let's start with euro. a big rally on the back of christine lagarde in the ecb's actions yesterday, and we again see movement to the upside on the euro. this morning's move is all about the ecb or is that the dollar weakness story? what do you make of it? >> i think it is a bit of both. as the ecb announced its actions yesterday, we saw the euro tick up mildly. it started rallying after the dollar started sliding. seen aw, we have tendency in the market for german yields to climb higher. if that keeps continuing, the euro will rally. we see fair value. let's talk about crude rally. we will get more from our oil reporter, annmarie hordern, a little bit later. how far do you think we could see prices go right now? good morning, matt. double in the space of two months, in a sense, that was going higher, but the gains are bound to slow from here on. why do i say that? given the impact of the pandemic on the hospital and travel industries, it is not clear demand will be back to pre-pandemic levels anytime soon a

also coming up europe's central bank promises an extra 600000000000 euros to help the content of void economic collapse we'll get the latest from frankfurt. and coming back from cope with germany's governing coalition approves the largest economic stimulus package since the end of world war 2 chaps are live arkell says the aim is to give of the next generations a future. plus the disappearance of a british toddler madeleine mccann from a resort in portugal has been unsolved for 13 years now police in germany think they may have a new lead. time sumi so much got to thank you for joining us thousands of hong kong hours have lit candles across the city to mark the anniversary of beijing's crackdown on tiananmen square in 1989 chinese troops are thought to have killed thousands of pro-democracy protesters 31 years ago an official death toll was never released a today's commemoration comes despite a bad. and on gatherings in hong kong authorities say they refused to give approval for the events because of the corona virus but critics say it is another move by beijing to suppress freedom of

news live from berlin decision day for live tongues shareholders vote on a 9000000000 euro government bailout of tons as managers say that it is make or break day for the company put out a deal to the airlines with its nearly 140000 employees use is facing imminent bankruptcy. also coming up workers linked to make running virus outbreak at a german slaughterhouse called their quarantine conditions in to make. sure there is really i feel like a pig like a pig in a small hole. more than 700 people are living behind these fences a forest lockdown that has trapped the sick and the healthy together and a new report warns the pen demick could wipe out years of progress fighting poverty in africa we will ask one of the study's authors what can be done to protect african economies from spiraling deeper into crisis. i'm sorry kelly welcome to the program it is decision day for shareholders of germany's flag carrier will be can voting soon on whether to accept a 9000000000 euro rescue package that would make the german government the airline's biggest stakeholder should shareholders reject the

the euro area.rio of the gdp isions, annual real in 2020,to fall 8.7% 5.2%, rebound by 2021 to and 3.3% in 2022. compared with the march 2020 ecb staff macro economic projections, the outlook for real gdp growth has been revised 9.5%antially downward by in 2020 and revised upwards 3.9% 1.9% in 2022. given the exceptional uncertainty currently surrounding the outlook, the projections also include two alternative scenarios. publish on our website following this press conference. in general, the extent of the contraction and the recovery will expect -- will depend on the effectiveness of the containment measures, the success of policies to mitigate the adverse impact on incomes and employment, and the extent to which supply capacity and domestic demand are permanently affected. overall, the governing council sees the balance of risk around the baseline projection to the downside. estimates,o eurostat euro area annual h icp inflation decreased to 0.1 in may, down be --.3 in april, may mainly on accounts

