inflation fears mount as attacks in the red sea continue. 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. because 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 december notes from the us central banks last meeting showed policymakers are feeling better about inflation. they agreed with investors that interest rates are at or near the peak for this cycle. they also agree it will come down this year. but they offered no clues as to how or when that will happen. to remind viewers, the federal reserve started raising rates in march 2022 to tame inflation. it did so 11 times, taking the benchmark rate to 5.5%. inflation, by the time of the last meeting, had dropped to 3.2% from a peak of 9.1%. meanwhile, new data out on wednesday showed the number ofjob openings in the united states fell to 8.79 million in november. this points to weaker demand for labour but is still well above pre—covid levels. that is consistent with the fed's goal. to slow the economy without

triggering a nasty recession. the feds first rate setting meeting this year starting january 30. investors are holding their breath but already there are worries about inflation running higher again because developments in the red sea may add pressure to inflation. attacks on ships by iran backed hootie rebels have forced a growing list of companies to temporarily redraw their shipping routes including ikea. the much longer route is also delaying goods and pushing up freight rates and adding to the costis freight rates and adding to the cost is high prices that shipping companies are paying for insurance because of the increased danger according to blake evans pritchard from an insurance insight platform who i spoke to earlier. i’zfe insurance insight platform who i spoke to earlier.— i spoke to earlier. i've been speaking — i spoke to earlier. i've been speaking to _ i spoke to earlier. i've been speaking to a _ i spoke to earlier. i've been speaking to a number- i spoke to earlier. i've been speaking to a number of. speaking to a number of insurance brokers about the

situation there for people who quote insurance prices and the prices and the prices are rising quite significantly. amaq but there was a big variety of how much people can expect to put their ships through the red sea. it used to be sort of 0.1% or 0.2% of premium charged on the value of the ship. it now has gone up to 0.5% or 0.7% which could be significantly higher. that can add hundreds of thousands of us dollars to what people have to pay to sort of ship the goods through that channel. do you think this could have the knock on effect of increasing inflation? yeah, definitely. i don't see how this can't put inflation pressures on consumer goods and other things. notjust the sort of consumer goods that are being shipped through this neck of water but also oil and raw materials, and things

like that, that is definitely going to have inflation pressure. it has been 45 years since china and the us business manufacturer in india fell last month, what has led to the softening? a couple of factors including lower new orders and the fact that factory output was down and out dragged the index down to 54.6 levels versus 53.6 in november. it signals an expansion so it is at a lower place. manufactures are also suffering because of the fact that exports are going down due to overall we demand internationally, hiring has been growing at the slowest

pace in nine months. and the outlook for the next few months seems to be more robust among many factors and rightly so because it continues to remain one of the fastest—growing major economies in the with inflation starting to come down and interest rates expected to enter down as well over the course of next few months. overall the outlook for manufacturers does look more sanguine in the year ahead. thank you for that lookahead. it has been 45 years since china and the united states established diplomatic ties and in that time china's economy has grown to become the in the world behind the united states. the rise was largely built on a relationship that encouraged a strong business tie between the two countries. in the last few years that have been marred by tension, tariffs and export restrictions. nick marsh has more on what we can expect from the economies. on the surface

