wednesday and attended the inauguration of a new bank in shanghai on the staples development bag has been set up by the brexit, brazil, russia, india, south africa, because, president lula said the new financial institution frees developing countries from established ones. our business reporter has more on the significance in the strip. the goal, in his own words, is to strengthen the relationship and at least when it comes to relationships ties are already significant. china is brazil s biggest export market, each year by intensive billions of dollars of natural resources and agricultural props 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 needs more of it if he is to boost brazil s stagnant economy. that s why the brazilian economy expects more than 20 bilateral agreements to be signed during his trip as part of the deputised of already agre
officials at the united state s central bank think inflation is going to remain uncomfortably high in america for some time. that s according to the minutes of the last fed meeting where monetary policy is set. the bbc s north america business correspondent samira hussain reports. if anyone thought most recent price hike which showed no inflation injuly was the new normal the federal reserve is here to tell you otherwise. the latest minute shows that the committee that sets monetary policy in the us was unanimous that prices are going to keep going up for months to come. that means everyone should expect more interest rate rises as well. the committee height interest rates by three quarters of a percentage point last month, another rate hike in september seems almost certain. the only question is by how much? the minutes show at least some on the committee thank that their efforts to tame inflation may be starting to have some effect. based on the market response that has
economic crisis? plus, when working from home is just too expensive could soaring energy bills drive a mass return to the office for the first time since the pandemic? hello. we start with the cost of living crisis here in britain because the boss of one of the uk s top energy suppliers has told the bbc the government must act now to protect customers from soaring bills or face catastrophe this winter. ovo energy ceo stephen fitzpatrick has been talking to our business editor simonjack about their own ideas for supporting households. he said it felt like the past 12 months had been wasted despite the scale of the crisis becoming increasingly apparent. and he called on the uk s new prime minister to take action as soon as they are appointed next week. if we don t start working on this first thing on monday when we have a new government, a new prime minister this has to be the first order of business. and if we don t use every available moment over the next 12 weeks
for us, for both of us, then that s something we will go along with. that s something we will go along with- that s something we will go along with. that was galvan talkin: along with. that was galvan talking on along with. that was galvan talking on a along with. that was galvan talking on a gradual - along with. that was galvan talking on a gradual rise - along with. that was galvan talking on a gradual rise in. talking on a gradual rise in country settling using the chinese yaun. while cheney looks to increase as user zurani well, it is a large bilateral benefit, as samira hussain reports, beijing has remained noncommittal during meetings of debt restructuring for poorer countries on the sidelines of the imf and world bank meetings. poorer countries currently hold billions of dollars in debt and there is a push to allow those countries to restructure some of that by perhaps using lower interest rates to refinance those loans or even changing the timetable to pay those back. alt
consume energy. thank you so much for your consume energy. thank you so much for your time. to the us now where the owner of social media app snapchat has announced it s cutting a fifth of its workforce or around 1,200 jobs. like many of its tech rivals, snap has been suffering from a slowdown in the advertising market as companies cut back on spending. a year ago, snap was worth $130 billion. today it s valued at less than 20 billion. from new york, our business correspondent samira hussain reports. since the beginning of the year, shares in snap have plummeted more than 75%. like so many other companies, snap is grappling with some tough economic conditions, as high inflation persists and the cost of borrowing will go even higher. their ad revenues have taken a big hit, and that s why the company has decided to cut about 1,200 staff, which should save it about $500 million annually. now, it s not the only cost cutting measure snap is embarking on.