bbc news. studio in singapore, this is bbc new- welcome to bbc news. our top story today: the us defence secretary says he had a rare phone call with his russian counterpart in the aftermath of a collision between a russian fighterjet and a us drone. the race is now on to recover the wreckage of the drone which is thought to be 1,200 metres deep in the black sea. russia has also said it will try to find the wreckage. meanwhile, america s top general said the whole incident was a result of russia s increasingly aggressive behaviour in the area. us defence secretary lloyd austin gave this update earlier. asi as i have said repeatedly, it is important that great powers be models of transparency and communication. the united states will continue to fly and to operate wherever international law allows. and it is incumbent upon russia to operate as military aircraft in a safe and professional manner. our diplomatic correspondent, james landale, has this report from kyiv. this is t
shares in the swiss banking giant credit suisse fall to a record low as investors remain worried after the collapse of silicon valley bank. a high court in pakistan orders police to halt their operation to arrest former prime minister imran khan until thursday, following clashes between police and his supporters. conflicting accounts from washington and moscow as a us drone crashes into the black sea after an encounter with russian fighter jets. and a small number of wolves settle in belgium for the first time in more than 100 years as numbers rise across europe. hello. we start here in the uk where the chancellorjeremy hunt has been setting out his budget, pledging to build for the future . the uk economy is set to shrink this year, but it is no longer expected to enter a recession. mr hunt also says the inflation forecast is to fall from above 10%, to just under 3% by the end of 2023. but the labour leader, sir keir starmer, accuses the government of dressing up stagnat
and his supporters. we start with the troubled global banking sector. european markets have closed down more than three percent, spooked by a major sell off of shares in the swiss banking giant, credit suisse. coming days after the collapse of us based silicon valley bank, it s prompted fears of a full blown crisis in the sector. let s take a look at the damage at the close in europe today. shares in credit suisse plunged to a record low, falling 24%. that came after its biggest investor said it could not give the bank any more financial help. here in the uk, the insurer prudential tumbled 10%, and the high street bank barclays, 8%. the plunge by banking stocks left london s ftse 100 down almost 4% at its lowest level this year. it was the index s worst one day performance since the start of the covid 19 pandemic. taking a closer look at credit suisse today was the second day of sharp falls for its shares after the swiss bank yesterday disclosed that its auditor had identif
interest rates have gone up by three quarters of a percentage point, the biggest increase for more than 30 years. it pushes the base rate up to 3%, as the bank of england tries to control inflation. it s the eighth rise in a row, meaning higher mortgage bills for many homeowners. meanwhile the bank has also warned the uk could be on course for its longest recession since reliable records began, over a century ago. our economics correspondent, andy verity, reports. it is the biggest interest rate rise in a third of a century. the cost of living has been rising at its fastest rate for a0 years for global reasons but the bank of england is trying to prevent runaway inflation from becoming embedded in the domestic economy. these are big changes, they have a real impact on people s lives, so why are we doing it? and why are we doing it now when so many people are already struggling with higher energy and food prices and other bills? quite simply we are increasing the bank rate bec