skipped over one, the capital replacement reserve. adding 21 million for capital replacement reserve for a total of 141 million. on the operational side, we're requesting the operational reserve. we're asking for temporary use of the o.n.m. reserve until we're able to achieve the reimbursements from m.t.c. in order to all these budgetary movements, there's a couple of policy additions or changes as we have wanted to fund the c capital replacement reserve, it's not listed in the policy, so we're asking to modify the reserve policy to modify the capital reserve and fund it between $29 and $40 million and also add funding into the fiscal reserve through the budgetary movement. and i'll take any questions if you have them. >> thank you for your patience in walking us through that. director forbes? >> yes. the t.i. budget, would those improvements come back to the board for review and authorization for actual projects of tenant improvements or is there further review? >> so with each of the leases that we've executed, there is a negotiation

skipped over one, the capital replacement reserve. adding 21 million for capital replacement reserve for a total of 141 million. on the operational side, we're requesting the operational reserve. we're asking for temporary use of the o.n.m. reserve until we're able to achieve the reimbursements from m.t.c. in order to all these budgetary movements, there's a couple of policy additions or changes as we have wanted to fund the c capital replacement reserve, it's not listed in the policy, so we're asking to modify the reserve policy to modify the capital reserve and fund it between $29 and $40 million and also add funding into the fiscal reserve through the budgetary movement. and i'll take any questions if you have them. >> thank you for your patience in walking us through that. director forbes? >> yes. the t.i. budget, would those improvements come back to the board for review and authorization for actual projects of tenant improvements or is there further review? >> so with each of the leases that we've executed, there is a negotiation

skipped over one, the capital replacement reserve. adding 21 million for capital replacement reserve for a total of 141 million. on the operational side, we're requesting the operational reserve. we're asking for temporary use of the o.n.m. reserve until we're able to achieve the reimbursements from m.t.c. in order to all these budgetary movements, there's a couple of policy additions or changes as we have wanted to fund the c capital replacement reserve, it's not listed in the policy, so we're asking to modify the reserve policy to modify the capital reserve and fund it between $29 and $40 million and also add funding into the fiscal reserve through the budgetary movement. and i'll take any questions if you have them. >> thank you for your patience in walking us through that. director forbes? >> yes. the t.i. budget, would those improvements come back to the board for review and authorization for actual projects of tenant improvements or is there further review? >> so with each of the leases that we've executed, there is a negotiation

skipped over one, the capital replacement reserve. adding 21 million for capital replacement reserve for a total of 141 million. on the operational side, we're requesting the operational reserve. we're asking for temporary use of the o.n.m. reserve until we're able to achieve the reimbursements from m.t.c. in order to all these budgetary movements, there's a couple of policy additions or changes as we have wanted to fund the c capital replacement reserve, it's not listed in the policy, so we're asking to modify the reserve policy to modify the capital reserve and fund it between $29 and $40 million and also add funding into the fiscal reserve through the budgetary movement. and i'll take any questions if you have them. >> thank you for your patience in walking us through that. director forbes? >> yes. the t.i. budget, would those improvements come back to the board for review and authorization for actual projects of tenant improvements or is there further review? >> so with each of the leases that we've executed, there is a negotiation

skipped over one, the capital replacement reserve. adding 21 million for capital replacement reserve for a total of 141 million. on the operational side, we're requesting the operational reserve. we're asking for temporary use of the o.n.m. reserve until we're able to achieve the reimbursements from m.t.c. in order to all these budgetary movements, there's a couple of policy additions or changes as we have wanted to fund the c capital replacement reserve, it's not listed in the policy, so we're asking to modify the reserve policy to modify the capital reserve and fund it between $29 and $40 million and also add funding into the fiscal reserve through the budgetary movement. and i'll take any questions if you have them. >> thank you for your patience in walking us through that. director forbes? >> yes. the t.i. budget, would those improvements come back to the board for review and authorization for actual projects of tenant improvements or is there further review? >> so with each of the leases that we've executed, there is a negotiation

