, 2022, is it ,2022, is it the 2022, is it the end since april 2022, is it the end of the crypto winter? the mediterranean diet under threat, we report on how climate change is affecting healthy eating. welcome to the asia business report. we begin with the price of bitcoin because it briefly hit $44,000 on tuesday in the us, the highest since april 2022 and a turn of fortunes for the cryptocurrency which is more than doubled in value since the beginning of the year. from new york, this report. this is the highest level we have seen bitcoin climb to since april 2022, and a lot has happened since then. in may of 2022 a stable coin crash sent a shock to the system losing investors tens of billions of dollars. a crypto winter followed when asset prices plummeted and then the collapse of the ftx currency

exchange in november 2022, and the founder was found guilty of fraud and money laundering last month. also in november, the ceo of finance, the largest cryptocurrency exchange pleaded guilty to anti—money laundering and us sanctions are violations and us sanctions are violations and paid a $50 million fine and the company paid a $4.3 billion fine. but bitcoin it seems there is no worse for the wear. the price climbed above $44,000 on tuesday and shares of coinbase global, the largest crypto exchange in the us were up crypto exchange in the us were up as well. bitcoin miners traded up as well. here are some of the winter there south, us regulators are expected to approve an exchange traded fund that directly holds coin happening as early as next month and traders are betting on it. staying with the us, data out overnight showed job openings felt to more than 2.5 year low in october, a sign that highest interest rate are

causing businesses to cut costs including recruitment for new workers. news thatjust came in, australia's economy barely drew in the third quarter with gdp rising just 0.2%, the slowest growth in a year. households have been cutting back on spending and exports have been flagging and data further shows high interest rates are calling to bringing in an analyst, katrina, good to have you on the programme. your first reaction to the numbers that we are seeing?- first reaction to the numbers that we are seeing? what we did see as you _ that we are seeing? what we did see as you mention, _ that we are seeing? what we did see as you mention, gdp - that we are seeing? what we did see as you mention, gdp slow. that we are seeing? what we did| see as you mention, gdp slow to 0.2%, which was in line with the expectations but i think what was interesting was if you are looking below the headline, we did see household consumption was flat and part of that was driven by the fact that there was some support for households and limited support for households over the quarter coming from the government in

terms of some utility bills and also childcare but more broadly what we are seeing is that households no doubt are under pressure with this double whammy of higher borrowing costs continuing to impact as well as inflation still being elevated so really a household slowing story coming out of this data. in slowing story coming out of this data-— slowing story coming out of this data. , ., , , this data. in terms of gdp, the slowest growth _ this data. in terms of gdp, the slowest growth in _ this data. in terms of gdp, the slowest growth in a _ this data. in terms of gdp, the slowest growth in a year, - this data. in terms of gdp, the slowest growth in a year, do i slowest growth in a year, do you see that picking up time soon? ., ., , ., soon? unfortunately, not. our expectation — soon? unfortunately, not. our expectation is _ soon? unfortunately, not. our expectation is that _ soon? unfortunately, not. our expectation is that next - soon? unfortunately, not. our expectation is that next you i expectation is that next you will not be any better for the australian economy, unfortunately because at the end of the day the expectation is the rba will keep cash rates at this elevated level for quite some time so we are not looking at rate cuts actually coming into view until the earliest, the september quarter of next year, meaning that households and also business investment as well will remain under pressure. the important note is that monetary policy operates with a lag, so we're looking at 6— nine months until

the full impact of one rate hike fully materialises in the economy. given the last rate hike happened in november, we still have some pain ahead of us before we feel the impact of the higher borrowing costs. the other challenge has been the battle with inflation. the rba kept interest rates on hold and what you are the concerns around inflation? i what you are the concerns around inflation?- what you are the concerns around inflation? i think it is totally warranted _ around inflation? i think it is totally warranted to - around inflation? i think it is totally warranted to remain l totally warranted to remain concerned and the rba has kept the door open for potentially hiking rates further early in the next year and while we don't think they will need to hike rates, at the end of the day, while inflation has gone down it is past its peak and still really above where the rba wants it to be on a sustained basis. they want inflation to really comfortably sit within the 2—3% range and it's just not there yet so the door remains open to continue to hike, if need be. we

