tried to use coffee to throw police off the scent in january last year. seized more than 600 kilograms of cocaine hidden in sacks of coffee from honduras. you're watching the news i'm. very short break robots will take you through today's business headlines. with. happiness fears for everyone. very different from primates we have ridiculous romanticized view nature. and this is climate change crisis sex how to improve books you get smarter for free books. we'll go to the euro max you tube channel. good mine of story.

with exclusive. must see concerning culture in europe. to be curious minds. do it yourself networkers. subscribers don't miss. coronavirus takes a strong a grip on the united states and its economy because the u.s. posts record daily case biggest data suggests its g.d.p. fell by more than a 3rd string april to june. the pandemic is also hit. we'll hear from businesses that desperate for help. meanwhile cash is also a problem in cuba to find out why that welcoming american dollars.

this is your business. it's great to have you with us the international monetary fund says the united states economy shrank by 37 percent during the 2nd quarter. the i.m.f. expects coronavirus shutdowns to cause a 6.6 percent contraction in u.s. g.d.p. for the year it's also willems that the biggest threat to the country's economic recovery is another resurgence of the virus meanwhile the u.s. has just posted another record number of daily cases more than 77000. but let's get more on this from our financial correspondent in new york jose luis de haro jose what else has the i.m.f. had to say on this. many many additional risks on the horizon for the u.s. rob and among those are what defined calls systemic increasing poverty in the world the largest economy indiana the current don't crises heat even poor

americans and right racial minorities are hard as a burden not only dad as a preschooler spending balloons. he's also getting the very worried about government and corporate debt that levels and also 2 recommends biggest door to reverse a trade restrictions and tirades and also warrant against thinking of undervalued currencies abroad as subsidies so so it seems that there is a still of very tough road ahead for us in the coming years yeah i mean i'm in america daily virus cases continue to climb easing of lockdowns being undone and things likely to get better or worse for americans in the coming months. will depend on several factors or rob i would say like the most important aside from of finding a big scene it's more stimulus from the usa government some of the measures implemented

to help us say consumers are set to expire by the end of july or even in the coming months that's when the northerners the fiscal cliff to top it all gets less a help of trauma to government they're less help they will have far too hard to feel financial commitments so that means more defaults and credit losses for banks financial correspondent jose luis tahar in new york thanks for joining us now as the e.u. discusses how to get europe through the coronavirus crisis one of the countries saying it's most in need of financial help is italy it was the 1st european nation to take the full force of the virus of business is there still feeling the shock. something of what we mean when the starter coffee machine once again. it fell

silent 3 months ago when her piece stroll in the northern italian port city of tranced when shut down by the coronavirus pandemic. her business has been hit hard and she can no longer pay her employees and although more was promised she was only given 600 euros. so yeah finally it's been a lot of talk but very little action both the regional and federal governments promised grants we would have to pay back but we've only received very little money . there said that a joint account with. the same is true for many restaurant owners entranced the italian government has distributed $500.00 euros credit to low income families in an attempt to support the tourism sector. the goal of the handouts is to repopulate the beaches. for dinner and then about an hour's drive from

tranced furniture factory will come shut down production for about 4 weeks due to the pandemic so far none of the workers have contracted covered $1000.00 still sales have dropped dramatically owner appear luigi's amo has chilled wine in preparation for an in-house trade fair he plans for october to present new products to customers he's applied to his bank for a bridging loan backed by the state to secure his liquidity but it's been weeks since he submitted his request and he has yet to receive a payout. is his big void that a lot of managers they have it all survived the war came about i think at the end this is also miniscule to postpone the situation. is on the rise but this is what is israel is happening italian banks were already battling a credit crisis before the pandemic struck and are highly reluctant to lend right

now 3 s. deep sea harbor normally serves the region's economy well but the pandemic has hit local export oriented businesses hard they're hoping for substantial aid from brussels. i think there should be direct intervention from the european commission should provide direct funding for major projects to improve infrastructure. and further develop technologies in the digital transformation of industry 4 point out mr d.g. that it will be restauranteurs and 3 asked hope that you funds will pass them by either be stronger savina fulling has almost given up hope of ever receiving adequate italian state aimed to stay afloat. next a form a senior executive a german payments processor why a cod has confessed to his role in a multi-billion your a fraud that's according to lawyers anyway who say the man was c.e.o. of card systems middle east that's why constant launches subsidiary he was arrested

in munich last week the scandal revealed and the a $2000000000.00 euros hole in while cost finance is leading it to file for insolvency last month is more from our financial correspondent. the former senior executive was confessing to his individual responsibility we don't know exactly what he's confessing to what crimes what actions but whatever you says to the prosecutors could also shed light on the actions of others involved in this crime in this council that would be judicially and politically very important meanwhile investors the public politicians were aghast that even with all that has happened it why are card it still in the tax well that. has now announced that that could soon be over that chapter. changing the rules in the market participants agree to the change of rules and why are card could be out of the docks in mid august. now

some of the other global business stories making news. french prime minister says the country's controversial pension reforms we've put back to at least the end of this year the vote has led to weeks of protests and crippling strikes with unions arguing that members would end up working longer the reforms are being delayed because of the economic fallout from coronavirus. rich airways is retiring its entire boeing 747 fleet as it struggles to deal with a sharp downturn in air travel be a have wanted to phase out its 31 jumbo jets by 2024 is the latest in a string of airlines that have said goodbye to a plane that dominated air travel a half a century. and piracy in asia has doubled over the last 6 months they suggest there were 50 incidents in the 1st half of the year it's thought more people are turning to the crime after losing their jobs during the coronavirus crisis. now the cuban government is to allow why do use of the u.s.

dollar and it's dealing with a major economic crisis that has led to shortages of goods the communist countries heavily controlled economy was struggling with u.s. sanctions and the economic collapse of its ally venezuela even before the cover of $1000.00 pandemic made things so much worse currency is complicated in cuba the communist state has to pesos and convertible pesos but it's u.s. dollars that people really want they are needed to pay for foreign goods vital in a country to set but shortages to that end the government has widened the category of products dollars can buy. it has also removed a 10 percent tax on their use. at all but a seething illegal despite the hostility that persists in the united states government with the implementation of measures that intensify the economic blockade . it has been decided to end the 10 percent tax on incoming cash dollars to the

banking system and if it can get us and lift them up by guiding. but not everyone here has access to dollars tourism is at a standstill due to the pandemic while many u.s. firms are banned from doing business in cuba. now the issue now is where are we going to get u.s. dollars we're a country that is under a blockade where will the dollars come from foreigners aren't coming in there is no way of getting u.s. dollars. in and i said this the for those who can't get them though this is good news and not just because of the tax code for now only goods such as home appliances and cars could be bought with them now it will include food. and finally anyone who like me has accidentally left a bag of them at the back of the cupboard for too long will know that coffee

grounds are a great place to grow fungus well one belgian business has managed to monetize that fact and cut down on waste while they're at it employees at funky told the cafes of brussels collecting old grounds to use to grow mushrooms they're produced in a massive cellar in what used to be the city's royal warehouse and then sold on to organic restaurants. and that's all from me and the business team here in berlin you want more from us to check out our website www dot com slash business we're also on facebook and twitter thanks for joining us and take.

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discovered. the a. subscript . hello and welcome to in good shape as always directly from berlin this is rare in 19021 of the 1st persons in germany was diagnosed with hiv that's the virus which causes aids back in those days this disease was not treatable and it caused a lot of fear thanks to medical progress and doctors like me a lot has changed and improved so.