global stock markets enjoy their strongest quarter for five years, taking a major world index to afresh all—time high. bitter harvest — how the soaring cost of cocoa is leaving a sour taste in the mouths of chocolate lovers. welcome to world business report. hot and getting hotter — global stocks have risen more in this past three months than at any time in the past five years. the msci world index of global stocks phas gone up almost eight % this year alone to its highest ever level — that figure now standing at 3,436. it's been a broad—based surge in stocks, but some of the world's biggest tech companies which have done especially well and seen their valuations rocket. the msci world index of global stocks phas gone up almost eight %

so what's behind this? let�*s talk to the veteran investor justin urquhart—stewart— who runs the investment platform regionally. why are we seeing the stock markets rocket? �* u, , why are we seeing the stock markets rocket? �* u, , ., ~ , why are we seeing the stock markets rocket? �* , ., ~ , ., rocket? because the marketers are sa in: rocket? because the marketers are saying nothing _ rocket? because the marketers are saying nothing but _ rocket? because the marketers are saying nothing but good _ rocket? because the marketers are saying nothing but good news - rocket? because the marketers are saying nothing but good news at i rocket? because the marketers are | saying nothing but good news at the minute, which makes you slightly suspicious. last year we had concern over inflation, where the group was going to come from and it was after the pandemic, and supply chain issues. after that we got a lot of good news. inflation has have the should go lower. interest rates coming down, supply chain is getting easier. all rose. companies involved in al, we have seen dramatic rises there. and everyone is looking one

way, it is always good to look behind you and see what is happening. after we had the baltimore issue of the bridge, which will come back and haunt supply issues. it won'tjust be an american issue. inflation conquered isn't quite enough as people were thinking, so maybe interest rates will fall as much as we were thinking. maybe a time possibly to take a bit of profit out of the market. it might be wise to have some cash. i market. it might be wise to have some cash-— market. it might be wise to have some cash. ., ., ., ~ ., ~ some cash. i want to talk about al and the enthusiasm _ some cash. i want to talk about al and the enthusiasm about - some cash. i want to talk about al and the enthusiasm about the - some cash. i want to talk about al i and the enthusiasm about the future of it. why are investors so turned on by ai? it of it. why are investors so turned on b ai? , ., ., of it. why are investors so turned on b ai? _, ., ., , on by ai? it is another of these fashion fads, _ on by ai? it is another of these fashion fads, like _ on by ai? it is another of these fashion fads, like the _ on by ai? it is another of these fashion fads, like the tech - on by ai? it is another of these | fashion fads, like the tech boom on by ai? it is another of these - fashion fads, like the tech boom of the year 2,000 was all you had to do to produce a company was put dot—com at the end of it. so be careful of

fashion fads. we are all infused the way that al is going to work, but we haven't seen real applications apart from schoolchildren cheating on their essays. it will have a big impact, but no one is quite sure how. you are betting on an industry that will have benefits, but none of us quite know how.— us quite know how. sorry for bundfinu us quite know how. sorry for bundling your _ us quite know how. sorry for bundling your name - us quite know how. sorry for bundling your name when i l us quite know how. sorry for - bundling your name when i introduced you! thank you. thank you. in the uk, the country's biggest water company, thames water, may have to be nationalised. thats�*s because investors say they won't pump in any more money. that's because investors say they won't pump in any more money. the company supplies around a quarter of the uk's population, but is drowing in £15 billion of debt. let's hear now from dr ewan mcgaughey, a professor of law at king's college, london. he specialises in public services

and regulated industries. let's start by how did the company get into such a mess.— get into such a mess. since privatisation _ get into such a mess. since privatisation of _ get into such a mess. since privatisation of the - get into such a mess. since privatisation of the water i get into such a mess. since - privatisation of the water industry in 1989 we have had all water companies, notjust thames water paying out collectively £72 billion in dividends and at the same time paying much of that by loading themselves up with that, so you mentioned the £15 billion figure for thames water alone. fundamentally, the regulation in the water industry act 1991 says the regulator should make sure that water companies, their investors can get a return on their investors can get a return on their capital. it is not primarily about making sure that there is good water, the rivers are clean, the beaches are clean. at the heart of this is a failure of the experimental privatisation. we even

have a situation where on the board of thames water is a director who used to be the chief director of the water regulator! this is a bug in the system is. the government oversees all of this and it can change it by putting the water companies into special administration and bringing about notjust temporary but permanent public ownership which is what 90% of countries around the world currently do. fist of countries around the world currently do.— of countries around the world currentl do. . ., , ,, currently do. at a time of stressed ublic currently do. at a time of stressed public coffers. _ currently do. at a time of stressed public coffers, can _ currently do. at a time of stressed public coffers, can government - public coffers, can government really afford to run water companies? i really afford to run water companies?— really afford to run water companies? really afford to run water com anies? ~' ., , , really afford to run water com anies? ~' . , , , companies? i think the real issue is we can't allow _ companies? i think the real issue is we can't allow water _ companies? i think the real issue is we can't allow water companies - companies? i think the real issue is we can't allow water companies to l we can't allow water companies to continue to be privatised. thames water wants to put up the bills by

