the geneva motor show becomes the 1st big business casualty of the coronavirus one of the biggest shows in the world is council. supply chain problems due to the virus making drugs the scats commodity at a time when they need it most. places to business. the corona virus outbreak continues to dominate business headlines around the globe after wall street made gains to correct last week's slump asian markets followed suit continuing their recovery on tuesday all prices also extended their rebound as policymakers and central bankers indicated that willingness to ease the economic fallout australia's reserve bank is the 1st central bank to react slashing interest rates to a record low by $25.00 basis points to 0.5 percent the outbreak is plunging the world economy into its worst downturn since the global financial crisis more than 10 years ago pressure is growing on the governments and central banks to fight back to avoid an even steep a slump investors are now. waiting for a conference call by group of 7 leaders later on tuesday let's go straight to our financial correspondent. who is in

tuesday and in switzerland one of the biggest cause shows in the world was supposed to open this week but thanks to the coronavirus the geneva international motor show was cancelled as the swiss government has banned all events with. more than 1000 participants so how bad is the situation joined by one man who was supposed to be the geneva motor show to present its latest model of. the company's sportscar 911 turbo s. that we see there in the background but. of course you're not in geneva you are in stuttgart at your headquarters. how worried are you about the outbreak of the throne of iris for your company. good morning from portuguese i'm sent in stuttgart would have loved to be in geneva but we have to respect to the decisions they've taken and then. in this case can safety 1st. we are worried about its big challenge for the world and talking concrete about porsche we closed our dealerships in february and in china and lost the majority of our sales and on the other hand we challenge our supply chain from china to our production in europe for the world up to now we are stable but is it is a daily monitoring and for the next week i hope that

stephen, today should be the opening of the ginin -- geneva motor show, but it has been canceled over coronavirus. right.: that's bmw unveiling a new all electric concept car, part of its industrywidede drive to sell moe electric vehicles. the company expects that by next year, a quarter of all the cars it sells in europe will be electrified. is also dealing with the consequences of the coronavirus. 150 ststaff working at thehe carmakaker have been quarantined afafter an employee was confifid the virus.. china,a, aajoror market for new cars as well as a hubub for prproduction. i have been speaking about thiss with a bmw board member, about the impact they have seen on their bubusiness. >> we expect in 2022 have another record year of sales. we expect slight growth. although corona will have short-term some impact -- you already mentioned china. it is much too early to say what the impact on the full year will be. we still expect slight growth in year,ar 2020, the full based on a great new range of products. we have reopened our factories in china on the 17th of february, so they are u

receive the prestigious car of the year award from the geneva motor show the united summit was made by a live stream as the real show was cancelled to to you guessed it concern about the corona virus outbreak. corporate leadership jack welch who transformed general electric into a highly profitable multinational has died at the age of 84 known as new trend jack for causing thousands of jobs to ease market value grew 30 folds during his 2 decades of the help. that the german economy is in need of skilled workers and health care professionals from abroad are especially in demand our next report takes us to namibia where recruiters are hoping to persuade nurses to begin their careers in germany good for europe's top of connery but potentially a brain drain for africa take a look. likely nervous. she's only been learning german for 5 months and is about to do her 1st job interview in the language staff members from the university hospital just a day off in germany have traveled to number to be a for it. has my name is yet to occur on 23 years old. i'm not married and have no children. nurs

the geneva motor show tries to beat the outbreak by live streaming the world's biggest current spoke online. and a sad day for journalism down under a national news agency australian associated press is to close off that 85 years of business. i've been to school and that's their business the coronavirus continues to cause economic havoc more warnings today over shortages of medicines india is the world's main supplier of generic drugs the cheaper ones has just restricted the export of $26.00 pharmaceutical and gradients and drugs which contain them it's all says most of those ingredients from china the source of the op broke while india's health minister was sitting down to report 2 more cases of corona virus earlier this week elsewhere in the government plans are being made to protect the country's drug supply on tuesday we saw the results of that india's director general of foreign trade published a long list of 26 ingredients including paracetamol and numerous victim in b. compounds and said they can no longer be exported.

