business in the u.s. must change its obsession with shareholder value. welcome to do business asia i want to chance the len have you with us china has quarantined cities and shut major tourist attractions from disneyland to the forbidden city and the section of the great wall as it scrambles to stop corona virus from spreading further public transport has been stopped in more than 10 cities with train station shot events canceled and see it is closed this asia's biggest economy prepares for the new new year festivities only a crucial time for business many chinese citizens are rushing to the supermarkets to buy food and daily items and book shelves stocking staples such as meat vegetables and instant noodles are emptying as people prepare to stay at home and avoid public places for as long as possible companies producing face masks are

working 247 to help fight the spread of the virus many here at the factory in the city of joining are working overtime funny i want to support the epicenter i want to help all the people there. is just one of the 11 chinese cities now in virtual lockdown real stations have been shot and there are checkpoints unmanned roads in and out the streets are empty except for those working on disinfection everything that can be is being disinfected you know when sars broke out in china in 2003 it cost the world economy $30000000000.00 according to the world bank back then flights in the asia pacific region fell by 45 percent from the year before and almost $800.00 people died many fear the corona virus could have a similar effect if not contained. from one it's bringing in catch most ending by for us in beijing. how important

a new menu yes celebrations for the chinese economy. the new year season is the season when chinese are spending the most on for example in restaurants they are having level dinners with their families also they're buying gifts for their relatives nowadays however people stay at home they want to avoid public places so they stock up on supermarket items and according to estimates just $2800.00 for example chinese have spent more than $140000000000.00 in that 7 day period during the new year season so actually the effect of this corona virus could be severe there are no solid estimates yet but we have to see 100 percent of the virus that's the 6 biggest city and it's also an important transportation hub which connects with other cities so i think the next days will show how severe the

economy the economy effect will be and of course it's also a big trade market suddenly reacted to that into the new virus outbreak citing thea's of a new size demick just remind us how big an impact size had on asian economies. well i mean the markets here they reacted swiftly just yesterday was the worst day in more than 8 months for the chinese stock markets back in the days and haas of course the situation was much more severe there were estimates that sars. decreased the chinese economy in 2003 by one percent and decreased also the hong kong g.d.p. by roughly 2.5 percent and of course those estimates are quite controversial and you know government spending can also offset some of the effects so it's really hard to measure and give you a concrete number on that and what about international companies are doing business in and with china do we have anything like cancellations of business types on the

likes. i mean not on a massive scale until now only japan and usa they have issued trouble of warnings to the kuwait province it's a province. where it will harness the capital so basically the epicenter of the virus and the rest of the region is not really affected on a mess of scale yet so will hand itself i mean it's a it's a big industrial city but folks are most of the german companies they only hire local employ you it doesn't have a big expectorant scene but maybe for french it's different there are many french locals they might be french companies might be restricted a little bit more but now until now i don't see a mess of trouble of awnings yet for the companies all right thanks much for their reporting for us from beijing on the development of corona virus and how it spreads there thank you so much. friday marks the final day of the annual world

economic forum meetings in divorce the event turned 50 this year and celebrated by putting a younger generation of promt and center their urgency over the climate crisis drove much of the week long event and created some dramatic contrasts with world leadership. young activists like gretta tune burge stormed into davos planning to force through their message that change can't wait this was more than any other a world economic forum led by the world's youth the other generation has a lot of experience that we have ideas we have energy but for those hoping to ensure an adult hood of environmental progress the forum got off to a bad start on day one president trump decried them as prophets of doom and instead chose to talk about a growing u.s. economy america's thriving america's flourishing in years america is willing

again like never before the disappointment was clear i didn't hear anything about the world america is leader in the world and. i think that litters have to take care not all about themselves but also about other nations because we have the same collective planet since then the town of davos is witnessed more assertive environmental statements urging corporations and nations alike to wake up to the challenge the world is facing it is absolutely essential to recognize that climate change is an existential threat to us all and that climate change is running faster than what we are in day 3 so anglo-american push for renewed global commitment to the paris climate accord. the boy does this in fact the world must act together it's an international agreement unfortunately not everyone is still with it but many are but it also meant above all that every country must make its

contribution and buy it back that's a lesson most young delegates began the forum complaining that previous pledges had been all talk pretty much nothing has been done since the global emissions of c o 2 has not. reduced leaders must now make good on their divorce promises because an impatient younger general. nation is watching. aswell as has been for zooming who was following the summit and earlier today he joined us from devil's to give us his impression of how realistic this call for more corporate responsibility really is i think it's realistic to a certain extent it's very difficult to say because diverse has always been a talk shop for the global elite but we are seeing in this day and age a very very savvy young population that is aware on social media of

what these companies are doing and they're going to be holding these companies accountable they don't work for companies that aren't green they also want to work for a company that is responsible and has a purpose in life and for their lives and for the planet that they live on. the change that's in the air here in davos is something i talked to with joseph stiglitz a renowned economist about and i asked him how different this world economic forum is for him. it was different in 2 ways i think the sense of commitment to climate change the sense of urgency was much greater than i've seen before. and this is true not only of civil society government leaders but also in the business community some real real commitment the other striking thing was the dissonance between. the theme of the conference stakeholder capitalism workers environment customers that broad perspective and having donald

trump here. you know they talk of he said he was helping the middle class as he passed a tax bill that raised the tax on a vast majority of the middle class well it lower the taxes on the billionaires here and on the big corporations here that said we'll stakeholder capitalism then catch on will we see action. i don't know i think there's obviously a rhetorical flourish in the united states there's. understandable defensiveness because it's very clear that the shareholder capitalism has led to an environmental crisis a a inequality crisis an opioid crisis a childhood diabetes crisis all these things financial crisis all these things that are going wrong with american capitalism. capitalism is not

serving large fractions of our society and they know the american people are unhappy it seems like the u.s. is the problem i mean china's leading the way as far sustainability goes so many other companies around the world making their pledges here but we don't hear pledges from the u.s. oil majors or from mr trump i think there is a sense in which the u.s. is is the problem let me emphasize though it is mr trump that is overwhelmingly the problem i believe if we had a different administration these business leaders who are less leaders than they might be would follow a new administration with a new commitment to address these crises which are not only american crises been in various forms are global crises is to say cleats thank you very much thank you nice to be here. has been physically in there in conversation with lot economist joseph stiglitz in doubles well finally hoft a 50 years in the spotlight

a style mob or example got you is hanging up his sisters famed for his outlandish creations the legendary french to sign i will mark his retirement from fashion with this big tackler show in paris while the designer has yet to announce his next project his pov on high end or to come to a business will continue there are rumors the 67 year old show minus planning a glittering showbiz career. as your business update here on t w from me and the business asia team and glenn thanks for watching.

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but. this is it every new year's live from berlin extraordinary times call for extraordinary measures china races to curb the spread of a deadly virus at least 3 cities and locked up more than 30000000 quarantined airports around the world on alert authorities are racing to build a hospital to treat those infected with the cone of virus vowing to complete the facility in.