO Sam Altman apologises to Scarlett Johansson after the actress complained about ChatGPT's voice sounding "eerily" similar to hers. 

Global markets appear unfazed after Iran's President Ebrahim Raisi was killed in a helicopter crash. Any political instability could deal a blow to Iran's economy, which is already struggling with US sanctions, soaring inflation and high unemployment, but many analysts believe the impact of the tragedy will be limited. Plus, it's World Bee Day, and some honey producers in France are facing a crisis after a particularly wet spring. 

Beijing sanctions three American defence companies as Taiwan's new president takes office. China is also launching an anti-dumping investigation into imported EU, US, Japan and Taiwan chemicals amid a growing trade spat. The country's struggling property market gets a government lifeline, but investors remain unconvinced that it will be enough.