— as euro area citizens approve very strongly of the euro.o all member states and to all citizens. i am sure that, even in the more sceptical regions, they do understand that they take the numbers of the netherlands, 60% of their gdp is made of exports and the vast majority of those are for european countries. this is a very, very strong neutralisation of the economic model of the netherlands and denmark, of sweden, portugal, of spain. well, you would have to hope you are right and that scepticism does not rise because we see where scepticism can take a nation, it can ta ke scepticism can take a nation, it can take a nation like the united kingdom out of the european union. i will end with a brief question about the state of play in the negotiations between the eu and britain on a future trade agreement. as you know, if there is no agreement to extend the talks, to have an extension to the transition by the end ofjune, they must and by the end of the year and we get the noises from the rubble you chief negotiator, michelle barnier, and the br

this is g w news live from berlin and shareholders vote to throw the tons and 9000000000 euro lifeline they overwhelmingly approved a rescue to go that will see the german government take a 20 percent stake in the airline lufthansa has been battered by the coronavirus crisis and was facing imminent bankruptcy. also coming up workers linked to a coronavirus outbreak at a german slaughterhouse called their quarantine conditions inhumane. i feel like a pig like a pig in a small hole. more than 700 people are living behind these fences a forced a lockdown that has struck to the sick and the healthy together. and you get banned from twitter for posting u.s. president trump that's what one user set out to find. and the results may surprise you. i'm sorry kelly welcome to the program we begin with breaking news look tons of shareholders have voted in favor of the german government's 9000000000 euro rescue package for the airline the government bailout will make the german taxpayer the biggest shareholder of the country's largest carrier with a 20 percent stake now lufthansa has struggled to s

after 2 days of intense talks their marriage with $50000000000.00 euros more than anyone expected and a dramatic surprise aimed to get jam enjoy reaching for their wallets the h.e. will be cut by 3 percent until the end of the year. we're missing the physical to see it would know that the long run and we need to make sure that everyone has the courage to invest again and to make sure that the consumer demand rises to unseat. 4 weeks industry leaders have lobbied hard for american see help in the end there was a little for everyone thought and if you think. there will be a great number of further measures aimed at reviving the economy and we will agree on a bridging program using exiting means for middle and small businesses. among the measures families will receive $300.00 euros per child the government will help local municipalities cover billions in touch falls there will be bonuses for companies to keep training programs despite the pandemic and purchase incentives for electric cars missing amid the measures long hoped for purchase premiums for cars with petrol and diesel engines h

massive economic bailout for europe's largest economy the german government says yes up to 130000000000 euros in aid the deal comes after marathon talks within the governing coalition the package is meant to cushion the economic blow it dealt stranger many a by the pandemic also coming up. 3 more police officers are charged in the death of george floyd and the prime suspect faces the tougher new charge of 2nd degree murder their actions have sparked mass protests and a moral reckoning in the united states. plus a suspect in a 13 year old and missing person a mystery a german prisoner is under investigation for the disappearance of madeleine mccann from portugal hotel room in 2007. i'm claire richardson thanks for joining us germany's government has agreed a massive stimulus package to kickstart an economy battered by the coronavirus crisis the 138130 1000000000 euro deal will see taxes cuts and money given directly to families germany faces the worst recession since world war 2 following weeks of lockdown chancellor angela merkel said the agreement would also help the economy adapt to future

a lot going into the euro. if the euro is really going to push back to fair value against the u.s. dollar, which is a long way from here, i think we do need a shift in the politics certainly, if we did have more signs of willingness, i think that could be a game changer that is still an if at this point. plus all of the 27 different nations. if we look at the history, we generally have the trading and muddling through we know we have some option. opposed to the idea of grants for some european countries and see the option if we do have the best cased scenario here ratified quickly, that could be a game changer i'm very skeptical of that to date >> very clear on that. head of fx strategy. the uk prepares for post peak life and hopes to relaunch stalled brexit negotiations. i love these fries. you know, the chef here trained in france. mmm, it shows! so good. oh hey, did you say you needed help with investing? because i know someone who's really great. and you trust him? totally. yeah. we went to school together. i'll check him out on investor.gov. so, what'll it be? i'll just have t

