This BBC podcast is supported by ads outside the UK.
If journalism is the first draft of history, what happens if that draft is flawed?
In 1999, four Russian apartment buildings were bombed.
Hundreds killed, but even now we still don't know for sure who did it.
It's a mystery that sparked chilling theories.
I'm Helena Merriman and in a new BBC series I'm talking to the reporters who first covered this story.
What did they miss the first time?
The History Bureau, Putin and the apartment bombs.
Listen on BBC.com or wherever you get your podcasts.
After two decades of talks, India and the EU have signed a trade deal.
It's World Business Express from the BBC World Service.
I'm Leanna Byrne.
Puma's got a new running mate as China's ANTA buys in and South Korea gets hit with higher US tariffs.
Yes, India and the European Union have agreed to a landmark trade deal nearly 20 years after talks first began.
The agreement is set to slash tariffs on the vast majority of EU exports to India, including cars, alcohol and machinery.
The EU Commissioner, President Ursula von der Leyen, said the agreement would create a free trade zone of 2 billion people, will integrate further our supply chain and strengthen our joint manufacturing power, and it will create good jobs for millions of workers here in India and in Europe.
The BBC's Aruna Day Mukherjee spoke to me from a very noisy Delhi.
This deal gives greater market access to both sides, to a 27-member nation block and the world's most populous country.
Both of them together make up 25% of the global population of global GDP, one-fifth of global trade.
Just that those numbers tell you the story and tell you why this is so important and kind of give you a sense of why they've been using these terms like this is the mother of all deals.
The Prime Minister Modi says this is the biggest free trade agreement that India has seen in its history.
This is also happening in an environment of unpredictability, uncertainty over tariffs being imposed by the US administration on these countries.
And India...
India happens to be one of the countries which has faced the maximum amount of tariffs, because it continues to buy Russian oil, something that has not gone down well with the US.
And then now, over the last few months, there's been this greater sense of urgency to get this over the line because of the new geopolitical realities.
So what are some of the things that the European Union and India might be buying and selling to each other now?
India says that almost all its exports will get preferential access to European markets, and especially the labour-intensive sectors, for instance textiles gems jewellery, leather apparel.
These are sectors which are likely to see lower tariffs or even an elimination of tariffs.
European companies would be looking at greater market access in areas like automobiles, for instance.
So you might just see more European brands operating here on Indian roads.
So they're hoping that this is going to yield results and save a lot of money and tariffs for both sides.
That was Arun De Mukherjee in Delhi.
And as Arun De said there, Europe's carmakers stand to be among the big winners.
Jonathan O'Riordan is International Trade Director at the European Automobile Manufacturers Association.
European car makers have invested in India for many years, but the market is around 4 million vehicles.
So you can obviously see the appeal for manufacturers to invest there.
And of course, the potential for growth in the Indian market is really substantial.
Tariffs in India are really prohibitively high.
So for passenger cars, they vary between 60 up to a 110 percent tariff.
So what you see today, mostly in terms of European exports, is mostly high end premium luxury vehicles.
What you'll see in the future is that market opening up to more mid-range vehicle exports.
And, of course, because of the reductions in tariffs, we would see our market share grow in India for European exports.
Now, how much of this urgency here is really about the US?
Was this a necessary deal?
Because when you've got tariffs rising and falling under President Trump do you have to find reliable markets?
You cannot completely divorce this deal from the broader geopolitical context.
And it's clear here that both parties were really determined to get this done.
This is a vote of confidence for both free trade, fair trade, rules-based trade and a landmark moment for international trade and international rules-based trade.
Jonathan O'Riordan there from the European Automobile Manufacturers Association.
Now there's been a big shift in the global sportswear industry.
France's billionaire Pinot family is selling its 29 stake in Puma to China's Anta Sports in a deal worth around 18 billion.
Achim Berg, founder and managing director of FashionSites, a fashion industry think tank, spoke to me about this deal just before heading into a Chanel fashion show in Paris.
