so, are you going to an office christmas party? if so, do you have to be masked up, tested, the works? we will discuss that later. but first... we start in the us, where market volatility continues, overfears about the new omicron variant of covid—i9. wall street shares fell sharply after public health officials confirmed the first case of omicron in the us. it's now been detected in two dozen countries. markets have been on a roller—coaster since news of the new, possibly vaccine—resistant variant emerged late last week. after a brief recovery, leading us shares have now had their worst two—day sell off in more than a year. let's show you how that's impacting asian markets. and let us talk this through with andy macdonald. the fund manager at amity global investors. good morning to you. first of all, i am loving your christmas tree.— first of all, i am loving your christmas tree. thank you very much. christmas tree. thank you very much- that _ christmas tree. thank you very much. that is _ christmas tree. thank you very much. that is very _ christmas tree. thank you very much. that is very organised i christmas tree. thank you very | much. that is very organised on 2 december. — much. that is very organised on 2 december, can _ much. that is very organised on 2 december, can i _ much. that is very organised on 2 december, can i say. - much. that is very organised on 2 december, can i say. yes. - much. that is very organised on 2 december, can i say. yes. we must get — 2 december, can i say. yes. we must get down _ 2 december, can i say. yes. we must get down to _ 2 december, can i say. yes. we must get down to business. - must get down to business. markets, your thoughts. we knew this week would be volatile. there is still so much unknown about omicron. absolutely. it is the uncertainty that affects the investors. as you say, we saw this extraordinary swing yesterday with equities in the us, the broad—based snp 500 up and then a rapid sell—off to the end to finish off i.2%. as you say, that is a large swing and it comes on top of tuesday. it is the other uncertainty of covid and how those effects that have broadened over the market, what does it mean for inflation, what does it mean for goods inflation, what does it mean for the labour market? there are a lot of different worries for the market to face. if you are to that as well the testimony from jerome powell earlier this week in the us, that's the us federal reserve chief, that has added, really, hasn't it, to the fear factor and the worry that if governments worldwide have to reconsider partial lockdowns, further restrictions, the impact that will have. yes. i think lockdowns _ impact that will have. yes. i think lockdowns will - impact that will have. yes. i think lockdowns will get - impact that will have. yes. i i think lockdowns will get better managed and the gdp impact should be less damaging. now people are really concerned about inflation. we have seen that supply chains get really easilyjammed up. that leads to shortages and price squeezes. the labour market, particularly in the us, where they had so much covid support programme, they are really struggling to hire and if there is another wave of coronavirus but doesn't encourage people back into the workforce. so if we're going to see interest rates have to go to limit inflation, that also, that spreads out all over the dust at all of the world, emerging markets are often prized of us interest rates. you have got investments and junk bonds, there are multiplier effects they do spread out from that kind of uncertainty, the potentialfor uncertainty, the potential for inflation, uncertainty, the potentialfor inflation, further inflation, and further interest rate rises. it's interesting, but i've noticed throughout this week that europe has been very volatile as well stop it is real concerns about the situation in europe notjust with omicron but also with rising cases in various parts of europe prior to knowing about omicron but asian markets have been more sanguine this week. , ., have been more sanguine this week. , . , , week. yes, and i suppose they have had _ week. yes, and i suppose they have had different _ week. yes, and i suppose they have had different impacts - have had different impacts affecting them, because china is still pursuing a zero covid strategy so it is very difficult to know how that will impact their growth going forward. dave also had issues of being hit a few weeks ago with all the ever grand problems and not knowing how the chinese property market is going to face the years ahead so i think there's just lots of different impact on the market. anna, thank you so much, we appreciate you getting up so early. anna mcdonald there. let's now look at the situation and some of the challenges in the us. president biden has insisted the us economy is in a strong position as it enters the holiday season, thanks to action taken by the government to free up supply chain blockages and tackle the rising cost of living. he has promised soaring prices will ease, and said measures to clear bottlenecks at american ports are taking effect. we have more goods than ever and a lot of those good come through our port. 40% of the goods that come into the country on the west coast come through two ports, los angeles and long beach. to help relieve congestion and i've put together labour and management and asked them to step up and co—operate more. to move forward and operate in those ports, not five days a week a0 hours a week but 2a hours a day, seven days a week, we are adding more shifts at night and on the weekends. the president also tried to play down concerns of shortages of christmas gifts in the shops. now, i can't promise that every person will get every gift they want