staying with cars the geneva motor show had been due to get underway this week but won't because you guessed the coronavirus the likes of b.m.w. and mercedes say they'll show off their latest models via live stream instead on monday the show organizers awkwardly cry into the peugeot 2 eggs car of the year and once we are played live online to an empty hole even the winners stayed at home if hearing via video link instead. corporate leadership jack welch who transforms general electric into a highly profitable multinational has died at the age of $84.00 well spent 2 decades at the helm of g.e. during that time he went on a cost cutting spree slashing thousands of jobs along the way under his watch the company's market value through 30 fold. the german economy is in need of skilled workers and health care professionals from abroad are especially in demand our next report takes us to namibia where recruiters are hoping to persuade nurses to begin their careers in germany good for europe's top economy but potentially a brain drain for africa take a look. it's likely nervous. she's only be

are taking their shows online with virtual events as well the world's biggest car explode the geneva motor show was doing but cannot read up interest in something people want to touch in a life straight the show must go on. i know your in ceremony is taking place but hardly anyone is watching at the venue at least the push 02008 was named car of the year here in geneva without a live audience the happy prize winners do their best by video conference to make up for the lack of attendees but somehow it's not the same it's great to be here definitely even it's a bit awkward that the products for a building is almost empty swiss authorities decided to cancel the car show. this decision was made in response to the coverage 1000 there pretty make which is raging in so many countries around the world and now also in switzerland there are circumstances entirely beyond our control this is where all the latest models are supposed to be but the holes are empty instead the auto manufacturers showed off the new cars on line all of a highly emotional b.m.w. introduced its i 4 concept a fully electric sedan t

. >> reporter: switzerland and france have banned all large gatherings the geneva motor show dismantled only china appears to be containing the virus, reporting only four new cases today outside the worst affected province, and still questions about this summer's olympics japan's prime minister today trying to reassure the world they will be saved and safe bill neely, nbc news, milan, italy. >>> nbc news medical contributor dr. natalie azar joins us this evening one person in the united states have died from coronavirus. tens of thousands die from the flu each year put this in perspective for us. >> just yesterday, the w.h.o. raised the global impact and spread of covid-19 from a high to a very high today american officials reassured americans that the risk to the general public here remains low and reasserting around 80% of people actually have a mild illness. >> and overnight we learned several patients contracted coronavirus without having been overseas or in contact with anyone who's just returned from an infected country what's the concern here how is it being transmitted? >> the t

the geneva motor show becomes the 1st big business casualty of the coronavirus one of the biggest con shows in the world is council. on supply chain problems due to the virus albright's on making drugs the scouse commodity at a time.

the geneva motor show and mobile world congress among others even hollywood has felt the release of the upcoming james bond movie ironically titled no time to die with cinemas across the world closing their doors especially in china the film industry is at risk of losing over $5000000000.00 businesses are desperately trying to find ways to stay open italian theaters asked audiences to sit 3 seats apart as a precaution before the italian government calls all cinemas nationwide anyway the mayor of boston even tried to guilt trip so many from pulling out of the pax east event as a large international company you have a mill but you need to decide a good example though we didn't technology you can show that you are motivated by the it is a leader in gaming and culture you can show that you believe in connection isolation there are even talks that the 2021 picks in tokyo might be held without spectators as the markets keep hemorrhaging money with global stocks plummeting by roughly 9 trillion dollars some have proposed radical solutions to the crisis maybe we'd be just better off if we gave

and the geneva motor show becomes the 1st big business casualty also for all of our.

