as the weekend goes on. and there could be some showers by the end of the week, which could start to turn wintry as that chilly wind starts to set in once again. goodbye. this is worklife from bbc news, with ben bland and karin giannone. billions are wiped off global financial markets for a second day as investor's worries over the coronavirus outbreak continue to rise. live from london, that's our top story on wednesday 26th february. us markets take yet another tumble with further falls in asia as the deadly coronavirus continues to spread. also in the programme. with almost a quarter of a million flights cancelled around the world, we'll be finding out about your travel and insurance rights during the outbreak.

and, in a surprise announcement, the boss of disney, bob iger, steps down from the magic kingdom with immediate effect. and pulling yourself up by your bootstraps. we'll be hearing from one man who arrived in the uk with just £10 and is now a member of the house of lords. the uk's biggest supermarket chain says it plans to cut 1,800 jobs as demand falls for the traditional loaf of bread. today we want to know, have your bread—buying habits changed 7 let us know. just use the hashtag bbcworklife. you're watching bbc news at 9:00am with me, annita mcveigh. the headlines... four cases of coronavirus are now linked to a hotel in tenerife. hello and welcome to worklife. up to 1000 holidaymakers remain in lockdown. we start with another big sell—off our key advice about those on global financial markets countries, of course, for a second consecutive day, is that if you have been in one as investors react to of those countries and you return to the uk, and you have symptoms of concern, the deadly coronavirus a cough, fever or shortness with infections in europe now spreading austria, of breath, you need to telephone nhs

111 and we can make sure you get croatia and switzerland. assessed and tested if that's necessary. the us markets, big falls in the here at least nine schools are known previous session overnight. the dow to have sent pupils and staff home after they returned from visiting jones closing down 3% and the northern italy over half term. but some headteachers say they've nasdaq, down significantly, shares in the likes of apple our heads been receiving conflicting messages. because they rely on sales and it's an ever—changing picture. supplies from china. so that is having an effect on the nasdaq, as well. the asian markets took their cue from wall street, down as well. not quite sharply, but still significant falls as investors flee the more risky equities and turning instead to safe havens like gold and the japanese yen. let's take a look at the picture in europe. that negative sentiment filtering through the continent. all the main benchmark indices are starting the wednesday session lower. sharanjit leyl nowjoins us from singapore for more on this.

more bad news for markets. what's been going on? well, that's right. ben essentially said it. stocks of age have fallen but not to the degree that we have seen in the usa and elsewhere. you will remember of course, markets who have been reacting to the coronavirus outbreak for about a month now. so they have pretty much seen it all, but we know that today all of those worries are being compounded by health chiefs are warning that governments are not prepared for the outbreak and cases being reported in new countries every day, knock—downs in nations like austria, italy and spain. all of those making traders go increasingly fearful about the impact on the global economy, so today we saw the likes of the korean won falling to its weakest since 2015 after south korea reported a further escalation coronavirus cases. we saw the korean market and australian stocks falling the most, but not to the degree we have seen

elsewhere. 1—2%. what's being done in terms of stimulus? well, quite a bit. obviously the rising cost of this outbreak for business and the world economy is becoming increasingly clear. everyone from the chinese leader to the head of the imf have addressed it. he warned it would have a big impact on the economy and society and hong kong really becoming the latest after china and right here in singapore to throw money at the problem. it unveiled its budget today, very generous when i should say, cash pay—outs, tax cuts to help alleviate some of the suffering for residents and businesses going through, notjust residents and businesses going through, not just from residents and businesses going through, notjust from coronavirus but also those protests which dogged the city last year. so all people in hong kong would have the cash hand—out, $10,000, nearly 1300 us dollars, and there is some 120 billion hong kong dollars and all sorts of relief measures, everything

from salary tax breaks, low interest loa ns for from salary tax breaks, low interest loans for businesses, education and the elderly and low income people. hong kong is not the only place doing this. stimulus measures, all sorts of governments around the world addressing the issue, and that of course is as they absorb the blow of course is as they absorb the blow of these virus linked shutdowns. south korea's central bank is due to meet tomorrow and they are widely expected to cut interest rates. thank you very much. staying on the impact of the coronavirus, one industry hurt more than most by the outbreak is aviation. the virus is affecting a number of airlines across the world, as passengers become more wary about travelling. data by the research firm cirium show cancellations have skyrocketed. more than 200,000 flights to, from and inside china have been suspended. additionally, a number of gulf states have cancelled flights with iran. shares in many american, asian and european airlines have tumbled. here in the uk, easyjet has

