Fed raises US interest rates by 0.25%

The Federal Reserve has raised rates for the first time since 2023 the bank focuses on inflation fight. Chair Kevin Warsh defied Donald Trump’s calls for lower borrowing costs.2026 summer wheat exports from Russia and Ukraine will be 60% lower than pre-war average. Attacks on ports and shipping are to blame. Experts tell World Business Report that global wheat prices are likely to rise.One of Ed Sheeran's support acts has been dropped by his US concert promoter for his views on Palestine. World Business Report looks at the financial fall-out.

As businesses in the US prepare themselves for a potential interest rates hike, Luke Wilson hears from a dairy farmer about how it could impact his bottom line.Plus, as President of the European Commission Ursula von der Leyen backs a proposal for Canada to become an associate member of the EU we ask, just what could that relationship look like?

In recent weeks the US Treasury Secretary has tried to tame the bond markets. The cost of bonds affects how much you pay for borrowing such as mortgages and credit cards. But can Scott Bessent succeed where so many before him have failed?Also the luxury brand LVMH appears to be losing some of its shine. Why has the luxury giant lost its appeal and how much is the second-hand market to blame?Elsewhere the Ebola outbreak in the Democratic Republic of the Congo has killed more than 3,400 people, what does it take to develop a vaccine?(Photo Credit: EPA/Shutterstock)

As fuel prices rise across the world, Luke Wilson hears from an economist in Germany about the impact on the country's industry.Plus, how are costs to borrow money affecting mortgage rates?

Anthropic co-founder Jack Clark speaks to the BBC about the dangers of AI development and need for regulation, as the world's biggest AI bosses call for a pause in development, we find out does AI need a kill switch?Also, Africa’s biggest ever share sale has been launched, Aliko Dangote wants millions of Nigerians to own a piece of his oil refinery, to help his plans for expansion. And Russia’s wartime economy may still be growing, but are businesses and ordinary Russians beginning to feel the strain?PHOTO CREDIT: BBC NEWS YOUTUBE

As bosses of AI companies call for a 'slowdown' in the development of the technology, the BBC's Luke Wilson explores if it's even possible without China onboard. Plus, Africa's biggest ever public share has opened in Nigeria and how are oil prices reacting to the closure of a key pipeline in Saudi Arabia.

The Houthis now control the vital Red Sea waterway including the key shipping lane through the Bab al-Mandab Strait. We hear from maritime and security experts.    As oil prices hit an unprecedented six dollars per barrel in the U.S., we go to South Dakota and Massachusetts to speak to American business owners about the impact of higher prices and lower wages.    And on the twenty fifth anniversary of 9/11,  the Speaker of the New York City Council tells us about how her city fought back, but also about the environmental consequences of the attack.   (Image Credit: EPA/Shutterstock)

Prices in the US rose by 3.4% in the year to August, with the cost of living being pushed up by higher gasoline prices. We hear how one business is being impacted. China sets targets to boost the percentage of EV's and autonomous vehicles on its roads. And athletes compete for a share of 10 million dollars at the inaugural World Athletics Ultimate Championship in Budapest Hungary. Presenter: Luke Wilson Producer: Barbara George

The visit to New Delhi is Xi Jinping’s first trip to India in seven years. But will this diplomatic overture lead to stronger business ties between the two countries? We go to our correspondent on the ground who tells us more. How much does the BRICS summit matter? A Brazilian economist tells us her view. An expert on Yemen explains the latest shipping crisis in the region, after Houthi rebels take the city of Mocha on the Red Sea.We go to New York to speak to a mathematician who says the field is in trouble — because of AI.And the revelation that AI companies are buying rare books and destroying them has sent shockwaves through the books market — one rare book seller tells us why AI companies want the books and what it's doing to his business.(Image Credit: Reuters)

The European Central Bank has raised its key interest rate to 2.5%, as it steps up efforts to bring inflation under control. Will be taking a look at the kind of impact this is having and will other central banks follow suit. Oil as hit over a hundred dollars a barrel, with jet fuel costs in some parts of the world pushed even higher. And the Chinese telecoms giant Huawei goes on trial in New York. Presenter: Luke Wilson Producer: Barbara George