and being an amazing movie and also being directed by a woman could put it over the edge tomorrow night's awards show are looking forward to that i mean s.f. and skull rock spread thanks very much. no watching day company's business africa is up next and don't forget you can stay out today on our web site that's state of money dot com for the next hour i'm rebecca going to say thanks for watching. it is for me. to children just for. beethoven is for. beethoven is for fremont. beethoven 202250 then a verse 3 here on d. don't you. what secrets lie behind these walls.

discover new adventures in 360 degree. and explore fascinating world heritage site. e.w. world heritage 360 getting up now. a crowbar is swipes trillions of global financial markets this week hopes of a quick recovery as the number of international cases spiral around exchanges shows no signs of slowing. its infected african exchanges to big fulls all the main stock markets china the n.p. center of the virus has built up strong ties with many countries across the continent. and when the going gets tough investors. a financial instrument designed to help low income countries deal with the sudden

spread of a disease. like steve is that investors panicking the coronavirus keep spreading around the world and africa hasn't been spared the confidence most populous country nigeria has reported the 1st case in sub-saharan africa in the economic hub of lagos a mega city of 20000000 the news coming as global stock markets tank on deepening fears of a pandemic african equities to the lagos stock exchange closing more than 2 percent lower in johannesburg shares fell by 4 and a half percent and kenya's leading index the end by over 5 and a half percent africa has close business ties with china where the virus is already taking a heavy toll on the economy the 1st case in nigeria is in a region with some of the world's weakest health systems otherwise they'd only been 2 cases on the continent in egypt and algeria. well with the corona virus already

spreading across parts of europe the federation of german industries says the economy is facing a stress test is no longer any doubt that economic growth will take a knock the question is just how bad it will be markets around the world a sinking fast it's the worst week in a decade for global stocks and investors in hong kong on the early ones seeking safer territory in london where some major firms like chevron sent their workers home this week the footsie finished friday 3.4 percent down having been 5 percent under one point elsewhere in europe frankfurt's dax lost more than 4 percent germany's and the world's biggest chemical maker be a s.f. put out a gloomy forecast on friday saying it's bracing itself i mean. lower demands in production outages in many industries are already visible consequences

of the measures taken to prevent the further spread of the virus. fatally adverse effects of the corona virus will have a significant impact worldwide particularly in the 1st and 2nd quarters of this year. as the corona virus continues to spread to more and more countries so does its negative impact on their economies this is milan in northern italy europe's worst affected area normally busy tourist hot spots are now deserted and restaurants are empty the international monetary fund says it's still getting to grips with how deep the global effects will be with the virus is going to have an impact. on growth. i'm. a lot just depends on. the speed of recovery in china and in other countries the spillover effects. the effects on supply chains with concern about the economic health implications of coronavirus growing government

looking for global solutions but experts warn that the world is not prepared for what may be down the road. financial correspondent in frankfurt if we're seeing a crash or a correction. all this began as a correction but investors are increasingly worried that it's going to turn into a longer term crash for the market investors have been really overwhelmed and they say they're shocked this week to receive this constant stream of news suggesting that the crown a virus could turn into a global pandemic and it could really disrupt the global economy what really is going to determine how much further this this brings down stocks it's going to be the continued spread if we continue to see more cases outside of china and hearing here at the united states. businesses continue to shut down if we see more supply

chain disruptions is consumer stop spending all of that could really have a severe impact on the global economy could push the world into a global recession some economists are estimating and assess the case stocks could certainly fall further one estimate from r.b.c. capital markets says that stocks could fall another 15 per cent from these current levels. a look at the effects the coronavirus is having on all the. officials have called off the geneva international motor show the biggest of its kind in the world it was shameful to begin next week but this was government has bent gatherings of a 1000 people more. a half a 1000000 people attended. british low cost airline easyjet says it's witnessed a significant softening of demand as a result of the virus the drop is primarily on flights in and out of its northern italian bases so far this year easyjet says a full in more than 20 percent british airways says it's expecting

a drop in profits this year due to cancel flights off the back of the coronavirus flights to and from china italy singapore and south korea have been cancelled. and india's economy grew at a slightly quick a pace last quarter gross domestic product expanded by 4.7 percent here on year but analysts warn the coronavirus is likely to mute growth in the current quarter. well a growing spread of the corona virus is sparking the sell off of so-called pandemic bones their initiative of the world bank the bones aimed at shifting some of the burden of preparing against the pandemic onto financial markets instead of on low income countries most at risk of a pandemic but as the risk of a run of virus grows the potential for a payout on the bonds shrinks and that spot is still. a reporter sullivan is following this story for us. this is very very timely or timely i guess you'd have to say author. these holders basically cutting their losses you have and that is

