shipping crisis in the red sea — we speak to the head of the un's maritime organisation about protecting the industry as attacks continue in the region. the cost of living — inflation in japan hits the cost of living — inflation injapan hits the highest level injapan hits the highest level in more than four decades last year. is this the end of its lost decades? hi there. welcome to the asia business report. as we've been reporting on news day, yemen's houthi movement says it has targeted another ship in the gulf of aden. this is the

latest attack in the red sea, one of the world's most important trade routes. the head of the un's international maritime organisation has told the bbc these attacks are one of the biggest challenges the body has ever faced. my colleague spoke to the head of the body and asked what can be done to stop the attacks. it’s done to stop the attacks. it's one of the — done to stop the attacks. it�*s one of the biggest challenges the imo has faced, in particularly in recent years. and the reality is that as you mentioned, shipping is a global sector. we... ..we transport over 80% of global trade, so any actions that are happening out there, that interrupt the trade, the global trade, will have a negative effect on you, on me, and everyone on the planet. we need to work very closely with all the stakeholders, with all the member state, the other agencies, the united nations in particular, in order to find practical solutions in a problem we don't want to escalate. problem we don't want to escalate-—

escalate. this is not 'ust about mi escalate. this is not 'ust about the concerns h escalate. this is notjust about the concerns of i escalate. this is not just | about the concerns of the global economy, because there's something like nearly two million seafarers, bringing us goodsin million seafarers, bringing us goods in and out. you're responsible, right, you're responsible, right, you're responsible for their welfare and their safety.— and their safety. you're absolutely _ and their safety. you're absolutely right. - and their safety. you're absolutely right. i - and their safety. you're absolutely right. i want| and their safety. you're i absolutely right. i want to thank you for raising that specific question. cos normally we tend to focus on what is happening to ourselves, what's affecting us directly, and that goes to the trade and the financial aspects of this current situation in the red sea. but it's the unsung heroes, the seafarers out there, day in, day out, making all these things possible. we need to remember they're need to remember they�* re actually need to remember they're actually victims, innocent victims of this particular case, we need to remember they're just as human as you and i, we need to find solutions and take into account their wellbeing. their wellbeing is paramount. when it comes to the — wellbeing is paramount. when it comes to the red _ wellbeing is paramount. when it comes to the red sea, - wellbeing is paramount. when it

comes to the red sea, how - wellbeing is paramount. when it comes to the red sea, how long is all of this going to last? i'm kind of wondering, is the world going to have to live without a shipping route that's been vital to globalisation and progress over the last 150 years? progress over the last 150 ears? �* ., ,.,, ., years? i'm more positive than that. i years? i'm more positive than that. |think_ years? i'm more positive than that. i think we _ years? i'm more positive than that. i think we have - years? i'm more positive than that. i think we have come . that. i think we have come across crisis in the past and we always find a solution and a way forward. shipping will continue to be there. we'll continue to be there. we'll continue to be there. we'll continue to supply all the necessary goods that we all need around the world. we will not be without shipping. we'll find a way for shipping to continue, to be resilient, to adapt, and to move forward. turning to japan now, where inflation for 2023 was the highest level in more than four decades. the latest decade for the month of december showed it stayed above the central bank's 2% target, but it did slow for a second straight month. it means it may not be in a hurry to raise rates. the data is something the bank ofjapan

will take into consideration when it meets next week. core cpi came _ when it meets next week. core cpi came in _ when it meets next week. core cpi came in language - when it meets next week. core cpi came in language in - when it meets next week. core cpi came in language in line i cpi came in language in line with estimates. it's lower than the bank of japan's forecast and we'll, i guess, have to ascertain how the governor and his committee members will decide on the outlook for cp. i going forward. there's some views in the market the bank of japan will need to lower their forecast. but we'll have to wait and see and ultimately how that would affect the monetary policy decision which in our view we think the bank ofjapan will normalise monetary policy going forward, but it will be a measured approach. to going forward, but it will be a measured approach.- measured approach. to fuel inflation, — measured approach. to fuel inflation, one _ measured approach. to fuel inflation, one way _ measured approach. to fuel inflation, one way is - measured approach. to fuel inflation, one way is to - inflation, one way is to increase wages. i guess because japan continues be to face a labour shortage, wages have been going up, but at the same time real wages haven't caught

