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BBCNEWS World Business Report July 7, 2024

let s get down to business now. in just a few hours, the federal reserve america s central bank will make a decision on interest rates. it s pretty clear the cost of borrowing will go up but the question is, byjust how much. our north america business correspondent samira hussain reports from new york in the united states the cost of living has hit the highest level in more than a0 years. everything is more expensive. in the last year, the cost of food and vegetables is of more than 8%. today, £1 of beef is $5. last year it was $a.a0. the price of petrol has skyrocketed by 60%. and this is not a uniquely american problem. great prices are soaring around the world. the federal reserve, like other central banks is raising rates to curb inflation. here on wall street most people believe the policymakers will raise by .75%. but there are those believe the fed may adopt a more aggressive policy and raise the rates by a full percentage point. such is the urgency of combating r ....

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BBCNEWS World Business Report July 7, 2024

hello and welcome. the uk is today taking delivery of liquefied natural gas, or lng, shipped all the way from australia. it s part of europe s preparations for the winter at a time when gas supplies from russia are under threat because of the war in ukraine. the uk is home to three of the largest lng terminals in europe, and this delivery could be consumed across europe. australia doesn t usually sell gas this far afield, and it s signalled that it might have to limit its exports because of its own supply problems. joining me now is james huckstepp, head of emea gas analytics, s&p global commodity insights. thanks very much for being with us today, james. how much of a problem solver is this shipment? problem solver is this shiment? , , , shipment? the shipment is really part shipment? the shipment is really part of shipment? the shipment is really part of what - shipment? the shipment is really part of what we - shipment? the shipment is really part of what we have ....

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BBCNEWS World Business Report July 7, 2024

we start today with the problem staring at us every time we go to the shops and look at our bank balance: the cost of living crisis. today we ll get the latest estimate of inflation here in the uk for the month of may. we ll go back to april to set the scene: inflation that month was running at 9%, the highest rate here in the uk for a0 years. looking into the future, the bank of england has warned inflation might exceed 11% later this year as the prices of fuel and food put pressure on household budgets. the response by the bank of england has been to raise the cost of borrowing. rates have recently been increased from 1% to 1.25%, the fifth consecutive rise, pushing them to the highest level in 13 years. our business correspondent, emma simpson, has been speaking to the chairman of the supermarket chain asda, lord stuart rose he told her that his customers have been cutting back on their shopping. if you haven t got the money, i cannot eat. iii if you haven t got t ....

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BBCNEWS World Business Report July 7, 2024

let s get down to business. we start with bp, as it s expected to reveal it made record profits in the second quarter. the rising price of oil has given the energy giant a significant boost. in fact bp chief executive, bernard looney, described the energy market last year as a cash machine. so let s take a look at its previous quarter, when bp made an operating profit of $8.2 billion. this, despite off loading its nearly 20% stake in russian controlled oil company rosneft. it also instigated a huge share buy back programme. last week, its rival shell reported second quarter profits of $11.5 billion, prompting a backlash in the uk with one trade union leader describing the soaring profits as an insult to households who are struggling with rising energy bills. let s talk this through, with andrew critchlow from s&p global commodity insights. hello to you, andrew. first of all, what are the numbers going to be like from bp? is it record breaking? i to be like from bp? is it re ....

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BBCNEWS World Business Report July 7, 2024

a possible reprieve on tariffs. united states presidentjoe biden says his administration could drop the trump era tariffs on china. that comment from mr biden comes against the backdrop of surging inflation in the us. in remarks at the white house on tuesday, mr biden also blamed the rising cost of living on pandemic disruptions and the war in ukraine. our north america business correspondent michelle fleury has more. the latest inflation reading is due out this wednesday, economists predict it will show rising prices remain entrenched, for americans filling up this tank this will come as no surprise, the average price of a gallon of petrol at an all time high, rising inflation notjust an economic challenge, also a political one. president popularity has taken a hit over this issue told americans felt their pain though he blamed the war in ukraine and the pandemic for soaring prices. i war in ukraine and the pandemic for soaring prices. for soaring prices. i want every ....

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