the suez canal still represents a massive shortcut for trade between asia and europe. doubt that when this blockage is removed, ships will still continue to use the canal. it is just the most effective way of shipping goods. there's no doubt that routes are being looked at all around the world now. global warming is opening up those northern roots. shipping is very good at adapting to the circumstances. that's what will happen here now as well. shipping will adapt and configure its supply routes. they will take longer and there will be delays as a result of it. anchor: it is a significant sign of all the turmoil that this is causing that the ships japanese owner has offered a written apology. from your perspective, how extort areas that? -- extraordinary is that? >> there may be a cultural element here. japan has its way of dealing with these things. i think he's probably trying to cover himself down the line. if it turns out this is down to human error related to the ship. i don't know that we can read more into it than that. as we said earlier, there are many factors

we are on it to have a the best most efficient supply chains in goods coming from asia to europe mohammed just how important strategically and economically is the suez canal for egypt. it's critically important i mean you just you just can't overstate that point i mean it's important for strategic reasons for symbolic reasons egypt has fought multiple wars over control over the suez canal and so egyptians view it sort of as a source of national pride a source of national or a symbol i should say of national independence but the neck 'd anomaly you know egypt brings in more than $5000000000.00 in annual revenues as a result of the suez canal so it's a main source of foreign currency for the country and you know it's one of the reasons why sisi one of the very 1st things he did in 2014 when he took over as as president was announced this great expansion of the suez canal that he said would greatly you know he said it would double or more than double the revenues from the from the suez canal and that just underscores the extent to which this is really just critically important for egypt's ec

cargo vessels carrying billions of dollars worth of goods in both directions between asia and europe egypt says it hopes to be able to dislodge the ship soon and reopen the canal but experts fear it could be weeks before that's possible other ships may now have to reroute which would mean a much longer journey to their destination charles stratford reports 400 metres long and weighing 200000 tonnes stuck in what's often described as the most important shipping lane in the world a maritime accident with global implications the ever given container ship became wedged across the suez canal and choose day when high winds blew her off course about 12 percent of global trade passes through the 193 kilometer long canal which connects the red sea with the mediterranean providing the shortest link between asia and europe the vessel carrying around 20000 containers is registered in panama are operated by the taiwanese transport company evergreen marine it was sailing from china to the port city of rotterdam in the netherlands when it got stuck the japanese owner has apologized but says the sit

this is a very big deal it's a main artery everything that moves in containers between asia and europe goes through the suez canal and quite a portion of the cargo from asia to the u.s. east coast goes through the suez canal putting it in context in europe every day we receive $50000.00 complaints that have come through the suez canal that's daily. and we've seen what happened now you have ships stacked up on either side of the canal and they can't get anywhere so what can they do what are their alternatives at the moment. the alternative at the moment is to bite the bullet and save the long way around africa that is easier for the vessels that are not get caught in the queue the vessels that are just now departing north europe or asia for example some of those have already now divert it they bypassed to the mediterranean and are heading for south africa it's going to take them a week longer it's going to burn a lot more fuel but that's basically the only other viable option what about the reason that this ship got stuck in the 1st place can gusts of wind blow such a big ship sideways

dozens of trade cargo ships are stuck and can't begin sailing to asia, europe, africa. officials say dislodging the vessel could take weeks. >>> oil prices wednesday grew due to the blockage. estimated 10% passes through the canal. >>> a live look at the big board. right now the dow is up in the green about 170 points. significantly fewer americans signed up for unemployment benefits last week. 684,000. that's the lowest number since before the pandemic snapped u.s. economy a year ago and a sign that hiring might be picking up again. >>> an update on the u.s. coronavirus ur american adults have been fully vaccinated against covid-19 but cdc is warning it is too early to declare victory. >> we need to be much higher than that to feel like we have adequate protection around this country. we are still hanging out at 55,000 cases a day and we are watching what's happening with people vacationing right now and that concerns me a lot.upda information on its covid vaccine. it now says it is 76% effective against symptomatic disease and 100% effective against severe or critical

