early on an easter sunday morning and was never seen again. that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ good morning and welcome to "street signs." i'm joumanna bercetche and these are your headlines. mers k posts a loss in the fourth quarter. the ceo announces the spinoff of a key unit. >> it is an activity that we still have to the portfolio today. it has no synergy with the core for mersk for the future.

unilever trades at the top of the ftse 100 with volumes rising for the first time since 2021. the ceo talks to cnbc about a shifting macro environment. >> we are adapting prices to new reality. there are competitors coming in and we see more promo activity. we see more market positions. karg looks to take a hit. and arm surges in extended trade after the chip designer lifts outlook for strong a.i. demand while softbank has the net profit in more than a year at 895 billion yen.

yet again, another super earnings day over here in europe. so many companies reporting. you are seeing dispersion in the way the equities are responding. quite a lot of movement. adding for example at the top of the ftse 100 is up 15.6%. this is after the payment company beating expectations on higher sales and margins. mersk trading down 13%. double digits lower taking a hit from the head sea shipping and extending the buybacks. you see a lot of dispersion with the french banks down 5.3%. initially, we saw reaction to soc gen. now it is trading in positive territory.

a lot going on in europe today. let me tell you more with maersk. the 2024 earnings will be lower from last year flagging the oversupply of the container ships. it has the duration of the red sea disruption and targets 1 to 6 ebita achieved last year. the stock is down 14.5%. the ceo said the company has little visibility with the impact of the red sea disruption on the business. >> before the issue heated up in the red sea, we were headed for oversupply and price pressure which is what we had flagged already. in our q3 report, we see that continue to unfold in the red

sea. the impact is causing uncertainty for howthis plays out for earnings throughout the year. we have very little visibility as to whether this is a situation that will rehe solve a matter of weeks or months or through the full year. the reason for the wide guidance is the high uncertainty with the situation that is live and unfolding and still escalating. >> wide guidance. let's switch to another company unilever which posted a profit of 6.49 billion euro for 2023 which is down on the year. sales grew 5% in the fourth quarter with volumes rising for the first time since mid 2021. no doubt welcome news. arabile, talk about the uptick in volumes which is a positive

step. i wonder if it is coming at the price of margins. >> that is the sense which i tried to honest understand from. you had under lining volume growth of 0.2. it is marginal, but the uptick means you drop off prices to gain more when it comes to that or is it just a case of how the market has picked up again. he said we had to decelerate the prices which have gone up because we see a decreasing inflation environment. that may be where they go moving forward. as the inflation environment continues to drop off this year as anticipated, perhaps, that is what you see in the pricing. the other element when it comes to the margins as the ceo was speaking about dropping costs as the opportunity for them. he spoke about using a.i. or

network optimization. the use of a.i. could mean anything for the business. i tried to push a little bit on that with perhaps no response to that. again, consumers are choosing more private labels opposed to the current brands within the unilever stable. i asked how he ensures that shareholder growth continues to move higher. something he has said before which is not good enough. this is what he had to say. >> if you think of input costs, you should go after the controlled cost side. that is waste and indirect labor or all these things you can control. that is something that, of course, the consumer is not prepared to pay for. that's where we need to go after. we are doing that. network optimization and using a.i. where you can to enhance productivity or digital agenda

at large. i see a lot of opportunities to dial up that. >> what is the impact for the situation in the red sea for your business? had. >> at this moment, it is not hurting the business seriously. obviously, we are watching it closely. there are minor interruptions to the supply chain. >> any dealmaking prospects for you? the gsk situation is in the past, but is that something you look toward in future and say this is what you might want to do? >> it is interesting you say dealmaking for you in the future. we closed five deals in 2023. since i became ceo, we acquired a premium ice cream brand and premium hair care brand. we also divested the dollar shave club. that is completed and done. we divested an umbrella of 23

brands under beauty. more mainstream brands. that gives you a feel for the portfolio and how it is evolving and we continue to look for opportunities in that space. >> the ceo speaking around the by business out of russia. they still have a footprint in russia. if they step out completely, they could lose assets and branding out of the area in that part of the world. it has been very interesting to look at this situation. this is a new leadership team trying to maintain the messaging around the green transition. they recently had protesters in and around the building and the headquarters in london here around the greenpeace and trying to assure the strategy moves higher. you saw the report released from the break free from plastic campaign group. the top three for the worst

