the suez canal authority _ expensive. the suez canal authority is _ expensive.pensive. the suez canal authority is keen for - expensive. the suez canal. authority is keen for shipping to continue making that passage with the red sea, they released a statement they say the navigation flows normally as usual... as opposed to the route around the cape of good hope. they said on sunday 77 ships made passage through the canal, in recent weeks that was 2500 since 19 november but in the same. 55 ships passed around the cape of good hope. wejust around the cape of good hope. we just have to see in coming days and weeks whether that balance changes. to india and prime minister nahrendra modhi has officially opened a new diamond exchange in the western city of surat. the bourse is housed in the world's largest office complex, a record previously held by the pentagon. let's get the details with our india business correspondence. what does this big new facility hope to achieve? the what does this big new facility hope to achieve?— hope to achieve? the prime minister has _ h

at the northern end is the suez canal.ships cannot pass through the suez canal from the south without first passing through this choke point. a couple of days ago, the maersk shipping container company and hapag—lloyd both announced they wouldn't be making that transit. they've since been joined by other shipping companies. now, if you're a ship master trying to get your vessel from the indian ocean to the atlantic ocean and you cannot or will not traverse through suez, you need to pass by the cape of good hope. that adds an extra 3,000 nautical miles to thejourney. and there are other issues for ships trying to traverse from the atlantic to the pacific ocean through here. the panama canal is accepting many fewer ships right now because of weather—driven water shortages, which make it much harder to keep the lock system operational. there's now a threat that some shippers will face disruption from both the panama canal and the red sea route. the suez canal authority is very keen for shipping to continue making that passage

so through the suez canal? yes, that's right- so when _ through the suez canal? yes, that's right. _ through the suez canal? yes, that's right. so when you put _ through the suez canal? yes, that's right. so when you put that - through the suez canal? yes, that's right. so when you put that with - through the suez canal? yes, that's right. so when you put that with all| right. so when you put that with all the other shipping _ right. so when you put that with all the other shipping companies, - right. so when you put that with all| the other shipping companies, what can we say? has it affected ten, 20, 30% of the world trade? how would you put it into some context for us in terms of what it's done to supply chains? i in terms of what it's done to supply chains? . , , , ., chains? i mean this is hundreds of shi s. we chains? i mean this is hundreds of ships- we are _ chains? i mean this is hundreds of ships. we are number— chains? i mean this is hundreds of ships. we are number five - chains? i mean this is hundreds of ships. we are number five in - chains? i mean this is hundreds o

at the northern end is the suez canal.s cannot pass through the suez canal from the south without first passing through this choke point. a couple of days ago, the maersk shipping container company and hapag—lloyd both announced they wouldn't be making that transit. they've since been joined by other shipping companies. now, if you're a ship master trying to get your vessel from the indian ocean to the atlantic ocean and you cannot or will not traverse through suez, you need to pass by the cape of good hope. that adds an extra 3,000 nautical miles to thejourney. and there are other issues for ships trying to traverse from the atlantic to the pacific ocean through here. the panama canal is accepting many fewer ships right now because of weather—driven water shortages, which make it much harder to keep the lock system operational. there's now a threat that some shippers will face disruption from both the panama canal and the red sea route. the suez canal authority is very keen for shipping to continue making that passage thr

the southern end of the red sea, the northern end of the suez canal.an't get through the suez canal unless you make your way through this chokepoint. two companies have announced they will make that acid. one is the shipping container company maersk and the other is hapag lloyd. you need to make this much longer passage around the cape of good hope in south africa. that might add nine days, possibly more to thejourney might add nine days, possibly more to the journey if you go to europe, possibly six days to the united states. four ships traversing from the atlantic to the pacific ocean through the panama canal, there are additional issues. it's here from the independent economist. when you look at trade from shanghai to new york and asia to the east coast of the us, if we can't go through the panama canal, because it is very constrained because of the low water levels, and we have to ship it through the suez canal, that adds five days, when we have to go around the cape of good hope, that adds another six days. so, potentially, if things cannot get so

suez water canal. to reduce the sea route asia to europe connecting the red sea to the mediterranean. even today, a significant part of egypt's income comes from shipping fees in the suez canal. the idea of ​​building a canal is very old and related to ancient times. but make something today. it started in 1859 and was completed in 10 years under french management and personal design by ferdinand delis. some sources estimate the number of workers involved in the construction of the canal to be one and a half million people. so that more than 30 thousand workers were always working throughout it. many of these workers from different parts of the world were transferred to egypt for work , but a significant part of them were egyptian farmers who had been working in the canal project with the lowest wages and sometimes by force. thousands of these workers died from hard work and diseases such as cholera during the construction years of the canal. finally, the opening ceremony of the canal was held on novem

