60. degree of. the corona virus wipes trillions off global financial markets this week hopes of a quick recovery flounder as the number of international cases spiral on exchanges shows little sign of slowing. also on the show we'll take you to lake victoria in uganda where some families are moving from fishing as a way of life to something more sustainable. this is your business report i'm stephen beardsley in berlin thanks for joining us wall street was in the red for

a 7th straight day as indexes fell on fears the spreading coronavirus is hitting corporate profits and curbing global growth friday's losses kept a wild week in the u.s. and around the globe with uncertainty over the disease we need to trillions of dollars in value being wiped away from markets. the dow jones continued its downward spiral shedding over a 1000 points early in the session investors fear the coronavirus will derail world economic growth it was the worst week for global stocks since the 2008 financial crisis panic is in the air the decline in wall street came hard on the heels of slides in asia and europe in london the footsie close nearly 4 percent lower germany's blue chip dax also fell sharply. so there is this uncertainty about what this virus will do next will it be a pandemic and will economic activities be significantly affected it's clear we'll see a technical recession in the 1st. 2nd quarter in several countries including germany

this is a station that says you will. goldman sachs as the coronavirus may wipe bad corporate growth in 2020 and trigger recession the olympic games in japan are hanging in the balance as well japan has invested some $25000000000.00 in the events. in tokyo the nikkei closed 3.7 percent lower. in hong kong behind saying shed 2.7 percent the euro stocks 50 dropped almost 4 percent while the blue chip docks suffered similar losses. whole industries are caught in the downward spiral one airline after another is cutting routes to affected regions a long list of companies have been announcing changes. i think you know an off organ or demand and lost production in many industries are the consequences of the measures taken to prevent the spread of the virus we anticipate that the adverse effects of the corona virus will have a significant impact worldwide particularly in the 1st and 2nd quarters of this

year. and so i don't see. the scary question is whether the corona virus will send the worldwide economy into recession no one has the answer but the i.m.f. says the world economy is facing a slowdown the virus is going to have an impact. on growth. a lot just depends on. the speed of recovery in in china and in other countries the spillover effects and the effects on supply chains . many are looking to central banks for economic stimulus such as interest rate cuts federal reserve chairman jerome powell said the fed would act as appropriate and investors are reading that as a signal rates will be slashed in march but that wasn't enough to calm wall street's jitters the biggest selloff since the great recession continued. and for more on this wild week on wall street let's go to our financial correspondent in

new york yes quarter yes let me begin with those comments by powell was there any reaction from investors to those comments. well that's just say initially when we saw those comments the markets did not react at all but then by the end of the session and the last couple of trading minutes the market recovered a little bit after being down of 1000 points by the end of the day we had we were down 350 points but here at least on wall street there is the only question not if but when the federal reserve is going to cut interest rates and actually bets that we will see a cut in rates by mid march at the next meeting of the federal reserve those bedstand at 100 percent and a good 90 percent of market participants even believe that the federal reserve could cut rates by 50 basis points of bank of america saying that it's also possible that we could see an extraordinary meeting so that the fed might even cut

rates before so let's wait and see a lot all to be depends if the markets will calm down in the next couple of days. you know i've been watching these these markets all week give me an idea what kind of week has this been for global markets. it's been a crazy week we were down by was that all jones industrial average this week alone by a good 12 percent so this speed that we saw was those losses that is highly unusual and this year for it it's been the worst week since the financial crisis what traders are fearing is that market participants might be driven by their starmaker not by their brains so that actually emotions might take over and investors might start doing silly stuff what we also saw all week long is that we had automated to a computer programs also influencing the market so it has been pretty wild

week and the jury is still out if what we saw here on friday was the end of the party or if things get might get dicey again next week all right and that's the question will do it all again next weekend's quarter there for us in new york thank you. and let's take a look now at the effects the coronavirus is having on other business sectors. virus's fred has led to the cancellation of the world's largest travel fair the i.t.v. berlin organizers consulted with german officials before calling off the event there are currently more than 50 confirmed cases of covert 19 as the virus is known in germany. officials have called off the geneva international motor show the biggest of its kind in the world it was scheduled to begin next week but this was government has banned gatherings of a 1000 people or more last year over half a 1000000 people attended. british low cost airline easyjet says it's witness

a significant soft softening of demand as a result of the virus the drop was primarily on flights in and out of its northern italian bases so far this year easyjet shares have fallen 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 canceled. now the growing spread of the corona virus is also sparking the sell off of so-called pandemic bons there an initiative of the world bank the bonds aim at shifting some of the burden of preparing against the pandemic on the financial markets instead of on the low income countries themselves that are most at risk of a pandemic but now is the risk of a coronavirus pandemic grows the potential for a payout on the bonds shrinks and that's part of the sell off. the world's largest retailer wal-mart is developing

a paid membership program to challenge amazon prime service is to be called wal-mart plus it's set to be built on the retailers existing grocery delivery subscription service which the company introduced last year wal-mart is concerned that shoppers who defect to amazon don't come back. india's economy grew at a slightly quicker pace last quarter with g.d.p. expanding by 4.7 percent year on year now that was in line with market expectations the biggest increases were in public administration and defense analysts warn the growth in the current quarter is likely to be muted by the coronavirus. well the world's largest car maker volkswagen has struck a compensation deal with german consumer groups in the long running scandal over diesel emissions ox wagon will pay a total of $830000000.00 euros in damages the some 260000 drivers that offer amounts about 15 percent of the original purchase price of their vehicles.

outfitted the cars with software that manipulated emissions readings and 2016 agreed to a $10000000000.00 settlement with $500000.00 drivers in the u.s. . let's go over to africa now where fishing in uganda is becoming less profitable for many communities which depend on the sector to support their families diversifying the coffee farming is helping to provide a sustainable solution a lot of the islands of lake victoria. fish stocks are dwindling here in lake victoria it's becoming increasingly evident as essential ugandan landing site code blue zombie fishermen here are struggling i guess is when you know you've got people now 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. to. paul b. 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 lick a well earned break. well. you know what 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 be a quasi go to earn enough to support themselves. and that's it for me and the business team here in berlin you can find out more about these and other business stories online at d w dot com slash business i'm souvenirs of thanks for watching. i'm

not laughing at the germans because sometimes i am but most they're laughing with the german thinks deep into the german culture. you don't take this drama. it's all about a new i'm rachel join me for me to get something up. the

back of. the f.x. . first. oh . thank you i'm. now. going as far as. and them i'm a proud man. i will call on. the mobile for. fear my i want. well ramming. gal over at the mall i am. what i am. i.

think. it's been 10 days of world premieres and stars like sigourney weaver and helen mirren gracing the red carpet in berlin jeremy irons as well president of the jury of this year's but then international film festival the jury will soon be making their final deliberations over which film is going to get the prized golden bat. hello it's the bell in our all the way on arts and culture it's

a damn before we get into discussions about the best movies this year a look at one screening out of competition a world premiere and on the last span was hitler's favorite talk it's at some part of his in a circle of the wall he tried to distance himself from his nazi past in his memoirs which nearly became a hollywood movie but it never happened this documentary explains why. he was one of hitler's closest accomplices architect. appointed minister of armaments in 1902 his job was to help nazi germany win world war 2 as we all know that didn't happen but the story belgian israeli director vanessa lapa tells in her new film is one that most people don't know. while in prison for war crimes and crimes against humanity shapiro wrote his memoirs. the book became

a bestseller.