kitchen staple. hello and welcome to asia business report. i'm arunoday mukharji. we begin with the price of bitcoin — it briefly hit $44,000 on tuesday — that's its highest level since april 2022. and it's quite a turn of fortunes for the cryptocurrency, which has more than doubled in value since the beginning of the year. from new york, erin delmore reports. this is the highest level we've seen bitcoin climb to since april 2022 and a lot has happened since then. in may of 2022, a stablecoin crash sent a shock to the system, losing investors tens of billions of dollars. a crypto winter followed when asset prices plummeted. then the collapse of the cryptocurrency exchange in november 2020 to ftc�*s founder, sam bankman—fried,

was found guilty of fraud and money laundering last month. also in november, the ceo of binance, the world's largest cryptocurrency exchange, pleaded guilty to anti—money laundering and us sanctions violations. he paid a $50 million fine and the company paid a $4.3 billion fine. but bitcoin, it seems, is no worse for the wear. the price climbed above $44,000 tuesday and shares of coinbase global, the largest us crypto exchange, were up as well. bitcoin miners traded higher too. here's some of the wind in their sails. us regulators are expected to approve an exchange traded fund that directly holds bitcoin. it could happen as early as next month and traders are betting on it. data out overnight said higher

interest rates are causing businesses to cut costs including recruiting new workers. we're nearly half way in to this year's round of climate talks — known as cop28 — and there seems to have been progress on some deals already. under one agreement, 110 governments have committed to triple renewable energy by 2030. the bbc caught up with one policymaker who is confident the asia—pacific can and will transition away from fossil fuels. if you do not have massive new investment, then in a shutdown this fossil fuel of power plants, then you will have huge backlash from society. so what i am meaning backlash from society. so what iam meaning is backlash from society. so what i am meaning is we should strengthen our efforts to invest more in renewables. that can help people feel more comfortable when it comes to the phasing out of the coal

fired power plants. i'm a chinese national, i worked in the chinese government for three decades. i have witnessed this with my own eyes and i was personally involved in chinese reform over the last four decades. and chinese government and the people are fully aware of the need to work with other members of international community to deal with the climate change and also sustainable development. so when you look at what chinese government has been doing, i think you should feel confident that china's will do more. oil is also on the agenda at those climate talks. two years ago, countries agreed to lower the amount of coal they burn, but a commitment on the use of oil and gas remains elusive. oil prices continue to be volatile — they've now fallen to a near five month low because of a stronger us dollar and concerns over demand and supply. for more on the commodities market, let's speak to jason

schenkerfrom commodities forecaster prestige economics. he's been speaking to me about what's driving investor sentiment. i what's driving investor sentiment.— what's driving investor sentiment. ~ .,, sentiment. i think the most important _ sentiment. i think the most important thing _ sentiment. i think the most important thing that's - sentiment. i think the most| important thing that's going sentiment. i think the most. important thing that's going on right now is the expectations of global growth are driving oriole places lower. there is concern about the chinese economy, we saw the movies changed to a negative credit watch this week, there's also concerned about weakness in the euro zone, the global economy in general weakening, that weakening growth presents downside risk to oil prices. media outlets have reported that blood and repute and will be visiting the middle east, what will they be watching out there? , . . what will they be watching out there? , ., . ., there? daily watching for seepolitical _ there? daily watching for geopolitical implications | geopolitical implications rather than for something specifically tied to the oil market, right, the global geopolitical situation has become extremely volatile, cold war two will be additional

tensions across economies, downside risks to oil prices as well, that's despite 0pec cutting production, we could see it bifurcating global supply chains, high interest rates could weigh on growth, all these factors are really front and centre and when we are talking about russia right now and vladimir putin, i think really geopolitics is the number one thing that market observers are watching. it number one thing that market observers are watching. iii observers are watching. if i could dig — observers are watching. if i could dig a _ observers are watching. if i could dig a bit deeper on that, given the developments and you're pointing out geopolitics is stop focus, how much is the israel gaza war in influencing oil prices?— oil prices? it's interesting that when _ oil prices? it's interesting that when that _ oil prices? it's interesting that when that first - oil prices? it's interesting - that when that first happened oil prices went up, there was great concern that iran could be pulled into it, this would turn into a broader middle eastern conflict and disrupt global oil supplies. eastern conflict and disrupt global oilsupplies. but eastern conflict and disrupt global oil supplies. but we've actually seen the price fall since the first third week of

