HSBC reported a surprise uptick in profits in the period from July to September, as the UK-based bank's CEO announced it plans to buy back up to $2 billion in company shares. Also, the global cruise industry rebounds after a brutal 2020, and the Democratic majority in US Congress is set to include a tax on the ultra-rich to help raise money for a sweeping social spending bill.

BUSINESS DAILY

HSBC reports 74 percent rise in quarterly profits, beating expectations

French carmaker Renault will be rolling out half a million fewer vehicles this year due to a shortage of semiconductors. The company says it should be able to maintain its profit outlook despite the chip shortage, by hiking car prices and cutting costs. 

Renault to cut output by 500,000 cars due to global semiconductor shortage

Amid projections that a staggering 97 percent of Afghan households could fall below the poverty line by the middle of next year, the United Nations Development Programme has launched a $670 million trust fund to provide economic relief. Also, Evergrande makes a key debt payment and shares for Snapchat's parent company plunge as the application faces tighter privacy restrictions on iPhones.

UN launches $670 million trust fund to combat Afghanistan's ‘economic implosion’

Shares in the Chinese real estate giant Evergrande have slumped by more than ten percent in Hong Kong, after an offer to buy its property management unit fell through. The company's stock had been suspended from trading for two weeks while the potential offer was being considered. Evergrande is facing a liquidity crisis after missing several debt payments in the past month. We also discuss today why the prices of second-hand smartphones could soon rise in France.

Troubled developer Evergrande's shares slump after unit sale falls through

The International Monetary Fund expects Europe's inflationary pressures to fade out in early 2022. Alfred Kammer, Director of the Europe Department at the International Monetary Fund, says the European economic recovery is 'resilient', but must not be jeopardised by withdrawing stimulus measures too quickly.

IMF: European recovery 'resilient,' but stimulus must be withdrawn carefully

The South Korean drama 'Squid Game' is the most successful original Netflix series to date, and has helped boost the streaming giant's subscriber numbers. The company added 4.4 million paying customers between July and September, according to its latest financial results. The platform is also expecting a further influx of viewers as it releases new episodes and films later this year. Meanwhile, we see another boost to the price of Bitcoin from the launch of a Wall Street fund.

'Squid Game' hands win to Netflix as subscriber numbers jump

The French government has promised to announce measures to combat rising fuel prices by the end of the week. Government spokesman Gabriel Attal made the pledge after the price of diesel jumped to a record high for French motorists, driven by rising oil prices. We report on how businesses are being affected by the increased costs. Meanwhile, we delve into why Apple's new MacBook laptops represent an important shift in manufacturing.

French government promises urgent action as diesel prices hit record high

China's Q3 GDP growth came in below forecasts at 4.9%, as power shortages, supply chain disruptions and a liquidity crisis in the real estate market continue to weigh on the economy. Also, Facebook announces a plan to hire 10,000 new EU workers to build its "metaverse", and Hollywood narrowly avoids a major production crew strike.

Chinese quarterly growth slows, missing expectations

More than 100,000 American workers are on strike or preparing to strike as a tightening labour market signals a comeback for organised labour after decades of decline. Also, France calls for an end to trade tensions with the US, and the demise of Italy's flagship carrier Alitalia heralds the birth of a new low-cost successor.

'Striketober' in US as organised labour makes a post-pandemic comeback

After 75 years of service, Alitalia is closing down. Italy's national carrier had failed to turn a profit in over 20 years and struggled to adapt to low-cost competition. Also in the show: America's labour market recovery remains uneven as more women leave the workforce, and the global supply chain crunch leaves retailers worried about the holiday season. 

Arrivederci, Alitalia: Troubled Italian airline shuts down after 75 years

Officials are scrambling to help clear supply chain backlogs, with two of the US's largest ports operating 24 hours per day as traffic jams of container ships wait offshore. Also, the IMF unveils a new mechanism for rich countries to lend or donate to poor nations, and Hollywood braces for the biggest crew strike since the 1940s.

World leaders rush to alleviate global supply chain disruptions

The EU has unveiled a "toolbox" of measures to protect vulnerable families from the rising price of energy. Member states are being encouraged to offer tax breaks or energy cheques, but France says the plan doesn't go far enough to ensure energy independence. Also in the show: IMF chief Kristalina Georgieva defends her record after being cleared of an ethics scandal at the World Bank, and shipping ports around the world are facing traffic jams. 

EU seeks to protect vulnerable families from energy crunch

As natural gas prices soar, French households are cutting back on heating. The European Commission is preparing to unveil a "toolbox" of measures designed to keep rising energy costs in check. Also, the US Congress approves a short-term hike in the debt ceiling and Apple is reportedly cutting back on its iPhone production amid the global shortage in computer chips.

French households brace for soaring heating costs ahead of winter

Natural gas isn't the only commodity becoming more expensive. We take a look at what's driving the upsurge in global oil prices and how it's affecting consumers. Also, the International Monetary Fund is standing behind its embattled managing director and French President Emmanuel Macron prepares to unveil a massive new investment plan.

Pent-up demand and supply shortages help to fuel surging global oil prices

IMF Chief Kristalina Georgieva is under fire amid accusations that she and other World Bank officials manipulated data in favor of China during her tenure as chief executive of the World Bank. Tesla tries to build support for its controversial Berlin Giga Factory, and Facebook says it will "nudge" teens away from harmful content.

IMF board debates Georgieva's fate amid China data manipulation accusations

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