plastic polluters globally. >> ironic. the prior ceo was intent on the sustainability profile. even the one before. >> yes. 100%. this is a big part and he speaks about they want to increase the foot footprint. they have a plan set for may to accelerate the green transition. that is something that a lot of the campaigners that we saw yesterday and investors will be looking out for as well. one other elements we spoke about is trading down from consumers. ceo notes specifically that it is not just moving in one direction when it comes to trading down. he says there is a bit of trading up. >> if you look at the consumer behavior, it is quite different. first of all, there is a geographic difference, but trading down. the interesting thing is in

regions like north america and europe, consumers are still trading up and seeking more premium products or they choose a private label and cheaper variant. it is in both directions. i would say our prestige beauty and health and wellness business is premium beauty and well being portfolio is doing well. we are seeing consumers trading up in important parts of the world. >> according to analysts notes, the company's share price at a 20% discount and considered to be cheaper than some of the competitors. if you look at the forward pe of nestle and p&g, you find that unilever is at a discount to those as well. >> upward hill. arabile, thank you. astrazeneca's full year earnings in line with the e expectations with the $45.7

billion in revenue. it sees a boost from the demand for its cancer drugs. siemens posted a profit of 2.5 billion euro with the record profit for the business unit. an annette is joining us now. this is a titan of the german industry. is this a more positive set of results? >> reporter: actually, the results don't look really bad. i think the market is spooked by what they hear about the china prospects and the weakness in china and that recovery there only depends on more stimulus from the chinese government. we don't know whether we will get this or not. that core business seems to be under water because of china. there is low demand for

automation processes and solutions for the industry there. it gives you an idea of how much german companies are depending on how well the economy or how well it is going in china. we are talking about china and china and we listen to the ceo over the outlook for the business there. >> it is hard to say. you know there are multiple reasons for whchina or our chine market being weak. the number one is private consumption is not picking up after coronavirus. the other is the weak economy which is an export country like china which has an knock-on effect for germany because we are exporting to china. it is unknown for the second half of the year where there is some stimulus and life. it also depends on the government if they come up with

stimulus for private consumption. hard to say. on saturday, it is chinese new year. maybe we will know more after that. >> reporter: how much of a burden is the chinese real estate crisis for the business? it triggers down the food chain. >> we know in the last years, many years, chinese economy depends to 30% on real estate. this is too much. it goes down. it is a controlled reduction. it has an impact on private consumption at same time. regarding our business, we are not so much in that area. we are more in the manufacturing space and large companies and medium companies and electrification. electrification is still doing well. china is going for renewables and they are electrifying. this is a business that is doing quite well. it is going back to manufacturing. food and beverage.

automotive is where we hope for a pick up in the second half of the year. >> reporter: the other regions seem to be doing quite well. especially asia which is weak. the united states is calling it a stronghold with the inflation and other schemes in place which is helping big players like siemens. that is, of course, political risk, but not like the number one concern on the horizon for siemens. also, europe is not doing bad. that is what i thought was a surprise with the comments from siemens. in the past, it has been the sluggish reach for the company. analysts do criticize that management is not fast enough to continue revamping the org

organizing structure of siemens and also speeding up the departure from siemens energy. there are pockets where management could move faster and the stock price is also a reflection of that. it is lagging behind competitors and they used the year to tackle these issues. today, we didn't hear anything about speeding up of the transformation of the company. >> one thing that is interesting about the stock price is the spike in november after they announced that share buyback program of up to 6 billion the euro in the next five years. as far as investors are concerned, they know distributions are coming which is an exposure to china which comes up. annette, thank you. coming up on "street signs,"

a mixed picture for french earners as soc gen releases results. charlotte is with us next to breakdown results. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term

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welcome back to the show. we talked about what a busy day it is for earnings. let's broaden out and check on the global markets. the hand over from wall street is positive. all three majors in the green. s&p at a record high. we see interesting performance in asia. shanghai up 1.3%. the support that came through the beginning of the week with the nation al team coming in to support the stock market, the reaction is positive for the week. shanghai ending 4.7%. we are entering a full week of the holiday for lunar new year. it has been a positive week for chinese equities. the hang seng is slipping down 1.3%. one name we are focused on there is alibaba.

