yaml senior. u.s. markets up as its worst selloff in more than 3 decades and fears over coronavirus with president warning of a possible recession to come. the message is clear stay at home. swore on 19 with the e.u. taking its efforts to contain the pandemic to a new level as an increasing number of member states temporarily close the borders . i don't think the borders of the entrance of the european union. will be closed. and of a tightening scrutiny of us take john supply european regulators i phone make our police ordered to pay more than 1000000000 euros by france for anti competitive

frank. good morning and welcome the international. u.s. president donald trump said the country's economy may be heading into a recession since the u.s. stock market suffered its worst trading day since 1987 the share price is tumbling by 13 percent on monday amid face over the coronavirus. is the u.s. economy heading into a recession well it may be thinking in terms of recession since the virus once we step i think there's a tremendous pent up demand both in terms of the stock market in terms of the economy and it once this goes away once it goes through and we're done with it i think you're going to see a tremendous tremendous search will be pandemic is causing turmoil in financial markets willed wide despite drastic action from central banks to limit the damage

my colleagues kevin owen and run as the have discussed what's driving this selloff . i suppose it was to be expected to spoil all those measures that us put into place the last couple of days nevertheless rather than coming things it seems to go worse march madness because a coronavirus was going to go what do we know well there's only one way this is going and it is going down look at yourself in a matter of weeks the dow jones industrial average this is this is an average of many major corporations so an index of their stocks the average it is plunged to levels that we saw that the world was out in 2070 so over the course of a few weeks we've race economic progress made over the last 3 years and this is still early days yet i mean the pandemic in the united states it is predicted to get much much worse and essentially what we're seeing is the equivalent of a run on banks so if a bunch of people run by sea to try to get their money out this is what investors

are doing now with the stock markets with the stock markets in the united states and. their reaction has been so far to come out and say they're obviously trying to avoid inciting paddick they're trying to calm everyone down and they're pulling money out of thin air billions and billions 700000000000 that they announced in financial measures which is quantity of easy which is a bailout which is it's essentially printing money pulling it out of thin air and giving it to bags the whole point of this is to keep keep banks running what is a bank to bank has money what does it do with this money doesn't sit on it it gives it out so it gives it gives it out to you you're a business you're a mortgage owner you get all this money and here's the bag it has hardly any left suddenly all these. debtors all these that is come to the bank and say look we want

our money back the bag doesn't have any money i mean you've got all the money you pay every month you pay every month the city. we're in now is the entire industry is collapsing all manufacturing italy is on lockdown and the banks rule exposed to this so nobody's paying the banks or the bow of the banks car pay the eventual you know the people who invested money in a bag how this is affecting markets around the world 1st it was china they shut everything down and this was you know this was the 1st wooden bell because this would this is a knock on effect the entire world economy is interconnected a small bag somewhere in chicago has ultimately an interest in keeping things running in china because say it own stock in apple apple produces its phone to china so then surely there's no phones being produced in china. new for new phones being sold so the bank takes a loss ultimately it's all a knock on effect and with genius across the entire world more quantitative easing

and rate cuts they're going to keep rates of this is this is to stimulate borat to stimulate banks to give out more loans on top of loans that are being paid back so that we can at least pretend that things are going on as as usual we have these fiscal measures out there and they're very powerful i mean the sum total as well over $800000000000.00 from our forward this is it is sort of kick in the ball down the road eventually all this money vs more than a trillion if if though those $800.00 a pretty to get more than a trillion dollars that people are going to have to pay back this is banks this is ultimately borrowers that are going to have to pay back all this huge amount of money but there's no alternative. is to watch the entire thing crash and burn and the europeans especially worried about it we support our companies we support the small and medium enterprises and above all we support people we support them in

their jobs we support them with their income losses so right. now the focus is on strengthening our economies and investing what ever is necessary to have the economy going on further the future looks very bleak because you have hundreds hundreds of millions of people all around the world sitting at home were without jobs an entire interests industries at a standstill but everyone has to eat you know their loans to pay their responsibilities that must be attended so it's anyone's guess and showed how this is going to go we spoke to economist richard wolfe who says confidence is slipping in governments and warns that we could be on the brink of another great depression . because lots of the markets today down 10 percent roughly here in the united states in new york city where i'm sitting is a clear very profound statement that the entire investment community which is not

