today, president zelensky says he is open to holding elections next year, if there is the money to run them. and riots in tripoli, the libyan foreign minister is suspended after meeting her israeli counterpart in rome last week. good evening. more than 500 flights to and from the uk have been cancelled today following a technical issue with air traffic control. the national air traffic services, the country s leading provider of flight plans, said controllers at one point today controllers were having to input flight plans manually due to a fault with its systems. mid afternoon the technical issue had been identified and remedied . but by that point chaos reigned. this is traditionally one of the busiest days of the year. thousands of miserable passengers out there. we can speak to one of them who is back. michele robson, who is a founder and an editor of a travel website turning left for less. michele spent over 20 years working in the travel industry, and used to be an
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
rebecca babin is a senior energy trader at cibc private wealth. she gave me her predictions. i think the concern right now is really 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% 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. that is what the markets are 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 pricing 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 to lose barrels. that obviously can change very rapidly. to venez
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