people. are going to use today their future. d.w. dot com african american cities for the making a. quick tour of. australia led the way now the mighty us federal reserve has followed suit in a surprise decision the fed has lowered its interest rate by half a percent but as more central banks and governments scramble to mitigate the economic effects of the coronavirus critics ask are they over reacting. opec officials are gearing up to hold the slide of the oil prices go up ira's slow demand in china pushing the price of crude to record lows. as large events get

canceled around the globe tourism and hospitality industries are the 1st to suffer from the virus outbreak how long haul tells and allies hold out without state aid. this is d.w. business i'm gal alpha's in berlin welcomed with the economic damage caused by the corona virus becoming increasingly clear more and more companies are calling for state aid some governments have already responded with a variety of measures south korea for example is to deliver an economic stimulus package to the chief of $13700000000.00 u.s. dollars the cash is mainly aimed at smaller businesses like the country's numerous market traders who have been badly affected by the crisis the united states states has altered its monetary policy in an attempt to calm markets in a surprise move the federal reserve lowered the base rate by a point 5 percent keeping interest rates between one and 1.2. 5 percent

china 2 has implemented a range of measures to support its economy small businesses have been granted tax and social security payment cuts as well as access to cheap loans however the government says there are no plans for a comprehensive stimulus packages package like the one delivered in 2008 let's go straight to our financial correspondent in frankfurt only bartz is there for us only more more central banks are moving to help with the coronavirus crisis what are you hearing from the e.c.b. can we expect anything from them. yes we can and president christine legarde said. that there would be appropriate and targeted action commensurate with the situation so the e.c.b. will do something we just don't know what and when next week there is a policy meeting with all the decision making members. that are going to be present

that will be a good time or would be a good time to present a solution if not until then something is presented what we're hearing is that it won't be a rate cut the lending rate is already at 0 for banks and the deposit rate it's in negative territory what we're hearing is that the e.c.b. is looking at injecting cash into small and medium sized companies that have gotten into trouble over coronavirus having to pay salaries having to pay suppliers landlords but it sounds that sounds more like economic policy on a trip policy. more more voices are emerging saying that these measures are all premature and some are even saying they're completely misguided what's your take on that. yeah that's my take on that as well i'm hearing that a lot from market participants traders analysts i'd like to give you one voice which i will read which i think pretty well sums up the critics arguments from frank dix meyer from all the un's largest insurer in europe and he says that the

intervention of central banks at this stage is useless even unhealthy demand chocked must be addressed by the fiscal policy in the countries the supply shock is more complex but it's not a rate cut that will be able to remedy that. rebalance that in a financial thank you for this update. of the global economy stuff as amidst the corona virus outbreak and oil demand is shoplift down prices out to opec experts will come together in vienna this week to discuss production cuts. the virus has been paralyzing economic activity and dragging on growth especially in china for weeks their shops have been closed but assembly lines have stopped air transport is also badly affected in many places thousands of flights have been cancelled with no letup in sight global oil consumption highlights the problem as production lines and supply chains grind to a halt demand for crude has fallen sharply. that's had an immediate effect on oil

prices they've fallen by 21 percent since the start of the year they are currently floundering a 2 and a half year lows. it's come as a shock to all producing countries opec member countries are now thinking about throttling up again to try and boost the price and keep the government's revenues flowing with me in the studio is and he's the c.e.o. of centurion that's a company that advises opec companies opec and all companies how has corona affected the old market thank you for having me corona us really affected our market where it is been this low in demand and you're really seeing big issue prices have gone down and let's see you with somewhere around 6 holding our own 60 right now it's already out around 50 and you're really seeing the market going crazy with what is going on with the current virus because there's very slowing demand is still in jet fuel demand and so it's really really sending the market

into crisis right now a big chunk of that slowdown in demand comes from china is it is that the main driver china not needing so much or the moment it's one it's one of is one of many i mean you have right now is a lot of bases around india around europe around the united states that people cannot get together you have a lot of people staying home from from godfrey and so you going to see a big big if for the decline we just feel. a shot on manufacturing plants so it's not just china china is part of it but it's going to be big and it's great now if you can be good in china and that's what he that's what calls for a global concern on the current virus especially our prices and to our markets what can we expect from the end i mean thing tomorrow for pigs always a great place to be when we did negotiations on the back and forth as happens right now you have these big these big tent with opec plus so it's going to you're going