this is unusual, banks built up the capital reserve, capital cushion since the '08 crisis. go dig into it and provide liquidity out of it for companies that need it. lauren: don't lay off workers in the meantime. stuart: what we are looking at is 11:28 eastern time. very soon, larry kudlow will be on this program. we want to know, are we headed towards recession? we want to know how did you get help to the individuals who have been hurt by the virus, and how do you get help to those industries which have been decimated by it. he's on the show shortly. we will bring him to you as soon as we can mic him up. meanwhile, the return of the stock market continues. you are down south carolin6.5%. we had been down 12%. can we run through some of those, on the left-hand side of the screen, start running through some of the stocks which are in the news. big tech is always in the news. ashley: financials as well. stuart: look at that, amazon was down 147 points at the open. now it's down 38. google was down well over $100. now it's not. microsoft was down 19. now it's down 11. apple is

we saw the central bank reserve release long-term capital into the financial system.conomics expects the pboc to maintain ample liquidity and make further cuts, cutting the interest rate on the one-year medium lending in the near term. also, it is not a surprise we are seeing the slow pace of reduction since banks have already been squeezed with lower margins as lending becomes less profitable. some economists do not think these moves are enough. they continue to downgrade their outlook, the average estimate for growth is just 3.4%, the slowest pace since 1976, the final year of the cultural revolution. yvonne: thank you to selina wang. the banks did not do anything in china. central banks across the world release unprecedented measures as they attempt to stabilize financial markets and maintain growth. let's start with the central banking side, it seems like southeast asia was guns blazing with easing overnight. >> that is right, and year to date looking at the totals, for 625banks combined basis points in cuts compared to 710 in all of last year. you can see the acc

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 bank for the moment the state has said that it will intervene and ensure that nothing will happen to deposit their money for the moment they're

the reserve requirements and things? lawrence:lawrence: i am not sure we should change them on a structural basis. what i do think is the reason banks have capitalnd the reason banks accumulate reserves is that so that when there is an emergency, they can spend down and keep flowing credit, and now we have an emergency. so it may be a time for strategic forbearance. that is what, if i were in government right now, i would be convening the financial , butrities at the treasury from the financial regulatory agencies, to look at what made sense. we certainly don't want to sacrifice the gains we've made on financial stability in the last few years, but on the other hand, the only reason to have capital is to use it in an emergency, and this ends up feeling like a pretty serious emergency. david: is this a time when you get with the big banks and talk this through? you've been in the room for some of those. is that what should go on? lawrence: we should certainly be hearing what their ideas are, getting their assessment of credit market conditions, but gosh, i think there needs to be complete clarity of a kind there hasn't been in some of the preside

but with the capital cheap to the government and federal reserve seep row, okay? melissa: right. >> than people in need not get access. in the end people have to pay it back. banks need to make sure people they give it to go are legitimate so they will get their money back for the most part. melissa: that is the risk, people abuse the system? go ahead. >> there are companies out there that were vulnerable going into this mess. one ever of the things about recession they clear out people at margins. we have a lot of b-rated companies. we have a lot of retail businesses that were on the edge of failing. now this is going to make it impossible for them to recover. some of the money that gets loaned to those folk is going to be lost but you know, there are businesses we just have to keep going like the airlines. melissa: right. >> shale oil producers and so forth. melissa: so you don't think there should be any support to the shale industry. what about the little guy -- >> no i think there should be support. i think there should be, excuse me. shale oil industry is be

vonnie: the amount of capital destruction we have seen in the the week, is that something federal reserve is concerned about, or is the fed purely concerned about the hit to gdp growth? at this point, you can't even be concerned about inflation. michael: if the fed were to make an argument about what they did on an economic basis, yes, there has been a big decline in the markets. and i always laugh when you say wealth has been destroyed. that wealth was never there in the first place. untilyou still those -- you sell those stocks, it is all on paper. but the idea could lead them to pull back on spending. that would be one argument. the other is because we are now forecasting the economy will slow down, to be a little bit wonka's, the neutral rate -- a little bit wonkish, they new for right might be too tight. those would be the economic arguments they would probably make for where we are right now. they don't have any data to rely on, to say we see this. i think john and carl mentioned that they are talking to ceos all the time, and they are from thegetting word airlines and the auto make

