the race for the white house begins in earnest, with the iowa caucus getting underway. the democrats are competing for the right to face donald trump in november's presidential election. that's because mr trump is expected to secure the republican nomination with ease. xijinping says stopping the spread of the coronavirus is the most serious task facing china. the leadership has admitted shortcomings in its response, as the number of people killed in the outbreak there has risen to more than 400. and on our website, scientists say they are deeply disappointed after trials involving an experimental vaccine against hiv proved ineffective. it had been hoped the jab would work against a southern african strain of the virus which causes aids. other research will now be prioritised instead. that's all. stay with bbc news.

we will have special coverage of the iowa caucus is but now it is time to join rico hizon. now on bbc news live to singapore for asia business report counting the cost of the coronavirus outbreak. we have the latest numbers as the chinese market is open after plunging on monday. and parting is such sweet plunging on monday. and parting is such sweet sorrow plunging on monday. and parting is such sweet sorrow — brexit may be done but now the suicide must broker a new partnership. the station the two sides. welcome. let's begin with the coronavirus outbreak because it took

its toll on chinese stocks when financial markets reopen on monday following the lunar new year holiday. the index closed nearly 8% down. it's biggest dailyjob for more than four years and of the market have just opened into the mainland. what is happening minutes after the opening? how is shanghai faring? both shanghai and shenzhen opened lower extending their losses from yesterday but not as much as a sharp fall as yesterday. still investors remain the concerned about this outbreak of coronavirus. many people keep comparing this epidemic to the sars outbreak but china's economy now plays a bigger role than i7 economy now plays a bigger role than 17 years ago. back in 2003, china

only accounted for 4% of global gdp and that is why the global fallout from the sars outbreak was somewhat limited now it is a i7% and we can definitely expect impact on the global tourism industry as well because chinese tourists make up 2% of the total number of tourists back into thousand three but in 2017 they made up about 9% of the total number and we all know how chinese tourists are big spenders and today the global tourism industry generates a lot more money compared to 2003 as well, nearly $9 trillion. what investors are also concerned about is impact on the global supply chain because for example the region is responsible for 9% of global tv production. wuhan is a big

manufacturing hub for manufacturers. apple has many based in mainland china so even if the authorities managed to contain the virus quickly compared to the sars outbreak for example, we feel the impact might be greater. a huge influence in global economy from 17 years ago. the shanghai and shenzhen markets have reopened and they are both down by about another 1%. that is inspired the central bank of china cutting short—term interest rates and infusing a hefty 22 billion us dollars into the banking system. the central bank unexpectedly lowered short—term interest rates as part of his attempt to relieve pressure on the economy and also pumped millions of dollars into the banking system

for lending. i spoke to an economist earlier who gave me his thoughts on the impact of the virus? it will be quite significant. i am looking at a 1-2% quite significant. i am looking at a 1—2% decline for the first quarter. the base scenarios that could be 4-596 the base scenarios that could be 4—5% so how could it impact the global economy because every point deducted could have a deep impact on the global economy? what we are seeing is an immediate impact on industries as well as the global consumption sector. what is next in terms of industry and price will depend on whether people come. we have the optimist and pessimistic scenarios. if the peak comes around

mid february, it could be lesser. if the peak of the outbreak comes in april or may, than the impact on the global price could be higher. not only the consumption but also industry production is affected in china. the eu have set out conflicting visions of the future relationship ahead of post brexit trade relationships. boris johnson has insisted it is not necessary to follow eu rules in order to get an agreement by the eu chief negotiator said there needs to be a level playing field. we explained what sort of trade deal the uk is looking for. they are talking at least yesterday, they were talking about

using either the canadian or the australian models. the canadian model makes some sense. it is the most comprehensive and deep as agreement the eu has done with a non—eu party recently. the australian model is puzzling because the australian that eu negotiations have not finished yet stopped longer than that uk is going to negotiate and they have not finished a deal. if there is a hybrid between the canadian and the australian models, could we see the uk signing and ratifying a trade with the eu by the end of this year? i would say no u nless end of this year? i would say no unless that is your hard deadline than you could get what i would argue is a poor deal. extremely shallow, mostly focused on trading goods, maybe a little bit of services but the practical relationship is time—consuming and to get one done in what is

effectively an eight month window is unprecedented especially the size and scale we're talking about for the markets like the uk and eu. i just do not see how they can get it donein just do not see how they can get it done ina just do not see how they can get it done in a month. google has published detail about youtube and other businesses as the advertising business slows. a 17% increase year on year to 46 billion us dollars and it is the slowest rate in more than two years. we broke down the numbers. there are a couple of really interesting points. youtube and its cloud computing are broken out for the first time. investors had wanted to get this information for a long time. youtube bringing $50 billion, an extraordinary number and it is a big important number two google for the overall bottom line.

