in the united states where the central bank, the us federal reserve, has raised the cost of borrowing for the tenth time. the quarter percent rise puts the fed s main interest rate at between 5 and 5. 25% the highest it s been in 16 years. but has it done enough to tame inflation? or with banks struggling and recession looming, has the fed gone too far? our north america business correspondent samira hussain reports from new york. inflation remained stubbornly high, to try to get the cost of living back down to more normal levels the federal reserve has raised interest rates ten times in a little over a year, now it seems it may be ready to perhaps take a pause. the committee perhaps take a pause. the committee will perhaps take a pause. the committee will take - perhaps take a pause. the committee will take into account the cumulative tightening of monetary policy, le-s tightening of monetary policy, legs with which policy affects economic activity and inflation and ec
attended the inauguration of the new bank in shanghai on thursday. the new development bank is set up by the brics group, and president lawler said the new financial institute freeze developing countries from establishment. a business reporterjoao da silva has more on the significance of this trip. the goal, in his own words, is to strengthen the relationship and at least when it comes to business ties already significant, china s brazil s biggest export market, each year buying tens of billions of dollars worth of natural resources and agricultural products, including soybeans, iron ore, oil, and beef. while brazil, according to chinese state media, is the biggest recipient of chinese investment in latin america. president lula da silva is more of it if he is to boost result s stagnant economy, that is why the brazilian government expects more than 20 bilateral agreements to be signed during his trip was not as part of the deeper ties, they have already agreed to allow busin
flanders and claire barrett. we have got stephanie flanders from bloomberg economics on the podcast. hello. hello, hello. and another friend of the podcast, claer barrett, from the financial times. thank you for having me. i m glad you re here, so, interest rates at 3%, stephanie. gives a sense of how that feeds into real lives. in gives a sense of how that feeds into real lives. into real lives. in terms of money that into real lives. in terms of money that is into real lives. in terms of money that is about - into real lives. in terms of money that is about 2 - into real lives. in terms of. money that is about 2 million people in the country who are on a variable rate the biggest since the 80s or 90s depending on who you believe. and for somebody with the average size mortgage, that is going to add nearly £80 a month or £1000 a year, just from today s rise, but of course, that is the eighth rise we have had in succession from the bank of england. there is more pain t
2 million people in this country who are on a variable rate mortgage who will immediately see the impact of that 0.75% rise we have had today. the biggest since the 80s or 90s depending on who you believe. and for somebody with the average size mortgage, just from today s rise, but of course, that s the eighth rise we have had in succession from the bank of england. there s more pain to come for around 2 million people you roll off their mortgage fixed rates next year. they might see an even bigger rise because they re on a really low rate now and it ll probably be higher than it is next year, so again, somebody with the average size mortgage, they can expect to pay around £250 more per month, or £3000 a year, and that s based on a mortgage of 130,000 so obviously if you have a bigger mortgage, you will have bigger repayments. trying to work out from listening to the various contributions we ve heard today, whether it be andrew bailey at the bank of england orjeremy hunt
and grief i feel every day? and we meet the british woman who, after 30 years in hollywood, is one of the most powerful figures in the world of entertainment. within the past few hours, japan s coast guard and the south korean news agency yonhap have both said that north korea has fired two ballistic missiles off its east coast, which appear to have landed in the sea outside japan s exclusive economic zone. this comes just after the united nations security council held an emergency meeting to discuss north korea s test firing of another ballistic missile overjapan on tuesday. that missile travelled 4,600 kilometres before falling into the pacific ocean. it was north korea s first missile launch overjapan since 2017. the us ambassador to the united nations has accused china and russia of enabling north korea. the dprk has enjoyed blanket protection from two members of this council. these two members have gone out of their way to justify the dprk s repeated provocations and blo