The latest business and finance news from around the world from the BBC
The 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 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 meant to prevent famine. The European Commission gave more than 7 million dollars in aid to the World Programme's operations in Somalia last year. One of Japan's most well-known corporations, Toshiba, has been sold to a private consortium -- which will end its seventy-four years as a listed company.
The 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 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.
Global 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 dollars in May. Sam Fenwick hears about how the oil price hike is affecting taxi drivers and airlines.
Union 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.
The car workers strike in the US enters day 4 today with the president of the United Auto Workers union, Shawn Fain preparing to meet again with bosses at General Motors, Ford and Stellantis. The workers want a 40% pay increase - the same rate their CEOs' pay grew in recent years. The price of oil is reaching 95 dollars a barrel for the first time since November last year. Growing supply tightness and dwindling stockpiles have led into the increase in prices which in turn will start to affect how much you pay at the pump. Water suppliers in Johannesburg, South Africa, have asked residents of the city and its suburbs to use less water because of a water shortage that they warn could “result in the collapse of the system”.
US President Joe Biden has sided with workers who have gone on strike in a pay dispute with three of America's biggest car-makers. In a meeting on Friday he said "workers deserve a fair share". We hear what the workers are accusing the plants about which are owned by General Motors (GM), Ford and Stellantis. Prices for Uranium have surged to their highest level for 12 years as countries try to protect stocks for nuclear power production. We take a look at where there is a huge demand for this metal. And Disney boss Bob Igor recently hinted that it was going to sell off it's TV network, ABC. Well media entrepreneur Byron Allen has put his name in the ring to buy the station. We find out if his 10 billion dollar bid is a decent valuation.
More than 10-thousand employees at three of America's biggest car makers have gone on strike over pay and conditions. It's the first time that the United Autoworkers Union has simultaneously targeted all three of the main US car manufacturers - General Motors, Ford and Stellantis.
Nearly 150 thousand U.S. auto workers are set to go on strike this week if General Motors, Ford, and Stellantis fail to meet their demands for big pay raises. Workers want a 46% pay increase and the restoration of concessions workers made years ago when the companies were in financial trouble. The United Auto Workers union, has threatened to strike any of the three companies that haven't reached an agreement by the time its contract with the union expires.
Driven by things like petrol prices, the consumer price index increased by 0.6% last month, the largest gain since June 2022. However underlying inflation was the smallest in nearly two years, so what could that mean for further interest rate rises by the Federal Reserve? Roger Hearing finds out how the price rises are affecting businesses and what driving up the price of petrol.
The European Commission has started an investigation to assess whether China is using unfair subsidies to boost the sale of its electric vehicles in Europe. Certain state subsidies are illegal under international trade rules.
The head of BP Bernard Looney has suddenly resigned following allegations over personal relationships with colleagues. We find out what this means for the company going forward. What happens when the NFL's Most Valuable Player gets injured right at the start of the season. Well it happened to the Jet's very own Aaron Rodgers we take a look at what this means for his club and the future of the games going forward. And Pickleball is the rage in America this summer. It's a form of paddle tennis and is taking over space in American cities and taking up increasingly large parts of personal and corporate budgets. We'll hear just how fast the sport is growing.
US prosecutors are taking Google to court over allegations it made deals with smartphone makers to ensure it was the default search engine on billions of devices. The Department of Justice claims the tech giant engaged in illegal practices, which Google denies. The International Atomic Energy Agency (IAEA) is forecasting that demand for oil, natural gas and coal will all peak before 2030. We ask if this is the beginning of the end for the fossil fuel era, what does it mean for the countries that rely on them now? Pickleball has become a popular racket sport in the US this summer, but why is it frowned upon in some quarters? Michelle Fleury reports on the tennis-like craze from New York City.
The two leaders are likely to discuss North Korea supplying weapons in support of Russia's war in Ukraine. We will hear the latest on the economic friendship between the two countries. And Thailand's new prime minister has announced a cash handout in a bid to revive the economy. $300 will be distributed to every citizen through a digital wallet. We look at how this tactic will revive the country's economy. Also, we're about to see the opening of the biggest legal case against big tech in decades as Google will be prosecuted on charges of monopolizing the online search space. We'll find out what this means for the tech industry going forward.
