off guarantees on the level of the european investment bank this and also unemployment and sure. this is our 1st contribution that we are going to implement quickly that's not enough and we already said that we need funding for reconstruction to recovery. and recovery and. the question of what this recovery fund is going to look like was the topic of our debate today the goal is to strengthen the euro to strengthen european cut hegemon and solidarity in order to master this crisis and we know that the impact of the virus in our countries is different cording to country and that's why the european cohesion is important and the economic ramifications of the virus jeopardizing their european no cohesion that's why the recovery fund has to contribute to. the possibility of all european countries to every act and to make efforts like france and germany are ready to make them already. has to work together that's why our economies has to have to recover quickly and that's why we want to issue 500000000000 euro of. the shirt term for. expenses for the sectors and regions that are hardest

our finance ministers have already agreed upon in that it's going to be delivered by the european investment bank $500000000000.00 by the finance ministers and 500000000000 budgetary aides through the franco german initiative we think this is absolutely necessary in order to compliment the initiative already taken on the national level it's. more a lot of it potentially available but as the w.c. political editor mckeel academy tells us the money will not be your hand oh. well they want to put both 500000000000 euros extra on the table but that comes with say some terms attached i've got that paper here they want to see europe i'm. much stronger from this crisis now an arguably everybody does want to see the country a much stronger but also the whole question of whether that could lead to more responsibility shifting towards brussels is a debate they want to have notably the whole euro bond debate is off the table certainly that particular what many in france have been on the opposite end of that debate for a long time now they demonstrate unity and the willingness particularly of germany to put m

our finance ministers have already agreed upon in that it's going to be delivered by the european investment bank $500000000000.00 by the finance ministers and 500000000000 budgetary aides through the franco german initiative we think this is absolutely necessary in order to compliment the initiatives already taken on the national level. and that was the french president manuel my call and before him the german chancellor. delivering their joint press conference from their respective capitals announcing a pipe 100000000000 euro relief fund recovery front from the coronavirus crisis and now here to talk about that with us is our political correspondent thomas sparrow who followed that press conference about in just under an hour ago told us more money being put on the table there tell us more about it. terry the goal is to allow the european commission to borrow that money on the markets and to then distribute that money not necessarily to countries and their specific budgets but to sectors or regions that have been particularly haiti by this crisis 1st analysis that have come out after that press

member states do themselves, there is an offer from different european institutions the european investment bankll do something, the european commission has agreed already on one offer, the program to support unemployed member states and commissioners working on a recovery plan, so we have this very special situation that measures at the national level, which are needed will it be complemented at the european level and that will be very, very helpful because we can compensate with the measures from the european level that's a fact that the national response is uneven. we want to protect the markets we don't want fragmentation. we want to maintain a level playing field. we don't want excessive divergence and all the european measures are designed to help countries more that are most affected by the crisis. >> is accor has secured 560 million euro credit line, with the option to extend for another year accor has been hit by widespread shutdowns and warned of losses in april and may the french hotel operator says it's seeing signs of recovery with 42% of its network back in operation. shares are up

we have a new sensibility from the european investment bank.e have also launched a new one up lehman insurance fund. everyone knows that the discussion of the recovery plan is underway. it's going to become located. but if unforeseen events do not happen, i think we are good for now. but i would not want to downplay the need that we really do make progress with the recovery plan. as you say, the franco german proposal was very important. the european commission is going to launch its own proposals next week, wednesday the 27th. then the european commission's proposals will be put together with all the others, including the franco german one. i think that will be passed on to the european finance minister for further discussion, and i think eu is will -- eu leaders will be in the position to discuss their plans at their summit four weeks from now. but i would caution that final decisions will not be taken before the second half of the year, because this recovery fund will be part of the 2021-2027 budget my which is not going to be launched until

wants to ease tax rules for oil firms to prevent a drop in investment there is the short term benefit for oil consumers the european central bank says inflation has declined due to the sharp fall in oil prices but slowing growth globally job losses and declining industry coupled with falling oil production doesn't bode well for the global economy some of. the there. is director of energy it policy advises an energy and mining research advisory he says it'll be a while before we see the impacts of the production cuts. normally in the oil market data is quite far delayed when we look at the actual april data you saw production increases coming through so thus on the back of the original breakdown of the deal the size of the car so pretty staggering from a when you look at them in relation to april so i think there are going to be some countries that are going to quite reach their target certainly at the beginning of the month but there is there is a real issue into that as well in terms of the storage capacity filling up around the world and where they're coming. countries and companies can actually produce and sell our oil i thi