things seem to have improved between the us and china recently. their leaders met in november and the mood music was positive. but when you get down to the nitty—gritty, to the economic relationship then things are still as tough as ever. first, let's talk about trade. the idea of the two countries completely breaking off ties or decoupling, that is not going to happen anytime soon. but trade between the us and china is down and china says that is because of us tariffs, us export control and curbs on investment. clearly china is a country that relies a lot on exports and, understandably, it is not very happy. translation: it is biased and _ happy. translation: it is biased and hostile - happy. translation: it 3 biased and hostile and has no rationality to speak of.- rationality to speak of. next, the green — rationality to speak of. next, the green economy. - rationality to speak of. next, the green economy. both - 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 meant metals that you need to build them. so expect a race for resources starting in 2024, washington's roof —— inflation reduction act will provide a subsidy on ev�*s that are set free from chinese manufacturing chains that will put third country —— beijing says it is an anti— china piece of legislation that is something that i put to the us climate envoy, john kerry, recently. ida envoy, john kerry, recently. no it is envoy, john kerry, recently. no it is not- _ envoy, john kerry, recently. no it is not- in— envoy, john kerry, recently. in? it is not. in fact, china may benefit like every other country in the world. from the new technology.— country in the world. from the new technology. lastly, chips. the united _ new technology. lastly, chips. the united states _ new technology. lastly, chips. the united states may - new technology. lastly, chips. the united states may go - new technology. lastly, chips. | the united states may go even harder in restricting technology to china but china is making important strides in becoming self—sufficient. domestic companies such as huawei are innovating quickly and us companies such as nvidia are working hard to make sure that al chips do not compromise

us national security regulations which kind of sums up regulations which kind of sums up us china relations at the moment. tends, competitive but always evolving. many of us dislike long commutes, even one hour can seem like a long time to get to work. for many people in large african cities a commute is nearly three hours and just part of daily life. we report from the most populous city in nigeria. lagos is not the only african city with a traffic issue. kampala nairobi also have some of africa's longest commute times owing to huge traffic gridlock. in 2022 report showed that commuters lose the equivalent of a working data trafficjams each week. here in lagos over 21 million people spending long hours in traffic like this is not only a problem for workers.

lagos cabdrivers say their productivity levels are reduced owing to the number of hours they spent commuting. we sleep in the carjust — they spent commuting. we sleep in the carjust to _ they spent commuting. we sleep in the carjust to have _ they spent commuting. we sleep in the carjust to have a - they spent commuting. we sleep in the carjust to have a rest - in the carjust to have a rest because sometimes where you stay is about four or five hour journey so you have to find some way to rest to start work. some days i do not see my family— some days i do not see my family because i close late because of traffic and for me to make _ because of traffic and for me to make up my target. the 2023 re ort to make up my target. the 2023 report from _ to make up my target. the 2023 report from the _ to make up my target. the 2023 report from the institute - to make up my target. the 2023 report from the institute for - report from the institute for research says that lagos commuters spend an average of 2.5 hours daily in transit. there is a psychosocial effect and, second, it has to do with losses. the psychosocial and financial dimensions is when you put it together and they have significant impact on the economy. have significant impact on the econom . ., have significant impact on the economy-— have significant impact on the econom . ., , ., economy. for commuters who

cannot sit — economy. for commuters who cannot sit in — economy. for commuters who cannot sit in a — economy. for commuters who cannot sit in a traffic - economy. for commuters who cannot sit in a traffic rupture l cannot sit in a traffic rupture four hours, using the new blue rail or the ferry would be an alternative. but these two means of transportation come at a cost. it means of transportation come at a cost. , , ., a cost. it is better and shorter _ a cost. it is better and shorter but _ a cost. it is better and shorter but it - a cost. it is better and shorter but it is - a cost. it is better and shorter but it is costly | a cost. it is better and - shorter but it is costly down the road. i shorter but it is costly down the road-— shorter but it is costly down the road. . ., ., ,, the road. i decided to take the boat, the _ the road. i decided to take the boat, the ferry, _ the road. i decided to take the boat, the ferry, to _ the road. i decided to take the boat, the ferry, to meet - the road. i decided to take the boat, the ferry, to meet my i boat, the ferry, to meet my working _ boat, the ferry, to meet my working time.— boat, the ferry, to meet my working time. before we go, ja an working time. before we go, japan airlines _ working time. before we go, japan airlines has _ working time. before we go, j japan airlines has apologised to passengers involved in the fiery collision on tuesday and is offering ticket refunds with no additional fees for no additionalfees for customers no additional fees for customers following the accident. none of the passengers were hurt but five of the six people on board the smaller coastguard aircraft died. the coastguard plane had been due to deliver aid to victims of the powerful new year's day earthquake. and that is it for this edition of asia business report. thank you for

