of india. outside branches to get their deposits out he is now under direct control of the reserve bank of india. u.s. bank is india's 5th largest private bank and has undergone steady decline over recent months largely due to its failure to raise capital to address loan losses and downgrades in response the reserve bank of india has placed yes under a moratorium wants to find a solution to the problem until then customers can only withdraw $50000.00 rupees a month from their accounts that's around $600.00 euros that decision has had a major impact on the u.s. banks stuck with shares ending the day 56 percent low on the stock exchange let's bring in. christian and he's in associate editor scrolling and joins us now from delhi and. do us customers really have to worry about their savings or will the state help out in case the bank goes under. the there's no indication that deposit does have any reason to be watered the government has moved quickly to state bank is there's a bank is move quickly to say that depositors will be safe it's another matter altogether for those who have invested in the b

a draw their money from bank but they can only get $50000.00 rupees per month that's around $600.00 euros one of india's largest banks is now under direct control of the reserve bank of india that guarantees all deposits are safe and that nobody should worry about their money but the issuances are easing everybody's mind. us. the money. is. going to. be able to. yes bank has a high level of bad loans and not enough capital to cover the losses putting the bank at risk of default that's why the central bank decided to place yes bank under a moratorium and is now working on a merger or takeover naturally a market based. solutions of the problem a bank. of the problem is a profitable we have said that in opera statement yesterday also so naturally you have to give time to the bank to the management to you know take whatever steps. need to take. because of the uncertain future shares of yes bank plunged more than 70 percent during trading hours wiping out around $1000000000.00 euros of market value in a single day it's the biggest fall ever of an indian blue chip stock. yes or no bank let's go to both kind of rally krishnan who joins us from delhi for the new side

shows in india struggling lender yes bank of jumped more than 30 percent after tanking on friday on fears it will collapse last week the reserve bank of india took control of the company and imposed cash withdrawal limits it now says it intends to invest in a 49 percent stake in yes bank as part of a brace you package and the deposit is need not worry about this a bit. thousands of travel companies hotels and small businesses face bankruptcy in mali years of unrest of destroyed a once thriving tourism industry officials have tried luring in the chinese to visit what they call the real africa but it's not a real holiday if armed soldiers are at every site and bombs are going off there are close to 15000 knew when blue helmets stationed in mali to keep a fragile peace. region trip down the niger river taking in the landmarks of mali's capital bamako. once a very lucrative business for captain dowden but data today he's happy to get even one paying customer aboard his barrow whose business is all but collapsed since the crisis began 8 years ago. i used to carry people and goods on large boats all the way to go. with the crisis i'

a draw their money from bank but they can only get $50000.00 rupees per month that's around $600.00 euros one of india's largest banks is now under direct control of the reserve bank of india that guarantees all deposits are safe and that nobody should worry about their money but the issuances are easing everybody's mind .

chosen india's struggling lender yes bank have jumped more than 30 percent of the taking on friday on fears it will collapse last week the reserve bank of india took control of the company and imposed cash withdrawal limits now says it intends to invest in a 49 percent stake in s. bank as part of a rescue package and the deposit has need not worry about this a. business of. as old as the pyramids. perhaps. what exactly are we referring to. the $170.00 stone piles on lake constance. it's baffled researchers for years. can an expedition shed light on this phenomenon tomorrow today. in 30 minutes on d w. every journey begins with the 1st step and every language but the 1st word published an eco. rico is in germany to learn german why not come with them simple online on your mobile and free to suffer d w z learning course nikos speak german made easy. world sex. to go beyond obvious. that we're on live. as we take on the world. we're all about the stories that matter to your country. what ever is. running out of touch. alcohol d.w. made from minds. they're on a mission. to save the. comics started in 1939 and since then they create.

chosen india's struggling lender yes bank have jumped more than 30 percent off the taking on friday on fears it will collapse last week the reserve bank of india took control of the company and imposed cash withdrawal limits now says it intends to invest in a 49 percent stake in s. bank as part of a rescue package and the deposit has need not worry about this side. business of it. the funny. thing. as old as the pyramids. in cars. is what exactly are we referring to. the 170 stone piles in lake constance. it's baffled researchers for years. can an expedition shed light on this phenomenon to morrow to. 90 minutes on d w the beethoven piece for me the beethoven is for you. the beethoven is for hell a. great open. beethoven is for the. beethoven is for cars. is for the above beethoven 202250th anniversary here on d.o.a. oh ho. i'm secure that of my work that's hard and in the end this for me you are not allowed to stay here anymore we will send you back. are you familiar with this. the smugglers would lie and say. what's your story. 'd 'd on what numbers of women especially of victims of violence. take part and send us your story we are try