wants to ease tax rules for oil firms to prevent a drop in investment there is the short term benefit for oil consumers the european central bank says inflation has declined due to the shop foreign oil prices but slowing growth globally job losses and declining industry coupled with falling oil production doesn't bode well for the global economy some of. their. south korea and india have decided to stop using chinese made rapid covert 19 test kits after they were found to be faulty scientists in south korea say that when retested hundreds of recovered patients returned positive results for a 2nd time they blame what they say are shortcomings in the test itself rather than reinfection india brought half a 1000000 kids from china it also discovered in accuracies china has defended its products dr patrick tang is to vision chief of pathology sciences at sidra medicine and says scientists are still trying to develop pets better testing methods because the virus is so new we have to distinguish all the different types out there and how they perform it in one of the problems right now is we're mixing all of these different tests that

wants to ease tax rules for oil firms to prevent a drop in investment there is the short term benefit for oil consumers the european central bank says inflation has declined due to the shop foreign oil prices but slowing growth globally job losses and declining industry coupled with falling oil production doesn't bode well for the global economy solomin job there. the lower demand for oil has resulted in oversupply but dozens of saudi tankers a still heading west towards the u.s. some politicians that are now trying to stop them according to the website tanker truck tanker truck is more than 50000000 barrels of saudi crude oil is on its way to american ports marine traffic shows at least 26 tankers near southern africa are apparently bound for terminals in the gulf of mexico for delivery to refineries and storage sites in texas and louisiana one has already completed a delivery to a saudi aramco owned refinery in texas but with oil prices sinking to record lows and threatening u.s. produces some politicians in washington want the vessels turned around as there's nowhere for them to store the oil and he is director of energy pol

wants to ease tax rules for oil firms to prevent a drop in investment there is the short term benefit for oil consumers the european central bank says inflation has declined due to the shop foreign oil prices but slowing growth globally job losses and declining industry coupled with falling oil production doesn't bode well for the global economy some of the job there. let's rewind a little further and see the steps to where we are right now global demand for oil plummeted because of the lock downs the travel restrictions the reduction in economic activity and so major producers met in vienna back in march to work out how to keep prices stable but failed to reach an agreement opec recommended taking 1500000 barrels a day off the market if russia agreed to cut production as well but russia said no so producer saudi arabia retaliated and announced a production increase instead the price war lasted nearly a month and prices dropped below $20.00 a barrel moscow and riyadh did resolve their differences and agreed to gradually cut production by $10000000.00 barrels per day american producers may have been hurt most by the price war re

wants to ease tax rules for oil firms to prevent a drop in investment there is the short term benefit for oil consumers the european central bank says inflation has declined due to the shop foreign oil prices but slowing growth globally job losses and declining industry coupled with falling oil production doesn't bode well for the global economy solomin job there. so here's how this is all happened over the past few months major oil producers met in vienna in early march to work out how to keep prices stable they couldn't reach an agreement opec had recommended taking 1500000 barrels a day off the market if rush on a big number agreed to cut production as well russia refused so picks top producers saudi arabia retaliated by announcing a production increase instead the price will last nearly a month and prices dropped below $20.00 a barrel also in riyadh eventually resolve their differences and said ok we'll gradually cut production by $10000000.00 barrels a day american producers may have been hurt the most by the price war prices for u.s. crude collapsed on april 28th you might remember this they briefly went negative for the

wants to ease tax rules for oil firms to prevent a drop in investment there is the short term benefit for oil consumers the european central bank says inflation has declined due to the shop foreign oil prices but slowing growth globally job losses and declining industry coupled with falling oil production doesn't bode well for the global economy solomon job there. well the low demand for oil has resulted in oversupply of dozens of saudi tankers a still heading west towards the u.s. now some politicians there are trying to stop them according to the website tanker truck as well that a 50000000 barrels of saudi crude oil is on its way to american ports marine traffic shows at least 26 tankers in a southern africa there are apparently bound for terminals in the gulf of mexico for delivery to refineries and storage sites in texas and louisiana one has already completed a delivery to saudi aramco and refineries in texas but with oil prices sinking to record lows and threatening u.s. produces some politicians in washington now want the vessels turned back as the nowhere for them to store the oil and. it's director of energy policy ad

wants to ease tax rules for oil firms to prevent a drop in investment there is the short term benefit for oil consumers the european central bank says inflation has declined due to the sharp fall in oil prices but slowing growth globally job losses and declining industry coupled with falling oil production doesn't bode well for the global economy some of. their africa's largest all producer nigeria relies heavily on oil revenue for its economy but the huge surplus in global supply is causing further damage as al-jazeera has added dreams for ports from the capital abuja it's been a particularly difficult year for nigerians whose all dependent economy is struggling low prices and cuts in production resulted in huge losses. but more warning for africa's biggest producer is the damage the current clocked was due. with fuel storage facilities the options for nigeria like many small and medium sized producers is to give away it's all or shut down some wells what were 52 days and on president a lot nobody has ever been taking to the beyond borders into storage which includes that's never happened what it means when countries come back

