he has a buy rating on lufthansa.he reporting here at bloomberg seems to suggest that berlin is asking for a 25% stake in return for any bailout money. is that fit with what you are expecting? that is what we have been hearing from circles in berlin, the 25% stake and one advisory board seat. lufthansa run this? significant government stake in your business. what does that mean in terms of lufthansa's ability to navigate its way out of the crisis? i appreciate at the moment it is about liquidity management and survival, but we will find ourselves in a situation where you basically have a flag carrier owned by government, operating in an environment where others like ryanair are going to be really nimble and competitive coming out of this. what does it do to prospects -- what does it do to lufthansa's prospects? daniel: most legacy airlines will take on a lot of net debt, which will and pair them growing quickly out of this crisis as they need to repay that debt. secondly, worse for lufthansa, if the government does ge

leading losses after s&p cuts its rating on commerce and louers its outlook for deutsche bank >> lufthansa plunges to the bottom of the stoxx 600 after the german airline posts a loss and warns it will run out of cash in weeks if it does not get government support >> nestle sales drop as the lockdown bites but they say it is too early to know the impact. >>> the spread between the italian and german tenure lead ahead of the rescue fund unresolved despite more support >> translator: substantial investments to the european union will be necessary. i have made it clear we will not be continuing before the pandemic this will also be a mart of the pandemic in the future >>> retail sales with a record surge in march not enough to help with the free fall in foot fall and other goods. >>> a very warm welcome to "street signs. fresh tape out of germany. painting a grim picture now crossing the tape, we've got the ifo business survey showing the business climate index in april has come in at 74.3. that's well below expectations of an 80 print the current index has come in at 70.5 in april just below

lufthansa is one of the few companies that has branches across europe.s a belgian, swiss, and austrian branch. are those governments going to drop in with the german government to help lufthansa, air france, klm also has a joint ownership with paris and amsterdam. these are complicated questions about acting as one company across the region or do we go back to what we used to see 40 years ago where every capital had its own airline flying its own flag. it does ask people to think big or think small. vonnie: it is a great test case and will be washing eagerly to see. thanks for joining. that is bloombergs aoife white. we have the latest coronavirus headlines from andrew cuomo. he says the amount of deaths amounts to 422, that brings the total amount of depth to 60,001 hundred 52 -- 16,000 in new york city. he did say new hospitalizations are flat. it has been around 1300. the governor says that is troubling. flat hospitalizations, but lower debts. nonetheless, at least 422 have died in the last 24 hours in new york state. let's check in with bloomberg fir

it is a critical week for lufthansa.t to get an idea of the shape and form of some of the assistance from government will take. deutsche bank and lufthansa on one end of the market. the cac 40 trading up 2.3%. london a little bit of a laggard , oil has been trading at the bottom end of the market. you see the move lower in brent and wti. in terms of the sector breakdown, you can see that clearly in terms of the movement we have seen today from the different sectors. you have oil and gas at the bottom end of the market. food and beverage down. nestle has been week. travel and leisure at the top end of the market has been doing well. lufthansa strong performer. the banks have done well. i want to caveat this with a light volume story. the update on light volume makes you a little bit nervous. individual stories were focusing on, we have touched on a few already. heard about the concerns about the balance sheet. bank upa, deutsche quite strongly. adidas finishing down 1%. airbus down as well. you heard the report talking ab

all depends on how that evolves when it comes to travel restrictions lufthansa is stepping up to the completely different future. it will be a different company than precrisis era >>> a warning that 25 million jobs in the aviation sector may be at risk due to the virus. the inspector general said that the cash strapped sector may not be able to issue refunds for the $35 billion of claims. he spoke about the liquidity of the sector at the moment. >> those are very big numbers that are at unprecedented levels >> they are expected to cut expenses throughout the year >> no time throughout the month for any airlines to cut expense. so buying aircraft is probably one of the expense, on the saving, we'll see the delays or cancellations. >> tesco shares are falling after it says it will not issue guidance for this year warning the virus pandemic will have a, quote, material impact on results the grocery giant said it will see $650 to $950 million pound increase in cost due to higher payroll and expenses amid a surge in demand. a hold delhaize a mitt the lockdown saying all the company's bran