appreciate _ to hike, if need be. we appreciate your - to hike, if need be. we appreciate your time. thank you very much. china says it is disappointed by the decision by ratings agency moody's to downgrade beijing's credit rating and it sets cost to ballot local government and state firms could weigh on the world number two economy. along with the deepening property crisis. china and its slowdown is disrupting all prices, falling to a five—month low, weighed down by a stronger us dollar and concerns oversupply. we have a commodities forecaster at postage economics and he told me what else is rattling the markets. i5 rattling the markets. i3 interesting that when that first happened, oil prices went up first happened, oil prices went up because there was great concern that iran could be holding it and it would turn into a broader middle eastern conflict and disrupt global oil supplies. but we have actually seen the price falls since the third week of october on trend

and that is because expectation is that this could balloon as a conflict in the middle east has somewhat been assuaged, yes, uranium proxies continue to wage war on israel but iran proper is trying to keep distance and avoid directly coming into the fray, and as long as that happens, then the global risk dynamics will be the bigger premium and not the premium that iranian oil supplies become disrupted. what is our supplies become disrupted. what is your outlook _ supplies become disrupted. what is your outlook for _ supplies become disrupted. what is your outlook for the _ supplies become disrupted. what is your outlook for the oil markets in the months ahead and going into next year? in markets in the months ahead and going into next year?— going into next year? in the short term. _ going into next year? in the short term, i _ going into next year? in the short term, i think- going into next year? in the short term, i think we - going into next year? in the short term, i think we have | short term, i think we have more additional downside risk, oil is not the only commodity under pressure, copper, aluminium, other precious metals because of the global growth concern and that is the near term. when we get to next year, the middle of next year and 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 cut and the dollar fall further,

see interest rates cut and the dollarfall further, there is more aside for current prices. from one type of oil to another, and olive oil, spain is the biggest producer of that, providing almost half of what is consumed globally but over the last year or $0 year or so prices have spiralled. this person doesn't cook with olive oil anymore, because it is become so expensive, rising more than 70% so far this year and in many shops its prices more than doubled. translation: �* ., doubled. translation: ., ., translation: before, a bottle cost around _ translation: before, a bottle cost around three _ translation: before, a bottle cost around three or _ translation: before, a bottle cost around three or 4 - translation: before, a bottle cost around three or 4 euros, i cost around three or 4 euros, but now costs as much as eight orio but now costs as much as eight or 10 euros. i have to go from supermarket to supermarket, looking for the best offer. the rise in the price is closely linked to the quantity of olive oil being produced. in

linked to the quantity of olive oil being produced.— oil being produced. in the southern _ oil being produced. in the southern provinces, - oil being produced. in the southern provinces, the l southern provinces, the heartland of spanish olive oil production, the annual harvest is under way. but the mood among farmers is downbeat. translation:— translation: although the harvest is — translation: although the harvest is only _ translation: although the harvest is only just - translation: although the harvest is onlyjust begun, l harvest is onlyjust begun, this year is turning out to be bad. i'm afraid it could be even worse than last year. which was poor. aha, even worse than last year. which was poor.— even worse than last year. which was poor. a lack of rain is the main — which was poor. a lack of rain is the main cause _ which was poor. a lack of rain is the main cause of— which was poor. a lack of rain is the main cause of this - which was poor. a lack of rain is the main cause of this low i is the main cause of this low output. forthis is the main cause of this low output. for this cooperative, which has the largest olive oil extraction factor in the world, it is a big worry. especially as climate change lengthens the dry summer season. translation: in dry summer season. translation: ., ., ., translation: in order to grow the cro - , translation: in order to grow the crap. 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 and i translation: in order to grow| the crop, we need water and we have not had enough rain in the last year so because there is this product, the price goes up.

