World Business Report
1,834 episodes - English - Latest episode: 2 days ago - ★★★★ - 236 ratingsThe latest business and finance news from around the world from the BBC
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Argentina: Status quo or radical change?
October 23, 2023 15:19 - 27 minutes - 12.5 MBThe first round of voting in the presidential election took place at the weekend with the populist candidate Javier Milei, who brandished a chainsaw at one event, unexpectedly beaten. His rival, the country's current economy minister Sergio Massa came out on top. Rahul Tandon finds out what the result might mean for the future of the country's economy, where inflation is more than 130 percent.
Argentina heads to the ballot box on Sunday
October 20, 2023 22:06 - 27 minutes - 12.5 MBVoters in Argentina will be heading to the voting centres on Sunday to cast their ballot in what is widely regarded as the most unpredictable presidential election since the country returned to democracy 40 years ago. And this comes in the middle of an economic crisis with inflation is at almost 140%. One of the Presidential candidates, Javier Milei is promising to dollarizing the economy and get rid of the local currency, the Peso.
Argentina elects: what's at stake for the country's economy?
October 20, 2023 15:01 - 26 minutes - 12.1 MBVoters in Argentina are preparing to go the polls on Sunday to elect the country's next president. Inflation is running at 140% and one candidate, Javier Milei, is pledging to get rid of the peso and dollarise the economy if he succeeds. We get insight into the issue from journalist Natalio Cosoy, with reports from Buenos Aires and San Pedro city assessing the opportunities and challenges on an urban and rural front. German influencer Sam Dylan gives his opinion on news that the European Comm...
Powell: US may still need tough decisions to control inflation
October 19, 2023 22:06 - 27 minutes - 12.5 MBThe US Federal Reserve Chairman Jerome Powell acknowledged recent signs of cooling inflation, but said that the central bank would be “resolute” in its commitment to its 2% mandate. Powell says inflation is still too high and lower economic growth is likely needed to bring it down This comes as September saw a 13-year low in existing house sales in the US due to a combination of rising mortgage rates and limited supply that made homes unaffordable for many first-time buyers.
New York attorney general sues crypto firms for alleged investor fraud
October 19, 2023 15:18 - 26 minutes - 12.1 MBThe New York New York Attorney General has launched legal action against the cryptocurrency firms Genesis Global, its parent company Digital Currency Group or DCG, and Gemini - accusing them of "defrauding" investors of more than $1 billion dollars. Experts say the development illustrates the challenges the crypto industry is facing. Gemini Trust has denied the claims against it and responses have been requested of the other firms. Our North America Business Correspondent Michelle Fleury brin...
Aid poised to enter Gaza strip
October 18, 2023 22:07 - 27 minutes - 12.5 MBInternational aid agencies are waiting to get full details of the opening of Egyptian border with Gaza for aid delivery to the strip after 10 days war. The US president Joe Biden has announced that Egyptian President Abdel Fattah al-Sisi has agreed to open the Rafah crossing to a handful of trucks loaded with aid destined for the Gaza Strip. We will hear from The International Federation of Red Cross and Red Crescent Societies about they are ready to deliver this aid to the people who need it.
President Xi reaffirms commitment to Russian relationship
October 18, 2023 15:20 - 26 minutes - 12.1 MBThe Chinese president Xi Jinping has reaffirmed his country's close economic ties with Russia and hit out at international sanctions. He was speaking as the two-day Belt and Road forum in Beijing came to a close. Russian President Vladimir Putin held talks with Xi on the sidelines of the event. Our China Correspondent Stephen McDonnell gives us the latest from Beijing. Social media platform X, formerly Twitter, has announced plans to start charging new users in the Philippines and New Zealand...
How does aid get into Gaza?
October 17, 2023 22:27 - 27 minutes - 12.5 MBHundreds of tonnes of aid is piling up in Egypt at the border with the Gaza Strip. President Biden and other world leaders have called on Egypt to open the border known as the Rafah crossing with Gaza to help this situation. Sam Fenwick speaks to the World Health Organisation as they try to get vital supplies into the region.
Putin arrives in China to boost anti-West coalition
October 17, 2023 15:31 - 26 minutes - 11.9 MBVladimir Putin has made his first official trip outside the Soviet region this year. The Russian president is seeking to bolster anti-west support as his country faces Western sanctions because of the ongoing war in Ukraine. The visit comes despite an outstanding warrant for his arrest from the International Criminal Court. We examine the closening economic links between Russia and China with non-resident scholar at the Carnegie Russia-Eurasia Center in Berlin, Alexandra Prokopenko. South Afr...