huge ramifications for global trade, especially between asia and europe. trade, especially between asia? the _ and europe. you said unusual, how unusual? the last - and europe. you said unusual, i how unusual? the last grounding in the suez _ how unusual? the last grounding in the suez canal _ how unusual? the last grounding in the suez canal was _ how unusual? the last grounding in the suez canal was 2017, i how unusual? the last grounding in the suez canal was 2017, a i in the suez canal was 2017, a smaller ship than the ever given, but she was able to pull alongside the bank. he lost all power meaning she lost propulsion and steering. she has now gone aground, on the east side of the embankment, you can see the bow sticking out. she is lodged. they have been trying to pull her out and they have been unable to do that, ships are piling up north and south. that, ships are piling up north and south-— and south. with a smaller vessel and _ and south. with a smaller vessel and a _ and south. with a smaller vessel and a smaller- and south. with a smaller. vessel and a smaller canal, and so

far east in this is going to have a massive impact on production on availability of goods in europe and in asia and while the 120 mile canal between the red sea and the mediterranean is the shortest route between asia and europe operators are now forced to reroute more than 150 ships waiting to pass through sending them on a 2 week extended voyage around the southern tip of africa further to the domino effect a vessel stock right now also sou-s. gets to late before it gets out to asia that's going to take it another month before it's out there but if the vessels don't make it out to asia and time they are of course also on able to commence that next journey with cargo from asia back to europe in time which means the next journey around is going to be delayed up into europe and while the canal is also a transit point for roughly 8 percent of global natural gas the blockage will add to an already rising middle east risk premium for oil and refined products and analysts say the delays could increase shipping up to 30 percent and a pro long disruption could impact close to primarily the european ma

well my believe customers in europe will be able to buy our cars by the end of 2021 asia europe and then the world william lee has high hopes for the neo p.t. 781000 kilometer range together with a solid state battery a winning combination that no other electric car can currently match. the 40 recharge of the 1st ever fully electric paul volcker. x c 40 recharge steps into a segment that is already heavily crowded so walking it off to stand out from the compared to what i want to check out today 1st up how does it fare in terms of battery and range. because features 78. 75 you know what they can effectively be used. 114. and if you're mostly dry in the city you will get even. 500. also experienced during my drive here. it is among the top competitors in that segment. that compares favorably with the 262320 kilometers reached by other electric s.u.v.s. or opel. to match that 500 figure you have to move up to bigger models like the mercedes q c. 4. so what about the out for the car to one of the front one of the $200.00 false so. the car can make the best from 0 to 100. 5 seconds sounds go

when i believe customers in europe will be able to buy our cars by the end of 2021 asia europe and then the world's william levy has high hopes for the neo p.t. 781000 kilometer range together with a solid state battery a winning combination that no other electric car can currently match. today. paul will need 40 recharge the 1st ever fully electric paul volcker. taxi 40 recharge steps into a 2nd one that is already heavily crowded so what can it offer to stand out from the competitive is what i want to check out today 1st up how does it fare in terms of battery and. we call features 78. 75 you know what they can effectively be used. to. 114. and if you mostly dry in the city you will get even. that is also what i experienced during my drive here. it is. in that segment. that compares favorably with the 262320 kilometers reached by other electric s.u.v.s. or opel. to match that 500 figure you have to move to bigger models like the mercedes q.c. and id for. so what about the out for the car to. one at the front of one of the rear wall so. the car can make the. sounds good on paper even.

the suez canal is one of the main arteries to connect asia to europe and to the rest of north americau have this kind of blockage for such a major artery, it really does have a knock on effect on everything, from all kinds of goods, and most crucially, oil. if you want to get a sense of just how destabilizing this can be for oil markets, we saw the price of oil climbed by 6% on trading today. but only yesterday the price of oil had fallen by around the same amount. just showing that kind of fluctuation because of this kind of disruption to that main artery. laura: and it is not just oil, is it? what about the global supply chain more generally? >> so we know the global supply is very much interconnected. and we really got a good sense of that during the pandemic. or rather at the height of the covid-19 pandemic inorth america. remember the images of containers just piling up on the west coast because of the shutdown? we could not have thosgoods moved. so we could potentially see depending how long the blockage goes on, a similar situation emerge, that you are not able to get a lot of

