one sure winner this year the audience $340.00 films in 11 days an estimated 300000 tickets sold by the end of the festival prove that by then it's one city that is crazy about movies. you're watching news the business as up next i'm told me a lot of thanks fortune. i'm secure in the volume. that's hard and in the end this is a me you're not allowed to stay here any more we will send you back. are you familiar with this. with the smugglers with lions and the what's your story ready. i'm with numbers and women especially of victims of violence. take part and send us your story your train or with understand this new culture.

another visitor not the guests you want to become sitting. in for migrants your platform for reliable information. the coronavirus wife's trillions off global financial markets this week hopes of a quick recovery shudder as the number of international cases spiral the routes on exchanges shows no signs of slowing. also on the show germany is a plug a big hole in its labor force the government now hopes the new law will attract skilled workers from outside the e.u. . and we'll take you to 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 beard thanks for joining us wall street was in the red for a 7th straight day as indexes fell on fears that the spreading coronavirus is hitting corporate profits and curbing global growth the dow jones industrial average in the price of brant crude both down the nasdaq mostly flat meanwhile there are growing signs that the fears are broadening trading volumes reached a year long high on thursday all told more than 5 trillion dollars in value has been wiped away from global markets this week. the dow jones continued its downward spiral shedding over a 1000 points early in the session investors fear the coronavirus will detail 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. 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 and 2nd quarter in several countries including germany . and. goldman sachs as the coronavirus may wipe out 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 the hang seng 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 if you know enough

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 so i got tired so i don't 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 a good 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 also depends if the markets will calm down in the next couple of days. 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 the was that all jones industrial average this week alone by a good 12 percent so this speech that we saw was those losses that is highly unusual and as we've heard it's been the worst week since the financial crisis what traders are fearing is that market participants might be driven by their stomach

and not by their brains so that actually emotions my head to take over and investors might start doing silly stuff what we also saw all week long is that we had automated computer programs also influencing the market so it has been a 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 here's a look at the effects the coronavirus is having on other sectors. and there's the spread 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 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 the swiss government has banned gatherings of a 1000 people or people or more last year over half a 1000000 people attended the event. germany faces a shortage of over 1000000 workers most of them skilled labor the government hopes a new law aimed at immigrants from outside the e.u. can help meet business demand especially for the small to medium sized firms that form the backbone of the country's economy. these 2 specialists from abroad are working at an air conditioning firm called estie in pottstown near berlin so each year f. is from syria while nico barnett comes from poland they had the opportunity to meet economy minister peter alkmaar who's just overseen a new law which should make immigration for skilled workers from non e.u. countries much easier in future above all it will streamline the process. make sure the visa application process is faster and that the process of

recognizing qualifications speeds up so people can actually work here that technicians employed in the heating and air conditioning sector a good example they belong to the so-called bottleneck professions where there's a major shortage all over germany including at this company. i could hire 10 people with these qualifications straightaway we operate different areas in this company and each department could easily take 3 people. the new immigration law offers a ray of hope to make sure it is maximum impact germany is pushing the message as hard as it can especially in countries where it is already proven successful by. vietnam a lot of overseas workers in the former east germany in the 1000 agents came from there and there's lots of links to the boat people refugees who came to west germany in the seventy's are countries in latin america like mexico or brazil and. mexico. from now on if they have the qualifications and can speak german workers

can come to germany for 6 months to look for work that doesn't mean increased competition for trainees already here the demand for skilled workers is so great they'll be enough jobs for all of them in germany for the forseeable future. and let's end with a look at uganda where fishing is becoming less profitable for many communities which are heavily dependent on the sectors to support their families and diversifying into coffee farming is helping provide a sustainable solution one of the islands of lake victoria. fish stocks are dwindling here in lake victoria it's becoming increasingly evident as essential ugandan landing site called the. 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 b.

a kwanzaa 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 i'm. always that's watching.

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