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tv   Business  Deutsche Welle  March 18, 2020 10:15pm-10:30pm CET

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warry is that the true extent of the catastrophe can only be guessed at our correspondents and the corona virus outbreak around the world this is g.w. news live from berlin stephen beardsley is up next with business stick around he'll be right back. every day counts for us and for our planet. glued to my geno's is on its way to bring you more conservation. how do we make seduced greener how can we protect animals and their habitats what to do the following waste. we can make a difference by choosing reforestation over deforestation and recycling for
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disposable smart new solutions oberstein said in our piece earth is truly unique and we know that uniqueness is what allows us to live and survive goodbye dio's the environmental susu global 3000 on t.w. and on. the trip. global markets fear recession and go looking for cash investors and companies abandon stocks on wednesday as well as typical safe havens like bronze and gold now governments are racing to prevent a spiral. pulse on the show we'll look at the start of a berlin that's proven to be especially vulnerable to the coronavirus. and we show you the way cargo companies like to tonga are dealing with a backlog through the pandemic keeping at least some supply chains doing. this is
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your business report i'm stephen beers in berlin it's good to have you with us. global markets continue their sharp sell off on wednesday after more key businesses sounded the alarm over worsening finances. and plans to freeze their activity now the dow and the price of oil both tumbling wednesday safe havens interesting lee were also hit hard gold falling as well as the yields on 10 year u.s. treasury notes as you can see there yields going up the interesting thing here is that that suggests investors and companies are looking for cash that is an unusual correlation there between stocks and bonds. to plug holes in operating budgets or because they don't understand what is a good investment right now and the bottom line over the last few days and vespers companies and governments appear to be reckoning with a near complete halt to economic activity for an unknown length of time and that's
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an unprecedented challenge with an unclear solution. well berlin has been hailed as a european startup mecca but the coronavirus is sparing no sector analysts say start ups are especially vulnerable now and one travel technology company staff are working from home and bookings have plunged. travel company. makes its money by connecting travelers to local guides and businesses all over the world its headquarters are located in the german capital these days the usually bustling office is spookily quiet all of the company's 600 staff it's been working from home since last week it's a devastating time for the entire tourism industry we all had a very good. consumer sentiment and january and early february was very strong before the coronavirus had italy and now within
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a matter of weeks we've gone from strong growth to a reduction of more than 50 percent in the volumes of bookings. going just one of more fortunate stones ups having raised you know french of capital for the next 2 years but the coronavirus will hit many startups in this city whose famous streets and i will also ghostly quiet no one is going to be exempt from the implications of corona started to especially i will be very vulnerable they're already running on very lean budgets as customers dry up unless you're a start up that focuses on things you do in the house or delivering really struggling despite government support for small businesses hit by the coronavirus when the crisis is past many of the smaller startups in this city may be no more than a memory of simpler times. and financial correspondent jose luis de haro joins me now from new york jose the u.s. the world's largest economy is still working on its stimulus plan to respond to
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this outbreak this pandemic i should say where things stand. for now as stephen i'm bringing lots of news of the 1st ones we just learned minutes ago that denies the will close its trading floor is starting march 23rd and will star operating completely and fully electronically for a period of time and then also it's important to have in mind that the senate just passed the bill approval ready by the congress last weekend and basically these would bill will provide enhance unemployment insurance insurers say that businesses that have if you were down 500 employees they can offer 2 weeks of paid sick leave to their workers and increases funding for food assistance programs has had from guaranteed pre-testing for the coronavirus but upside from these there are all there are several plans being discussed between legislators and the white house to push federal spending up to one trillion dollars over 4 percent of us that g.d.p.