up time real wages haven't caught up with rising inflation. there's large swathes of the market that have yet to see their wages gain significantly. a lot of the large companies have committed to that. we've the wage negotiations coming up in march, where we've a number of companies that have signalled that perhaps we'll see the same sort of wage gains we saw last year, if not higher, projected for this year. going forward, what will be really important, especially from an investment angle, whether or not those companies with pass on the costs and secure margins. this is where we come in, we continue to look for those very strong fundamental companies who have that ability to do so, and we think they'll outperform over the mid—to—long term, whereas i think we'll begin to see some companies that will not be able to do that, and hence the market will create some winners and losers going forward. now, to the us, where the house of representatives has approved a stop gap bill to fund the federal government through early march. this is a rare

show of cross—party unity to keep federal agencies running for another six weeks. and avert a damaging government shutdown. the measure is now being sent to presidentjoe biden�*s desk for his signature. let's stay in the united states, where the latestjob data showed job growth remained solid last week, as the number of americans filing new claims for unemployment benefits fell to the lowest level in nearly 1.5 years. yet, another round of lay—offs is hitting workers at amazon. the cuts come just a week after the company let hundreds of workers go at its prime video and mgm studios. amazon prime is famous for offering its members two—day shipping. but it's not valid not only for goods sold by amazon, by goods sold by other companies on amazon. that's called amazon's buy with prime services and that's the division seeing the latest round of lay—offs. all

together, the tech giant has cut 27,000 jobs country wide, including hundreds of lay—offs including hundreds of lay—offs in its prime video, mgm studios, twitch, audible and amazon pay divisions. we don't know how many staff that is. the amazon spokesperson said the cuts affected a small number of roles. as for buy with prime, the spokesperson said that still is a top priority. and that the company plans to keep investing significant resources in that division. now, to switzerland, because this week the who's who of the global economy gathered in the swiss town of davos. the teem for this year's —— theme for this year's summit was rebuilding trust. it was seen as a time to draw a line under the pandemic but certainly some interesting flash points. we have a senior lecturer at the national university of singapore business school and he says tensions between the us and china have been on display.

i think with li qiang's sales pitch for china's open for business, i think that raised some eyebrows in terms of some of the contradictions that were at play. there's still a great deal of pessimism in the investment community about china with its national security laws, its treatment of multinational companies, and of course the sales pitch was that, you know, the market is big, the market is growing, so, so come. �* ~ big, the market is growing, so, so come-— big, the market is growing, so, so come. �* ~ �* ~ so come. and mr blinken calling the taiwanese _ so come. and mr blinken calling the taiwanese election - so come. and mr blinken calling the taiwanese election result i so come. and mr blinken calling the taiwanese election result a l the taiwanese election result a powerful affirmation of democracy but beijing is not happy about that. ida. democracy but bei'ing is not happy about thati democracy but bei'ing is not happy about that. no, i think that trajectory _ happy about that. no, i think that trajectory will _ happy about that. no, i think that trajectory will continue. | that trajectory will continue. i think china will respond to the us's position on taiwan by trying to sort of continue to forge relationships, maybe even go around washington, try and

approach europe and try and entice multinationals to come back to china. that would be a measure of success for beijing. are there any business impact, especially here in asia, because of what is happening? i don't think so. i think it's pretty clear to international businesses that supply chains must derisk from china and they're doing that. i think there's opportunities in the recon figuration or the reorganisation of those supply chains throughout asia, and with the us, there's near shoring efforts at play. so i think it's — it's a very careful response and i think companies will continue to mitigate risk, while looking for opportunities at the same time. �* , , . for opportunities at the same time. �*, , ., time. let's update you with other business _ time. let's update you with other business news i time. let's update you with | other business news making headlines this morning. spotify has launched an outspoken attack on new transaction fees up attack on new transaction fees up to 27% announced by apple in

