many customers into a death spiral. let's do business the financial impact from the 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 a 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 operators have canceled 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 cancelled 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 travel to broaden 2017 but beijing has now banned all domestic and international package tours as it struggles to contain the outbreak. the virus has made it all the way to australia it's been confirmed here in europe through 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 hon and why the province of by officials say they're wrecking 2 brand new hospitals in

little more than a week a huge amount of resources 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 ching hai 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 well 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 types 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 of an 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 $1.00 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 looking very bet for once on tourism they've already lost some 16000000 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 2 week golden week holiday over 7000000 people were supposed to have traveled 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 bet 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. 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 it 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. including the americans but british prime minister boris johnson has been downplaying the security risk. there's no reason why we should have to prove this here in the u.k. . businesses. have access to fantastic. communications but will say protect our security interests and protect our key partnerships with the security powers or other. donald trump's administration in the u.s. war in 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 the european playmaker could have to pay over 3000000000 euros in fines. brazil's antitrust regulator has approved boeing's deal to buy the majority of. the u.s. by make it wants to take over its jet the vision to compete with europe's a bus in the market for planes with less than $150.00 states a deal still needs to be approved by e.u. regulators. the swiss watch industry federation says hong kong's pro-democracy protests drag sales down by more than 11 percent last year is the biggest destination was with sponsors as. from sales in other asian markets and the u.s. helped. and a dozen of the world's major alcohol 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 said designed to help the

poor build a life for themselves by providing small low interest cash injections to new businesses but studies show this much praised system of micro credit skin easily be abused our reports takes us to cambodia where millions of people have taken out micro loans many of them falling into a debt spiral. every time naomi young turns 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 i don't know how to escape it. he had to offer his land to 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 5400 dollars 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 and lose everything looking back i was much better off before the loan than today our life was better than you know and i'm more. when i get to 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 think. 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 neal 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. thing. make sure you read the fine print and understand it by saying business with.

the familiar.

i'm not laughing out of the gym well i just sometimes am but i stand up in. the german thinks the printer german culture of looking at stereotypes quietly in here think it's me from the country that i not. needed to be taking this drama. they are just it's all that they know by my show join me for me to get funded up the. post. in the art of climate change. this is. what i do years today how for the future of. g.w. dot com for the megacity the meeting. could turn. every

2 seconds a person is forced to flee their homes nearly 71000000 people have been forcibly displaced the consequences of disastrous our documentary series displaced depicts traumatic humanitarian crises around the world you know. forget them we don't need them i didn't go to university to kill people. or to have my boss come to me and tell me to kill someone and he got mad and if i don't they'll kill me. people feel for their lives and their future so they seek refuge abroad but what will become of the crew stay behind it's a way up a bill my husband went to peru because of the crisis that i wanted that if he hadn't gone there we would have died of hunger that anonyma now. the biggest this week to.

play. c.w. news live from berlin and the israeli palestinian peace deal without the palestinians on board u.s. president donald trump is set to reveal his administration's long awaited blueprint for peace in the middle east it has already been called the opportunity of the century by israeli prime minister benjamin netanyahu but palestinians believe.