watching. bbc news bringing you different stories from across the united kingdom. stories from across the united kinidom. , ., , stories from across the united kindom. , ., , ., kingdom. grace loves drawing and it helps — kingdom. grace loves drawing and it helps her— kingdom. grace loves drawing and it helps her relax. - kingdom. grace loves drawing and it helps her relax. she - kingdom. grace loves drawing| and it helps her relax. she has autism and there are key items that help her to regulate her emotions at home in bradford and at school. her phone and tablet are both crucial. i and at school. her phone and tablet are both crucial.- tablet are both crucial. i can take my _ tablet are both crucial. i can take my mind _ tablet are both crucial. i can take my mind off _ tablet are both crucial. i can take my mind off stuff - tablet are both crucial. i can take my mind off stuff and l tablet are both crucial. i can | take my mind off stuff and it keeps me distracted.- keeps me distracted. these devices get _ keeps me distracted. these devices get broken - keeps me distracted. these| devices get broken regularly and grace gets agitated. ii devices get broken regularly and grace gets agitated. if my -hone and grace gets agitated. if my phone has _ and grace gets agitated. if my phone has the _ and grace gets agitated. if my phone has the slightest - and grace gets agitated. if my phone has the slightest crackl phone has the slightest crack in it i do not like how it looks and it stresses me out. it is too much for me to think about. and this, stuff like this and stuff like that i do not like because it itches my arms. . ., , not like because it itches my arms. y not like because it itches my arms. , ., , arms. the cost quickly mounts u . arms. the cost quickly mounts u- for arms. the cost quickly mounts up for her _ arms. the cost quickly mounts up for her mother. _ arms. the cost quickly mounts up for her mother. breaking i arms. the cost quickly mountsl up for her mother. breaking her e e ad up for her mother. breaking her eye pad and _ up for her mother. breaking her eye pad and a — up for her mother. breaking her eye pad and a braking _ up for her mother. breaking her eye pad and a braking phone . up for her mother. breaking her eye pad and a braking phone is| eye pad and a braking phone is another isjumping on the bed

and she does not know her own strength. we have certain clothes she likes so we buy those in bulk. she had certain foods and we have to make sure you can get certain food at certain times. at the moment obviously with the cost of living everything is going up and you are sometimes thinking where's the money come from. where can get the money from? what can i not spend money on this week to get what we need? for more stories from across the uk — for more stories from across the uk head to the bbc news website. hello. this is the catch up. tonight, junior doctors on stride and headcount day at london zoo. we start with junior. is as thousands of them are on picket lines across the united kingdom. this is day one of a six—day walkout which began on wednesday morning and nhs bosses are worried it will

bring normal services to a standstill in some areas. they are striking over the ongoing issue of pay and working conditions. ajunior issue of pay and working conditions. a junior doctor taking part in the london straight. taking part in the london straight-— straight. when i started working _ straight. when i started working as _ straight. when i started working as a _ straight. when i started working as a doctor- straight. when i started working as a doctor lastj straight. when i started - working as a doctor last year i was paid £14 an hour and i spent six years at university so i am in £120,000 of debt and you must appreciate that is a large amount. i have to pick up extra shifts to pay my bills. and some good news now. a great yearfor women in music as female artists had a record year on the uk singles chance, spending the most number one since records began in 1952 and if you could not get miley cyrus's flowers out of your head you are not the only one as it was the biggest single of the year with the breakup and them hitting almost 200 millions. in the words of queen beyonce, who runs the world? girls. and time now to leave you with ten seconds of the annual london zoo headcount as

they are tallying the animals to keep track of them full of the zoo is home more than 300 different animals from penguins to tigers you can see them lining up here and they are just adorable. i love them. you are all caught up now, have a good night.

hello and welcome to sportsday. i'm paul scott at the bbc sports 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 into the international hall of fame. hello, welcome to the program. 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,