i can't do that all right more world news coming up at the top of the all work kate is going to need a new business to stick around for that. i subscribe to d.w. books something more in the world we made. after 5. books are known to. vogue. mug orders. for the russians so. steve. so many different walks of life. some are. awfully trying but

almost come straight from the heart to explore a cd or you put hoards of delusion the mushroom inches. from the foot of the logs to their final resting place the russians d.w. documentary. the biggest downturn since the great depression of the 1930 s. that's what the international monetary fund is telling us to expect as a result of the coronavirus pandemic we'll talk about has bought it could get in 20 twentieth's why there is hope for next year. also coming up profit side u.s. banks plunge over fears of widespread loan defaults without our financial correspondent in new york to assess the damage. on. talk about negative

growth as russia's flora's things sales dry up some are resorting to desperate measures to draw attention to their plight. big business i'm kate ferguson thanks for joining me the international monetary fund is expecting 2020 to be the worst year for the global economy since the great depression of the 1930 s. the i.m.f. chief economist said total economic output could shrink by 3 percent this year as a result of business shutdowns and travel restrictions imposed to contain the coronavirus but it's predicting a rebound next year with growth of $5.00 per cent. meanwhile profits at 2 major u.s. banks have plunged in the 1st quarter as financial institutions brace for a surge in loan defaults wells fargo reported an 89 percent drop in earnings as it satisfied almost 4000000000 dollars to cover potential losses on loans to consumers

and small businesses earlier america's biggest bank j.p. morgan chase announced a 69 percent drop in 1st quarter earnings as a boost to its reserves ahead of the looming downturn. for more let's cross to financial correspondent again in new york yes those figures from 2 of america's biggest banks are pretty dire how have the markets reacted. well clearly all the banking stocks not just from j.p. morgan and for a move wells fargo do trade to the downside in an overall by the way upbeat trading environment clearly those banks they are preparing themselves that we will see a lot of clients being unable to pay back their debt paying back the credits if it comes to credit cards if who comes to mortgages the energy industry or also the retail sector is the only good news from those numbers was actually that trading

over old trading bonds trading stocks or at least that j.p. morgan chase so we saw record revenue over there but clearly banks are preparing that things will get darker before well business overall turns around and the stocks were among the biggest losers. ok if they want to talking about something else as well the question of debt relief for poorer countries dealing with the crisis both the i.m.f. and the g. 7 countries have been discussing this issue how important is this for investors. well for some important besser said sir very important because at the end of the day if you have this debt relief someone has to pay for it by the end of the day and we're not just talking about investors we're also talking about pension funds insurances for instance but the whole topic debt relief will not just be a topic for emerging countries for example or developing countries but also look and do into the industrialized countries

a lot of governments especially here in the united states there's throwing trillions of dollars at the crisis and the big question is how will you ever come up with those amounts so the whole topic of debt relief is a big topic but there will be quite some fighting from some of those investors to actually a void to debt relief because as i said at the end of the day someone has to pay for it. yes scott in new york thanks for your insights. to russian where the number of coronavirus cases has been rising sharply over the past few days most regions of the country are now in lockdown as authorities warn people not to leave their homes unless absolutely necessary the loss in revenue has led some small businesses including florists to take action in the hope of spurring the government to help demand for flowers virtually disappeared overnight after the closure of non-essential businesses across russia producers have been forced to get

rid of millions of flowers every day and shop owners now fear for their livelihood . these florists from st petersburg are trying to draw attention to their plight by destroying their own sold inventory but the most when you watch it but it can't store these defective goods every 2 or 3 days they rot they leak and they smell that's why we can't show the full quantity of the goods that we actually had. this is a tiny part of what we threw away this is our money taken on credit. at the national . zoo out there pretty easy. without any cells shop owners hope the government will step in and provide much needed assistance. within your arsenal is just not on the money our business activity is currently completely suspended he says it's impossible to prepare for this crisis and this situation this product can't be

