many customers fall into a death spiral. business the financial impact from the gro virus continues to rise chinese new year is the busiest travel time of the year and the most profitable for retailers but china's banned any group travel tens of millions of residents can leave their homes hotels airlines casinos and cruise operators are suffering the economic fallout of the coronavirus is being felt most acutely by the travel industry share prices of major airlines have taken a beating following a drop in bookings to and from china the uncertainty is too great for tourists and business people many tour of paraders have cancelled their block bookings. millions of people would usually be on the move for chinese new year but travel within china has been much harder this year all long distance bus connections from shanghai international airport have been canceled chinese authorities expect the crisis to

impact 1st quarter economic growth. many shops and businesses in china's financial center shanghai have closed. other asian countries have also been affected as they rely heavily on chinese tourists over 140000000 chinese travelled abroad in 2017 but beijing has now banned all domestic and international package tours as it struggles to contain the outbreak. of the virus has made it all the way to australia it's been confirmed here in europe to france india and bangladesh are moving to evacuate their citizens from china it's become a global problem and kong has contrails things to china taiwan has raised its travel warning with the 1st case reported in china half a 1000000 health care workers have been rushed to the most affected city on the wider province of by official say there are breaking 2 brand new hospitals in

little more than a week a huge amount of resources are going into this. as a result china is expecting a hit to economic growth in the 1st quarter in an effort to stop the virus beijing has ordered all businesses including some corporations in shanghai and joe to remain closed until february 9th shanghai is the financial capital joe and industrial home to foxconn johnson and johnson and samsung are also there now you'll remember the chaos when sobs hit while the chinese economy at that time was going gangbusters now the world's 2nd biggest economy is tailing off so officials really have something to worry about the reason travel shares the falling most is because so many markets are. the world now depend on chinese tourists only 16000000 chinese travel abroad back in 2002 that has skyrocketed it's gone up by well over 9 times as the costs pile up i asked our singapore correspondent andrea hang what

this will mean for china well economists are already looking at 0.5 to $1.00 percentage point being shaved off china's g.d.p. and that's based off in already low forecasts of 5 point one percent now growth is already at its lowest slowest in 30 years and that's a record low for china and this could worsen even more when manufacturing and consumption are going to be hit by this outbreak major cities like the capital be doing for example they've lost a lot of money already as they usually cash in during the chinese new year period with lots of tourists coming in from other provinces to celebrate the new year and will hand itself is a major influence on china's economy it's a major transport hubs a major mortaring and manufacturing hub it's also a very big tech hub where a lot of tech companies are based and that's looking very bet for once on tourism they've already lost something 1000000000 people that were supposed to have passed

through doing this chinese new year period and as i mentioned this is a global problem how is this affecting other economies. well the biggest industry that will be hit across the globe is of course tourism more and more and this is because more and more chinese people tend to travel outside of china during the new year period they're given to we golden week holiday over 7000000 people were supposed to have travelled abroad this season let's take a look at japan for example 30 percent of its tourism comes from china and the chinese spend some 16000000000 dollars in japan alone now in singapore tourism is also a very important industry there are no figures yet but the ministry is have already just confirmed that they will likely be hit as well just to give you an idea of how bad this could be if we take a look back at size in 2002 in 2003 that resulted in some $18000000000.00 in

losses and it pushed down the economic rates in east asia and southeast asia by 0.6 percentage points and analysts say that the outbreak is worse than the sars virus so we could be expecting some more down to throughout the region and other parts of the world as well draining thank you very much for your analysis from mr boris johnson insists the u.k. can involve weiwei in its 5 g. network without compromising national security but is giving the chinese tech giant limited access to build parts of its new high speed mobile network it's a setback for the u.s. . there's no soft touch from the u.s. when it comes to the u.k. and while way the white house had made it clear that one of the chinese firms frozen out of britain's 5 g. network it considers the company a security threat and believes while way could enable beijing to spy on the brits