the federal reserve. it turns out the fed will help liquidity and banks even further. the fed will let banks delay the capital hit from the loan-loss accounting rules. banks can mitigate the capital hits for up to two years. banks also allow the new tools assessment counterparty risk, and this is all on a statement from the federal reserve and the last human it's. -- in the last few minutes. week, including last weekend of very difficult liquidity conditions, particularly for nonfinancial but also for the banks and major banks. week, including lastwe are not seeing too much relief in the markets. we are seeing the s&p 500 down 3.5% and the dow off its lows but still down 3.8%. the nasdaq down 3.5%. at 65 and avix dollar index that continues to weaken. we had a headline from the imf a few moments ago which suggested that 80 countries, including countries have requested aid. the managing director of the imf does not think they have enough to carry them through this crisis. this is a global crisis of unprecedented proportions. guy? guy: let's get another voice on exactly that subject. the global economy absolute

the federal reserve could create an llc and capitalize with three or $4 trillion of money they create either loan it to the federal government for these expenditures or disperse it directly to businesses and individuals. we have as a country, tremendous financial muscle. this is no time to keep our powder dry. our financial muscle is just as preeminent and just as strong relative to the rest of the world as is our military. every household should be getting a bigger disbursement than we are talking about now. each middle-class individual should be getting $3,000 a month for a three month or less. eight married couples to get $5,000. it should be $1500. that is a realistic and bold plan that we keep our middle class afloat. >> neil: as long as you play forward -- i'm only kidding. thank you very much. >> great to be with you. >> neil: as he was speaking, we've heard from boris johnson. most stores, weaving gatherings for three weeks to stop the coronavirus. is it possible to dip into this? >> the doctors on the front line. but in this fight, we can be in no doubt that each and every on

the circumstances were different. banks are better capitalized, corporations have pretty good cash reserves and the consumer was feelinghrough this? >> there's no two ways about it the worst thing you could say about the consumer going into this, it almost couldn't have gotten much better. unemployment rate was low, wages were rising, you have a strong -- had a strong stock market, savings rate was actually quite high and you add to that lower oil prices and pick-up in re-fi activity, all of those things should bolster the consumer as we go throughout the next couple months. and the consumer's going into this in a strong way. the banking system as you mentioned, if anything is over-capitalized and one of the things i would argue in terms of some sort of response here would be easing some of the capital requirements. paul: so they can do more lending? >> yeah. the problem is, you have all this money, the cap pal requirements are such that it's difficult to get the money into a place where the banks feel comfortable lending it. i would argue that more regulatory easing on the part of banks, for banks, would be appropriat

i am supportive of lending the heck out of, using the federal reserve and congress' tools to help businesses get the capitaly we can do everything in the world, but if people don't have a job to go back to, they are hurt. and that's who we need be focused on. >> are you in favor of -- i mean, will we have to bail out auto companies, boeing, boeing is the biggest exporter in america. they do want a bailout. president said we're talking about help. what your saying? you say we can give them loans. look the auto industry bail outs were loans, t.a.r.p. were loans. american public ultimately did well out of them but didn't like the idea. >> yeah. i think this is a different dynamic. you know, n knows coronavirus is using crowds of healthy people to attack the elderly and the vulnerable. it's hard. in the past we pulled together in these crises. now we do that by pulling apart, distancing ourselves. it's a hard transition for many people. people are accepting that, making those change. look, they are not blaming anything but this virus for what we have. but they want to pull together to find solutions. i'm pretty

the market is irrational now in its pricing of debt. and i think that we need to have solid leadership around stable capital deployment from starting with the federal reserverate reduction was necessary at this time and i think rates, unfortunately -- i'm going to say this i think there's enormous pressure to bring the rates down closer to zero than 1%. and i don't know if i agree with that because i see real fundamental growth in the economy. around creativity, around fundamental economic activity. very sound. >> so it's interesting thought, vinnie, because if you think rates continue to go lower and you think that oil will go lower, you know, in the 20s perhaps, it's hard for some to see how that can translate into a higher stock market which you think is attractive even in light of those sorts of predexs on rates and oil. >> i think there are companies in the stock market and activities that define the business of those companies that will grow in those conditions. conditions of easy money access to capital. lower energy costs i do think that this notion of social distancing, social distance and social distancing is a -- is, quite frankly, a very fright