this product, the price goes u -. this product, the price goes u . _ , this product, the price goes u -. , , . ., up. the rise in the price of oil has hit _ up. the rise in the price of oil has hit countries - up. the rise in the price ofj 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 is a shortage. olive oil is a staple of the famous mediterranean diet because of its much vaunted nutritional properties. but in recent months, consumption has dropped dramatically because it has become so expensive. experts warn that that is notjust bad for the olive oil industry, it is also bad for people health. translation: the is also bad for people health. translation:— is also bad for people health. translation: the rise in the - rice translation: the rise in the rice of translation: the rise in the price of olive _ translation: the rise in the price of olive oil— translation: the rise in the price of olive oil obviously - price of olive oil obviously means the people are consuming other, cheaper types of oil instead, but that is a mistake because the quantity of oil we recommend people consume is so small. ~ . , ., ., small. with many areas of spain exneriencing _ small. with many areas of spain exneriencing a _ small. with many areas of spain

experiencing a long _ small. with many areas of spain experiencing a long drought, - experiencing a long drought, both the supply and price of olive oil appeared to be at the mercy of the weather. guy h coe, bbc news, southern spain. a quick update, electric car maker neo has reported a quarterly loss, the chinese company also projects revenue for the final three months of the year to be less than expected. neo was tempted to be a rising star in china's ev market but the firm is yet to post a profit and is falling behind on their set targets. that is all for this moment in this edition of asia business report. all the stories and the bbc website. thank you for watching and stay with us. they are delivered to us in the

dry format and we have to rehydrate them and then the next process is to fill these into the can. we then add tomato sauce and spices. what spices? the spices are unique to us and they are a secret. but what do the great british public think crazily all right. i think they are all 0k. public think crazily all right. i think they are all ok. i would _ i think they are all ok. i would buy them! yes! to be honest, would buy them! yes! to be honest. they _ would buy them! yes! to be honest, they are _ would buy them! yes! to be honest, they are better - would buy them! yes! to be| honest, they are better than heinz! — honest, they are better than heinz! , , ., , , ., , heinz! this is for these beans took 12 years _ heinz! this is for these beans took 12 years to _ heinz! this is for these beans took 12 years to develop - heinz! this is for these beans took 12 years to develop by i took 12 years to develop by scientists at the university of warwick and they aim to make them exactly the same as what shoppers expect. we are always trying to grow new things and do things to save on food mileage and imports because we are 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.

quantities in this country, it'sjust unbelievable. it it's just unbelievable. it could it'sjust 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. iam i am dealing with the catch up. tonight, exposing the rolex rippers, a skydive with a twist and the first look at grand theft auto six. but first, the government has signed a new deal with rwanda saying it will guarantee the safety of asylum seekers sent there. to try and stop people coming, the uk wants to send those who cross the channel, because it puts them at risk. the man in charge says this new treaty solves those issues but the plan still has to get past mps and maybe face judges again. some other stories now. a 28—year—old man has been arrested on suspicion of attempted murder after a woman was stabbed

in south wales. people were called to aberfan on tuesday morning. witnesses say the victim was pregnant. bbc three is exposing violent watch thefts, £50 million worth in london last year, many snatched straight from victims' wrists. there is more on hunting the rolex rippers on iplayer. the number of teenagers in the uk not eating because they do not have the money is one of the highest in europe. research found 11% skipped a meal at least once a week, the global average is 8%. an official look at gta 6 has already been watched 80 million times on youtube. makers have confirmed the game has a female character and is set in a miami—inspired city but it will not be out until 2025. finally, here is ten seconds of height. this is brian, riding a wakeboard being towed by a drone and base—jumping 77 storeys. but don't worry — he landed safely on the beach.

that is from me, you are all caught up. hello and welcome to sportsday. i'm marc edwards.

welcome to sportsday. here's what's coming up on the show. they had a dream but it is over. team gb's women's football team will not feature at paris 2024. rice to the rescue as arsenal edge luton in a seven goal thriller to go five points clear at the top. no trouble at old trafford according to ten hag — disunity in the united dressing room is denied. hello 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