it created a major traffic jam on the main shipping route between asia and europe.illions of dollars worth of trade has been lost. experts are now trying to move the vessel so other ships and tankers can finally pass. alexi o'brien reports. reporter: finally on the move, the ever given, being towed down the sewers canal after being stuck for almost a week. celebrations began before dawn, as the massive container ship was first partially refloated. despite an international rescue effort, the vessel had been wedged across the waterway, which is one of the busiest in the world. since tuesday, dredgers and diggers have removed thousands of cubic metres of sand from underneath the ship, and a flotilla of tugboats has worked on dislodging it. it's forced tankers and cargo ships to queue at either end of the canal, delaying global trade. >> each day that passes, there's out $7 to $8 billion worth of goods which would usually pass through the canal, so a week later, you're talking $45, $50 billion of delays. we will catch up on some of that, but there will be ongoing days.

we cannot look to asia and europe and say somebody has a better way. you look at access to health care in this country, we're mediocre because we cannot look to asia and europe and say other people have better access, we should learn. if you look at violent crime and suicide by weapon and you look at asia and europe, we simply look at americans and say we're exceptional. this country has a problem with arrogance, john, and you're seeing it in spades when we're dealing with these violent crimes. >> what's the law enforcement view of this? this guy was wearing a tactile vest. had this modified ar-style pistol it's called -- even if it's barely a pistol. so if you're in law enforcement, how you do feel about the weaponry this guy has? >> you might be surprised by the answer. i talked to a law enforcement official about this. their views are publics, and the views are quite straightforward. if you think about this from the perspective of a cop, the views will make sense. this is published by one of the largest police associations on the planet. they oppose

every day event which sails under the flag of panama it was carrying cargo between asia and europe when it ran aground in the narrow waterway it wasn't immediately clear what caused the every given to turn sideways several tug boats have been trying to free the ship and open up the canal where 12 percent of world trade passes through. a short while ago i spoke to lars martin greiner an associate partner at hamburg part consultancy a maritime advisory firm and asked asked him just how much of the hit to global trade the every given slice canal incident represents it's the major trading route especially between europe and the end asia this is the key lifeline it's where 80 percent of the cargo container is cargo moving between the $2.00 to $2.00 areas is it's it's very very important and it couldn't have come at a worse time. coverts had a major effect on shipping like everything else we've got major disruption in contain a flows around the world in some ports we've got major major deficits of containers you can't get the containers and other quote in other places containers are piling up

here in the studio and to reason fallon she's the founder and director of the center for russia europe asia studies in brussels thank you both for your insights today. now to some of the other global business stories making news. energy giant saudi aramco sought 2020 profit tumbled by more than 40 percent crude prices have been under pressure with a coronavirus pandemic weighing heavily on global demand around goes overall earnings nevertheless stood at 49000000000 dollars. turkey's lira plunged to 15 percent to near its all time low following president erika wants decision to alice the hawkish central bank governor and install a like minded critic of high interest rates it's the 3rd time since mid 2019 about erda one has a broccoli fired a central bank chief. german engineering powerhouse see a man has undergone a radical transformation over the past 7 years from a lumbering fuel tanker company to a fleet of businesses in a series of cuts and birders the parent company held on to the industrial business finance and mobility divisions in the last fiscal year it had more than 50000 employees

from asia and middle east to europe so that's going to take quite a few days to get through my understanding is that something in the region of 36350 ships backing up at the moment and some as you reported making a longer journey around the cape of good hope and the other side of africa christian from your perspective has enough attention actually been paid to just how crucial maritime routes are for global trade and what the security implications are about all of this. craigslist kind of price create a wake up call and makes us aware of how and we actually want to see and this is phenomena that we always often describe as you know lightness we look away. and we are under sea and this is of course a different with global supply chain management and so on and of course also has implications for how you regulate the shipping industry and how far we have having a discussion on what is safe and what is not maggie can you tell our viewers a little bit about just how important the suez canal is for egypt i mean both strategically and symbolically you know for national pride purposes

