time thanks for joining us more news at the top of the hour. the global corona crisis you can find more information online f.t.w. dot com and on t.w. social media channels. how does a virus spread. why do we panic and when will all this. country just 3 of the topics covered and weekly radio show is called spectrum if you would like

any information on the throne of virus or any other science topic you should really check out our podcast so you can get it wherever you get your podcast you can also find us and dot com the one slash science. coils collapse in the u.s. has global markets worried deflation is the big fear as producers rein in production the question on everyone's mind when will demands pick back up. beijing gets back to business we'll see how chinese firms are changing to cope with the coronavirus. and pandemic measures claim a victim down under as virgin australia airlines files for bankruptcy. this is your business report i'm steve. it's good to have you with us now the crash

in u.s. oil prices is reverberating around the globe pushing stocks toward losses and driving commodity prices down major oil producing nations could be hit hardest with lower prices carving chunks out of their budgets they're now hoping that demand rebounds in the months ahead. demand for oil has plunged amid the worldwide lockdowns linked to the cough in 1000 pandemic and that coincide with a surge in oil supply the result of a route between saudi arabia and russia over oil production cuts now storage facilities affordable prices and now below 0 for the 1st time in history but russia says it has what it needs to weather the storm. approached. our government has all the necessary reserves at its disposal to soften the blow all negative consequences of this kind of international volatility for our economy . but the overwhelming reaction in europe is shock.

i have to say in all seriousness that the collapse in oil prices is a danger for the global economy in the face of this economic situation that is unprecedented in modern history we the president and the prime minister immediately took stock of the crisis. the book on immediate point of view that archy's. it's an age old story about demand and supply and many are asking about how to restart economies amid the cold in 1000 outbreak to drive demand so that oil that's still being pam to can actually have enough places to go. and let's go now to our financial correspondent yens quarter in new york markets reacting to this unheard of unprecedented collapse of oil prices in the u.s. for well i mean if you look at the stock price of the market to oil stocks are not

so much dahlan as you would expect it clearly there is pressure but they're not getting completely hammered as of yet that at least the good news is that we don't have to very about may contradict them any more because that expires here on tuesday but even if you look at the june contract sold those oil prices were down by more than 40 percent in the tuesday session from 22 ago it's $11.00 per barrel so clearly a lot of turbulence a sense of the stock market overall was down a good $600.00 points because clearly of the oil industry is very important to the united states or oil and gas industry roughly stands for about 8 to 9 percent of gross domestic product in the united states and we talked about the danger this could represent the shale producers in the u.s. and what their reaction been so far. well it's very difficult for them to would just shut off the well because if you do that it's not quite certain what happens

if you try to reuse the edge of a later point and there was some talk that washington might offer some federal help and to the oil industry there's also talk that maybe is like up to 75000000 barrels of oil will be added to the a strategic petroleum reserve of the country but yet that's where we stand right now and meanwhile the dangerous each day increases that some of those specially as shell producers might have to file for bankruptcy and that could actually also affect to the banks because those companies i and i had debt and then eventually banks might not get their money back so it is still a pretty serious situation overall and not even talking about specific states like texas for example texas was one of the big growth drivers for the united states in the past couple of years but it was the stimulus that meant not any longer or

a court of their force in new york thank you. the chinese foreign investment fell nearly 4 percent to $24000000000.00 in the 1st quarter and those figures come amid a slowdown in the chinese economy that has been sharpened by the coronavirus pandemic chinese investment overseas has also come under increased scrutiny in recent years that could rise with the new economic crises countries like germany and india have promised measures to protect weaken firms against buyouts from overseas. and staying in china the lockdown is over in the country's capital this week all employees in beijing were allowed to return to work under specific conditions the businesses say that's a good start but for those with global connections it's just the start of what they need to function. the people who work in this space office tower have big plans and hope to change the world but those who work on the 33rd floor like marketing chief

see have to make a pit stop 1st their clothes and shoes are disinfected and their temperature is taken and a device uses facial recognition to determine whether gayety really works here the beijing robot maker imposed these steps itself but the beijing city government has rules of its own and they have to be followed before 300 employees are allowed to come back as long as we can keep. a distance and 2.5 square metres space for every stop this office is open for everyone so now. all eyes to 1st. priority and the face to face this that is us change our way of life now there are fewer group meetings than before and the company's robots have been put to work with new assignments this dancing robot is being sent to han the epicenter of china's coronavirus crisis. there it entertains patients and doctors alike.

other robots clean and disinfect. in ruhani many companies have now resumed production. this is the new normal at car maker honda its factory had been shuttered for 11 weeks now everyone has to wear a mask and observe social distancing and the canteen has also been shut down but how do outside observers feel about china's new economic reality will it be successful in the long run see pretty close to normal economic activity start to happen but we do anticipate a 2nd wave of virus attack in the 4th quarter and if that happens then it's pretty much the 1st quarter all over again the economic activity will be halted the robot builders in beijing are hoping for an end to the quarantine and a lifting of travel restrictions so that their domestic and u.s. locations can work together again we hope every day there will be

a progress on the free flow of people in the free flow of product launches takes and this will deafened see how the business took to be back to normal we do hope to come into a duck into this issue and how business to be able to flow so once business does start flowing again this company hopes it can expand its horizons. first in australia the country's 2nd largest airline has collapsed after travel restrictions worsen its debt problems there light had been struggling to repay around $3000000000.00 u.s. dollars of debt when the coronavirus hit runways packed with planes going nowhere with no one the right team has been on the wall for some time no covert 19 has claimed its 1st major casualty of the airline industry virgin australia and the chief executives face said it all. this is not just something that is

hurting birds in australia we know it's hurting industry globally it is the worst and process by which it is saying that is true we're not immune to that board might a very courageous decision last not to put the company into volunteered ministration and to so quickly for the debt laden airline the unprecedented shutdown came at the wash time the final blow when the government refused a loan worth around 1000000000 us dollars emotional employees pleaded with the prime minister scott morrison to change his mind. for those of you watching today place take a moment to ask yourself what a monopoly in the israel and skies would look like for you bob in this time over 25 and a half years these people be harming. them our brothers and sisters. don't our could not do your job and i've done in to you to please let me do more don't click there when. the government said it would not be allowed the airlines deep pocketed

foreign shareholders among them richard branson he tweeted that this was not the end of virgin australia but i believe a new beginning. it is now the job of the administrators to we structure and find new investors and get this company soaring again. britain's tourism industry is suffering badly from the corona pandemic cornwall in the south of the country has been especially hard hit the numerous beaches and parks there are usually teeming with visitors from around the world this time of year now it's just an eerie emptiness. the picturesque harbors and fishing villages are deserted and the restaurants and bars empty hotels and amusement parks are also closed to the public . it's a strange atmosphere without the crowds of tourists and even the locals are staying home to lock down here in southwestern england is causing a complete economic standstill without the income from tourism the region is

threatened with disaster this went through to as we be talking about 1200000000 pounds with the loss of. industry according to a research paper said to the businesses so far companies in cornwall have received the equivalent of more than 200000000 euros in government aid but the lockdown is expected to last at least another 3 weeks nobody can say when restaurants and hotels will be able to reopen and when tourists will return. and that's it for me and the d.w. business team here in berlin to check us out online dot com slash business that's watching.

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