seen its shares fall by around 18% in just the past week. and it's all expected to cost airlines dearly with the industry body iata saying the coronavirus outbreak will cost carriers almost $30 billion. with us now is simon calder, travel editor of the independent. also from the bbc travel show. good to see you, simon. how robust you think the airlines are to be able to withstand some of these financial pressures 7 withstand some of these financial pressures? that's a really good question. many of the global players are in pretty good shape. it's the wea ker are in pretty good shape. it's the weaker players, particularly in europe, in asia, where i think we are going to see problems. they have seen their business almost evaporated. what i'm hearing from a lot of airlines, budget carriers or legacy airlines, simply bookings of fallen off the cliff. that's really

serious in terms of leisure travellers who aren't going places, but more particularly, businesses which are telling their executives who would normally be filling up the fight cabins at a premium fares, you cannot travel because we have a duty of care towards you. just this week we are supposed to be in the middle of the mobile world congress in barcelona. 100,000 people piling into the catalan capital. that hasn't happened and as a result if you want to be counterintuitive, there to barcelona, venice, rome and you could leave in a few hours from one of the london airports paying less tha n one of the london airports paying less than £140, $180, for a three night break in italy or spain, four hotel, and unprecedented access. night break in italy or spain, four hotel, and unprecedented accessm could end up being turned into to exude you end up quarantined and stuck there. that's the concern. the first anxiety is an idea a lot of people around the world have that if

you go to one of these coronavirus hit countries, you will catch the virus and secondly, you will sadly day. most of those are unlikely. the other worry is particular for people with family, business commitments, do we really want to take the chance that we might be locked up in a cruise ship injapan or a hotel in tenerife in spain? where does this leave the passenger in this current state of uncertainty? if you are looking at a pre—booked a trip in the next few weeks perhaps, saying i don't particular want to go on the strip of the airline are still flying, it still going ahead, where does that leave your rights? what about insurance? unfortunately, if your own government is warning against going to your particular destination, normally the travel company, a vacation firm or an airline, will say ok, you can have your money back because clearly the government thinks it unsafe to travel but for the vast majority of travellers that will not apply. they won't be able to cancel and get a

refund. travel insurers do not give refunds for disinclination to travel. the only thing you can possibly say is airlines like british airways have done in the past few hours, offering flexibility in terms of flights from london to northern italy. are right, thank you very much indeed, simon, from the independent newspaper. let's take a look at some of the other stories making the news. virgin galactic, the space venture backed by sir richard branson, says it will release more tickets for flights into space as demand doubles. the company launched its one small step qualification programme on wednesday which requires a $1,000 deposit. it comes as the company's latest results show a net loss of $73 million for the last quarter. samsung electronics says a "technical error" on its uk website temporarily exposed the personal data of about 150 users. the company says the error exposed information including names, telephone numbers, email addresses and previous orders. but the south korean manufacturer

claims credit card details were not exposed during the glitch. samsung says the issued has now been resolved and only affected the uk. spirits giant diageo says the spread of coronavirus in greater china and the asia pacific region could knock up to $250 million off its profit this year. the firm says there's been a substantial reduction in banqueting in china as many bars and restaurants remain closed. diageo's brands include smirnoff, johnnie walker, tanqueray and gordon's gin. now to the us, where bob iger, the boss of the media giant disney, is stepping down as chief executive of the firm, but will stay on as chairman. samira hussain has more from new york. bob iger had served as the disney boss for nearly 15 years and was only the sixth ceo in the entertainment giant's history. during his time in charge, mr iger oversaw huge changes to disney's business,

including a number of big takeovers of pixar, marvel and 21st century fox just to name three. most recently, he oversaw the launch of disney's video streaming service disney plus, which has exceeded expectation so far. now, mr iger will continue as executive chairman at disney through next year. he will be replaced as ceo by bob chapek, who, until now, was in charge of disney's amusement parks business. time now for our daily look at some of the newspaper and website stories which have caught our eye. joining me is laura onita, retail correspondent at the telegraph. welcome to you, laura. talking of retail, the sales of music at a real high, 13 year record after a surge in streaming. indeed, so we are seeing this trend of people subscribing to spotty, apple music, increasing, which is what has led to

this record sale we have seen. streaming services now account for 80% of these total sales, which is a very, very interesting in how we listen to music these days. there was a real worry when streaming started about what the impact would be financially on the whole industry. indeed. it seems like we reached the point where they have been a recalibration of sorts and we found a way to make money out of it but the one thing we should bear in mind is that in america there will be fewer and fewer people subscribing to these services because they already have a subscription, so we might see another slowdown from the speak. do you stream or download? stream and download. i still download individual tracks. i still have not thrown at my cds just in case. i could be back 15 years of my music

collection but still have something to listen to. i have no cds whatsoever now. talking about changing habits, the decision by tesco uk to larger supermarkets, to cut 1800 jobs within its bakeries because people changing tastes and how it's moving away from buying loaves of bread, and tending more towards bagels, wraps and flatbreads. indeed. also i'm guilty of doing that. you go out of your way to buy sourdough and seek independent bakeries, so tesco responding to that trend. the number is significant. it's about 2000 jobs but in the context of the broader tesco workforce, it's still relatively low so around 300,000 people. what is interesting is that they have decided that they won't bake from scratch. they will start selling more bagels, flatbreads and

