World Business Report
Analysis of the big global business and economic issues, as they affect consumers and investors. Broadcast on weekdays.
President Biden claims Inflation Reduction Act will boost economy on its first anniversary
President Joe Biden has used the first anniversary of his signature Inflation Reduction Act to pitch the landmark clean-energy law as an economic powerhouse to an American public. Two decades ago Brazil, Russia, India and China came together to form an economic group called BRICs. We talk to the former…
Vietnam EV maker VinFast valued at more than Ford or GM
Vietnamese electric vehicle (EV) maker VinFast's stock market valuation has soared above Ford and General Motors (GM) on its first day of trading. And many of the raw materials needed to make electric cars are mined in Africa. Yet, the continent often misses out on the key profits made from…
Retail sales increase in the US
There's more evidence that US consumers are weathering the economic storm and continuing to spend. Figures show retail sales rose by 0.7% in July which is more than expected. It's welcome news for retailers who are struggling with high prices and lower margins, and that’s going to force the Fed…
China halts youth jobless data as economy falters
Unemployment amongst young people in China has been on the rise for some time now which at the last count had hit a record high of more than 20%. Marking the second anniversary of their return to power in Afghanistan, Taliban’s have barred nearly a million girls from secondary school,…
The battle for US Steel
US Steel is in the middle of a bidding war. Esmark, a privately held company, made an offer to buy the company for 7.8 Billion dollars. The offer comes after 7.3 billion dollar bid from Cleveland-Cliffs was rejected. Earlier, US Steel said it was considering strategic options and had already…
China’s property giant shares plunge to a record low
China's property developer giant, Country Garden, has seen its share price plunge to a record low today after it suspended trading on some key bonds. The company has become a symbol of China's struggling property sector. Workers at several natural gas plants in Australia will decide this week whether to…
Hawaii wildfires: what's next for the tourism industry?
At least 55 people are known to have died and thousands have been displaced from devastating wildfires that began on the island of Maui on Tuesday. The extreme damage to homes and businesses would likely drive losses into the hundreds of millions of dollars. Hawaii is one of the world's…
More troubles for the Chinese property sector
Country Garden is one of China's biggest property firms, but there's trouble lurking in the undergrowth. It's warned investors it could see a US$7 billion loss for the first half of the year.
Hawaii fires: Businesses evacuate staff and tourists
As Hawaii tries to deal with a catastrophic wildfire that has taken 36 lives, we hear how the tourism industry there is trying to evacuate and protest staff and visitors.
US inflation up again
Prices in the US rose to 3.2% compared to July last year, following 13 months of falls after peaking at 9.1 percent last June. The increase is due partly to higher housing and food costs. Although inflation has drifted down from last summer's 40 year high, but it's still well…
US bans investing in China's high-tech sectors
President Joe Biden has banned major US investors from putting money into some Chinese firms making advanced semi-conductors, or developing quantum computing or artificial intelligence technology. We find out what this restriction means for the Chinese economy? Entertainment giant Disney has reported losses that shows declines of its television and…
Deflation in China
It's often said that if America sneezes, the world catches a cold. That now must be true of China - the worlds second largest economy. China's economy is struggling with falling prices - or deflation. The main inflation measure has turned negative for the first time since the pandemic.
Brazil aims to stop deforestation of the Amazon
Brazil's President Lula is hosting a summit in Belém, northern Brazil alongside seven other nations that share the Amazon. This is in a bid to save it and bring it out of economic turmoil. The Taiwanese chipmaker, TSMC, is to open a new semiconductor factory in Germany, strongly boosting Europe's…
Chinese exports fall
Global demand for Chinese goods fell by 14.5% last month compared to the same time last year. It's a bigger than expected decline and reflects the threat of recession in the US and Europe, combined with high inflation. Imports also fell for the ninth straight month, showing soft domestic demand.
US trucking giant Yellow files for bankruptcy
US trucking company Yellow has filed for bankruptcy and will be closing down. The company had received a $700mn Covid-19 relief loan from the Trump administration during the summer of 2020. So will the loan be repaid? And what does it mean for the 30,000 workers expected to lose their…
Saudi Aramco sees profits fall
The largely Saudi Government owned oil producer saw a 38% drop to $30 billion for the second quarter. That's compared to this time last year, when prices surged following Russia's invasion of Ukraine. The company said it was because of lower crude oil prices and smaller margins in refining and…
Meta blocks news in Canada over new laws
Meta has begun blocking access to news on Facebook and Instagram in Canada in response to a new law requiring internet giants to pay news publishers. Takara Small, a technology journalist brought us the latest from Toronto. The government in Chile wants to restrict the numbers of migrants coming into…
Russian drone strike threatens grain supply
Ukraine's main inland port, Izmail, has been hit by a drone strike weeks after Russia pulled out of an agreement that saw Ukrainian grain exported safely. Ukraine's Deputy Prime Minister has said the attack damaged 40,000 tons of grain planned for buyers in Africa, China and Israel. What impact is…
Donald Trump faces more indictments
Former US President Donald Trump is facing a third case in the wake of the 2020 Presidential election and its fallout. We look at his finances. As Uber turns a profit for the first time, we look at how the company plans to expand and remain profitable. Plus we hear…
Nigeria: President faces protests over economic policies
Nigeria's President Bola Tinubu has fleshed out the details of a raft of measures to tackle the rising cost of living, which has prompted civil unrest and looting. In a televised address to the nation, Mr Tinubu said he had ordered the release of 200,000 tonnes of grain from strategic…