disrupts the global shipping system or the suez canal is a choke point for world trade it connects asia and europe and sees some 30 percent of the global container shipping volume every day and should be a map behind me there it is as important transit point for oil and natural gas especially one reason why oil prices rose over 5 percent on monday the question for shippers now is how long it'll take to pry the vessel out. can't go forward can't go back to the 400 metre long container ship the ever given has wedged itself between the eastern and western banks blocking the canal completely the ship's owner evergreen says a 50 kilometer an hour gust of wind shoved the ship into the canal was bow and stern 420-0000 ton vessel is believed to have partially run aground now much smaller tug boats are trying to heave it free. so it's going to be very difficult to to pull her off maybe very careful owner off because again they've got all that weight in the center of the vessel and she's not borne it right now because she's hung up on the edge on the edge so she has a sagging motion to right now so be very

this is a very big deal it's a main artery everything that moves in containers between asia and europe goes through the suez canal and quite a portion of the cargo from a ship to the u.s. east coast also goes through the suez canal putting it in context in europe every day we receive $50000.00 containers that have come through the suez canal that's daily. and we've seen what happened now you have ships stacked up on either side of the canal and they can't get anywhere so what can they do what are their alternatives at the moment the alternative at the moment is to bite the bullet and sailed a long way around africa that is easier for the vessels that are not yet caught in the queue the vessels that are just now departing north europe or asia for example some of those have already now diverted they bypassed to the mediterranean and are heading for south africa it's going to take them a week longer it's going to burn a lot more fuel but that's basically the only other viable option what about the reason that this ship got stuck in the 1st place can gusts of wind blow such a big ship side

this suez canal is one of the main arteries to connect asia to europe and to the rest of western andockage for such a major artery, it really does have a knock on effect on everything from all kinds of goods and most crucially oil. and if you want to get a sense ofjust how destabilising this can be for oil markets, we saw that the price of oil climbed by some 6% on trading today. but remember, only yesterday the price of oil had fallen by around the same amount. just knowing the kind of fluctuation because of this kind of disruption to that main artery. it this kind of disruption to that main arte . , ., , ., , this kind of disruption to that main arte. artery. it is not 'ust oil, is it? what artery. it is not 'ust oil, is it? what about— artery. it is not 'ust oil, is it? what about the— artery. it is notjust oil, is it? what about the global - artery. it is notjust oil, is it? what about the global supplyj artery. it is notjust oil, is it? - what about the global supply chain more generally? 50. what about the global supply chain more generally?— what about the global supply chain

the suez canal opens up a 7000-kilometer route from asia to europe. around 30% of the world's shipping volume transits through the canal daily. the stuck ship is costing the global economy billions as trade is delayed and desperately needed goods cannot be delivered. >> they are doing what they can, but the 400 meter long container ship won't budge. diggers are at work alongside a vacuum excavator, which could suck up to 2000 cubic meters of sand per hour. experts on when the vessel could be freed vy fr a few days to a few weeks in the worst case. >> what i uld exct to start seeing soon if they are not successful, the next best optn is to lighten the vessel, which is to move other vessels next to the ship and start offloading cargo. >> a lengt salvage process would have wide reaching effects. oil prices have already risen due to the many oil tankers caught in the traffic jam. supply chains could also be affected because of missing parts. >> it is an aolutely essential part of our modern life. this webcamould not be able to reach me without modern ship

largest maritime traffic jam the su is one of the world's most important shipping routes linking asia and europe shipping companies are considering whether to route ships around africa but that could take an extra 2 weeks and as imran khan now reports it's already affecting the global economy. confusion about the fate of the ever given a team of salvage experts flew in from the netherlands to help the so far unsuccessful attempts to dislodge the vessel while egyptian officials seemed confident the su is canal would reopen soon the dutch expert said they wouldn't commit to a specific time frame saying it could take days weeks it's a mammoth task the ship is 400 metres long weighing 200000 tonnes and it's stuck in what's often described as the most important shipping lane in the world a maritime accident with global implications shipping analysts already predicting disruption and price hikes this series can now i'm a feat of amazing engineering the world has taken for granted for 150 years what has happened is very unusual i can't remember it happening before the ever given container ship became w