on time. only santa claus can keep that promise. but there are items every year that sellout and are hard to find. some of you mums and dads may remember cabbage patch kids backin remember cabbage patch kids back in the 80s or beanie babies in the 90s or other toys that have run out at christmas time and past years when there was no supply chain problems. but we are heading into a holiday season and a very strong shape. it's not because of like. we averted a potential crisis by figuring out what needed to get fixed and then we brought people together to do the hard work of fixing it. christine mcdaniel is senior research fellow at the mercatus center think tank, she's a former us treasury official. it's so nice to see you again. listening to president biden they're talking about cabbage patch kids and beanie babies, to what extent is this really about pr and him trying to win over the american public, as opposed to what he really can do to help the situation? thank ou, do to help the situation? thank you. nice _ do to help the situation? thank you. nice to _ do to help the situation? thank you, nice to be _ do to help the situation? thank you, nice to be here. _ do to help the situation? thank you, nice to be here. that - do to help the situation? thank you, nice to be here. that is i do to help the situation? thank you, nice to be here. that is a l you, nice to be here. that is a very good question, so president biden and many other policymakers, well—intentioned people, they see the big problems, the slow deliveries, the containers stacked high, as president biden said the ships waiting on anchor outside la long beach but they are just the terms of the strain. the strain being the huge surge in demand, and that surge in demand, and that surge in demand has, that is the core of the extraordinary demand for goods, that is the core of the problem. so we have to remember even before the pandemic, a lot of the cargo cross—border was being shipped in the bellies of large civil aircraft, right? and so when the pandemic hit and those flights were grounded or scaled back, that wasjust one sort of like a domino effect of many things to come. but the logistics industry is a very capital intensive industry, many seasonal demand patterns, and it performs really well when it is just barely able to handle the peak loads. think of the airlines industry. so it performs very well when they are almost at full capacity and things are very busy. the day before thanksgiving could be many delays but it doesn't mean the government needs to go in and completely restructure everything. so when president biden and other policymakers talk about trying to, you know, micromanage parts of the supply chain, that is worrisome because there is really a limited role for government in the supply chain industry, the private sector is really best at handling that.— private sector is really best at handling that. and he would an ue at handling that. and he would argue there — at handling that. and he would argue there is _ at handling that. and he would argue there is a _ at handling that. and he would argue there is a very _ at handling that. and he would argue there is a very limited i argue there is a very limited role for government if not a role for government if not a role for government when it comes to telling the bosses of top retailers about prices. because of course inflationary pressure is really moving across the whole economy as jerome powell said in the middle of this week, so if he meets with the bosses of top retailers in the white house, really, what are they going to promise? really, what are they going to romise? really, what are they going to promise?— really, what are they going to romise? ,, promise? right, well you said --erhas promise? right, well you said perhaps that _ promise? right, well you said perhaps that was _ promise? right, well you said perhaps that was a _ promise? right, well you said perhaps that was a bit - promise? right, well you said perhaps that was a bit of - promise? right, well you said perhaps that was a bit of a - perhaps that was a bit of a public relations issue. i would not disagree, but look, all political leaders right now are under a lot of strain because, as sherman powell said, in many ways the virus controls our economy right now and that puts really any leader and a difficult position stopping they want to be seen as doing something but it is very difficult and frankly the more they actually really do, in terms of micromanaging the economy, the worse the unintended consequences can be. so really the best thing they can do is let the fed do their job, let the private sector sort this out, and so many businesses are already strengthening their resiliency, i was talking to an automaker last week. they have been for months now really building out their supplier's suppliers, huge database. lego, they have supply chains in north america, asia, europe. of one goes down they've got many other options. the private sector is good at handling these problems, let them figure it out. film handling these problems, let them figure it out.