World Business Report

The US Federal Reserve say rates will continue to go up in the short term but there is still a long road ahead. Author and economist Linda Yueh explains why and Susan Schmidt from Exchange Capital Resources in Chicago tells us about the impact on the markets.

Cuba says it will allow foreign investors into its wholesale and retail trade for the first time in 60 years. The policy aims to tackle shortages of basic goods, like food and medicine - but stops short of fully opening trade. We speak to Ricardo Torres, a Research Fellow at the Center for Latin American and Latino Studies at American University in Washington who’s been a consultant to Cuban and foreign companies interested in Cuba.

Elon Musk’s tweets suggesting that he wanted to buy Manchester United caused markets to briefly jump by as much as 17%, before Musk clarified it was a joke. Alex Shaw, general editor at the cable sports channel ESPN in the UK, gives his analysis.

Rising prices are affecting consumers almost everywhere across the globe. But the response from governments and central banks has varied greatly. So is there a common solution? As inflation in the UK tops 10%, nursery owner Sharon Birch tells us how tough it's been to manage. We're also joined by Walid Koudmani from X-Trade Brokers, who explains the policy challenges facing lawmakers from country to country.

Sophie Lund-Yates from Hargreaves Landsdown has the day's market update.

We go to Cuba, where the government has announced a drastic move aimed at reinvigorating the island's economy.

Also, talking football: it's less than 100 days until the World Cup kicks off in Qatar; and is Elon Musk really joking about buying Manchester United? We're joined by The Athletic's Joey D'Urso, and Sarah Needleman from the Wall Street Journal.

Some of China's tech giants have shared details of their algorithms with Beijing for the first time. Tech reporter Kari Paul joins us from Oakland, California.

The first day of campaigning is getting under way in Brazil’s presidential elections, due to take place in October. Bloomberg economist Adriana Dupito explains the economic impact from São Paulo.

Inflation in Canada has hit 7.6%. We hear from economist Gurupdesh Pandher and Rachel Blais who is the director of Qajuqturvik Community Food Centre about the impact it’s having on people’s everyday lives in Canada.

Colossal Biosciences, a Texas-based biotechnology “de-extinction” company has linked up with the University of Melbourne, which earlier this year received a $3.6m philanthropic gift to open a Tasmanian tiger genetic restoration lab. CEO of Colossal, Ben Lamm tells us all about the exciting project.

Runner-up Raila Odinga has rejected the results of Kenya's presidential election saying that the figures announced on Monday were "null and void".

He alleged vote-rigging and accused the electoral chairman of bullying election counters who disagreed with him.

Chinese internet giants including Alibaba, ByteDance and Tencent have shared details of their algorithms with China's regulators for the first time.

In the US Meta and Alphabet have successfully argued they are trade secrets amid calls for more disclosure.

Across Europe a combination of unusual summer heat levels and abnormal storms, have badly affected agricultural production which meteorologists say could become the continent’s worst drought in more than 500 years.

Kenya's deputy president, William Ruto, has been declared the winner of a tight race against the opposition leader and former Prime Minister Raila Odinga. We talk to Ken Gichinga, chief economist from Mentorial Economics, in Nairobi, about the markets' expectations from the new leader.

Scotland has become the first country in the world to issue a law requiring public settings to provide free period products. Georgie Nicholson from social enterprise Hey Girls discusses the challenges in the fight against period poverty.

The Rhine, one of Europe's most important trade routes, has seen its water levels fall as low as 40 centimetres in certain parts, preventing many commercial vessels from navigating. Claus Vistesen, Chief Economist at Pantheon Macroeconomics, explains why this river is a key route for trade.

And we analyse the latest developments in the markets with Arbor Financial Service's Peter Jankovskis.

China has cut its benchmark interest rate by a tenth of one percent which Craig Botham, Chief economist at Pantheon Macroeconomics explains why this is being seen as a further sign that China's economy could be in trouble.

State-owned Aramco announced record profits of nearly 50 billion US dollars for the second three-month period of this year. It comes as Russia's invasion of Ukraine has led to oil and gas prices trending much higher. Our correspondent Sameer Hashmi joins us live from Dubai.

It's exactly a year today since the Afghan capital Kabul fell to Taliban forces, marking the end of a 20 year experiment in western-style liberal democracy in the country. Since then the economy has collapsed, throwing tens of millions of people into abject poverty.

Former Afghan finance minister, Khaled Payenda ran the finance ministry for the last six months of democratic rule right up to August of last year, he speaks to World Business Report’s Ed Butler.