Ecuador votes in its youngest ever president
October 16, 2023 22:16 - 27 minutes - 12.4 MB35 year-old Daniel Noboa faces a rising tide of crime and violence and an economic crisis that has made many Ecuadorians leave their country. Ecuadorean bonds rallied on the vote result as Mr Noboa's business background provided a boost for investors that had seen the country's dollar debt fall sharply this year. Roger Hearing hears how the new president will look to tackle these challenges and how he can get the economy on track.
Former Bank of China boss arrested on bribery charges
October 16, 2023 15:21 - 25 minutes - 11.8 MBThe former chairman of the Bank of China has been arrested on suspicion of bribery and giving illegal loans. Liu Liange, chairman of the state-owned bank from 2019 to 2023, had resigned from his position in March this year. The 62-year-old is one of the most senior bankers to be targeted in President Xi Jinping's anti-corruption probe into China's $60 trillion financial sector. As China's 'Belt and Road' infrastructure initiative approaches the 10-year point, we assess its global impact ahead...
Microsoft completes biggest deal in gaming history
October 13, 2023 22:11 - 27 minutes - 12.5 MBMicrosoft has completed its $69bn takeover of Call of Duty-maker Activision Blizzard in the gaming industry's biggest ever deal. Also in the programme, the U.S. Securities and Exchange Commission (SEC) has approved a set of regulations aimed at increasing transparency in short selling, a controversial practice that has captured significant attention during the GameStop saga. Healthcare company Kaiser Permanente and its workers have reached a tentative deal, following the largest medical st...
UK regulators approve Microsoft-Activision Blizzard deal
October 13, 2023 15:22 - 27 minutes - 12.6 MBThe Competition and Markets Authority have approved Microsoft's revised deal to buy Call of Duty-maker Activision Blizzard. Roger Hearing looks at what the deal means for the future of the gaming industry. As the IMF and World Bank meet in Marrakech we speak to the IMF’s Africa Director, Abe Selassie. And Burkina Faso's military leaders have signed a deal with Russia to build a nuclear power plant to increase electricity supplies.
Ford shares fall after UAW strikes expand to its Kentucky plant
October 12, 2023 22:15 - 27 minutes - 12.5 MBFord Motor shares fell after the United Auto Workers (UAW) union expanded its strike at the company's biggest and most profitable factory in Kentucky. The UAW said 8,700 workers walked out of the truck plant in Kentucky, in response to Ford refusing to move further in contract negotiations. New Zealanders will be casting their vote on Saturday in the country's general election, 9 months after Jacinda Arden unexpectedly resigned as Prime Minister. They'll be deciding whether to give Labour ...
Doing business in Israel and Gaza
October 12, 2023 15:44 - 27 minutes - 12.4 MBAs the war between Israel and the Hamas-controlled Gaza Strip intensifies, what are businesses in the region doing to remain operational? Ahead of Sunday’s election in Poland, presenter Sam Fenwick looks at why it’s been billed as the most important vote since the fall of Communism in 1989. And Guy Hedgecoe reports from Benidorm in southern Spain on how climate change is affecting tourism.
Gaza goes dark after only power station shuts down
October 11, 2023 22:16 - 27 minutes - 12.4 MBAs the conflict continues, we hear how a business tries to stay afloat in Israel, and we look into the role cryptocurrencies may have played in the financing of Hamas. The trial of the founder of FTX, Sam Bankman-Fried, goes on in New York. We get the latest from our correspondent. And ExxonMobil signs a deal to buy the largest oil producer in the Permian Basin, Pioneer Natural Resources. We hear about the implications this can have for the industry.
How is Hamas funded?
October 11, 2023 15:21 - 27 minutes - 12.6 MBAs the Israeli blockade continues, food and medical supplies in the Gaza Strip are running low. Hamas, which governs the area, is designated as a terrorist group by the US, the UK and the European Union, meaning it's cut off from their financial assistance. Sam Fenwick looks at how, despite this, the group finances itself.
Joe Biden condemns Hamas' attack on Israel
October 10, 2023 22:05 - 26 minutes - 12.4 MBThe US president calls it 'an act of sheer evil' as reports of more victims emerge. The European Union vows to offer more support to the region. We look at what has happened and the economic impact it has caused. Finland and Estonia say an undersea gas pipeline between both countries has suffered deliberate damage. We look into the details. And the global economy is 'limping along,' according to the International Monetary Fund. We get the latest from our correspondent.
