Business

The Asia-Pacific Economic Cooperation is holding its annual summit this week in San Francisco, the first time the United States has hosted since 2011. The main event will be on the sidelines: a tête-à-tête between Chinese President Xi Jinping and his American counterpart Joe Biden. The two haven't spoken since they met last November, and a lot has happened since then to sour trade relations.

The Industrial and Commercial Bank of China has been hit by a cyberattack, forcing it to trade using USB sticks in New York. Also, violent protests continue in Bangladesh over pay for garment workers. Meanwhile, China's International Import Expo wraps up in Shanghai. Plus, the UK has avoided a recession, but its economy is stagnating. Finally, Britney Spears's memoir remains the top-selling book in the US in its second week of publication.

Striking actors have reached a tentative agreement with Hollywood's major studios to end their walkout. The Sag-Aftra union, which represents some 160,000 performers, announced the end of the four-month strike on Wednesday after reaching an agreement with the Alliance of Motion Picture and Television Producers (AMPTP). As FRANCE 24's Charlotte Hughes explains, actors obtained guarantees on streaming residuals and protection from AI. Also in this edition, we also look at Disney's plans for the future and the start of the "Made in France" fair in Paris.

Bangladesh's garment worker unions have rejected a 56 percent minimum wage increase made by a government-appointed board on Tuesday, saying it doesn't cover basic living expenses. On Wednesday, clashes with police erupted in a garment industry hub on the outskirts of Dhaka, leading to the death of one worker. In this edition, we take a look at the garment workers' demands and the crucial place that the sector occupies in the country's economy.

WeWork, the desk renting company co-founded by Adam Neumann, has filed for bankruptcy in order to deal with its $13 billion in outstanding lease obligations. The group, which was once valued at $47 billion, saw its meteoric rise thwarted in 2019 when its heavy losses were exposed and during the Covid-19 pandemic with the advent of remote work. Also in this edition, German restauranteurs worry about whether they'll be able to stay in business. Plus, Netflix's CEO gives an update on negotiations with striking actors.

Sam Bankman-Fried has been found guilty over his role in the collapse of FTX, the cryptocurrency exchange he founded. He's been convicted of seven counts of fraud and conspiracy and will be sentenced in March 2024. Also, Apple is suffering its most prolonged sales slump in more than a decade. European stock markets are rounding off a good week after central banks paused their interest rate hikes. Finally, the first global summit on AI safety has wrapped up in the UK.

Thousands of Bangladeshi garment factory workers have again taken to the streets to demand better wages and voice frustration with higher rent and bills. They're calling for the equivalent of €200 per month, with most currently earning €70. Plus, the Bank of England holds its main interest rate steady at 5.25 percent, saying rates could stay high for an "extended period of time". Finally, British Prime Minister Rishi Sunak hails agreements made at the world's first AI safety summit.

The US central bank maintains its pause on raising interest rates, while leaving the door open for future hikes, as inflation remains well above its 2 percent target. Also, 28 countries and the EU sign the "Bletchley Declaration" calling for international cooperation on ensuring AI safety. Plus the fate of FTX founder Sam Bankman-Fried lies in a jury's hands after the closing arguments in his fraud trial.

French President Emmanuel Macron has wrapped up a trip to Kazakhstan, where he called for the strengthening of France's partnership with the uranium-rich country. On Wednesday, Macron and his Kazakh counterpart signed a series of contracts, including ones involving the minerals and energy sectors. France derives most of its electricity from nuclear power, but geopolitical tensions with one of its top uranium suppliers, Niger, are seemingly prompting a drive for alternatives.

British Prime Minister Rishi Sunak hosts world leaders and tech executives at Bletchley Park to discuss the future of the AI industry. Also in this edition: office-sharing firm WeWork is reportedly close to filing for bankruptcy, and Greek olive oil producers face rising thefts as prices skyrocket.