— them figure it out. oh yes, them figure it out. oh yes, they are — them figure it out. oh yes, they are experts _ them figure it out. oh yes, they are experts at - them figure it out. oh yes, they are experts at now- they are experts at now christine, no pressure but is your tree up, christine? christine, no pressure but is yourtree up, christine? ida. your tree up, christine? no, i'm so embarrassed! - your tree up, christine? no, i'm so embarrassed! in - yourtree up, christine? iirr, i'm so embarrassed! in fact your previous guest's tree looked gorgeous. my tree is not up looked gorgeous. my tree is not up yet. looked gorgeous. my tree is not u- et. ~ �* , looked gorgeous. my tree is not u- et. ~ 3 ., , looked gorgeous. my tree is not uet, , up yet. well it's only december the second- _ up yet. well it's only december the second. but _ up yet. well it's only december the second. but they _ up yet. well it's only december the second. but they don't - up yet. well it's only december| the second. but they don't have to no and the second. but they don't have to go and buy — the second. but they don't have to go and buy one. _ the second. but they don't have to go and buy one. it _ the second. but they don't have to go and buy one. it is - the second. but they don't have to go and buy one. it is so - to go and buy one. it is so nice to talk _ to go and buy one. it is so nice to talk to _ to go and buy one. it is so nice to talk to you - to go and buy one. it is so nice to talk to you again, | to go and buy one. it is so - nice to talk to you again, have a good day, no it's your evening now. have a good day, thank you so so much. you can so much. you can see so much. you can see my next guest's tree is not up either. let's turn to the price of oil now, like stock markets it's been a victim of fears over the new omicron covid variant. november was the worst month for oil prices since the start of the pandemic. crude has tumbled from three year highs in october, above $86 a barrel, to less than 70 on wednesday. the opec group of oil producers meets later, they have been under pressure to pump more oil to ease prices. but could they be due a rethink? nitesh shah is director of research at the asset manager wisdomtree. good morning, good to see you. opec plus now, what you think they are thinking about they should do next? i they are thinking about they should do next?— should do next? i think the scrit should do next? i think the script has _ should do next? i think the script has been _ should do next? i think the script has been flat, - should do next? i think the script has been flat, as - should do next? i think the script has been flat, as you mentioned, omicron really changes the dynamics of the discussion. if you look back to last thursday when oil prices were trading in the mid— 80s, lots of oil important countries were screaming at opec who release more oil supply. in fact you've had a number of oil importing countries releasing what they call their strategic petroleum reserves, whether governments have stored up oil over times when there's been plentiful supply in these reserves, ready for times when there is oil shortages and they've already announced releases, these countries include the us but also japan, china, uk and a number of european countries, so lots of oil is now going to be entering the market and opec are facing this period where demand could we can, so they are in a two—day meeting. yesterday was like a technical meeting, not with ministers, not with people who make the policy, and today will be the meeting with policymakers stop yesterday's meetings will set the tone for a lot weaker demand, so that could change the course of what opec do over the coming months. and it is really a question of waiting to see, isn't it? because this week's reaction on markets is very knee—jerk, it has been very volatile. some argue in the month of december trading is a bit thinner anyway, so things tend to be more exaggerated, just like everybody else that don't know the answer to the key questions which will tell us whether we have two, you know, in countries around the world whether we have to look down further or not.— down further or not. that's exactly right. _ down further or not. that's exactly right. there - down further or not. that's exactly right. there is - down further or not. that's exactly right. there is veryj exactly right. there is very little information about what the virus will do and how countries will react to this virus when there's only really and yesterday when the first case was announced in the us and we don't really know enough about the virus. will it evade all the vaccines and will there therefore need to be the kind of restrictions that we saw in parts of 2020? those kinds of questions are not known. and the extent to which oil supply will be damaged is unknown, but opec are taking a fairly conservative approach to this, even just in the best case scenario they are thinking about 3 million barrels of oil per day of surplus oil in the first quarter of 2022, and in the more sort of aggressive omicron disease, they are increasing that to a.8 million barrels per day of excess supply in that first quarter, so that changes the dynamics quite a lot. i don't think most oil analysts are really thinking that the impact of the disease will be that strong, but for opec they have enjoyed this period of oil prices hovering in the mid— 80s. they were very, very resistance to —— resistant to increase their oil supply more than the original plan of ao0,000 than the original plan of a00,000 barrels per day of increase per month that they had back injuly. almost this is acting as the perfect excuse just to either continue with the current plan of a00,000 barrels per day, or they may reduce the down a little bit. keeping prices at levels at which they can rebuild their finances. ok, thank you for being on. finances. ok, thank you for being on— finances. 