the federal reserve, the package is the outbreak reaches new heights with the total number over 100,000 and the distal surpassing 1500. jeff paul standing by in the la newsroom, richardson live in the nation's capitalo inject $2 trillion into the economy. the president signed the legislation that designates government funding, small businesses, corporations and local governments and healthcare facilities. >> this will deliver urgently needed relief to the nations families, workers and businesses. that is what this is all about. >> reporter: the federal government will work to get the new money out, the law authorizes the us to send 1-time payment up to $1,200 to millions of americans. those with children as young as 13 can get $1,200 per child, they entirely disappear for a single person earning 900,$000 a year or more. steve mnuchin expects the government to issue these payments within the next 3 weeks. the measure offers $377 billion in guaranteed loans to small businesses, creates a half trillion dollar government lending program, $100 billion for hospitals and expands unemployment benefits, offers aid to state and local governments designed to help a battered american economy but there has been

healthy the markets and the economy are right now and what more the federal reserve could do to stabilize those markets and to inject capitalo the economy. they discussed their outlook for the u.s. economy and president trump today said that they are saying that gdp could take a 25-point hit and it is likely that that room of heavy weights, brian, is who they are >> kayla tausche in washington, kayla, thank you very much >> all right now let's bring in guy adami and tim seymour. guys, i want to listen to this to highlight how volatile the markets have been, the 11 largest point gains and drops and four of the largest pesa percentage moves of all time have now come in just the last three weeks. we are literally re-writing the record books in many ways. do you believe, guy adami that a stimulus plan will calm these markets at all or is kind of the expectation already priced in? >> it will help, and it's great to be back with you. >> it clearly will help and yesterday on a day where obviously the market had a difficult day, i tried to point out some of the grain chutes i saw and we mentioned the fact that the indiscriminate se

they are asking for relief on the liquidity front good to run down liquidity reserves without being penalized. they are asking for relief on the capitalnt to ignore some of the findings. changes toasking for how to define what a loan is. this is quite extensive. it speaks to the fact that the the banks see a lot of damage coming their way because of the economy, or if you want to be cynical, they see this as an incredible lobbying opportunity. vonnie: the banks have been rising. this is obviously good for the banks if they get it. is this a case of using the coronavirus as cover for something they want anyway? nick: that could be one way of looking at it. they see it as a way to use leverage to get as much as they possibly can and they have also been asking for more than they know they can get. machiavellianthe bespective, or they could limited intense damage to the economy. bust, companies going that they would need this kind of capital relief. the question for regulators and government will be asking themselves -- could things get this bad or is it just the banks asking for is much as they can possibly get? we have to leave it there

northern kenya and is one of the few reserves to employ women as keepers, helping to rescue and rehabilitate orphaned elephants. rich preston has the story. 280 km north of the capitalelephant sanctuary. meet naomi, one of the many female keepers here. elephant sanctuaries are normally run by the state, but this one is owned and run by the community. amongst can you's second largest elephant population. it's not easy for an elephant to abandon a baby, but sometimes it already become sick and is not able to work with the mother —— walk with mother. so the mother decides to leave the baby behind. sometimes they are eaten by predators and the community sees happening. that's where naomi and her fellow keepers come in. raising, feeding and nurturing the babies. then... we return them back to the wild after. being owned by the community means they can bond between the locals and the animals and what's not always been an easy relationship. years back, it was challenging. now we inform people not to use harmful instruments to scare the wildlife away. poaching has gone down. as well as being community owned, this actually says it's the first one to employ women as keepers.