what is the german government spending 1000000000000000 euros to below. what will the german taxpayers get for. the german government really isn't approaching this as an investment they aren't really looking to make money off of this but they really see it as as a way to protect the future of a really crucial. penny in a really crucial employer here in germany tons employs about 75000 people in germany and it also is really a symbol of the german corporate sector of the economy minister picked off by or has said that it's part of the family silver here and germany's so there's obviously a big need from an economic perspective and also just as sort of a symbol of germany's economic strength that it has to really protect this company ok this below government bailout is one thing that look terms also reached a cost cutting deal worth half a 1000000000 euros with its cabin crew union late on wednesday what's the significance of the deal. this is a really crucial agreement between the union and look tons of because the other option would have been for a lift o

news live from berlin shareholders vote on a 9000000000 euro government bailout largest single stock says he'll back the deal but what does the future look like for germany's flaca. also coming up german pharmaceutical giant bio agrees to pay nearly $11000000000.00 to settle u.s. laws for tens of thousands of people claim the company's popular weeklong roundup calls that. i'm going to off as well come it's a big day today for one of europe's largest ally and tons of shareholders gathered today to vote on a 9000000000 euro taxpayer rescue package the bailout would see the german government take a significant stake in the airline supporters of the deal were boosted on wednesday when loved ones us largest single shareholder haven't tina revealed he would support the deal that could bring loved ones of back from the brink of bankruptcy it's full of tons of the coronavirus pandemic has been a nightmare barely anyone's flying belly anyone's wanted to fly and the outlooks not much better left hands is main source of profit is its business class but with video conferencing getting ever more

a stimulus package to help the economy recover from the coronavirus crisis under the 130000000000 euro deal taxes will be cut and money given directly to families among the changes are a drop in the v.a. rate for 6 months there's extra funding for mr powell to use to spend on infrastructure and housing and there's incentives to buy electric cars. now this comes as germany faces its worst recession since world war 2 following weeks of lockdown and business closures some quarter of a 1000000 people lost their jobs in may alone bringing the total number of unemployed to about 3000000 jobs wrong americal says the deal was designed to help the economy adapt moving forward. we just launched an economic stimulus package which would be the usual thing to do it had to also be a package with an element of looking towards the future and we placed great importance on that for the years 20222021 the package will comprise 100 infinity to be in euros of. the talking joining us now for more is our political correspondent kate brady good morning to you kate germany tends to be highly allergic when it c

would you rather be trading it against the euro. against the euro is the correct expression.s against a basket of multiple currencies. diversify the correlation to that trade, risk sentiment. interesting to look at the gdp data we have for april. any monthlyeat figure with a handful of salt. month of first full locked down in the u.k.. it is well embedded within expectations. the key thing is the shape of the recovery. we think that is going to be selloff. you for joining us, great to have you on the show. recoveringeconomy is more slowly than expected. that is according to the international monetary the imf set to release growth projections. the u.s. cannot shut the economy again, even if there is a second wave of infection. that is according to even mnuchin. he said shuttering again could just cause more damage. he also, he said, it will not be necessary. contact tracing is improving and officials have a better understanding of how top6 contan an outbreak. houston may be approaching the precipice of a disaster. the warnings highlight the danger of a second wave of infection

if you believe that and you do not believe me, then you buy euro-sterling, not euro-dollar.that interesting, that the market appears to be ignoring the impact of the eu recovery fund's proposal on gdp. talk us through the risk on that and what else you see making sterling vulnerable this year? david: brexit is back. the idiosyncratic thing to come through. first of all, as the next generation, it probably would not have happened if the u.k. was still in. now we are out and we don't want to pay for it. the chances of us asking for an extension, the u.k. government says do not want to ask for an extension at all. deal, partial deal. partial deal seems to be the best you can hope for. then, brexit kicks in. the next generation pushes the euro higher, pushes sterling lower. that is why we quite like euro-sterling. nejra: going back to 2020 and cable. you talk about the fiscal dislocations and you talk about sterling as the least healthy in the structural discussion around the fiscal capacity. this,dds a new layer onto doesn't it? david: absolutely. then you have the double whamm

