World Business Report

Over several days, Ukrainian drones have repeatedly struck oil export facilites in Primorsk and Ust-Luga in the Baltic Sea, and Novorossiysk in the Black Sea. Seaborne exports of Russian crude oil have been reduced as a result. Troubled airline Air India is on the lookout for a new CEO after Campbell Wilson announces he's stepping down as chief executive. And a US hedge fund has launched a takeover bid for the world's biggest music company, Universal Music Group.

United States President Donald Trump said the US will target civilian infrastructure if Iran doesn't open the Strait of Hormuz. He has given Iran a deadline of tomorrow to reopen the passage. But what happens if that deadline passes? And why are some vessels already allowed to pass through?Meanwhile, new shipping routes are opening in the Arctic. We hear why the United States is investing in a new fleet of icebreakers.Plus, a new Super Mario movie has become a box office success, despite early doubts.

Japan relies on the Middle East region for over 90 percent of its crude oil imports. Most of these imports transit the Strait of Hormuz, which Iran has effectively closed. Amid heightened geopolitical tensions in the Arctic, the United States has ordered a new fleet of icebreakers that will be built in Finland. And the Super Mario Galaxy film opened this weekend in the US. Despte poor reviews, audiences have been flocking to see it.

After weeks of disruption in the Middle East, ships are starting to move again through the Strait of Hormuz, a vital route for global trade and fuel supplies. But it’s still a fragile return, and the risks remain high for companies and crews.We’ll hear how the conflict is affecting seafarers, with thousands stranded or unable to get to work, and what that says about the wider impact on global shipping.We’ll also look at the knock-on effects for trade, with millions of kilograms of tea stuck in Kenya as exporters struggle to get goods moving.And in the US, hiring has picked up more strongly than expected — but we hear from people on the ground who say finding work is still a real challenge.

Several sources are reporting that a French-owned container ship has successfully braved the troubled Strait of Hormuz. The CMA CGM Kribi is believed to be the first western vessel to pass through the passage since the outbreak of the US-Israeli war against Iran. It was not immediately clear how the vessel secured safe passage. It comes as Iran carried out two attacks on commercial plants in Kuwait and Abu Dhabi Also there's better-than-expected jobs news for the US. And we hear from a trade expert who examines President Trump’s latest tariff announcements of up to 100% on some imported medicines. And why the price of chocolate is remaining stubbornly high Presenter: Gideon Long Senior Producer: Craig Henderson

Elon Musk’s SpaceX is preparing to go public. Could it become one of the world’s most valuable companies?One year on from “Liberation Day”, when sweeping tariffs reshaped global trade, we ask who’s winning and who’s paying the price.And from bankruptcy to comeback, Leanna Byrne speaks to the boss of Polaroid about why instant cameras are thriving again.(Photo: NASA's SpaceX Crew-9 mission lifts off in a Dragon spacecraft, on a SpaceX Falcon 9 rocket, from the launch pad of Space Launch Complex-40 at Cape Canaveral Space Force Station in Florida, USA, 28 September 2024. Credit: Cristobal Herrera-Ulashkevich/EPA-EFE/REX/Shutterstock).

More than forty countries take part in a virtual gathering in a bid to reopen the vital shipping lane. The UK is playing host to the meeting, joined by other countries across the world caught up in the trade crisis caused by near closure of the Strait of Hormuz, due to the US-Israel war in Iran.UK Foreign Secretary Yvette Cooper opened the event by condemning what she described as "Iranian recklessness" in closing the Strait of Hormuz and "hitting global economic security". The talks are trying to find a solution to fully opening up the vital shipping lane.Among those represented at the talks is South Korea – a country particularly dependent on foreign oil imports. Earlier its president put its economy on what he described as "a wartime footing" by encouraging people to follow a range of measures to preserve fuel, as well as proposing a special Government financial support package. We look at how the production of plastics are being badly hit.And it’s a year since President Trump declared his ‘Liberation Day’, bringing in sweeping tariffs on countries across the globe. The latest US Trade figures published today - Thursday - show the US trade deficit widened in February to just over $57 billion…so has the policy been working?Presenter: Sarah Rogers Senior Producer: Craig Henderson