yes. going through the suez canal? yes, that's right- — going through the suez canal?g through the suez canal? yes, that's right. and when _ going through the suez canal? yes, that's right. and when you - going through the suez canal? yes, that's right. and when you put - going through the suez canal? yes, that's right. and when you put that l that's right. and when you put that with all the — that's right. and when you put that with all the other _ that's right. and when you put that with all the other shipping - with all the other shipping companies, what can we say? has it affected ten, 20, 30% of world trade? how would you put it into some context for us in terms of what it's done to supply chains? itinfoil. it's done to supply chains? well, this is hundreds _ it's done to supply chains? well, this is hundreds of _ it's done to supply chains? well, this is hundreds of ships. - it's done to supply chains? well, this is hundreds of ships. we - it's done to supply chains? well, this is hundreds of ships. we are numberfive in the this is hundreds of ships. we are numbe

and at the north side of the red sea, we have the suez canal. are two of the world's biggest choke points. if anything halts shipping through these points then it has a major effect on other shipping. any ships making their way from india or the philippines to europe or the united states, further west has to come through here and here then eventually through the straits of gibraltar before going further west or north from there. the alternative is to go south around the cape of good hope, suez canal and that adds 14 days possibly on to the journey time. now the suez canal authority have given a statement they are keen that business flows through there, they say. they have said on sunday 77 ships made their way through the suez canal, which is fairly normal, they said in recent weeks since 19 november over 2100 ships made their way through versus 55 who would normally make that route making their way around the cape of good hope. david waddell on the security situation in the middle east. moving to the entertainment industry, netflix recently rel

a significant amount of egypt's income comes from shipping fees in the suez canal. idea of ​​building a canal is very old and related to ancient times. but the construction of what exists today began in 1859 and lasted for 10 years with management france and a personal design named ferdinand delicibus was completed. some sources estimate the number of workers involved in the construction of the canal to be one and a half million people. so that always more than 30 thousand workers. taser has been working. many of these workers were transported from different parts of the world to work in egypt. but a significant part of them were egyptian farmers who had been working in the canal project with the lowest wages and sometimes by force. thousands of these workers during the construction years of the canal suffered from harsh working conditions and diseases such as cholera. they finally died the opening ceremony of the canal was held on november 15, 1869, with the presence of the king of egypt and many members of the royal family of europe, such as france, austria and pr

at the northern end is the suez canal. can't make your way unless you first pass this checkpoint. two companies. maersk, the container company and hapag lloyd another big shipping container company have both announced that they would not be making that passage. you have to pass the cape of good hope in south africa. that adds nearly 11,000 nautical miles to thejourney. adds nearly 11,000 nautical miles to the journey. there is another separate issue for the ships trying to traverse through the atlantic ocean and the pacific ocean through here. the panama canal is accepting fewer ships now because of whether driven water shortages to make it much harder to keep the lock system operational. there is now a threat that some will face disruption from both the panama canal and the red sea route. when you look at trade from shanghai to new york, asia to the east coast of the us, if we can't go through the panama canal, because it's very constrained because of the low water levels, and we have to ship it through the suez canal, th

egyptian officials insist shipping traffic is flowing normally through the suez canal, after attacks in the red sea. and streaming wars — as netflix releases its viewing data, we take a look at the ever—crowded streaming space. hello, and welcome to asia business report. i'm suranjana tewari. egyptian officials insist traffic is flowing normally through the suez canal, despite recent attacks further south in the red sea. iranian—backed rebels in yemen have repeatedly targeted commercial vessels, leading some of the world's biggest shipping firms to suspend routes in the area. here's our business reporter david waddell. well this situation has come to come to a head because to big shipping companies may ask and halfback lloyd, another big shipping container company, have both announced they would stop sending shipping through the strait. i'll show you where thatis the strait. i'll show you where that is — so it's here, at the south side of the red sea, and at the north side of the rest see, we have the suez canal. that's red sea. these are two of the world's biggest choke if anything,