lufthansa doesn't see full demand coming back until 2023.pect it to come back sooner for adidas then for the airline? expect we would normalization before than. have beeneople who locked in to apartments and houses in many places in the world want to go out and move and exercise and walk or run. being locked up. the underlying trends for the sporting industry with the focus of health and wellness has only been strengthened. in the medium-term -- in the short-term it is very difficult to make the call. nobody knows the speed of opening. matt: thanks very much for joining us. kasper rorsted, ceo of adidas. ♪ anna: a minute to go until the start of cash equity trading for this monday morning. back to work. italy starts to ease its lockdown in france aims to follow suit on may 11. boris johnson returns to his post today. adidas jumps 19% in the quarter. we will speak to the chemical maker's ceo this hour, bayer. and deutsche bank says it expects a profit for the first quarter. it is unlikely to meet its leveraged ratio for 2020. matt: we have fu

we don't know how long this will last, nobody does, and we are worried. >> lufthansa has canceled 96%f all passenger flights due to the international travel restrictions. it is trying to get a few planes in the air. to do this, technicians remove the seats large nets are stretched where passengers normally sit. this airbus is ready to transport boxes and parcels. airfreight is piling up in warehouses because nearly every passenger plane also o carries freight, and since most airliners have remained on the ground, that freight is going nowhere. >> a lot of freight is flown in the bellies of planes, especially transatlantic and long-haul flights. this capacity is absent from the market now. 90% of passenger aircraft has disappeared in the cargo holds are no longer available to us, about 50% of total freight capacity. >> less capacity means rising prices. sending one kilogram of airfreight from china to germany cost five times as much as it did before the pandemic. that is why these repurpose passenger jets travel between china and frankfurt every day, mostly protective equipment and mas

lufthansa may be finding it tougher to get a package out of berlin.we are saying to governments as we are facing the most unprecedented crisis. the key issue in the short run is we are running out of cash. burn 61 billion u.s. dollars in cash on the second , and the most0 urgent need we have is cash injection coming from governments and packages that could be put together by governments or the community. on that point, the answer from supporteds has been everywhere on the planet, especially in the u.s. now that the announcement has been made, we urge governments to implement what they have now. we need the money to flow in our pnl and balance sheets. if there is no support, more than half of the airlines run out of cash by the beginning of june. guy: why should shareholders in airlines he rescued? why should they be treated differently than other industries? what is special about this sector that requires such significant government largess in terms of protecting these companies? europe needs to consolidate the airline sector. the u.s. has already don

towards a potentially much larger risk you package for aviation colossus and german flag carrier lufthansa 10000000000 euro could be required keeping the airlines planes grounded as costing a reported $1000000.00 euro per hour and cash reserves are running out economy minister altmire wasn't giving anything away on the details of that deal but has said as far as the government is concerned there's a future for lufthansa we want large and important companies that play a role in the world market to remain competitive after the crisis while a lot of attention is turning to relaxing restrictions and opening germany back up scientists and doctors are saying they sorry if they're coming across as the bad guys economically but their advice remains if you don't want to spread the virus keep it locked down in germany people see that their hospitals are not overwhelmed so they don't understand why their shops have to shut the only look at what's happening here in order the situation in say new yorkers spain this is the prevention paradox and for many germans i'm the evil guy who is crippling the eco