major events and trade fairs are being canceled over $100.00 in europe alone among them are the geneva motor show and the like sick book that. the tourism industry has already put untold losses many tour operators are struggling to survive. is the coronavirus a major disaster for the global economy. your question is a major disaster for the global economy i think a very short answer is yes it is a disaster and we the probability is high that me that we will face a recession. the question is how will the world cope with this i mean if we if we look back to the financial crisis in 2008 in the fall of 2008 or it was in november . we had the 1st huge g. 20 summit in washington of the states coming together and looking for a solution for that in the spring of 2009 they decided upon a huge package of 1 point one trillion dollars to help the world economy and come out of this mess so we we have to be able to find a global solution to this crisis in terms and the financial crisis well i mean we have a health system crisis and a financial crisis coming together and this is this is explosive. where do you

they planned to release the car at the geneva motor show but that was canceled amid concern for the coronavirus. on the line with us, i know it must be disappointing to see the flagship event canceled over the coronavirus concerns share with us some details around the launch of the new series and give us a sense of how business is going more broadly for you? >> good morning. oliver blume from the porsche design center. we are here working on the design rather than being in geneva we appreciate the steps they've taken and we think safety first. we are flexible to organize here at porsche central in germany. >> what impact has this had on your business. perhaps trivial on things such as supply chains >> first of all, we closed all of our dealerships in february in china it has sales impact. we are now opening porsche center in china. we'll see a better situation in march. looking to our supply chain, it is still stable. we are doing daily monitoring on our supply chain >> can you talk to us more broadly about the demand outlook you have pencilled in for 2020 it is not just the supply chain but al

the geneva motor show doing the same. now, we have to keep in mind here, on saturday, and the biggest scare that we saw for the global economy, was from china. since they have been keeping records on the manufacturing sector, they produced their worst performance ever. so not out of the woods yet but a market relief we're seeing today on word from the bank of japan. >> john defterios keeping a very close eye on these markets. appreciate it. >>> well, north korea has fired two short-range projectiles into the sea. that is according to the south korean defense ministry. it says they were launched from the eastern city of wonsan and they are believed to be part of the military drills which kim oversaw himself on friday. japan saws no damage from the launch has been reported. we are following breaking news out of the philippines where a hostage situation is underway at a shopping mall. the mayor of san juan city says about 30 people are being held in manila by a former security guard right now. one person has been shot and is

the unveil was initially planned for the now canceled geneva motor show with schools, universities andorced to close, it is discouraged to hold large gatherings of this nature in italy but fiat chrysler going ahead and their stock up about 3%. >>> want to bring the traders back in, if we can, as the market is hovering right around a gain of 1,000 points. phil flynn, teddy weisberg. teddy, how hard is it to know what's going to happen day to day in this environment? >> well, it's an easy game, you know that. listen, you can't help but think that as serious as this virus is, that perhaps the public has been kind of twisted into a fren frenzy, both the public and industry, you know, over the effects. none of us really know what's warranted or not warranted and there's obviously two sides of the story of how we should react, but clearly, it's had a big negative impact on the markets for the last week or so. but perhaps, just perhaps the severity of it is still there, but perhaps the markets are starting to price it in. only time will tell, unfortunately, with the benefit of 2020 hindsight,

government has banned public events of more than 1,000 people, leading to the cancellation of the geneva motor showected. and further afield, qatar has cancelled the opening motogp race of the season because of travel restrictions on visitors from italy. the list goes on and on. so just how worried should we be and what can we do to protect ourselves? jennifer rohn is a cell biologist at university college london and is here with me now. it is good to have you with us. 0k, the prime minister is saying to wash your hands. if you were to give a list of things to people which are practical, reasonable, proportionate, which will have a proper effect, what would they be? washing your hands would be at the top of my list and the second thing would be to try really hard not to touch your face with your own hands because of it as an instinct we all do it throughout the day and that is one of the main reasons of how you can get infected by viruses. when we look at hand washing or using other materials to clean our hands, one of the questions i saw online today from a viewer was, should people be using sanit