the traffic in the suez canal grinding to a halt.ing about going through the red sea. looking at commodities, pretty calm relative to the conversation happening elsewhere. need to, wti. lisa: kevin book came on yesterday and was talking about how he is surprised there has not been more of a reaction and why people are looking past this. that is a good question because anne-marie came on and said why is this an easiest revenue -- resolution. jonathan: chris joins us, the chief investment officer at bank of america. let us start with the dream and story for next year. inflation will keep coming down and growth is going to be ok and the federal reserve will cut interest rates. that is a story. tell us how expensive is the story now for next year given the rally that we have had in the last two months? chris: it appears expensive because of how fast it has been priced in. we have a long way to go in there is cash on the sidelines not only from an investor perspective but also corporate cash still earning a very healthy return at the shor

this is the route taken by around 12% of world shipping, which then passes through the suez canal.ies have stopped passing through here and are now taking the much longer route round africa instead — adding costs and delays. here�*s james landale. the threat to shipping in the red sea is very real. this was an attack by iranian—backed houthi fighters last month, storming a cargo ship registered in britain. the militia from yemen claiming that any vessels owned by allies of israel were legitimate targets. so intense have the attacks become, two vessels were hit by drones today, that some of the big shipping companies are pulling out of the red sea, sending their huge vessels around southern africa instead. today, the oil giant bp announced that it too would not send its tankers through the sea way that links asia with europe. the united states, britain and other western allies do have warships in the region and have shot down some houthi drones and missiles. but lloyd austin, the us secretary of defence, visiting israel, said he wanted other nations to do more to protect shipping. w

not at all. >> as i said, folks, only 56 over suez . it was considered to over suez.ant that the prime minister, anthony eden, decided we ought to go to war over the issue. it led to his downfall . a issue. it led to his downfall. a major rift with america . the. major rift with america. the. don't underestimate the importance of shipping now coming up next, of course, is state of the nation with jacob rees—mogg. and i've, i've dragged him in early because we need to have a proper chat now. jacob, it's been very interesting in the last 48 hours. uh, there is this pantomime villain entirely correct for this time of the yeah correct for this time of the year. is the season michelle eamonn is the great devil. you know, she lied to the press about her involvement . um, her about her involvement. um, her husband's company made £60 million profit, but i am very, very struck here that we ordered five years worth of ppe between february and july 2020, and up to £10 billion of that was never used. and i just wonder , is it used. and i just wonder, is it possible ? is it possib

if we cannot use the suez, it is a double where me.can live canal, i got more encouraging news over the last couple of days, which is where is they initially said they would reduce the number of transits, there is talk that they may not have to do that. that will give a bit of relief, but that is not enough to get back to normal. alix: which makes me wonder whether it is geopolitical or environmental. are these just things you have to live with that are more dramatic than 10 years ago? rolf: to some extent, the answer is probably yes, but if you look dark in history, -- back in history, there been other times when things cannot be done. but if you look at the last four or five years, there have been more extreme cases than in a long time. guy: how much capacity gets taken out by this? we have seen freight rates come down sharply. i am wondering whether or not this exhorted the extra capacity in the markets, as a result of which we do not see freight rates spiking too far? i.e., this absorbency extra capacity and the market is a higher

egyptian officials insist shipping traffic is flowing normally through the suez canal, after attackse. hello, and welcome to asia business report. i'm suranjana tewari. egyptian officials insist traffic is flowing normally through the suez canal, despite recent attacks further south in the red sea. iranian—backed rebels in yemen have repeatedly targeted commercial vessels, leading some of the world's biggest shipping firms to suspend routes in the area. here's our business reporter david waddell. well this situation has come to come to a head because to big shipping

canal, so what we have seen... i do passage across the suez canal, so what we have seen...o apologise for interrupting, _ what we have seen... i do apologise for interrupting, rebecca, _ what we have seen. .. i do apologise for interrupting, rebecca, but- what we have seen... i do apologise for interrupting, rebecca, but we i for interrupting, rebecca, but we are running out of time, ijust wanted to quickly ask you. it sound like the market is going to pricing these rights for now, but oil affects everything, our consumer goods, so many sectors. what can be donein goods, so many sectors. what can be done in the interim while these prices are on the rise?- done in the interim while these prices are on the rise? there is not a lot that can be _ prices are on the rise? there is not a lot that can be done. _ prices are on the rise? there is not a lot that can be done. is _ prices are on the rise? there is not a lot that can be done. is the - a lot that can be done. is the honest answer. we are lucky that there is an alternate route that is available, because the price impact wo

