with the start of wimbledon, we take a look at how sponsors are trying to ace the event. let s start with more on the important meeting taking place in the bavarian mountains today, where g7 leaders are gathered for their latest summit. the conflict in ukraine and the effects the russian invasion is having on the global economy is top of the agenda. leaders will consider imposing a price cap on russian crude, which is an idea strongly supported by the white house. russian oil and gas sales could hit $285 billion this year, which is 20% higher than last year s figure. as well as discussing energy food inflation and security is causing a headache for g7 leaders. with around 20 million tonnes of grain stuck inside ukraine, unrest has erupted in countries from indonesia to iran, and hunger now is predicted to affect 867 million people this year. to discuss this i m joined by professor olivier de schutter co chair of the international panel of experts on sustainable food syste
hello and welcome to audiences in the uk and around the world. we start here in the uk where the bank of england is poised for the biggest rise in the cost of borrowing for 27 years to rein in the soaring cost of living. economists expect the central bank to raise its main interest rate by half a percentage point something it hasn t done in one go since 1995. that would take it to 1.75% the most expensive borrowing costs the uk has seen for almost a decade and a half with further steep rises expected. it comes as a leading think tank has warned inflation could hit 15% before it starts to ease next year. george buckley is chief uk & euro area economist at the investment bank nomura. i assume you are with the majority and you think is half a percent rise today is a given? i a percent rise today is a civen? ~ , a percent rise today is a civen? ~ , ., a percent rise today is a . iven? ~ , ., ., given? i think it is going to happen. given? i think it is going to happen.
this is the business stories from around the world, and i will try and pronounce that correctly in a let s start with a stark warning from the governor of the bank of england. andrew bailey has warned the uk and many other countries are facing apocalyptic food prices, due to supply problems caused by the war in ukraine. bailey warned inflation could hit 10% by the autumn, well above the central bank s 2% target. uk inflation is currently at 7%, which is its highest level in 30 years. another sign of the rising cost of living was shown at petrol pumps yesterday, with one litre of diesel costing £1.80, which is a record high. joining me now is swetha ramachandran, an investment manager at gam investments. thank you for being with us, we know that rising prices are a huge problem, but it really did underlinejust how bad huge problem, but it really did underline just how bad this could get without warning from the bank of england just yesterday. yes, indeed, and there are lots o
we start in the us where the federal reserve gave financial markets a double boost on wednesday. it says the world s biggest economy will recover much faster than it was predicting a few months ago as vaccines are rolled out and government stimulus cash begins to flow. and it has put to rest for now fears that higher interest rates are around the corner. the fed has promised to keep them close to zero until the recovery is complete. michelle fleury has more. jerome powell was surprisingly forthright. he said he is in no rush to pull support from the economy. with 9.5 million jobs still missing and spending on travel and hospitality still weak, the fed chief said the bank was committed to keeping borrowing rates near zero until the job is done. the job is done. today, interest the job is done. today, interest rates - the job is done. today, interest rates were - the job is done. today, | interest rates were kept the job is done. today, - interest rates were kept near