the federal reserve? >> we are not yet taking advantage and well capitalized i applaud the fed.much capacity as we can put into the banking system that's a good thing we don't need it at this point but i love having it available for us. >> at what point would you need it in other words, you've extended a line of credit, $100 million like you said. >> sure. >> plenty of banks and we would expect seattle banks to be among them where businesses are tapping on the lines of credit how much has to be drawn down before you need more liquidity than you have? >> you know, we have several billion dollars of liquidity available to us through the federal home loan bank and cash reserves so we're nowhere clea >>> how long are you anticipating this is going to last what's your time horizon >> your guess is as good as mine i love to see rates are going down where it first started in china. that's why we said 90 days if we can get through 90 days, that will be a great help and if we get through 90 days and are still having issue, we can reassess >> bottom line, do you think you can do more by m

the economy. real consultation going here. i think it is about having a coordinated voice and action. all right, thank you for joining us today. tikehau capital founder. focus." "futures in phil, your reaction to the federal reserve's new round of stimulus? >> we saw a direct reaction in the gold market. market tracksilver tire. equity markets have rallied back significantly. a lot of pressure on the bond market. action is affecting a lot of different commodities out there. we are seeing some of the small macro plays and futures continuing to push hybrid if you go to the stores right now, there is no beef available, no orange juice available. oranges are going up. also the cattle market. guy: phil, more broadly, if we don't see congress passing a bill, how do you think assets are going to react? phil: well-- up, rallies make a new high. also going to back off as well. the open-ended qe plan is rangers. u.s. economy and the individual consumer. vonnie: how much contacted you have with your cme colleagues, and what kind of positions are they putting on even hedging-type positions? phil: a lot are using rallies in the equity markets. they are too heavily overweighted. people are seeing quite a few positions that were

the federal reserve rams of efforts to keep financial conditions in check. the fed announcing plans to provide companies with short-term credit and ponder rule revisions to free up capital. more details on that push for stimulus. secretary mnuchin saying that they want to send checks to americans within two weeks. more details on that story coming up. stepping up stimulus. some investors stepping up with the s&p, dow, and nasdaq in positive territory at this hour. it has been another volatile trading session moving between gains and losses, and even with these advances, keep in mind, earlier, the s&p was advancing at 7%. certainly, the story out of the white house, and the move the fed took with the commercial paper facility, getting some buyers into the market after those steep declines yesterday. volatility can be read in all sorts of ways. take the dow jones industrial average and the recent point moves we have seen. we are looking at positive performance now. at one stage today, we were below 20,000 for the first time since 2017. what you see is just a reminder, how many times we have seen big declines late. since the all-time high on february 12, we have seen no fe

kenya and is one of the few reserves to employ women as keepers, helping to rescue and rehabilitate orphaned elephants. rich preston has the story. 280 kilometres north of the capitalmi, one of the many female keepers here at reteti. elephant sanctuaries are normally run by the state but this one is owned and run by the community in amongst kenya's second largest elephant population. the babies that we get are for different reasons. like abandoned. it is not easy for an elephant to abandon a baby but sometimes, elephants or the baby become sick and it is not able to walk with the mother and the mother decides to go and leave the baby behind. the baby suffers starvation and sometimes maybe attacked by predators and when people from the community see this happening, they report to us and we rush and rescue the baby. elephant trumpets. and that's where naomi and herfellow keepers come in, raising, feeding and nurturing the babies and then... when they are at the age of three years and eight months, that is the time now when we lead them back to the wild. being owned by the community means reteti can help form bonds between the locals and the animals, in what has not a

the country and for their tenants. many, most are living from cash flow to cash flow in terms of running these buildings. there are many small landlords without much capital reserve going to have to work with them as well and the states are going to have to work with them with regard to taxes, the utility companies as well. this is going to be a big snowball effect. the reality is that there are going to be significant delinquencies on rent for single -- for apartments, there's going to be significant delinquencies on mortgage payments and there's going to be significant delinquencies on property taxes and other associated real estate revenue for the local and state governments as well. neil: i would imagine as well it's put a freeze on people looking at real estate, period, especially those that were going to use as part of the down payment whatever they had been making in the market which is a lot less now. what about that side of it? >> look, real estate has come to a halt in many instances. the capital markets are essentially frozen. lenders are focusing on their existing portfolio and how to manage those issues. we are going to see a shutdown with regard to

