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World Business Report

The latest business and finance news from around the world from the BBC

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"Billions of dollars worth of damage" caused by Hurricane Ian

Rescue workers and US military personnel have been searching for survivors of Hurricane Ian in the state of Florida, as thousands of people remain unaccounted for. Local reports say many people are still waiting to be rescued. Will Bain hears from disaster modeller Chuck Watson, the Director of Research and Development for Enki Research, who says the impact of the storm will cost billions of dollars.Brazilians will vote in the first round of the presidential election this Sunday. The incumbent, the right wing Jair Bolsonaro trails in the polls against former president Luiz Inacio Lula da Silva, who sits at the other end of the political spectrum. Marcos Casarin is an economist at Oxford Economics.The New York Yankees' baseball player Aaron Judge approaches the record of 61 home runs - but Yankees fans in New York City might not be able to watch it. New York Post sports media columnist Andrew Marchand tells us why.

27mins

30 Sep 2022

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Hurricane Ian causes devastation

We hear the latest from Florida and Cuba, as Hurricane Ian makes landfall in the US.In one of Europe’s largest initial public offerings, Porsche shares climbed on their debut in Frankfurt. Our international business correspondent Theo Leggett told us how the first day of share sales.With the Brazilian election fast approaching, we hear from Marcos Zanarzay who is running for state legislature in Rio de Janeiro for the free market Novo Party - an party outside the big two of Mr Bolsonaro and Lula. Economist Paulo Nogueira Batista talk us through the key issues ahead of the weekend.

26mins

29 Sep 2022

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Another difficult day for the British economy

It’s been another windy day for the British economy as the Bank of England intervenes to buy government debt. The leader of the UK's main opposition party - Keir Starmer says the government has lost control of its finances.Raoul Puparel, head of the Boston Consulting Group and a former special adviser to the UK Prime Minister on Europe, describes the situation as unprecedented.How are the markets reacting? Susan Schmidt who's Head of US Equity at Exchange Capital Resources in Chicago tells us.Hurricane Ian bears down on the East Coast of Florida in the US, leaving more than a million people without power. President Biden warns people to take heed of the advice of local authorities.Suspicions continue about the blasts on Tuesday in the Baltic Sea that damaged the pipes bringing gas to Europe from Russia. Melinda Hearing, the deputy director of the Atlantic Council’s Eurasia Center shares her thoughts.Retailers and consumers in Liberia are spending days and nights in queues to buy small quantities of rice which is fast disappearing from shops and marketplaces in the country. Clarence Jackson, a Liberian journalist, tells us what exactly is happening.From movies to boxsets then music and now sport - is the new streaming war out on the pitch? Shay Segev, DAZN Group CEO sheds more light on the new deal to buy ELEVEN Group's global sports media businesses.

27mins

28 Sep 2022

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IMF raises concerns over UK economy

The BBC'S New York correspondent, Michelle Fleury explains the IMF's concerns about the new fiscal measures adopted by the UK.Mark Sobel, a former US treasury official who is now chair of OMFIF a think tank, highlights the importance of sterling to the global economy.Polish Prime Minister, Mateusz Morawiecki has reacted to the gas leaks from Russian-controlled pipelines, describing the damage as an act of sabotage. But the US Secretary of state, Anthony Blinken, takes a more cautious approach.The leader of the opposition party in the UK, Sir Keir Starmer, has announced a new Labour policy for tackling climate change - setting up a state-owned energy company - called Great British Energy.We speak to Jacob Schlandt, a journalist based in Germany about the effects of the leak on the markets.As Florida braces for Hurricane Ian, Cathy Perkins, the Director of Pinellas County Emergency Management talks to us about the situation.Food delivery drivers in Brazil are facing hard times trying to save a mere 3 dollars extra a day on fuel. BBC journalist, Agustina Latourrette speaks to some of them.Paris Fashion Week is back in the French capital with a bang. The BBC's Bisi Adebayo caught up with Lucy Maguire, a reporter for Vogue Business who's at the show in Paris.

27mins

27 Sep 2022

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Strong dollar fuels currency downturn

Britain’s pound hit record lows against the US dollar on Monday. So how much is a strong dollar to blame? We speak to Claudia Sahm, the founder of Sahm Consulting and a former Federal Reserve and White House economist. The US has warned Russia that it will impose further economic sanctions if Moscow annexes more territory in Ukraine. Peter Jankovskis of Arbor Financial Services talks us through the likely implications if this happens. In Ghana, the current state of the economy takes centre stage as the government seeks a multi billion dollar finance deal from the International Monetary Fund to tackle economic hardship. The BBC's Ghana Correspondent Thoams Nandi paints a picture of the situation. How will Kenya's president Ruto fulfil his promise to tackle the cost of living crisis and lift people out of poverty? Mr Ruto unveils his plans to the World Service's Alan Kasujja. The fight for domestic workers’ rights continues. The BBC's Laura Heighton-Ginns investigates the exploitation and abuse of domestic workers overseas. Alex Serdiuk, CEO of the Ukraine AI firm Respeecher tells us how it’s been made possible to clone one of the most well-known characters in movie history.

