the national economy and the world economy depends on the port of baltimore. as search operations are suspended in baltimore, officials say tuesday's collision and bridge collapse could lead to a global crisis. plus more bad energy between the world's two largest economies. we'll have all the details later on the programme. hello and welcome to asia business report. i'm steve lai. officials in the us city of baltimore say they've recovered two bodies. a bridge collapsed on tuesday when a container ship crashed into it, after losing power. the ship was leaving the port of baltimore — one of america's largest. it has been closed since causing havoc on the movement of goods. it's thought 8000 jobs have

been affected by the collapse of the bridge. the collapse of the mac key bridge is notjust a crisis for us it is a crisis for the globe. the national economy and the world �*s economy depends on the world �*s economy depends on the port of baltimore. the port handles more cars and more farm equipment than any other port in the country. let's get more on the impact on global supply chains, which are already facing challenging times with those attacks in the red sea and water shortages in the panama canal. harry murphy cruise is an economist at moody's analytics. at the moment we see supply chains across the world being incredibly strained and certainly this does not help. that said, the aggregate impacts of the disaster we saw earlier this week should be fairly contained. the port of

baltimore, you can measure it a couple of different ways it is the ninth or 10th largest international port within the us. a little under 5% of east coast trade heading to the port of baltimore. that is not nothing but it is not really enough to shift the aggregate needle in terms of global supply chains. we will see impacts for key goods and notably as said, cars and callers world.— notably as said, cars and callers world. how will those industries — callers world. how will those industries in _ callers world. how will those industries in particular, - industries in particular, automobile and energy be affected? 25% of us coal exports come through the port of baltimore and that is the equivalent to 1.5% of global coal trade. equivalent to 1.5% of global coaltrade. most equivalent to 1.5% of global coal trade. most of that goes to asia, specifically into india given the high sulphur levels there. so this could cause some disruption. i think it is worth noting how malleable and flexible coal trade has been over the last few years. go back to the early

20 205 few years. go back to the early 20 20s when china imposed an unofficial coal band on australian coal import and australian coal import and australia is the second largest coal exporter in the world. that should have caused massive disruptions and it did around the edges but ultimately we saw musical chairs happening where china changed its suppliers forcing japan and korea to buy from australia and ultimately the impact was relatively contained. that was a far bigger scenario than what we're seeing with the port of baltimore now. so we do not expect see any large spikes in coal prices because of this. in terms of cars, it is a massive car port with roll—on rule of stock and we could see some impact there for asia �*s bekaa exporters, particularly in japan. a lesser extent in china with delays in getting their stock into the united states market. that said we are seeing

other ports picking up the slack. much of what is going through the port of baltimore is now being redirected and we see an uptick in newjersey and virginia that will prevent a big spike in aggregate prices. in other news, treasury secretary janet yellen has warned china against flooding global markets with cheap clean energy exports. she says she plans to raise the issue on her trip to the country next month. the world's two largest economies already disagree on a range of issues, including chips. the bbc�*s erin delmore has more from new york. janet yellen spoke in georgia on wednesday but she aimed her words at china. the us treasury secretary warned china against flooding the market with cheap clean energy exports. things like electric vehicles and lithium ion batteries. she said that we have seen this story before and likened this moment to the way china overproduced metals such as steel and alumina years ago. the department of administration does not only a question of

price ability, they say it also hurts american companies and workers. us is working on pumping up its own clean energy sector offering tax breaks and subsidies to developers. meanwhile the us is taking steps to blunt the power of china �*s to making industry which it fears can be used to make advanced ai chips that strengthen china �*s military. it urges ally countries to keep from servicing some important making tools for china, much like rules already in place in the united states. the chinese president said that such policies will only lead to division and confrontation, adding that no forces can hinder the price of china �*s technological process. battle comes as the secretary is getting ready to embark on her second trip to china as treasury secretary. she said addressing concerns over trade will be a top priority. president xijinping met will be a top priority. president xi jinping met with a group of american business leaders on wednesday, according to reports he told them that

china �*s economy has not peaked and its growth prospects remain bright. the group purportedly included the chief executives of an investment firm. staying with china, chinese technology giant xiaomi is set to hold the launch event later for its first electric car, the su7. the move sees the smartphone maker entering an already crowded market, dominated by brands like tesla and byd. xiaomi's ev push also comes as trade tensions between china and the us remain high. this week, beijing filed a complaint with the world trade organisation over subsidies washington offers to electric car makers, saying they are discriminatory. they said they would try to price low and if we look at the features they are offering, there is a high level being rumoured but a long—range, a single charge driving range is

