its $49 billion takeover offer. if you've done some online shopping recently, you may find it's taking more time to receive your parcels. we find out why. hello and welcome to business today. i'm mariko oi. to our top story this morning — the australian mining giant, bhp, has scrapped its $49 billion offer to buy its british rival, its british rival anglo american. its decision came after anglo american rejected a request to extend a deal—making deadline. bhp had been particularly attracted to the uk mining giant's copper assets — which, thanks to its mines in south america — would have given a combined company control of roughly 10% of global supply. another sticking point was reaching an agreement on job security for more than 40,000 south african miners employed by anglo american. in a statement, bhp ceo mike henry said their proposal

was the most effective structure to deliver value for anglo american shareholders. anglo had rejected bhp's previous offers, saying they undervalued the company and its prospects. speaking of deals, it's been a big week for consolidation in the energy sector. the latest development? conocophillips�*s acquisition of marathon 0il in a $22.5 billion deal. erin delmore has all the details and more on this rising trend. speaking of deals, it's been a big week for consolidation in the energy sector. the latest development? conocophillips�*s acquisition of marathon 0il in a $22.5 billion deal. erin delmore has all the details and more on this rising trend. think about the early days of the pandemic — people were stuck at home, not going out and not driving their cars. oil prices crashed, but since then, oil prices have come back up. 0il oil producers are back to

making bank and using cash on hand to strike some deals. take conocophillips. its share price has nearly tripled and now it's acquiring marathon 0il worth $25 billion, including debt. that'll help conoco expand its drilling operations in mexico, north dakota and texas and offshore of equatorial guinea. large and midsize oil companies have been competing to buy up the smaller rivals in the last years. according to reuters, that deal—making totalled some $250 billion last year. 60 billion of that is thanks to this takeover of pioneer natural resources. which was approved earlier this week. pioneer natural resources, which was approved earlier this week. another 353 billion is due to chevron�*s deal hess, if this deal is approved by regulators, it will be expected to close in the fourth quarter of this year. to the shipping industry, because there's been growing

concerns about re—routing to avoid the suez canal, that's creating more problems and higher costs. since last october, shipping vessels were forced to avoid the waters off yemen, after facing attacks from iran—backed houthi militias. but that's not all — ports and terminals are finding it hard to cope with the schedule changes after another key shipping shortcut, the panama canal, restricted the number of ships that can pass through each day because of low water levels. that's been in place since last november. i spoke to industry expert peter tirschwell from s&p global market intelligence about the challanges facing the shipping industry right now. things were actually calming down earlier in the year, but the new twist is that the demand is really picking up, and so we're seeing early restocking, we're seeing fresh momentum in the global economy. 0ur economists at s&p global market intelligence have raised

their forecast for global growth, global gdp growth twice this year, so we're seeing a surge of demand, which is forcing up freight rebates and causing port congestion and renewing the general sense of concern over the global supply chain. you mentioned supply chain picking up and, of course, we're about to enter the pre—christmas peak season. —— demand picking up. normally, this happens later in the year, usually in july, august, september. we're coming right up on it. it appears as if potentially due to risks and mitigation strategies, you see companies move forward a number of there's shipments, which is creating a sort of temporary surge that we're seeing right now. —— their shipments. another issue that you mentioned, mariko, the ships that are diverting around africa, which they have since september, that has absorbed a lot of capacity since a lot of longer transit times and absorbing a lot of capacity of containers themselves. containers are becoming scarce, and that's creating delays in companies�* supply chains. so, what are the issues here? i understand more carrier

containers have been built. there are lots of ships entering service. services are taking approximately 40 new ships every month. so these are record amounts of deliveries. as it goes on, the strong likelihood is that there be additional capacity that will become available in the market that will force down freight rates and hopefully ease a port congestion. right now, we are in a mini period that could last for a couple months. —— as the year goes on. with high demands, ocean carriers can impose surcharges, so this could feed into inflation if it hasn't already. we're absolutely seeing the impact of the tighter capacity on the market because freight rates have gone up. just in the last six weeks or so, they've gone up about 50%. prices across the industry are going up. the cost of hiring a ship

if you're a shipping company, that has gone up. you're seeing very few idle ships because all of them are deployed. so, what you're seeing is, at least as it stands right now, the available capacity of the system is incapable of handling this demand surge that we're in right now. turning to india — ratings agency s&p global has ratings agency s&p global has revised its outlook on india to positive from stable. this comes just days ahead of the country's election results. arunoday mukharji explains what it all means. the s&p in its own words and said they were doing it because of india's robust economic expansion, which had a positive impact on the country's credit metrics. the report also said they expect this growth momentum to carry on for at least the next two to three years. s&p added that irrespective of the election results, to come out on the 4th ofjune, expected continuity in

india's economic reforms and fiscal policies. the government's increased chair and spending on in on infrastructure has helped, which they added would ease bottlenecks to put the country on a higher growth trajectory. s&p said they could raise the ratings if the fiscal deficit narrows. but s&p also fashioned that they could downgrade india's outlook from positive to stable once again if they see an erosion in political will in maintaining fiscal sustainability and also if the current account deficit widens even further, which could weaken india's position. here in southeast asia, let's take a closer look at the surge in foreign direct investment in vietnam. that's mainly from businesses de—risking their supply chain dependence on china, and outsourcing away from the world's second largest economy. but according to alex holmes of the economist intelligence

unit — china is back, this time as the top foreign direct investor in vietnam, and ready to do business. here's what he said about the impact of that increased chinese investment on vietnam's economy. yes, a lot tends to get pinned on global trade tensions and de—risking from china, and that certainly is a driver and motivation for companies to invest in vietnam. it's close to south china's supply chains and it's vital alternative. but vietnam itself is an attractive fti destination for chinese investors. they may look to de—risk their own production to get around geopolitical tensions, or theyjust may be attracted to vietnam as an attractive place to build things as wages continue to rise in central china. when you say china is now at the top of the foreign direct investor in vietnam, what kind of changes

have we've seen compared to five years ago? so, five years ago, china wasn't really a large source of fti to vietnam at all. it's reallyjumped up the rankings, especially in the last couple of years. you've seen there's lots of chinese manufacturing looking to expand abroad into a different market. it's perhapsjust a natural progression that these chinese companies are now very competitive on a global scale and looking to move into markets beyond their own borders. is this about securing the labour force that are slightly more affordable than back home? yes, but it's also the fact that there's many factors other than labour costs, especially as we've had less of an issue in labour costs. some of it is driven by de—risking, some of it is being able to sell into those markets. it has a younger population and an increasingly well—heeled middle—class.

meanwhile, the australian government's cyber security office is working with us ticket distributor ticketmaster after the platform was said to be hacked. the hacking group shiny—hunters claimed it accessed the details of 560 million customers. those details allegedly include home addresses, phone numbers and payment card details. guitar used by needles front and john lennon that have been lost for 50 years has been sold at auction for almost $3 million. the organisers of the sale say it's the highest price paid for a guitar at auction in beatles history. the 12 string hootenanny acoustic guitar was used by him on the recording of the health album. thanks so much for watching. that's it for this.

hello, i'm marc edwards. welcome to sportsday. here's what's coming up. it's a roland garros classic as iga swiatek fights back in epic clash with naomi 0saka at the french open. world numberi scottie scheffler has all charges dropped by prosecutors after his arrest outside the pga championship. the more evidence that comes out, the more it shows that scottie was a victim here. the history makers 0lympiakos become the first greek side to win a european club trophy as they beat fiorentina in the final of the europa conference league. hello and thanks for

joining us on sportsday. we're going to start at the french open in paris,