The increase is the first in the US since December 2018, and is aimed at controlling the country's worryingly high inflation. We get reaction to the announcement from Greg McBride, analyst at the personal finance firm Bankrate.

Britain's prime minister Boris Johnson is in the Gulf this week, asking the UAE and Saudi Arabia to pump more oil in a bid to keep prices lower. Matt Smith is from the data and analytics firm Kpler, and tells us what he thinks Mr Johnson is hoping to achieve through his visit.

Also in the programme, the US is looking to potentially tap into Venezuela's oil reserves to plug a global shortage, despite enmity between the two countries. Antero Alvarado is an energy consultant in Caracas, and tells us about the current state of his country's oil industry.

Plus, the BBC's Ed Butler asks what will happen next to Chelsea Football Club, after British government sanctions against its owner Roman Abramovich curtailed the club's income.

And as the US plans to make Daylight Savings Time permanent, we ask Professor Nicholas Sanders at Cornell University in upstate New York what the economic benefits could be. Plus, we hear the latest from the UK as journalist Nazanin Zaghari-Ratcliffe lands in the UK after being imprisoned for 6 years in Iran on allegations that she was a spy.

Fergus Nicoll is joined throughout the programme by Stefanie Yuen Thio, joint managing partner at TSMP Law in Singapore and by Kimberly Adams, correspondent at our sister station Marketplace in Washington DC.

(Photo: Federal Reserve Chairman Jerome Powell. Credit: Getty Images)