inflation fears mount as attacks in the red sea continue, and wall street braces for the federal reserve�*s first 2024 meeting later this month. plus — what if it took you three hours to get to work every day? a special report on how people deal with long commutes. hello and welcome to asia business report. i'm steve lai. we begin the programme this hour with news about the us federal reserve. investors hoping for a quick interest rate cut from america's central bank may be disappointed. discussions about a timetable for lowering rates were absent from minutes from their last meeting, but it did show fed officials believing further hikes are off the table as inflation cools. from new york, our north america business correspondent michelle fleury sent this report.

the notes from the us central bank's last meetings show policy makers are feeling better about inflation. they a . ree better about inflation. they agree with _ better about inflation. they agree with investors - better about inflation. they agree with investors that i better about inflation. tie: agree with investors that rates are at or near the peak for this cycle. they also agree that that will come down this year. but they offer no clues as to how or when that will happen. just to remind viewers— it started raising rates in march 2022. it did so 11 times, taking the benchmark weight to a range of five and a quarter to five and a half percent. inflation had dropped to 3.2% from a peak of 9.1%. new data out on wednesday showed the number of job out on wednesday showed the number ofjob openings in the united states fell to a .70 9 million in november. this points to weaker demand for labour, but it is still way above pre—labels. that is consistent with the goal to slow the economy without triggering a nasty recession. the feds first meeting this

year starts on january the 30th. that disappointment is reflected in how us stocks closed in their second trading session for this year. all the major indices closed lower. the tech—heavy nasdaq led the drop, which includes stocks that are sensitive to interest rates, like apple, nvidia, and tesla, all of which traded lower. it's a sign that investors are cautious about what direction the fed will be taking for this year, shedding the optimisim they had at the end of 2023. anna rathbun, chief investment officer at cbiz investment advisory services, explains. certainly, there's walking back of some — certainly, there's walking back of some of the excitement we saw in — of some of the excitement we saw in december. december was really— saw in december. december was really extraordinary. the fed went— really extraordinary. the fed went to _ really extraordinary. the fed went to suggesting there may be three _ went to suggesting there may be three rate cuts. they didn't say— three rate cuts. they didn't say when _ three rate cuts. they didn't say when. the market interpreted that as reaching

peak— interpreted that as reaching peak rates and then cutting. they— peak rates and then cutting. they became very aggressive in their_ they became very aggressive in their expectations. basically, their expectations. basically, the fed — their expectations. basically, the fed wasn't looking at it, that— the fed wasn't looking at it, that relative to the expectations, we are looking at a relatively hawkish fed. investors are wanting some of that back _ well, investors are also holding their breath as fed officials prepare to hold their first meeting this year in about three weeks. and already, there are worries about inflation running higher again. that's because developments in the red sea may add pressure to inflation. attacks on ships by iran—backed houthi rebels in yemen in the crucial waterway have forced a growing list of companies to temporarily re—draw their shipping routes — that includes maersk and the furniture giant ikea. the much longer route around the cape of good hope in south africa has also delayed goods and pushed up freight rates.

and adding to that cost is the higher prices shipping companies are paying for insurance because of the increased danger, according to blake evans—pritchard from re—in asia, an insurance insights platform. i spoke to him a little earlier and asked him how likely this will drive up inflationary will drive up inflationary pressure. i've spoken to a number of brokers _ i've spoken to a number of brokers about— i've spoken to a number of brokers about the - i've spoken to a number of| brokers about the situation there. _ brokers about the situation there. the _ brokers about the situation there, the people - brokers about the situation there, the people that- brokers about the situation there, the people that sorti brokers about the situation i there, the people that sort of quote — there, the people that sort of quote the _ there, the people that sort of quote the prices. _ there, the people that sort of quote the prices. they- there, the people that sort of quote the prices. they are . quote the prices. they are raising, _ quote the prices. they are raising, but— quote the prices. they are raising, but there's - quote the prices. they are raising, but there's a - quote the prices. they are raising, but there's a big i raising, but there's a big variety— raising, but there's a big variety of— raising, but there's a big variety of how— raising, but there's a big variety of how people i raising, but there's a big - variety of how people expect to put their— variety of how people expect to put their ships _ variety of how people expect to put their ships through - variety of how people expect to put their ships through the - variety of how people expect to put their ships through the red i put their ships through the red sea _ put their ships through the red sea it— put their ships through the red sea it used _ put their ships through the red sea. it used to _ put their ships through the red sea. it used to be _ put their ships through the red sea. it used to be 0.1%- put their ships through the red sea. it used to be 0.1% or- put their ships through the red | sea. it used to be 0.1% or 0.2% premium— sea. it used to be 0.1% or 0.2% premium that _ sea. it used to be 0.1% or 0.2% premium that was _ sea. it used to be 0.1% or 0.2% premium that was charged - sea. it used to be 0.1% or 0.2% premium that was charged on . sea. it used to be 0.1% or 0.2% i premium that was charged on the value _ premium that was charged on the value of— premium that was charged on the value of the — premium that was charged on the value of the ship, _ premium that was charged on the value of the ship, but— premium that was charged on the value of the ship, but this - premium that was charged on the value of the ship, but this has - value of the ship, but this has now_ value of the ship, but this has now gone _ value of the ship, but this has now gone up— value of the ship, but this has now gone up to _ value of the ship, but this has now gone up to zero - value of the ship, but this has now gone up to zero point - value of the ship, but this has now gone up to zero point 5%| value of the ship, but this has . now gone up to zero point 5% or 017%~ _ now gone up to zero point 5% or 017%~ -- _ now gone up to zero point 5% or 017%~ -- 0.7. — now gone up to zero point 5% or 017%~ -- 01h—