70%. bills are 10% lower in scotland for scottish water is in public ownership. there are problems of there, of course, but it is far away from the disaster uzi in england. if we triggered a special procedure, shareholders lose their investments, creditors who have been reckless in landing and taking money out of the water system can be made to take a haircut. fundamentally, we've got to rethink the public ownership looks like in the 21st—century britain. the top—down system of whitehall control over public services isn't really the best way. what you want to do is make sure that staff at the water companies who knew the service best, bill payers who have a real interest in making sure the service works have representation on the boards of directors who are running our public services. it is notjust water, it is also energy, real, the nhs, that the experimental privatisation just does not have a

good track record and it is time to have a serious conversation about to change. have a serious conversation about to chance. ., ~ ,, have a serious conversation about to chance. . ~ ,, ,., have a serious conversation about to chance. ., ~' ,, . to the us now, where the man once known as the king of crypto has been given 25 years in jail. sam bankman—fried used to be the boss of the ftx exchange — but was found guilty of swindling customers and investors. he's been ordered to forfeit $11 billion dollars — which can be used to compensate victims. he's expected to appeal the sentence — but it could be an uphill battle — sam bankman—fried used to be the boss of the ftx exchange — thejudge had to decide the judge had to decide a thejudge had to decide a couple the judge had to decide a couple of things, and taking into account the sentencing he was considering the age, the losses involved, the impact of the victims, but also the message of the victims, but also the message of deterrence and ultimately he settled on 25 years for sam bankman—fried. it was less than lawyers who had been prosecuting the case had been asking for. they

wanted 40—50 years. lawyers for sam bankman—fried were saying he should get less than seven years. judge lewis kaplan decided that splitting the difference in the middle was the way to go. as you mention, sam bankman—fried is only 32 years old, so if he serves the full salary will come out sometime in his late 50s. it was a factor that the judge clearly thought that although sam bankman—fried has autism, that in courts he can sometimes be a bit socially awkward, judge kaplan clearly felt this was a serious crime and he wanted to send that message of deterrent. he was also not convinced that sam bankman—fried had shown enough remorse. he wasn't convinced that he might not try to treat people potentially again, so thatis treat people potentially again, so that is why he settled on this lengthy sentence, one that white collar lawyers, professors have been telling me seems to be the right

amount, that it felt right for them and one that would be hard to challenge. it's the easter weekend and, for many people, that means easter eggs. they are enjoyed around the world, but you may find that they're getting getting smaller and more expensive. that's because of the rising cost of cocoa after a droughts in west africa, which produces 70% of the world's cocoa beans. welljoining me is ben greensmith, the uk and ireland manager thank you so much forjoining us. what impact has this real surge in prices having on your business? hi. it has prices having on your business? h it has been really well publicised at the moment that the price of cocoa is at a 45 year high. coco is the main ingredient that goes into chocolate bars. everyone likes eating chocolate, nobody really thinks about where it is coming from, so it will have a big impact on anyone that is sourcing cocoa, it

will have a big impact on the price of chocolate and the future price that consumers are probably playing. you mentioned the future price. you can see a graphic now that shows that since the start of the year the cost of cocoa has almost doubled. that means that further down the line you are going to be hit with some really high prices. how can you manage this?— some really high prices. how can you manage this? chocolate is a massive, massive industry. _ manage this? chocolate is a massive, massive industry. around _ manage this? chocolate is a massive, massive industry. around about - manage this? chocolate is a massive, massive industry. around about 4 - massive industry. around about 4 billion in the uk alone. it is not on everyone because my shopping list, but it is in most people post a basket at the end. this year alone there will be 52 million easter eggs sold in the uk. when we talk about the price of cocoa and everybody enjoys eating chocolate, there is a problematic issue at the beginning of the value chain. 70% comes from

west africa, ghana and cote d'ivoire. there are 2.5 million firms start to produce most of the �*s koko, but because of the low prices paid by the chocolate industry, those farmers are living industry, those farmers are living in poverty. they can't invest in their farms and they have to take their farms and they have to take their children out of school to work on the farms. 1.6 million children work illegally on cocoa farms. these costs at the moment, while it is at the top of the news, we are hoping in a way that this shines a light on the fact that there is plenty of money in the value chain of cocoa thatis money in the value chain of cocoa that is going to the wrong place at the moment. it is tough. any business that is sourcing koko particularly from west africa will be feeling the pinch. manufacturers will be looking at the number of things in terms of passing that cost

onto consumers, so either the amount of cocoa out, changing their fat sites size or putting the price is up sites size or putting the price is up to the retailers. we hope to start the conversation around the lack of investment that has been happening with the farmers in west africa and the low, low prices that are being paid. what we do at tony's chocolonely is demonstrate that you can make delicious chocolate and pay the farmers fairly. this issue that we are seeing on climate change is problematic, the yields are down 30 - 40% this problematic, the yields are down 30 — 40% this year. it is also decades of underinvestment from the big chocolate companies.— of underinvestment from the big chocolate companies. thank you so much forjoining — chocolate companies. thank you so much forjoining us. _ chocolate companies. thank you so much forjoining us. we _ chocolate companies. thank you so much forjoining us. we are - chocolate companies. thank you so much forjoining us. we are out - chocolate companies. thank you so much forjoining us. we are out of. much forjoining us. we are out of time. that's it for me. see you again really soon.

hello from the bbc sport centre. liverpool expect xabi alonso to stay at bayer leverkusen this summer and are to consider other candidates to replace managerjurgen klopp. the 42—year—old spaniard has been heavily linked with the role at anfield ever since klopp said he will stand down. bayern munich were also after alonso to replace thomas tuchel, but it looks like he's staying put with leverkusen, who are on the brink of a first bundesliga title. european football expert kevin hatchard isn't totally surprised by the decision. i think it was always a possibility that he would lean toward staying at bayer leverkusen for at least one more season, but i did feel that the lure of liverpool as a former player, a very successful former liverpool player, would be too strong. it's clear that liverpool wanted him, that he was on their list, not the only name, but very

much on that list, and