the suez canal handles more than a tenth of the world's trade, but it's particularly vital for the movementgoods between asia and europe. the alternative is a long and expensive detour around the cape of good hope at africa's southern tip. because of the disruption, the cost to ship a container from china to the mediterranean has risen 44% this month alone. that's according to the online shipping marketplace, freightos. swedish homewares giant, ikea, is just one of the companies now warning of delays and possible availability issues for some of its products. shops in europe are already well stocked for christmas, but logistics experts warn there could be shortages in the new year if the crisis continues. we'll hearfrom one of the shipping companies in the moment, but first, let's get the background from our analysis editor, ros atkins. on the 19th of november, houthi rebels from yemen was an attack on the red sea. video filter by them showed them seizing a cargo ship and this was the start of the campaign against commercial vessels. already, they launched missiles now, using an array of inc

the suez canal authority reminded shipping companies that alternative routes via the cape of good hopens that gaza could spread. the full effect of the suspensions has not been felt. results in chile show that more than half of people voted to reject a new conservative constitution to replace its dictatorship—era text. efforts to reform the current document, which dates back to the pinochet dictatorship, began four years ago after large sometimes violent protests against social inequality. an initial draft, written by a left—wing dominated assembly, was rejected as too radical in a referendum last year. the uk could soon have its first operating spaceport after a site on the shetland islands was granted a license by the civil aviation authority. the spaceport on unst, the uk's most northerly inhabited island, is the first vertical launch site in western europe to be given the go—ahead. saxavord's operators say several rockets from around the world are being prepared to blast off from the site. laura goodwin has more. unst initial alan dale's, honed around 700 people and the first lesso

saudis have not risen to the occasion to protect the suez canal.art of this is because those countries do not want to get further engaged in anything that looks like they are supporting israel or even the united states backing of israel. the united states finds itself isolated in this and therefore it will be incumbent on the united states to protect the suez. the defense secretary talked about a ten nation consortium, but if you look at the numbers, it is the united states that is launching most of the couudis h supportive of our efforts and so they are nerves uous as everyon should be about the wars escalating else where. >> and big concern for the u.s. officials as well. a great piece in the atlantic. thank you. >>> and from a ground breaking advancement in sickle cell treatment to weight loss shots, we're looking back at the top ten health and wellness stories of 2023. >>> and also this -- >> hello, mariah, how are you? i'm a fan. >> i'm a fan. >> i just want you to know -- >> oh, we love it. >> president biden loves it too. so does the rest of

we saw something similar from march 2021 when the evergiven blocked the suez canal.'ll be a similar sort of effect. and is it possible at this early stage to work this out in in financial costs? is there something like for every extra day at sea, the goods take it adds x amount? it's very difficult to put a price on it. what it does, it delays obviously always cost money somehow. some along the line there's extra voyage lengths and the like. so it's very difficult to quantify it. but what it does do is show how strategic this waterway is with some 12% of world trade flowing through the red sea and the suez canal. so the disruption is immense. about $1.1; trillion worth of goods pass through it every year. so we'll see the economic effects. we're already seeing insurance costs rise. the insurance costs have gone up from 0.04% of a ship's value to 0.1%, which is quite a huge leap upwards in terms of cost. so all these things eventually do add up. interesting. so that is an already evident price increase. the longer it goes on, presumably, will that start seeping throug

canal. through this route. -- the suez canal. ., ~ through this route. -- the suez canal. . ~ , ., through for taking us throu~h canal. thank you for taking us through this — canal. thank you for taking us through this complex - canal. thank you for taking us through this complex story . canal. thank you for taking us | through this complex story and canal. thank you for taking us - through this complex story and we'll probably speak you in the coming days as the story develops. judges at uganda's constitutional court are considering a legal challenge to anti—gay legislation passed this year. those bringing the legal action say the laws, which allow for the death penalty in certain circumstances, violate constitutional rights and freedoms. at least five people have been charged under the law so far, including two for the capital offence of what is described as "aggravated homosexuality", which includes transmitting a terminal illness to someone through gay sex. rights groups say the legislation was not subject to proper parliamentary scrutiny and want it to be annulled. some western nation

this is the route taken by around 12% of world shipping which passes through the suez canal.major freight companies have stopped passing through and are taking a longer around -- longer route around africa, instead. bp and evergreen are the latest to do so. lloyd austin who was in tel aviv for talks in gaza said the attacks were reckless and it was an international problem that required an international response. the who these have been launching missiles since the start of the conflict in gaza and say the attacks are intended to show solidarity with hamas which is already linked with iran. here is our correspondent with more. reporter: the threat to shipping in the red sea is very real. this was an attack by iranian backed who the fighters last month --houthi fighters last month. militia from yemen claiming vessels owned by allies of israel were legitimate targets. so intense have attacks become, vessels hit by drones today, big shipping companies are pulling out of the red sea, sending huge vessels around southern africa instead. today the oil giant bp announced it would no