this is a very big deal it's a main artery everything that moves in containers between asia and europe goes through the suez canal and quite a portion of the cargo from asia to the u.s. east coast as it goes through the suez canal putting it in context in europe every day we receive $50000.00 containers that have come through the suez canal that's daily. and we've seen what happened i have ships stacked up on either side of the canal and they can't get anywhere so what can they do what are their alternatives at the moment. the alternative at the moment is to bite the bullet and sailed a long way around africa that is easier for the vessels that are not yet caught in the queue the vessels that are just now departing north europe or asia for example some of those have already now diverted they bypassed to the mediterranean and are heading for south africa it's going to take them a week longer it's going to burn a lot more fuel but that's basically the only other viable option what about the reason that this ship got stuck in the 1st place can gusts of wind blow such a big ship sideways b

>> we expect in the short to medium-term the asia to europe trade.ntainer line, they have put what already -- what they already have. that is a segment that should be severely hit. what would happen is even a two or three delay -- or three day delay would add to the supply disruption. in a worst-case scenario, there is an option for the shipping lines to reroute around africa. that will still add 2000 nautical miles and another week to the transit time. that is a costly proposition. this does not matter for the next few days. it is the single vessels. this would lead to rising fuel. this could extend all the way impacting the supply chain for months. haidi: how does this potentially play into a much longer term problem we have seen starting with the pandemic in terms of rising container costs and these bottlenecks when it comes to logistics globally? >> if you look at pre-pandemic, we had already seen supply side of container shipping reduced. the pandemic effectively acted as a spring and we have seen the rates. given we have seen all the disruption

the only other route between asia and europe would be around africa.bc news. john lewis is to shut eight more stores, putting over moo jobs at risk. the closures are part of its new strategy to adapt to online shopping. let's speak to our business correspondent, alice baxter. a correspondent, alice baxter. lot ofjobs at risk novi right, a lot of jobs at risk now. that's right, another _ a lot of jobs at risk now. that's right, another blow _ a lot of jobs at risk now. that's right, another blow today - a lot of jobs at risk now. that's right, another blow today for l a lot of jobs at risk now. that's i right, another blow today for the high street with moo jobs at risk asjohn high street with moo jobs at risk as john lewis high street with moo jobs at risk asjohn lewis announces these eight store closures up and down the country. they include four of their at—home stores in ashford, basingstoke attachment in which wells and thought large department stores in aberdeen, peterborough, sheffield and york. the company says for all of those little over moo j

very short supply because now it is going to take a couple weeks longer to make a trip between asia and europest asia and the united states and that gives them another opportunity with those rates come up so the ship lines probably do not mind this. the customer are not going to be happy. caroline: always going to be a winner on some side. your whole book speaks to the very narrative of globalization and it is interesting that the u.s., while we think about the new infrastructure bill and the trillion dollars of being spent, a lot is looking for better ways for the economy and world and looking towards waterways rather than pollutants. are we going to have to depend a bit more on air, because it is a lot more costly than freighting over the water, but are there is something that is going to have to step up? marc: it is not so much airfreight. what we will see is the ship lines rabbit dating toward smaller vessels. a lot of people in the shipping industry, off the record, will tell you that they think really the ships that do carry 11 or 12,000 truck size boxes, are just way too big. they are l

this robs the global shipping system the suez canal is a choke point for world trade it connects asia and europe and sees 30 percent of the global container shipping volume every day it's also an important transit point for oil and gas one reason why oil prices surged 6 percent on wednesday the question for shippers now is how long will it take to pry out the vessel. more than $100.00 ships are stuck on both sides of the canal after the every give and wedged itself between the eastern and western banks the ship's owner evergreen says a 50 kilometer an hour gust of wind shop the ship into the canal walls the 200000 ton vessel which stretches 400 meters is believed to have partially run aground much smaller attack boats are now trying to keep it free. realistically there's no quick fix here if the ship can be can be are freed up and moved moved around we can then get good good flowing again the only real realistic long term solution if this does turn to something long term really is to go around the cape and again that's going to add a significant delay to the to the good flowing the current condi