the small people who have a few shares i'm talking about the people who manage pension funds who manage bank quarter call wheels and so on have a massive loss of confidence in the government of the united states or in the private economy to get out of this disaster after a cut in the interest rate last week and even bigger double the size cut this week and the announcement of stimulus plans we do not see a recovery a turnaround we see that these are interpreted as signs that this situation is out of control and i think you see that in the business community you see it in the mass of the working class you see it in average people everywhere we are out of soap in our supermarkets we are experiencing the kind of meltdown that you associate with events like the great depression of the 1930 s. . france has imposed

a near total lockdown on citizens telling them to stay at home for at least the next 15 days over 100000 police officers have been deployed to enforce the current team the measure is unprecedented for post-war europe. the message is clear stay at home these are containment measures similar to those in spain and italy all persons traveling must be able to justify their movements each person will have to carry a document certifying the reason of his or her journey. comes as the radically steps up its efforts to contain coronavirus restricting all nonessential travel for at least 30 days several nations including austria germany and france have closed their borders on to charlotte he was get looks at whether the era of free movement could be coming to an end. for years populists have been advocating tighter border controls within the european union which you and the national governments

have criticised yet in 2020 that is exactly what we're seeing happening it all started with italy and border controls being imposed from people trying to leave it to lead to go into austria but since then a host of other e.u. countries have done exactly the same we have seen slovenia hungary denmark and now even germany shutting up shop saying its borders are closed shame again which is the idea of free movement within the european union to do that without passports is essentially over well for now at least. the borders of the entrance of the european union and the schengen zone will be closed concretely all travel between known european and we were ripping countries will be suspended for 30 days or we are forced to stop flight connections to these countries and establish controls at the swiss border just like the ones we have already implemented with italy when

you're hungry border in the direction of italy remains closed. without a valid reason travelling in and out of the can through will no longer be allowed. to burn on entering the czech republic are all foreigners except foreigners who are the permanent residents of all residents of. life in the e.u. as we know it is over museums shops bars cafes schools have all shut up shop in many countries in a bid to pause the peak of the infection rates in france the bees which is the way that people sort of course we teach other with kisses on the cheeks has been pretty much banned people have been awkwardly bumping elbows or knocking their heels together but even that. has been petering off as people are becoming more and more whipped up into hysteria that they could get contamination from just being close to another person the government's line is keep your distance from each other

yet in the either this conglomerate of $27.00 countries which are all meant to be singing to the same tune it doesn't seem that there's one rule that all are applying even the european commission is warning that the closing of borders could actually pause supplies thousands of bus and truck drivers stranded at internal borders on parking lots creating more health risk and disrupting our supply chains if we do not take action now shops will start facing difficulties in refilling their stocks of certain products coming from elsewhere in the single market some see the idea of governments in europe essentially locking down their countries as being the start of a slippery slope even warnings that this could be a nail in the coffin for globalization as we know it the coronavirus crisis

threatens to assure a less globalized world was the pandemic company bates those who believe the openness to people and products from around the world is generally a good thing we need to make a case for it afresh in persuasive ways. and he says this could be a gift for populist parties who have been advocating this this tighter control of borders for many many years and also those tighter restrictions 19 has highlighted the downsides of extensive international integration while finding fees of foreigners and providing the just a mystery for national restrictions on global trade flows of people europe as sturrock lee has been a cultural hobbits bars it's cafes its restaurants hazes of people coming together discussing and debating ideas and some fear that this idea of self isolation as we've been told to do could actually cut through the fabric of that some of also said that it will see the nation fighting loneliness as people self isolate in

their homes and their apartments now in italy some people have already tried to overcome that we've seen these marvelous comes together of people singing on their balconies as there's a sense of we're in this together. but the longer that self isolation goes on some say could be weak some say it could be months for many people their homes which are meant to be their safe haven the place that they go to relax and rest could become more like a prison cell future historians will remember the time 90922020 as the heyday of european global integration which came to an end free borders of free movement. inclusion etc. all of a sudden we see a complete this mode goes into reverse. the call the consequences would be grave no

question i do not expect any return to the status quo ante we would see a different you or i do not expect a disintegrated your. but how this will how this will work out how it will look in in reality for example with border controls that's a completely different question dreamy days of the past with no border controls at all i see is permanently over gone. u.s. tech giant apple is being hit with a fine of more than 1000000000 euros by francis competition or 13 the company and 2 of its wholesalers in france were found to be colluding to stifle competition and control prices apple and its 2 wholesalers agree to not compete against each other and prevent resellers from promoting competition between each other thus sterilizing the wholesale market for apple products the french competition north or