very good and combined with the fast charging capabilities it makes for an attractive product. how is it that xiaomi is going down this path themselves, coming from being a phone maker before? it is important _ phone maker before? it is important to _ phone maker before? it is important to look- phone maker before? it is important to look at - phone maker before? it 3 important to look at xiaomi it is operating in china and the chinese ev market is mature and a stable system for manufacturers. battery supply chain is very strong in the charging network in the country is also growing to meet the demand. see have a stable pace of automakers and especially 41 mac they position themselves as a flagship killer in the ev industry, that is that they are trying to compete with people like tesla. but at a lower price point. rental prices in a beef that have risen sharply over years and made it increasingly

difficult for local people to find affordable accommodation, a problem that also affects is this. that make business. he beater is preparing for the summer tourist season. teachers and resorts have long been a magnet for holidaymakers. but its success has helped create a housing crisis. across the alley aric islands rental costs have increased by nearly 20% over the last year alone and in a visa the increases have been even sharper. —— ibiza. there are several reasons for the steep rises. higher interest rates and a higher cost of living have discouraged people from purchasing property. that, in turn, leads to an increase in turn, leads to an increase in demand for rented accommodation, pushing up rental rates. tourism is also a major factor. rental rates. tourism is also a majorfactor. last rental rates. tourism is also a major factor. last year, rental rates. tourism is also a majorfactor. last year, 3.7 million people visited ibiza

and then neighbouring islands. many stay in flats, pushing up rental prices and keeping locals out of the housing market. this man is a chef and although he has work he has been sleeping in his carfor the last three years. something that many workers on the island now resort to. translation: in ibiza accommodation is expensive and is getting more and more expensive. with cost of renting completely out of kilter with what you earn. there comes a moment when you say i cannot do this anymore. i need a house. local activists are demanding that this phenomenon be stopped. translation: the phenomenon be stopped. translation: , ., , translation: the problem we have is that _ translation: the problem we have is that the _ translation: the problem we have is that the islands - have is that the islands housing is not being used for the purpose for which it was built. it is being used as a speculative business and for tourism. this situation is

affecting local businesses. the old beach disco and restaurant is preparing for the high season. but finding staff in ibiza orfrom season. but finding staff in ibiza or from elsewhere season. but finding staff in ibiza orfrom elsewhere is not easy. ibiza or from elsewhere is not eas . ~ ,, ~ ibiza or from elsewhere is not eas . �* ,, �* i ibiza or from elsewhere is not easy-_ i have i easy. translation: i have friends on _ easy. translation: i have friends on the _ easy. translation: i have friends on the island - easy. translation: i have friends on the island his - easy. translation: | have| friends on the island his rent has doubled in the last year so when you look at workers coming to the island it is a massive factor and well—known so i think it will ultimately affect people coming to the island and getting work to come. before we 90, getting work to come. before we go, amazon is making its largest external investment in its three decade history as it looks to gain an edge in the artificial intelligence race. giant says it will another 2.75 in dollars backing an ais start—up in san francisco. the company announced an initial investment of over $1 billion last september. that is it for us, see you again soon.

hey, iam hey, i am julia with the catch up. hey, i am julia with the catch u -. hey, i am julia with the catch up. night, passport problems, marriaue up. night, passport problems, marriage in — up. night, passport problems, marriage in quality _ up. night, passport problems, marriage in quality in - up. night, passport problems, marriage in quality in thailand| marriage in quality in thailand and in that account. first and made from baltimore in the united states. investigators have been on the ship that crashed into a major bridge and made it collapse to a recovered black box which records it data. six people who were missing in the river are now believed to be dead. the ship had power issues and the crew made a distress calljust before the crash could not change course in china. —— in time. nearly one in six teenagers experiences cyber bullying across the world. a new study says there are more reports now than before the

pandemic. experts want urgent education for young people, families and schools about different forms of cyber bullying and its impacts. some of the stories now. uk travellers are getting turned away from flights because of the ten year passport rule. you cannot go to eu countries if your passport is over ten years old, even if it is still in date, because of a post brexit rule change. and thailand has taken a big step to legalise same—sex marriage. a draft bill has been passed but to become law it needs to pass the senate and get royal sign off. if it happens thailand will be the first country to do it in southeast asia. and we will leave you with ten seconds of this ferry egg hunt. this german zoo said the animals are not that foster by the easter holidays, which makes sense, but the brown bears, monkeys and dwarf mongoose is love hunting for tree all the same.

and you are all caught up now. have a good night. hello and welcome to sportsday with me, marc edwards. this chelsea's quest for the quadruple continues. they're into the semi finals of the womens champions league. sinner the winner. the australian open champion eases into the last four at the miami open. from south—east england to seattle. we talk to the british coach breaking new ground in the nfl.

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