�* ports remained day. dozens of ports remained affected. the striker could cost the world's largest economy up to $5 billion a day. joe biden has repeatedly said he will not intervene to enter the industrial action. on the second day of the strike signs have been shown are backing down. the association turned down an offer from the united states maritime alliance for a 50% wage increase for workers over the next six years. notjust about workers over the next six years. not just about the workers over the next six years. notjust about the pair, the ioa is concerned about automation technology and machines taking jobs. no negotiations are currently taking place and the lack of progress is raising concerns of those reliant on shipments that the disruption could be prolonged. joe biden administration put pressure on employers saying it is time for them to bargain. the strike blocked goods from food to raw materials and order shipments across dozens of ports from

maine to texas. it could cost the economy billions of dollars a day while the team may not feel the pinch right away if it extends always a good style supply chains and we to shortages and higher prices out of the presidential election. food prices are likely to react first according to economists. ryan pedersen is the balde chief executive of flex port. he is a sense of the impact of the strike on consumers. this will be a _ the strike on consumers. this will be a massive _ the strike on consumers. ti 3 will be a massive disruption, thus far you haven't seen it will not act the consumer unless it lasts more than another week or two but then you will see big shortages and really high prices of all kinds of goods that will result from this. �* ., , ~ of goods that will result from this. �* ., a i. of goods that will result from this. �* ., i. ., of goods that will result from this. �* ., ., , of goods that will result from this.�* .,, ., this. i'll ask you a bit about c stal this. i'll ask you a bit about crystal ball— this. i'll ask you a bit about crystal ball thinking - this. i'll ask you a bit about crystal ball thinking is - this. i'll ask you a bit about crystal ball thinking is a - this. i'll ask you a bit about| crystal ball thinking is a can be tough with this regard but you elaborate if you could, you mentioned how many days if this goes on for that the consumer will start to feel it? the goes on for that the consumer will start to feel it?— will start to feel it? the big question — will start to feel it? the big question is _ will start to feel it? the big question is again _ will start to feel it? the big question is again doesn't i will start to feel it? the big l question is again doesn't get resolved in the next week or

two. if it does i think you will not really see much, it will not really see much, it willjust be will not really see much, it will just be a will not really see much, it willjust be a blip on the radar but if it were to continue, you start to see massive bottlenecks as containers build up both on the ships waiting off the coast but also in places like china where they are not able to load the containers, they are meant for the east coast and they start sitting there and the real problem becomes a couple of months from now as there ships that are sitting on the coast of the united states don't return home, they don't go back to china to pick up more containers. you will have a huge shortage of shipping capacity, about 16% of the world capacity of containers being on these ports on an annual basis so you will start to see major backups and therefore shortages will be really bad for the economy. logistics industry has seen a series of disruption over the years from covid to the red sea attacks. is this something that to absorb? we

attacks. is this something that to absorb?— attacks. is this something that to absorb? ~ ., , ., ., to absorb? we have proven as an industry that _ to absorb? we have proven as an industry that we _ to absorb? we have proven as an industry that we have _ to absorb? we have proven as an industry that we have two - to absorb? we have proven as an industry that we have two take i industry that we have two take another blow and get back up and keep fighting. there has been a lot of deployment of technology over recent years since covid to help companies get a better sense of where things are in the supply chain and when they will arrive. that's one of the things that technology companies like ours can do is it gives people busy abilities that we cannot make the content of flow through the court when it's causing but we could show you which items are delayed to communicate to other customers what will happen. open ai has raised $6.6 billion of this latest funding round as companies continue to bet big on official intelligence. this brings the value of the chatgpt maker to similar to goldman sachs. its funders include microsoft, open al's largest corporate backer and our chief designer nvidia. oil prices jumped by i% as tensions in the

middle east continue to toke fears. the region is the world's biggest supply of oil and many are concerned and wider conflict would impact supply. what is the outlook for the tensions rising? we put that question to our guest. could you speak to you. what are your thoughts on the oil prices as we see escalation happening in the israel lebanon conflict? , ., ., conflict? there is a lot happening _ conflict? there is a lot happening and - conflict? there is a lot happening and a - conflict? there is a lot happening and a lot i conflict? there is a lot happening and a lot to conflict? there is a lot - happening and a lot to unpack. i'll make three points today. number one that we all know is after the iran, israel attacked. israel is weighing the options and what i'm getting in the news and reading is damages are not significant at the moment so israel has to really think hard on whether they can strike hard or not. now, the second point on make is if israel does strike hard on the oil infrastructure, then