a cheese decision is disheartening it relates to practices from over a decade ago and discards 30 years of legal precedent that all companies in france rely on with an order that will cause chaos for companies across all industries we strongly disagree with them and plan to appeal. the 1st big fine uppal seen in the european union just over a month ago friend slapped up over the 25000000 euro fine for a software update that was found to slow down older i phones in 2016 apple was ordered to pay $13000000000.00 euros to ireland after the commission ruled the company had received illegal tax benefits for more than 2 decades columnist and elizabeth political analyst charles or tell share their perspectives on the issue. i think if you were talking about fines of 1xb5xb1cw you start to get some attention but so long as the fines are in the low billions even for such

a company like apple or of a microsoft or whatever the system he's got his trademark advice of approaching or about a trillion dollars so it's really you know less than a penny to them it's not really it's hurts you don't want to pay a $1000000000.00 fine but it's not the kind of thing that's really going to change behavior yet in my in the governments around the world are going to including our own u.s. government are going to take a much closer look into the degree that high tech companies are abusing their market positions in effect operating near monopolies are even monopolies driving other businesses out of out of existence around the globe so it is a i think a rebalancing of power between the tech giants and the rest of the world treaty it's intended war and in this respect it's probably a good thing that the governments are fighting that caller like not eventually everybody's going to going to get to some sort of agreement but it's the you know

the time when google said be good don't be evil which was a company moto in the late ninety's that's over they all went and they actually set out to be on the they are sometimes evil in the markets and they certainly distill the play the free play of markets and that's all they've got to be contained and the only way is to is to hit them where it hurts which is the purpose. it's fair domestic abuse could see a spike in the coronavirus details coming up. join

me every thursday on the alex simon short and i'll be speaking to us from the world of politics sport i'm sure i'll see you then.

welcome back to the world health organization has announced that the global death toll outside china from corona virus is now overtaken that inside china where the virus 1st broke out. in the past week we have seen a lot of beauty school issue not accuse a soft core view 92. more clues. have now been reported to the rest of the word. china now according to the latest estimates deadly cases from around the rest of the world have now outstripped china by around 174 while approximately 5000 more people have been infected outside of china than in our monday beijing announced it was sending additional experts to help tackle the pandemic in italy the 1st team arrived in rome last week with tons of medical aid including masks and respirators while the italian government criticized the e.u. member states for being slow in coming to the country's aid over the coronavirus

pandemic pact long wong senior lecturer in international relations at the university of bath explains why china was the 1st to help italy. prior to china italy has a very special crease because italy was the 1st country who signed a one by one rule agreement so i believe as italy has already extended how we quest to china china has taken it very seriously but cement offered the entire 40 did ask help from the you'll however it didn't work that's why italy has to ask help from china. european. states members who all experience all know are crisis and i believe that the chinese government would also be willing to extend help cement off the core no waras

olbrich it's not only affecting china is also the screw up today major economies in europe and in north america. disrupting all these global supply trends saw i believe we are actually already the only her into recession globally. there are more people around the world end up holed up at home over coronavirus domestic violence activists have been sounding the alarm about a surge in cases abuse is about power and control and then abuse or can use any tool to exert their power in control including the national health concern such as covert 19 we expect rising tension and likely rising violence which makes everybody more vulnerable the survivor and children in the home activists say a pandemic related restrictions worldwide will make it harder to help domestic abuse victims they point out the people at risk still have someone to talk to though as advice hotlines will remain open to the host you know latin says

communities need to look out for the vulnerable. when ever people are cloistered in close areas for long periods of time emotions are naturally heightened this is normal so when you have people who are already emotionally vulnerable our or in bad emotional relationships those emotions are also deepened and and a lot of times heightened and so it can lead to some of the worst unfortunately and so so you can see spikes in domestic abuse i don't think it's the job of government or the role of government to monitor the emotional health of people necessarily but there are a lot of ways for people to sort of self check neighbors can check on neighbors family members can check on family members and help your neighbor out or help your family member or friend out and especially those who are vulnerable for whatever reason and this is certainly one of those reasons you might want to do some

checking on people. in a move to reduce public contacts several states across australia will suspend roadside police breathalyzer tests for drugs and alcohol to cope with 900 factions spiked over the weekend this is you have been made to minimize through to queensland police officers and the community. the police commissioner in consultation with the minister for emergency services has determined police officers may decide it is not reasonable to undertake stationary r.b.t. an r.t.t. in the current climate strait it currently has around 370 cases of crew of the virus 5 the being deadly citizens returning from abroad was going to self isolation for a period of 14 days legal analyst for their master and former u.k. police officer peter cook and shared their views on whether the police should change the way they work because of the pandemic. you have to be worried about everything that's going on right now but to say that we're just going to stop

