World Business Report

Meta, the parent company of Facebook and Instagram, has agreed to an $18bn settlement with 29 US states over claims that its platforms harmed children.
The deal, which is subject to court approval, would require Meta to introduce new rules for teenage users, including daily limits and overnight blocks.
The collapse of what was once one of China’s biggest property developers is now threatening to become a multi-billion-dollar headache for PwC. A Hong Kong judge has ruled that Evergrande’s liquidators can pursue PwC’s global organisation, as well as its Chinese affiliates, over alleged audit failings. They’re seeking around $8.4bn in damages.
And Dolly Parton, one of country music’s biggest stars, has died aged 80. She sold more than 100 million records during a six-decade career, while building a business empire spanning music publishing, film, television and her Dollywood theme park.

Finance Minister François-Philippe Champagne announced ‘dollar-for-dollar’ counter-tariffs on a swath of U.S. goods — with a sliding scale of 15, 25 and 50 per cent.
Ed Butler speaks to an shipping expert and asks if anyone really knows how much oil and gas is currently being exported from the Middle East via the Strait of Hormuz.
And Volkswagen's Chief Executive has embarked on tour of German plants amid a plan for the auto giant to cut tens of thousands of jobs at home.

The US has announced a host of sanctions against Iran and threatened its supporters in what Treasury Secretary Scott Bessent said is "the single greatest financial offensive ever".
Trade relations between Canada and the United States have sunk to a new low after weeks of urgent talks fell apart over the weekend.
Meanwhile Ed Butler takes a look at the growing trade tensions between the European Union and China.

What could new sanctions mean for Iran's economy and its trading partners?
Meanwhile, President Trump announces plans for a 50% tariff on Canadian vehicles from 2027.
Also, Singapore announces a $55,000 incentive aimed at encouraging people to have more children.
And China showcases its growing humanoid robot industry.
Presenter: Bisi Adebayo
Producer: Niamh Mc Dermott

Long: Meteorologists warn a developing El Niño could be the strongest in living memory, with scientists saying next year could become the hottest on record. We look at what that could mean for businesses and global trade as low rainfall forces the Panama Canal to restrict shipping.
Also, Premier League clubs spend billions on new players despite new financial rules.
And how a low-budget animated film became an unlikely box-office hit in China.
(Photo: Panama Canal Authority limits daily ship traffic due to El Nino drought, Panama City - 20 Aug 2026. Credit: EPA/Shutterstock