we have also seen lufthansa.hink next thursday we will get the lufthansa number and their the first of the big european carriers to report figures. they are indicating a significant decline in liquidity over the next weeks. that is the european market story. vonnie: a bounce today and equities. we have major indices up more than 1%. hard to know how you can call that a rally. that is helping the energy components of the s&p 500 and it is the energy index leading higher. it is up 5%. -- we just spoke with the unions -- the union pacific ceo. there is a lot of negative news but they did beat and there are expectations they will be able to get through this and come out the other side without being able to borrow heavily or extend credit lines. gold is also rallying 1%. is generallydex getting more strong. let's take a look inside the s&p 500. i mentioned the energy index. you also have the transportation index up along with the auto and components index. you can imagine in this environment it would be the utilities

talks between lufthansa and the government are expected to stretch into next week.aidi: let's take a look at how we are setting up when it comes to this holiday trading session in asia. a number of markets across the region are closed today for various holidays going into the long weekend. here is what we are setting up for when it comes to futures in australia. we did have the best month on record for the asx, tracking gains on wall street in the previous months. all this optimism that government support and monetary policy support will continue to push asset prices higher. we also have a lifting of some social distancing restrictions in new south wales, starting today. we see a downside in u.s. followinghough, comments from amazon and apple on the impact of the coronavirus on their business and economic outlook. let's take a look at some of the markets that are closed today. we are going to see liquidity thin on the ground with closures. we have futures in japan pointing lower in terms of indices that are trading today. coming up, we are owing to give you some ins

economist has said the government wants to ensure, quote, large and important companies such as lufthansa, remain competitive after the crisis the government has not made a decision on the struggling airline aid package but enough to get it going. it's up about 7% this morning. >>> elsewhere, airline klm is set to receive 7 billion euros from french government, saying the package was needed to save the airline. but warned the money would come with strings attached. and shares in air france klm up 3.5% >>> in the airline supply chain, airbus has seen harsh commentary through the weekend. the ceo of airbus warns the group's survival is at stake in an employee memo seen by reuters, the ceo saying the company was, quote, bleeding cash at an unprecedented speed and airbus shares are coming under pressure trading down about 3.3% pretty significant commentary coming through on both the airline side of things and also in the aerospace side of things with a crucial supply part when it comes to airlines let's get out to charlotte on this story for more. what does the path look like for airbus, in p

the details of that deal but has said as far as the government is concerned there's a future for lufthansa we want large and important companies that play a role in the world market to remain competitive after the crisis while a lot of attention is turning to relaxing restrictions and opening germany back up scientists and doctors are saying they sorry if they're coming across as the bad guys economically but their advice remains if you don't want to spread the virus keep it locked down in germany people see that their hospitals are not overwhelmed so they don't understand why their shops have to shut they only look at what's happening here or not of the situation in say new york or spain this is the prevention paradox and for many germans i'm the evil guy who is crippling the economy european union transport ministers will hold a video conference on wednesday where they'll be discussing the future of air travel across the block as we end so what should be the busy summer holiday period for airlines peter all of her r.t. berlin. and finally a 90 year old woman in the scottish highlands cou

all these airlines would last without government taxpayer bailouts i am in favor of companies like lufthansa having an opportunity to get back on their feet and make money again if there's a tornado coming for your house you don't try to save the couch you grab what you can and you run because you can't save everything the analogy ends here airlines aren't couches and then now asking governments why the hell they use saving some companies the big ones and not others look transit is a create a 2nd crack cocaine junkie looking for state aid you know times are tough when airline executives compare them i mean these people even had exercises to prepare for pandemics to think about what they would do capsis spreading and it's largely due to the movement of people how should national leaders businesses and international organizations balance the risk of worsening disease there will be caused by the continued movement of people around the world against the risks of profound economic consequence of travel and trade bans so they wed back and forth brainstorming about how their business could survive

fewer flights grounded it doesn't really help that fuel is cheap here in germany the situation for lufthansa seems to be stabilized at the moment 87000 employees of towns are have entered the reduced work hours scheme called cold here in germany that's a scheme that's supposed to help businesses in trouble that's when you know the taxpayer of the state takes on the wages of those workers. it's also considering to apply for emergency aid by the government or france k l m the french dutch airline already has applied for. so clearly this is devastating for this particular set so once we're out of this crisis i'm presuming that besets is going to look very different because not every airline is going to survive. well yes that's that's a fair presumption we really have seen a couple of casualties in the u.k. fly b. the regional airline has gone out of business today it was reported that the small fleet of thomas cook is going on the administration and we're probably going to see more businesses you know and. it has to be said general to see it generally business is business models which were not

