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World Business Report


The latest business and finance news from around the world from the BBC


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The latest business and finance news from around the world from the BBC






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What is the COP28 loss and damage fund?

We look at the impact that COP 28 will have on the global economy as it announces that hundreds of millions of dollars will go into a loss and damage fund for poorer countries. Our presenter Rahul Tandon asks: is that enough? We also hear from the fashion industry which is often criticised for not being sustainable about what they are doing to change this. And some of the world's major oil producers are making cuts in production, in a bid to increase the price of oil.


COP 28 summit warns of ‘climate collapse’

The UN Chief Antonio Guterres has told the opening of the COP28 Climate Summit in Dubai that this year is set to be the warmest on record – and urged world leaders to act. The summit is hosted by the United Arab Emirates, one of the world's top oil-producing nations, with oil boss Sultan al-Jaber overseeing the summit. Jaber promised financial support for developing countries., saying the UAE “would unlock finance to ensure the global south does not have to choose between development and climate action”. Elon Musk- the billionaire owner of X (formerly Twitter) - says the advertisers who are boycotting the platform will kill the company. In an interview at the New York Times DealBook Summit, Mr Musk launched into a rant full of expletives against the advertisers who have quit the platform in a row over alleged anti-semitic content. And, the British sports brand Castore says it has raised $183M, from a trio of private equity investors, boosting the sportswear maker’s value to $1.2B. The company has deals with the likes of tennis player Sir Andy Murray, Formula One’s Red Bull team, the England Test cricket squad, and several English Premier League football clubs. It hopes to compete with the established brands, such as Nike and Adidas.


Ronaldo faces $1bn lawsuit over cryptocurrency ad

Footballer Cristiano Ronaldo has been named in a class action lawsuit in America after promoting a range of NFTs for Binance. The star is being sued for $1bn. Rahul Tandon finds out the latest from our correspondent in the US. We speak to the head of the European Commission about what she makes of the recent turmoil at OpenAI. And is a flag important to a country’s economy? We look at the country of Kyrgyzstan as the have recently filed a bill to change the image of their flag.


Uber's plan to allow London's iconic black cabs to use its app

Uber invites London's black cab drivers to its app but will it work after years of rivalry? We ask Uber's general manager in the UK, Andrew Brem. Nigeria's president, Bola Tinubu, has promised to significantly narrow the country's budget deficit. We listen to the details. And we talk to Margrethe Vestager, candidate for the presidency of the European Investment Bank.


India's PM praises tunnel workers’ rescue

Rahul Tandon looks at the rescue efforts of the workers who have been trapped in a tunnel in Uttarakhand, India for 17 days. He raises the questions about development in that area. We hear why some companies are giving up on advertising on social media platform X. And we find out how much someone paid at auction for a scrap of paper on which David Bowie scribbled the lyrics to of his most famous songs.


All 41 workers rescued from tunnel in India

41 workers in India who were trapped in a tunnel after a landslide have been rescued. The fast fashion online retailer Shein has filed confidentially to go public on the US stock market. Virgin Atlantic have become the first airline to send a commercial flight across the Atlantic powered only on sustainable fuel. We ask just how clean it actually is.


AI consequences ‘unimaginable’ says Mozilla boss

Roger Hearing talks to Mitchell Baker the CEO of Mozilla, one of the oldest and most influential internet institutions about her hopes and fears over AI. He also finds out just how much shoppers in the US spent on this Cyber Monday/Black Friday weekend. And there are doubts over the COP28 climate summit hosts as secret documents show the United Arab Emirates were planning to use it for oil deals.


UAE planned to make oil and gas deals during COP 28

Leaked documents revealed that UAE, hosts of the UN climate change conference COP 28, were planning to hold oil and gas talks with 15 countries. The documents were obtained by independent journalists at the Centre for Climate Reporting working alongside the BBC. Also, on the show what is a shadow bank and why one in China is under investigation. Spain has opened Europe’s first green hydrogen centre in a step to move away from fossil fuels.


TerraUSD boss Do Kwon could face charges in US or South Korea

The entrepreneur behind the $40bn collapse of crypto token TerraUSD, Do Kwon could be extradited to the US or South Korea to answer fraud charges following a court ruling in Montenegro. He sparked an international manhunt after fleeing an investigation in his native country of South Korea, following the sudden collapse of the TerraUSD and its sister token, luna. He was caught as he tried to leave Podgorica airport on a Costa Rican passport and sentenced to four months in prison in Montenegro. Kwon is sought by both the US and South Korea on fraud charges. So with the fall of another Crypto heavyweight, what does this do to the industry and should customers be concerned?


Ecuador: Business heir Daniel Noboa sworn in as president

35-year-old heir to a banana business empire Daniel Noboa has been sworn in as Ecuador’s new president, with a promise to create jobs and curb violence in a country gripped by a bloody drug war. Mr Noboa holds a degree in business administration from New York University and three master’s degrees, from Harvard, Northwestern and George Washington universities. He intends to bring order to the country and stop the violence. However, it is not clear what economic reforms the new president is preparing.