it fears that if british secrets become compromised so can those of itself lies including the americans but british prime minister boris johnson has been downplaying the security risk. there's no reason why we shouldn't have technological progress here in the u.k. consumer business is in the u.k. to have access to fantastic technology fantastic communications but it will say protect our security interests and protect our key partnerships with other security powers around the. donald trump's administration in the us warren johnson's government that involving huawei in the network could compromise a post brax a trade deal between the u.s. and the u.k. now johnson's decision is likely to strain transatlantic relations a just the moment that britain can't afford to lose a friend. to some of the other business stories making news today has agreed to

settle a corruption probe with regulators in the u.k. france and the u.s. delegation center on the use of middlemen to hide bribery reports suggest that european playmaking could have to pay over 3000000000 euros in fines. brazil's antitrust regulator has approved. by the majority of. the u.s. might want to take over the vision to compete with europe in the market for planes with less than 150 states the deal still needs to be approved by e.u. regulators. the swiss watch industry federation says hong kong's pro-democracy protests dragged down by more than 11 percent last year is the biggest. strong sales in other asian markets and the u.s. helped. and a dozen of the world's major producers have agreed to put clear age restrictions on their drinks by 2024 also taking steps to reduce access for under-age consumers to their online content. microcredit they hope the poor build

a life for themselves by providing small low interest cash injections to new businesses but studies show much praised system of micro credit skin easily be abused a report takes us to cambodia where millions of people have taken out micro loans many of them falling into a debt spiral. every time a terms on his water pump he's reminded of his 1st microcredit he bought the pump with a $200.00 loan from a micro finance bank. he thought that the pump would help him irrigate his rice paddy giving him a better harvest and more earnings so that he could quickly repay the loan it was a good plan but then the rice prices dropped. the expected profits vanished and today naomi young is broke and can't repay the loan. i don't know what to do i'm not earning enough money i work hard every day to feed my family but i'm more

and more in debt 'd i don't know how to escape it. he had to offer his last and as security for the loan if he can't repay the loan by the end of the year the bank will take his rice field meanwhile he owes a total of 5004 $100.00 to several micro finance banks that's what most cambodians earn in 2 years. it gets me down i feel under pressure i'm scared i'll lose everything looking back i was much better off before the loan than today our life was better than you like the animal. by. when i could get what i thought. and i thought.

and he's not the only one who feels that way not only in his village but all over the country nearly 2000000 cambodians have taken out micro loans and hundreds of thousands borrow money privately the capital phnom penh is the booming economic heart of the country its standard of living is rising rapidly and many people who would like to be part of it are easy prey for unscrupulous micro finance institutions. like many banks don't even ask clients for a business plan sales reps persuade people to take out a micro loan because they get a commission the uneducated borrowers don't understand the terms of the loans but with their signature they take the 1st step into a debt trap. and i become. more and more micro finance institutions are appearing they're practically unregulated and the ones who pay are the ones who

have nothing like rice farmer near me on. his attempts to get out of debt are becoming more and more desperate now he's planning on driving his use took took as a taxi maybe he'll have more luck with that than with other business ventures he can only keep struggling and hoping. they show you read the fine print and understand it to business with.

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a things are getting tight at the top nights economics and crank right now it's just the enemy combatant doorman's not familiar with the sites on the top position. w.'s talk show. strong. clear positions from international perspective. every week we get to the point on our current topic. that. open. commitment by the

best to the point. every 2 seconds a person is forced to flee their home. the consequences into sastra so our documentary series displaced depicts dramatic humanitarian crises from around. phuket family don't think that meant i didn't go to university to kill people i thought if i acted that way i mean. people feel for their lives and their future so they seek refuge abroad but what will become of followers who stay behind it's a. battle my husband went to peru because of the crisis that if he hadn't gone there we would have died of hunger i'm gonna sound. displaced this week to. get out of the.

this is news live from her land a deadly corona virus from china reaches germany authorities confirm the 1st infection here in germany it's also the 1st suspected person to person transmission outside of asia what's the advice from health officials to prevent infection plus there's no end in sight for quarantine sick.