The interior ministry of Morocco says nearly two-thousand five hundred people have died following Friday's earthquake. Rescue teams are still battling to find survivors trapped in the rubble. We look at the economic impact on the country. The EU is considering scrapping plans to impose regulations designed to improve animal welfare in the farming industry, over concerns about the impact it could have on food inflation. Lab-grown meat can be labelled kosher and halal as long as its cells are derived in methods compliant with religious standards, according to two panels of experts commissioned by the industry.
Apple's stock market valuation has fallen by almost $200bn in two days after reports that Chinese government workers have been banned from using iPhones. We take a look at the implications this might have for the firm. Chevron workers at two of the companies' LNG facilities in Australia have begun a strike that could have global repercussions. We get the latest from our correspondent in Sydney. And as leaders of the world's major economies gather in India to attend the G20 summit, we find out what food they'll be served.
The co-working company, WeWork, is looking to renegotiate nearly all of its office leases following a significant decline in its share value since the beginning of the year. The company has 777 locations in 39 countries with long term lease obligations totalling more than $13 billion.
As imports and exports fall again in China, we ask what the economic slowdown means for the rest of the world. A separate report also shows a decline in the services sector of the world's second-largest economy. Senior Bloomberg correspondent in Hong Kong Rebecca Choong Wilkins gives us her analysis. Struggling co-working company WeWork is looking to renegotiate all of its office leases around the world as it questions remain over its ability to stat in business. CEO and co-founder of flexible workspace company Industrious, Jamie Hodari. We go behind-the-scenes of the World Cup of Flowers, taking place in Manchester, England.
African leaders have issued a declaration proposing new taxes across the world to fund action against climate change. The Nairobi Declaration was issued at the end of the three-day Africa Climate Summit in the Kenyan capital. Turkey pushed up its inflation forecasts and cut those of economic growth on Wednesday, as President Erdogan appeared to endorse the big interest rate hikes that are driving a turnaround toward more orthodox policies. The European Union Commission has designated six tech giants as 'gatekeepers'. This means, Amazon, Alphabet, Apple , Meta, Microsoft and TikTok owner ByteDance, have six months to comply with tougher obligations designed to open their platforms to more competitors.
With inflation up, consumer sentiment down and business activity contracting in Germany, we ask if two decades of prosperity in the European powerhouse are at an end. In a special programme, Vivienne Nunis is joined by BBC correspondent Damien McGuiness in Berlin to discuss the core issues. We hear from Thilo Brodtmann, head of Germany's largest industrial association, the VDMA. Thorsten Schmidt, CEO of Heller Machine Tools in Nürtingen gives us his view on the recent slowdown in manufacturing output.
The cost of oil climbs above $90 a barrel for the first time in 2023. We look at the reasons and the consequences this can have in countries that are already struggling with high fuel prices like Pakistan. A new law has taken effect in New York City that restricts short term rentals through platforms such as Airbnb and VRBO. We find out the details. And we hear about the Belgian government's initiative to put pressure on banks to get them to raise interest rates on deposits. But will it work?
Qantas CEO Alan Joyce is stepping down two months earlier than planned, as the airline faces growing controversies. In the past two years Qantas has faced a slew of criticism for expensive airfares, mass delays and cancellations, and its treatment of workers. Labor Senator Tony Sheldon gives his reaction to the news. South Africa's economy has grown more quickly than expected in the second quarter of 2023. This is despite ongoing power outages impacting the country. An ice cream seller in Soweto tells us how he's been affected. The maker of weight-loss drug Wegovy briefly became Europe's most valuable company, after the treatment was made available in the UK.
Russian president Vladimir Putin says the agreement to allow Ukrainian grain exports on the Black Sea will be revived when his demands on exporting Russian products are met. We look into the impact this is having on Ukraine's economy. Protests against soaring electricity bills continue in Pakistan. We hear about the challenges high energy rates pose for local businesses and why the government does not have many alternatives to help bring prices down. And we get the latest from the biannual meeting held by the members of the Association of Southeast Asian Nations (ASEAN), which is taking place in Indonesia.
As Turkey's annual rate of inflation hits 58.94% in August, we analyse the reasons why. We hear from a local business owner in Ankara about his struggles with rising energy and food costs. We also take a closer look at two other countries struggling to control inflation: Pakistan and Argentina. Residents in Spain's capital city, Madrid, are dealing with the aftermath of flash flooding over the weekend. Transport links have been affected and many businesses have been forced to close. Internet search engine Google turns 25. We find out how the company with humble beginnings turned into a tech titan.
