trouble in the valley? financial stocks slump as investors move to withdraw their deposits from silicon valley bank, a key lender to start ups. and the uk grows more healthily than expected injanuary but the government warns there s still a long way to go to restore stability. welcome to world business report, i m tadhg enright. we start in the us with a story causing some worries on financial markets. silicon valley bank has been trying to reassure its clients their money is safe after a 60 per cent collapse in its share price since wednesday. svb has been a key lender to many tech start ups the likes of airbnb and linkedin but questions have been raised about its financial health after it launched a huge share sale to raise money. joao da silva has the details. svb dropped massively overnight as the bank revealed it lost $1.8 billion and the folio of securities valued at around $21 billion. as a result of those losses, the bank was forced to rage cash by a huge share sa
it s three years today since chinese state media reported the first recorded death from covid 19. since then the global economy has been under intense pressure, and now the world bank is warning it is close to falling into recession. in its latest economic forecast, the bank said after surging by over 5% in post pandemic 2021, growth in the world s richest economies is likely to slow sharply from 2.5% last year to just 0.5% this year, and debt caused by the pandemic will take decades to pay off. the bbc s north america business correspondent samira hussain reports from new york. the from new york. world bank expects the global the world bank expects the global economy to grow by 1.7% this year, much lower than the 3% originally predicted by the world bank back injune. now, a number of factors are being blamed. the continued war in ukraine continues to put pressure on global energy prices, and interest rates are rising in many economies to combat the high cost of living. now,
so they really are looking for some political and economic stability. well, for now, markets are calm. but investors say any mis step in appointing a new leader could see the uk plunged back into financial crisis a place in uk political history as the shortest serving prime minster ever. she lasted just 44 days in office before announcing her resignation yesterday. but she s also contributed another record to the english language. the shortest lived economic catchphrase. we started using the term trussonomics just six weeks ago. a plan for a low tax, low regulation, high growth britain by liberated by brexit. with the phrase and its policies now on the scrapheap, our business editor simonjack takes a look back at the rapid rise and fall of trussonomics. can we afford these tax cuts, chancellor? the road to liz truss demise arguably started here the not so mini budget that she and her chancellor announced with great fanfare. and i commend it to the house. trusso
if you have just joined if you havejustjoined us, good to have you with us. we begin with the soaring cost of energy. as governments and central banks grapple with rising inflation and a cost of living crisis, the world s biggest oil company announces record breaking profits. the saudi oil company aramco revealed it made more than $48 billion in profits in the second quarter of this year. the eye watering sum marks a 90% year on year increase and the biggestjump in earnings for the world s largest energy exporter since its public listing three years ago. but what is the outlook for oil prices this year and beyond? the war in ukraine caused a significant spike in the price of energy worldwide prices have come off the highs reached earlier this year and now with fears of recession on the horizon in europe and other key economies globally, there are differing views out there as to where the price of the oil is headed. let s talk this through with craig erlam senior market an
Campaign against hamas could last several months. The idf says the next stage a widely anticipated Ground Offensive would happen soon. Now lets focus on the Business News and today the International Atomic Energy Agency completes a visit to take and assess marine samples near the Fukushima Daiichi Nuclear Power station. Since a 2011 tsunami, which severely damaged the Fukushima Nuclear plant, more than a Million Tonnes of treated waste water has accumulated there. Japan began discharging it in august, in a process that will take 30 years to complete. Despite Environmental Concerns the iaea endorsed the release plan but some countries from the region, notably china, have raised concerns. China has said it would ban alljapanese seafood imports. Last year, it imported 571 million worth of seafood from japan. Russia last week also suspended seafood trade. So are the bans likely to continue and how much could it harm japans economy and trade relations . Joining me now is professor Seijiro T