Business

The US streaming platform Netflix says it's doubling the amount of money invested to create new Korean films and TV shows over the next four years, hoping to capitalise on the success of series like "Squid Game". The announcement came after Netflix's CEO met with South Korean President Yoon Suk-yeol in Washington. But first, First Republic Bank reveals it saw more than $100 billion in withdrawals this year amid turmoil in the banking sector.

Leaders from nine nations surrounding the North Sea have pledged to ramp up clean energy production by using offshore wind turbines. Seven EU members plus Norway and the UK hope the project will allow them to meet climate targets, but also reduce their energy dependence on Russia. The collective goal is to reach 120 gigawatts by 2030 and at least 300 gigawatts by 2050. The EU says it will cost €800 billion to reach the 2050 capacity target.

As South Korean President Yoon Suk-yeol heads to Washington for a visit, the Financial Times is reporting that the White House has asked Seoul to urge its chipmakers (Samsung Electronics and SK Hynix) not to fill the China shortfalls of US rival Micron in the event of a ban by Beijing. Such a move would be the latest in an escalating tech rivalry between the United States and China. Also in this edition, we take a closer look at Chile's decision to nationalise its lithium supply.

Electric vehicle maker Tesla reported a 24 percent rise in revenue in the first quarter of the year, while also seeing a 24 percent drop in profits. This follows a price-cutting drive in order to gain more market share in an increasingly competitive industry. Also in this edition, the Republican Party presents its plan to raise the US debt ceiling, and American marijuana producers struggle with market saturation.

China's economy grew faster than expected in the beginning of the year at 4.5 percent, on the back of strong export and infrastructure investment figures. GDP is bouncing back after the country put an end to its so-called "Zero-Covid" policy and as the government has pledged to do more to support business. Also today, the Shanghai auto show opens its doors for the first time since 2019 and so does India's first ever Apple store.

The European Commission has rejected moves by certain member states to ban some imports of Ukrainian grain and other food items. On Monday, Slovakia joined Poland and Hungary in announcing the bans. Transiting goods have been piling up in Central Europe, driving down prices and causing losses for farmers. The EU says a solution must be found that respects the bloc's legal framework.

Brazilian President Luiz Inacio Lula da Silva has praised the Shanghai-based New Development Bank (NDB) on his trip to China, saying it "frees emerging countries from submission to traditional financial institutions". The NDB was created by the BRICS group and is headed by his predecessor Dilma Rousseff. Meanwhile in Washington, the International Monetary Fund and World Bank co-sign an agreement to jump-start debt restructuring following criticism from Beijing. But first, new statistics show the war in Ukraine has taken a huge toll on the country's economy.

American radio network NPR has said it will stop using Twitter, in protest at being labelled a "government-funded media" outlet. Twitter's owner Elon Musk says the tags will allow more transparency for users. But the changes could set up a clash between the platform and news organisations. Also in the show: the US moves to tighten restrictions on car emissions, and American inflation drops to its lowest level in nearly two years.

During its annual Spring Meeting in Washington, the International Monetary Fund has revised its forecasts upward to 7 percent for global inflation this year and 4.9 percent in 2024. Those figures, above the target rate of 2 percent, will be contributing factors in slowing down growth, including for developing economies. Also in the show, Switzerland holds parliamentary hearings to review the takeover of embattled bank Credit Suisse by its rival UBS. Plus, Chile passes a law to gradually reduce the working week to 40 hours.

Alibaba is the latest tech company to enter the artificial intelligence race, as it unveils its own chatbot, Tongyi Qianwen. But it could face restrictions before even launching, as authorities in Beijing have outlined draft regulations to govern AI, including the stipulation that such platforms will reflect the core values of socialism. Also in the show: the IMF forecasts the weakest global economic growth since 1990, and Swiss lawmakers question last month's hasty rescue of Credit Suisse.