Business

Beijing has announced it will set restrictions on the export of two key materials used to make computer chips. Starting on August 1, China's commerce ministry will require producers of gallium and germanium to obtain licences before exporting the metals. The move comes after the United States imposed similar restrictions on exports of semiconductors to China last year on national security grounds. Also in this edition, Indonesia's president goes to Australia in the hope of enlisting help in building up an electric battery supply chain. Plus, Meta says it will launch a rival to Twitter.

The Wall Street Journal is reporting that Washington is looking to further restrict the exports of artificial intelligence chips to China. The United States is concerned that Beijing could use American-made technology to develop weapons or increase its hacking abilities. Also in this edition: UK food retailers face tough questions on high prices in parliament, and drinks giant Diageo cuts ties with hip-hop mogul Diddy over accusations of racism.

In his address at the World Economic Forum in Tianjin on Tuesday, Chinese Premier Li Qiang dismissed the notion put forth by the United States and the European Union of decreasing dependence on China's economy as a "misguided proposition". Furthermore, he reassured attendees that despite mounting concerns about the vigor of the nation's economic recovery, China is on course to attain its projected 5% GDP growth for 2023. In other news, high food prices have thrust UK supermarket chains into the spotlight as they prepare to answer questions before Parliament in the latest edition.

The latest report from the UK-based Energy Institute trade group shows demand for energy rising in 2022 as fossil fuels continued to make up more than four-fifths of global supply last year. Also in this edition: inflation renders the Hajj pilgrimage increasingly unaffordable, and Greek voters choose economic stability after a decade of crisis.

Several companies at the Paris Air Show are presenting advanced prototypes of air taxis that could offer an alternative means of inner city transport. One of them, German group Volocopter, is aiming to get its aircraft up and running for the 2024 Paris Olympics. Also in the show, we look ahead to the Summit for a New Global Financing Pact that's taking place in Paris later this week. World leaders will be convening to discuss changes to the global financial system in order to better respond to the climate emergency.

BUSINESS DAILY – Monday, 19.06.2023: With over 300,000 visitors and thousands of deals expected to be made, exhibitors from the aeronautic and air defence industries have gathered outside Paris for the "Le Bourget" air show. We also take a look at Switzerland's decision to become carbon neutral by 2050 and raise corporate taxes to 15 percent.

BUSINESS DAILY - Friday, 16.06.2023: The cost of importing food is expected to reach nearly $2 trillion this year, with inflation increasing hunger and starvation in poorer nations. Also, prior to next week's Paris Air Show, French President Emmanuel Macron is announcing investments in greener ways to fly. Plus, we see how Beijing, Washington and Brussels are taking three different approaches to interest rates. Finally, we discuss Elon Musk's upcoming talks with Macron and his stop at the VivaTech trade show.

New data shows Chinese economic growth slowing, with property investment in steep decline and youth unemployment at a record high. Also, the US Federal Reserve confirms its "hawkish pause" policy, keeping interest rates steady for now but planning for more hikes. Finally, economists name an unlikely culprit for persistent Swedish inflation: Beyoncé.

The merger was finalised just under three months after a rapid agreement brokered by the Swiss government. Meanwhile, European leaders are exerting pressure on Tunisia to accept a $1.9 billion IMF bailout. In other news, financier George Soros is transferring control of his $25 billion empire to his 37-year-old son.

Prime Minister Rishi Sunak visits Washington as the UK looks for closer economic ties after leaving the EU. China denounces Europe's new "economic weapon" aimed at preventing Beijing from putting trade pressure on EU members over support for Taiwan, and TikTok aims to quadruple its e-commerce revenues.