the package will amount to 130 million euros -- billion euros for the euro 2021. 120 billion will bepending by the government. matt: a reshuffle of the ftse 100 and travel is out. s have been demoted to the mid-cap. promotions include a number of so-called stay-at-home stocks. kingfisher will now be on the benchmark as will cybersecurity firm a vast. boosted by more people working from home. the changes take effect on june 22. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. anna: futures looking a little bit more mixed this morning, there are clear positive captains for risk appetite. in germany, 130 billion euros of stimulus. that is larger than expected. that news came quite late. boost its expected to pandemic bond buying program today. a manageable contagion rate across europe means that reopening is likely to continue. keeping our fingers crossed about that. let's discuss that with laura cooper. the positive feelings around fiscal stimulus, the stimulus expected from the ecb, you mi

now chancellor merkel and president ma kong just have to win skeptics over to their multi-billion euro rescue package and a new class of zombie shares on germany stock market the payments processor why are card collapsed last week so why aren't shares surging. i'm sorry welcome to the program china's nationals people's congress has passed a controversial security law for hong kong that critics fear will give beijing more control over the semi autonomous territory some people in hong kong showed their support for the new law while pro-democracy activists opposed it critics say it restricts freedoms and does that odds with the one country 2 systems policy agreed by china when it took control of the former british colony back in 1970 now britain has called the new law a grave step while the us is removing hong kong's special trading status. and joining me now from hong kong is how democracy activist glacier quality to the program and thank you for joining us this law a suspect expected to take effect tomorrow what do you think happens next. actually because no one has actually seen the co

says the euro zone's combined economy is shrinking at an unprecedented rate and the bond buying will continue until at least june 2021. let's take a look now at some other coronavirus developments global confirmed cases have risen to over 6500000 more than 384000 people have died malaysia has reported 277 new virus cases its biggest daily increase it comes after an outbreak at a migrant detention center and critics accuse the government of failing to protect foreign workers france has canceled this year's day military parade instead it will hold a socially distance ceremony to pay tribute to health workers fighting the pandemic and the philippine government says it's allowing churches to resume mass and other religious gatherings in areas with a low risk of infection or talent central germany has reimposed some coronavirus restrictions not long after they were lifted dozens of people celebrated the end of ramadan together setting off a wave of new infections. just as corona restrictions were being loosened in this german town now the threat of a 2nd look. and because some residents i

of the euro zone at this point is falling spreads in the periphery and a falling euro.hat would be the most reflationary message and stimulus that the market can deliver so this combination we have got instead of falling something toybe watch. but you are right. the challenge really remains support thee can euro zone because even on the ecb's own numbers, the inflation projections remain very low going into 2021 and even into 2022, the ecb is saying inflation will be below 1% so these measures that support reflation in the eurozone are really important but the announcement as far as yesterday, i thought it was impressive and puts the ecb ahead of the curve. annmarie: thanks for joining us. it is really on a tear. some of the technical signals are flashing a bit of warning signs. at what point does the euro strength start to make europe uncomfortable? is a good question, and the key issue really, in markets, interestingly, when mr. draghi made his presentation around whatever it takes, that whatever it takes reflection in terms of shifting european policy, we did see als

also coming up the mystery of the mythical money german payments firm wired hard says that 1900000000 euros in missing company cash doesn't even exist. and an explosion of violence including brutal attacks against police and looting police people in the german city of stock guard stunned and businesses rocked. i'm brian thomas could have you with us today german authorities are scrambling to contain a corona virus outbreak after more than 1300 people tested positive at a meat packing plant thousands of people have been placed in quarantine in the surrounding area there remains unclear if regional leaders are going to reimpose a wider lockdown and concerns are growing about the reproduction rate for the entire country which is now jumped to $2.00. it's an outbreak that has shocked germany day after day the number of infected 10 u.s. employees has risen to over 1300 today but there are indications that the plant may have ignored warning signs ahead of the outbreak. this video shows the company canteen and april of this year overcrowded despite germany's supposed social distancing restrictions