UN warns of risks in Gaza
October 10, 2023 15:27 - 27 minutes - 12.5 MBUN aid agencies have raised concerns of the severe consequences of Israel's 'total siege' on Gaza in response to the Hamas attacks four days ago. In a press conference the United Nations humanitarian office said nearly 200,000 people, that's nearly a tenth of the strip’s population, have fled their homes in Gaza, with fears about water shortages due to a blockade. Sam Fenwick hears the latest from the region and from those trying to send aid in.
Israel-Gaza conflict: EU backtracks on Palestinian aid freeze
October 09, 2023 22:49 - 27 minutes - 12.5 MBThe European Union had announced a suspension on funding for Palestine after Hamas attacks. It will now 'review' financial aid to the region. We get the latest from Brussels. We also take a look at the impact the conflict in the Middle East is having in the oil and gas markets. And Claudia Goldin has become the first woman to be awarded the Nobel economics prize on her own. We hear about her contribution to understanding the gender pay gap.
Israel-Gaza conflict: economic impact
October 09, 2023 15:27 - 2 minutes - 1.14 MBFollowing the latest Hamas attacks in the region over the weekend and Israel’s response, we look at what it means for the economy in both Israel and the Gaza Strip. Samantha Fenwick examines this and finds out the impact on oil prices, and on the wider global economy.
US Labour market: what's behind unexpected growth?
October 06, 2023 22:06 - 27 minutes - 12.4 MBEmployers added 336,000 jobs in September, almost double the 170,000 estimated, according to figures released by the Labor Department. Great news if you're looking for work there, of course, but if you're in the Federal Reserve, America's central bank, and worried about the economy overheating, maybe not so good.
High US jobs growth fuels rate rise expectations
October 06, 2023 15:45 - 27 minutes - 12.6 MBEmployers added 336,000 jobs in September, almost double the 170,000 estimated. We look into the implications this can have on the Federal Reserve's interest rate policy. Russia has lifted a ban on seaborn exports of diesel weeks after imposing a ban to protect the domestic supply. We get the latest details. One of the world's largest oil and gas companies, Exxon Mobil, could buy the biggest oil producer in Texas, Pioneer Natural Resources. We find out what this could mean for the industry.
WTO cuts world trade forecast by over 50%
October 05, 2023 22:09 - 27 minutes - 12.5 MBThe World Trade organisation has halved its estimate for global exports growth this year - from 1.7% to just 0.8%. Ngozi Okonjo-Iweala, WTO director-general, said the projected slowdown was “cause for concern, because of the adverse implications for the living standards of people around the world”.
The economic impact of the Cricket World Cup
October 05, 2023 15:08 - 27 minutes - 12.5 MBMore than US$250 million will be spent on advertising during the tournament. We look at the economic impact the event can have in India, the host. As FIFA announces in which countries the 2030 Football World Cup will take place, we find out what this can mean for one of the six hosts: Morocco. And a recent report says the gender wage gap in the Netherlands has increased to 7.4% in the last two years. We look into the reasons why this is happening.
The Great Bond Sell-off
October 04, 2023 22:28 - 27 minutes - 12.4 MBGovernment debt around the world is becoming less attractive, causing bond prices to tumble. As a result, the yield - the money bondholders can expect to make from their credit notes, has gone up. Roger Hearing finds out what this will mean for the prospect of future interest rate rises from central banks.
Indonesia's ban of e-commerce on social media comes into force
October 04, 2023 15:06 - 27 minutes - 12.5 MBThe government says it wants to protect local small businesses, which were facing competition from online cheaper retailers. We get the latest from our correspondent in Jakarta. Also in the programme, we talk to the energy minister of the United Arab Emirates, Suhail al-Mazrouei, about the role of the OPEC+, fuel prices and the rumours about the UAE mulling a departure from the oil producers cartel. And South Africans in the province of Gauteng are seeing water supply cuts as part of a "wat...
McCarthy ousted as Speaker
October 03, 2023 22:22 - 27 minutes - 12.5 MBThe US House of Representatives has voted to remove its speaker for the first time in history, following a motion introduced by the Republican Matt Gaetz. McCarthy had been criticised for reaching a temporary spending deal with the Democrats to avoid a government shutdown. Roger Hearing gets reaction to the vote, and finds out what it means for Congress.
FTX founder heads to court
October 03, 2023 15:06 - 27 minutes - 12.5 MBSam Bankman-Fried's trial begins in New York with jury selection. The executive is accused of seven counts of conspiracy and fraud over the collapse of the crypto exchange. We get the latest from our correspondent in New York. Evergrande's shares jump as trading in the firm resumes. The company halted trading in the Hong Kong exchange after it confirmed that its billionaire founder was being investigated by Chinese authorities. And Burger King's brand owner is facing criticism for continuin...
