piraeus is your‘s first major port immediately after the suez canal.rn end of the european union. it is experiencing phenomenal growth right now. it is the second—largest port the mediterranean but despite all about, not everyone is happy. george gorgos is being a representative and system port did not have the funds required for expansion. it was a lwa ys required for expansion. it was always possible, it was never subsidised by the state. it was a lwa ys subsidised by the state. it was always given to the national budget. all these investments that took place, it was out of work people working here and that of the profits of the organisation. cosco's initial release on piraeus runs at 35 years, not giving them long to make a return all the money they are investing in the port, unless they can getan investing in the port, unless they can get an extension. the markets: concerns in the us about the trade conflict between china and the us and also the turkish financial turmoil having a negative impact on markets across the board. coming up next, the pape

they currently need to go through the suez canal and it tells us something sad about what is happeningimate which is clearly is that they think there's a possibility route will become manageable in the future. baby might now we hear the ice is breaking up on that route and the russians and others have made it clear that they see the arctic is a lan or an area of great opportunity. we see that tested. could the next gold rush, and many countries are watching. china see it as part of their belt and road initiative. trade routes have always depended on whether. low back millennia it has always been about whether. and we are seeing possibly changes about the weather now so and the other change in trade routes may be on the way. let's not think about what that means for the environment. and the story from the financial times. ip coins being scrapped and not causing inflation. so many people have been in touch about this story with strong opinions. i am tired of my pockets being worn out by carrying huge numbers of coins. but i love my copper. i have a jar at home for them. i have jars at ho

parades is europe's first major port immediately after the suez canal. the continent fork cargo that was to head into the dawkins or the eastern end of the european union. —— balkans of. it is experiencing phenomenal growth rate now, the second—largest port in the mediterranean. but despite all of that, not everyone is happy. george is general secretary of the pireas dock workers union. he said the port didn't need to be privatised to generate the funds required for investment and expansion. generate the funds required for investment and expansionm generate the funds required for investment and expansion. it was a lwa ys investment and expansion. it was always profitable. the last 80 years it was all is profitable, it was never subsidised by the state, it was always given and not taking a penny. so all of these investments that place in the authority was out of the work of people working here and down of the profits of the organisation. cosco's initial lease on pireas only runs for 35 years, that doesn't have a very long to make a return on all the money

mussolini moved his army to the suez canal to attack the undefended army.nt haile selassie appeared before the united nations. i must still fight on until my tardy allies appear, and if they never, i say to you without bitterness, the west will perish . members of the league halfheartedly stopped trading with italy, but they failed the only thing that would stop any aggressor, force. ethiopia was left to herself. leaders came to pledge their allegiance. [foreign language spoken] witheople of ethiopia, their spears and bare hands, faced the guns and tanks at the invaders, fighting desperately and gallantly to save the country from conquest. [explosions] [bombs whistling] they fought and they died, but in the end there could be but one result. might triumphed. italy concord ethiopia. many of our elected leaders warned of the danger. war,thout a declaration of and without warning or justification of any kind, civilians including vast numbers of women and children, are being ruthlessly murdered with bombs from the air. narrator: but we were still hypnotized by

then they'll be at sea for at least a month on the south china sea the strait of malacca and the suez canal. but in practice two months often go by between the time a computer emerges from the factory in china and is sold in europe. that gave rise to the idea of reviving the overland route of the silk road that once ran through western china central asia and russia. the shortening of the transport period isn't the only goal of this new silk road tensions are growing in the south china sea between beijing and its neighbors taiwan japan and the philippines and even with the unpredictable united states of donald trump an alternative route is becoming vital for china. since a change president xi jinping has emphasized the great significance of chong ching for global and asian pacific logistics chongqing is to become a hub for inland logistics that will be open to the outside to. follow. chung shing has a clear directive to turn away from the sea and look west. that's also symbolized by kilometers erode which marks the starting point of the new silk road. in order to supply this new route to the

steamship you have a lot of coal that would otherwise take up valuable cargo space, but in 1869, the suez canal opened and not allowed ships to sail and shorten the route and allowed ships to sail through the mediterranean and directly onto china. you also had come in 1855 emma what i might call the first transcontinental railroad, most of us think the first opened in the late 1860s but that's not quite true. the first one opened in 1835 when the clipper ship owner opened up the panama pacific railroad across that allowed passengers to take a steamship from new york to the east side, disembark, go across the railroad and embark on another steamship that would then take them to san francisco. this made the trip to san francisco more or less routine by the mid- to late 1850s. that also helped spell the doom of the clipper ships. many of them met rather sad and, the sea which probably had the darkest and in that she was wrecked off the coast of cuba in 1856 caring 500 chinese laborer laborers. these clipper ship owners, when they felt their ships were starting to lose money in the california trade

also, the suez crisis when britain, france and israel invaded egypt and basically took over the suez canaland they didn't tell eisenhower about it. it was all done in secret. and he was livid. he did everything in his power. he went to the united nations, he withdrew economic support for the british, and he did it all and then anthony eden finally, who was then the prime minister of england, succumbed to the pressure. and eisenhower got on the phone, oh, anthony, i'm so glad you did this. well, he had, of course, done the whole thing himself. what would he do in syria? i think he wouldn't have touched it right now. i mean, i think he would do not more than what the last two administrations have done. and the reason i say that is even in suez in 1956 there was a hungarian revolt. and there were members of his administration, certainly members of the cia, who wanted him to have the united states go in and confront the soviets in eastern europe. he says, i'm not doing that. he says that this is, this is their territory, and it's not something that is -- he didn't say it this so many terms. he

this is touted as a potential rival to the suez canal for asia—europe trade, as it can take weeks offpping passages every summer. compare with the traditional roots, this passage would benefit greatly the shipping company and the customers. the shortened shipping time lowers the cost for the carrier, cuts the delivery time for the shipper. that's a ship, in fact! this is an article that the journalist jonathan watts has written for the guardian. he came to speak with us a little bit earlier. the economic opportunity will be considerable because you can save up to a week or up because you can save up to a week or up to two weeks through this route, but the biggest significant obviously is what it means in terms of how fast climate change is advancing. but there is a question about the economic opportunities, presumably some industries will be very keen to find ways that ships can make the most of an opportunity that they may not wish it happened that they may not wish it happened thatis that they may not wish it happened that is a reality. this, any moment now, the world's begins shipp