it is a serious celebration coming out of the corona fires and that make it india there were more than 68000 new cases in the past 24 hours. up next on new business chris colbert looking at why dubai is a major tourist destination despite the pentameter i'm sorry kelly in berlin thanks for watching take care. as good times are good for the. warming doesn't. jump of the most well not yet. the industry is controlling your

thoughts the great books of the 20th century. present a hoax is. chilling new zealand's source may 3rd. bankers and analysts nervously wringing their hands as major players warn of losses triggered by the downfall of private investment firm r k goes to get the latest from our correspondent also on the show we take you to dubai where tourists can stroll shop and blogs like the pen demick never happened but this openness comes at a price. i'm chris cobram berlin welcome to the program global banks may lose more than $6000000000.00 following the downfall of arcadius capital

a new york based private investment firm arcadius had dealt in derivatives known as total return swaps they allowed busters to bet on stock prices without actually owning any shares are cagas had assets of only $10000000000.00 but had held stock positions worth 5 times that sum most of them in media companies viacom and discovery as well as chinese tech companies baidu and tencent jack japan's new moron and credit suisse of switzerland are the main lenders to our cagas and have warned of lawsuits. let's get the latest on this from our financial correspondent conrad boozman in frankfurt conrad how much how much contagion is there. the deals causing all this don't seem to be very transparent do that. that's absolutely right chris this is highly

specialized trading business the financial instruments used here are very difficult to understand as well as their systemic risk you know the risk that those financial instruments cause harm on parts of the financial markets where you wouldn't expect at 1st sight what's also in transparent is how much leverage is in use how much borrowed money the more highly leveraged such deals are the more risky and last but not least there is a certain amount of contagion risk because of the huge slumps of the stock prices involved viacom c.b.s. for example the shares lost 27 percent on friday just to lose another 6.7 percent yesterday with such strong losses of share prices of course it is no surprise that traders are getting nervous about other stocks as well. japan's new more our

greatest fear is heavily exposed to this whole mess what are you hearing in frankfurt are any german banks involved in this we all know about the sketchy history of deutsche or. so it's a bank has a business relationship with but the bank says it has significantly deed risked its poser to ok goes capital stocks and that it doesn't expect to incur any loss on exposure so this time the risk management procedures have worked at the bank other german banks are not reported to be involved at least not with a direct and immediate business relationship with us and conor what about the financial watchdogs some of them particularly here in germany have been criticised recently for not keeping a close eye on these matters. that's true well the german financial watchdog remains quiet as always i should probably say buffett has not

a reputation of being very quickly when it comes to communication that's different with the swiss regulator fin ma the f.c.c. in new york and also japanese oversight people they all say that they are closely monitoring the events of course they try to calm sentiment on the trading floors controversial in frankfurt thank you. now for some of the other global business stories making the news after major should ever given was finally freed ships waiting for nearly a week have started to move through the suez canal again removing the blockage is a massive relief for global trade but it will take 3 or 4 days to clear the backlog the canal authority says playmaker boeing says here is low cost carrier southwest airlines has ordered $1737.00 makes our craft the $12500000000.00 deal increases as well as next commitment to more than $600.00 planes it's the largest order since the model was approved to fly again at the end of last year. the huge explosion in

the port of beirut last august reduced large parts of the lebanese capital to rubble it also left hundreds of people homeless but many lebanese were fighting for their livelihoods even before that for years the country has been mired in political and financial uncertainty. these people are protesting the never ending financial crisis in lebanon hundreds took to the streets in the capital beirut over the weekend the domestic currency the lebanese pound has fallen considerably in value nowadays the majority can barely make ends meet. lebanon is currently going through a real monetary crisis that has led to a financial collapse lebanon's money was stolen and the central bank wields power that no other central bank in the world has. a welcome one but i know it's people like south who are being hit hardest by the worst crisis since the end of the civil

war in 1990 the former policeman depends on a plate of hot food from a soup kitchen something he could never of imagined in the past. because i used to be middle class but now i've fallen below the poverty line. the retired policeman a former teacher even former university professors come here regularly. the n.g.o.s that runs the soup kitchen sees the impoverishment happening on lebanese society. above all its retirees because with the monetary devaluation that they've totally lost their purchasing power they don't even have the power now to buy their own medicine or to pay their rent or buy food or anything at all. to you know many international observers are already referring to of lebanon as a lost country as rampant corruption also becomes increasingly widespread and the