cloud computing is much smaller than its competitors but it is growing significantly faster so that is an important sign for alphabet going forward and expanding what the business lines are doing. disney reports its quarterly earnings later today and wall street will be following closely since results will include the first official subscriber numbers for its disney plus service. here in the us, disney streaming service made its long—awaited debut on november 12. 0ne long—awaited debut on november 12. one day after its lodge, it had signed up over 10 million users, driving a share price to an all—time high. since then, the company has been silent. its quarterly report will be the first opportunity since than for investors to find out if the platform's momentum blustered

beyond the initial rush. some are predicting it has wrapped up 25— 30 million subscribers. also it will also be focus on other parts, particularly the impact on the coronavirus's impact on theme parks. disney took the unprecedented move to close both think parks in shanghai and hong kong for the health and safety of customers and staff. disney makes a big chunk of money from those theme parks and that could significantly affect profit. stepping aside, as the ellen was paid 50 million us dollars by a bus are being investigated, the ceo of airasia steps down. she in the company falling by as much as 11% on

monday after investigations of the allegations will be started. an increase in valuation of the automakerfor increase in valuation of the automaker for tesla. 140 billion increase in valuation of the automakerfor tesla. 140 billion us dollars is its value. it is ahead of volkswagen. the markets are down by 1%. hong kong by 0.5%. thank you for investing your time with us. i am rico hizon. this is bbc news — the top stories this hour: voting is coming to a close in the iowa caucuses — the first clear indication of who's leading the way in the race to be the democrats' presidential candidates. china's top leadership has admitted shortcomings in its response to the deadly

coronavirus outbreak. a bbc documentary has discovered that the full implementation of universal credit — the major welfare reform introduced by the conservatives — will be delayed again, at an additional cost of 500—million—pounds. the new benefit was meant to be fully implemented in april 2017 but the new delay means it won't be fully in place until september 2024. 0ur social affairs correspondent michael buchanan has the story. universal credit is the biggest welfare reform in a generation. six benefits are becoming one monthly payment — there's more emphasis getting a job. there's more emphasis in getting a job. how long do i need to be doing this job search thing? it's stressful, it is. we've got a little bit of a problem... this senior civil servant is responsible for ensuring the benefit works properly. a bbc film crew were

there in september when the latest problem emerged. fewer people than expected have so far applied for universal credit. we've got a lot of anecdotal evidence about people being scared to come to universal credit. with around five million people still to be moved to universal credit from their old benefits, neil couling and his team are forced once more to delay the roll—out. so that we would now complete in september 24. i would say that three, six or nine months doesn't matter. gary is safe. put the glens first and we'll...|'ll take the beating! universal credit is meant to simplify the benefits system but aspects of its design, such as people typically waiting five weeks for a first payment, have caused huge problems. a disabled woman going without food because you people... you won't let me have one quick word with her. this latest delay will add an additional half a billion pounds to the cost of the roll—out. universal credit has been blamed for the rise in the use of food banks and for leaving

some people in debt. it is now seven years behind its original timetable and it's billions over budget. but in here, in government, there is no plan b. they are completely committed to the new benefit. because there's 2.6 million people and if we get something wrong we could disrupt their lives, and they've got no alternative. there's no alternative bank they can go to to get help. we are the payer of last resort. now on bbc news, sport today. hello, i'm chetan pathak and this is sport today from the bbc sport centre. coming up on the programme: as patrick mahomes guides the kansas city chiefs to a fairytale super bowl win — we'll bring you all the reaction —

including magic mahomes at the magic kingdom. it's amazing. i couldn't even think about how amazing this is to be here, to be in this place in front of all these people and all these fans, it's awesome and i'm just glad to be here stop two late goals for napoli — as they win at sampdoria in serie a. and england's world cup winning captain eoin morgan looks ahead to their first one dayer in south africa: welcome to the programme, thanks forjoining us. it was a quarterback performance for the ages and one that will go down in super bowl history. patrick mahomes' fourth—quarter heroics guided the kansas city chiefs to their first super bowl win in 50 years as they came from 10 points behind to beat the san francisco 49ers in miami. we'll bring you reaction from missouri shortly and from the victory parade at disney world — but first patrick geary has the story of a night when mahomes