Business

Sam Bankman-Fried, the disgraced head of once-leading cryptocurrency trading platform FTX, is to be extradited to the US after being arrested in the Bahamas. US prosecutors have yet to unseal the indictment against 30-year-old Bankman-Fried, who became a billionaire during the cryptocurrrency boom. In this edition, we take a closer look at the downfall of FTX, how Bankman-Fried ended up in the crosshairs of investigators and ask what's next for the wider crypto sector.

In its first space mission, Japanese company ispace Inc. has built the lander that is carrying the United Arab Emirates' Moon rover, as well as other payloads for government agencies from the US, Canada and Japan. Created over a decade ago, it could be the first private company to land on the Moon's surface. Also in the show, the UK prepares for a winter of industrial action, starting with postal workers.

The US Federal Trade Commission has filed a formal complaint to stop Microsoft's $69 billion dollar acquisition of video game studio Activision. Also in the show: China and Saudi Arabia sign $30 billion in new contracts, and we see how Italy's pasta sector is under strain from high energy prices.

Ramesh "Sunny" Balwani, the right-hand man and ex-boyfriend of company founder Elizabeth Holmes, is planning to appeal an almost 13-year prison sentence for fraud. Prosecutors argued he played an essential role in defrauding investors of $900 million. Theranos falsely claimed it could run blood tests with a single prick of a finger. Also in the show, we look at two complaints filed against TikTok by the US state of Indiana, and at the South Korean government's crackdown on an ongoing trucker strike.

As Donald Trump eyes a return to the White House, a jury has found the Trump Organization guilty of 17 counts of tax fraud. The company paid less in tax by compensating executives with "off the books" perks such as luxury apartments. In addition to a fine, the Trump Organization will find it harder to get access to financing. Also, we take a look at protests against corruption and inflation in Mongolia. Finally, we discover the Japanese spider robots that could help with the upkeep of the country's ageing sewage system.

Starting this Monday, all Russian oil sold on international markets will be subject to a G7 and EU-imposed price cap. The measure is aimed at cutting into Moscow's financing for the war in Ukraine, while maintaining global supply. The bar has been set at $60 a barrel, which Ukraine's president has criticised as being too high. Russia has responded by saying it won't sell crude to customers abiding by the cap. This Monday also sees an EU embargo on maritime deliveries of Russian crude oil come into force. Also in the show, we take a look at the EU's response to the US Inflation Reduction Act.

Once a darling in the business and tech world, Sam Bankman-Fried has become a pariah. The founder of crypto exchange FTX, which declared bankruptcy last month, has given his first media interview since his platform collapsed. He denied any intention to commit fraud and pleaded ignorance at the mismanagement of user funds. Also in the show, we take a look at the struggles facing Venezuela's oil industry, even as US energy giant Chevron resumes some operations in the country.

French President Emmanuel Macron's state visit to the US is bringing simmering EU-US tensions over economic policy to the boil. At the heart of European criticisms are multi-billion-dollar economic support packages that could be perceived as giving the US an unfair advantage. Also in the show, the US Congress is heeding Joe Biden's call to do whatever it takes to avert a costly railroad shutdown. Plus, French butchers take to the streets to protest the rise in energy prices.

US President Joe Biden has called on lawmakers to pass legislation that would avert a nationwide rail shutdown. This would impose a contract that has not been approved by all negotiating unions but would nonetheless guarantee a 24 percent wage increase for rail workers. The US economy stands to lose $2 billion a day in the event of a strike. Also in the show, we discover the hardline tactics used by South Korea's government to put an end to a truckers' strike and find out why Chinese stock markets have rebounded after the Covid protests that took place over the weekend.

Nationwide protests against China's zero-Covid policy have left investors concerned about the outlook for the country's economy. On Monday morning, both the Shanghai Composite and Hang Seng in Hong Kong were posting losses. The price of oil was also affected, on the assumption that Chinese demand for crude will be weaker. Also in this edition, we take a look at record online sales during Black Friday.