lufthansa has become the 1st major airline to announce permanent cuts to its operations driven by the coronavirus crisis the company is closing budget airline german wings and decommissioning more than 40 aircraft the german carrier says that it doesn't expect demand for air travel to return to pre-clear rotavirus levels for years to come it is also planning to reduce the fleet of its subsidiaries austrian airlines swiss and euro links. and anshul correspondent and joins us now from frankfurt with where love tons of happens to be headquartered welcome to you conrad is it likely that look tons is simply the 1st of many carriers to take moves like this. well you know what sara even before the coronavirus grounded the airline fleets worldwide the sector had large over capacities too many airplanes flying around half full and not very profitably and only very few airlines have the financial power to stand through such a lock down longer iata the international airlines as a see asian estimates that only 13 of its $300.00 members have the financial powers to survive more than 2 months witho

lufthansa has become the 1st major airline group to announce permanent cuts to its operations trip and by the coronavirus crisis the company is closing budget airline german wings and decommissioning more than 40 aircraft the german carrier says that it doesn't expect demand for air travel to return to precursor on a virus levels for years to come it also is planning to reduce the fleets of its subsidiaries austrian airlines swiss and euro wings. a national correspondent joins us now from frankfurt with where love tons of happens to be headquartered welcome to you conrad is it likely that love tons is simply the 1st of many carriers to take lives like this. well you know what sara even before the coronavirus grounded the airline fleets worldwide the sector had large over capacities too many airplanes flying around half full and not very profitably and only very few airlines have the financial power to stand through such a lock down longer the international airline association estimates that only 13 of its $300.00 members have the financial powers to survive more than 2 months without b

transport company they've said that they will not pay their dividends for this year and also in germany lufthansa has said the same airline so the carmakers have not yet done the pressure is slowly but surely running on them to do that but i mean have we heard from the con makers as to why they feel they should be paying out dividends at a time like this they have been quite quiet for sure but we have heard a few things so one of the more interesting comments was b.m.w. i have the quote here b.m.w. said they were laying the foundation stone to get out of the crisis whenever that happens and that it was very important for them to continue paying dividends to show that investors in b.m.w. were not going to be let down that b.m.w. remained reliable investment however that does seem somewhat difficult to stand out argument when you consider that they're on one level pleading poverty and that they need money from the state to subsidize workers' wages while still having plans to pay out what would remain billions because it would be around $7000000000.00 collectively from the 3 comic years which would

of course coronavirus is already hitting hard germany's lufthansa has announced it will shut down its low cost airline german weakness as part of a broader over home warning it could take years for the industry to recover. across europe amid all the uncertainty there are moments of hope like this neighborhood in seville welcoming home a recovered covered 19 patients. but recovering financially may also need a similar show of solidarity from the e.u. the al-jazeera. global trade is expected to fall by up to a 3rd this year is the pandemic brings economic activity to a standstill the world trade organization describes future results as ugly it says global markets are being disrupted by the lockdown of factories and shops the head of the w t o's says this may be the deepest global recession in living memory worse than the financial crisis 12 years ago as we confront what may well 'd be that deepest economic recession or downturn of our lifetimes we should aim to make the most of all potential drivers of sustainable growth to reverse this situation governments around the world can and mus

