the cape of good hope. that s an extra 3,500 nautical miles, or up to two week s sailing, adding as much as $1 million per ship, in fuel alone. maersk ceo vincent clark told the bbc s aaron heslehurst that these extra costs are already being passed on to consumers. it s one of the most important arteries of global trade and having to re route all of this cargo now south of the cape of good hope is going to create significant disruptions to the global supply chain for the duration in which we have to do that, and probably a few months more as we have to get back then into into normal. so you need to see, i think, a stronger mobilisation. the other thing is that the level of threat is actually evolving and so for the coalition that is trying to put in place this safe passage, they need to constantly reassess the level of protection. but for us, it is really important that this is being addressed with diligence and with a strong mobilisation of the international community so tha
the german shipping line hapag lloyd has said in the last couple of hours that it will continue to avoid the area for at least another week. it made the decision after another ship belonging to its rival maersk was attacked over the weekend. in that attack, houthi rebels based in yemen hit the ship with a missile and tried to climb aboard before the us navy intervened and sank the rebels four boats killing the crew in the process. the us military says there have been at least 23 attacks since mid november on a route that acconts for about 12% of global trade and which is now being avoided by several of the world s biggest shipping companies. let s unpack the latest on this with peter sand, chief analyst at the shipping analytics platform xeneta. thanks forjoining us. does this latest development suggests tha things are getting worse rather than better? you are hitting the nail on the head. we can see that from the direct developments on the platform where an essential
expensive than a year ago. so, now all focus will shift to the bank of england and the debate over when it will start cutting interest rates. at the moment, they re at 5.25% and a quarter after successive rises to keep a lid on inflation. tell us what it means about the figures coming down and why. the market figures coming down and why. tue: market consensus figures coming down and why. tte: market consensus was 4.3, and we got 3.9. a very nice surprise. a big contributor to that was transport, fuel prices down 10.6% over a year ago, so that was a significant contributing factor. as you mentioned, food prices, yes they are moderating but we re still seeing higher food moderating but we re still seeing higherfood prices coming through. the office of national statistic have said food prices were 27% higher than they were a few years ago. there is still work for the bank of england to do. they are above 30% target. with inflation coming down faster than anticipated, it will mak
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
From new york, heres the bbc s north America Business correspondent, michelle fleury. Stubborn inflation pushes back the timing of the first rate cut. The Us Federal Reserve voted to keep its Benchmark Lending Rate at a 23 year high on wednesday. Officials have said they want more certainty that inflation is under control before they Lower Borrowing costs. They do not have that yet. Here is chair, jerome powell, during his press conference. The economy has made considerable progress towards our dual mandate objectives. Inflation has eased substantially over the past year, while the Labour Market has remained strong. And that is very good news. But inflation is still too high, further progress in bringing it down is not assured and the path forward is uncertain. We are fully committed to returning inflation to our 2 goal. While the prices of many goods have fallen, from cars to furniture, an increase in housing and Petrol Prices have contributed to a recent rise in consumer inflation. W