Far Right leader Geert Wilders set to win Netherland election

Geert Wilders is likely to be the new leader of the Netherlands. His far-right Freedom Party is set to win 37 seats with almost all the votes counted. "The PVV can no longer be ignored," he said. "We will govern." Mr. Wilders will have to form a coalition government. We explain how he’s expected to tackle the country’s economic issues. Rescue workers drilling to free 41 workers trapped in a tunnel in India's Uttarakhand state are close to breaking through to them, according to officials who said they were confident the workers could be rescued soon. It is a holiday in the US, but Sam Altman is still dominating the headlines, we wanted to see how this week's event has affected companies that use Open AI.


New board for Open AI as Altman returns

The company brings in some established names to the top table, as former CEO Sam Altman comes back to his old job. Economist Larry Summers and former Twitter Chairman Bret Taylor are in with three members leaving the board as part of the shake up. Sam Fenwick hears what the new board will look to change at the company and how Sam Altman has been persuaded to come back to the firm that fired him.


Former CEO Sam Altman reinstated as OpenAI boss

Sam Altman will return to his job as CEO of artificial intelligence OpenAI, the non-profit behind the popular bot ChatGPT. Mr Altman was removed from his position on Friday. Staff at the firm threatened to resign if Mr Altman was not reinstated. Also on the show, another blow to crypto. The CEO of Binance, the world’s largest crypto exchange, resigned after pleading guilty to violating anti-money laundering requirements in the US and the firm has agreed to pay $4.3bn in fines. Finally, are you a fan of Kimchi? We have a report on the surging global popularity of the Korean staple.


Binance boss pleads guilty to money laundering

CZ, the founder of the world's largest cryptocurrency exchange has stepped down and the company will pay a fine of more than $4 billion dollars. Changpeng Zhao said in a post on X, "I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself". Sam Fenwick will get the latest on the story and what it means for the future of the company.


Microsoft Chief Executive Satya Nadella calls for change at OpenAI

Satya Nadella chief executive of Microsoft has called for change at OpenAI after it fired co-founder Sam Altman on Friday. Mr Altman was appointed to a senior role at Microsoft on Monday as hundreds of his former employees called for him to be reinstated. Microsoft is OpenAI's biggest investor. Also on the programme the latest with Elon Musk’s lawsuit against Media Matters and the impact of climate change on low-lying islands and atolls in the Pacific such as Tuvalu.


OpenAI employees threaten resignation over Altman sacking

Following the firing of CEO Sam Altman, almost all of OpenAI's 770 staff have signed a letter threatening to resign unless he is reinstated. Microsoft's stock reached a record high after it said Mr Altman would be joining the company to head its artificial intelligence innovation leg. Sam Fenwick hears what it means for the future of OpenAI and what the ripple effects will be for the wider industry.


Ousted OpenAI boss Sam Altman takes new position at Microsoft

Microsoft has hired Sam Altman, former boss of OpenAI best known for the artificial intelligence bot Chat GTP, 48 hours after he was dismissed from the company. Chief Executive Satya Nadella announced on X, (formerly Twitter) that Mr Altman had join the company as lead of a “new advanced AI research team”. Ex-Twitch CEO has taken Mr. Altman’s previous position at Open AI. Argentina has a new right wing President promising to fix the economy and pop star Shakira has reached a $7.5 million deal to settle her tax evasion case.


Sam Altman ousted as CEO of OpenAI

Sam Altman, the head of artificial intelligence firm OpenAI, has been ousted by the company's board, which said it had lost confidence in his ability to lead the company. We look at what this means for the company going forward and who will be replacing him? Also is Amazon moving its resources towards AI and away from its Alexa smart speaker? It was announced on Friday that Amazon will lay off hundreds of employees in its Alexa division. And Canada's capital city Ottawa was once branded 'the city that fun forgot.' But plans are in place to change that. We hear how the city is hoping to hire a 'nightlife tzar'.


AI chief quits over ‘exploitative’ copyright row

Is it ok for tech firms to exploit other people's copyrighted work in order to develop artificial intelligence? AI routinely uses smart-learning to feed off existing internet content to train and develop its algorithms, and in many cases, that's someone's intellectual property. But is there a copyright issue here? One senior UK executive thinks so. Ed Newton-Rex was head of audio at the firm, Stability, which is based in the UK and US. But he's now resigned his post, saying he thought it was "exploitative" for any AI developer to use creative work without consent. The firm IBM has suspended all advertising on the platform X, formerly known as Twitter, after a report said that IBM's ads were being placed next to posts praising Adolf Hitler and Nazism. Practice sessions at the Las Vegas Grand Prix have been disrupted by a manhole cover on the track. Two cars were damaged when a manhole came loose, prompting officials to temporarily suspend practice. The session was later restarted at 4 o-clock in the morning local time. Formula One spent more than six hundred million dollars ($621m) preparing for the race, but it's faced criticism - even from the current world champion, Max Verstappen.


Would you buy a car from Amazon?

We buy everything online these days. But what about a car? E-commerce giant Amazon has partnered with Hyundai. The South Korean car giant will be the first brand sold on the site. We hear why this deal will change the way we buy cars going forward. We take a look at the aftermath of that meeting between Joe Biden and Xi Jinping. Is anything going to change in the somewhat icy trade relations? And the UK luxury chocolatier Hotel Chocolat has been sold to the US confectionary giant Mars for $660 million. We find out why this deal has raised some eyebrows and if Mars can help the brand conquer the US.