Review of the year 2025 - from Tariffs to Labubus

Frey Lindsay looks back on the stories shaping the world of money and work in 2025. It's been a year where tariffs have grabbed many of the headlines and we hear from our correspondents around the world on the impact they've had. We also hear about the biggest toy and collector craze of 2025 - the Labubu doll.

In Pakistan, the government has sold its national carrier, PIA, in an auction which was televised live. The airline sold for $482 million. Gideon Long speaks to Muhammad Ali, the privatisation adviser to Pakistan's Prime Minister Shehbaz Sharif. We hear from two countries at the sharp end of Donald Trump’s tariffs over the past year - India, which is on 50% US export tariffs, and South Africa facing 30%. And in the UK there is a blue and smelly cheese called Stilton which many people traditionally eat at Christmas. In fact 40% of sales are in the six weeks before Christmas. But its makers are on a mission to change all that and make Stilton a year round nibble. (PHOTO: View of a Pakistan International Airlines (PIA) passenger plane at Islamabad International Airport, Pakistan October 3, 2023. Credit: REUTERS/Akhtar Soomro/File Photo)

Leanna Byrne is joined by Russ Mould of AJ Bell to look back at the market moments that defined the year from tariffs and precious metals to the growing influence of artificial intelligence. Plus,the latest US jobs figures show a fall in new applications for unemployment benefits. And India launches its heaviest-ever rocket yet, another sign of its ambitions to compete in the fast-growing global satellite industry.

The US economy picked up speed over the three months to September, as consumer spending jumped and exports increased but consumer sentiment is low, Rahul Tandon hears from a business about what things are like on the ground. The US Food and Drug Administration (FDA) has approved a pill version of the weight-loss drug Wegovy, according to pharmaceutical giant Novo Nordisk. And, an important moment for Indian female cricket players seeing their match fees doubled for domestic games.(Photo: A person shops for products imported from Asia at a market in Los Angeles, California, USA, 07 April 2025. Credit: ALLISON DINNER/EPA-EFE/REX/Shutterstock)

New figures suggest the US economy is powering ahead but questions remain about what that really means for businesses? Leanna Byrne looks at what’s behind the data. Also, US regulators have approved the first pill version of the blockbuster weight-loss drug Wegovy. And could North Koreans be working remotely for US companies?

The American billionaire Larry Ellison has promised more than $40 billion of his money in support of Paramount to buy rival studio, Warner Bros Discovery. Where does this leave antitrust questions around a Paramount or Netflix takeover? Ed Butler hears from Phillip Berenbroick, who served as chief counsel for the US Senate’s judiciary subcommittee on antitrust matters. How much money is Morocco spending as host for the African Cup of Nations? Also, we explore Yiwu, China’s capital of Christmas(Photo: Paramount, Netflix and Warner Bros logos are seen in this illustration taken December 8, 2025. Credit: REUTERS/Dado Ruvic/Illustration)

Leanna Byrne takes a look as Jim Beam, one of the most recognisable names in American bourbon, confirms it will pause production for a year at its main Kentucky distillery from January. India and New Zealand strike a new free trade deal, cutting tariffs and opening markets on both sides. And at the box office, the latest Avatar: Fire and Ash opens more quietly than expected in the US, despite strong takings overseas.

Ukraine's position has been strengthened by a €90bn loan agreed by the EU after failing to agree on using frozen Russian assets. But is it enough to keep the country going?In Sri Lanka, the International Monetary Fund has also approved a $206 million in emergency financing to help the country rebuild after a devastating cyclone. What will taking on more debt mean for the country's future debt sustainability?Elsewhere, the former Chair of the independent board of Ben & Jerry's ice cream independent board has told World Business Report she was forced out by the company's owners, Magnum Ice Cream, following years of tension over Ben & Jerry’s outspoken social activism.Also, Sony has more than doubled its stake in Peanuts, bringing Snoopy and Charlie Brown under its corporate umbrella, while the creator's family keeps the remaining 20% share.(Photo: A serviceman of the 66th Separate Mechanized Brigade prepares to launch a Darts middle range strike unmanned aerial vehicle towards Russian troops. Credit: December 16, 2025. REUTERS/Sofiia Gatilova)

TikTok’s Chinese owner ByteDance has struck a deal with US and global investors to keep the app operating in America. But who really comes out on top?Could Japan’s interest rate hike offer relief to struggling households?Shipping giant Maersk has sent its first vessel through the Red Sea in two years. And how could a new EU finance deal strengthen Ukraine’s defence against Russia?Presenter: Leanna Byrne Producer: Niamh Mc Dermott Editor: Justin Bones

Volodymyr Zelensky has called on EU leaders at a crunch summit urgently to agree to a multi-billion euro loan in frozen Russian money to fund Ukraine's military and economic needs. Andrew Peach hears from EU leaders and an expert in Brussels. Also, Bolivia ends two decades of fuel subsidies, introducing tough measures to stabilise the public finances, but will people put up with paying more for fuel?And the economic challenges of making guitars, as Hoffner - famous for making Paul McCartney’s iconic violin-shaped bass guitar – has filed for insolvency in Germany. (Photo: Ukrainian President Volodymyr Zelensky gives a press conference during the EU Council Summit in Brussels, Belgium, 18 December 2025. Credit: OLIVIER HOSLET/EPA/Shutterstock)