center for european economic research good morning to you one of the state's options right now for 1st saving the 18000000000 euro investment it's already plowed into commercial banks. here we are again in a crisis and so the government i think has no option then to stay in this bank maybe let me add that you know in a crisis ago and it's not entering the bank to make a profit and the bank to to sustain it to make it stable doing the crisis unfortunately out of the financial crisis they missed the opportunity to exit banks so that was a missed opportunity but no we are again in a crisis and i suppose the government has no choice and to rather keep on supporting commencement ok but this comes as other industries are also hard hit german airlines for example they're also in trouble with berlin now considering taking a 10000000000 euro stake in live to a flagship carrier is this the right way forward. in so it looked and it's a different sectors from the banking sector we have systemic risk so you really have to kind of be careful that every bank every large bank has to survive otherwise you have trouble for the whole industry so it's different in the real economy how

investment. of aboutaring the loss the european plan, fiscal stimulus of some kind to be disputed to various economies. you said you would like to fromt where the money central banksant to invest where the fiscal stimulus is going. are you following that particular money trail? believe in particular it is not a positive in there. the devil is always in the detail. we should not underestimate this is a meaningful package, and there is symbolism in ther as such i would thinke. this will help alleviate the pain the pandemic has afflicted. difficult to understand which countries would benefit the most. we are looking at the potential impact, and it is clear where the benefits will come up the most. in terms of how that money has to be invested, there is something positive in the deal, choi 5% of the money is earmarked for climate related measures and investments in industries and areas that would support climate change ambition. beyond to movek forward. matt: as you mentioned, the details still have to be hammered out. this is something that will not happen in the next few days or weeks, but rather months. nonetheless, everybody says do not fight the fed, and old adag

european markets higher. and interesting thing about the contrasting valuations. havingmay have been expensive stocks. they are trading near record lows compared to the s&p. europe has relative cheapness. us is the investment bankek talking about big names on wall street. stocks in the u.s. are too expensive right now. one person suggesting that maybe we need to look at european stocks. what to you make of the relative valuation of europe versus the u.s.? >> i think there is absolutely no doubt that european indices are cheaper relative to the u.s. index. that is not just true for europe, it is true for japan and emerging markets. my suspicion is it would be right for look to me and at version. -- inversion. not have to do with the u.s. economy. it has everything to do with the u.s. differences. thatts looking for sectors continue to grow. benefit from will this move from stock to materials. gains. where the u.s. if you would to look at equity markets in general, it is true that you are pricing in a decent recovery from a very low base. that is a separate question. if the u.s. is likely to outperform europe over the next six months or 12 months. my answer would be probably yes. if you think about the one reason

investments in hotels and luxury resorts and flights. the firm is bracing for revenues to drop by half or worse this year. germany was in the constitutional court has given the european central bankhases could continue under the court's ruling, but the german bundesbank might not be able to participate. gloom in the house of mouse — walt disney suffered a $1.4 billion hit to profits in the first three months of the year as it closed its parks, cancelled movie releases and reduced advertising sales. every part of its business was affected by coronavirus, nearly wiping out profits for the quarter. disney chairman bob iger said the firm was facing "unprecedented" challenges but he was confident of recovery. a first sign of this — the firm is already planning to open its shanghai theme park on 11 may. let's talk through their results. joining me now is guy bisson, research director at ampere analysis. thank you for being on the programme. what you make of disney's results? it was bound to be hit extremely hard given its theme parks, that side of its theme parks, that side of its business. absolutely. we we re its business. absolutely. we were expecting this, and as you say, theme par

european community rules about state aid for businesses. we are living in exceptional times but will there be a price to pay in the future? joining me now is alan higgins, chief investment officer, uk, at coutts bank are different. a relatively struggling company even before the coronavirus, namely lufts ha nsa, a nd the coronavirus, namely luftsha nsa, and that the coronavirus, namely luftshansa, and that means a lot of support, direct support, as they are absolutely bleeding cash in contrast to what emmanuel macron is doing in france is somewhat longer term and focusing more on electric ca rs and focusing more on electric cars but you are right, competition lawyers will be very busy in europe. do you think it is unfair. ryanair complaining about this. saying other companies are getting money from the eu isjust creating a massive imbalance?” can see his point of view but then, when it comes to airlines, governments tend to be very protective of their national carrier so there is not much he can do except, when the arguments come in terms of competition lawyers, who knows, maybe there will be some degree of compensation to the likes of ryanair but, of compensation to the likes of rya nair but, rea