that's it you up to date more world news they tell me out stephen because they have to have business update in just a matter of gifts to. the global carone interests and you can find more information online at e.w. dot com and on t.w. social media channels. one continent 700000000 people. with their own personal stories. we

explore every day life. what europeans fear and what they hope for. some kids own euro. v.w. . where are the 2000000000 euros german payments firm why our car now says that the missing revenue on its books may not exist while the latest on a massive corporate scandal. new york reopens offices and restaurants can the big apple get back to business. and the pandemic is rattling businesses around the world but it's the smallest firms that are being hit hardest we'll explain. this is your business report i'm stephen beard cymbeline it's good to have you with us.

1.9000000000 euros and that's the gaping hole in the balance sheet a german payments firm wire card the blue chip listed firm now says the money probably doesn't exist a scandal has led to a frantic sell off of its stock in the past days as well as the resignation of the company's c.e.o. and the growing expectation of criminal charges once a rising star in the financial startup world why a card has fallen back down hard when it burst on to germany's blue chip index the dax in 2018 investors were bullish about its business model wire concepts of contracts between retailers and credit card issuers banks and online payment systems like paper. saving retailers time and money but fraud allegations and questions over accounting practices dogged the company for 18 months things came to a head last thursday when wire card said audit just could not trace 1900000000

euros ended in its balance sheets the funds were supposed to have been in 2 philippine banks but on sunday the philippine central bank said the money never entered the country's financial system. the disappearing money scandal has already cost c.e.o. marcus brown his job and prompted a criminal investigation into board members and on monday a fresh admission wire card says it's likely the missing $1900000000.00 don't even exist. a stunning statement that also raises questions about german regulators markets watchdog baffin sided with wire card after the 1st press reports on irregularities it even filed a criminal complaint accusing journalists of trying to damage the company's stock price the agency now says it will review its handling of the case the missing wire card money amounts to a quarter of its total balance sheet it's now facing a cash crunch and says it's in talks with creditors but time could be running out

for the company once town says it's the future of german finance. so what is a scandal mean for wire is our financial correspondent chelsea delaney. well the mystery over why are cards fan it says really deepens by the day the 2000000000 euros that may have never existed is really just the tip of the iceberg wire kurt has been facing allegations for more than a year now over its accounting practices but what's really emerging as a potentially widespread and enter connected where. a fraudulent results at the company an addition to the 2000000000 euros that they're saying didn't exist they're also saying that really the backbone of their company which is working with overseas subsidiaries and partners to process payments they're saying they can't really verify that that that business is taking place either so this all really raises the question of what was real that wire card and what can it do going forward it is facing a massive cash crunch its shares have lost more than 80 percent of their value it's

facing potential cancellation of its loans from from its creditors and it's also certainly going to be facing a lot of legal and regulatory challenges going forward prosecutors in munich already said they're going to be investigating the company and its and biggest investors are also threatening to sue at this point rather a financial correspondent chelsea delaney they're now america's financial hub is getting back to business with restrictions new york city allowing restaurants to open for outdoor dining as of monday barbershops and hair salons can also now open their doors but it has capacity the next phase could allow you to reach to serve food indoors to customers but as business slowly returns so do fears cases of coronaviruses are jumping in states like florida and texas. are financial correspondent joins me now from new york yes we're hearing a lot here about the rising number of cases across america is this not a bad time to reopen things. well it clearly is

a long road to recovery but just by surely the restaurant industry is crucial for the labor market and the overall economy just look at new york more than 600000 people work in the restaurant business in new york city alone countrywide it's more than 15000000 people and restaurants bars cafe's they try to keep the social distancing it now in new york and you only can eat out a site and as you might see from this little cafe here in my neighborhood it is a slow start and also for the restaurants it's quite costly they have less guests they have less seats but on the other side they also have higher costs to keep social distancing and that's why there are still estimates out that 3040 percent of the restaurants in new york actually might eventually not survive the clear beneficiaries so far from the 10 demick obviously is the digital world and that also shows on wall street the tech heavy nasdaq composite here on monday reached

