and essentially he's named me they created something. too much as i was destroying. i have mocked my city's gains for centuries and accompanied my current tree line. until the day i mean you've done. nothing done to. stop april and. invests. it is. on the $10000.00 for the 1st song to be fully grown from found soul travel. and to be doing a show you are on

a par with a global. love song the only reason all eyes are on frankfurt today our correspondent charles to delay. the financial toll at the crown affair intending to now but investors are hoping the e.c.v. will throw a lifeline to the economy to soccer and. so it's all retailers except food and pharmacy businesses so we take a look at the country's fashion industry and the corona current time. this is the business of. around the world stocks a fall sharply in another day of trading the u.s. ban on travel from europe has jolted financial markets that were already struggling to stay afloat under a wave of bad data on coronavirus faces the declaration of a pandemic served as a final stroll that 1st sent wall street reeling so and wednesday. many investors

and asia began selling selling almost immediately to begin their thursday sessions the shanghai composite hung saying in hong kong and the nikkei in tokyo all seeing broad losses by close yesterday as hopes for government stimulus clearly shoved out of the way by concerns out of the u.s. european investors have also wasted no time selling off the footsie 100 in frankfurt down of 5.75 no 4.5.4 and the docks in frankfurt down 5.75. considerably down considerably around midday again investors losing all hope that briefly lifted up markets yesterday as wall street and the w.h.o. point to a worsening global situation now it's braincells it delaney in frankfurt chelsea the ducks drop significantly significantly again tell us more. it is

another very dramatic day here and frankfurt the dax opening down more than 6 percent it's already at its lowest level since 2016 but an even more shocking statistic is that it's lost about 30 percent of its value since late february when cases began to spread out outside of china so that's just a massive or a share of wealth or german company is there this is really being driven by a number of bad news one is of course the news overnight that the u.s. is going to ban travelers from europe and of course that doesn't nation of coronavirus of a pandemic investors are also just still dealing with things like the drop in oil prices and there's just so much volatility and uncertainty but what investors are really feeling right now is that the global economy could be heading for a recession the measures that governments are having to take are increasingly dramatic and painful for the global economy and we've seen just business disrupted

around the world including news just about an hour ago the thoughts flow stock exchange had to be evacuated because of a coronavirus case so investors just see really no end in sight to see these business disruptions. chose to do any inference that sank you. know global stock markets are plummeting companies come produced a broken supply chains work forces are increasingly paralyzed so all eyes on the world's governments and the central banks some of those have already reacted with interest rate cuts to the fed has done that already on the 1st time in 6 months so 1st on the 6 months is cut the rates by 50 basis points to one percent u.s. president is now pushing for further cuts by next week the bank of england lowered its key interest rate wednesday to 0.25 percent in an attempt to protect the

british economy. it is already suffering from years of uncertainty over breaks it's a decision from the european central bank is expected later today its key interest rate is also in negative territory at minus 0.5 percent but the coronavirus might force the banks to provide even more liquidity to the euro zone's banking system no not much room for maneuver there by the easy beat but one option available is buying even more government bonds that money goes directly into member states national budgets and the interest rates that the states pay for the bonds decrease since november the e.c.b. has been spending up to $20000000000.00 euros a month on government bonds that my ramp up this spending previously previously used this method after the 2009 financial crisis pumping around 2.5 trillion euros into the market so we're only hours away from

a scheduled announcement by the european central bank and now i'm joined by economist coston gestes the chief economist of come out and joins us from frankfurt trust an e.c.v. rates are minus 0.5 do you think that will go down further. there is the chair that is it is i n g by the way not commercial but detail this is of the piece in the e.c.b. i think they're they're run out of ammunition but they know that they have to react to also take all the trouble of financial markets a rate cut by 10 basis points yes probably also stepping up q.e. but everything doing even though they know it will hardly have any impact on the real economy the only thing is that what has changed over the last week is last week the question is why should they act now the question is why shouldn't they act . if they act is there any limit to what they can do. in theory there is no limits to what they can do the question is we also what we've

