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
the southern tip of africa. appliance company electrolux is also setting up a taskforce to find alternate routes, while ikea is warning of potential product shortages. ryan petersen from the supply chain management company flexport told me more about how the disruption is already impacting businesses. it s just getting started. over the weekend and through today we have had all ten of the top container shipping lines in the world, representing about 95% capacity, have begun to divert vessels to avoid sailing through the red sea and to go around the tip of africa, as you said. it takes about 25% longer to go that way from asia to europe and, well, 25% reduction in supply of shipping, we re going to see huge delays, obviously, but also big price increases because, well, it s a supply and demand and if the supply comes down 25%, one thing we have learned in the last few years is a small destruction and supply can lead to a huge swing in price. are small disruption in supply c
routes in the area. there have been concerned the israel hamas would widespread the region. these are two of the world s biggest choke points. the situation has come to a head because two big shipping companies, maersk, the container company and hapag lloyd another big shipping container company have both announced that they would stop sending shipping through the babar el mandeh strip. you have to make a longer passage through the cape of good hope, this might add nine days or six days to the united states. forships days or six days to the united states. for ships traversing from the atlantic to the pacific ocean through the panama canal there are additional issues, let s hear from the independent economist cornelia meyer. cornelia meyer. when you look at trade from cornelia meyer. when you look at trade from shanghai - cornelia meyer. when you look at trade from shanghai to - cornelia meyer. when you look at trade from shanghai to new| at trade from shanghai to new yor
around 0.32%. some reprieve, but will it last? rebecca babin is a senior energy trader at cibc private wealth. she gave me her predictions. i think the concern right now is really kind of concentrated on the longer shipping time. the market is not pricing in that we actually lose barrels from the market as a result of what is happening in the suez canal. what it is concerned with right now and the reason it has risen 6% is because the shipping costs associated with travelling around the southern tip of africa to reach its destination adds around 15 days of travel time. it increases freight costs. and it has increased insurance costs. so that is what the market is pricing in and looking at at this point. the market has not entered a panic mode, as we have seen in the past with other geopolitical events, where it starts to price in supply is lost from the market. right now it is a logistical rerouting, what we re seeing, and not kind of that panic and fear that we re going t
netflix currently have 2a7 million subscribers globally. in comparison, paramount plus total subscribers stand at 63 million and warner bros discovery at 95 million. our north america business correspondent michelle fleury joins us now. there are so many players, this could be a first big coming together to take on the likes of disney and netflix. ., ., ~ to take on the likes of disney and netflix. ., ., ~ , .,, ., ., ., ~ to take on the likes of disney and netflix. , ., . netflix. look, people are looking at this, there netflix. look, people are looking at this. there is netflix. look, people are looking at this, there is a netflix. look, people are looking at this, there is a lot netflix. look, people are looking at this, there is a lot of netflix. look, people are looking at this, there is a lot of buzz netflix. look, people are looking at this, there is a lot of buzz being - this, there is a lot of buzz being created in the media world right now, once the news