there's also the issue of the reserve based lending market, but really energy is a capital-intensive and a lot of it is in the high-yield market. the amount of money that banks lend directly to the energy companies in the form of reserve based lending is double or triple the size. to the extent that those banks toll have requirements receive a minimum payment, these energy companies will continue to pump even at these low prices , even though it is still unprofitable for them to do so just so they can take that minimal cash flow and direct it to the banks so they don't go into default. shery: given all these challenges, we have seen the markets already pricing this in. on theviewers can see bloomberg, earnings forecasts for those asian energy stocks have already been resized -- revised down. what would be the market impact for the companies that have to keep operating in this situation? there will be more defaults, eventually more encrypt sees, more comes -- bankruptcies, more consolidation. i think multiples can continue to stay at the press -- depressed levels and even go lower bec

the capital are sincere and on wednesday. both men deny any wrongdoing. to east africa's first community— owned elephant sanctuary, in northern kenya and is one of few reservesston has the story. —— rich. 280 kilometres north of the capital nairobi, welcome to the elephant sanctuary. and meet naomi, one of the many female keepers here at the sanctuary. elephant sanctuary is a normally run by the state but this one is owned and run by the community. in amongst kenya's second elephant population. the babies that we get are abandoned for different reasons. it is not easy for an elephant to abandon a baby but sometimes, elephants or the baby become sick and it is not able to walk with the mother and the mother decides to walk and the mother decides to walk and leave the baby behind. the baby and leave the baby behind. the ba by suffers and leave the baby behind. the baby suffers starvation and sometimes attacked by predators and when people from the community see this happening, they reported to us and we rush and rescue the baby. —— report it. and that is where naomi and her fellow keepers come in. raising, feeding and nurturing the babies and then... when they

>> the difficulty with restaurants is because we don't have large capital reserves, in some cases noneall. once we get open, it's really important that we stay open. so with direct income replacement, if it's over a six-month period, for instance, we could start building up additional cash reserves. that's what's crucial. getting restaurants open, we're not going to be as busy as we need to be to actually turn a profit, so we're going to need help to make sure those jobs are still there. what we don't want to do is get to the point where we can start opening up, but all of a sudden we have to scale back and in some cases closing. we need those employees to stay employed, so we need some additional runway to get the restaurant open and some cushion until we get up to full capacity. >> understood. listen, we send our best to you and we send our best to your employees. we know a lot of people are suffering out there and we hope to get relief soon. tom colicchio, thank you very much. >>> florida's governor is now pushing back against calls to impose a state homeowner there in the state. in

door and this is the neighboring republic of congo vast oil reserves have been discovered but they are underneath 10000 year old pete lands near the congo rainforest reports from the capital preservation environmental so drilling for oil there will unlock billions of tons of carbon oh fuck. beneath the swampy forest lies carbon equivalent to about 20 years of emissions from fossil fuels in the us it's stored in peat lands that scientists discovered here in the republic of congo 3 years ago the government didn't allow us to go there and film this is the government's video but it did allow oil companies to drill there last year. it's license to oil exploration in blocks of land across more than half of the peak lands and environmentalist say if wells extracted risks releasing 30000000000 tons of carbon stored in the peat. it would be catastrophic even if we tried to exploit the oil in an eco friendly we we still have to destroy the ecosystem. or it will make the area i want to see before the exploitation of other resources and also indeed a great swath to. the river congo is the world's 2nd largest river by volume and the rain forest that sits in its basin is the world's 2n

the capital markets of flowing. and that is at risk and could lead to a compete -- a complete standstill of the u.s. economy. that is why we see this extreme measure from the federal reserveto keep c companies haviving the possibility to even get money so that wewe do o note to a complete standstill. that is what is at stake now. brent: an amazing picture that. our financial correspondencee doing a hohome office frfrom brooklyn on the other of the river from manhattan and the new york stock exchange. thank you. let's have a look at how the coronavirus crisis is affecting global business. the international maritime ororganizati wararning the g gla shipping industry is in choppy waters, after krone virus hit transport hubs," and restricted shipping around the world. it is stressing that allowing ships to move medical supplies and food is essential to overcome the pandemic and is calling for seafarers to be treateteas front liners like medical personnel and airline crew. european aircraft manufacturer airbus announced a partial return to production in strands and spain. -- in france and spain. the company closed last week to implement new hygiene and this tensing rules in re

