Business

America's top markets regulator sues Coinbase for operating as an unregistered securities broker a day after filing similar charges against Binance. Chinese exports drop sharply, and the World Bank warns that slow global growth and high interest rates are creating a debt crisis in developing economies.

Apple unveils its first new piece of hardware in nearly a decade: the $3,500 Vision Pro augmented reality goggles come as interest in the metaverse has been surpassed by buzz around artificial intelligence. Also, the US regulatory agency SEC sues Binance and the Hollywood actor's union SAG-AFTRA votes to authorise a strike.

The US Securities and Exchange Commission has filed a lawsuit against cryptocurrency exchange Binance and its CEO, Changpeng Zhao, accusing the platform of engaging in a "web of deception". The SEC's civil complaint lists 13 charges, including operating as an unregistered exchange, and accuses Binance of diverting investor funds to other companies owned by Zhao. It's the latest blow to the platform, which is the subject of another lawsuit filed by the The Commodity Futures Trading Commission.

The annual inflation rate in the Eurozone dipped sharply in May to 6.1 percent, its lowest level since Russia invaded Ukraine last year. Despite this, European Central Bank Chief Christine Lagarde hinted at further, more gradual interest rate hikes to bring inflation down to its target of 2 percent. The central bank's rate policy is having an effect on homebuyers in France, as they struggle with rising borrowing costs. Real estate agencies are therefore finding it harder to sell homes and some of them are going bust.

The compromise bill, supported by both Republicans and Democrats, was passed in the US House of Representatives on Wednesday and is now slated for a vote in the Senate ahead of the June 5th deadline. Our coverage delves into some of the measures outlined in the 99-page document. Also in the news, Amazon employees protest the company's lack of progress on climate objectives, and hip-hop magnate Diddy initiates a lawsuit against beverage giant Diageo, alleging racial discrimination.

Elon Musk, Chief Executive of Tesla, is making a visit to China this week. As the electric vehicle company's second-largest market and a crucial player in its supply chain, the country holds significant importance for Tesla. After a meeting with the Chinese foreign minister, Musk was reported to have expressed his opposition to the idea of "decoupling" the world's two leading economies. In other news, the debt ceiling deal brokered by Joe Biden and Kevin McCarthy is advancing to the House floor, while inflation in France has moderated to its slowest pace in a year.

France's inaugural "gigafactory" is perceived as a critical milestone in the transition towards a green economy, given that the EU is set to prohibit the sale of petrol cars beginning in 2035. In anticipation of this deadline, both France and Europe aim to lessen their reliance on Chinese suppliers, who have enjoyed a lead of over a decade. In other news, Nvidia's CEO has announced a 'new era of computing' as the chip manufacturer seeks to capitalise on the surge of generative AI technology.

Technical malfunctions have marred Florida Governor Ron DeSantis's announcement that he's running for US president. The hyped Twitter Spaces appearance was 20 minutes late in starting, repeatedly lost sound and many users said they had trouble logging in. Since Elon Musk took the reins, Twitter has struggled with a myriad of problems, as FRANCE 24's Catherine Viette explains. Also in the show: Ratings agency Fitch warns the US that its AAA credit rating is at risk, while Germany officially enters recession.

Congolese President Felix Tshisekedi is expected in China this Wednesday for a five-day state visit, which will include a meeting with President Xi Jinping. China is the DR Congo's top trading partner and a major mining investor. Top of the agenda will be the renegotiation of a "resources-for-infrastructure" deal struck in 2008, which Tshisekedi believes is unfair. Also on the show: Australia looks to increase its trade ties with India in order to reduce reliance on China.

France's jobless rate has been steady at 7.1 percent since the last quarter of 2022 – the lowest level since 1982. Youth unemployment stands at more than 5 percentage points below pre-pandemic levels. The new data could boost President Emmanuel Macron's economic credentials as he seeks to achieve full employment. Plus, as e-commerce continues to grow, the European Commission has proposed "the most ambitious reform" of the EU Customs Union since its creation in 1968.