World Business Report

US President Donald Trump is in China to meet with his counterpart Xi Jinping. They're expected to discuss their current tense trade relationship, the Middle East war, and negotiate an extension of their trade truce agreed in October that paused tariff escalation between the two nations.
India has raised import tariffs on gold and silver purchased abroad to ease pressure on foreign exchange reserves after feeling the squeeze from rising energy prices. They're the world's second largest consumer for precious metals, and we hear how this is likely to affect global demand.
Open AI CEO Sam Altman testified in court today in the ongoing case against Elon Musk, concluding the evidentiary portion of the trial. Closing arguments are due next. Our North America technology correspondent Lily Jamali gives us an update from California.
And how has the aid sector affected Africa after Donald Trump closed the US Agency for International Development? Ed Butler reports from a maternity care project and speaks with experts across the continent.

Tariffs, tech competition, the Iran war and Taiwan top the agenda for the two superpowers. Trump, last visited in 2017. He returns to a stronger, more assertive China. Tens of thousands take to the streets of Buenos Aires to protest the economic policies of Argentina's President Javier Milei. And India hikes the tariff on imports of gold and silver from 6% to 15%.

Are higher prices in the US starting to show up in household bills as inflation moves closer to 4%? We’ll be looking at where that pressure is coming from, how long it might last, and what it means for businesses and consumers already feeling the squeeze.
Also today, after an awkward intervention from President Macron, we get the mood from the tech-focused Africa Forward summit, where leaders and investors are debating the future of digital growth on the continent.
And we hear why eBay has ruled out a deal to merge with GameStop, ending speculation over a possible takeover in the gaming retail space.
(Picture: Allison Dinner/EPA/Shutterstock)

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)