guy johnson, his expertise on particularly the national carriers of alitalia and air france and lufthansa. and continueck forward the discussion to get you ready for tuesday, and we go on to thursday and the american jobless claims report, which has become the real barometer of the angst in small business, the angst in individuals across the nation. market, on feel in the a lot of the punditry calling this a short, where there were message bets going down, and when you cover that, it provides an impulse up. now,is what we are seeing friday, monday, and tuesday with equities higher. we had a 43 handle on the vix at one point. the dollar fragile. coming up, this is incredibly important. this is who the governors and presidents lean into on the history of monetary policy, william white, the great canadian, formally with the oecd and bank of international settlement. william white absolutely definitive on these financial times. this is bloomberg. ♪ because you can't get to the theater, we're bringing the theater home to you with xfinity movie premiere. such news. i know what this is. this is

lufthansa is considering court protection as an alternative to state bailout.ources say biggest airline could use the scheme to shield itself for three-month while it works out a restructuring plan as talks intensify over a rescue package that could exceed 8 billion euros and give too many other people too much say in 's business. bloomberg's senior editor in berlin joins us now. this is really what is at stake, right? they want to avoid too many cooks in the kitchen when it comes to telling it how to do things on a daily basis. >> that's right. it's a touchy subject, how you respond to the hand that feeds you right now, which is the government. a rescue package could exceed 8 billion euros, and the company on the other hand a sort of balking at the idea of giving the government too much sway, too much say. the mechanics of this are similar to what we saw in the last financial crisis where you have sort of a government-sponsored rescue umbrella under which companies were shielded for couple of get ontoo sort of business and make it through the next couple of mo

6.4% talking about a strong cash position over the next few months a couple of red ink charts with lufthansa in the rest. banking stocks, those u.s. banks starting to chart the course for what may be ahead for the european banks it takes us back to the financial crisis to mortgage portfolios and how soon it may be until recovery. what we've got across the banks here, barclays up 2.3% ubs 1.2% very interesting numbers those banks with strong trading divisions because all of that market activity saw a stampede back to the trading debt and equities over march in particular that was a real boost for major investment banks >>> technology names, strong for asmi, asml almost 5% new data shows u.s. sales and output reveal the toll on the economy is worse than feared u.s. sales slumped 8.7% in march. the worst since this began auto sales dropped 25%, retail clothing sale down 50% restaurants and bars down as well industrial production fell 5.4% from the previous month as factories were closed down to protect workers. that is the worst month since 1946 >>> imf managing director has told cnbc that half

a bit of pressure coming together with iag, lufthansa and easy jet trading lower ryanair as well. air france klm down, wizz air bucking the trend. more coming out of australia that no doubt highlighting the vulnerabilities across airlines. virg virgin australia has gone into voluntary administration the airlined buckled under a $5 billion debt burden. it reached out to creditors trying to recap recap tallized the business offering his home as collateral. reporting the treasury told the carrier to resubmit its bid having been unempressed with its application. >>> leaving the airlines now to danone that withdrew guidance. adding that the second quarter will be deeply hit the french food company did post higher first quarter sales citing consumption to the imposed lockdown >>> psa reported a 15.6% decline. shares there trading about 2.4% lower this morning let's get to charlotte reed with more despite the relatively grim outlook for the sector and company, they've maintained their margin targets >> you are right the results for psa are a little better than expected revenue down 15.6%

for instance, the difference between france and air france klm, and germany and lufthansa. ms.estager: what we do when we take a state a decision is to make sure that when a member state wants to set up an aide measure, it is to make sure that they are in line. of course, these a edger's are different because these are different airlines. they have a different structure. they have different ports of call. in that respect, our system allows for tailor-made assistant to but the airlines need, while at the same time keeping on track to having a single market that is less fragmented and what we would otherwise have had. vonnie: is liquidity assistance better than direct state aid? i am not just talking airlines now. i am broadening this out words all sectors, but the only tourism and entertainment. sectors, particularly tourism and entertainment. ms. vestager: it depends on how long this will take area the first wave of measures was enormous amounts of liquidity have been made available. it may be so that later, recapitalization may be needed. here we are just consulting oncoming e

