to protect commercial ships in the red sea. countries joining the security group include the uk, france, canada, bahrain, norway and spain. it comes after the energy giant, bp, suspended its shipping operations through the red sea because cargo vessels are being attacked by houthi rebels from yemen. this is the route taken by around 12% of world shipping which then passes through the suez canal. but several major freight companies have now stopped passing through here. because of the risk. instead they are taking the much longer route all the way around africa via the cape of good hope. that adds costs and delays. here s the us defense secretary lloyd austin. these attacks are reckless, dangerous and they violate international law. we are taking action to build an international coalition to address the threat. i would remind you that this is not just a us issue, this is an international problem and it deserves an international response. joining me now is marc 0stwald, chief e
gansu province. more than 250 other people have been injured in the 6.2 magnitude quake. rescuers are braving freezing weather with temperatures below 13c to search for survivors. the government has dispatched teams of rescue workers to assist local emergency crews. let s go live to our china correspondent, stephen mcdonell who is in beijing, what more can you tell us? a what more can you tell us? powerful, shallow earthquakes struck the plateau as before midnight, bringing down people s homes and killing 118 residents as they slept, of those we are told 105 people died in gansu province and 13 in neighbouring qinghai. the rescue effort started through the night into the early hours of the morning and has continued today in very difficult, freezing conditions. we are told that 11100 firefighters have been sent to assist in the rescue effort. we are getting footage of emergency tents being set up. you can imagine one of the terrible things when this sort of accident happe
clean up the aviation industry? we get airborne to find out. we start in the us where the central bank has raised the cost of borrowing to its highest level in m years as it tries to rein in soaring prices. the federal reserve hiked its benchmark rate by three quarters of a percentage point to a range of between 3% and 3.75%. the feds chair, jerome powell, warned there were more rises to come, but said there is no painless way to get inflation under control. households and businesses here in the uk are also braced for more expensive borrowing with the bank of england widely expected to announce a hefty rate rise in the next few hours. more on that in a moment. first, let s hearfrom our us business correspondent michelle fleury in new york. the message from the federal reserve unmistakable, we are here to fight inflation, this is the first time us central bank has raised interest rates and smudged in response to prices rising at the fastest pace for four decades, prices r
today you don t know if it will be gone tomorrow. be gone tomorrow. after repeated be gone tomorrow. after repeated rises be gone tomorrow. after repeated rises in - be gone tomorrow. after| repeated rises in interest rates since december we have the highest official interest rates since 2008, that means it s more worthwhile saving that it has been for most of the last decade and a half, but at 2.5 to 3% highest interest rates aren t enough keep up with inflation, that means the real value of your savings is shrinking. the government emergency energy measures will curb inflation in the short term, but because they are expected to inject £100 billion into the economy, it will add to spending overall and to inflationary pressure in the next few years. the bank of england expected to try to hit that up by continuing to raise interest rates in the next six months to more than double their current level. the verity, bbc news. george buckley is chief uk and euro area economist at the i