Thailand’s economy has expanded at the fastest pace in a year, following the recent easing of Covid restrictions. Bruce Haxton runs tuk tuk tours, he speaks to us from Chiang Mai about how business has been for him.

People in the US are spending more than earlier in the year as the country's consumer sentiment survey results rise to a three-month high. We hear from the director of the University of Michigan’s survey Joanne Hsu and restaurant owner Duane Greenleaf.

An armed man who held customers and staff hostage in a Beirut bank has been hailed as a hero. Journalist Wael Talib explains from Lebanon.

The French nuclear company EDF is suing its own government for more than eight billion dollars after it was forced to sell energy to consumers at a loss. Carole Nakhle an energy economist in Germany tells us whether this could set a precedent of nationalising energy countries across Europe.

(Picture: HOUSTON, TEXAS - JULY 15: A customer shops in a Kroger grocery store on July 15, 2022 in Houston, Texas. Picture Credit: Getty Images).

Samsung heir Lee Jae-yong, who was convicted of bribery and embezzlement in 2017, has been granted a special presidential pardon.South Korea's government justified the move, saying the de-facto leader of the country's biggest company was needed back at the helm to spearhead economic recovery post-pandemic. We speak to journalist Nemo Kim, who also teaches politics at Soon Chun Hyang University. Wildfires and drought are continuing to affect large swathes of Europe. We assess the impact on the shipping and wine industries. The shortlist of seven UK cities to host next year's Eurovision Song Contest has been announced. But what are the economic pros and cons of hosting the event?

The US Justice Department is asking a Florida court to unseal the warrant that let FBI agents search former President Donald Trump's home. If granted, the request would make the documents available to the public. We hear more from the BBC’s Washington correspondent Nomia Iqbal.

Canada is temporarily banning the importation of restricted handguns ahead of more restrictive, permanent measures from Parliament. We talk to economist Ed Lotterman.

The Unification Church, commonly known as the Moonies, have come under the spotlight in Japan after the assassination of former prime minister Shinzo Abe. Professor Levi McLauhglin explains why a religious group is so controversial and how it became so powerful in Japan.

The BBC’s Suranjana Tewari reports about a celebrity’s investments in Asia to help develop talent in the snooker industry. We also discuss the latest from the markets with Greenwood Capital’s Walter Todd.

Meta’s BlenderBot3 doesn’t seem to like its own boss, Mark Zuckerberg. We ask Bloomberg’s Charlie Hancock what lies behind the concept of the recently launched chatbot.

South Africa and the EU have reached agreement over tonnes of citrus fruits that have been stranded in European ports. It follows a change in rules that means exporters now have to apply a cold treatment to things like oranges and lemons to prevent the spread of pests. We speak to Hannes de Waal from Sundays River Citrus in South Africa. Facebook's parent company Meta introduces a new prototype chatbot, Blender Bot 3, which told the BBC that Mark Zuckerberg exploits its users for money. India's hotel sector bounces back in the second quarter, with growth of 300%. We hear from a photographer in Bangalore, who's seen an uptick to his Airbnb bookings.

Disney, the American media giant, has beaten expectations in its latest results. Its on-demand platform now has more than 152 million subscribers, but it comes at a time of declining revenues for streaming services.

Meanwhile, there's been lower-than-predicted inflation in the US. To crunch the numbers, we're joined by Susan Schmidt, Head of US Equity at Exchange Capital Resources in Chicago; and Randall Kroszner, a former Governor of the Federal Reserve Board.

It's almost a year since the Taliban seized control of Afghanistan. Now a group of leading economists is calling on the US President, Joe Biden, to unfreeze the country's cash assets. We speak to Nobel Prize winner Joseph Stiglitz about how that could help citizens.

In his first week in office, Colombia's new president, Gustavo Petro, has announced sweeping tax reforms aimed at rebalancing the country. Sergio Guzman from think tank Colombia Risk Analysis explains how it could make or break his leadership.

We're also joined by Stefano Aurecchio from the Neopolitan Pizza Association, as delivery chain Domino's pulls out of Italy.

A fall in petrol prices in the US helped to ease the pace of price rises in July. The Labor Department said the annual inflation rate, the pace at which prices rise, was 8.5% in July, down from June when it surged to 9.1%, the Labor Department said. Our North America Business Correspondent Michelle Fleury talks us through the figures. The World Bank says Afghanistan is facing a food and debt crisis, one year since the Taliban regained power. The US-based pizza delivery chain Domino's is pulling out of Italy after seven years in the country. Celebrity chef, author and TV personality Gennaro Contaldo weighs up the pros and cons of Neapolitan pizza and American-style slices.