>> the suez canal is a big contributor to egypt's finances.n the last year, it provided over $9 billion in terms of revenue. egypt cannot afford to lose this, especially when there is already shortages in the economy. you combine what is happening on the trade and the disruption to revenue from the suez canal, with more next-door in gaza, hardship domestically in the economy, it is not easy for the president in his new term. kriti: something we will keep a close eye on as the tensions become truly global. thank you for that crucial context. i want to bring you more breaking news. no shortage of it as we talk about what is going on between the european union, extending the tariff suspension between u.s. steel and aluminum, a dispute that has been ongoing since the trump administration. there was a summit in washington, d.c. that yielded nothing. they are talking about an extended dispute until 2025 for u.s. products that have to do with steel and aluminum. for now, the clock stopping for apple. the u.s. tech giant racing to comply with a patent

it's in a direction between the panama canal and suez canal and going from asia to the east coast ofmericas and then r first choice is the panama canal, pacific ocean followed by the panama canal and the drill was some ships being diverted two or three weeks ago to the syces canal, the second best -- suez canal, second best route and that's looking terrible right now. the fortunate thing is that there's been good rain in panama and the panama canal is increasing capacity and now an option from 20-24 ship as day. that's going a bit in the right direction. i don't think even though we've got the situation with the suez canal and some constraints with the panama pennsylvania canal. i don't think the shipping network is close to collapse as it was during the peak of covid. kelly: that's a good point and lots of lessons learns and learned and switching gears, i'd be remiss if i didn't ask you this since i have you, you are an israel-based company and of course everything that is happening right now in israel with the war with hamas, how are your employees feeling and has there been impact

we take a look at the fallout on businesses from the suez canal disruption. and a whopping $3 million price for a bowler. we look at the rising prices in the indian premier league. hi there, welcome to asia business report, with me, mariko oi. we start the programme this morning in the suez canal as companies scramble to avoid shipping disruptions following recent attacks on vessels by the iran—backed to houthi rebels. about 12% of global trade passes through the canal, that's around 17,000 ships each year. now many companies, including oil giant bp as well as danish shipping firm, maersk, are rerouting to take the much longerjourney around the southern tip of africa. appliance company electrolux is also setting up a taskforce to find alternate routes, while ikea is warning of potential product shortages. ryan petersen from the supply chain management company flexport told me more about how the disruption is already impacting businesses. it's just getting started. over the weekend and through today we have had all ten of the top container shipping lines in th

this area of the red sea leading to the suez l red sea leading to the suez canal is quite important,rms of the volume of trade passing through it, about 12% of global trade passes through the red sea, including 30% of the red sea, including 30% of the container shipping. altogether, it accounts for about i altogether, it accounts for abouti trillion us dollars per year, so it is quite significant, and a disruption there would cause damage to world trade.— world trade. aside from avoiding _ world trade. aside from avoiding this _ world trade. aside from avoiding this area, - world trade. aside from i avoiding this area, what world trade. aside from - avoiding this area, what can companies do, or is it about what the us has said, forming an international coalition? basically, several shipping lines, they put their ships to go around africa's cape of good hope to get to europe. that will add significant to the time needed to travel there by a week or two and also additionalfuel a week or two and also additional fuel costs and operating costs, costing the importers, exporters and user. t

in 1956, the egyptian government declared the suez canal national. this move is wise and egypt's decision is final. 3 months later england, france and israel. prepares for war . the war begins with israel's attack. with egyptian resistance and international action, the war ends quickly. the war of 1956 was an achievement for israel does not bring a fire burns under the ashes in 1967. israel suddenly. they attack egypt. the egyptian army is taken by surprise. what the egyptian forces are doing, although they are very brave, but they are not doing anything. egyptian soldiers are surrounded in the sinai desert. after egypt, the rest of the arab countries also fail. as a result , israel occupies more land. the main factor in the defeat of the arabs, the support of american equipment. it was advanced telecommunications and espionage activities. more important than that was the fate of palestine. after the war, the area of ​​israel triples. many they are displaced and the rest of the people are trapped in israel. a lot of sadness has dominated the arabs. i