seen over the last year already that there are also negative effects adverse effects to what they have done cutting interest rates further will put more pressure on the banks increasing q.e. will will lower bone cubes which are extremely already low it it will it will also harm some some mechanisms in financial markets so the question is they will have to balance between shows that they are still able and willing to act but on the other hand they also know that everything they do right now has also negative side effects. because what do you think about the german government's actions so far have they the government done enough to help business in germany. i think the government has at least take the right boxes so what do we see here an increase in short time work schemes and also easing the burden to admit for that and what they what they've also announced a bit of stepping up of the investment program they also announced that there will be some liquidity 8 coming from the government for as an ease in problems the only

thing is it has not been coordinated at the european level and the size of all these matters is probably far too small to really take over the economic fallout of the coronavirus. constant there's a lot of talk about a global recession looming can it be averted briefly please. know we will get at least a technical recession so which means the 1st half of the year will be negative it will not be the same as the crisis in 20082009 but we need government measures to really to kushan this this downturn in the economy so that we had least get a rebound in the 2nd half of this year. constant risk this thank you very much. few industries have borne the brunt of the coronavirus crisis quite like the allied sector major restrictions on travel and dramatic falls in bookings have seen line stocks plunged on monday night perhaps the strongest blow yet came from the oval

office. the coronavirus has already brought an eerie sense of quiet to many airports around the world travel bans and forced flight cancellations have become the new normal that has already made things very difficult for several airlines on wednesday night another blow. to keep new cases from entering their assures we will be suspending all travel from europe to the united states for the next 30 days the new rules will go into effect friday at midnight. the ban has several exceptions it does not apply to u.s. citizens permanent residents or immediate relatives of citizens ireland and the u.k. are also exempt as are other countries outside the european shang and passport free travel area and although trump suggested otherwise the white house has clarified that cargo flights will not be affected. nonetheless the move will have

a huge impact on european and u.s. airlines that regularly cross the atlantic ocean. nearly 40 airlines operate around $560.00 passenger flights daily in both directions that equates to nearly $17000.00 flights and $4800000.00 seats in a 30 day period among the european airlines most affected will be lost tons of air france m k l m u.s. airlines such as delta and united will also take a major hit last week the international air transport association said the global aviation industry could lose well over 100 $1000000000.00 as a result of the pandemic. but given what has happened since that now seems like a very conservative estimate. italy is the european nation hardest hit by the coronavirus with the death toll approaching 900 the government and rome has put 60000000 people on lockdown and ordered the closure of shops restaurants except

pharmacies and food stores the country's famous fashion industry is one sector that's especially vile especially. the fashion capital of milan is usually a life bustling city now it's like a ghost town. i mean to say what is it going it's good we have fewer people walking around for now but it does put major constraints on businesses shops are open but there are no customers and staff have to be paid anyway. your means on i have my business have and i don't have any kind of reserves so i'm really feeling the economic impact. really impact the economy because it was an annual turnover of 90000000000 euros fashion is one of italy's most important industries and even more important than the shops here in milan the luxury bt overseas the asian markets has almost completely vanished in light of the pandemic. the italian government has

announced a national aid package to help offset the virus's effect. of we've allocated special resources to the sum of 25000000000 euros aware of the difficulties that the country faces during this emergency situation. difficult to get basic stuff from time to work with them of. italy's fashion industry employs more than 400000 people. the country makes over a 3rd of its luxury goods sales in china that right now says very little demand for high end fashion and. that's it for me on the business team here. on our website. business feel free to drop us live on facebook and twitter.

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of german fashion. but 1st 2 weeks ago a new york court found hollywood mogul harvey weinstein guilty of 2 counts of sexual assault now he's been sentenced to 23 years in jail and the main accusers and prosecution witnesses were in court on wednesday to hear the verdict afterwards weinstein was taken directly back to a prison hospital to continue his sentence. a look back now at the key events surrounding this landmark case. february 24th 2020 harvey weinstein left the courthouse in an ambulance after being found guilty of sexual assault and rape. his trial had begun in january public interest in the proceedings was immense it was a watershed moment.