the stock is down 6% after missing on earnings. that is dragging down the hang seng. let's turn to the nikkei in japan up 2%. this is on dovish bets with the bank of japan's next steps. one stock over there is softbank up 10% in trading today. very strong results. we will talk more about that with arjun. the hand over from asia was positive. this is the picture for the european markets. you see it is a very risk-on day. ftse 100 is up .25% on basic re commodities is doing well. you see a relationship with the ftse 100. the cac 40 is up .40%. luxury earnings which we will talk about shortly. we are watching siemens which is s slightly lower on the session. we are sitting very close to all-time record highs with the

dax. the sectors showing leadership with household goods up 1.3%. we spoke about unilever with the stock up 3% in trading giving a boost to that market. basic resources as well with the hand over from china. industrials up .80%. oil and gas is coming off a little bit. remember, we had a bunch of earnings and so far the market reacted positively to shell and bp and not so much a positive reaction yesterday to totale energy. the complex coming off this morning in trading. utilities down .50%. it is quite mixed. let's talk about one company in particular. adyen with the major deliver with the end of the summer. today, things are on the up again. the stock is up 17% and surging after the full-year earnings

beat. it posted a 22% rise in revenue. the cfo told cnbc the company is seeing growth across all pillars of the business. >> we are pleased to see the growth we had in the second half delivered a solid set of results. we see that across each of our p pillars. the digital reference and the platform side. we also see it across regions where in north america we had the strongest revenue growth at 27% this year. we see growth from a wide range of parts of the business. i think we're pleased with that. switching to luxury, kering sees market conditions and continued investment plans looking to decline. it fell in the fourth quarter as it looks to turn around the

flagship stores. charlotte, it is up 1% after the th numbers. what is going on? >> it is tough things at the moment. back in q3, we saw the numbers in gucci, the star brand, look difficult. it was down 4% on the comparable basis in q4. they worked hard to build other brands, but they were also down in q4. what is interesting is the market is giving them the benefit of the doubt. they know kering is putting the work into changing the strategy. this is what we heard from the cfo. he talked about the elevation strategy. he really tried to bring up the brands. gucci is strong with aspi aspirational buyers to go more to the high end. they brought in the new creative

director early last year. the products have not hit the stores yet. we have not seen the turn around yesterday. working on investingn other brands. the margins in 2024 will carry on spending on the strategy there. you remember they credit ated t beauty division last year. they bought the perfume to be part of the division. they were trying to cut down on the reliance on gucci. again, the management team says this is a pivotal moment in the journey. the group is repositions the brands. they believe the company is doing the right thing although there is pain in the short term, but gains in the long term. >> quickly, they have cited a

positiveperformance in china for the fourth quarter. that was interesting. so many signals for the luxury firms in china have been negative. >> that is interesting. in q4, it was up 35% for the chinese division, but it is a two-year stat. i think things are improving, but not back into the pre-pandemic boom. >> charlotte, a lot going on in france today. i want to get to some of the banking results we had this morning. credit agricole with a profit in the fourth quarter boosted by higher net interest income. it reported a net income of over 1.3 billion euro which is down on the year, but better than expectations. we are seeing a bit of a decline where the stock is trading today. and soc gen with a 60% drop of

income for the quarter. net income fell to 430 million euro against the 333 million expected which was down from 1 billion a year ago. the french lender faced criticism on investment bank earnings which has slipped. i feel soc gen is a story where they have their work cut out for them. we know the ceo had the capital markets day and on the day, we saw a huge drop in where the shares were trading. now it seems they are trying to restructure their group. there is still a lot of reliance on the investment banking division and headwinds on the bank. >> the communication this morning states this is the year of transition. we see capital markets day was the big moment after 15 years to boost the shares of soc gen. they have been under performing their peers.