travel and leisure the lead gaming sector today, led by lufthansa.bers from the airline sector throughout this week. i would caveat this, though. we are seeing quite low volume in today's session. that may be tells you something about the markets' conviction. the other thing is what is happening with brent crude today. not down as much as wti, but off by about 8%. euro-dollar catching a bid. we've had the boj today. the fed and the ecb still to come. after italy dodged a downgrade from s&p friday, you've got a trading 1.77%. yields moving

a piece earlier indicating that it things american, lufthansa, air france, easyjet all need capital.nteresting that iag is not on that list. iag coming into this with one of the strongest balance sheets. to alex cruz,king who runs british airways, to ensure the balance sheet was in a position that it could withstand a certificate source of stress such as what we are experiencing at the moment. it had been a major effort ever since the financial crisis. effectively, that was job number one. so the balance sheet may be looking a little bit better than some of their peers, according to ehrenberg. in terms of what we need to know, let's find out about the virus. let's get an update with viviana hurtado. begin with want to dr. anthony fauci revising downward u.s. fatalities from up to 200,000 to around 60,000, but this is this the curve keeps flattening in new york, the u.s. epicenter, and social distancing continues to be practiced across the nation. still, in the u.s., cases are accelerating, and is on track to overtake italy as the world epicenter of covid-19 mortality. some nations gl

country's short-term work scheme that includes reduced work hours and direct payments to companies lufthansa telling cnbc that the vast majority of its german employees are taking part and its goal is to avoid layoffs but the uncertainty of the situation means they're unsure whether the short term measures will be sufficient back to you. >> all right thank you very much. to rahel solomon and get a coronavirus update. >> good morning. the world health organization says we are certainly not at the peak of the virus. since 90% of global cases are coming from europe and the u.s. alone. w.h.o. officials also warning that imported cases are the biggest threat to china at this time >>> joining forces to develop a covid-19 vaccine the partnership will accelerate the timeline for development by combining technologies and resources. the companies plan to start clinical trials this year and hope to make the vaccine available by the end of next year >>> amazon firing two employees who were outspoken critics of the company's treatment of warehouse employees during the pandemic so amazon says that the emp

can the same be said for airlines like air france and lufthansa?y so, they are in best balance sheet after the records we have seen. anna: what do you think of the outcome between governments and the aviation sector? will we see government taking stake in european airlines? longl: that depends on how the duration of the crisis in the lockdown will be in the end. if we have a slightly optimistic scenario where we see some return in the end of may and early june, i do not think government support will be required. it will reach a level where it has to be tied to equity stakes. if the lockdown in the supply side constraint on air travel is in the second half, this is a possibility we will be talking about, more government equity in european airlines. matt: are we going to need to see some regulatory changes? when i was a kid, an adult male can sit comfortably and airplane seats. now we are stopped so close together, there is no way to get on a plane without spreading a virus like this. we we see changes to things like that? matt: i think they're -- da

." -- lufthansa is running out of cash.nds on a multibillion dollar bailout from multiple countries. germany,rs from switzerland, austria, and belgium are taking part. talks are hung up on what would be involved in. the deal jcpenney -- in the deal. jcpenney has started preparing for potential bankruptcy filing. a loan would keep it operating during a chapter 11 restructuring. intel.end with shares of they are lower. the are withdrawing full-year sales forecast, citing significant uncertainty. in the first court revenue, a 23% jump, but second quarter profit outlook falling short of estimates. that is your bloomberg business flash. alix: thanks so much. it is main street versus wall street. big banks and big companies are facing backlash over funds meant for small businesses. both shake shack and ruth's chris steakhouse are among those who will be returning loans after catching some flak. joining is neil barofsky, jenner and block partner, plus former tarp inspector general. really great to chat with you. my biggest questio