sarah i think it's a massive shift 130000000000 euros of support for the economy power package is what the economy minister called it today and some politicians have been talking about a ban a big bang to get the german economy out of this virus crisis all the fiscal prudence and balance books that with the tenor of german economic policy in recent years seem to be out of the window at least for the moment and they're really turned on the taps and of course that's on top of other support measures for the economy amounting to 3 quarters of a trillion euros that have already been agreed the german government saying it's taking on debts again you know it's a real change germany has found its credit card it's ready to spend so what are they going to spend it on what are the big takeaways. well i think one of the most controversial parts of this package is this drop in sales tax for 6 months nigel americal says you know that's good because it helps everybody whatever they are buying and of course it's true that you know this will help retailers for instance small local shops as well as the

wherever you can get your podcast you can also find us at dot com forum slash science. 130000000000 euros to save the german economy and prop up the europe germany biggest financial aid program in decades draws applause from european leaders with the french government saying it will unveil its own rescue package short also on the show the dice are rolling again casinos in las vegas have reopened doesn't tie . state depending on gambling revenues is hoping to recover from an unprecedented lockdown and we'll take a look at how the coronavirus pandemic could change questionable working conditions in the german meat industry. i'm chris cobram berlin welcome to the program it is the biggest economic rescue package and german post-war history and it's intended to make a big splash 130000000000 euros meant to repair some of the devastation the virus pandemic has caused and europe's biggest economy the plan has been welcomed by e.u. leaders as a key part of the blocks recovery efforts. as europe's biggest economic engine the pressure was on germany to deliver economic stimulus to speed the e.u.'s

the total is 1.3 trillion euros. answering questions to reporters, she stressed everybody is on board with this, countering earlier in the week that many members wanted to wait before committing to this further step in the stimulus, but she also said the reason for it is a tepid response but the euro zone economy to all the stimulus already in place. let's listen to a christine lagarde said. >> we judged it was necessary to it was a unanimous view in the governing council that action had to be taken. of that inflation outlook, and given a mandate a price stability, action had to be taken. kathleen: speaking of inflation, she noted it will only accelerate slowly. any measures you look at, well under 1%. she said by 2022 it will be a 1.3%. the gdp forecast for the year could be down by 12.6 if the second wave of the virus hits. [indiscernible] it is from the desire to be preemptive. people are stressing german stimulus and the eu looking at a stimulus package -- yvonne: kathleen, i am sorry to interrupt, but your audio

this is not a euro bond. it is a one-off. it says so in the law.nted more integration from then on, you would need to change the treaty. harder tot may become change the treaty once you have done this because people will say, we had the emergency, we ability tooved our act, like 2004, when they did the same thing. that frustrated future reform, when mario draghi bailed out, that ended the emergency but it also ended the fight for a more political integration. i expect that to happen now. this will happen. it will be substantial, this package, which is small. the eu is a 14 trillion heavy economy. years.lion over 4 [indiscernible] you are right to it. it is tentative. one-offfits if it is and spread out over x years, is it to the benefit of the banks, the financial elites, the wealthy or is there a trickle-down effect? wolfgang: they have yet to define how to spend the money. the problematic aspect is they have decided the countries. this is not a classic program. spending priorities like environment. billion, something like that, and the idea is to

so will we still see 200000000 euro blockbuster transfers in the future. oh only most really. are wrong. and. less from them. so that you. think you can alter. the company itself. but the ember pierce mess isn't the problem they still make a lot of money because of the best in the game but what about millions of other players around the world and especially the ones with contracts running out most of them aren't very modest wages and have very short contracts of course there's a lot of economic pressure on these players as well after the season when many contracts run out we'll see more player it's. probably frayed and looking for continued employment than ever before because the stench that normally would have already happened now probably happening later but they're not happening and also what does all this mean for future transfers will we see more and more players unemployed more loan deals maybe a trend we've seen for years now or spoke to you off of play and even before the youth ranks and you get that player see you want to return to the interesting question is how will