The US President, Joe Biden, has launched a $280bn boost for America's technology and science industries. A new bill named CHIPS (Creating Helpful Incentives to Produce Semiconductors) is aimed at increasing domestic manufacturing, and upping the country's competitive edge against China. Professor David Yoffie from Harvard Business School joins us on the programme.

We're in Ankara, where Hannah Smith reports on how EU diplomats are threatening Turkey with sanctions over its relationship with Russia. We also look at how economies on different sides of the world - Sri Lanka and Nigeria - are struggling to cope with global supply pressures.

Joe Saluzzi from Themis Trading has the latest market news ahead of key inflation results in the US.

Sri Lanka's energy regulator has approved a 75% increase in power tariffs, as the economic crisis in the country continues.

The US Senate has approved new laws aimed at tackling two major global challenges: climate change and rising prices. The Inflation Reduction Act has supporters on either side of the political spectrum, but economists claim it has some shortcomings. Bloomberg's Laura Davison tells us why it may fall short of expectations. From Illinois, Peter Jankovskis has the latest market news. Elsewhere, tensions are continuing to ramp up between the US and China over Taiwan. David Woo grew up there. He explains why - regardless of outcome - conflict isn't something people and businesses there want. We'll also hear how China is speeding up its fleet of self-driving taxis.

Large-scale protests over the soaring cost of fuel have broken out in Bangladesh. The government increased the cost of petrol and diesel by more than 50% over the weekend. We speak to industrial economist Dr Khondaker Golam Moazzem in Dhaka. Two more ships carrying grain have left Ukraine. Their departure means 10 ships have now left the Black Sea ports since last week, when a deal was brokered to move an estimated 18 million metric tons of grains that have been trapped in Ukraine since Russia’s invasion in February. Commodities analyst Victoria Blazhko explains how the development will affect prices around the world. UK airport boss Tim Jeans provides analysis of the global aviation industry, as Australian carrier Qantas asks executives to work as baggage handlers for three months, as it faces staff shortages.

US employers added more than 500,000 jobs in July and the unemployment rate dropped, defying fears that the labour market is heading for a slowdown.
The jobless rate fell to 3.5% from 3.6% in June, as restaurants, bars and other firms continued to add workers.

China is halting co-operation with the US in several key areas including climate change, military talks and efforts to combat international crime.
The new measures follow a trip to Taiwan by a US congressional delegation led by senior Democrat Nancy Pelosi.

The Premier League is back for another season, starting Friday night with a London derby as Crystal Palace host Arsenal. We find out how the league has transform from being a competition enjoyed exclusively for football purists, to one of the UK's biggest cultural exports.

It's among the most watched sporting leagues around the world, with rights deals breaking into the billions. As a new season gets underway, World Business Report is live from Manchester City's Etihad Stadium. Join us and a range of guests to find out what gives the Premier League its extraordinary brand power.

Throughout the programme, Will Bain is joined by Professor Tom Cannon, a football finance expert from the University of Liverpool; and Fiona Green, the co-founder of sports analytics consultancy Winners.

A former chief executive at Liverpool FC, Peter Moore, provides his insight into how clubs are still searching for growth.

Andrew Tucker from supporters' group The Third Rail explains how fanbases are expanding in unexpected places. Football agent Shehneela Ahmed is also on hand to discuss how the money players generate is likely to keep soaring.

The Bank of England has warned the UK will fall into recession as it raised interest rates by 1.75% - the most in 27 years.

Governor Andrew Bailey said he knew the cost of living squeeze was difficult but if it didn't raise interest rates things would get "even worse".

The Insurance Council of Australia has told the BBC that some flood-prone areas might have to be abandoned because the risks are just too high.

The Nigerian Broadcasting Commission NBC has fined several partner stations of the BBC in Nigeria for showing a documentary about armed criminal gangs in the northwest of the country. The NBC claims the film contravened the country's broadcasting code.

Unrelenting inflation pressures have prompted the fastest rise in global interest rates since the early 1990s. Emma Wall, head of investment analysis at Hargreaves Lansdown, explains what this means.

In Spain, the soaring cost of energy is being blamed for an ice shortage. Jose Maria Garrigues, who works at the ice machine company Coalza, shares his experience.

New research which suggests that global use of fertilizer will fall by 7% in the next 12 months. Laura Cross is the director of market intelligence at the International Fertilizer Association and gives her analysis of the current situation.

(Picture: Governor of the Bank of England Andrew Bailey addresses the media on the Monetary Policy Report at the Bank of England, in London, on August 4, 2022. Credit: Getty Images).