Jet fuel prices are surging as the war in Iran unsettles airlines and global travel. Leanna Byrne examines what it could mean for ticket prices and the wider economy. Also, a new weight loss pill from Eli Lilly promises to shake up the booming obesity drug market. And as Apple turns 50, what’s next for the garage start-up that became one of the world’s most powerful companies. (Photo: A general view of the PCK refinery, a crude oil processing facility supplying gasoline, jet fuel, diesel and fuel oil, in Schwedt/Oder, Germany, March 31, 2026. Credit: Lisi Niesner/Reuters)

South Korea has lifted caps on electricity from coal and the Philippines and Vietnam are boosting coal-fired power. Sarah Rogers explores whether or not the coal industry could see a long-term revival.Plus, we hear from the man behind the 'i' in iMac as Apple turns fifty years old.

Unilever, the company behind brands like Hellmann’s and Knorr, has agreed to combine its food business with US spice and flavour giant McCormick & Company. What does it tell us about where big consumer brands are heading next? Also, South Africa cuts fuel duties as the impact of the war in Iran feeds through to prices at the pump. Leanna Byrne hears from a business person and our correspondent who has been out to witness the situation. (PHOTO: Hellmann's, a brand of Unilever, is seen on display in a store in Manhattan, New York City, U.S., March 24, 2022. (Credit: Reuters/Andrew Kelly/File Photo).

The Sri Lankan government has increased electricity prices for most households by more than 8% as fuel costs surge due to the Iran conflict.Plus, Bisi Adebayo looks at the impact the war is having on jet fuel costs and how British and American food giants, Unilever and McCormick, have agreed a deal to combine parts of their food businesses.

The White House deflects questions about US threat to hit Iranian energy infrastructure. President Trump expects Iran to make a deal to end the war. He has said he'd strike targets including electricity plants, and Iran's main oil-exporting site, Kharg Island. Presenter Andrew Peach examines what this all means for Iran and its neighbours in the Middle East.(Photo: A handout satellite image made available by Copernicus, the European Union's Earth Observation Programme, on 14 March 2026 shows Kharg island, Iran, 07 March 2026. Credit: European Union Copernicus Sentinel-2 IMAGERY HANDOUT/EPA/Shutterstock)

The price of diesel has risen nearly 90% since the start of the war in Iran according to ICE. Why is that more than other fuels?Plus Sarah Rogers hears why the price of subscriptions could rise after the World Trade Organsiation fails to reach a deal on ecommerce tariffsand we look at the growth of fast fashion in India

BYD has reported a 19% fall in annual profit, its first decline in four years, despite rising sales as price pressure in China weighs on margins. We look at what is driving the slowdow, and what it means for the wider electric vehicle industry. We also examine the increasingly competitive market for electric cars, set against a backdrop of rising global oil prices.While oil prices continue to rise, the cost of weight loss drugs could be heading in the opposite direction. And we look at how a small, family-run business in Slovenia has become a major force in skiing.(Picture: Photo by RUNGROJ YONGRIT/EPA/Shutterstock (16787185n) A visitor inspects a BYD Atto 1 electric vehicle on display at the 47th Bangkok International Motor Show 2026 in Nonthaburi, on the outskirts of Bangkok, Thailand, 23 March 2026.)

As prices soar, petrol and diesel pumps are running dry at hundreds of service stations across Australia. But is the shortage caused by panic buying rather than lack of fuel? We hear from India where generic replacements for the weightloss drugs Ozempic and Wegovy are bringing cheaper drugs to the local market. And Hollywood actor turned producer Eva Longoria says a Warner Bros. Discovery–Paramount mega merger will be bad news for creativity in the movie busines