basically what happened so as the reporter said there when the world bank brought these funds in 3 years ago there were 2 different tranche of the bonds and the risk here of the 2 is the one that we're talking about now that bond had about 100000000 worth which was sold to investors and those investors have been getting rid of those in the last week absolutely as quickly as they can because their value is essentially worth nothing anymore because they know that the conditions have been met for those bonds to be now paid to as you said low income countries so yes in that sense they are cutting their losses not particular tranche the bonds the other less risky tranche that hasn't those conditions have not yet been met so in that case they're still making some money for the investors so they've made some money they are cashing in cutting their losses where does that leave low income countries they're the ones who were hoping for this money in this sort of situation and that's the big question about these old pandemic bonds and they have courted controversy from the very beginning so if you look at it from the point of you are

they working from an investor point of view which is obviously the least important concern here but they have worked to an extent lots of investors as a hedge funds have made some money from these but the most important reason behind these pandemic bonds was to get money to poor countries and all countries really want to especially low income countries in the event of a pandemic and the ultimate proof to show that these don't work is if we look at the original idea came from the ebola. outbreak in west africa between 20142016 bombs were brought in and yet in 2018 when there was a new outbreak of ebola the conditions were not met in the democratic republic of congo for the money to be paid to that country which is a very low income country which needed the money the reason the conditions weren't met is because the virus at that time the boulder virus did not cross an international border so even though you had more than 2000 deaths from ebola in the congo at the time the conditions for not one penny of this money was meant to be paid simply because it hadn't crossed the border despite the size of the country so what are you saying that the pandemic bonds we already knew that the that they do what effectively yes and lots of experts in this area said the standing for years

if you look at what they said for example jonas she's a she worked the world bank for 3 years she's now at the harvard global health institute she's extremely critical of them for a long time long before the corona virus outbreak she said in a very interesting article she wrote for the magazine journal the scientific journal nature a few weeks a few months back she said this structure of financing has been very good for investors but not good for global health larry summers former u.s. treasury official in the sense of ministration he described them as i think goofball economics or goofball finance you know they've been relatively good for investors not good for developing countries have a solution thank you very much fishing in uganda is becoming less profitable for many communities who depend on the sector to support their families diversifying into coffee farming is helping to provide a sustainable solution on one of the islands of like victoria. fish stocks are

dwindling here in lake victoria it's becoming increasingly evident that the central ugandan landing site called bosomy fishermen here are struggling i don't. know what if this is such a bad time for fishing compared to the past when they used to be fewer fisherman i think it's mainly because the population has gone up so there's more pressure on the lake. paul be a quasi oh has fished these waters for over 3 decades but at the same time he had to find alternative sources of income. his 10 acre coffee farm provided the much needed relief. you want right now it would be good if every fisherman does farming on the side because that's the way one can survive hard times. entirely depending on fishing can be stressful especially now when there's so little fish to catch and sell now. many of the islanders seem to agree fishermen

are trading their boats for baskets and collecting coffee beans. a boost for coffee production that also gives the overfished lake a well earned break. well. you know what you need if someone has a farm like mine in one way or the other it can contribute to the restoration of the fish stocks in the lake because fisherman will not be desperately relying on the lake to earn a living or get money to educate their children. with export earnings exceeding 400000000 annually coffee is vital to uganda economy. fishing is vital to. it provides ugandans with more than half a 1000000 jobs but working both sectors helps many people like b. it was 0 to earn enough to support themselves. and just briefly in fox waddles long

running diesel gate scandal the german carmaker has struck a compensation deal with domestic consumer groups representing diesel lotus was fired by a total of $830000000.00 euros in damages to some 260000 drivers the offer amounts to about 15 percent of the original purchase price of their vehicle b w outfit of the cars with software that manipulated emissions ratings wise doing business of.

our clothes our lifestyle choices and fashion statements. and the environment. and the lazy. garments made from plastic and paper plates that stops no tomorrow. and eco friendly for good. in 60 minutes.

much of it is. surely to newsgroup africa and the world your link to exceptional stories and discussions from the news and museums and i would say debited comes from africa join us on facebook doubling for god. this as news africa coming up on the program enough virus isn't sub-saharan africa nigeria can family friends can use on authorities are racing against time to track down all those who are in contact with infected. also coming up. this is the knees of mothers tireless set for the actual dr who disappeared in the between 219 revolution. plus. conason technology to make it simpler to pay for school lunch in kenya.