Business

The United States is taking a step towards protecting cryptocurrency investors, as the Securities and Exchange Commission moves towards new regulations. Tim Byun, Global Government Relations Officer at OKX, speaks to FRANCE 24 about the potential implications for the industry, and how the collapse of FTX affected public perception of the crypto sector.

The president of the World Bank Group, David Malpass, will leave his post about a year before the end of his five-year term. Appointed by former US president Donald Trump in 2019, Malpass courted controversy for his views on climate change, but said he was “proud” of the work he had accomplished. Also in the show: the EU unveils a 10th round of sanctions against Russia, and Tim Byun, Global Government Relations Officer at OKX, speaks to FRANCE 24 about looming regulations in the crypto sector.

The government's proposed changes to the pension system have partly been turned down by the country's parliament. Article 2, which would have set up a "senior employment index" to support older workers, did not get a majority. The measure was meant to accompany the raising of the legal retirement age from 62 to 64. Also in the show, we'll take a look at Air India's massive order of aircraft from Boeing and Airbus and the nomination of Pharrell Williams at the head of meanswear at Louis Vuitton.

The European Parliament has given its’ green light to a plan to halt sales of petrol and diesel cars from 2035. It is a crucial part of the bloc's plan to become a "climate neutral" economy by 2050. Also in the show: US inflation remains hotter than expected, putting pressure on Federal Reserve policymakers, and Air India announces a record-breaking deal for 470 planes from Airbus and Boeing.

South African President Cyril Ramaphosa has declared a national "state of disaster" over the country's rolling power shortages. Energy provider Eskom says its ageing coal-fired power plants cannot keep up with demand and it's been imposing scheduled cuts. The blackouts are weighing on business activity and South Africa's economic growth. Also in the show: migrant workers building Senegal's "City of the Future" allege mistreatment and abuse on some construction sites.

Starting in April, wide-eyed delivery robots will be allowed to use Japan's roads to deliver food and parcels. FRANCE 24's Solange Mougin explains how this could help the country's ageing workforce. But first, Disney cuts 7,000 jobs in a bid to make its streaming business profitable. Plus, Alphabet's stock tumbles as its newly presented AI-powered search bot makes a mistake in a demo video.

The 24-year-old partnership between the French and Japanese carmakers Renault and Nissan is getting a reboot. After months of tough negotiations, the boards of both groups have agreed to a new deal that will give each side an equal 15 percent ownership stake in the other. The alliance had sought a new direction ever since the high-profile downfall of former CEO Carlos Ghosn. Also in the show, a jury finds Elon Musk not guilty of fraud over a 2018 tweet saying he had secured funding to take Tesla private.

BUSINESS DAILY – Friday, 03.02.2023: We take a look at the reasons behind Apple's largest drop in sales since 2019. We also see how Adani stock dropped 35 percent before rallying. Meanwhile, tense negotiations are taking place between Pakistan and the IMF, with the nation's PM saying it has no choice but to accept the fund's strict conditions. Finally, we find out about a video combatting cataract blindness that some are criticising as "charity porn".

Energy giants are reaping the benefits of high energy prices. Shell followed ExxonMobil in doubling its annual profit for 2022 to nearly $40 billion, the highest in its 115-year history. It's sparked outrage among climate activists and those calling for higher taxes as households struggle with high energy bills. Also on the show: Victoria Scholar, Head of Investment at Interactive Investor, breaks down the latest interest rate hikes from the Bank of England and the Central Bank.

The Adani Group conglomerate has seen tens of billions of euros wiped off its market value since a short-seller's report accused it of pulling "the largest con in corporate history" last week. It has now cancelled a €2.2 billion ($2.5 billion) share sale meant to help reduce debt levels. Billionaire founder Gautam Adani maintains that the "fundamentals" of the group are "strong".  Also in the show, we take a look at central banks' continued war on inflation as the Federal Reserve continues raising interest rates.