on coach, usually not reminder of our top story at this hour, russian president vladimir putin has signed documents officially declared for parts of my group. you prayed to be part of the brush. and the ceremony at the kremlin, he claimed the annexation was the choice of millions who wants to join the russian federation. western leaders say they will never recognize this illegal. i think you're up to date, more world news at the top of the hour. in business news, how can it could be one of the most expensive natural disasters in history in business? but she's got a a

little guy that is the 77 percent the platform with, you know, all these channels. we are not afraid to. young people clearly have the solution, the future, the 77 percent every weekend on d w ah, it could be one of the most expensive storms in us history. and it's not done yet. we look at the massive clean up left by hurricane ian as it cut a swath through florida. and now the eastern united states also on our show 1st, it couldn't get enough merchandise and its stores. now it's sitting on too much

inventory. we look at the pandemic was faced by nike and it's not just the retail industry this feeling. the pandemic pain, restaurants need workers, but many are looking elsewhere. hello and welcome to the show. i'm seeing beardsley in berlin, damaged roads, electric lines, and bridges, ruined homes and cars, flooded farm lands. hurricane ian is poised to be one of poised to be one of the most expensive us storms in history. now fits ratings has an early estimate of $40000000000.00 in damage and compare that to hurricane katrina in 2005. it costs $65000000000.00, but it isn't done yet. the massive store made a 2nd landfall in south carolina, although it was much weakened. i was in my apartment at 1st, and then after a little bit it wasn't flooding. within 30 minutes, it was within up to my door, and within an hour it was pushing through my door. i am 67. who have dia,

5 years now it's gone. it's on the water. i'm really strapped. id run by my house. what is her house? what we all want, so once i get material phase, which all can be replaced, the light, i think i'm out of florida for the lower. so we're out of the zone of being devastated. like nothing else. or i some voices there of those most affected by the hurricane. i'm joined now by matthew cappuccino, meteorologist with the my radar app. he's in orlando, florida. mathew give us a sense of the scale of the damage here. well the issue was we had 3 different types of damage we had service or the rise of water, but ordinarily dry ground thinks the winds pushing that water from the ocean ashore . that area really covered much of fort myers, written down towards naples, went up to about 3 or 4 meters worth of sea water, inundated coastal communities,

entire neighborhoods, just beneath the water, really much that area is total. so we're expecting big time cost from that area. then farther north and west, a combination of very strong winds gushing close to 200 kilometers per hour and plentiful rainfall on the order of happened near to 3 quarters of a meter. that area spans thousands and thousands of factors. and keep in mind this storm as it was weakening marks all the way across the state of florida, causing big time impacts even here in orlando, know the worst was closer to the coastline by we're looking at some of the pictures that you film, their electric mass swaying in the wind, what's likely to be the biggest reconstruction need as we look at the damage left behind in my mind, i think a lot really largely will be to search because with the, when you know, you have people who lost rooms, but at least the structural integrity of many buildings, it's still intact. whereas where the search came ashore, you have entire buildings that are just white from their foundation. meta, i think the conversation else was good around. how will people reconstruct,

in other words, really build more sustainable and more resilient infrastructure going forward? or when we build in the same areas that are flood prone, that are likely to be flooded again and again with more storms in the future. so the question is, you know, both, how much will it cost, but also how difficult will it be? much of that cost is going to be borne by insures, are they up to the task? that's a good question. there's something called the u. s. flood insurance program that actually guarantees what insurance people who are way at a somewhat affordable rate. that means it's possible for people to build back. they mirrors where they've had an issue after issue after issue in my mind, that program needs to shift a little bit because we're where, you know, our once every 2030 years, they might be a home home. that might be a bit of an exaggeration. we get the point like this will happen again. so insurers are up to the past because they just sort of take the money from other people who haven't. but that's it. i think we need to get smarter about do we make it

affordable for the people to rebuild their because the cost does fall on people who pay the insurance o'clock area. matthew. lastly, in floridians they have hurricanes almost every year. it seems like, are they somewhat used to this and this rebuilding process or is this at another scale? what we seen with in this is another scale. you know, this is a top to your heart game, one of the strongest to ever hit the state of florida. we start when pushing to 100 kilometers per hour in spots, which is just one of the strongest doors between high m category. for now, the issue with this is that many people compared it to charlie back in 2004, which made landfall on august 13th in the same place. also as a category for hurricane people thought, hey, i survive, charlie, i can divide this same thing. the issue last time was that charlie's, i mean, the court or a for august when, with only about game tonight, robert wide. this time that we're strongest when we're supposed to 70 wide leaving a much bigger branch, the damage is much more intense. all right,