27mins

26 Sep 2022

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Pound hits all-time low against the US dollar

Sterling falls to historic low as markets react to the UK's biggest tax cuts in 50 years. The level of public borrowing to fund the government's plans concerns investors. We talk to Jane Foley, currency strategist at Rabobank. Giorgia Meloni is set to become Italy's new Prime Minister after her right-wing coalition triumphed in this weekend's elections. What will be the focus of her economic policy? We ask Michele Geraci, former undersecretary of state at the Italian Ministry of Economic Development. The Organisation for Economic Cooperation and Development (OECD) is predicting a 2.8-trillion-dollar hit to the global economy next year as the war in Ukraine continues, and the resulting inflation crisis takes its toll on demand. We hear more from Alvaro Pereira, the OECD's acting chief economist. The video-sharing app TikTok could face a fine as high as 29 million US dollars after authorities in the UK found that the company may have failed to protect the privacy of users. The BBC's tech reporter Shiona McCallum tells us the details. The re-release of Avatar has brought in $30 million across global box offices this weekend. Rob Arthur, the director at the cinema and entertainment advisory service Paguro Ideas explains why the movie is so popular.

27mins

26 Sep 2022

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A historic week for the global economy

On World Business Report, we look back at a turbulent seven days for central banks, markets and businesses. It's been a week in which the Federal Reserve raised interest rates again, prompting other central banks to follow; but the move has had negative effects on other major currencies. A global recession seems ever more likely; and Britain's new chancellor has made a series of announcements aimed at growing the UK economy. We're joined by Becky Candy, a business owner and coach in England; former Bank of England staffer Professor Danny Blanchflower; and Wall Street analyst Chris Low. Kai Rysdall from our partner show, Marketplace, also joins the programme to discuss the US maritime industry.

27mins

23 Sep 2022

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Russian economy under strain after many flee to border following military call-up

Large numbers of Russian citizens are trying to leave the country to escape the military mobilisation announced by Vladimir Putin. Direct flights to visa-free countries are sold out, and long queues of cars are lining up at the borders. Professor Nikolai Petrov, Senior Research Fellow with the Russia Programme at think tank Chatham House in London talks about the impact of this on the economy. Bad weather has knocked out the entire electricity supply on the Caribbean island of Puerto Rico as Hurricane Fiona causes havoc. We hear from Angelique Sina who runs a business on the Island. And Sean O' Kane an Auto Reporter with Bloomberg News talks about the fallout from electric car giant Tesla after it recalls more than a million cars.

26mins

22 Sep 2022

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The Fed raises interest rates for the third time

The Federal Reserve increases interest rates by 0.75 percentage points to fight inflation. The new target range is now 3% to 3.25%, the highest level in almost 15 years. We talk to Tom Sullivan, the U.S. Chamber of Commerce’s Vice President of Small Business policy. The Central Bank of Brazil is expected to keep its interest rate at 13.75%, which would mark the first slowdown in policy tightening by the bank since early 2021. BBC Brazil's Thais Carrança tells us more from São Paulo. Margarathe Vestager, one of the European Commission's executive vice presidents and its competition commissioner, tells the BBC's Victoria Craig that funding alternative technologies will be a crucial element of the transition to greener sources of energy. And we take a look at the latest from the markets with Susan Schmidt, head of US Equity at Exchange Capital Resources in Chicago.

27mins

21 Sep 2022

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Expectation rises ahead of Federal Reserve announcement

Forecasters say the Federal Reserve may increase interest rates in the US by 0.75 or even 1 percentage point. We talk to Joe Saluzzi of Themis Trading in New Jersey.In Argentina, the Central Bank is trying to fight inflation with interest rates as high as 75%. Carolina Millan, a reporter with Bloomberg in Buenos Aires, tells us more. A Texas sheriff has opened a criminal investigation into whether dozens of asylum seekers were illegally flown from the state to Martha’s Vineyard. We hear more from Luis Fajardo, from BBC Monitoring in Miami. New York is hosting the Climate Change Week, with business and political leaders from across the world gathering to take part. We talk to Dan Zarrilli, a professor of Climate studies at Columbia University.

26mins

20 Sep 2022

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