further disrupts the global shipping system the suez canal is a choke point for trade it connects asia and europe and it sees 30 percent of the global container shipping volume every day it's also an important transit point for oil and natural gas one reason well prices surged to 6 percent on wednesday the question for shippers now is how long will it take to pry the vessel out. can't go forward can't go back to the 400 metre long container ship the ever given has wedged itself between the eastern and western banks blocking the canal completely the ship's owner evergreen says a 50 kilometer an hour gust of wind shoved the ship into the canal was bow and stern 420-0000 ton vessel is believed to have partially run aground now much smaller tug boats are trying to heave it free. so it's going to be very difficult to to pull her off maybe very careful owner off because again they've got all that weight in the center of the vessel and she's not borne it right now because she's hung up on the edge on the edge so she has a sagging motion to right now so they'll be very careful about cracking the vessel i

the world's most important shipping routes the suez canal opens up a 7000 kilometer route from asia to europe around 30 percent of the world's shipping container volume transits through the canal daily the only alternative route around the horn of africa is much longer a prolonged suspension of traffic in the suez will almost certainly impact global trade which has already been hit hard by the pandemic. dredging teams work through the night to try to clear the canal bed around the $200000.00 ton ship and no wonder the stranded ever given is holding up around $10000000000.00 in trade every day it is stuck diggers tugboat dredges and a crack team of dutchman new and special forces of salvage operations have been drafted in to help it still contain those may have to be offloaded to lighten the vessel the one mistake could spell disaster. the battle is basically in asia the sterns in in africa in the middle is in the middle of the canal and what you can do is take a lot of weight off the ends and put a lot of what they call a sagging stress on the vessel you conceivably crack the whole cause an o

able to pass through the canal with no issues while the canal is the quickest passage from asia and the. europe and the u.s. it's may change the way what goods are ships reporting for boom bust sometimes just weeks artsy. well prices fell early in the day they have since stabilized ahead of this week's opec plus meeting so for more on this and what's moving markets let's bring in boom bust co-host christiane and showtime and editor of the logical investor thank you both for being here sean i want to start with you how has the global oil market react to the situation going on in the suez canal and what are we looking at as far as expectations going into this next big opec plus meeting. you have before the whole incident oil had really run up a lot i mean it almost doubled in 4 or 5 months and so it was in the midst of a pullback when the suez incident happened and so well it dropped like 10 or 11 bucks a barrel and the suez is it didn't help it stabilize and regain 3 or 4 bucks a barrel and so really stop that volatile you know downdraft that was happening and oil. oh pick up believe is going to

the world's most important shipping routes the suez canal opens up a 7000 kilometer route from asia to europe around the. 30 percent of the world's shipping container volume transits through the canal daily the only alternative routes is around the horn of africa and is much much longer the step ship is costing the global economy billions as trade is delayed and desperately needed goods cannot be delivered. they're doing what they can but the $400.00 metre long container ship won't budge diggers are at work on the bank alongside a vacuum excavator which can suck up to 2000 cubic metres of sand an hour no one really knows how long it'll take to dislodge the ship estimates and when the vessel could be freed very from a few days to a few weeks in the worst case but what i am quite surprised and maybe what i would maybe it's. if they're not successful in getting of us. then the next best option exactly like the best of it means they'll have to bring all of the doctrine of us next to the ship and start off loading part of the darkness from the major bit of the smaller ones to that area busy off pu

huge ramifications for global trade, especially between asia and europe. she was able to pull alongside the bank. this vessel lost all power meaning she lost propulsion and steering. she has now gone aground, her bow on the out an she is lodged. they have been trying to pull her out and they have been unable to do that, ships are piling up north and south. with a smaller vessel and a smaller canal, you might try to flush water through to get her moving, is that an option? the suez canal has sand, so it is able, you can excavate out if you have to, but the size of this vessel, 1300 metre vessel, 200,000 tonnes, an ultra—large container vessel. the mass is very difficult to move and get out of the way, huge implications with vessels unable to use the canal, 10% of world trade goes through the suez canal. how big a job is it to shift it? how long might it take? it is really unclear right now. the tugs are trying to pull her stern first, but when she lost power she went hard aground and the bow is high up out of the water, meaning a good part of her is aground

