World Business Report

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.