all the passages that come through the suez are declared. they're in receipt of that information. it's not a mystery. they know what's coming, when it's coming. they can prepare what they want to do. the key thing is, how do you get ahead of that? how can the united states and its partners in the region really put a punishing blow against the houthis to eliminate, to disincentivize their activities that they're taking on right now? >> thank you very much. general marks, thank you. >>> next, breaking news, rudy giuliani hit with a new lawsuit with the two women he's been ordered to pay nearly $150 million. >>> also breaking, greg abbott sig signing a bill to make it a crime to enter texas through mexico illegal. >>> and pushing back on putin. soldiers and their families demanding that they be sent home from ukraine. takes a lot of courage to do that and it's a story that you'll see first outfront. >>> breaking news, rudy giuliani sued again, just days after giuliani was ordered to pay $150 million for defaming two georgia election workers, the same election workers are suing giulia

the suez canal. several companies have halted shipping on the red sea after a searching attacks by who the militants from yemen is less group backed by a ron says the vessels that targeted was linked to his right. a short helicopter flight. and a quick hijack the crew of the galaxy leader didn't stand a chance after who to rebels landed on deck and went straight for the bridge. that these pictures were released by who to leadership who they are appear to show the 1st of many attacks against chips and the red sea humans. iran back military group assess the galaxy leader was carrying good, spelled for a port in israel, recent they, so numerous attacks against the tank of some freighters in the area. among them hits against 2 ships transporting cargo fortelli and swiss shipping giant m a. c. h 2 was set to be heading to israel, the which he claim that the actions are directly tied to the country's war and gaza . alone. yeah. well the 2 container ships m a c l on. yeah. and m a c palostio. we're heading to the israeli entity and were targeted by 2 suitable naval ms. so the process of targe

are you saying you turned around 25 ships that would normally be going through the suez canal?ght. when you put up with all the other shipping companies, what can we say? has it affected ten, 20, 30% of the world trade? how would you put it into some context for us for what it has supply chains? you like this is hundreds of ship. we are numberfive in like this is hundreds of ship. we are number five in the world. we have roughly 10% market share. so just imagine the bigger ones, many ships they will sail through the canal and the red sea. this is hundreds of ships that need to be diverted now and for us it means, if i take an example from the eastern mediterranean — from the eastern mediterranean to singapore through the canal is 30 days. in future, if we sell around the cape of good hope, this will be 30 monday. this is roughly three weeks more and you can imagine what this means forfuel you can imagine what this means for fuel consumption, supply chains and time, for our customers and of course for the crew. but now, for something different, how do you measure a year? is at h

we take a look at the fallout on businesses from the suez canal disruption. and the future of aia. predictions for how this game changing technology might change our lives in the year ahead. —— ai. hi there, welcome to asia business report. with me, mariko oi. we start the programme this morning in the suez canal as companies scramble to avoid shipping disruptions following recent attacks on vessels by the iran back to houthi rebels. around 12% of global trade passes through the canal, that is around 17,000 ships each year. now many companies including oil giant bp as well as danish shipping firm musk are rerouting to take the much longerjourney around rerouting to take the much longer journey around the southern tip of africa. appliance company electrolux is also setting up a taskforce to find alternate routes while ikea is warning of potential product shortages. rain peterson from the supply chain management company flexible told me more about how the disruption is already impacting businesses. it’s disruption is already impacting businesses.— businesses. it's 'ust getting starte

according to the suez canal authority last night, 35 ships diverted.t is the same number going through since the attacks started. at the moment, it is limited. if the reroutings we discussed happen and that is a sustained rerouting, you will see some fairly seismic activity in the implications for supply chains. i think there are differences here. the evergiven situation came where there were already existing issues with the supply chain. it is a different market now. lots of ships have been issued and it has overcapacity in the market. in terms of sucking capacity out of the market, it will have a much more muted effect in terms of the immediate market implications. i think depending on how long this lasts, you are looking at 40% to 50% of capacity taken out. that will have fairly significant effects in terms of supply chain. egypt itself, the canal revenue for the waterway is under $10 billion last year. up from $7 billion the year before. that is a chunk of money out of egyptian revenue. >> for egypt, the country is on the brink economically. let me