country's own politicians seem as helpless to deal with the crisis as the people they're supposed to serve. now here in germany here in europe brother it's not only germany does grappling with a 3rd wave of corona virus infections at the moment neighboring poll. and daily infection rates have been breaking one record after another now the government in berlin has declared poland a high risk area which means that anyone wanting to enter germany from poland needs a negative coronavirus test a real hurdle for thousands of commuters. instead of a quick trip to the construction site construction supervisor. has a long wait at the german border polish commuters now need to show a negative coronavirus test to enter the country. picks up some new colleagues and it's glad that he came despite the difficulties at the border he phones the boss to

reschedule the work here your commuter i.d.'s and the company certificate that you're employed by the shift in an emergency show them that as well as your current corona test or. waiting in line for hours and paying for the pleasure resend meant among commuters it's noticeable. we're getting ripped off for driving to work but fun and at last. and his colleagues turn it cost 3 hours of waiting and $23.00 euros he hopes he'll get the money back the polish ministry of the interior has just announced it will cover the cost of at least $1.00 test the week. but now it's off to work i'm relieved but for how long soon i'll have to queue here again for several more hours and pay again that's pure stress. they made it this time they can go to work whether that will involve overtime doesn't know fortunately most of his 20 or

so polish colleagues got in today but the boss is worried things might not stay that way. i know one worker is missing he probably saw the queue at the test center when he got to the border and went home again you know the situation is that the guy is just under 60 years old now and he told my other colleagues today that he's not going to put up with it any longer. he'll probably quit. you can move up your back at the border bridge and flunk foot everyone entering germany gets checked polish daytrippers can only cross with a negative culvert 19 test result for commuters proof of employment is sufficient though they still have to wait in line some here half way that 7 hours today just for a test. now even during the coronavirus pandemic dubai has continued to trying to attract tourists after all every 10th job there is dependent on visitors coming and

spending money that's why hotels stores and restaurants face very few restrictions of this kind of openness comes at a price. dubai has been open since last summer the sleek hub on the persian gulf attracts tourists from around the world with a mixture of maximum freedom and minimum restrictions hotels stores and restaurants are all open up to 7 people are allowed per table no curfew and no quarantine and negative test result is sufficient for entry. the openness was born of necessity the tourism industry collapsed when a hard lockdown was imposed a year ago one in 10 jobs here depends on the industry tens of thousands of foreign workers were sent home. the largest city in the united arab emirates was on the brink of collapse but after the reopening came a turnaround the government is optimistic. we do see

a good recovery that will come you know we want to use this summer as as a launch pad to reintroduce. the safety and. travel is. just to show that you know by safe. as your phrase that we are known for. luxury hotels are filling up bargain prices and discounts are tempting a flight for 2 people can cost as little as 1300 euros everything almost feels like it did before the pandemic. masks on the beach are rare but cocktails are plentiful half price at happy hour german guests are already enjoying the sun sand and beautiful views it's almost like over $1000.00 doesn't exist. it's so different and so nice to be free people can take things for granted nowadays it's crazy it's almost like

a new life here. it's great to escape germany right now because even though you have to wear a mask here you can eat outside and in germany everything is closed but here you can go shopping and even do sports for example. i think of. the fact that democracy freedom of expression and human rights are not well regarded in the autocratically ruled emirates does give some tourists a bit of a headache but in the end most aren't willing to let this information spoil their holiday. i mean this is a little bubble here we don't have much to do with it now but human rights of course i'm for it. the opening policy does have a price the infection numbers have skyrocketed at the beginning of the year in the emirates $2100.00 infections per day in a population of $10000000.00 people dubai is currently considered

a high risk area. and that's our show for more go ahead and check out our website at w dot com slash business or social media i'm chris called roland thanks for watching ever suffer successful. sex as a culture. in my own love to love. what does sex mean to me. and who else does it affect besides me. in the fight over sexual morality comes. straight w. . got some hot tips for your bucket list.

corner tricks. that's hard for some chance and some great cultural memorials to bridge. the double trouble free go. ahead. in poland a bitter debate is raging over the issue of sexuality. because i will not allow aggressive sex education into our schools more than 30. new notion no government can take away our right to sex education and our right to house don't get caught with sex education of young poles as at stake sexual minorities are.