the cost of a shipping container has slumped since last year. is it a warning sign of a global recession on the horizon? well, we start here in the uk, if you can see me, i am at a slight distance. i m going to sit back down. the cameras aren t playing with us nicely this morning, so let s sit back down and we will start the programme again. let s pretend that didn t happen, shall we? 0k. welcome to the programme. we start in the uk whether has lodged a controversial new push for oil and gas exploration in the north sea. nearly 900 blocks are offered exploration with as many as 100 licences to be awarded. the government says it will burst energy security and support skilled jobs. but the decision is at odds with international climate scientists who say fossil fuel projects should be closed down, not expanded. it comes as households are warned they could face a rolling electricity blackouts this winter if problems with gas suppliers deteriorate further. national grid, overseei
buildings and switching off shop window lights at night. let s talk to ana maria, an analyst with institute for energy economics and financial analysts is. it s good to have you. how were prepare do you think the eu is for the winter and the potential pinch on gas and the potential pinch on gas and alleges that he supplies? it s very difficult to predict how ill prepared europe is because there are so many other factors affected right now. this is a global crisis so everything that happens globally is affected, the energy and gas industry in europe, for example, the supplies of lng, and japan offered loans to the utility to be able to secure energy, so immediately the price went up. all those things immediately affect europe. if there is a
likely to go abroad, will see an impact as a result of the week are currently depending where you travel. this will be felt all around. like i say, overtime, the direction of travel isn t important, it s a buffer when it comes to the free floating markets but it s a short period of time and will notice a difference. he a short period of time and will notice a difference. notice a difference. he says notice a difference. he says not a problem notice a difference. he says not a problem but - notice a difference. he says not a problem but it - notice a difference. he says not a problem but it costs l notice a difference. he says - not a problem but it costs more to buy things that are priced in us dollars if the pound is weaker, that means businesses margins are squeezed and presumably they pass on higher prices to us and that drives inflation, doesn t it, rise in average prices? it inflation, doesn t it, rise in average prices? inflation, doesn t it, rise in average prices? it does.
is confirmed, this will be the company s first year on your declining quarterly profits in almost three years. it s basically because people are cutting back on purchases as the cost of living for everything from food to fuel is going up but we do have to remember that these makers of consumer electronics, they were big winners during the pandemic because many of us were buying more of their products to work or study from home and it s actually resulted if you remember in a serious shortage of chips which is used in everything from cars to day to day items prompting production issues, so it s no surprise demand is down. there could be another surprise demand is down. there could be another warning - surprise demand is down. there could be another warning sign i could be another warning sign for the global economy this time from the shipping industry. rewind to this time last year, businesses were facing record high prices to ship goods in the run up to the christmas holiday period. th
shipping costs that went sky high was not the dominant factor hi global inflation so i doubt we will see much change, lower prices on consumer goods which are falling that we can always wish for it, of course. just briefly, the problem with congestion at ports, is that gone away? congestion at ports, is that gone away? congestion at ports, is that one awa ? ., ~ , . gone away? the dockworkers at felixstowe gone away? the dockworkers at felixstowe are gone away? the dockworkers at felixstowe are back gone away? the dockworkers at felixstowe are back at - gone away? the dockworkers at felixstowe are back at work - felixstowe are back at work now, with those in liveable still on strike. we see congestion and long lines of ships waiting in the north atlantic, mostly in europe but also the us east coast, it s coming down but still from pre pandemic levels by two. it s also a sign the global economy is coming down, and global shipping networks are also to be without much delay. peter