0k, thank you for being on— being on. giving us your thoughts _ being on. giving us your thoughts on _ being on. giving us your thoughts on what - being on. giving us your thoughts on what 0pec| being on. giving us your- thoughts on what opec may decide later today. just to say, we will update you when we hear from say, we will update you when we hearfrom opec. stay with us on bbc news. still to come: why the office party season is fast losing its fizz, as uk companies cancel parties. it's quite clear that the worst victims of this disaster are the poor people living in the slums which have sprung up around the factory. i am feeling so helpless that the childrens are dying in front of me and i can't do anything. charles manson - is the mystical leader of the hippie cult suspected of killing sharon tate - and at least six other. people in los angeles. at 11:00 this morning, just half a metre of rock separated britain from continental europe. it took the drills just a few moments to cut through the final obstacle. then philippe cozette, a minerfrom calais, was shaking hands and exchanging flags with robert fagg, his opposite numberfrom dover. this is bbc world news. the latest headlines: covid cases in south africa have doubled since monday, as the first case of omicron is reported in the us. the women's tennis association has suspended all tournaments in china, saying it has serious doubts that chinese tennis star, peng shuai, is "free, safe and not subject to intimidation". finally, it's the season for the office christmas party. but has the fizz gone out of it? a number of major uk firms have told the bbc they are shelving or scaling back plans for big events. and more than half of workplaces have decided not to hold a party at all, according to a survey of office workers commissioned by covid testing company prenetics. that's despite no new government restrictions being placed on hospitality alex hewitt is chief executive of aok events, which does events and party management for corporate clients. good morning to you, alex. so have your clients cancel parties?— have your clients cancel arties? ,., ., ., ., have your clients cancel arties? ., ., i. parties? good morning to you. we have seen _ parties? good morning to you. we have seen a _ parties? good morning to you. we have seen a couple - parties? good morning to you. we have seen a couple of- we have seen a couple of cancellations in the last few days. but i think the backdrop to that is a number of people had already decided that they were not going to do a live christmas party this year. they were going to do a virtual event or send their colleagues or clients a gift instead. so while we are still running 30 or a0 live events over the next few weeks, at this moment in time, pleasingly, not that many have cancelled at all. so time, pleasingly, not that many have cancelled at all.— have cancelled at all. so a live event _ have cancelled at all. so a live event is _ have cancelled at all. so a live event is where - have cancelled at all. so a i live event is where everyone have cancelled at all. so a - live event is where everyone is in the room, is that what you mean by that? as opposed to a virtual event will stop because thatis virtual event will stop because that is also live but it is virtual. it is confusing, isn't it, and this brave new world we are in. , , it, and this brave new world we are in-_ in _ it, and this brave new world we are in._ in terms- it, and this brave new world we are in._ in terms of. are in. yes, it is. in terms of comparison _ are in. yes, it is. in terms of comparison to _ are in. yes, it is. in terms of comparison to last _ are in. yes, it is. in terms of comparison to last year, - are in. yes, it is. in terms of comparison to last year, last year we were suddenly told that we couldn't socialise at all in the run—up to christmas. did officers and workplaces still have virtual events then. we ran more _ have virtual events then. - ran more christmas parties last year than ever before. i think companies felt a responsibility to say thank you to their staff and we are running a very large number of events this year as well. it'sjust number of events this year as well. it's just that because covid has been with us all year—long people have made the decision quite a long time ago, a number of people, that they were not going to do an event where there were lots of people all in the same room. a number of people still have any brilliant events industry will do all they can to ensure everyone is kept as safe as possible and that nobody�*s christmases are ruined at all. and what does that involved for the live event you are hosting, what do you insist on so that people are as safe as possible? no problem there, it's probably booking a venue that's a little bit bigger than yately need so everybody has lots of space, if you have tables for dinner there is plenty of space between you and the table next door, plenty of ventilation, asking guests to take a lateral flow before they turn up, and then there are some commonsense decisions about not doing something like karaoke where loads of people are singing all at the same time. the christmas parties may be slightly sanitised. saying that, we had two parties last night where the dance floors were full and everything to be having an absolutely brilliant time. flamini there is an appetite for it, isn't there? many still wanted to go to the christmas party, partly because last year everything was cancelled. absolutely. we're all for memories and, you know, working from home and not seeing your colleagues and having a couple of drinks responsibly and a good time, you know, is desperately missed and the thought of another christmas season where we are all stuck indoors and not able to let our hair down a little bit is just probably a little bit too depressing to imagine. and probably a little bit too depressing to imagine. and for the events _ depressing to imagine. and for the events businesses - depressing to imagine. and for the events businesses such - depressing to imagine. and for the events businesses such as| the events businesses such as yours, how have you weathered the last 20 months. and if we are told, you know, in the next couple of