14, presentation and discussion on fiscal year 2021 and 2022 operating and capital budget including use of the contingency reserve, proposals on fare policy and pricing, authorizing sunday and evening parking meter enforcement, and service changes. >> thank you, chair heinicke, and director tumlin. i'm leo levinson, chief financial officer for the m.t.a. i just want to say that we recognize these are unprecedented times. much of it was formed before the covid-19 situation and the changes that it makes to our operations and our revenue sources. we are also keeping track where we stand in the revenue shortfalls. so what that means is we have a constantly changing budget situation. director tumlin says we still need a base lynn and a reference point -- baseline and a reference point, where we will expect to be after this emergency is over, and where we stablize in a new situation. so i want to say that the commitment of my entire team to you is that even as we review and create a budget under a time of creating resources, we will be watching that budget extremely closely, and we will be returning to you with a bette

the capital markets as well. so, there's a range of things that federal reserve could do. ar from out of ammunition. >> pelley: far from out of ammunition. sunday, the federal reserve lowered its benchmark interest rate to zero. can you go below zero? >> kashkari: in theory, we could. some countries have. i don't think many of us-- i don't think any of us on the committee think that's a particularly good idea. it creates other challenges for financial markets. but in the last crisis, we've used something called quantitative easing, buying long term bonds. we've got a lot more experience in how to do that. it didn't trigger inflation. so, there're other tools that we've used before that i think we could also use again in using it aggressively. >> pelley: states face an enormous surge in unemployment claims. connecticut alone, which normally has a little over 2,000 claims a week, saw 72,000 last week. when the national number of new claims for unemployment is released thursday, it's expected to be in the millions. the fed is watching china and south korea where the outbreak a

the world by far. our banks and financial institutions are fully capitalized and incredibly strong. our unemployment is at a historic low. this vast economic prosperity gives us flexibility, reserves, and resources to handle any threat that comes our way. this is not a financial crisis. this is just a temporary moment of time that we will overcome together as a nation and as a world. however, to provide extra support for american workers, families, and businesses, tonight i'm announcing the following additional actions. i'm instructing the small business administration to exercise available authority to provide capital and liquidity to firms affected by the coronavirus. effective immediately, they will -- the s.b.a. will begin providing economic loans in states and territories. these low-interest loans will help small businesses overcome temporary economic disruptions caused by the virus. to this end, i'm asking congress to increase funding for this program by an additional $50 billion. using emergency authority, i will be instructing the treasury department to defer tax payments without interest or penalties for certain individuals and businesses negatively impacted. this action

into detail on the other actions we took but they involve eliminating reserve requirements for banks and encouraging banks to make use of intraday credit with the federal reserve and use capitaldity bumpers as they support lending to households and businesses. the actions we have announced today will help american families and businesses and the entire economy through this difficult period and will foster a more vigorous return to normal once the disruptions from the coronavirus abate. we will continue to closely monitor economic and financial developments and the implications for the economic outlook. we are prepared to use a full range of tools to support the flow of credit to households and businesses and keep the economy strong and promote maximum employment. finally, let me know today's fomc meeting was in lieu of the meeting scheduled for next tuesday and wednesday. thank you. i will be happy to take some questions. >> the chair will now take some questions. please dial star one on your phone to indicate you want to ask a question. you will be on muted when you are called on. ed when you are called on. haidi: we will contie to hang onto this call with fair power -- fed

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

alliances wrangling over revenues from africa's largest petroleum reserves forces loyal to have terra been fighting for control of the capital since april last year. the 2nd term inauguration for afghan president ashraf ghani has been marred by a rocket attack the offensive took place says the rival who also claims to be president held his own inauguration the political feud is compounding efforts to end the country's 18 year war where the bill hamid reports now from kabul. it was a day marred by controversy guests were told to arrive early in the morning only to discover a delay to the inauguration ceremony of president a shove that while they waited u.s. envoys. was trying to bridge a political rift between the hani and his rival. by mid-afternoon the ceremony to start when a 2nd term was finally underway. with the u.s. envoy in avalon and foreign officials in the audience. than he took his oath of office promising to uphold the constitution and bring security while this ceremony is happening and there's another presidential inauguration unfolding not very far from where we are and that's the one. main competitor. and he s