let s speak to james smith, developed markets economist at ing. people are talking of a mild recession. what does that mean? quite often when we talk about recessions and the gdp numbers we think of two courses of negative growth being a technical recession. but that doesn t always feel like a recession to people. when we see a recession to people. when we see a recession we associate it with widespread job losses, people spending less money, people trying to save more, because they re uncertain about what is to come. we are not necessarily seeing that now. the fall in gdp we saw in the third quarter was small, we might see another slight fall in the fourth quarter. but it is not comparable to recessions in the past such as 2008 and the covid recession. so it is worth putting that in context. fix, worth putting that in context. a recession is two sets of three months where growth has been negative. in terms of what it means for people, what will this mean? the uk economy is
nike set sales of footwear in north america, which is its largest market fell 5%. in china, another key market, which is slowly recovering, footwear sales were down 1%. now, on the bright side, if you take footwear sales together with nike sales of footwear in north america, which is its largest market fell 5%. nikkei executive said they are working to improve things, announcing $2 billion in cost cuts over the next three years. the sneaker giant plans to simplify its product line up. it wants to increase its use of technology and streamline the overall organisation. the plan is going to cost the company 400 million to 450 million to invest. adding that the company sees an outstanding opportunity to drive long term profitable growth. and after the retail giant more that demand would continue to be weak for at least the next six months, investors are hoping this turnaround will and nike s losing streak. to india now, and alcoholic exports are likely to cost when billion dollar
are the latest shipping companies to abandon the red sea area. the suez canal handles more than a tenth of the world s trade, but it s particularly vital for the movement of goods between asia and europe. the alternative is a long and expensive detour around the cape of good hope at africa s southern tip. because of the disruption, the cost to ship a container from china to the mediterranean has risen 44% this month alone. that s according to the online shipping marketplace, freightos. swedish homewares giant, ikea, is just one of the companies now warning of delays and possible availability issues for some of its products. shops in europe are already well stocked for christmas, but logistics experts warn there could be shortages in the new year if the crisis continues. we ll hearfrom one of the shipping companies in the moment, but first, let s get the background from our analysis editor, ros atkins. on the 19th of november, houthi rebels from yemen was an attack on the red
a security council resolution to let more aid in has been delayed since monday as member states try to work out a draft that the united states won t veto. the us says it wants to make sure israel still has control over goods moving into gaza, to ensure it doesn t fall into the wrong hands. 0ur united nations correspondent nada tawfik has the latest from new york. i heard from one diplomat that they have made more progress today than they have all week and that they are narrowing the gaps. what we have received is the latest draft resolution and it is different in key aspects from the last proposal. instead of calling for a suspension of hostility, the draft now calls for urgent steps to immediately allow safe and unhindered humanitarian access with creating conditions for a sustainable cessation of hostilities. the wording there, toned down from the original draft. the resolution on the table now also appoints a senior humanitarian and reconstruction co ordinator that will th
wording of the resolution. it comes down to aid and the monitoring mechanism that is in the draft resolution. our north america correspondent nada tawfik has more from new york. diplomats are in consultation and what i heard from one diplomat is that they have made more progress today and they have all week and they are narrowing the gap and we have received the latest draught resolution and it is different and key aspects from the last proposals and the suspension of hostilities the draught now calls for urgent steps to allow safe and unhindered humanitarian access with creating conditions for sustainable station of hostilities and from the original draught in the resolution on the table now also appoints senior humanitarian and reconstruction coordinator that will appoint a mechanism to try to speed up aid into gaza. it s quite a mouthful but these are the proposals on the table and this was made to try to prevent a veto to get the united states on board with this resolutio