weeks that said we have to go into further restrictions, what impact will it have on your business and others like yours? the hospitality _ others like yours? the hospitality industry - others like yours? the hospitality industry as | others like yours? the | hospitality industry as a others like yours? tue: hospitality industry as a whole has suffered absolutely terribly. aok events has done ok because we pivoted the business strongly into virtual and we set up a big gifting business as well so we sent out hampers or digital vouchers to people to say thank you instead. if another lockdown does follow we're quite well—prepared for that. but generally speaking, my heart goes out to all of the hotels, caterers, staffing agencies, florists, you know, who have the prospect of, you know, getting back on their feet over the next three weeks and potentially that being taken away from them. in potentially that being taken away from them.— potentially that being taken away from them. in terms of, ou away from them. in terms of, you know. — away from them. in terms of, you know. the _ away from them. in terms of, you know, the government i away from them. in terms of, - you know, the government advice and its communication so far with regards to omicron, what is your take on that? because many argue there is mixed messaging going on. you have the health secretary saying one thing, that it is ok to socialise, but you got chief scientist saying otherwise. t scientist saying otherwise. i don't think anybody has an idea what to do. and i think that if people are sensible they have the ability to limit any kind of transmission of this virus and if people are stupid and they will probably become part of the problem. so i think as long as people use their heads and don't do anything too stupid having events, going to the pub, going to a hotel, it doesn't need to be any more dangerous than going to the office or going to the shops by just briefly, alex, what is the most extravagant gift you are sending to clients? that's a great question. actually, tech is very popular this year. so sending tech, but probably the most popular is christmas hampers or sending out vouchers, which is obviously a bit more sustainable, giving me employees the choice to choose themselves what they want rather than having somebody choose for them.— choose for them. merry christmas _ choose for them. merry christmas to _ choose for them. merry christmas to you, - choose for them. merryj christmas to you, alex, choose for them. merry - christmas to you, alex, thank you for being on. we appreciate it. and thank you for your company. whatever you up to today i hope you have a lovely day and i will see you soon. hello. the cold air is back. thursday gets off to a chilly start with a widespread frost and temperatures won't crawl up too far for the day despite a lot of sunshine on offer. the cold air has come chasing down through these isobars all the way from close to the arctic circle, sweeping its way right to south across the uk. overnight starting to plunge down into the continent through thursday. we are all in the arctic air and we will all feel it thanks to a cold northerly breeze. where we've seen some showers overnight there will be a risk of ice to start us off on thursday. as i said, a widespread frost. further showers across eastern scotland, eastern counties of england through the day, a few as well across the west coast of wales particularly i think through pembrokeshire pushing down through devon and cornwall, eastern scotland. perhaps clearing come the afternoon. but it's cold in the sunshine. highs ofjust 3—a degrees. sunshine a bit milkier for northern ireland through the afternoon. that is because this weather system will be starting to work its way in. as it runs into the cold air there could be some snow for a time but it will tend to turn back to rain as the air coming in behind this band of rain is relatively mild. actually, temperatures at the end of friday night higher than those we will see through thursday daytime. and on into friday daytime and we will have some rain around for southern and eastern england to start the day, we will get some brightness for scotland and northern ireland, they'll be a few showers on and off here. just some question to the south of the uk weather — this rain could push in through friday afternoon. we will certainly keep a lot of cloud generally across england and wales but temperatures perhaps ii—i2 degrees. it's certainly milder than thursday. to the north, five, six, seven. for the weekend, though, the chill returns. perhaps not quite as cold as thursday but once again will pick up a northwesterly breeze. for saturday, i think that's going to bring in some quite plentiful showers across northern ireland heading into north wales down into the midlands. temperatures, 6—7 degrees but it will feel cooler in the breeze. sunday is a very similar story but i think we can erase some of the showers from our picture. still some for western exposures of wales, and a northerly breeze, so really adding to the chillier feel. good morning, welcome to breakfast with naga munchetty and jon kay. our headlines today. a deal for an extra iia million doses of covid vaccines — they'll be available for future booster programmes, and could combat new variants. a year after the uk became the first country in the world to approve the pfizer vaccine — the company's boss calls for children as young as five to be vaccinated . an emotional alec baldwin outlines the events that led to the death of cinematographer, halyna hutchins, on a movie set. the trigger wasn't pulled. i didn't pull the trigger. so you never pulled the trigger? no, no, no. i would never point a gun at anyone and pull a trigger at them, never.