other assortments rather than having the ingredients on site, having the ovens, so they will try to utilise that space perhaps slightly differently and make room for other things which might sell more. it's being described as a local treats rather than loaves of bread on the shelves. again if this localised way of offering goods to consumers. we've seen other retailers doing it with a ten to stock clothes or items that are doing better with certain demographics, and tesco's it seems are trying to do that too. someone did tweet us and they said that actually the smell... tiger bread. yes, going into a stock of it entices you to buy. it's been one of those things which has been shown to help people spend more and you would think when people are desperate for people to spend more, any little

thing that helps you would cling on to. the one thing i would say is that they are not going to get rid of bakeries altogether. it's worth noting. whilst they won't be baking it in store, that smell might still persist because they are going to pre—make them elsewhere, bring them in and then put the finishing touches on them, so we may have a bit of that. you may not lose it completely. 0k, laura, thank you very much. still to come...pulling yourself up by your bootstraps. we'll be hearing from one man who arrived in the uk with just £10 — $13 — and is now a member of the house of lords. you're with worklife from bbc news. uk businesses are looking to invest and expand their workforces after months of uncertaintly and delay, according to the rec‘s latestjobsoutlook survey. but sectors like health, social care and construction are worried about being able to fill permanant vacancies due to the government's

new immigration policy. let's find out more from tom hadley, director of policy and campaigns at the rec. good morning. how noticeable is the increase in confidence first of all? it's a fair increase in confidence first of all? it'safairjump increase in confidence first of all? it's a fairjump so employer confidence and making hiring and investment decisions is up 10% points in the last quarter, which is significant, so demand is strong. the emerging challenges one of supply, the emerging challenges one of supply, so employers are saying to us supply, so employers are saying to us how are we going to find the staff we need over the coming months and years? isn't the point that they have been able to recruit people and pay lower salaries, lower wages, and actually now if they want to attract people to do these jobs, they will have to offer higher pay? recruitment has been difficult for a number of years. candidate availability has been decreasing month on month, so every month our members are saying it's harder to

find stuff. starting salaries have been increased, so that's one response is to pay more, but there's only so far you can go with that so employees are having to review what they are offering to people, providing not just pay they are offering to people, providing notjust pay but a great environment, progression opportunities, flexible working, all of these come into the mix but it's a numbers game and that's why our message to the government as we do need to think clearly about the future immigration strategy so we can attract the people that we need and not just the can attract the people that we need and notjust the best. aside from recruitment concerns over immigration, we still don't know what brexit looks like beyond the transition period. how much is that weighing on employers minds?- transition period. how much is that weighing on employers minds? at the moment we are seeing a release actually, a lot of employers holding off making hiring decisions, especially on the permanent side, with a big jump as been a last quarter, saying let's bring it on, let's bring more people, but you are right, we need to make sure we don't ta ke right, we need to make sure we don't take that for granted so over the coming months we will have to monitor how that sentiment evolves. in the short term, the challenge for

uk businesses is how to attract staff to grow and that's how we are helping employers to do that looking at the procedures for example. tom, thank you very much. plenty more news on the live page. including your right to pay. if after south isolate if you have the coronavirus. if there if you want it. you're watching worklife. a reminder of our top story. billions of dollars have been wiped off global markets as investors react to the spread of the deadly coronavirus. infections have spread in europe — with cases now in austria, croatia and switzerland. a quick look at how the markets are faring.

the picture across europe, the negative sentiment filtering through for the main european indices, all down at the start of the wednesday trading session. investors moving away from riskier equities, and towards safe havens, things like gold and the japanese yen, partly what has caused the new quay to fall. a lot of exporters struggle when there is a situation like this. now let's turn to a uk success story. lord dolar popat came to the uk aged 17 with just £10 and now he's a successful businessman and one of the few asian peers in the house of lords. his book, a british subject, is what he describes as a love letter to the country that gave him everything. it's a timely testament to the importance of integration in britain. victoria craig caught up with lord popat, who's also the uk trade envoy to rwanda and uganda, to get his thoughts on immigration today.

immigration was a key issue on the referendum that we decided to leave european union for that very reason. all i'm saying in my book to the new immigrants coming to this country that if you work hard, if you, you know, respect the value of this great country, you can integrate and make a success for yourself. and these are the immigrants that people will want to live in uk. you yourself have been a prolific entrepreneur. you started your own investment business. you went into care homes. you became a hotelier. what made you want to be an entrepreneur yourself? i thought it was very much in my dna. and most african indians who come into uk tend to come with a business background anyway. but more important, i did business studies and i qualified as an accountant. and that made business much more easy because to understand taxes, company law and all that was much easier, especially corporate finance. i mean, to do any business, you need to raise finance and the ability to do that helped me a lot to succeed in business.

