Business

Speaking during a meeting in Marrakech, the International Monetary Fund's managing director said the war between Israel and Hamas was a "new cloud" that was "darkening" the global economic outlook. Kristalina Georgieva said her organisation was monitoring the situation "very closely", although it was too soon to say what specific economic impact the conflict may have. It comes after the IMF released its World Economic Outlook earlier this week, already showing weak global growth.

Meta, the parent company of social media platforms Facebook and Instagram, as well as X, formerly known as Twitter, have responded to a letter from EU Commissioner Thierry Breton urging caution over an increase in disinformation and illegal content. Both social media giants have said they've taken action on social media posts that violate EU law. Also in this edition: Argentinian presidential candidates play the blame game on currency devaluation and US auto workers escalate their strike.

As the annual meetings of the International Monetary Fund and World Bank take place this week in Marrakech, FRANCE 24's Charles Pellegrin speaks to the World Bank's Senior Managing Director Axel Van Trotsenburg about the urgent need to increase climate financing, calls for reform of the institution and the potential impact of the war between Israel and Hamas.

The future of EU development funds to Palestinians could be in jeopardy in the wake of Hamas's attack on Israel. The bloc's foreign ministers are meeting this Tuesday to review €691 million in aid. FRANCE 24's Catherine Viette takes a closer look at this economic lifeline for the Palestinian Territories. Also in this edition, we look at how the explosion in violence in the Middle East is affecting oil and stock markets.

KPMG's CEO outlook for 2023, seen as a temperature check for business leaders around the world, shows geopolitics bolting to the number one concern. The survey also found that an overwhelming majority of CEOs are likely to reward employees for returning to the office after the pandemic. FRANCE 24 spoke to KPMG's Global Head of Clients and Markets, Regina Mayor, who said companies would maintain a "hybrid" system and "look for more carrots" to incite workers back to the office.

The Belgian intelligence service has confirmed a report by the Financial Times saying it was looking into potential espionage at the main European logistics centre for Chinese tech giant Alibaba. The warehouse mostly handles goods shipped to European customers from the company's e-commerce site Ali Express. Intelligence officials said the concerns were linked to legislation that obliges Chinese companies to share data with authorities in Beijing.

Some 75,000 medical workers have walked off the job in the United States, asking for better pay and a solution to understaffing. Negotiations between union negotiators and medical consortium Kaiser Permanente were suspended after a marathon round of contract talks. FRANCE 24's Wassim Cornet reports from the picket line in Los Angeles. Also in this edition, we hear the opening arguments from the trial of Sam Bankman-Fried. Plus, Amazon and Microsoft face antitrust issues in the UK.

US 30-year Treasuries have seen their yields reach levels not seen in 16 years as investors demand a higher return for holding long-term debt while interest rates are set to stay higher for longer. Asian and European equities also slumped on similar concerns. Also today, TikTok halts its e-commerce operations in Indonesia and Netflix is reportedly planning an increase in its subscription for ad-free streaming.

Sam Bankman-Fried, the 31-year-old founder of cryptocurrency exchange FTX, will go on trial in New York this Tuesday. He stands accused of defrauding millions of customers who traded on his platform by using their funds to prop up his hedge fund Alameda Research. Also in this edition, Evergrande shares start trading again after the Chinese real estate company announced its founder was under investigation. Plus, Tesla posts summertime vehicle deliveries that are below expectations.

The Netherlands has announced the closure of the Groningen gas field, where extraction has been blamed for earthquakes that have severely damaged homes and other nearby buildings. Also in this edition: the UK awards its top defence firm a £4 billion contract to build nuclear submarines, and Chinese craft brewers celebrate the lifting of tariffs on Australian barley.