It's actually the final step of a longer process.
So Kering, which is also owned by the Pinot family through the Artemis holding, had a majority stake in the business and started to divest in 2018, which left a 29 stake with Artemis.
So they have decided in 2018 already to focus entirely on luxury and to divest the sports part of the business.
Now, Anta, it's betting that Puma's 75 years of heritage, that it still matters.
What do you think?
Well, Puma was always the number three or number four in the industry.
Sports on a global level is a two-horse race between Nike and Adidas.
But it's a sizable business with roughly 8 billion euros, which is roughly the same size as Anta.
So they are doubling their business.
But so far they're only taking a minority stake and keep it below the 30 threshold that would force them to acquire the rest of the business.
And for those who don't know Anta, is this a big acquisition for them?
And how big of a company is it?
I think it's a major acquisition.
It's one of the two sports companies in China, next to Li Ning, which is a bit more known because it was founded by a famous sports star.
But they also own the Eimer Holding that has brands like Arc'teryx, like Hentz, like Wilson, etc.
So they are already a global business.
They also have a license for Fila in China.
So it is for them just another step to become a truly business.
But it's interesting because it's one of the rare foreign direct investments of a Chinese company in the sports and fashion industry.
That was Achim Berg, founder and managing director of FashionSites.
And we got lots of results out.
First up, General Motors.
Fiona Sincotta, Senior Market Analyst at Sydney Index and joins me now.
Fiona, General Motors reported better than expected.
And that's even despite scaling back on its EV side of the business, right?
Yes.
So, it beat earning expectations and it expects profits to grow as much as $2 billion this year.
That's thanks to strong demand from its highest margin vehicles.
So, whilst it's pulling back on EVs, it's planning on selling more of its largest trucks and SUVs.
The firm is also benefiting from President Trump's efforts to create a more permissive regulatory environment, and the share price is up 6 today.
Fiona, also Boeing reported a $2.2 billion net profit after reporting a loss in 2024.
From my side of things, that looks good.
Yes, on the surface, it does look good.
But if we look at the figures and delve underneath this, the profits were actually boosted by the sale of a large part of its tech subsidiary, Digital Aviation Solutions.
And basically, if you withdraw that one off, then actually the figures would have been a loss.
And so, although the chief executive insisted that the firm is turning a corner, the market was a little less certain.
And we've seen the share price fall 2.6% today, back from a recent two-year high.
Well, Fiona, I'm glad I have you on the program to set things straight.
Fiona Sincotta, Senior Market Analyst at Citi Index.
Thank you so much for joining us.
Now President Trump has said he's hiking tariffs on South Korea despite an agreement made last year.
The BBC's David Kan explains.
The US president says he's raising tariffs on South Korean cars, pharmaceuticals and other goods from 15 to 25 percent, effectively rewinding a trade deal struck just November last year.
He claims South Korea's parliament has failed to enact legislation needed to unlock billions of dollars in promised US-bound investment.
South Korean media are reacting with disbelief, calling President Trump's justification flimsy and the process abnormal, highlighting that the agreement itself set no legal deadlines.
The way it was delivered is also getting much attention.
No formal notice, no diplomatic briefing, just a social media post.
For many in Seoul, this feels less like negotiation and more like punishment, aimed not at rivals but at an ally.
David Cahan with that report.
And that is it from World Business Express with me, Leanna Byrne.
Please subscribe to get the latest.
Just search for World Business Express wherever you get your podcasts.
Thanks for listening.
In 1999, four Russian apartment buildings were bombed, hundreds killed.
But even now, we still don't know for sure who did it.
It's a mystery that sparked chilling theories.
I'm Helena Merriman and in a new BBC series I'm talking to the reporters who first covered this story.
What did they miss the first time?
The History Bureau, Putin and the apartment bombs.
Listen on BBC.com or wherever you get your podcasts.