now gone up to zero point 5% or 017%. —— 0.7. it could _ now gone up to zero point 5% or 017%. —— 0.7. it could add - 017%. —— 0.7. it could add thousands— 017%. —— 0.7. it could add thousands of— 017%. —— 0.7. it could add thousands of us _ 017%. —— 0.7. it could add thousands of us dollars i 017%. —— 0.7. it could add i thousands of us dollars what people — thousands of us dollars what paupie have _ thousands of us dollars what paupie have to— thousands of us dollars what people have to say— thousands of us dollars what people have to say it - thousands of us dollars what people have to say it on - thousands of us dollars what people have to say it on to l people have to say it on to ship — people have to say it on to ship the _ people have to say it on to ship the goods. _ people have to say it on to ship the goods. do - people have to say it on to ship the goods.— people have to say it on to ship the goods. do you think this could — ship the goods. do you think this could have _ ship the goods. do you think this could have a _ ship the goods. do you think this could have a knock-on l this could have a knock—on effect? this could have a knock-on effect? , , ., , effect? definitely. not 'ust the sort of i effect? definitely. not 'ust the sort of consumerh effect? definitely. notjust| the sort of consumer goods effect? definitely. notjust- the sort of consumer goods that have _ the sort of consumer goods that have been— the sort of consumer goods that have been shipped _ the sort of consumer goods that have been shipped through- the sort of consumer goods that have been shipped through thisl have been shipped through this neck_ have been shipped through this neck of— have been shipped through this neck of water, _ have been shipped through this neck of water, but _ have been shipped through this neck of water, but also - have been shipped through this neck of water, but also oil - have been shipped through this neck of water, but also oil and i neck of water, but also oil and raw materials _ neck of water, but also oil and raw materials and _ neck of water, but also oil and raw materials and things - neck of water, but also oil and raw materials and things like i raw materials and things like that — raw materials and things like that it's _ raw materials and things like that. it's definitely _ raw materials and things like that. it's definitely going - raw materials and things like that. it's definitely going to. that. it's definitely going to have — that. it's definitely going to have an _ that. it's definitely going to have an inflationary- that. it's definitely going to l have an inflationary pressure. it's been 45 years since china and the us established diplomatic ties. in that time, china's economy has grown to become the second—largest in the world, behind the us. that rapid rise was largely built on a relationship that encouraged strong business ties between the two countries. but in the last few years, that has been marked by tension, tariffs and export restrictions. nick marsh has more on what we can expect from the economies that are intertwined.

on the surface, things seem to have improved between the us and china recently. their leaders met in november and the movies it was pretty positive. you come to the nitty—gritty, things are tough as ever. let's talk about trade. china says that's because of us tariffs and export control and clearly china relies a lot on exports and understandably, it's not very happy. translation: it it's not very happy. translation: , , ., translation: it is bias and has no rationality — translation: it is bias and has no rationality to _ translation: it is bias and has no rationality to speak _ translation: it is bias and has no rationality to speak of. - no rationality to speak of. next, the green economy. both countries are dead set on transitioning to electric vehicles, but china is way

ahead. both in terms of the production and also in terms of access to the critical metals that you need to build them. expect a race for resources starting in 202a. the reflection act will offer subsidies, provided they're free from any chinese manufacturing or supplies change. that's going to put third—party countries in a tight spot, and beijing says it's an anti—china piece of legislation, which is something that i put to the us client but envoyjohn kerry recently. this. envoy john kerry recently. no, it's not. china _ envoy john kerry recently. no, it's not. china may _ envoyjohn kerry recently. no, it's not. china may benefit like — it's not. china may benefit like every other country in the world — like every other country in the world. ., , , like every other country in the world. ., , . ,, like every other country in the world. , . ,, ,, world. lastly, chips. the us ma no world. lastly, chips. the us may go even _ world. lastly, chips. the us may go even harder - world. lastly, chips. the us may go even harder in - may go even harder in restricting technology to china, but china is making important strides in becoming self—sufficient. the mystic company such as huawei are innovating fast and us companies such are making hard

to make sure the area i chips don't compromise the us security. tense, competitive, but always evolving. many of us dislike long commutes — even an hour seems like a long time to take to get to work. i certainly do. but for many people in large african cities, a lengthy commute of nearly three hours to get to work is just part of daily life. nkechi ogbonna reports from nigeria's most populous city of lagos. lego �*s isn't the only african city with a traffic issue. kampala and nairobi also have some of the longest commute times in africa. in kampala, the report showed commuters lose the equivalent of one working day to trafficjams each week. here in lagos, over 21 million people spend long hours in traffic like this.