lufthansa risks running low on cash in weeks. the global oil route is a threat.n talks of a multistate daylight. for aidr is looking from germany as well as austria, belgium, and switzerland. that is a bloomberg business flash. go back to bill snead, who is up late for us in the united states. let me ask you, we talked about oil this week, you will understand, with oil prices going negative. when i look at your recent portfolio additions, you mention sixed chevron. -- you mentioned chevron. tell me your thesis. is it that chevron will survive where others fail? what will be the thing that stands out to you? guest: yes. they have a superior balance sheet. moree looking to make investments in the oil business, but within the confines of our discipline, which is to do so among companies with strong balance sheets. in the u.s., that is very hard to do. the thesis is very simple. caradvent of the electric is going to be slow enough that the fact that millennials, which are about 90 million adults in the united states ages 23 to 39, are going to get involved in the aut

they saw a lot of their , deutsche bets lufthansa, whiting petroleum.lot of rebounding from a lot of other funds. we saw ken griffin and citadel up on the first quarter. that was very good. then we saw some losses among equity funds like viking. it really a mixed bag among hedge funds. they're going to be watching closely, especially of some of them had extended a lot of leverage and a lot of risk in the last couple of months before these issues arrived. alix:alix: no kidding. let's wrap up the third one, which is softbank scrapping a 3 billion-dollar deal to buy wework stock. workers were really counting on this. sonali: the workers really hated this bailout package to begin with because of that payment to adam neumann. the chief legal officer told my colleagues they remain committed to wework, it is just that they are not committed to this part of the package because they believe that there are some terms that hadn't been satisfied. there's some regulatory issues surrounding we were up at this time. this could get messy moving forward with the special

the german government setting out a unified position on a bailout for lufthansa.he government taking at least a 25% stake in the airline and receiving at least one seat on the firm's supervisory board in exchange for about $11 billion in aid. they say the details are still being negotiated. blastedo elon musk stay-at-home orders on an earnings call. he went on a profane rant, calling them fascist. the outburst following news the company posted its third straight quarterly profit. those restrictions are putting tesla at risk. general -- at societe generale, setting aside $800 million to cover bad loans this year. bancshares have lost more than half their value among european value.- half their among european banks, one of the worst performers. that is your blubber business flash. alix: thanks so much. we are a few seconds away from the latest ecb policy decision. equities kind of going nowhere ahead of this decision, although tech still outperforming in the u.s. if you switch of the board, you can see btp's still a little bit of selling. yields up by about two basi

last saturday we had 38,000 people fly this "journal" piece on airlines, lufthansa and others looking for the chemical that will keep allergy from growing in the gas tank on these planes that are parked on runways and not going anywhere any time soon >> yeah. i mean, they're trying to find as much space as they can for them the numbers are staggering we keep talking about them 124,000 versus 2.4 million for the year on any given day and continuing to come down. you know, when you lose 90% of your revenues -- jetblue is losing 10 million a day at least. a number of the other airlines are losing more than that. there's no doubt they are in significant financial distress the question is, to jim's point, what they'll look like and what role the government will play here in terms of trying to aid them and how that ends up looking. guys, on that point by the way, it is worth mentioning a provider to the airlines woodward and hexal, remember that deal? woodward, independent designer, manufacturing, provider of components for aerospace, and hexal which makes a lot of those composites, they ca

lufthansa is running out of cash.ar bailout from four countries. a rescue is discussing package of up to $11 billion. negotiators are taking part in talks but are hung up on what would be involved. jcpenney started preparing for a potential bankruptcy falling. they are discussing a loan that would keep it operating during a chapter 11 restructuring. the coronavirus forcing it to close its doors. apple is rejecting claims by a cybersecurity forum, finding no evidence hackers exported -- ,xploited a flaw in the mac iphone, and ipad. that is your bloomberg business flash. much --nk you so francine: thank you so much. let's talk about gilead and the trials for a drug that fights covid-19 and maybe vaccines longer-term. we are thrilled to be joined by sam cavalli. always great to have an update. there was so much hope gilead had a drug that could fight covid-19 and there was a leak saying the trial in china did not go to plan. is this a setback or does it mean it does not work? sam: any trial is a set back, but you have a