that back fired and people thought that was underwhelming. now looking at this, it was interesting to see a note from citi this morning saying rome wasn't built in a day. the market is giving them the benefit of the doubt. you see the work put in place. just a few days ago, the announcement of 900 job cuts there. they pledged to cut expenses by 2026. the numbers were difficult in q4 which is down 60%. that was better than expected. investment banking down 0.8%. equities have them offsetting the weakness in retail. in 2024, the net interest income is boosted in france. they did not benefit as much as the other eurozone banks. the mortgage deposits. some of the increase will

benefit more on that front. things are tough in the short term. they have a target of september between 9% and 10% in 2026. a lot of work ahead for them. cost ratio at 17%. the target is 60%. in terms of payout, 40% of payout ratio at 0.9% per share. lower than other banks. it is 40% there at bnp. >> charlotte, thank you for the overview. there is a lot going on in earnings and plenty coming out of the index. coming up on "street signs," softbank with four consecutive quarters inned the red. we will speak about softbank and the latest coming up in a few moments. has no idea she's sitting on a

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maersk suspending the buyback program. the ceo announces a spinoff of the key unit. >> it is an activity we have in the portfolio today but has no synergy in the core for the future and has no synergy with the business and strategy. unilever trades at the top of the ftse 100 and the beat for the year with volumes rising for the first time since 2021. the ceo acknowledges a shifting macro environment. >> we are, of course, adapting prices to the new reality. there are new competitors coming in. we see more promo activity. we are adjusting. we want to make sure we keep our market positions. kering slows the trade of the sale notics in the fourth q.

and arm shares surge 40% in extended trade after the chip designer shows strong a.i. demand and softbank notches the first quarterly property at 895 billion yen. arm surged 42% in extended trade after the bullish forecast with the top and bottom lines above wall street estimates. that boosted softbank which rallied 10% in japan. s softbank held on to the stock when it debited in ovember. it was offering $51 to investors

per share. now it is coming in at $1.22 which is 15% higher than analysts expected. on a programming note, our u.s. colleagues will speak to rene haas at 16:00 cet. and softbank closed the fourth straight quarter in the red reporting 895 billion yen in the fourth quarter. the company's vision fund booked an investment gain of 601 billion yen up from 21.4 billion yen which is a huge increase in the previous quarter. arjun joins us with more. let me ask you this. how much of softbank success is pinned on the success of arm? arm had a strong quarter. >> arm is an important part of the softbank portfolio. the vision fund still is what

helped buoy the company. the biggest gain on the vision fund since march of 2021. last year, we saw a big rise in tech valuations, particularly the rise of the nasdaq. interestingly, also, softbank with some of the private companies saw valuation climb. b bytedance is one of those. just to give you a sense of how important arm is to softbank, there was a really interesting part of the earnings call with the cfo talked about how softbank changed. in 2000, son made the first investment for the company. that grew to the value over the years. that is what turned softbank into one of the biggest companies in japan and asia. four years ago, alibaba accounted for 50% of the assets

that softbank held. that was near zero at the end of december. arm was 9%. that is now 32%. it is becoming a big part of the softbank portfolio and big part of maysi son for the growth of artificial intelligence. >> this is what i was going to ask about and the pivot in the portfolio. it is a dynamic portfolio. they are not just stuck. bytedance is a good example and alibaba is a good example of how they evolved over time. they are trying to position ththem themselves with the vision fund tapping into the artificial intelligence wave and some of the major companies that are looking to deliver the best use cases of artificial intelligence. >> it was interesting. the line the cfo said on the call is a shift from alibaba to a.i.

that is really what they are talking about. if you think about -- >> explain the under performance in the chinese stocks as well. is that the market moving on from 2021 to 2024? now you want to have a piece of the pie, the a.i. pie. >> you are right on the china shift. that was one of the points made. china accounts for 8% now of the portfolio versus 54% four years ago. you see the shift. with this a.i. play, there was a big story with softbank a year and a half ago and he said we made bad bets and we made mistakes andwe will go in defense mode. a few months ago, he came out and said we are going back into offense mode. there is big opportunity in a.i. and the company old earnings presentation has spoken about a.i. and the a.i. plays with arm central. you will see more investment in