it's not only a problem for workers. lagos say drivers' productivity levels have reduced the number of hours they spent community. you sleep in the car to _ they spent community. you sleep in the car to have _ they spent community. you sleep in the car to have rest. _ in the car to have rest. sometimes, where you stay is about ll—s hour journey. sometimes, where you stay is about ll—s hourjourney. you have to decide to find somewhere to rest. , somewhere to rest. some days, i don't see my _ somewhere to rest. some days, i don't see my family _ somewhere to rest. some days, i don't see my family because - somewhere to rest. some days, i don't see my family because of l don't see my family because of traffic— don't see my family because of traffic to — don't see my family because of traffic to meet my target. a traffic to meet my target. report from the institute for research said lagos commuters spend an average of two and half hours daily in transit. one is bordered on mental health. _ one is bordered on mental health, second _ one is bordered on mental health, second has - one is bordered on mental health, second has to - one is bordered on mental health, second has to do l health, second has to do with _ health, second has to do with the _ health, second has to do with... the financial-

health, second has to do - with... the financial damage with. .. the financial damage has — with... the financial damage has significant _ with... the financial damage has significant impacts - with... the financial damage has significant impacts on. with... the financial damage l has significant impacts on the economy _ has significant impacts on the econom . ., has significant impacts on the economy-— has significant impacts on the econom . ., , ., economy. for commuters who can't sit in — economy. for commuters who can't sit in traffic— economy. for commuters who can't sit in traffic for _ economy. for commuters who can't sit in traffic for upper- can't sit in traffic for upper four hours, using the new lagos blue rail could be the alternative. but these two means of transportation, cost. ferries are shot at. it's costly. i ferries are shot at. it's costly-— ferries are shot at. it's costl . . ., ., ,, costly. i decided to take the fer to costly. i decided to take the ferry to work _ costly. i decided to take the ferry to work in _ costly. i decided to take the ferry to work in time. - japan airlines is offering reach funds for no fees following the action on tuesday. the flight crew collided with a coastguard aircraft. the none of the passengers were hurt, but five of the six people on board died and had been due to deliver aid on the smaller aircraft. and that's it for this edition of asia business report. bye for now.

voiceover: bbc news - bringing you different stories from across the uk. jess was 13 when she decided she wanted her own flock of sheep. she started out with three. when i saw my original three, i knew i wanted them. now aged 15, she has a block of ia and counting, and the schoolgirl is financing her whole venture herself. girls will be spending money on going out or make—up or something else. yes, well, this is something i have wanted for a long time and i thought about what breed and everything. as you can see, my sheep are quite loving and really cute. but she knows looking after sheep isn't always about being cute and cuddly. she recently worked single—handedly to keep one of her lambs alive when its mother about it. she took instruction on what to do on the phone.

this wool shop has brought a number of her fleeces. you had to pay more than the market value, why? it was really good quality fleece. - you can telljess'ssheep are looked after. - you can telljess's - sheep are looked after. we wanted to support her new venture. - is this what you want to do when you finish school? i want to be a farm vet, so obviously i'll still be involved with livestock and farm animals, but just in a different way. voiceover: for more stories from across the uk, - head to the bbc news website. hey, i'm zof with the catch up. tonight — junior doctors on strike, the ladies topped the charts, and it's head count day at london zoo. we start with junior doctors, as thousands of them are on picket lines across the uk. this is day one of a six—day walk—out which started on wednesday morning, and bosses are worried it will bring normal services pretty much to a standstill in some areas. the striking over the ongoing issue of pay and working

conditions comes a junior doctor taking part in the london strike. when i started working as a doctor last year, i was paid £14 an hour. i spent six years at university, so i'm in £120,000 of debt, which you can appreciate is a large amount. i have to pick up extra shifts just to pay my bills. and some good news now — it was a great year for the girls in music. its female artists had a record year on the uk singles chart, spending the most at number one since records began in 1952. and if you couldn't get miley cyrus's flowers out of your head, you certainly weren't the only one, as it was the biggest single of the year. with the break—up anthem hitting almost 200 million streams, in the words of queen bey, "who run the world? girls." no—one asked for that. time now to leave you with ten seconds of the annual london zoo head count, as they're tallying their animals to keep track of them. the zoo is home to more than 300 different animals

from penguins to tigers. you can see them queuing up here, and they are just adorable. i love it. and you're all caught up now. have a good night.

hello and welcome to sportsday. i'm paul scott at the bbc sport centre. here's what's coming up. bullseye — luke humphries wins the darts world title after seeing off 16—year—old sensation luke littler in the final. girona keep pace with real madrid at the top of la liga after a dramatic late win against atletico. and trailblazing boxer jane couch prepares to become the first british woman inducted in to woman inducted into the international hall of fame. hello, welcome to the programme. we begin at alexandra palace in london, where it's been a tournament to remember at the world darts championship. luke humphries has been crowned the new world champion,

after ending 16—year—old luke littler�*s sensational run.