to have to actually be question do we go on the $3.00 to $500000.00 cut to really make sure that you stop the lies of markets. so that consumers and producers can both leave with do you are you going to walk in the supply glut that is what's going to happen so you going to see who wants a cut who doesn't want to cut but is big 10 would rushing clude it really gives a chance that consumers can really feel not continue to feel to pinch but also produces can feel that you can stop the lies and grow the market so who will be for production and who will be against it and why it really depends because you know right now you already have a lot of production of the market under towels and barrels out of libya sent it's got its sanctions against venezuela that's a lot of or that's already out of market so used to be seen how saudi arabia which is one of biggest producers to get out would russia how do can how do can come

together i think there is right now is a growing dynamic where the russians are really want to push way cut the deal i willing to have to in order to stop the lights of market and the saudis are always or pointed to seem to have been or discussion most african states are small and some of the normal pick states would have to also share in dipping to make sure that the u.s. we all stop the lies the market and thank you very much frank you so much for an interesting analysis. now to some of the other news making headlines today japan is preparing to host the tokyo summer olympics as planned the government's top spokesman said there is growing speculation the games could be postponed until later in the year because of the corona virus outbreak so he was closely cooperating with the international olympic committee and remains committed to starting the games on july 24th. facebook says it's responding to the coronavirus by granting the world health organization as many free ads as they need

as well as other in kind of support in a statement mark zuckerberg says searches for the word coronavirus on facebook will direct users to the w.h.o. and health authorities for the latest information. the makers of soju south korea's most popular liquor donated alcohol for hand sanitizers as part of the fight against corona virus while sales of the spirit itself have declined due to people staying at home demands for sanitizing liquids so order so does makers say they plan to supply ingredients around south korea until the situation stabilizes. that's a good idea beijing's decision to ban all group travel and stop package tourists from leaving china was hailed as a sensible step to contain the coronavirus but it's how much global tourism many destinations are relying on chinese visitors these days and especially local hotels

and restaurants restaurants who specialize in catering for tourists from china are fighting to survive. a light mist around the fairytale castle of noise in the various prime tourist attractions seems peacefully aloof visitor numbers have been tumbling steadily since the coronavirus outbreak. neighboring towns normally host $70000.00 tourists a year from china overall that's only about 5 percent of the people who visit this area but for those hotels restaurants and shops which have specialized in welcoming chinese tour groups the virus has quickly become a real problem. its effects of selective it it's all businesses hotels and guest houses which work closely with the chinese market with chinese group for instance they're feeling the loss of revenue very very strongly and it can be compensated for it all in the short term. like this restaurant which targets chinese travel

grapes it's now closed until further notice. and this eatery and hotel has also shut down for the time being. companies tailor made for asian tourists are located here and around the castle they include a range of businesses with pottery watches and jewelry made in germany made in switzerland fast tracked shopping tax free and with a direct connection to asian payment systems. tourists like these 2 seem to have very little extra time on their hands. because several countries inside 10 days it's clear that sightseeing and shopping are on their agenda when you can combine them both in one location and that's a major time gain on the shuttle and a huge advantage by. the 4th it's still too early to estimate losses this 4 star hotel has a broad customer base serving tourists from all over the world less than 15 percent

come from china but the increasing number of cases which are appearing in other countries and the mounting number of travel restrictions could become a problem. to have a few cancellations of the virus hasn't hit is too hard up to this point and we're hoping it doesn't continue for any length of time and at some point things will stabilize and get back to normal. the high season is only around the corner everyone here is hoping that the situation will ease by then even if that doesn't look likely right now that's all.

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back into the history of slavery. i think we will truly be making progress when we all accept these to use leverage as all of our history. our documentary series slavery routes starts march 9th on d w. hello and welcome to our arts and culture news on the lights the book fair is the latest casualty of the coronavirus scare across europe we'll have more on the ramifications of a global outbreak for the cultural scene and also coming up. how do top chefs keep coming up with new and exciting ideas probably meet one of their secret weapons food scout bugs. and critically acclaimed electronica artist dance name. is

a self-proclaimed music nerdy type whose new album suddenly tackles the big themes of life. the 1st casualties on the cultural front in the wake of the coronavirus outbreak were of course in china cinemas and theaters were quickly shut down there and film productions were halted but now is countries here in europe scramble to contain outbreaks the effects on the european art scene are on avoidable and here are some of the high profile cancellations thus far. then this is almost unrecognizable as tourists stay away in droves st mark's square is almost deserted gondolas stand empty the famous venice carbo was cooked tailed but the outbreak is no longer confined to northern italy. the church.