a.i. companies or a.i. from the vision fund. they were talking about arm in particular. the cfo called arm the biggest contributor to the a.i. evolution in the future. you see the bullishness with the story. chips are likely to be inn at the integral to that. the company feels it coan use te designs. >> arm is now a public company and softbank is the biggest shareholder before it debuted. what does it gear toward private start-up companies versus those that already ipo 'd? >> many are slated for ipo. the hotel chain from india which the company was talking about on the call which is gearing up for

an ipo. a number of those in the pipeline now the potentially market conditions are getting better. a lot of tech companies looking at the market and now being the time to go public. we will see what the fed does and nasdaq performs to see if this is the year that tech comes to market. >> i thought one of the markets from the cfo was interesting. we are relieved we had a profitable quarter. that tells you they had a stressful couple of years. positive set of results. arjun, thank you for that. for more on softbank results, check out arjun's latest story on cnbc.com. you can read all of the details in the article. > uber posted a $1.11 billion

on the back of strong bookings and deliveries and growth in the advertising business. the ride hailing company crushed expectations at 66 cents against the forecast of 17 cents. uber is finally profitable. the ceo stated he expects the company to grow. >> we are profitable. we had a record profitable year. the mobility business has higher margins than delivery, but we are confident those margins will ex expand. we had european ipos yesterday with renk making the debut in germany and the international airport in greece listing. renk ended 31% above the issued price after postponing the ipo

debut in october. it has now ipo'd and done well. and the biggest ipo to come out of greece since the financial crisis raised 8800 million euro. annette spoke to the ceo and she was optimistic in the market. >> we have a growth path in front of us. unfortunately, it is driven by the market. we hoped we had more peaceful times. in europe, our forces need to ramp up on the lend side which gives a push to our tank business and the asia pacific market is all about navy. we have those two which we expect midterm growth rate of 10% which is usually backed by

our auto back drop which is five times last year's revenue. also coming up on the show, disney announces plans to take a step in epic games. we breakdown the house of mouse's latest venture up next. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify.

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welcome back. china producer prices declined for the fourth straight month in january. it under scored the depth of the challenge that beijing has to inflate the world's largest economy. con ssumer prices fell 0.8% on e year. on the monthly basis, it declined which was weaker than forecast. lynn lin filed this report. >> reporter: there is debt, deflation and demographic. there was downward price

pressure persisting and on the consumer price front, worsening. it is down 10% year on year below the expectations and the biggest fall since 2009. the food component, particularly pork, a quarter of the cpi picture, is the main drag here. the folks at goldman sachs and hsbc saying the gains are base effects with the lunar new year in february whereas the holiday was in january last year which pushed up consumption then. when you look at core inflation, which strips out food and fuel prices, it was the weakest rise since 2023. producer prices saw marginal improvement, but a fall down 2.5% on year. the 16th straight fall in a row. in the last trading day before

the holiday, the mainland equity is up for the fourth straight session after the shake up at the top of the s.e.c. commission. the new chief earned himself the nickname broker butcher because of the hard line approach to the regulation. some analysts say it is a good thing as policies will stamp out those who seek to manipulate the market and others say it doesn't address the fundamental problems impacting the economy such as the lack of policy certainty and the three ds and political risk. lynn lin, cnbc business news. >> that did not stop chinese markets from having a good session overnight. disney is higher pre-market after topping expectations. the house of mouse had a beat of $1.22 over 99 cents.

revenue at $23.5 billion in line with last year. disney also announced plans to take a $1.5 billion stake in epic games. the media giant plans to work with the "fortnite" maker to engage with the disney owned characters and stories. i'm happy to say the head of money and markets joins me. good morning, susannah. we had an article up on cnbc.com and all of the things announced by disney. they are throwing the kitchen sink at all the earnings. the launching of the espn streaming service and they announced taylor swift film is coming to disney plus. the question is will this be enough to allay investor concerns? >> that is a big question and

certainly bob iger has thrown the kitchen sink at the hemeasus you outlined. the biggest headline grabber is the parachuting in the world of gaming. it appears to have hit the ground running. you look at the share price and investors pay an infused by the latest move. of course, "fortnite" is a giant in the gaming world. of course, what is crucial for disney is that disney relies on the stable of characters across all its businesses. this is what "fortnite" can bring. you can imagine "fortnite" queueing for hours or buying a skin from the disney store afterwards. you can see why disney believes