in india's struggling lender yes bank have jumped more than 30 percent off the taking on friday on fears it will collapse last week the reserve bank of india took control of the company and imposed cash withdrawal limits now says it intends to invest in a 49 percent stake in yes bank as part of a rescue package and the deposit has need not worry about this a. business of it. earth home to millions of species a home worth saving. googling dia's tell stories of creative people and innovative projects around the world ideas that protect the climate boost clean energy solutions and reforestation. using interactive content to inspire people to take action global audience the series of global 3000 on t.w. and online. they're on a mission. to save the bar's comics from started in 1939 and since then they've created a vast empire of superheroes who also have human weaknesses. some of the creators have had their share of clashes the moving story of a comic giant marvel the stores march to the big. you may write me down in history but you know i'm bitter twisted. you may try me in the very dirt but still might. cut the demand to see my broken

we know that india central bank is in the process of drawing out essential plan for yes bank for the business going to get better for customers? customers certainly hope so. the reserves that depositors need not worry about the money, it is safe. in the beginning when the crisis hit the bank, the rbi said it would be capping any kind of withdrawals to under $700 till the third of april. when change has happened over the last few days, the rbi has relaxed that a little bit and they could be a possibility, if things go well, they could reduce that time and perhaps keep that till about the 23rd of this month so depositors are hoping about that. however, there is still a bit of turmoil at the bank atms. customers have been saying they haven't been able to use their debit or credit cards but over saturday and sunday, there was some improvement, however, online transactions for customers remaina online transactions for customers remain a bit of a problem, even now. customers struggle but it all depends on the rescue plan that biggest indian bank comes up with. it is likely to have to invest about $331 million, that is around 49% sta ke $331 million, that is around 49% stak

their money out and the government imposing the with it for the bailout the government of the reserve bank of india brought together $8.00 banks led by the state bank of india the largest in the country the bank is again highlighting the banking crisis involving financial institutions with too many bad. banks which don't face the same regulations as well. and the company. yes bank customers included some of india's biggest businesses including group a body was once one of india's richest people incremental big increase in credit was going to all of the promoters who were who were hurt and before when we had before were not able to pay back their bank loans taken much earlier like in the u.p.a. the previous regime so so so that sort of turned out all the cronies ended up getting more loans to pay back their earlier loans the government has accused u.s. banks found and his family of laundering around $600000000.00 by receiving kickbacks for extending lines that couldn't be repaid kapoor's lawyer says he's being made a scapegoat 5th largest private analysts say the toxic loans crisis goes beyond a few

of course,d depending on their own personal circumstances, would support us and hong kong. around thetral banks world consider policy responses to the coronavirus, the governor of the reserve bank of indiaxclusively with bloomberg this week. that he expects to work with other central banks on a coordinated action in coming months, and also believes the r.b.i. has room to cut rate if india's economic situation warrants it. >> in a situation like we have today, coordinated policy action has become that much more important. >> one of the things we might be looking at is inflation coming down quite sharply from the relatively high january number, maybe even falling by a full percentage point between january and february. does that take some of the pressure off and give you more room to respond? >> [indiscernible] decisions outside monetary policy. cut, wenterest rate have said clearly we want a policy committee. i've also said it in my minutes. there is space for another rate cut. that is one option available. another option is in terms of supporting the markets by liquidity, creating confidence, or using various other tools or instruments to deal with emerging challenges. ready. >> perhaps

for the bailout the government of the reserve bank of india brought together 8 banks led by the state bank of india the largest in the country. the failure of us bank is again highlighting the banking crisis involving financial institutions with too many shadow banks which don't face the same regulations as the lenders and the indebted companies. yes bank customers included some of india's biggest businesses including group a body was once one of india's richest people are the incremental big reason that it was going to already promoter who were. before before were not able to pay back the bank. like in the u.p.a. the previous regime. so that sort of turned out all the cronies ended up getting more loans to pay by. earlier. the government has accused u.s. banks found capone and his family of laundering around $600000000.00 by receiving kickbacks for extending loans that couldn't be repaid kapoor's lawyer says he's being made a scapegoat 5th largest private analysts say the toxic loans crisis goes beyond a few bad apples it's the 3rd time in a year that india's reserve bank has interve

