Business

The US Federal Reserve has hiked its key interest rate by 0.25 percent to the highest level since 2007. America's central bank has slowed the pace of rate rises as inflation cools. But Fed Chair Jerome Powell said changes to monetary policy would be "ongoing" as "appropriate". Also in the show: as the UK faces sweeping strikes, how is wage growth keeping up with consumer prices? And with less than a month until it holds elections, Nigeria faces a cash crunch.

US oil company ExxonMobil recorded a net profit of $56 billion last year, beating its previous 2008 record. It benefitted from a surge in prices following the Russian invasion of Ukraine and a cost-cutting drive during the pandemic. The White House has called these profits "outrageous", leading to further calls for a windfall tax. Meanwhile in the UK, some 500,000 workers are expected to walk off the job this Wednesday amid a cost-of-living crisis. Finally, Hong Kong bans all CBD products, saying they are a "dangerous drug".

The International Monetary Fund's new projections for 2023 show GDP for the world economy growing by 3.2 percent, compared to a 1.9 percent expansion last year. The improved forecast is aided by China's scrapping of its zero-Covid policy and the fall in gas prices. Also on the programme, we report from Niger, where telecom operators have been forced to cancel a price hike after popular anger. Finally, we bid farewell to the iconic Boeing 747.

The mining giant Rio Tinto has apologised after losing a radioactive capsule in Western Australia. The tiny object disappeared along a 1,400-kilometre route between a mining site and Perth. It could put any person within a 5-metre radius at risk. Local authorities have launched investigations to understand how the capsule went missing. We report on how this is not the first time the mining giant has faced bad publicity in Australia. Also in this edition, Indian conglomerate Adani Group fights back against a report alleging it is involved in "brazen stock manipulation and accounting fraud".

French luxury goods giant LVMH is not feeling the post-Covid pinch. The group has released its figures for 2022, which show revenue just below the bar of €80 billion. Meanwhile, shipments of smartphones have dropped to a near-decade low. Finally, we find out about a lawsuit that involves King Charles III and Elon Musk.

BUSINESS DAILY – Tuesday, 24.01.2023: We discuss how Microsoft is to invest billions in the artificial intelligence firm OpenAI, which created the software ChatGPT. In other business news: Spotify unveils mass layoffs, France decides not to request an exemption for neonicotinoids and finally, Bill Gates invests in an Australian company that's tackling cow burps and the methane they emit.

The French and German leaders pledged to strengthen ties at a meeting in Paris on Sunday. Among the issues discussed was how to boost European competitiveness to counter the US Inflation Reduction Act, which includes hundreds of billions of dollars in subsidies for American-made green tech. Plus, we take a look at how Argentina's farmers are coping with three years of drought and how the problem is impacting exports.

A day after more than 1 million people took to the streets and millions more went on strike across France in protest at the government's plan to raise the legal retirement age, Finance Minister Bruno Le Maire tells FRANCE 24's Business Editor Kate Moody in Davos that the government "stands firm" on its reform plan, but that there could be "improvements".

The international community has contributed billions of dollars to the war effort in Ukraine. But where is that money going? And can the country look ahead to reconstruction? Business Editor Kate Moody speaks to Beata Javorcik, Chief Economist at the European Bank for Reconstruction and Development, on the sidelines of the World Economic Forum in Davos.

Does globalisation still have a future? How can business leaders adapt to modern challenges? As the World Economic Forum winds down, Business Editor Kate Moody speaks to Julie Teigland, Managing Partner at EY, about the business climate, international cooperation and gender parity.