canal is absolutely essential to global trade and this holds true especially of the trade between asia and europe so approximately 2 thirds of all the goods between germany and china alone are transported at sea and a lot of that on the suez canal so delays is used to know absolutely damaging to economies around the world. it is yet too early to quantify exactly the damages but we know that every day that ships have been waged has can now means delays for supply chains and potentially means that goods aren't on time what about the egyptian economy how's this been affecting egypt well the digital cami were the gyptian stage receives a lot of revenue from the suez canal and some of the revenues obviously not generated at the moment. some of the efforts are carried out by the judge and gyptian government themselves so they will do face some costs this will certainly damage their reputation and to some to some extent perhaps but is again you're too early to to quantify exactly the damages with egypt and that's if we look at the bigger picture of shipping here these ships keep getting bigger the canal

automakers are having to close factories in asia, europe and the united states. like samsung, a warning about a severe shortage. here's what you need to know. ♪ this began at the start of the coronavirus pandemic. the technology industry and automakers were heading into the pandemic and anticipated demand was going to fall sharply. so, many, particularly in the automotive industry, began cutting their forecast for the year ahead. that led them to close down some orders they had planned, scale back to their own production, until their suppliers also they do not need as many heart -- parts as they originally anticipated. the thing was, there's a tremendous and demand for many of these products during the pandemic, people were stuck at home, working at home. they needed more computers, or screens, and they wanted better smartphones. it began to buy a lot of this technology. automakers were in for a surprise. people decided they wanted to drive more, to be on their own so they were more protected, and they saw an increase in demand. the trouble was, after they told s

it is going to have huge consequences for global trade, particularly in asia and in europe.ally then be free to float. now the practicalities and logistics of getting a container crane into position alongside to actually reach up ten stories high above the ship to take off some of these containers and then put them somewhere else i think is going to be... it would be very interesting. the delays will have repercussions on global trade and oil prices. let's hear from our business correspondent samira hussein. just imagine. this is what you would call, sort of, the biggest international traffic jam. imagine the worst traffic that you have ever been on and now transport that onto this really important waterway. remember that 90% of all goods are actually transported by water, so this is really important. and right now, you have this ship that is 1300 feet wide that is just stuck. think about the implication. they are carrying, as rightly pointed out, all kinds of goods. anything from oil, to printers, to bicycles. any kind of goods that you would really want that is really made

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accident and the situation is causing heavy disruption to the fastest shipping route between europe and asia a growing number of vessels have been forced to drop anchor while they wait to travel through the suez canal the cost of disruption are expected to run into the billions of dollars. well here's the suez canal on the map running 193 kilometers between the mediterranean and red seas without its ships going from asia to europe would have to go all the way around the southern tip of africa in some cases that would be a journey of a bolt of around 7000 kilometers or more lawrence brennan is a retired u.s. navy captain he says the canals closure has put many ship owners in a very difficult situation there are other ships that had scheduled are planned to transit the canal both through the mediterranean and and through the red sea and to prevent owners and operators may delay decision as to where to go to determine if this is going to be a couple more days or a couple more weeks or longer the economic implications are in the billions of dollars and it's more complicated as things stand becau

the suez canal's strategic location is a major trays route between africa, asia, europe. more than $3 billion cargo pass through the egyptian channel every day. at least 150 ships are waiting for the ever given to be cleared. >> we are already seeing evidence of ships starting to gather at the entrances, both ends. grow as every hour passes. >> oil prices rose wednesday due to massive cargo ship blocking the suez canal. estimated 10% of total trade passes through this canal. getting the ship unstuck could take weeks if all its cargo needs to be unloaded. >>> it is now 6:39. a historic nomination. >> a bay area assembly man could become the first filipino attorney general in california. still ahead on kpix5 and streaming on cbsn bay area, what the nomination means for the aapi community, especially right now. >> the market just opened about ten minutes ago. the dow is still down about 175 points to about 180. our cbs money watch reporter breaks down the numbers right after the break. this is a no-nonsense message from three. small business insurance usually forces you to p