where the sensex also up for the week this is despite some losses on friday even though the reserve bank of india slashing repr rates by a massive 75 basis points to slow a downturn in the country's economy over to australia the a.s.x. did make substantial gains this week but they were almost wiped out by a drop of more than by. per cent on friday there were hopes that the index would be able to get out of bear market territory but friday's losses unfortunately dashed those hopes the all shares in south africa also up on the week again most reacting to the prospect of this 2 trillion dollars stimulus package that passed coming out of the united states the gold sector led gains in the south african markets i want to check out though what's going on the markets in europe and the americas in europe the cac in france also up the dirt in germany the dax and the footsie in london all up on the week this is after gains mostly from the u.s. 2 trillion dollar relief package the european indices saw a drop on friday this was following the european union leaders meeting on thursday where they failed to agre

banking operations are concerned. and the other big concern is until the 3rd of april, as per the reserve bank of india, they cannot withdrawond $700, that certainly pension customers. thank you for the latest on that. let's show you the numbers. even talking about markets throughout the programme, let's bring you some data. the nikki closing down 5% lower during the trading session. weaker than that, down over 6%, you can see hong kong, a similar story. here's the price of oil, rent currently trading at $35 a barrel, $20 down on the price. nearly 10% drop. look at europe. no surprise. the big losers today across europe oi’ surprise. the big losers today across europe or the oil companies. bp shares down 18%. shell shares down a similar amount when they open. both down over 20% when they open. both down over 20% when they open. the ftse down eight and a half percent at the moment. you can see wea kness percent at the moment. you can see weakness right across the board. but london being hit hardest. the big oil stocks are listed on the ftse 100. that's why they are really feeling the pain. look at that, the good old safe hav

shery: the reserve bank of india governor there with stephanie flanders. pore plans to help businesses whether the impact of the coronavirus. our exclusive interview with the cdc's minister for trade and industry, up next. this is bloomberg. ♪ shery: this is bloomberg markets: asia. our chief international correspondent for southeast asia haslinda amin joins us now with the next guest. islinda: well, singapore implementing more measures to counter the impact of the coronavirus outbreak. it says its immediate task is to boost tourism in the country with plans for hotels and attractions. the move comes on the back of a budget that aims to provide $5.6 billion of economic stimulus, support for businesses as well as consumers. let's get more with singapore's trade and industry minister chan chun sing. i want to talk about the coronavirus outbreak and how the fed has moved on the back of that. how did we go from a virus that is like the flu to a 50 basis point cut by the fed schumer -- by the fed? mr. chan: it is not exactly like the flu. when you talk to most o

of the decision. our finance reporter is in mumbai. great to have you. for yes banklan mean when it comes to the border financial system in india? first, the reserve bankheas the situation country's fourth-largest bank. this is the largest rescue package in india. is the yese to see bank, which is the fourth largest private lender has a lot of interconnectedness between a lot of banks, a lot of firms like the loans, the bonds, the negative credit. they are all linked very closely cs bank. so we have to be very careful about the effect of this bailout package. this with theow other entities are close related to yes bank. how it is going to be ruled out. look at theake a factors related to yes bank. i'm not can about the receiving end when it comes to the package. haidi: how soon do we expect the resolution? >> that is a million-dollar question. the bailout has yet to be determined of when it will be done. the bank has been asked to take a majority and has said that it will be done much before that because it is a very important -- cannot wait until the deadline. a lotspeak, today we have of stakeholders also speaking to the central bank. they are coming

yvonne: the reserve bank of india took a number of liquidity measures on monday and has not rolled outcut at its april meeting. not ruling out any possibility. take a decision but i did not rule out anything. more on this from the economy and policy reporter live. they have stopped short of saying they will cut rates. are we headed there anyway? >> at think we are headed there. growth will be impacted. my understanding from speaking to the senior official is once they lower the growth forecast first week of april, they will probably go for a rate cut. the market is expected a bigger than expected rate cut. 40 or 50 basis points. perhaps even bigger than that. a sharper than expected rate cut might have an impact. are saying is they will probably cut rates but they want to make the rate cuts more optimal. would you say the r.b.i. is being a little too reactive? are they still behind the curve? >> that is the feeling within the market. the governor prided himself for being ahead of the the cut. this time, the market is feeling that given the global central banks have responded, the bank

bloomberg speaking to the governor of the reserve bank of india. >> there is space for further rate cutsich is available. the other option is in terms of supporting the market by liquidity or using various other tools and instruments to deal with emerging challenges. that is the idea. viviana: inflation has kept india's central banks from cutting rates in january. we end with longtime msnbc host quitting. he is leaving his daily hardball program after accusations of inappropriate behavior. msnbctthews saying he and reach the decision mutually. he apologized for making comments about women's looks. 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. i am viviana hurtado. this is bloomberg. alix: thanks so much. coming up, airlines got hit last week by the coronavirus. now you have european travel stocks moving higher on the day. we'll be talking to the air france ceo ben smith about how the outbreak is weighing on airlines. interact with the chart shown using gtv . this is bloomberg. ♪ viviana