this is the route taken by around 12% of world shipping, which then passes through the suez canal.s have stopped passing through here and are now taking the much longer route all the way around africa instead, adding costs and delays. here's our diplomatic editor, james landale. the threat to shipping in the red sea is very real. this was an attack by iranian—backed houthi fighters last month, storming a cargo ship registered in britain. the militia from yemen claiming that any vessels owned by allies of israel were legitimate targets. so intense have the attacks become, two vessels were hit by drones today, that some of the big shipping companies are pulling out of the red sea, sending their huge vessels around southern africa instead. today, the oil giant bp announced that it too would not send its tankers through the seaway that links asia with europe. israel was leaders say this shows that their war is our war. this israel was leaders say this shows that their war is our war.- israel was leaders say this shows that their war is our war. this is a battle against _ that their war

are you saying you turned around 25 ships that would normally be going through the suez canal? right. so when you put that with all the other shipping companies, what can we say? has it affected ten, 20, 30% of the world trade? how would you put it into some context for us in terms of what it's done to supply chains? i mean this is hundreds of ships. we are numberfive in the world. we have roughly 10% market share, sojust imagine the bigger ones, how many ships they will sail through the canal in the red sea. so this is hundreds of ships but in each to be diverted now, and for us, it means if i take an example from the eastern met, from the eastern meant to singapore through the canal is 13 days. in the future, if we sail around the cape of good hope, this will be 31 days. so this is roughly three weeks more. you can imagine what that means for fuel consumption, what that means for supply chains and time, what that means for oui’ customers. of course, also for the crew. there's plenty more on those disruptions to shipping on our website. china has banned the export of technolog

are you saying you have turned around 25 ships that would normally be going through the suez canal?that's right. so, when you put that's right. so, when you put that with all the other shipping companies, i mean, what can we say? as it affected ten, 20, 30% of the world trade? how would you put it into some contest demo context ferres in terms of what it has done to supply chain. this ferres in terms of what it has done to supply chain.- done to supply chain. this is hundreds — done to supply chain. this is hundreds of _ done to supply chain. this is hundreds of ships. - done to supply chain. this is hundreds of ships. we - done to supply chain. this is hundreds of ships. we are i hundreds of ships. we are numberfive in the hundreds of ships. we are number five in the world and have roughly 10% market share. just imagine the big ones, how many ships they will sail through the canal and the red sea. this is hundreds of ships would need to be diverted now and for us it means, if i take and for us it means, if i take an example from the eastern met, so from the eastern mediterranean to

crude traveling north through the suez canal is up 60% relate to 2020 as europe imports more oil from the middle east. in the meantime russia's south bound oil traffic is up 30% relative to 2020 as it sends more crude to india and china. for more on the shipping destructions in the red sea, catch the merits ceo tomorrow at 11: on cnbc's money movers. >> where would you say this goes from here iterms of escalations now that were seei major -this is put more diplomatic pressure on the white house to try to come to some sort of solution here? >> i think we will see some sort of response from the white house and definitely some statements. i think at the moment it's not having that much of an impact on crude marketswhich is why we did not see a larger jump today bui think this is another example of ways that trade flows have been altered. if you think about what is gog on whether it be venezuela and guyana are the buildup of the pama canal as they work through record drought and low water levels there, it'another thing that can impact global energy rkets and next year is an election year

around 12% of world shipping goes through the red sea and the suez canal.pe. here's james landale. the threat to shipping in the red sea is very real. this was an attack by iranian—backed houthi fighters last month, storming a cargo ship registered in britain. the militia from yemen claiming that any vessels owned by allies of israel were legitimate targets. so intense have the attacks become, two vessels were hit by drones today, that some of the big shipping companies are pulling out of the red sea, sending their huge vessels around southern africa instead. today, the oil giant bp announced that it too would not send its tankers through the sea way that links asia with europe. the united states, britain and other western allies do have warships in the region and have shot down some houthi drones and missiles. but lloyd austin, the us secretary of defence, visiting israel, said he wanted other nations to do more to protect shipping. these attacks are reckless, dangerous, and they violate international law. so we are taking action to build an international

shipping joins r giants redirecs to avoid the suez canal.suing this statement in part that says we are deeply concerned about the highly escalated security situation on the southern red sea and gulf of eden. the recent attacks on commercial vessels in the area are a lime lightning and pose a significant threat to the safety and security of seafarers. diverting those shipments comes at a cost of the world. over $9 billion with of goods shipped to the suez canal and a fiscal year 2023 let's bring in jamil jaffer is the founder executive director of the natnational security institute. so first of all what do you make of the timing of the red sea attacks? how should the u.s. handle and stop them? >> there is no doubt as a lucas and eric were just discussing this is a major challenge to international shipping. the u.s. has got to respondents in u.s. ships they are in the red sea shooting down these drones parachuting on the crews missiles tankers have been attacked a least one is been taken into port and captured. this is obviously a m major thrt