utilizing breathalyzer tests is absolutely ridiculous australia was the 4th country on planet earth in terms of high auto. alcohol related auto accidents and that's just behind the united states and a couple others but 30 percent of deaths on on the road in australia were caused by drunk driving we don't know what's going to happen in the future it doesn't sound like something that's going to be years and years and years it's going to be from them so that impacts the limit seats but you've got so while the pros and cons of doing not doing bottom line though is a cop can only do one thing at once and if they need it for what is considered the priority of stuff they're not going to be there to do anything else but a situation like this where it comes to 1st responders who are law enforcement our police forces we need to make sure every country especially now needs to be putting their funding a back in use to be reevaluating their budget needs to be helping our 1st responders our law enforcement because that's where people are going to melt down

unfortunately we don't want people to riot or to to go crazy at all we want people to be calm in the u.k. the employer has an absolute responsibility so they do all 'd that is reasonable possible reasonably possible to keep their employees sayf from injury or illness when work over so you're reasonably practicable is something that the course would decide there can be other measures and 2020 technology is advanced enough where you can either find different kind of brought their lies or devices or or have ones that could be disposable utilize a little bit more funding for local law enforcement so that we can keep everybody safe talking about what are we going to do as a contingency if we suddenly get a shed load of stuff to do to do with the virus what are we going to knock off the list that we're not going to be doing any more we need to keep the same proportion . appreciate staying with altie this morning i'll be back with updates on our top stories in half an hour.

now and point scoring we have what would be historically considered one of the greatest financial crises of the past 115 years and where does it fall into the category where how do you classify it i think we're going to see a global depression and to your point how quickly do we get out of it the activist fed the problem there is that their prescriptions thus far have caused the problem so there actually is the problem there needs to been fed the central banks need to be removed from the equation because they are the problem.

you are no offense but you no longer a young woman in fact you are one of the last living survivors of the nazi ellis asked i'm aware of it. and leave the debt all you like. and you can never forget maybe you can now auschwitz was really like to be inhaled because he would never believe it wasn't a human can do to as a copy of course for 30 years and open the cupboard it. seems so logical for a little sideways to make it right when i get out on loan the farm saw you know what it's like my songs were next to you so you can listen and hopefully bless my heart hurts.

the market down continues as an early fed rate cut doesn't work out plan this is the one business show you can't afford to mess i'm christiane and i birds are born washington coming up the federal reserve has taken freston measures to combat the malays of the cope 19 impact we take a deep dive on the move and the way other central banks around the world are reacting plus. we have taken other decisions as well the most important is that we have. borders during the next few days a period that can be extended to argentina. and amid the outbreak what measures are some nations around the globe taking to slow the spread of over time we take a look around the world to see which nations have traveled to states the effort out . and later a several industries have been

a casualty of the recent economic slowdown something planned as hard as the oil sector we have a live report on how falling demand at a price war has. been a jam packed show today so let's jump right and. futures head as limit down before market opened monday as the fed said the markets panicking yet again as the fed has expanded it all as conventional and unconventional tools which included this weekend cutting its key interest rate by a full percentage point to near 0 and boosting its bond holding by $700000000000.00 markets are still getting slammed triggering a 15 minute halt again right off the open we reduce the target range for our own interest rate by one percentage point bringing it closer to 0 or and so that we expect to maintain the rate at this level and who were confident that the economy has weathered recent events and is on track to achieve our maximum employment and predictability go. equities saying deeper into bear territory as the dow is now

about 30 percent off its all time highs investors are digesting nonstop news flow of companies shutting down operations countries sealing borders and infections spreading in normal circumstances a large policy response such as this weekend would put a floor under risk assets and support recovery however the fear is exponential and markets are questioning what else monetary policy can do in mitigating coronavirus induced risks investors are liquidating 1st and asking questions later prefer in cash in the front end nowhere is this more obvious that in gold that has crashed down to 14 sixties in just a few days silver has been taking a beat down as well down to its lowest level since 2009 and for the 1st time in human history has been this cheap relative to gold meanwhile as the fed announces $700000000000.00 money printing scheme bit coin has surged almost 15 percent its gain was short lived as it is not immune to the liquidity crisis however a big point reined in volatility and avoided heavier losses without any external

intervention such as circuit breakers and bailouts now on the other 4.