what are the trends that you notice in terms of vaccinations higher in asia? europeng a harder time getting jabs out. what are the bookings like there? glenn: we see absolute correlation between when a government lists some of the restrictions, you will see immediate increases in bookings. when the government started lifting up those restrictions, we saw a tremendous amount of domestic travel burst up. when prime minister johnson on the u.k., when he made the announcements last week about their plan to get out of the restrictions and travel hopefully in may, we saw bookings. that is what we need really. it is between the government making an announcement and us getting some bookings. guy: if i am going to the greek islands, i am probably going for two weeks. that may make sense because it means that i can deal with some of the restrictions that are around my travel and absorb the costs more readily of travel and testing, etc. what about a quick we can to paris or rome or something like that? just in terms of the duration of how people are going to be booking, do you

i wonder whether it makes a difference whether you are in asia, europe, the u.s.ey are moving in the same direction across geographies, but there's is a nuance in terms of how we are using those characteristics in different markets. for example, this past year we carbon footprint did our majority-owned companies in our three primary corporate equity strategies. the way we calculated it was the same, but what we did with the data was slightly different. for example, and europe, that data is helping our companies as they increasingly exit into carbon constrained regulatory environments. they are also seeing potential prices on carbon impacting competitive pressures and pricing decisions. in the u.s., we use carbon data to do things like drive energy efficiency for cost reductions, and increasingly it has opened up new growth markets because of changing consumer preferences for sustainable goods and services. the carbon data wasn't an answer. it didn't tell us that companies were good or bad. it was an input into helping us better manage companies for the geographic

teresa fallon with the center for russian european europe asia studies rather in berlin thank you so much thank you. all right it's been a year of patience for oil producing nations the pandemic forcing them to make dramatic production cuts to flat demand and plummeting prices that hit their budgets hard when our oil prices are finally back to prepare so is it time for a ramp up to make up lost lost ground not so fast the opec countries led by saudi arabia wanted to keep the current production bottle make that put them at all odds with a block led by russia that was pushing hard to reopen the taps in the end they agreed to leave most of the existing production cuts in place until the end of april it would again question and begins we have mitigated then that of the lusty waves of the endemic avoiding complacency . only opec allies russia and kazakhstan were allowed to make small increases in daily production russia's energy minister alexander novak was more optimistic about the global outlook than his saudi counterpart. the market has not yet fully recovered but we're now in a much b

canal which connects the red sea with the mediterranean, providing the shortest link between asia and europevessel carrying around 20,000 containers is registered in panama and operated by a taiwanese maritime company. it was sailing when it got stuck. the japanese e -- >> at present, the traffic along the suez canal has been disrupted, and local authorities are working, but there is no specific time for it to be resolved. >> it shows the backlog of at least 150 vessels stuck at the northern entrance of the canal and in the middle and an area called the bitter lakes, and at the southern entrance. the vast majority of oil from the golf is transported to europe along the canal. oil prices rose sharply on thursday. industry experts are warning of a flood of insurance claims including automotive parts and consumer goods. egyptian officials say at least eight tugboats are trying to dislodge the vessel which experts say could take days or weeks. >> a few days is very, very costly. each today, people have made estimates between $8 billion to $10 billion of trade. it is not just about oil. it is jus

long canal which connects the red sea with the mediterranean providing the shortest link between asia and europe the vessel carrying around 20000 containers is registered in problem are operated by the taiwanese transport company evergreen marine it was sailing from china to the port city of rotterdam in the netherlands when it got stuck the japanese owner has apologized but says the situation is extremely difficult there's a sizzling that'll present the traffic along this year's canal has been disrupted due to the incident and local authorities are working under the issue using tug boats but that is most most of time for it to be dissolved. this image posted on a ship tracking website shows the backlog of at least $150.00 vessels stuck in the northern entrance of the canal it puts aid in the middle in an area called the bitter lakes and at the southern entrance at sue is the vast majority of oil from the gulf is transported to europe along the canal oil prices rose sharply on thursday industry experts are warning of a flood of insurance claims covering the vast amount of cargo being held up inc