no crash landing for germany's biggest shareholders have overwhelmingly backs and 9000000000 euros the government rescue package. german film tax tech firm y. card files are insolvency what's being called a number parallel scandal. the lines keep getting longer yet more names on the u.s. jobless register. and we travel to ivory coast to see the disastrous impact of coronavirus on a community that hasn't even reached. this is deemed to be a business on robots in berlin welcome along the dancer shareholders have voted in favor of the german government 9000000000 euro rescue package for the airline the bailout for make the german taxpayer the biggest shareholder in the country's largest carrier with a 20 percent stake of dancer has struggled to stay airborne as the coronavirus crisis disrupts and travel across the globe. go here and clear across europe with. lufthansa pilot. opens the throttle on the service a 350 for a test flight in the skies over the toulouse assembly plant germany's biggest airline placed its order for the modern efficient aircraft some years ago the fact this accepta

the 750 billion euros already allocated. joining us now is frederik pictet, af banque global strategist. how much are the markets expecting, for the ecb to do a lot, or is there an expectation that they will not do much at all? frederik: yes, there is always gameplay in the market in the ecb, but this time, there is more of a move, because most high-level government levels, as mentioned, wolfgang schaeuble, of germany, all of them are consistently sending the same message that they are ready to do more and ready to do more as soon as today. so it would be a disappointment if we do not get at least, i would say, 500 billion creating the emergency program. there could be more. perhaps in terms of the finding, it could be a quick -- a bit tricky, because there is a pending resolution of the german court ruling, they could wait until july, that could be a bit strange. but at the very lease, it should be strong, and there is no time to wait. they should do it today. francine: how much more will the ecb actually increase its balan

s live from berlin decision day full of tons of shareholders vote on a 9000000000 euro government bailout of tons us managers say it's make or break day for the company. employees are protesting salary cuts leading up to the deal also coming up india's worst hit the city launches a mass for on a virus containment compact delhi plans to recall the health details of nearly $30000000.00 residents and test everyone showing symptoms. also russian misphrased coronavirus fears and head to the polls for a controversial vote on constitutional reform it could allow president vladimir putin to stay in power for another 16 years. i'm going to office welcome to the program it's crunch time full of tons of shareholders of germany's flag carrier will begin voting soon on whether to accept a 9000000000 euro rescue package that would make the german government the allens biggest stakeholder should shareholders reject the deal or could face insolvency is how the head of lufthansa supervisory board. sized up the choice at the beginning of the virtual gathering. you know we don't have any more money. we're g

this is news live from bird land shareholders vote to throw the book talks a 9000000000 euro lifeline they overwhelmingly approved a press q do you know that will see the german government take a 20 percent stake in me on the line of talking to has been battered by the coronavirus crisis and was facing in that in bankruptcy. also coming out workers linked to a clone a virus outbreak of a german slaughterhouse called their quarantine conditions inhumane. procedure i feel like a pig like a pig in a small hole. more than $700.00 people are living behind these fences it's a forced lockdown that has trapped the sick and the healthy together and a new report warns that the pandemic could wipe out years of progress fighting poverty in africa we will ask one of the study's authors what can be done to protect african economies from spiraling deeper into crisis. i'm sorry kelly welcome to the program we begin with breaking news lufthansa shareholders have voted in favor of the german government's 9000000000 euro rescue package for the airline that means a potential collapse of europe's largest

per child a total of $6000000000.00 euros to improve their buying power. alongside families the government wants to help companies particularly affected by the pandemic it's planning to cut electricity costs on taxes there are billions for infrastructure development and some controversial incentives for car buyers. right now barely anyone is buying a new car in germany and that on top of the fact that core industry is already going through a difficult transition to a lecture mobility both carmakers and unions hope the purchase premiums will give the sector a much needed boost government representatives say they've allocated 5000000000 euros for the bonuses anyone buying the electric car will get a 1500 euro's state subsidy. the french government meanwhile is being rather more generous for a monday new car buyers can expect up to 7000 euros in incentives for new he cars both germany and france say green recovery will be a key principle in addressing the economic damage done by the coronavirus pandemic and the 2 countries see the european green deal assessin