in 1956, the egyptian government opened the suez canal declares it national. this is a wise move. and egypt's decision is certain. 3 months later england, france and israel are preparing for war. the war begins with israel's attack. with egyptian resistance and international actions, the war ends quickly . the war of 1956 did not bring anything to israel. in 1967, he hangs his tongue. israel suddenly attacks egypt. the egyptian army is surprised. what the egyptian forces do, though, is accompanied by great bravery. but they do nothing. egyptian soldiers are surrounded in the sinai desert. israel takes revenge hit egyptian soldiers are massacred. after egypt, the rest of the arab countries also fail. as a result, israel occupies more land .. the main factor in the defeat of the arabs was american support, advanced telecommunication equipment and espionage activities. more important than that was the fate of palestine. after the war, the area of ​​israel triples. many are displaced and the rest of the people are trapped in israel. a lot of sadness has dominated the arabs. in 1967, t

the main concern is egypt's suez canal authorities are monitoring the situation but since november 19here have been 55 ships rerouted away from the canal. that is out of almost 2000 ships. that number is small now but that does not mean that the number could not go higher if the attacks persist. the u.s. is in talks to form a coalition with their allies to stop these attacks. there is another risk. how iran will react to such a coalition and whether that would raise tension and escalation if that happens. kriti: all over that story, thank you for bringing us crucial insight on the israel hamas war. as she was talking about, and want to expand on that. she talked about the red sea attacks and i want to put that into context for our audience so bear with me. the canal she's talking about is responsible for 12% of trade between europe and asia. a lot of that is oil revenues from the mediterranean sea. when you come through the other end of the canal it is the red sea that you hit. there are two u.s. navy vessels in the region dealing with a commercial threat. the suez canal talked about

a lot of trade goes through the suez canal. supply chain's have faced a lot.eal is this to the supply chain and have resulted are they? >> it is a pretty big deal. we have really resilient systems. almost miraculous infrastructure supports the global economy. but something just like this is all it takes. a small group of rebels shooting some pretty impressive missiles and drones. it does not take a huge well-funded ward to disrupt this. we have been through a lot of those. >> was the potential impact? >> the thing to watch is that for the last year or so, we have really been in a deflationary environment. prices have been coming down from the peaks we saw in the pandemic. people assume that inflation was on the way out. ocean freight, if you listen to retailers, they have been saying the ocean freight is cheap. there is excess capacity. it will not be the impact we had. we have seen the prices for ocean freight coming down. versus a couple of months ago. >> the impact is already being felt. in a sense of how long it is before it really becomes a big problem? >

the suez canal. in the end, 143.88. it is weakening after what was seen as a dovish meeting for the bank of japan turned a little less dovish in the sense that we didn't get any timeline for when the bank will exit negative interest rates. jon: and we will have more central-bank talk coming up on the tech front. stocks have been pretty hard recently including affirm, continuing to gain ground after the expenditure self -- it expanded to self-check out areas and walmart stores. in the e-commerce world, chewy getting a nod from an analyst at jefferies. a bullish call fueling those shares to an 8% advance today. i want to highlight kenvue, which had been spun off from johnson & johnson. that is a notable gainer on the day, although not addeds best levels -- not at its best levels. a key court win tried to a time in a lawsuit. -- tylenol lawsuit. with fedex, because control is something the street is very interested in. vonnie: the big picture focus for investors does remain what the fed will do next, an

it's increasing the number of ships bound for the red sea through the suez canal.y step up their military campaign in that region including an exchange yesterday that saw a u.s. navy destroyer and f-18 fighter group shoot down 17 drones and missiles launched by iranian-backed rebels. the houthi rebels attacked another shipping container. no injuries were reported. msc says it will avoid using the red sea to avoid the attack and take the longer costly route ar around africa's cape. >>> first, go big or go home series and an idea set to shine in the year ahead. >>> plus spacex, shiyan, openai, and the madness breaking out across the open sector and a e ok at raeeal estate and a nam set for a breakout year ahead. we have a busy hour ahead when "worldwide exchange" returns. stay with us. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley. the power goes out and we