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World Business Report

BBC World Service

Business, Business News, News & Politics

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Business 197

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

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Egypt's Mediterranean Migrant Tragedy

September 22nd, 2016

Episode 836 of 892 episodes

As Egyptian rescuers continue to search for dozens of people, feared drowned trying to cross the Mediterranean, Europe is alerted to a new staging post for migration. The Egyptian writer, Magdi Abdelhad, tells us why people want to leave a country that seems prosperous and peaceful. Projects aimed at curbing migration to Europe are starting to emerge, including a $500,000 scheme backed by the World Bank and European Union to create 100,000 jobs in Ethiopia. We hear how the East African nation is hosting 750,000 refugees and asylum seekers from countries like Eritrea or South Sudan and that many use camps along the Ethiopian border as stopping points on their journey to Europe. William Davison, a journalist based in Addis Ababa, explains how the money will be spent. The chief executive of the American banking giant Wells Fargo, John Stumpf, was given a tough grilling in the US Congress this week, as politicians took exception to his weak defence of fraud. The bank is still looking into the scandal of thousands of employees opening fake accounts in the names of existing customers. Irwin Stelzer, from the Hudson Institute in Washington, tells us that the CEO of Wells Fargo enjoyed a lucrative bonus, but innocent customers will suffer having their credit rating is downgraded. Doctors are warning that button-sized lithium batteries, the type used in watches and some toys, pose a serious health risk to young children. If accidentally swallowed, they can get lodged in the throat and burn a hole in its lining. London's Great Ormond Street Hospital, a world-renowned centre for paediatric care, has seen a big increase in the number of children suffering severe injuries from swallowing the batteries. Katrina Phillips, the chief executive of the Child Accident Prevention Trust, explains how dangerous the batteries can be for children. Budding entrepreneurs in Africa can face a formidable set of challenges to get their business idea off the ground. Problems include getting a loan or coping with a lack of electricity. The Nigerian journalist Didi Akinyelure has been hearing from some of Africa's most promising social entrepreneurs, those who run businesses designed to make an impact on peoples' lives, not just make a profit. Didi Akinyelure has won this year's BBC World News Komla Dumor Award, which recognises rising stars of African journalism. She explains more about what social entrepreneurship means, especially in Africa.

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