World Business Report

The Philippines declares state of emergency over fuel crisis

The Philippines has declared a state of national energy emergency as the conflict in the Middle East cuts fuel supplies. President Ferdinand Marcos Jr said he had signed an executive order to safeguard energy security amid severe disruption to global supply chains. The Philippines is highly dependent on fuel imports and particularly vulnerable to disruptions in production and shipments. The US-Israel war with Iran - and the effective closure of the Strait of Hormuz, a key shipping route - has sent shock waves through global energy markets, causing soaring prices and shortages. Meanwhile Slovenia has become the first EU member state to implement fuel as many countries experience steep hikes in fuel prices. In Slovenia, this has resulted in so-called "fuel tourism", as drivers from neighbouring countries, particularly Austria, take advantage of the lower, regulated prices here. Under the new measures, private motorists in Slovenia will be restricted to a maximum purchase of 50 litres of fuel per day. Businesses and farmers have a more generous allowance of 200 litres. And after eight years of negotiation, the EU and Australia have signed new trade deal that will remove the vast majority of tariffs for both markets. As a result European shoppers could soon see more Australian beef on the shelves and the EU will be able to sell more cars, chemicals and steel in Australia.

Oil, outages and energy shifts: the global ripples from the Middle East

As the war in the Middle East continues, other regions adjust. The price of oil dropped after President Trump said discussions with Iran had taken place. Meanwhile, the Philippines, which gets most of its fuel from the Persian Gulf, has declared a four-day work week to reduce energy demand; Suranjana Tewari is in Manila with the latest. We also look at the drive towards solar energy across Sub-Saharan Africa and how this conflict could accelerate trends in the renewable energy sector. In Cuba, more than 10 million people lost power to their homes after their national grid collapsed. Will Bain looks at the future of the Caribbean island. And Leonid Radvinsky, who founded OnlyFans has died. We discuss how this platform provides much more than just adult content.

Markets rally as Trump signals progress with Iran

We bring you the latest reaction after President Trump says the US has held constructive talks with Iran, even as Iran has denied any dialogue with the US. Also, South Korea has a new central bank chief, Shin Hyun-song, known for predicting the 2008 financial crisis. And Huel, the British meal replacement brand comes under new ownership.

IEA warns looming global energy crisis is worst in history

The head of the International Energy Agency has told the BBC that governments need to “be more vocal” about cutting energy usage amid what he called the “greatest global energy security challenge in history”. Dr Birol is now calling on countries to cut demand suggesting lower speed limits, avoiding air travel, even restricting the use of private cars. Last week the IEA coordinated the release of 400 million barrels of strategic oil reserves, which is around 20% of the total reserves. However, the global oil price has only risen since then. David Harper has the latest. Gold prices have fallen sharply from around $5000 per ounce to just over $4500. Traditionally seen as a 'safe haven' in times of global uncertainty, why is the price of gold dropping now? Banking giant JP Morgan Chase say they are now trialling software to analyse employee working hours. The firm say that this will enable them to prioritise staff wellbeing, but it has raised questions about the ethics of logging every video call or keystroke.

"Work from home and limit flights", urges IEA, as fuel crisis deepens

The International Energy Agency wants people to cut their energy consumption. The IEA warned that the impact from the closure of the Strait of Hormuz would “become more and more severe”. And the South Korean boyband BTS are back after an interruption for its members to do national service. They've also released a new album and announced a world tour.