Around the globe, and the white house has turned a blind eye, especially the last year or two because its been trying to smooth relations between iran and the western world. But now if the white house decides to enforce those sanctions, that means supply from iran would be cut off and coming at a time when oil supplies have been tightening because saudi arabia and russia, the two largest exporters of oil in the world, who are also part of 0pec , have collectively been reducing 1. 3 Million Barrels of oil per day since july and there is a good chance it may continue next year as well. So if this happens there will be a scenario where there will be less oil supply, more demand, and that leads to higher prices. Even though Major Oil Producers are not directly involved in the conflict it has still sparked uncertainty as far as oil prices are concerned. Talking about that was azlin ahmad, covering crude oil markets in the middle east and asia pacific and she told me that yesterdays spike in Energy Prices may have been a Knee Jerk Reaction to the conflict. I think the main reason is that there is some fear that whats happened, there could be a fallout to the rest of the middle east countries, so i think thats been the main reason why we saw the 4 increase immediately as we opened yesterday in asia time. So it is anyway a bit of a Knee Jerk Reaction but it is based on fears that it could escalate, and your colleague mentioned, it could see repercussions on iran or the us increasing of the sanctions on iran if they think that iran was involved and that could impact irans production exports. Thats been the key thing right now that is pushing prices up. Is there a way that Oil Importing nations can really insulate themselves against this instability that we are seeing . In the short term, very unlikely. Its hard to turn to something else, an alternative. Even if they wanted to increase that gas usage for power generation, its not something you can immediately turn to. So unfortunately for a lot of the consuming countries they have to take it and hope that prices do not go even higher because obviously they would be worsely affected. If prices go up to 90, to 100, if it does. What about 0pec and other producers . How do you manage the situation which is developing . How would they manage pricing and output . One thing is right now the oil market in terms of supply is tight but it is because of voluntary cuts by mainly saudi arabia. So in the last couple of months since july, saudi arabia has reduced its production by a Million Barrels per day, so if you look at it practically, right, and we are assuming that this event does not escalate and does not spread across the middle east, that there is still the possibility that, should be needed, saudi arabia could probably put back a Million Barrels per day into the market, so if you just look at your numbers at the moment of demand and supply, there is a bit of a buffer in that sense. In more news, to china. The firm said it was facing significant challenges in sales and financing and its available funds have continued to decrease. Country garden warned it could default on its debts if its Financial Performance continued to deteriorate. Staying with china, a us delegation are both republicans and democrats lawmakers have met with chinese president xi jinping. With tensions between the two countries, both sides are paving the way for a possible meeting between President Joe Biden and President Xi In November at the apec summit in california. The meetings come as beijing officials have been trying to get the worlds second biggest economy back on track and have hopes the recent bank holiday, golden week, have pointed the recovery in the right direction. Over the eight day holiday, those who could made nearly 12 million trips, and thats for domestic and international travel. Its not got back to pre pandemic days but an 85 Recovery Rate has prompted several economists to be hopeful of an improved outlook for the worlds second largest economy. I spoke to china watcherjulian Evans Pritchard and asked him what the latest figures mean. Not super strong. But you have to remember where we were a few months ago earlier in the summer where it really looked like the Consumer Recovery in china was fizzling out, and possibly could even go into reverse. Relative to that is definitely encouraging in we are seeing renewed momentum in terms of consumer spending, domestic tourism, and that comes on the back of broader signs of this improvement as well. We have stronger Retail Sales Data last month. We are seeing Credit Growth Bottom out and were seeing a step up in fiscal support. So i think on balance we are seeing signs that maybe we are past the worst for the chinese economy. Would you say this is also a reflection of Consumer Confidence sort of returning as well . Yes, we are starting to see consumers perhaps be a little bit less cautious and i think one reason for that is that actually the Labour Market has held up fairly well. Obviously there has been a lot of attention, a lot of focus on the very high level of Youth Unemployment in china, but thats a relatively narrow part of the workforce, just 6 . If you look at the overall Unemployment Rate its actually come down quite a lot since last year, its not particularly high by historical standards and some of the survey based evidence suggests its continued to decline more recently. I think that resilience in the Labour Market is perhaps underpinning a bit more confidence among consumers and a greater willingness to spend as well and travel. Can china hit the 5 Growth Target of the government has set for this year . It was looking like it will be challenging a few months ago but i think our data we are seeing, it is still within reach. Lets get a round up of more news. American academic Claudia Goldin has been awarded the Nobel Prize In Economics of her work on womens employment and pay. The 77 year old teaches Labour Market history at harvard university. The Royal Swedish Academy of sciences said her Research Advanced our understanding of womens Labour Market outcomes. She is the first woman to receive the prize and first to not share the award with male colleagues. Samsung Electronics Says that quarterly profits is expected to dive 80 from a year earlier due to an ongoing global chip cut. The worlds biggest maker of memory chips, smartphones and x will present results on wednesday after output cut in april. And televisions will. Analysts said they slashed more production in the Third Quarter to reduce inventory and weather the worst Industry Downturn in decades. 