Meta shares slide after landmark ruling on social media addiction. Shares of Alphabet, Google's parent company, were also down but not as sharp as Meta stock. Jurors found that Meta, which owns Instagram, Facebook and WhatsApp, and Google, owner of YouTube, intentionally built addictive social media platforms that harmed the 20-year old's mental health. We look at the numbers and find out what investors are thinking.The global energy crisis is already wreaking havoc on economies across Asia, and the impact could soon be felt worldwide. It’s not just about higher cooking gas bills or queues at petrol stations, as Will Bain has been finding out. And what happens when you let artificial intelligence take over your holiday plans? We hear from one travel columnist who decided to find out by handing a two-night seaside break over to Google’s Gemini, with no guidebooks, no travel agent, and no help from friends.(Picture: Meta Platforms CEO Mark Zuckerberg departs the office of U.S. Majority Leader John Thune (R-SD) following a meeting at the U.S. Capitol in Washington, D.C., U.S., March 26, 2026. Credit: REUTERS/Nathan Howard).

A California jury found Meta and YouTube designed addictive products that harmed young people. The plaintiff was awarded damages of $6m; Meta to pay 70% and YouTube the remainder.Transport workers in the Philippines are on strike over the price of fuel driven by surging oil prices as the Middle East continues. The Filipino government which declared an energy state of emergency this week has introduced fuel subsidies and free bus rides for affected commuters, but protesters say the measures are not enough.And the boss of Air Canada is under pressure to resign, after releasing a condolence message for the recent deaths of two pilots in English only. One of the pilots killed in Sunday's collision at LaGuardia Airport was from French-speaking Quebec.

A Los Angeles jury has handed down an unprecedented win for a young woman who sued Meta and YouTube over her childhood addiction to social media. We hear the latest.Since the war in the Middle East erupted, attention has focused on oil and gas flows through the Strait of Hormuz. However, the Gulf is also a major producer of aluminium and helium. We look at how disruption has spread into other commodities. And it’s not just commodities and supply chains feeling the pressure. Airlines are watching oil prices closely, because fuel is one of their biggest costs. We hear from the boss of AirAsia Group, the Malaysian budget airline, on what might happen, should oil prices remain high. (Picture: Attorney for Kayle GM, Mark Lanier (C) speaks to the media outside the Los Angeles Superior Court, in Los Angeles, California, USA, 25 March 2026. Credit: Photo by TED SOQUI/EPA/Shutterstock).

The Asian Development Bank's Chief Economist Albert Park tells us that the conflict in the Middle East could prove 'traumatic', knocking as much as 1.3% of Asian GDP growth, depending on how long it goes on for. He believes that the countries most vulnerable include Sri Lanka, Maldives, Laos, Bangladesh and Pakistan. Meanwhile the price of jet fuel has more than doubled since the start of the war with Iran, with numerous major airlines raising their prices. Jetstar New Zealand cancelled some domestic services and flights between Australia and New Zealand. Vietnam Airlines also scrapped almost a two dozen domestic flights a week. And why shares in the Chinese toy-maker Pop Mart – who make Labubu Dolls – have tumbled more than twenty percent…their biggest drop in nearly a year. Presenter: Sarah Rogers Senior Producer: Craig Henderson

The Philippines government has declared a state of emergency. President Ferdinand Marcos Jr. said fuel supply in the country is in ‘imminent danger' as prices continue to surge because of the war in the Middle East. Meanwhile, Slovenia introduces fuel rationing to stop ‘fuel tourism’ and Kenya’s flower industry is struggling with cancelled flights and disrupted sales. As Australia closes hundreds of petrol stations, many ask where this crisis is headed, and when it will end. Andrew Peach has the latest. The Trump administration says it will pay the French energy giant, TotalEnergies, nearly $1bn to cancel plans to build wind farms off the US eastern coast. President Trump has moved to scrap sustainable energy sources and increase fossil fuel production. And dynamic ticket pricing is back in the news. A group representing football fans have filed a complaint against FIFA at the European Commission for ‘abusing its monopoly position’ in ticket sales for the 2026 World Cup. FIFA says it's focused on ensuring fair access to matches.(Picture: Philippine President Ferdinand Marcos Jr. announces a national energy emergency due to disruption from the US-Israel war with Iran. Credit: EZRA ACAYAN/POOL/EPA)