Trump in court in fraud case
October 02, 2023 22:13 - 27 minutes - 12.4 MBThe former president faces a civil lawsuit and a fine of $250m for alleged fraud committed through the Trump Organization. Speaking outside the courtroom Mr Trump said the lawsuit was a politically motivated "witch hunt". Roger Hearing hears the latest from the case, and finds out more about what the Trump Organization is worth and how it got to where it is today.
The Trump Organisation on trial
October 02, 2023 15:07 - 26 minutes - 12.2 MBThe civil fraud trial against Donald Trump's empire begins in New York. The former US president and his two adult sons are also accused of inflating the value of their properties. We get the latest from our correspondent. Asia faces one of the worst economic outlooks in half a century, according to the World Bank. We hear about the factors that led the institution to reduce its growth forecast for China and other neighbouring economies. And Indonesia launches The Whoosh, the first high-sp...
US government on brink of shutdown
September 29, 2023 22:15 - 27 minutes - 12.4 MBThe US is edging closer to a government shutdown after hardline Republicans rejected a last-minute funding deal in the House of Representatives. The latest on the UAW strikes in America with 7000 more workers at Ford and General Motors now set to join the industrial action. And Rahul Tandon speaks to the mixologist who’s just been voted the world’s best bartender.
The deadline for the US shutdown getting closer
September 29, 2023 15:04 - 27 minutes - 12.5 MBThe US inched closer to a government shutdown as the prospects of a successful short-term funding deal grow bleaker. Congress faces a deadline of midnight on Saturday to pass a new budget before thousands of federal employees are placed on unpaid leave.
Turmoil in China’s property sector deepens
September 28, 2023 22:15 - 27 minutes - 12.5 MBShares in the property company Evergrande were suspended from Hong Kong trading on Thursday as the company confirmed that its billionaire founder and chairman, Hui Ka Yan, has been detained on suspicion of criminal activity. Rahul Tandon looks at the latest developments and what might happen next. Could the United Auto Workers in America reach a deal over strike action, or are they about to expand their action and call more strikes? And why after 25 years, Netflix is ending its DVD rental...
Costly rebrand: FIFA to EA Sports FC
September 28, 2023 15:09 - 27 minutes - 12.5 MBIt's one of the world's best selling video games, but from tomorrow you won't find it on the shelves anymore... at least not in the same packaging. After 30 years - the football simulation game FIFA - is changing its name to EA Sports FC. Rebranding game hits the shelves this week. The games maker is stepping out of the football governing body's shadow following a reported disagreement over the cost of the licence to use the FIFA name.
UK gives go-ahead for biggest new North Sea oilfield in years
September 28, 2023 01:04 - 26 minutes - 12.3 MBThe controversial Rosebank offshore development off Shetland has been granted consent by regulators. Rosebank is the UK's largest untapped oil field and is estimated to contain up to 300 million barrels of oil. The plan has faced widespread criticism due to its impact on climate change. (Picture: Port of Cromarty Firth, Invergordon, Scotland, UK, The Transocean Leader and Shelf Drilling Fortress vessels off shore, Cromarty Firth, Scotland, UK. Picture Credit: Getty Images).
Rosebank oil field: 300 million barrels of new oil in the UK
September 27, 2023 15:08 - 27 minutes - 12.5 MBRosebank, which lies about 80 miles north-west of Shetland, has been approved by the UK regulators the North Sea Transition Authority (NSTA). It's going to be one of the largest untapped oil and gas sites in the UK - containing up to 300 million barrels of oil.
Donald Trump is found liable for fraud in New York
September 26, 2023 22:41 - 27 minutes - 12.5 MBDonald Trump "repeatedly" misrepresented his wealth by up to $3.6 billion to banks and insurers, a New York judge has ruled. The decision resolves a key claim made by New York's attorney general in her civil lawsuit against the former president. (Picture: Dubuque, Iowa - September 20: Former president Donald Trump speaks during a rally, Wednesday, Sept. 20, 2023, at Grand River Conference Center in Dubuque, Iowa. Picture Credit: Getty Images).
Pacific Islands Forum Summit: Biden makes new pledges to leaders
September 26, 2023 15:05 - 27 minutes - 12.4 MBThe US President Joe Biden met Pacific island leaders for a second White House summit. He pledged to work with Congress to provide $200 million more in funding for projects in the Indo-Pacific region aimed at mitigating the effects of climate change, spurring economic growth, countering illegal fishing and improving public health.