one of the lessons that i really loved in your book was this idea of keeping a reserve ratio requirements as businesses and as individuals. and it's a complicated sounding term, but basically it means keeping money aside for a rainy day. you learned that lesson the hard way. we did, when in ‘72 we had edward heath as our prime minister and barbara castle was the was chancellor and he introduced minimum reserve ratio for the banks. 12.5%. and that's the concept i like if you do sell the business. we've seen many recessions, i've seen many banks going bust. so i think that that was the reserve ratios key for any business to make sure there's enough capital without cash flow to finance any losses or face any serious recession. and people should take that lesson and use it. you must, because you can't run a business unless you've got some liquid case lied tied up in liquid cash. so in reserve do to finance bad times. now you work as a trade

envoy for the uk as well. when you go to other countries, what's your sense of how they view the uk and the ability to do business here? i think they like us, they love us, look up on us. english language, issue rule of law within the commonwealth hopes to do more business. they want to see us around, though. you know, they obviously they find that we give value for money, better quality in many ways. they have more faith and trust in us because they've done the business in the previous years. so i think there's no doubt about that, that they'll push this huge post—brexit. it may be short term pain, but long term gain. you say small and medium sized companies are one of the keys to making the british economy work. do you think that entrepreneurs are encouraged enough in this country to open their own shops? i don't think it was, but has been the last ten years we've come with. i used to be a business minister, by the way. so we come with many schemes to help smes. i set up a committee to see how we can help smes to help to export more. and the report came out,

made ten recommendations, and we'll put those accommodations in practice now. so i think a number of estimates have doubled in last 12 years. so i think there's a push for smes, but there's lot more we still can do to help those smes because they are the engine of our economy, they create jobs. they create wealth. that sme one day will be a quoted public company. they'll all grow eventually. is there anything more we can be doing to help the small and medium sized companies? i think the financing is the key thing. we need to create more financing schemes available in all. our banks are risk averse. we need government to help these smes where we can guarantee schemes where there will probably be able to lend them, choose to expand their business. at the top of the show, we asked you about your bread buying habits, as supermarket chain tesco reduces its bakeries because of changing consumer habits.

let's take a look at how some viewers have responded. charlotte says... it's so nice when you go into the supermarket and smell the fresh bread. even thinking of buying "fresh" feels better. it is something you don't forget. you walk into the supermarket, as a child, the bar gets, the smell of the crusty bread baking, just entices you to buy, even if you weren't planning to. phil says... started making my own bread about a year ago. haven't looked back since. thomas says... people just grab the long—life stuff from kingsmill et al, it's cheaper and more convenient. nowhere near as tasty and probably much worse for you. they do have the mixed ones like 50-50, they do have the mixed ones like 50—50, brown and white. but they don't smell as enticing. you don't have the fresh smell. that's true. j says... i don't buy store made from tesco,

tastes like the main ingredient is ceiling plaster, even the sourdough doesn't taste right. local bakery bread tastes a lot better or i make my own. @enkiyahshuah says... we bake our own rye and spelt bread. we don't eat wheat because of the glyphosate used in harvesting. it's interesting because a lot of people switch away from bread trying to lose weight, cutting down on carbohydrates, but that's because of the environmental impact of the harvesting of the wheat. have you changed? no, not really, the occasional bagel or rap makes an entry but it's usually a sliced bread. it's interesting about baking your bread because i have tried to bake my own bread. admittedly, it was flatbreads, even though that's not what i set out to make, it didn't rise. you missed an ingredient. like used. nicky says,

doughnuts, buns and cookies all the way. bread is overrated. thank you very much for all of your tweets. thank you for watching. we will see you soon. bye bye. good morning. snow and low levels and temperatures falling close to freezing so the risk of some ice. through today there will be clear skies but it's this area of cloud towards the west which is linked into an area of low pressure and that is going to move its way further east eventually moving into southern areas through tonight, more details about that in just a moment but for the rest of today, further wintry showers, hail, sleet, snow, mainly over the higher ground, but one or two flakes possible down to low levels as well. a little bit drier through the afternoon than the morning. lengthy sunny spells. a maximum temperature about 5—9. then a through tonight and that this area of cloud will

start to move in from the west. it will bring some rain. anywhere south of the m4 corridor, it will stay as rain, but to the north of that, a chance of returning to snow. a couple of centimetres in one or two places from the morning rush hour. maybe more of a novelty, but certainly something to keep an eye on for the morning rush hour. certainly the template close to freezing again, there is a risk of more ice the morning. —— temperatures. this mix of rain, sleet and snow will move further east and then there will be clear skies, sunshine, a few more showers across scotland, north—western areas of england and northern and there