It's official: 2026 is an El Niño year

US and Iranian officials have signed a 'memorandum of understanding' to end the war which began in March. Oil and LNG prices are expected to fall as ship traffic resumes.Dozens of Ukrainian drones have struck the biggest oil refinery in Russia's capital Moscow. Many parts of Russia have suffered fuel shortages in recent weeks.And Cuba's Communist government has approved reforms to try and revive its economy in the face US oil blockade.

Donald Trump’s new Federal Reserve chair, Kevin Warsh, has held interest rates steady at his first policy meeting, despite being appointed with a clear expectation that borrowing costs would fall. What does it mean for ordinary business owners in the States? And we look how motorbike couriers smuggling Iranian fuel into Pakistan, where riders say the war has triggered a new boom. Plus how does one of the world’s biggest oil producers end up short of fuel? We're in Russia where drivers are queuing for hours to fill up their tanks.

US Fed Chair Kevin Warsh who was appointed by Trump is to set to oversee his first meeting, but will he hold rates steady? In Japan, six major ice cream makers have been raided following accusations that they have unfairly raised prices. And the Boss of Mondelez who own Cadbury and Toblerone speaks on why he decided to not exit Russia despite their invasion of Ukraine. Presenter Sarah Rogers Producer: Barbara George and Aleeza Siddiq

Elon Musk's SpaceX has overtaken Amazon to become the world's fifth most valuable company after a surge in its share price. Why are people keen to invest in commercial space?Also, Cuba's tourism feels the impact of US oil blockade as fewer people visit the country . We hear from a local tourist guide.And will AI replace jobs of young people? We hear from a father and daughter about the challenges of finding work in the AI world.

China's consumer spending and investment have fallen to levels unseen since the pandemic but what does that mean for their economy going forward? Also Donald Trump shares more details on that Iran-US deal at the G7. And we'll be finding out why tourism is declining in the Caribbean island of Cuba. Presenter Sarah Rogers Producer: Barbara George and Aleeza Siddiq

The US and Iran agree deal to end war and could lead to supplies of gas and oil flowing more freely across the world. We hear from the Secretary-General of the International Maritime Organization (IMO) and from one of the world's biggest container shipping firms - Hapag-Lloyd.And as the UK ban socials for under 16's is that the right approach? And how it will affecting businesses?

The US and Iran have reached an agreement to reopen the Strait of Hormuz. We will be hearing what this mean for oil prices in the global market. In the UK there's a ban on under 16's on social media. The UK says it it going further than other countries to remove high-risk features on gaming platforms and livestreaming sites. And Starbucks across South Korea close for a staff history lesson - after a marketing stunt went horribly wrong. Presenter: Sarah Rogers Producer: Barbara George

Elon Musk has become the world's first trillionaire after SpaceX shares soared following the company's stock market debut in New York. Andrew Peach examines what's driving the company's remarkable rise from its Starlink satellite business to the enduring appeal of the Musk brand.Also on the programme, Switzerland is preparing to vote on proposals to limit population growth. But could restricting migration come at a cost to the country's economy?And we'll assess the legacy of one of the art world's biggest names, as David Hockney dies aged 89, and ask what continues to make his work so sought after and valuable.(Picture: A billboard of SpaceX is pictured on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite, in New York City, U.S., June 12, 2026. REUTERS/Jeenah Moon)

Today is the day SpaceX begins trading on public markets after raising around $75 billion in one of the largest listings on record, valuing the company at nearly $1.8 trillion. Broader markets are also edging higher, with investors weighing whether enthusiasm around SpaceX is part of a wider surge linked to major AI-related listings still to come.There is also growing focus on the personal implications of the listing. The scale of the valuation raises the possibility of Elon Musk entering the trillion-dollar club, prompting questions about what that means in practice Presenter: Leanna Byrne Producer: David Cann

El Niño has officially begun, according to scientists at the US National Oceanic and Atmospheric Administration. Will Bain examines what the climate phenomenon could mean for food prices, energy markets, economic growth and weather patterns around the world. We'll also look ahead to Friday's huge Initial Public Offering in shares in SpaceX. And the World Cup is under way. We hear from businesses and residents about the opportunities, disruptions and expectations as the tournament gets started.(Picture:Indonesian farmers brace for possible dry spell linked to El Nino. Indonesia, June 4, 2026. REUTERS/Willy Kurniawan)