of the worst performances ever. joining us to talk about the central bank's response is the former reserve bank of india governor, profess of finance at the university of chicago booth school of business it's great to have you back. good morning >> good morning. >> i'm interested in your thoughts about the strength we have as an economy going into this episode which we know will be tough people have said on the positive side, banks with excess reserves, stress tested. your point, though is we do not start with a good hand what do you mean >> well, we already had a weakened global economy because of the trade war that we had last year. and put on top of that the fact that last quarter in europe and japan was miserable. we were coming off that, and then we were hit by the coronavirus, so the problem really is at this point to get ahead of the virus, to make sure that this is a few weeks rather than a number of months. and that is where i think a number of countries, italy, and perhaps even the united states, are behind the curve >> so are you recommending the u.s. adopt some of the social measures i mean, italy's arguably

it is going to need to look to the bank of india to provide those dividends from its capital reservesnt to check in on a couple of things about yes bank. the r.b.i. taking control of that lender. we are seeing a profound reaction. the stock price slipping at 15%. the state bank of india shares, we see also shake -- also shrinking. they are up by more than 11%. recouping as some of those declines. we have plenty more to come. things going south for the airline sector with the coronavirus outbreak showing no signs of slowing outside china. we will assess the latest forecast for aviation next. this is bloomberg. ♪ haslinda: welcome back. the airline industry could see as much as $113 billion in lost revenue this year as the coronavirus deals a blow to the global travel demand according to the international air transport association. let's bring in our asian transport reporter. we had the estimates earlier. that could be way too low now. >> the coronavirus is still spreading. theirhey came out with initial report before it did china beyond asia pac, showed some signs of trouble coming bac

crisis goes beyond a few bad apples it's the 3rd time in a year that india's reserve bank has intervened to rescue a lender. bad loans of. fanaticism the last 5 years. had been hoping for a snort. you know they were the problems that there were they were looking over but in this business there is no. regular 300 if. many are asking why the government didn't. put the economy was suffering a significant slowdown. comes at a bad time. slowest pace in the 6 years the government is now investigating. to happen the financial. the entire. could deteriorate elizabeth. former u.s. vice president joe biden scored major victories in democratic primaries across 3 states despite the corona virus outbreak. of polling stations in florida arizona and illinois wasn't just the democratic process officials were concerned about the rapid spread of the coronavirus saw low voter turnout furious cleaning and polling staff not manning the boobs over health concerns many voted early mail but those that turned out on tuesday were cautious so you know let's say for pure sex stay away all the nuts the best you can do all you can do is just try to

of several central-bank springing into action over the last 24 hours. the last day, the fed slashing rates again, the reserve bank of australia doing the same. later today, we expect action from korea and indiatings. both nations holding emergency meetings today. broadly, we are seeing a selloff in equities. all this action from central banks, not helping to stave off the risk aversion in markets. as a result, we see investors finding safety in u.s. 10 year nots, and german bunds, and italian btp's at this point. we see other virgins between the periphery and core in financial markets at this point -- divergence between the periphery and core in financial markets at this point. matt: following the worst week for crude since 2008, futures are crumbling again as the expectation for demand continues to weaken. saudi aramco says it is slashing planned spending this year. says capital expenditure will be between 25 and $30 billion, down from the 35 to $40 billion range announced in its ipo a few months ago. joining us, alex booth, head of market analysis. this isn't entirely unexpected as we see continued closings major brands like nike and apple, social distancing is getting much more serious an

of emerging challenges when push comes to shove the dollar proves it's the world's reserve currency we find out why the financial system riddled with bad debts india to revive the country's 4th largest bank as.

india is only just starting and that will become more and more severe. we are also only just starting to see the response from the central banks actually kicking in, so the reserve bank ofe, is only a few days into its bond buying program. the rbnz has only just started its bond buying program in earnest so markets are still having to recalibrate to what central banks and the fiscal policy response has been for this crisis and yet the health care issue and the continuing surge in cases and also the fatality rate in many countries makes it still a very, very uncertain environment. we have seen these large swings continuing to play out. and one are seeing, notable really important move yesterday was that kind of halt in the big dollar rally that we have seen. that did give some people a little bit of pause talk, that so much money had been rushing in liquidating out of positions, looking for a haven in the dollar and wanting to own that cash. you did see that ebb somewhat and it looks like it is following through into the early part of this session so far in asia but that is was one that we will have to watch closely over the coming days. is when myic grandmother calls me