october on trend and that's because expectations that this could balloon as a conflict in a middle east, have been somewhat assuaged. yes, irani and proxies continue to wage war on israel, but iran proper seems to be trying to keep a bit of distance and avoid directly coming into the fray. as long as that happens, these global risk dynamics are going to be the bigger premium and not the premium that iranian oil supplies become disrupted. and just to wrap up, jason, what is your... ailtiii and just to wrap up, jason, what is your. . ._ what is your... oil is the onl , what is your... oil is the only. isn't _ what is your... oil is the only, isn't the _ what is your... oil is the only, isn't the only - what is your... oil is the - only, isn't the only commodity under pressure right now. they are under pressure, too. that's the near term. when we get to next year, middle of next year to the latter part of next year, there are some more upsides to oil prices because we are in a tight inventory situation, and if we begin to see interest rates get cut and the dollar fall further, there

is more upside for crude prices. is more upside for crude rices. , ., ., ., prices. jason also mentioned chinese debt _ prices. jason also mentioned chinese debt there. - prices. jason also mentioned chinese debt there. china i prices. jason also mentioned i chinese debt there. china says its disappointed by the decision by reading moody's beijing's credit rating. weigh on the world's number two economy along with a deepening property crisis. from one type of oil to another— spain is the world's biggest producer of olive oil, providing around 70% of what is consumed in the european union and nearly half of that consumed globally. but over the last year or so, its price has spiralled. guy hedgecoe reports from southern spain. this woman doesn't cook as much with oil olive oil as she is too. the price of all of oil for consumers has risen more than 75% this year, and in many shops the price has more than doubled. translation: �* ., doubled.

translation: ., ., translation: before, a bottle cost three or _ translation: before, a bottle cost three or 4 _ translation: before, a bottle cost three or 4 euros, - translation: before, a bottle cost three or 4 euros, now- translation: before, a bottle cost three or 4 euros, now it i cost three or 4 euros, now it costs eight to ten europe's —— euros. costs eight to ten europe's -- euros. , , . , euros. the rise in the price is closely linked _ euros. the rise in the price is closely linked to _ euros. the rise in the price is closely linked to the - euros. the rise in the price is closely linked to the quantity j closely linked to the quantity of olive oil being produced. in the southern province of high—end, the annual harvest is under way. but high-end, the annual harvest is under way-— high-end, the annual harvest is underwa. �* ., ., under way. but the mood among farmers is _ under way. but the mood among farmers is downbeat. _ farmers is downbeat. translation: �* ., translation: although the harvest has _ translation: although the harvest has only _ translation: although the harvest has onlyjust - translation: although the harvest has onlyjust begun, j harvest has onlyjust begun, this year is turning out to be bad, and i'm afraid it could be even worse than last year, which was poor. a, even worse than last year, which was poor.— even worse than last year, which was poor. a lack of rain is the maid — which was poor. a lack of rain is the maid because - which was poor. a lack of rain is the maid because of- which was poor. a lack of rain is the maid because of this i which was poor. a lack of rain l is the maid because of this low output. forthis is the maid because of this low output. for this cooperative, which has the largest olive oil extraction factory in the world, it's a big worry.

especially as climate change lengthens the dry summer season. translation: ., ., ., translation: in order to grow the cro - , translation: in order to grow the crop. we — translation: in order to grow the crop, we need _ translation: in order to grow the crop, we need water. - translation: in order to grow the crop, we need water. we i the crop, we need water. we haven't had enough rain in the last year, so there is less product, the price goes up. the rise in the _ product, the price goes up. the rise in the price _ product, the price goes up. the rise in the price of oil has hit countries across europe, including the uk. but it's been sharper in spain, in great part because demand is so high here, pushing prices up further when there's a shortage. 0live pushing prices up further when there's a shortage. olive oil is a staple of the famous mediterranean diet, because of its much vaunted nutritional properties. in recent months consumption of us has dropped dramatically because it's become so expensive. experts warm that that's notjust bad for the olive oil industry, its also bad for people's it's also bad for people's health. translation: , , .