euro max. in 60 minutes on d w. i'm david and this is climate change that sex. happiness increase books. this is the book for you. will get smarter for free to go where you go on you to. ban. was. every 10 years the spotlight for me is on a small town and if area when its residents recreate the story of christ suffering and death half a 1000000 visitors flock then to oberammergau they come from all over the world but the villages don't to form the passion play just which.

no budget gaps in one year almost 50000000 euros on and on. through players who football will gain a lot of money my boss instances and in the bonus league it's estimated to be more than $200000000.00 euros per season that's a crazy amount of money. on the other hand though abolishing the transfer market would mean no more gossip and smaller teams would receive transfer fees for their youth academy players the players they have invested in them wouldn't give us an issue. trying to. get sufficient in fines all the deep can also be kings i. should be those looking one tough place to go and off spending shooting for sped up we should suddenly switch off switch to the symbolism but i can also get seen on them but i see so long if i know you're going to. cynthia decide to discuss that so where does football go from here we come out of this with a better healthier more equal game one thing's for sure football needs to change the question how we need to see it as a chance to probably also change direction in some areas there's going to be a need for

it is not peanuts. $1.5 million euro and 25% of the balance sheet. the other part of the story is serious. the apparent lack of regulators in germany to really look at the business model and how they actually generated their revenue. ever since financial times broked story last autumn, they should have looked at it it seemed to have been pretty clear that they were overstating and were very opaque business models what we are currently witnessing is most likely the beginning of the end of that story. if you look at the bond market, they are currently pricing in the bond market. bond fell on 58 cents. today, they are falling even further. some are suggesting 24 cents on the euro this story is actually just about to develop in a very bad way for wire card. clearly what we don't know is how this could happen. how the company and the revenue situation is really in reality we also don't know whether the banks are now starting to call off their loans, which could amount to $2 billion euro of loans which could be the end of the company. now back to you. >> t

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 m

fund reconstruction funds just about 6 weeks ago then the euro could p. and commission other words kind of the government of the european union agreed to that and added a further 250000000000 euros to that plan but there is a group of people within of a group of countries within the european union that are resisting these plans the idea is that some countries in the european will be given grants out of this money out of this fund that they do not have to repay and a group of countries including sweden and denmark and they didn't send all street are opposed to that they say that all these monies should be given as loans it's those 4 countries that need to be persuaded at the moment we don't know whether they will be on side eventually hans brant speaking to us from meserve thank you very much for that update. and finally a dramatic rescue off the coast. and italian. group spotted this creature in trouble. and exhausted young. trying. to free itself. the way in an operation last thing over to the group. illegal fishing boats it was a lucky escape of the tea

chancellor merkel and president my problem now i have to do is win skeptics over to their multi-billion euro rescue package and to do classic zombie shares on germany stock market the team is processor wire card collapsed last week but its shares surged as speculators spot an opportunity for profit clubs we visit a city in thailand that's being terrorized by monkeys with no tourists to feed them because of the pandemic gangs of the hungry animals are roaming the streets in search of food. i'm sorry kelly welcome to the program china's national people congress has passed a controversial security law for hong kong that critics fear will give beijing more control over the semi autonomous territory a standing committee of the congress unanimously approved the bill beijing says it aims to tackle sedition subversion terrorism and collusion with. foreign forces it has drawn international criticism for being at odds with the one country 2 systems policy agreed by china when it took control of the summer british colony in 1970. 2 and joining me now from hong kong is democracy activist glacier qual we