its 20th a record high of the year companies like microsoft or apple was new all time highs but at least restaurants do reopen at that i mean some of the jobs that we lost in the past couple of weeks and months might return all right yes quarter in new york thank you un study has found that the coronavirus pandemic has strongly affected roughly 2 thirds of the world's smallest businesses that is those with less than 20 employees now compare that to large firms with over $100.00 employees less than half have been hit in the same way especially vulnerable are businesses in developing nations take a look. who have don opened his cafe here in jordan's capital amman last new year's eve less than 6 months later he's facing closure even though jordan has started to ease lockdown measures his tables have been mostly empty since cafes were allowed to reopen and his regulars are afraid to come in for coffee or to

smoke shisha. as the health of the i'm sure that i will have to close if i cannot find someone to support me maybe my brother my friends i must get some kind of support from the federal government will support us we hope that there will be such a program but if we don't receive it we will completely close our business and. governments around the world trillions of dollars in aid to support their economies and businesses but more than half of small and mid-sized companies around the world say it's not enough. that's especially true for developing countries who report falling exports as wealthy trading partners and to recession and stop buying their goods travel restrictions mean tourists are also staying away and consumers everywhere remain has a tend to spend do we expect bankruptcies yes we do around 20 percent of small and medium sized enterprises tell us that they may not survive the next 3

months now 2 to assess the extent of that number keep in mind that small and medium sized enterprises all responsible for around 70 percent of employment in devote and amman abu hamed on isn't giving up yet even with few customers he's opening his cafe each day in the hope that life will soon return to his city. back to germany now were rising numbers of infections at meat packing plants of the harsh light on that industry and renewed debate over the low price of meat in the country germany's organic industries meanwhile seeing a boom there it also has its limits. organic farmer who better hearted man is heading to the pasture where his cows are grazing the animals are doing well and so those who betters himself. inside there's a bigger demand from the consumers and as an organic farmer i'm pretty happy about the way things are going at the moment. most of heartland's pigs are sold to

a meat processing co-operative in the row a valley he and a 100 other farmers deliver 25 cows and 300 picks a week. a relatively small crew of just 40 staff process the meat organic meat production is considered to be better for the animal it's also perhaps better for the workers who avoid working and the cramped conditions. we don't have the cram to commendation like the subcontractors do we have permanent staff and we always have done our people are normal residents of the area we're a local employer and that means a lot to us. just as all fish dish. organic meat can be highly sustainable as long as it has enough consumers ensuring the coronavirus crisis sales have been increasing the troubled times for the conventional meat packing industry have benefited organic produce is boosting

a trend that had already begun pharma hartman's pigs and cows have been on the menu at the canteen at the state finance school for 6 years now it dishes up $750.00 servings of organic meat per day from the machines as offered in guest communities we had to communicate to add guests at their piece of meat it wasn't going to be 180 grams anymore but just 150 grams and while we were doing that and we've had a great response we've received a lot of support. so less but more sustainable meat can work in canteens the meat cooperative is hoping to make its way into supermarkets as well. well the lockdown may be over but the italian economy is still reeling especially the travel and tourism sectors and one region has gotten creative as a response pilot project in central asia now aims to lure of visitors the free holiday homes initiative is limited to goll though

a village in the region all summer tourist can stay for free in the center of the village the only condition is that they are not residents and don't have relatives in the region. sounds like a pretty good deal that's it for us thanks as always for watching and we'll see you next time.

an unprecedented approach. handling of the coronavirus pandemic. become a polarizing topic within the country. its relaxed attitude has left those affected feeling helpless and grieving they are paying the price for sweden strategy of herd immunity. global 3000. next d.w. . digital surveillance even where. journalists

and critics are under threat. as tight censorship or a lot of watch this is china during the coronavirus condemning. people hope to return to normal. but is that even possible. close up. in 60 minutes on d w. we know that this is very time for the coronavirus is changing the world changing our lives so please take care of yourself a good distance wash your hands if you can date at how we're d.w.b. for here for you we are working hard we're sitting here with forms on all of our

platforms we're all in this together run together and when they can. stay safe everybody. stay safe stay safe for us to stay safe. welcome to global 3000. even in the best of times racism is a problem but the current pandemic has made things even worse for many. sweden's method of dealing with the corona.