Business ties are high on the agenda at the Shanghai Cooperation Organisation summit in Uzbekistan. The countries represented are huge potential markets for Russian energy, and Vladimir Putin has been pushing for closer ties. China and India in particular have increased their imports of Russian oil, natural gas and coal since the invasion of Ukraine. Also on the show: US railworkers reach a deal to avoid a costly strike, and the owner of Patagonia donates the retailer to a climate charity.

The US state of California has filed a lawsuit against Amazon, accusing the e-commerce giant of violating its antitrust law by blocking price competition and making online shopping more expensive for consumers. The lawsuit is limited to California, but, if successful, could trigger similar action in other states. Plus, inflation in Argentina rose by 7 percent again in August, making prices nearly 80 percent higher than a year ago.

The French government is extending its energy aid for households and businesses. Price hikes for electricity and gas bills will be capped at 15 percent and low-income families will receive direct payments of €100 to €200 each. Also in the show: Google loses an appeal over a €4.3 billion EU antitrust fine, as a court largely upholds a ruling that its Android operating system quashes competition.

A slight increase in US consumer prices for the month of August has ignited fears of more Federal Reserve moves to curb inflation. An earlier drop in US markets had a knock-on effect on Asian marketplaces this Wednesday. Asked about the issue, Joe Biden responded by saying that the stock market does not reflect the real economy. Also in the show, we look at the latest chapter in the Twitter takeover saga. Shareholders have approved Elon Musk's purchase of the platform, even as he is trying to back out of it.

Twitter shareholders have approved Elon Musk's $44 billion offer to buy the social media platform, months after the billionaire tried to back out of the deal. The case will be heard by a US court in October. Meanwhile, a Senate panel has heard explosive testimony about security practices at Twitter. A whistleblower alleges that a Chinese agent was on Twitter's payroll and that management routinely ignored warnings about data security. Also in the show, US inflation hovers near 40-year highs.

A new report from the UN's International Labour Organization (ILO) shows that more than 27 million people are engaged in forced labour around the world. This Tuesday, Brussels is announcing new rules to ban goods made with forced labour or those imported into the bloc. The ILO report also raised alarm over the working conditions of Uighurs and other Muslim minorities in the western Chinese region of Xinjiang. Also in this update, the US and Mexico set aside their energy row to focus on bringing semiconductor manufacturing back to North America.

Following the death of Queen Elizabeth II, we take a closer look at the cost of royal funerals and the rush to acquire memorabilia with the late monarch's profile and insignia on it. Also, manufacturing is already slowing across Europe, amid high energy costs. With rising electricity prices, the timing could not have been worse for one electricity firm in eastern France – it accidently sold too many gigawatts, leading to a potential shortage and a pricey buy-back.

The European Central Bank has hiked its key interest rate by an unprecedented 0.75 percent, as it tries to tackle the highest inflation in the bloc's history. But the pace of price rises is largely due to energy costs. Craig Erlam, Senior Market Analyst at Oanda, says the policy shift "is not going to be as effective as you would ordinarily see". He says government action – like the UK's newly-announced plans to cap energy bills – will have a bigger impact for most consumers.

California tech giant Apple launched its new iPhone 14 model on Wednesday, featuring emergency satellite communication and improved cameras. It's Apple's latest push to increase its share of the global smartphone market. Plus, we look ahead to the European Central Bank's announced rate hike and British PM Liz Truss's much-awaited plan to deal with soaring energy bills.

The European Union is proposing a cap on the price of Russian natural gas, despite Vladimir Putin threatening to cut off supplies for any market that does so. European Commission President Ursula von der Leyen is also asking energy ministers to consider imposing a windfall tax on companies that have reaped the benefits of high oil and gas prices. It's a move many countries are considering, although the UK's new Prime Minister Liz Truss has ruled it out.