we can safely say that almost 1.5, £2 billion per day would be put at a significant disruption risk. for the further retaliation if it takes place and iran chokes or blocks this than we are looking at almost 12, £13 billion a day of frozen or at risk and almost 20% of the ulogie closed or at risk. if i look at it from these three perspectives, i think the market so far has not reacted in a volatile and spike mode. the market is still weighing and wide mode. if things go out of hand than we can see a high level will stop if it does happen, what you think they might do if the situation worsens? good question. i think that they have done a good job in

maintaining market stability in such a volatile geopolitical super election year. they have really tried to tighten the compliant side of the equation for sure. they are also thinking of bringing some back to the market as well. they are also actively looking up exports and product exports from the middle east. my point is opec+ is in pretty good strong position at this point of time and they will weigh their options accordingly. they have the spare capacity available to respond to the market and if prices do not move at all, then they will probably take some other actions like continuing the cuts. opec+ is strong and they can take a significant stability action. some flexibility _ stability action. some flexibility to - stability action. some flexibility to move, i stability action. some . flexibility to move, thank stability action. some - flexibility to move, thank you very much for your thoughts. now to japan where the new

government of shigeru ishiba faces economic challenges such as ageing and shrinking population. the value of its currency has been in the spotlight this year, and when the yen weakened sharply, the costs of imported food and fuel went up — prompting the authorities tojump in. the process involved the central bank pumping 25 trillion yen into the currencies market to shore up the yen. that's a whopping $173 billion. japan now finds itself on the us treasury's watchlist of potential currency manipulators. mariko oi spoke to the man who managed japan's currency war chest. who defended the move. translation: it's the opposite of manipulation. _ translation: it's the opposite of manipulation. we _ translation: it's the opposite of manipulation. we corrected l of manipulation. we corrected the market distortion caused by excessive stipulation. myjob is to observe data diligently and after 20 years we have come close to understanding the markets. actually we can never fully understand the markets, butjust like fully understand the markets, but just like science we fully understand the markets, butjust like science we get 0.1 millimetre closer to how the markets may move. the s stem the markets may move. the system weakness _ the markets may move. the system weakness in - the markets may move. the system weakness in the yen,

doesn't reflect where japan is compared to when it was the second biggest economy of the world? translation: ,., ., translation: the power of the currency reflects _ translation: the power of the currency reflects the _ translation: the power of the currency reflects the power - translation: the power of the currency reflects the power of i currency reflects the power of the nation. if you want (bleep) want to strengthen when need the economy to be stronger. we are finally sent investment rise ——if you want to strengthen the economy. rise --if you want to strengthen the economy. what in our view strengthen the economy. what in your view is _ strengthen the economy. what in your view is needed _ strengthen the economy. what in your view is needed especially . your view is needed especially under the new government in order to revitalise the economy? translation: , ., ,., translation: opening the labour market and making _ translation: opening the labour market and making it _ translation: opening the labour market and making it flexible - market and making it flexible is important. japan's population is shrinking which reduced our competitive edge. japan should welcome that as it is so we can have people compete and work together and innovate and make progress this spring with the foreign labour force which we enter continue also with our ageing population these measures will be critical to addressing the labour shortage. j to addressing the labour shortage-— to addressing the labour shortaae. ., ,, . shortage. i read your recent re ort shortage. i read your recent report in — shortage. i read your recent report in which _ shortage. i read your recent report in which you - shortage. i read your recent report in which you want - shortage. i read your recent i

report in which you want about japanese companies reinvesting its profits overseas but not in japan. is there anything, that is up to the private sector isn't it, but is there anything the government or the public sector can do to encourage that kind of reinvestment of profits? translation: �* , profits? translation: �*, ., ., translation: it's unfortunate but those businesses _ translation: it's unfortunate but those businesses have - but those businesses have decided that they are not great opportunities or investment in japan. the solution is simple, we need to make a japan stronger. we need to strengthen our economy further. japan's index is treading was 2.5% higher after end slit in value overnight. and do check out mariko's online article about masato kanda — who's earned a nickname japan's yen tsar. tesla has seen a 6% jump tesla has seen a 6%jump in tesla has seen a 6% jump in the july to september quarter. following two quarters of decline, the company has been facing slowing demand and stiff competition in china especially

from global manufacturing be weighty. that's it for this dish in a business today, i'll see you again soon.

