World Business Report

The blockade of the Strait of Hormuz have caused higher energy and grocery prices. The average US price for a gallon of unleaded is at its highest level since July 2022, at $4.50.
A Japanese snack maker says it's been forced to print its packaging in black and white because of ink shortages caused by the crisis in the Persian Gulf.
And it's the first day of the Cannes Film Festival in the south of France, one of the biggest events in the world of cinema.

Oil prices are rising as tensions in the Middle East continue to disrupt supply, with petrol in parts of the US now topping six dollars a gallon. David Malpass, former US Treasury Under-Secretary under President Trump and former World Bank President, tells Sam Fenwick that China should stop hoarding food and fertiliser
And what does all this mean on the ground for small businesses already under pressure?
Also, Nintendo shares fall after a price hike for its new Switch 2 console, as booming demand for AI drives up the cost of memory chips and pushes prices higher for gamers. We’ll be asking what’s behind the global scramble for semiconductors — and how far those costs could go.
And Iran’s saffron industry is being hit by the conflict — pushing up prices for one of the world’s most expensive spices.
(Picture: The crude oil tanker Odessa, carrying UAE crude after passing through the Strait of Hormuz with its AIS transponder turned off, at Daesan port, Seosan, South Korea, 8 May 2026. Credit: Reuters / Kim Soo-hyeon)

The PM says austerity measures will cut India's fuel use and save foreign exchange. India imports 90% of its oil. Its fuel bill has spiked since the US and Israel's war on Iran.
President Emmanuel Macron goes on a charm offensive in Africa. He's visiting Kenya for the two day Africa Forward Summit, a gathering meant to showcase France’s new policy for the continent.
And singer Dua Lipa is suing Samsung for $15mn for using her image without her permission

US job numbers are rising and the stock market is booming near record highs. So why are consumers feeling so pessimistic about the economy?
As a Mexican trade mission visits Canada, the two countries look to deepen economic ties.
Also Instagram’s direct messages are no longer fully private, and gamers face higher prices as console costs climb.
[Picture: Customers shop for groceries at a Publix supermarket in Miami, Florida, USA. Photo Credit: CRISTOBAL HERRERA-ULASHKEVICH/EPA-EFE/REX/Shutterstock

Last week, the US President threatened to raise the tariff on the import of EU cars to 25% if the European Parliament delayed a new EU/US tariff agreement.
The annual conference of ASEAN, the grouping of South East Asian states, is meeting in the Philippines with the shadow of the war in the Persian Gulf hanging over the event.
And at least 11 miners have died after an accident at an artisinal mine in Kenya