0prah share in the Company Weight watchers have jumped after its board member and most famous spokesperson 0prah Winfrey clarified earlier is to embrace popular weight loss drugs like ozempic. All it took was a partial comment. What Oprah Winfrey said in a recent event that prescription weight loss drugs seemed like a quote easy way out, investors raised an eyebrow. Shares fell 15 . The company is known for the success of dieting and counting points forfood. Investors want to know if the company can position itself to ride the wave. In a statement to the Wall Street Journal ms winfrey said her comments were misconstrued and taken out of context. She called prescription weight loss medication quote an important and viable option for people struggling with weight and health and with that, shares of Weight Watchers international jumped, closing 13 at the end of trading on monday. Shares have been on the upswing since Weight Watchers paid more than 100 million to acquire the Telehealth Company sequence. It enables it to prescribe weight loss drugs to customers directly. You can find much more on the bbc news website. Bbc news website. That is all for this edition bbc news website. That is all for this edition of bbc news website. That is all for this edition of asia for this edition of Asia Business report but stay with bbc four or the latest and updates. Bbc news, bringing you different stories from across the uk. I different stories from across the uk. , the uk. I suppose getting towards the the uk. I suppose getting towards the end the uk. I suppose getting towards the end of the uk. I suppose getting towards the end of my i the uk. I suppose getting towards the end of my london career, i thought where shall i 90, career, i thought where shall i go, i do to own my living . 0ne go, i do to own my living . One of the things i really enjoyed was gardening, so i went to college. The Garden Monique has created here has just been accredited by the organisation which sets the global standard for botanic gardens. It is among just ten in the uk. It gives you that recognition that you have achieved a level that means that you. It is hard to describe. That you are as best as you can be. Botanic gardens or whether you are a national connection, you are merely guardians, and you are here to preserve what nature has provided for future generations. Trees are the focus of a series of events at the garden this month, called arbor. It is really a celebration of trees and what trees give us and how trees inspire us, how they shelter us, how they feed us. Am i a crazy tree person . Yes. Iam here i am here with the cath up. The euro 2028 hosted to be revealed, big brother returns, and an early halloween surprise. At first you have probably seen the distressing news regarding conflict in the middle east. It is happening on the border of israel and gaza, which were hit on saturday. A lot has happened in the past couple of days, so lets try to break it down for you so far. More than 900 people have been killed in israel since the initial attack by militant group a must. They include 260 people a music festival, more than ten british citizens are feared dead or missing. Group hamas. Israel has responded by bombing gaza, saying 600 people are dead. This is the moment that fans arrived at the supernova festival, and they quickly began shooting at people. Some other stories. The uk and ireland will be announced as the hosts of the 2028 European Championships in switzerland on tuesday. The 5 nation bit is now running unopposed after turkey withdrew from the process last week. And the iconic big brother has returned to our tv screens after five years. The First Episode on Sunday Evening was watched by more than 2. 5 million people. I am super excited, to be fair, to see how the drama unfolds in the coming weeks. And time for ten seconds of smashing pumpkins. Thats right. Halloween is looming. 0regon zoo kicked off celebrations by offering pumpkins to their animals. As you can see, they are delighted for the early celebrations. That is super adorable. You are all caught up now. See you later. Hello and welcome to sportsday. Im sarah mulkerrins. Coming up on the programme. The winning start continues another comfortable victory for new zealand at the cricket world cup. Carlos alcaraz has to work hard against dan evans to make progress in shanghai. And a double for matt fitzpatrick, as his mum helps him take two titles at st andrews. Hello, there. We start with the cricket world cup, where another convincing display from new zealand saw them make it two wins from two, to maintain their perfect record. They beat the netherlands by 99 runs, following up from their victory over champions, england, in their opener. Drew savage reports. New zealand impressed in theirfirst game against england, while the dutch had given pakistan a praet in theirs, but the crowd in hyderabad largely stayed away. They missed more quality kiwi batting. Devon conway and will young got on top of the game from the start. Rachin ravindra also impressed. Seven different players hit a six its eight years since a team last did that at a world cup. A late flurry from Mitch Santner helped set the netherlands a target of 323, which theyve never managed in a 50 over game
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