that's math. you could put you with the my radar. thank you very much. thank you. let's go now to some of the other global business stories making headlines. first, u. k prime minister liz trust, his government is signaling it intends to stick with its many budget, which includes the biggest set of unfunded tax cuts in half a century. and this comes after an unusual meeting between trust for financial minister and the chairman of the you case, fiscal watchdog, the pound has been floundering since the budget was announced. nike reported that after 2 years of not enough inventory. now it has too much. the sneaker giant reporting inventories rose 44 percent the latest quarter. that's merchandise valued at nearly $10000000000.00 executive say they plan to mark down goods, especially apparel, as they head into the holidays. or if more now, scroggins quarter in new york. yes. how? how did nike end up with so much inventory? and what does it mean for the company?

even it is a huge challenge and probably not just for nike, but some of the competitors, like godaddy does, for example, as well, even if they have not said so, you could say a one of the problems was that some of the supplies from southeast asia and for the summer season came too late, so some of those shipments because of the locked on an age or a just coming in now. and to avoid the same situation a nike decided to order early for the winter season. so that software came in parts earlier than originally expected. so now you have to deal with this huge amount of inventory. and that means that nike has to mike valid, specially the off season goods that is putting pressure or margins at least. and as i said that a challenge is probably not just through a for nike. ok, so an incredibly difficult environment for ordering on supply chains right now,

when will retailers like nike when did they expect to start seeing improvements in logistics in supply chains? yes, even they had some remarks from nike c, f o. and he was sort of hinting at peak supply chain challenges are locked on challenges. so things might get better from here on, even if it might take 2 or 3 quarters to really get rid of the high level of inventory. is that the problem for nike and some other retailers as well? it's now they're facing some other challenges. for example, an overall weaker macro economic environment because of the plot plus side nike was saying that overall demand so far is very strong. but is that going to stay that way with those micro economic challenges remain to be seen? and then also for a lot of the big u. s. corporation, the high dollar is also an issue, at least the wall street was unforgiving, was all of what's going on with nike and the numbers that we've gotten. the stock

was down here on the friday session. by more than 12 percent, the worse trading day in about 20 years. and the stock pretty much got cut in half since the beginning of the year or i ins, quarter in new york. thank you. restaurant work is hard and it's rarely glorious, but it's traditionally had its place in the hierarchy of the work world. the pandemic, however, seems to have shifted that the catering industries as waiters and cooks are missing in large numbers. many have switched to more secure sectors like retail, and they're not regretting the move. restaurant manager antonia de la fuente. he is also serving guests to day. that's because he can get enough stuff. even after cutting, opening hours to afternoons, only miss, he has service her with juan, red guests at full capacity and full waiters. that's 100 guess. we're every waiter . even if they're fast and experienced,

that's tough work. you can do it at times that, but not always up, and that's our problem. i want to go, you know, all that is the full them. the restaurant had 41 employees before the pandemic. today is only 16, many left the food service industry during the lock downs. the work was insecure and their furlough pay to low. the restaurants revenue tumbled 40 percent. oh hello. then the a nixa saw him how clearly the law, if something similar happens when we start the season next april, i can't imagine how we can continue operating. not my law, which i haven't got. it's not just the pandemic that's causing workers to leave the industry. as former resident manager, a boston call after 3 decades and food service, he noticed a change in perspectives among younger workers. woven in our business as for the

initial 30 were and weakens, isn't attractive for them working public holidays and into the night isn't attractive and young people just have enough alternatives to get into other industries with proposal. that's what form of food server l if caught did. she moved into retail when she worked in the restaurant, her wrists ached from carrying heavy trays. but that's not the only reason she was unhappy. father came from little. i didn't have a family life any more time for other people. and of course you don't get any recognition when you work in hospitality, neither financially nor mentally. oh, well hi. her base salary has tripled. she now looks after customers of kitchens, that swedish furniture maker, ikea, and coff doesn't work, shifts or nights. laughlin. tar insulin is i'm for what i feel mentally is that i'm doing just fine here. when i go home, i am calm. i've become more balanced on the vaughn ben. the food service industry

is trying to compete with higher wages, but finding staff remains a major challenge. here's a reminder of the top business story we're following. hurricane ian could be one of the most expensive u. s. storms in history fits ratings has an early estimate of $40000000000.00 and damage, and the storm isn't done yet. on friday, it made a 2nd landfall in south carolina. and that's it for me. in the dw business team, find out more on line t w dot com slash business. thanks for watching. what's making the headlines and what's behind them? dw news africa. the show that pulls the issues, shaping the continent. life is slowly getting back to normally where on the streets to give you enough reports on the inside of our correspondence with on the ground

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