including saudi arabia, have announced a surprise cut in production. it follows a drop in oil prices triggered byjitters over the banking sector and worries about slowdown in global economies. at ten o clock we will be here with a full round up of the days news. first, ourworld: inside the illegal puppy trade. chloe, would we like to be in a video about how much i love you? and you, bambi? dogs have never been more popular. in the uk, we bought 3.2 million pets during lockdown. in europe, puppies are now a multibillion euro industry. but where are all these puppies coming from? for the first time, our world unveils a criminal underworld of puppy traders trafficking dogs across europe. they came here to resell those dogs in england. those englishmen, they also dealt in drugs. the criminals are breeding dogs in unlicensed puppy mills in hungary. these dogs suffer abuse and neglect. the dogs are sold into a vast pet trade network in western europe that handles 8 million puppies
welcome to the programme. there are tentative signs that inflation is coming under control, and the recession forecast last year will be shallower and shorter than expected. butjust to make sure, the central banks are raising the interest rates again. yesterday it was the fed, today the bank of england increased the base rate, half a point, to 4% the highest it has been in m years. we think inflation will come down rapidly, and a lot of that is down to energy prices, which have fallen rapidly. but i m afraid there are big risks out there which mean that it may not happen in that way. yet we re still seeing stronger pressure from price and wage setting in the economy in the question is, will that start to ease off? coinciding with the bank s decision came a profit announcement from shell and a rather blunt illustration of why we re all getting poorer. the oil and gas giant has reaped profits of £40 billion last year. the taxman has reaped far less. shell said it paid $1
that s a saving grace for customers of silicon valley bank as much as $220 billion in assets were uninsured. it s a move to prevent a run on additional banks and makes it so the tech companies that banked with svb can make payroll. at least 29 were impacted including big names like pinterest, fit bit, zip recruiter who name a few. separately the same has been done for new york signature bank shut down over the weekend. treasury secretary janet yellen says this action does not equal bailing out the banks. during the financial crisis, there were investors and owners of systemic large banks that were bailed out and we re certainly not looking into the reforms that have been put in place means that we re not going to do that again. but, we are concerned about depositors and are focused on trying to meet their needs. ceo of pershing square bill ache man says he agrees it s not a bailout. a term come to be used he said this on twitter, quote: more banks will likely fail despite
investigated on allegations of rape and people trafficking. they all deny wrongdoing. now on bbc news, our world: inside the illegal puppy trade. chloe, would we like to be in a video about how much i love you? and you, bambi? dogs have never been more popular. in the uk, we bought 3.2 million pets during lockdown. in europe, puppies are now a multibillion euro industry. but where are all these puppies coming from? for the first time, our world unveils a criminal underworld of puppy traders trafficking dogs across europe. they came here to resell those dogs in england. those englishmen, they also dealt in drugs. the criminals are breeding dogs in unlicensed puppy mills in hungary. these dogs suffer abuse and neglect. the dogs are sold into a vast pet trade network in western europe that handles 8 million puppies a year. many are illegally passed off as the offspring of a much loved family pet. hungary has emerged as a dog breeding power in europe. in the last two years, it s