Hollywood writers reach ‘tentative’ deal to end strike
September 25, 2023 22:12 - 27 minutes - 12.5 MBA tentative deal has been struck between a major US screenwriters union, The Writer’s Guild of America and studio bosses that could end five months of strike action. Details of the deal haven't been made public yet, but it’s understood agreement has been reached over writers' demands over protections from AI and better residual pay from streaming companies. Brazilian President Luiz Inacio Lula da Silva is in Vietnam to discuss a possible deal with the Mercosur bloc of countries - what areas ...
China's property crisis: how will it impact the economy?
September 25, 2023 15:06 - 27 minutes - 12.5 MBProperty giant Evergrande's financial problems have rippled through China's vast property industry, with several other developers defaulting on their debts. We look at this in more detail and and what’s likely to happen next for the sector – and the wider Chinese economy.
UAW strike expands to dozens of sites at GM and Stellantis
September 22, 2023 22:09 - 27 minutes - 12.5 MBThe move excludes Ford, which the UAW says is making more progress in talks. We take a look at the latest developments. The Russian military company Wagner has a new leader - business school grad Dmitry Sytii. We hear more about him and what this means for the firm. And in South America, a toll on a crucial waterway has generated a growing and expensive row between Argentina and Paraguay. We look into the details.
UAW strike may spread to more US states
September 22, 2023 15:21 - 27 minutes - 12.5 MBGeneral Motors, Ford Motor and Stellantis are bracing themselves for more walkouts as the carmakers struggle to get a deal with the United Auto Workers union on key issues like job security and pay parity for temporary workers. The Polish president on Friday tried to ease tensions with its neighbour Ukraine over the import of grain. The argument started earlier in the year when the EU agreed to place restrictions on Ukrainian grain imports to Bulgaria, Hungary, Poland, Romania and Slovakia,...
Rupert Murdoch's resignation: What now for Fox and News Corp?
September 21, 2023 22:22 - 27 minutes - 12.4 MBThe 92-year-old will become chairman emeritus of the two corporations. His son, Lachland Murdoch, has been named his successor. We look at what the future might hold for family-run media empire. And the cost of oranges has gone up this year as crop sizes have gone down across the world due to weather events. We hear more from a farmer and a trading association in Florida.
Rupert Murdoch steps down from running media empire
September 21, 2023 15:27 - 27 minutes - 12.5 MBRupert Murdoch has announced that he's stepping down from running one of the world's most powerful media empires. The ninety-two year-old says he's transitioning from his roles as Chair of Fox Corporation and Executive Chairman of News Corporation to the position of emeritus chairman. The European Union has temporarily suspended funding for the World Food Programme in Somalia. This comes after a UN investigation found what it says is evidence of widespread theft and alleged misuse of aid...
Brakes on Net Zero?
September 20, 2023 22:08 - 27 minutes - 12.5 MBThe UK Prime Minister, Rishi Sunak has announced an overhaul of the government's green commitments. He says it will still meet net zero targets by 2050. Rishi Sunak, described the changes as a new, realistic approach to achieving net-zero carbon use, which would help hard-pressed families.
US Fed to decide on interest rates
September 20, 2023 15:25 - 27 minutes - 12.5 MBUS Federal Reserve officials are expected to keep rates on hold for now. They currently sit in a range of 5.25 to 5.5 percent - the highest they've been for 22 years. But one consequence is that this is gumming up the US housing market because people are reluctant to move and face higher monthly mortgage payments. Sam Fenwick hears from a US homeowner who is reluctant to downsize or scaleup mortgage payments because of the high interest rates.
FTX sues founder’s parents over missing millions
September 19, 2023 22:03 - 27 minutes - 12.5 MBThe parents of FTX founder Sam Bankman-Fried are being sued for money they allegedly received from the crypto firm ahead of its collapse. Also, why retailers including H&M are clamping down on customer returns.
Oil price hits 10-month high
September 19, 2023 15:11 - 27 minutes - 12.5 MBGlobal oil prices have reached their highest level in more than ten months. Brent crude rose above ninety-five dollars a barrel on Tuesday. The increase is being driven by production cuts by two of the world's largest oil exporters, Saudi Arabia and Russia. The International Energy Agency has warned of a significant supply shortfall by the end of the year. Oil prices surged to more than a-hundred-and-twenty dollars a barrel after Russia invaded Ukraine last year, but fell back to seventy doll...
UAW strike enters fourth day
September 18, 2023 22:07 - 27 minutes - 12.5 MBUnion negotiators continued talks with representatives from General Motors, Ford and the Jeep-maker Stellantis today, as a historic strike by workers at America's top three car manufacturers entered the fourth day. The United Auto Workers union is seeking a 40% pay rise over a four year term, far more than the roughly 20% the companies have currently put on the table.