Vivienne Nunis hears about a new report which says that if nothing is done to redress Africa's huge debt burden, the consequences will be felt far outside the continent. New rules come into force today (Friday) in the Netherlands, which could further limit the export of high-end semiconductor technology to China. From today, rented E-scooters will no longer be seen on the streets of Paris - after residents voted overwhelmingly in favour of getting rid of them.
Florida's Tropical Storm Idalia is the most expensive natural disaster to hit the United States this year. Insurance companies in Florida are now under pressure; nine property insurance firms have closed down since 2021. We hear from a business in Cedar Key which was badly damaged by the storm.
Army officers who seized power name a transitional leader for this nation rich in oil and manganese, a key mineral in the steel industry. We take a look at Gabon's economy, the role it could have played in the political crisis which unravelled this week, and the challenges it will face under new leadership. Figures from China's manufacturing sector show that activity has dropped for the fifth month in a row. We look into the latest gloomy data on the state of the world's second largest economy. And we hear how two years of drought in Spain, the number one global producer of olive oil, are making prices of the commodity soar.
Switzerland has outlined a series of measures to combat money laundering and increase transparency in its huge financial sector. They include a register of those who ultimately benefit from trusts and companies - Switzerland is the only European country that doesn't have one. One of China's biggest property development firms, Country Garden, has reported half year losses of six-point-seven billion dollars. The announcement increases concerns about the troubled property sector, which accounts for more than a quarter of Chinese GDP. Burger King must face a lawsuit that alleges it makes its Whopper burger appear larger on its menus than it is in reality, a US judge has ruled.
Electricity prices in the country have soared since the government cut energy subsidies to obtain a $3bn bailout from the International Monetary Fund leading to protests. We hear how this is impacting individuals and businesses. Also in the programme, we get the latest from Gabon, where the military has seized power and placed President Ali Bongo, 64, under house arrest. We take a look at the economic background in which the coup has taken place. Netflix has told the BBC that their gaming division is a "natural extension" of their entertainment business. We talk to one of the firm's gaming partners about the opportunities that the streaming giant has opened for the industry.
Gina Raimondo is the latest of four US top officials to visit China in the last two months. We look into what might come out from her four-day visit to the Asian superpower. London has expanded its Ultra Low Emission Zone to make it the world's biggest anti pollution charging zone. We hear how much drivers will have to pay to drive within the city, and the impact it can have on workers and businesses. And India, the world's largest rice exporter, has issued new curbs on exports of this cereal. We listen to the reasons and the potential consequences.
Shares in embattled Chinese property developer Evergrande have fallen almost 80% in their first day of trading in Hong Kong for a year and a half. The shares have lost more than 99% of their value in the past three years as Beijing cracked down on property firms. Also, a technical issue at UK air traffic control has led to long flight delays and even though layoffs are down, employers are still finding ways to cut jobs
Shares of the Chinese property giant fell by almost 80% on its first day of trading since March last year. The firm had suspended its activity in the Hong Kong Stock Exchange as it aimed to release a global restructuring plan. he US Commerce Secretary, Gina Raimondo, is the fourth member of Joe Biden's cabinet to visit China in the last two months. We look into what might come out of this three-day trip. And thousands of airline passengers face potential delays and cancellations after a technical issue at UK air traffic control led it to bring in traffic restrictions to "maintain safety". We hear the latest.
The US Federal Reserve chairman has said the central bank will continue to raise interest rates "if appropriate" as inflation remains "too high". Jerome Powell told an annual gathering of central bankers that the pace of price rises had fallen from a peak. The Director of the British Museum is stepping down over the way the institution under his leadership handled a series of thefts that have shaken its reputation. The international leg of Taylor Swift's Eras tour kicked off last night in Mexico City. She is on track to make one billion US dollars from her Eras tour, which would make concert history.
The BRICS group of nations has invited six countries to join them. They are Argentina, Egypt, Iran, Ethiopia, Saudi Arabia and the UAE. We look at how some of these countries would benefit from joining this bloc. Central banks from around the world are gathering for the annual three-day conference in Jackson Hole, Wyoming. Turkey's central bank hiked interest rates on Thursday by more than expected as it steps up a new commitment to damp inflation through monetary policy.