i'm ben and this is the catch up. tonight, smuggling drugs in benign boxes, a stranded ship update and christmas in october. but first, israel has said that at the bit soldiers have been killed in lebanon as they continue their ground offensive against hezbollah. it comes after iran, which supports hezbollah, by 180 missiles at israel last night. israel's prime minister said iran would pay for the attack. a flight organised by the uk government to evacuate british nationals from lebanon is expected to land in birmingham airport shortly. sisters are on board the flight. figs shortly. sisters are on board the flight-— shortly. sisters are on board the flight. as the situation is out of line — the flight. as the situation is out of line i _ the flight. as the situation is out of line i don't _ the flight. as the situation is out of line i don't have - the flight. as the situation is out of line i don't have any l out of line i don't have any other option.— out of line i don't have any other option. we don't know when we _ other option. we don't know when we will _ other option. we don't know when we will be _ other option. we don't know when we will be back, - other option. we don't know when we will be back, so i other option. we don't know when we will be back, so wej when we will be back, so we will— when we will be back, so we will stay _ when we will be back, so we will stay hopeful that it will when we will be back, so we will— when we will be back, so we will stay _ when we will be back, so we will stay hopeful that it will not he _ will stay hopeful that it will not he _ will stay hopeful that it will not be for long and we will not be for long and we will come _ not be for long and we will come back to our precious come _ not be for long and we will come back to our precious country _ country _ come back to our precious come back to our precious country-— come back to our precious country-— come back to our precious count . ., , country. some of the stories now. a crime _ count . ., , country. some of the stories now. a crime _ country. some of the stories now. a crime boss from - country. some of the stories i now. a crime boss from scotland has been jailed for 20 years country. some of the stories now. a crime boss from - country. some of the stories i now. a crime boss from scotland has been jailed for 20 years

for trying to smuggle cocaine for trying to smuggle cocaine into the uk in benign boxes. into the uk in benign boxes. jamie stevenson admitted to directing the operation would jamie stevenson admitted to directing the operation would soar about £100 million worth soar about £100 million worth of the drug brought in from of the drug brought in from south america. a cruise ship south america. a cruise ship stranded in belfast forfour stranded in belfast forfour months is still moored just off months is still moored just off the coast. passengers set out the coast. passengers set out been told they will leave for been told they will leave for france tonight but the belfast france tonight but the belfast harbour websites says they will harbour websites says they will not set off until thursday not set off until thursday evening. time now for ten evening. time now for ten seconds of christmas in seconds of christmas in october. you may think it is october. you may think it is too early to be hearing mariah too early to be hearing mariah carey and michael blue bay but carey and michael blue bay but yesterday marked the first day yesterday marked the first day of christmas celebrations in of christmas celebrations in venezuela with white entries venezuela with white entries going up around the country as the festivities began. the earlier the better for me. the festivities began. the earlier the betterfor me. you are all caught up, have a good night.

hello and welcome to sportsday. i'm hugh ferris. the headlines this evening. and i have shocks a champions league, raw madrid stunned by an munich also on the end of a defeat. the incredible winning streak comes to an end after a sensational performance from collars our carafe. and on the eve of the women's team 20 world cup, what is in store as the uae steps into host?

welcome along to the programme. it has been an evening of shocks to tell you about in the champions league. no bigger surprise than in france whether hold real madrid was beaten. it was jonathan david hold real madrid was beaten. it wasjonathan david scolded score the difference, the first half penalty giving a famous 1-0 half penalty giving a famous 1—0 win over the 15 time champions. real push for an equaliser but couldn't find it. that loss ending a 1k match unbeaten streak for the spanish giant in the competition stretching back to may last year. another of the standout results and performances on wednesday belongs to aston villa as they beat one of the favourites by an munich. it was a long time for the home side to test a european night like this after winning back in 1982. after beating the same opposition. nestor mcgregor was at the park for us. 1iiilllla

opposition. nestor mcgregor was at the park for us.— at the park for us. villa park ma be at the park for us. villa park may be quite _ at the park for us. villa park may be quite now _