show,seen the geneva car the geneva motor show canceled, the industrial fair has been canceled.e impact your business in a negative way? this is a new type of risk. we have all learned to deal with geopolitical risk with natural is a new typethis of risk and the situation is unprecedented, so it is important to stay calm, we stay focused, and we show some leadership in each of our businesses and that is what we are committed to do. canceledsomething is his right from my point of view because we need to avoid the virus spread further, but it doesn't mean there is no potential for a v-shaped recovery in the rest of the year. anna: the chinese auto market seems set for another drop in sales. what are your expectations for the demand story in china? klaus: the demand story in china, the data point we all have is that february was down -80% in car sales. we expect march will be better and april will be further better. if you extend that into the year and assume the chinese government where the crisis will to have seen the peak also take action, that is a potential that over the year,

geneva motor show, one of them, supposed to start yesterday. zerland banned any group events, with more than 1,000 people in place and last year, this auto show had 600,000 visitors in a ten-day span. switzerland said nope, not happening. same can be said for the mobile world conference which was set to be held in barcelona, spain. completely off on that. imf, international monetary fund world bank, they are going to host their regular spring meeting but normally, it's humans, everybody gets together in d.c. both of those organizations will be hosting them in virtual format. a lot of adjusting here and a lot of emphasis on not having a bunch of people together in the same room. connell: lot of virtual. that's why we look at zoom and these other companies that make that possible. thank you, deirdre. speaking of metrics, forget the stock market just for a minute. neil has been focusing on the ten-year treasury note and the yield on it. 0.75% is obviously ridiculously low. believe it or not, we were a lot lower than that earlier, we dropped below .

even though the geneva motor show has been canceled, for the first time since world war ii by the way going to be a lot of car news coming out over the next few days. the c.e.o.'s who were scheduled to do interviews with us, for example, will still do them. rather -- instead of geneva we're going to go -- i'm flying to munich this afternoon to talk to the c.e.o. of b.m.w. and then we can swing by stuttgart to talk to daimler, etc., and so forth. so you're going to get a lot of car news out of the industry over the next couple of days. obviously a lot of that is going to be product stuff. but there will be questions of course on the coronavirus and the effect that's had on production as well. the market open is next. futures are pointing up, well up after the big drop that we had last week. this is bloomberg. ♪ tv just keeps getting better. how you watch it does too. this is xfinity x1. featuring the emmy award-winning voice remote. streaming services without changing passwords and input. live sports - with real-time stats and scores. access to the most 4k content. and your movies and

google developer conference, cancelled, geneva international motor show, cancelled, miami music festivaland trump is in denial. >> i think we're in great shape. i think we're in great shape. >> "out front" jim by yan coe. mark great shape, i think we're in great shape. is the economy in great shape. >> before the virus, it was okay. the virus is doing significant damage to the economy. and if the cdc is correct and the virus spreads and closes schools, disrupts businesses, stops travel -- and all those things seem to be happening -- i think it's going to be very difficult to avoid an economic downturn. i would put odds of a recession at least even at this point. >> one of the things i was going through was what the southwest ceo said that it is more fear in his opinion, but fear it doesn't matter what the motive is, fear will do it. and that it has a 9/11-like feel which i just emphasized that is an airline ceo saying that, that this has a 9/11-like feel. >> and you should talk to the cruise ship ceos, they would probably tell you it's worse right now. i think it's going to continue unti

yesterday here in london, we had the london book fair cancelled and the motor show and a conference in geneva going to be postponed. 0n the entertainment side, mariah carey has cancelled her concert in hawaii, have levine, and other artists are cancelling their events. there are many premiers that have been cancelled also. superman is one of them and we have also learnt that them and we have also learnt that the producers of the latest bond film are going to postpone that. they are not deliberately linking it to coronavirus, but there is a huge economic impact on that. there's also been a huge report within the markets within the last few hours. the new york stock exchange will tell us more. bring us up to speed with how we are on the floor if stock exchange. i have to admit that my neck is a little bit sore watching all the ripples that are happening on the financial markets here in the united states of last few days. yesterday, we saw the second biggest one—day gain ever seen on the industrial average. it was seen on the industrial average. it was up seen on the industrial average. it was u