cheap self. as a quick reminder that you can get news and features around the clock on our website at d. w. dot com and with e.d.w. up and twitter as good of you needs thanks for watching. it's a deadly sin. and the whim of nature. motivates us. and threatens to let us. greed. see shoe designer. food that drives our. country puts it in danger.

why are we greedy. we go in search of answers in the documentary film. starts may 21st v.w. . big. oil closes at negative prices for the 1st time in history over supply and a lack of storage space means that prices have songs and investors are paying to get out of oil deliveries a little of the collapse means for the months ahead. also on the show makers of krona virus test can't match demands to one producer in south korea. and german farmers are waiting for rain continuing drought at their. well it's in

the months ahead. this is your do you know your business report i'm stephen beardsley in berlin it's good to have you with us historic day for oil prices a barrel of west texas intermediate crude to be delivered in may closing at minus $37.00 on monday the behind the collapse too much oil and global markets too little demand among consumers that a basic lack of storage space the coronavirus pandemic has brought economies around the world to a halt along with the demand for oil after weeks of tumbling prices crude dropped below 0 for the 1st time producers literally can't give it away an agreement last week between leading oil producing nations to slash output clearly failed to address worries about a huge glut of oil. and this is quite a lot so here we consume it on. an economic. it's not coming out ahead of us but right now all we're doing is even with the lack

of traveling from down measures people are going to work people aren't. going to be flying anywhere and that's really causing a demand problem and since storage facilities have filled up oil is now practically worth nothing. or at for more on this let's go to our financial correspondent in new york yes korda negative oil prices yens how is this possible walk us through it . yeah it's really quite incredible but was the great looked on that we're seeing all over the globe daily demand to drop by 20000000 barrels plus and even if the opec countries decided to cut production by roughly 9000000 barrels per day that still means that demand is dropping much affairs the supply but then you also have a little bit of a technical issue going on because the oil price that dropped so much here on

monday that was the contract for maize so now this contract will expire on. tuesday and you have a super content go that's all they call it on the oil markets meaning that the contract for june trades for so much higher than the contract for may that people and investors were just dumping the old contracts that as i mentioned will expire now and tuesday ok so prices for futures in the months ahead are we should expect to see these negative prices still there overall pretty low u.s. saudi arabia and russia agreeing to major production cuts just last week to try and keep them in place those prices why did that not work. yeah the main problem is that as i mentioned that supply is still not dropping as much as said demand so what we really would need to see is this great lockdown to end so that the economy slowly starts picking up i'm standing here in front of a local gas station in my neighborhood in brooklyn and you can see cea hardly

anybody there so there is just no demand also if you look at heating oil for example heating oil is season is coming to an end so there's just not the demand and then as you mentioned earlier also that the tanks are basically at their. capacity if people just don't know where to to put this all and that's why producers now have to pay their customers basically so to get rich off the extra oil. we know that in the u.s. is that shale production in the last decade that's really transform the global oil market does this tanking of oil prices no pun intended is that an existential threat to those producers it clearly is and we might see something corpses some in the near future if nothing miraculous happen anytime soon and that is a problem for the u.s. oil industry but it's also a problem a problem for the overall economy roughly 9 percent of gross domestic product

actually comes from the oil and gas industry then also those companies are in high debt so if they might have to file for bankruptcy that could mean trouble times for some of the u.s. banks and well just look at the data terry producer for example if he has too much milk and that's what's actually happening right now and they basically just dump the milk on their field so you can't do that. so it's a huge it's a huge problem that is quite unique here to the oil industry. or a quarter there for us in new york with the latest crazy day for oil prices thank you. all right let's take a look at some of the other business stories making news around the world. smaller stores in germany have reopened as a 1st step in easing restrictions linked to the kobe 1000 pandemic europe's largest economy is allowing car dealerships bike shops and bookstores to reopen bars