stored for a long time it can't be preserved demand has fallen the markets are empty and business has come to a halt snowball. the business what's opinion you. need the russian president vladimir putin is expected to ramp up stimulus measures to prop up an economy heading toward recession and keep businesses afloat but tumbling oil prices and tax revenue could weigh heavily on his government's efforts to help those affected most by the corona virus outbreak that's a look now at some of the other economic developments related to the pandemic us president donald trump is expected to make an announcement on plans to reopen the economy in the coming days heaters of the association of southeast asian nations or have agreed to keep trade routes open to protect food supplies but they failed to agree on a joint emergency fund proposed by vietnam and kenya has lowered its vital rate

from 16 to 14 percent to cushion citizens from the impact of the punter mike. some of the world's major car makers are reopening their european factories for. toyotas are among the companies are already working on ramping up production. resumed work today on a limited basis it's hungary and plant with others and i'm seeing similar plans before the end of the month the world's top money factories holton production amid a slump in demand problems with supply chains analyst l.m.c. automotive expects car sales in europe to drop by 80 percent in april. the mexican city of acapulco is known as the paradise of the pacific tourism accounts for 7 in every 10 jobs there back in 2009 it was hit by a flu epidemic a decade on just as it was completing its recovery the coronavirus arrived.

the beaches are empty as are the streets acapulco usually buzzing with tourists around easter it's absolutely desolate. this kitchen prepares meals for 1500 guests every day right now they're cooking for a handful of local workers and vendors who are themselves out of customers. like cut only know who would normally walk the beaches selling snacks now she doesn't know how to feed herself her mother and her 2 daughters today as her 3rd visit here they ever met that i used to sell to a lot of us over there. right now and i but i like a lot of them don't know how much you that the but now tourists going to open up and out joc for me catalina and many like her other reason why hotel employees are pitching in and donating time and money cooking and serving food. they are helping 200 people today. look at that get

elected many of these vendors are undocumented they're hit the hardest we're lucky to still get paid many others don't have this advantage in this city the physio all souvenir shops in acapulco a shuttered as are 60 hotels and restaurants those left open are waiting in vain for customers that's because not even the locals are out. many are staying home following advice from authorities those who are out have to explain themselves to a large contingent of police and national guard. in 2009 acapulco known as a pacific paradise was hit by a flu epidemic. it had only just recovered when the corona virus struck. the president and the local hotel and tourism authority remembers the losses and he

fears more desperate times are to come. this is. we're seeing the lowest booking levels for many years. it's just about 3 and a half percent of total capacity. it's terrible that even the. hotel owners are hoping for tax relief and financial help to weather the current crisis and be able to pay their employees. so far the federal government has not offered any help. local governments have at least said that they would extend the deadline for taxes to be paid but more needs to be done to ensure that the tourism sector survives. elated by means of a get elect up locally if we don't have the means to help. the federal government has to bail out the small and medium sized companies the up for us economy course without their help the crisis will only get worse but it's

a product that without somebody. on my p.c. is. that's hard to imagine for people who are already struggling and who have been hit the hardest. and that's it for me in the business team here in berlin you can get more on our website at that stage of the to college class of business we're also on social media do you feel free to drop us a line on facebook and twitter for me it's. if i.

was. climate change. environmental projects. biodiversity species conservation exploitation equality. human rights displacement. current local. 3000. and 60 minutes. to use crime fighter car back africa's most

successful radio drama series continues this season the stories focus on. the mention of sustainable chocolate production. all of us are available online and of course you can share and discuss on africa's facebook page and other social media platforms. crime fighters to mindanao. ok. sitting in rooms are always. symbol of the long conflict in the philippines between the muslims and the christian population last night as fighters occupied the city center until now 17 president church's response was. i did or it will never again will hold. the reconquest turned into tragedy this is not the kind of freedom that we want.

how did malawi become a gateway to islamist terror. an exclusive report from a destroyed city. filling in the sights of bias starts may 20th d.w. . cinemark square in the hall to vent it's. a. bad cold. double usually this place is teeming with fountains of people gathered here now there's no one no i mean.