World Business Report

Turkey's ruling party has lost control of Istanbul after a re-run of the city's mayoral election, latest results show. The candidate for the main opposition party, Ekrem Imamoglu, won 54% of the vote with nearly all ballots counted. He won a surprise victory in March which was annulled after the ruling AK party complained of irregularities. The BBC's Cagil Kasapoglu reports on the mood in Istanbul. Then, Jason Tuvey of Capital Economics appraises what the election means for Turkey's economy overall, and Olivier Ponti of travel industry consultancy ForwardKeys explains why, despite a few years of economic and political turmoil, Turkey remains a major growing tourist destination. Also in the show, the independent economist Michael Hughes questions central banks' rate-setting policies in the next few years. US Secretary of State Mike Pompeo will visit India to smooth out relations between the two countries over trade and immigration, the BBC's Joe Miller has the story from New Delhi. And with Facebook's plans for a new, asset-backed cryptocurrency, the BBC's Rob Young looks into so-called Stablecoins.

Chris Low at FTN Financial brings us the latest news from the stock markets in the US.

As the UN marks International Day of Yoga, we examine the multi-billion dollar industry. Yoga teacher Pippa Richardson explains how demand has been rapidly growing. Rajesh Kotecha is secretary of India's ministry responsible for yoga, and tells us prime minister Narendra Modi attributes never having a day off sick to his yoga practice. And Professor Rohit Deshpande of Harvard Business School in Boston discusses his research into the branding and commercialisation of yoga. Also in the programme, as tensions mount after Iran shot down an American drone, aviation analyst John Strickland of JLS Consultancy tells us what airlines are doing to avoid flying over the Gulf of Oman and Strait of Hormuz. With both candidates to be Britain's next prime minister saying they are prepared to take Britain out of the European Union without a deal, we get business reaction from architect Clare Bowman, who has a sustainable building company in London, and Alastair MacMillan from Glasgow, whose business White House Products exports hydraulic pumps. Plus we look ahead to the significance of this Sunday's mayoral election in Istanbul, Turkey, with our reporter who has just returned from there.

The Court of Appeal in the UK ruled that the British government must review the way it grants export licences for arms sales to Saudi Arabia - after ruling that current procedures were unlawful. And in the United States the Senate - controlled by the Republican Party - voted to block a US/Saudi arms deal worth 8.1 billion dollars. We assess the political and economic fallout. This has been a confusing week for Canadians who want their government to adopt a more robust environmental policy. On Monday - declaration of a Climate Emergency. On Tuesday - expansion of a pipeline carrying the output of Alberta's tar sands industry. On Thursday, a ban on the import and export of shark fins. And all this up and down followed a ban on single-use plastics that will come into effect in two years’ time. How do environmental activists assess policies by Prime Minister Trudeau? The bi-annual Africa Cup of Nations tournament is about to kick off once again when the hosts Egypt face Zimbabwe in Cairo on Friday. Organisers hope it will provide a significant boost to the Egyptian economy - but a shadow that often lingers over major sporting events like the Olympic Games is once again stalking this tournament - is the economic benefit of hosting such events over-hyped?

As Egypt prepares to host the Africa Cup of Nations, we look at the economic impact. Professor Simon Chadwick is a sports enterprise expert at Salford University in the UK, and tells us this year could mark a breakthrough moment for the event. Ghana-based sports journalist Michael Oti Adjei discusses the legacy of the 2008 Africa Cup of Nations in his country. And the BBC's Mohammed Kotb in Egypt assesses the preparations across the country for this year's Cup. Also in the programme, as the last men standing in the race to become the UK's next prime minister head into the home straight, we ask our regular commentator Ruth Valerio of the development charity Tearfund whether environmental issues have been playing a big enough part in the campaign so far. Plus our reporter takes a trip on Britain's first hydrogen powered train, and asks whether it could be the answer to cleaner commuting.