it is a good fit. you look again at sports. it is interesting that espn streaming app. we had heard this week about the joint venture with fox and warner bros. for a similar app. certainly what disney is doing is trying to capitalize and there are 40 million americans who have high speed internet, but don't have a pay tv subscription. that is who they want to attract. >> let me switch and ask about the streaming business. disney plus subs shrank from the prior quarter which is price increases. there has been emphasis of making the business profitable. they had to push in further price increases, but it is coming at the expense of subscriber growth. what do you think the path forward is for that business in order for them to continue to

keep profitable and at the same time not lead to the turn? >> that is a nagging worry. of course, it comes at the same time when disney is still aiming to track $7.5 billion of cost savings. on the one hand, content is king. you need to deliver the hits. certainly there will be concern going forward that if not enough money is spent on delivering content to keep those eyes on screens and stop subscribers drifting away and to attract more subscribers crucially that money had to be plowed into the streaming business. there is going to be a tricky tightrope to walk with the one hand satisfying the investors concerns and costs have been trimmed to the extent they want

them to be and then on the other hand, ensuring enough money is spent on the big hits. of course, it is so competitive in the streaming industry right now. >> i started off the segment talking about the measures that disney announced yesterday with the kitchen sink approach. they are targeting the shareholders and investors. one of them has been nelson pe. he is not backing down. when julia boorstin spoke to bob iger yesterday, she asked about nelson peltz. he doesn't intend to speak with him. what does this do to dent disney's profile when you think of the challenges in the coming quarters? >> i think that is a little bit on the back burner given the slew of measures that certainly teams to have investors excited.

when you look at the lift in the share price and recently after the measures announced after market. i think it is, of course, a concern and what he was concerned about which is you cannot rely on continuing to up costs and prices at the parks. parks are still a cash cow of the magic kingdom. revenues up 35%. of course, that is up from the covid low with the restrictions in it place last year. it is clear you can't rely on growth just because you are keeping prices rising. i think that by bringing more characters in and more brands and the "fortnite" brand and offering excitement in another way, that will allay the concerns. the prices at parks are still

excru excruciating. for meany, it is a once in a lifetime experience. disney needs to do more than that going forward. that is the drum that certainly investors will continue to bang. >> you forget what a sprawling empire is at the end of the day. susannah, thank you. head of money and markets from hargreaves. for more, head to cnbc.com. new york community bank is taking a lower market after the stock whip sawed down to 6%. the troubled lender appointed a new executive chairman to steady the ship. the company could cut exposeure to the real estate sector. and patience is the theme of the day on wednesday after a

raft of fed officials outline the potential for the rate cuts. one pleased with the progress, but refused to commit to a timetable for when rate cuts start. and boston fed president susan collins needed to see more evidence before lowering rates saying she thinks it is likely to start easing policy later this year. richmond fed president barkin urged for a patient approach. speaking to cnbc, minneapolis fed president neel kashkari outlined his approach to the fed path. >> there's been pa lot of debat with the speed of which we cut. if the labor market continues to be strong, that would give me confidence to say we can dial back slowly from here if we saw that material slowdown in the market and that would say we need to start cutting rates a little more quickly. that's why it is the speed of the reductions that the labor

market has a bigger influence over. >> it is not quite the end of the week, but feels like a friday. we will look back at u.s. markets. you can see all of the three majors actually are looking like they are tracking green for the week. the dow barely so up 6 points. the s&p is very, very close to breaking through 5,000. that would be an all-time high. we closed at a record yesterday. for the week, all of the indices are positive. nasdaq had mixed results to the tech earnings which have come out, but the nasdaq is up .80%. this is what u.s. futures look like today. s&p is lower. the dow and nasdaq a bit higher. that is it for the show today. i'm joumanna bercetche. "worldwide exchange" is coming up next.

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we start with closing in on s&p 5,000. wall street bracing for a fresh milestone as the rally is broadening morning big tech. a kitchen sink quarter for disney after announcement of the big tech. and china, a bleaker picture as consumer prices fall off a cliff. we are live in beijing with the report. the red sea risk is real as one global