the united states. on wednesday, the iphone maker said it would allow app developers to sell products in places other than its own store, but only if they still paid commission. apple has been approached for comment. birkenstock has sent a warning to investors that its annual earnings could come under pressure. it plans to raise prices on its sandals and clogs after it underestimated the inflation effects last year. this is the first result since the ipo but it disappointed investors, sending shares tumbling by 14%. let's show you how japan's nikkei tumbling by 14%. let's show you howjapan�*s nikkei is doing. it opened higher and now up by almost 1.5%. opened higher and now up by almost1.5%. of opened higher and now up by almost 1.5%. of course, the nikkei was one of the best performers last year and it continues to flirt with all—time high it reached back in the 1990s. that's something that we'll be watching for you. that's it for this edition of

asia business report. thank you so much for watching. the remains of fort fun. once a big attraction, but since the summer of 21, it's been shut. it's a site defiant sports wanted to revive. their place is too small and not suitable. this is our sports court. it is not really the right size. so unfortunately we can't offer any tournaments or proper sporting events. it doesn't meet standards.— sporting events. it doesn't meet standards. the managing director put — meet standards. the managing director put in _ meet standards. the managing director put in a _ meet standards. the managing director put in a bid _ meet standards. the managing director put in a bid for- meet standards. the managing director put in a bid for fort i director put in a bid for fort fun and believed the site was earmarked for them. now it's going to a leisure and hospitality business instead. it's absolutely heartbreaking. it's absolutely heartbreaking. it's again — it's another kick for the community we support

for the community we support for people with barriers to participation and that's just not fair. participation and that's 'ust not fair. �* , , not fair. there's community interest come _ not fair. there's community interest come that - not fair. there's community| interest come that promotes inclusivity in sport, but they're also open to all. louie is home educated and he's been coming for several years. me and myself. _ coming for several years. me and myself. i _ coming for several years. he: and myself, i come coming for several years. me: and myself, i come here coming for several years. m2 and myself, i come here just to and myself, i come herejust to spend time with my friends. but, so many other people may have disabilities, but they don't — they try not tos in that. and —— to notice that. they're here as a sports group. for more stories from across the uk, head to the bbc news website. hey, i'm stephen with the catch—up. we're starting the northern ireland, where schools and unis have been closed, trains and buses cancelled, and pretty much all hospital appointments pose —— postponed. it's because of strikes by more than 100,000 public sector workers. the main reason is

pat’- workers. the main reason is pay. the unions say their members are paid less than other parts of the uk. how has it come to this? public sector workers in northern ireland haven't had a pay rise for the last 2000 years, because there's been —— two years. the uk government has offered a package of more than £3 billion to get them back, but the dup, not happy with post—brexit trade rules, refused. some other stories now. a major blow for workers at the port talbot steelworks in wales. the owners, tata steel, are expected to push ahead with plans to cut nearly 3,000 jobs. unions have called the plans a crushing blow. primeack has launched a new range of adaptable wear. imagine you're at a football match and end up stepping in as an assistant refugee. that's what wolves

wolves —— referee. that's what this wolves fan did. he replaced the injured fourth official. and time to leave you with ten seconds of panda playtime. this is one of the giant pandas at a centre in south—west china having a good old play with his toys. and clearly the rocking horse is his absolute favourite. that is so cute! you're all caught up. have a good night.

hello, and welcome to sportsday, i'm sarah mulkerrins. here's what's coming up on the show. egypt twice come from behind to draw with ghana, but worries as captain mohamed salah is injured at afcon. just six months after his move to saudi arabia, jordan henderson is officially confirmed as ajax's newest player. and britain's natasha jonas says she must beat mikaela mayer to cement her legacy as one of the best pound—for—pound fighters.