restaurants gyms and large stores remain closed. a german economy will not recover quickly from the current recession however given the virus related restrictions still in place that's at least the latest assessment from the country's central bank. is not worried however about a downward spiral in europe's largest economy citing safeguards at the federal and e.u. level. really $5000.00 pilots and cabin crew are at risk of losing their jobs at scandinavian airlines norwegian air they work for 4 of the airlines staffing subsidiaries in sweden and denmark which have now filed for bankruptcy amid the coronavirus outbreak in the region called it a last resort decision after asking for government support. a coronavirus test might be the most in demand products around the world right now governments and hospitals can't purchase them fast enough and producers simply lack

the means to make them fast enough our reporter checked in with one manufacturer in south korea to see what's limiting turnout. outside olympic stadium in seoul south korea cars continue to trickle through a coronavirus testing site although the country hasn't completely locked down new arrivals must self quarantine for 2 weeks with many required to take a test so the korea largely credits early rigorous testing for reducing the spread of the virus many companies here produce the test kits and with rising demand around the world they're having trouble filling their orders. one company outside of seoul has developed faster diagnostic technology dr kim so use test chips and portable equipment drastically reduce critical testing turnaround time. if they help why then 37.5 think we then all we can. get

the sum samper from those people put into motion and then we can detect and in one hour we can provide. dozens of south korean companies are shipping millions of test kits around the world as less developed states battled the virus so many orders concert in but we cannot supply all of them they'd be so so many emotions to so many testing kit but the current on down is companies cannot produce all of them to control the isp and despite us dr kim's michael biomed sales have increased from $4000000.00 in all of 2019 to reach that amount in just the 1st quarter of this year still large research development and manufacturing costs in 100 employees make the enterprise

a long term investment dr came advocates even more extensive testing as a means of safeguarding the both public and health in the economy for the future we need shunt. the detection system especially in the poll that polled in the subway station in the o.p.'s who was in the hospital in the school. for this moment i think a must. invest despite dire warnings governments around the world were not ready for such a pandemic and the risk of another contagion in demand for preparations extends beyond this outbreak. over to germany now with the past 2 years have been dry once farmers especially those in the east are already bracing for yet another season of less than needed rainfall. it caught her in a is a farmer in northern germany he doesn't know where to look 1st at the cloudless sky

or the dry cracking soil at his feet germany hasn't seen any significant rainfall in a month. of farms barley wheat and rapeseed on 140 hectares of land through the thick cracks in the soil are getting more. if it stays like it is now than in maine in june you'll be able to stick your hand into the crack up to the elbow and we'll have considerable reduction in our yields it will be like 28 teams we'll have a 40 to 50 percent loss the trees are already suffering from a lack of water what's more harmful bark beetles continue to spread in forests and parks the situation has become critical in many places in the park we can already see that the drought is making itself felt growth is slowing down growth in the trees and in the meadows to tomas on ft from the a r d weather editorial office is monitoring the situation he explains it's already

become dramatic especially in the region in red. in the east the drought of the last 2 years hasn't recovered at all over the winter it wasn't good at all it was actually completely red before the winter it's gotten a big better since then so there's more water now but the situation is getting worse again farmer who is now hoping for a rainy may since so far april didn't bring its promised showers. and that's it for me and the business team here in berlin as always you can find us online. it's watching.

minus. a research station the scientists. are on the frontline of climate change research and compare finding. the disappearing ice. talk to a close up going to specialists. point

3000000000. electricity. where does it come from county ca conscious is the energy supply in the country. and its prospects for. 60 minutes d w. like . oh. my god says i was food for the russians so. it runs deep. so many different walks of life. some water pumping and oddly tried but all

of that comes straight from the heart gets to proceed even when there's no more dilution the marsh will enjoy. from the 1st glimpse of the logs to their final resting place the russians g.w. documentary. talk to the coldest continent on earth. a fragile ecosystem that we're only just beginning to understand. is climate change threatening the penguin colonies here. to get some of the species don't exist anywhere else if they disappear that'll be that's. always global warming.