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to bear with the effects of the virus among those plans discussed by the treasury there is hope to approve 2 wrongs of direct payments to individuals which could mean up to $2000.00 for many americans a massive government intervention we should note that the president's a conservative republican who wants to let business markets generally run on their own except when it comes to stimulus such as tax cuts does he have support for this . probably not stephen and that's why negotiations for a forced to melissa package are taking so long we're to talking about direct payments to individuals bailouts for some industries and skyrocketing the federal budget deficit a document that can be in full confrontation with 3rd and politico believes here in the united states that it's why war the current situation is becoming important we have heard the president labeling himself as the wartime president ask all
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americans to sacrifice a together and war it's been referred also by u.k.'s prime minister boris johnson or french president my normal. case of missing the crisis as a war may allow him to keep implementing measures that the normal sleep in some says will probably take a bigger political toll all right a good reminder to remember just how disruptive those stimulus measures were 12 years ago in the u.s. jose luis the heart of their force on wall street thank you. let's look now at how the coronavirus is making business headlines elsewhere in the world millions of poor indians may get compensation for income lost due to the coronavirus state of products home to the famous taj mahal is the 1st to begin counting who qualifies the state which is one of the poorest in india will make online payments to poor and daily wage workers if they lose work because of the pandemic. b.m.w. shutting down all car production in europe and south africa until least the end of
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april german carmaker saying it needs for tech to help its employees the company already had at least 3 cases of coronavirus at its r. and d. center in munich. and that announcement follows a similar one from volkswagen v.w. homes that evolved the announcement that the company's closing plants there starting friday is setting the scene for an economic world when we talk to some of those will face the full blast shut down it's. the 5 complex and 5 a shift change more than 63000 people work in this factory on friday it's set to close to protect them from the coronavirus the shutdown is planned for 2 weeks but that could easily turn into 3. weeks well mine is what they have to do the earlier the better it's a bit tricky with payment we don't know what happens from here own. work but. we work this thousands of us elbow to elbow the county being shut the restrooms weren't being cleaned anymore other companies weren't allowed in but we still have
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to work with our colleagues. well sprint has around 124000 residents and hardly anyone is still taking taxis. yes we're probably going to have to discontinue no taxi operations when the folks in factory shuts down at the moment we do maybe 2 to 6 trips a day. with a cross. before the coronavirus truck the city center used to fill up at may day but most of the businesses have closed now many and while the spark think that's the right thing to do. i think if i think so yes if it's already gotten so bad with the coronavirus it had to be done. the v.w. factory closure will reverberate across was sparks business sector this not stand owner says he's already lost 90 percent of the sales. and much of the world's air cargo travels in passenger flights that means the travel restrictions currently in place around the world are affecting not just passenger traffic but the global just
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exchange now of tons of is trying to catch up to the back load. this boeing triple 7 owned by tons as freight subsidiary is set to fly to shanghai full of machine parts in medications all of tons as cargo aircraft are fully booked as dispatchers worked to reduce the backlog of goods from weeks of cancelled flights amid the coronavirus crisis that's become more complicated but it's far from the only issue . normally we would do a direct flight for example from frankfurt to shanghai we're currently operating in a security mode a caution mode over navas of beers can eastern siberia that means a stopover and that allows us to have a crew change there and avoid spending the night in mainland china when i was in the cargo area at frankfurt airport containers and pallets are stuck and ready to ship canceled passenger flights from lufthansa have caused the pileup the german
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airline grounded thousands of flights across the world due to virus really did travel restrictions and in the belly of almost every passenger plane cargo was meant to be carried. the head of the tons of cargo faces a problem many of its 4000 employees are working despite the big backlog of orders . sense of the force that's for if you imagine that 50 percent of our capacity is in the bellies of passenger planes and that they're no longer flying or just to a limited extent then of course we're short on capacity and since we lack a passageway we also lack employment yes of course we're thinking of short time work with. stephanie meyer is in a similar situation he's the head of a medium sized air and sea freight company and he's seen a 10 percent drop in assignments compared to a normal january and february because of the limited transport capacity and high prices his company has to turn away orders from some customers so tight is the plan
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at the moment planning is almost impossible we're living day to day not thinking about tomorrow we've come to grips with the situation in china but other markets are coming like the usa which was. into that concern are worries around additional corona outbreaks in germany if too many employees fall ill some branches may have to shut down completely. and that's it for me and the business team you can find out more about these and other business stories online at www dot com slash business i'm saving this watching.
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the true. rhythm of the markets. the momentum of the working world. ms magazine made in germany. next on w. europe's tools are closing.
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in italy lessons have been taking place at home for several weeks now prior to the internet drastic measures in exceptionally challenging times for teachers and students. become much more students learned during this time of. focus on europe. in 60 minutes on d w. what secrets lie behind those walls. discover new adventures in 360 degrees. and explore fascinating world heritage sites. w world heritage 363 get me out now.
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is it the end of the global economic system as we know it every day you brown after the economic data confirm i was thea's the coronavirus has brought financial markets today nice companies a reeling consumers panicking everyone is under suspicion ok.


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