saravelos, on euro strength, it is clearly nonlinear. 1.09, 1.10,hrough 1.13 -- where does strong euroegin to impinge the european economy? do you have a number on that? george: i think you have to thet moving above 1.20 for ecb to start being concerned. at the moment what you're seeing is the movement being much more about a broader dollar move, so if you look at the euro trade-weighted, it has not been appreciating that much because other countries have been strengthening against the dollar as well. but you do have the potential moves.e positive euro the recovery fund proposals have been a very big institutional leap for europe. it is important that the momentum around those negotiations is maintained. i think if we were able to see a conclusion at the launch of this recovery fund as we go through the summer, on top of the very large backstop, which mrs. those ares provided, two important developments -- the political backstop and the central bank backstop -- that can allow the euro to trade while the market has been focused more on weaknesses. -- the sum tom: very interesting. onrge

s multi 1000000000 euro. recovery plan. some call them the driving force of euro and now that a pandemic you say came the e.u. to the core german chancellor i go america then french president emanuel seem to be closer than ever of that attend them didn't see eye to eye at the beginning of the pandemic now they asked sending more united. for the corporation than the friendship between france and germany close on the us to send this signal even if we know that they are $27.00 even member states i believe that if germany and france even impose it is something that would promote the formation of opinion in europe that. they must act we must act european so that we come out of these crises well and stronger. back in may france and germany propose an unprecedented you recovery fund of 500000000000 euros now they must clarify details and gain support from the e.u.'s 27 member states the e.u. commission back to franco german plan for both leaders this is also a chance to be a european they can see a common goal was a notable differ

this is due to the news live from berlin some 6000000000 euros more pledged for the fight against the corona virus in high risk countries. the european union kicks off a virtual pandemic fundraiser to help develop vaccines for tests and treatments worldwide organizers are hoping a star studded concert will encourage more people to open their wallets. and jewel demonstrations united in the fight against injustice thousands of people take to the streets of berlin to protest against both racism and help and c l g t thing. and goals goal or on the bundesliga final match day teams fighting for survival and for champions league qualification we have the highlights and analysis cleaves last games. unexposed are welcome to the program. more than 6000000000 euros more to help vulnerable countries battle the coronavirus pandemic and money is being raised at a summit organized by the e.u. and the international aid group global citizen the goal is to make potential vaccines tests and treatments affordable and accessible worldwide. a short while ago european commission president ursula vander line

we are getting more positive on the euro.he one area i am concerned about and has done well the last couple of weeks is the banking sector. we will get rallies around sentiment at low levels. environmentre in an where rates will be low for a long time if not forever. the yield curve will be flat. that meet pick up on what you are saying about rates. there are some who believe we are at a turning point for german bunds. a 70% chance the 10 year bond yieldgoes into -- bund goes -- are you taking any positioning around bunds or fixed income in europe? the way we play in the fixed income space is to favor or btp's over bunds. in a relative sense i think there is compression there. there is some upside on german yields. think the spread compression between the periphery is the better way to play it rather than outright bets. even if we get slightly higher yields on german bunds, it will be relatively small. the pressure from policy to keep rates low for a long time still. manus: what do you need to see? what you need to see to bec

leaders held a virtual summit to debate plans for a 750000000000 euro coronavirus recovery fund but there are deep divisions about how best to spin the block to economic recovery. and brazil passes 1000000 confirmed coronavirus cases as the world health organization warns we're in a new and dangerous phase of the pandemic. a math anyhow it welcome millions of people in the united states aka memorizing the end of slavery on this day and i think 65 the news that president abraham lincoln had declared all slaves for some 2 and a half years earlier finally reached texas june 19th also known as juneteenth is not only a day of celebration but also a moment of reflection on ensuring racial injustice in the u.s. this year it comes amid a period of national soul searching following the death of george floyd under the name of a white police officer president trump was forced to postpone a campaign rally planned for tonight. after widespread outcry. black lives matter protesters gathered across the united states on friday to commemorate the end of slavery the president's choice of this day for a cam