translation: the rise in price of olive oil _ translation: the rise in price of olive oil obviously _ translation: the rise in price of olive oil obviously means - of olive oil obviously means that people are consuming other committee cheaper types of oil instead. but that's a mistake, because the quantity of oil that we recommend people consume is so small.- that we recommend people consume is so small. with many areas of spain _ consume is so small. with many areas of spain experiencing - consume is so small. with many areas of spain experiencing a . areas of spain experiencing a long drought, both the supply and price of olive oil appear to be at the mercy of the weather. guy had bbc news, southern spain. 0fficial growth figures are due to be released shortly, so do stay tuned. that's all for the moment, thanks for watching. the first ever harry coffee beans grown in the uk tend during a trial at a spalding factory. they're delivered to us in the dry format

and we have to rehydrate them. then the next process is fill these into the can we then add what spices? no, the spices are unique to us and there are trade secrets. but what do the great british public think? all right. what do they taste like? would it make you. to be honest, they're better than heinz. . really nice. do they do they taste any different? the seeds for these beans took 12 years to develop by scientists at the university of warwick. their main aim to make them exactly the same as what shoppers expect. we're always trying to grow new things and trying to do things to save on food mileage and to save on imports because we're importing too much food and to be able to produce something that we consume in such great quantities in this country, it's just unbelievable. it could take years to replace the entire supply chain from canada and china,

but today marks the start of a journey to self—sufficiency. hey, i'm dylan with the catch up. tonight — exposing the rolex rippers, a skydive with a twist and our first look at grand theft auto six. but first, the government signed a new deal with rwanda, saying it'll guarantee the safety of asylum seekers sent there to try to stop people coming. the uk wants to send those who crossed the channel illegally to east africa, but the supreme court ruled it puts them at risk. the man in charge says this new treaty solves those issues, but the plan still has to get past msps and maybe to get past mps and maybe facejudges again. some other stories now. and a 28—year—old man has been arrested on suspicion of attempted murder after a woman

was stabbed in south wales. police were called to aberfan tuesday morning. witnesses say the victim was pregnant. elsewhere, bbc three is exposing violent watch theft. £50 million worth of watches were taken in london last year. many snatched straight from the victim's wrists. there's more in hunting the rolex rippers on iplayer. now, the number of teenagers in the uk not eating because they don't have the money is one of the highest in europe. research found 11% skipped a meal at least once a week. the global average was 8% and the first official look at gta six has already been watched more than 80 million times on youtube. the trailer confirms the game has a female lead character and is set in miami inspired by city, but it won't be out until 2025. and finally, ten seconds of heights. this is brian grubb riding a wakeboard, being towed by a drone, then base jumping 77 stories off a skyscraper in dubai.

and don't worry, he did land safely on the beach. that's it from me. you're all caught up. home welcome to sportsday. here's what's coming up on the show. had a dream, but it is over. team gb's women's football team will not feature at paris 2024. thrice in his veins. it's declan rice to the rescue as arsenal edge luton in a seven goal thriller to go five points clear at the top. and no trouble at old trafford. according to den haag, disunity in the united dressing room is denied.

and thanks forjoining us on the show. we start with football and it was a case of so near and yet so far for england, it was a match with so much at stake and in the end, so much drama and heartbreak. england, and by the same virtue, team gb will not be at the olympic games. the english were nominated to represent british hopes for paris 2024 qualification and needed to beat scotland by three more goals than the netherlands in their match against belgium to maintain their chances of grabbing a ticket for next year's extravaganza in the french capital. 0n the field, serena wiegman side doing everything right with a six nil victory over scotland. they were actually heading to the nations league final as the match between the dutch and the belgians ticked into injury time in tilburg. but amazingly, the netherlands

scored two goals in the 9ist and 95th minute of the match to go