tv Business Deutsche Welle February 28, 2020 10:15pm-10:31pm CET
the story and maybe even the fact that it is a female director who did this film critic give could give it the edge come saturday night's awards. and see if this is d.w. news up next steve bisley has your business headlines. news at the top of have a good day. world. to go beyond yes. as we take on the world. we're all about the stories that matter to you. really. never. running out of
touch. alcohol b.t.w. made from mines. earth a home for saving googling dina's tell stories of creative people and innovative projects around the world ideas to protect the climate and boost green energy solutions by global owing to his being by a series of global 3000 on d w and online. the coronavirus wipes trillions off global financial markets this week hopes of a quick recovery shatter as the number of international cases spiral the rout on exchanges shows no signs of slowing. also on the show germany needs to plug a big hole in its labor force the government now hopes the new law will attract skilled workers from outside the e.u.
. and will take you to uganda where some families are moving from fishing as a way of life to something more sustainable. this is your business report i'm stephen bears in berlin thanks for joining us. wall street was in the red for a 7th straight day as indexes fell on fears that the spreading coronavirus is hitting corporate profits and curbing global growth the dow jones industrial average in the price of brant crude both down the nasdaq mostly flat meanwhile there are growing signs that the fears are broadening trading volumes reached a year long high on thursday all told more than 5 trillion dollars in value has been wiped away from global markets this week. the dow jones continued its downward spiral shedding over a 1000 points early in the session investors fear the coronavirus will detail world economic growth it was the worst week for global stocks since the 2008 financial crisis panic is in the air the decline in wall street came hard on the heels of
slides in asia and europe in london the footsie close nearly 4 percent lower germany's blue chip dax also fell sharply. there is this uncertainty about what this virus will do next will it be a pandemic and will economic activities be significantly affected it's clear we'll see a technical recession in the 1st and 2nd quarter in several countries including germany . goldman sachs as the coronavirus may wipe bad corporate growth in 2020 and trigger recession the olympic games in japan are hanging in the balance as well japan has invested some $25000000000.00 in the events in tokyo the nikkei closed 3.7 percent lower. in hong kong behind saying shed 2.7 percent the euro stocks 50 dropped almost 4 percent while the blue chip docks suffered similar losses. whole industries are caught in the downward spiral one airline
after another is cutting routes to affected regions a long list of companies have been announcing changes. i mean getting on and off oregon or demand in lost production in many industries are the consequences of the measures taken to prevent the spread of the virus we anticipate that the adverse effects of the corona virus will have a significant impact worldwide particularly in the 1st and 2nd quarters of this year. and so i don't see. the scary question is whether the corona virus will send the worldwide economy into recession no one has the answer but the i.m.f. says the world economy is facing a slowdown the virus is going to have an impact on growth. a lot just depends on. the speed of recovery in here in china in other countries the spillover effects and the effects on supply chains
many are looking to central banks for economic stimulus such as interest rate cuts federal reserve chairman jerome powell said the fed would act as appropriate and investors are reading that as a signal rates will be slashed in march but that wasn't enough to calm wall street's jitters the biggest selloff since the great recession continued. and for more on this wild week on wall street let's go to our financial correspondent in new york yes korda yes let me begin with those comments by powell was there any reaction from investors to those comments. well that's to say initially when we saw those comments the markets did not react at all but then by the end of the session and the last couple of trading minutes the market recovered a little bit after being down a good 1000 points by the end of the day we had we were down 350 points but here at
least on wall street there is the only question not if but when the federal reserve is going to cut interest rates and actually bets that we will see a cut in rates by mid march at the next meeting of the federal reserve those bedstand at 100 percent and a good 90 percent of market participants even believe that the federal reserve could cut rates by 50 basis points of bank of america saying that it's also possible that we could see an extraordinary meeting so that the fed might even cut rates before so let's wait and see a lot also depends if the markets will calm down in the next couple of days. been watching these these markets all week give me an idea what kind of week has this been for global markets. it's been a crazy week we were down by there was that all jones industrial average this week alone by a good 12 percent so this speeds that we saw with those losses that is highly
unusual industry for it it's been the worst week since the financial crisis what traders are fearing is that market participants might be driven by their stomach and not by their brains so that actually emotions might take over and investors might start doing silly stuff what we also saw all week long is that we had automated to the computer programs also influencing the market so it has been a pretty wild week and the jury is still out if what we saw here friday was the end of the party or if things might get dicey again next week all right and that's the question will do it all again next weekend's quarter there for us in new york thank you. and here's a look at the effects the coronavirus is having on other sectors. and there's the spread has led to the cancellation of the world's largest travel fair the i.t. bieber lead organizers consulted with german officials before calling off the event
there are currently more than 50 confirmed cases of covert 19 in germany. officials have called off the geneva international motor show the biggest of its kind in the world it was scheduled to begin next week but the swiss government has banned gatherings of a 1000 people or people or more last year over half a 1000000 people attended the event. germany faces a shortage of over 1000000 workers most of them skilled labor the government hopes a new law aimed at immigrants from outside the e.u. can help meet business demand especially for the small to medium sized firms that form the backbone of the country's economy. these 2 specialists from abroad are working at an air conditioning firm called estie in pottstown near berlin so each year efforts from syria while nico barnett comes from poland they have the opportunity to meet economy minister peter who's just overseen a new law which should make immigration for skilled workers from non e.u.
countries much easier in future above all it will streamline the process. make sure the visa application process is faster and that the process of recognising qualifications speeds up so people can actually work here that technicians employed in the heating and air conditioning sector a good example they belong to the so-called bottleneck professions where there's a major shortage all over germany including at this company because i could hire 10 people with these qualifications straight away we operate different areas in this company and each department could easily take 3 people. the new immigration law offers a ray of hope to make sure it has maximum impact germany is pushing the message as hard as it can especially in countries where it is already proven successful. take vietnam a lot of overseas workers in the former east germany in the 1000 agents came from there and there's lots of links to the boat people refugees who came to west germany in the seventy's are countries in latin america like mexico or brazil and
that kind of. makes you call it up. from now on if they have the qualifications and can speak german workers can come to germany for 6 months to look for work that doesn't mean increased competition for trainees already here the demand for skilled workers is so great they'll be enough jobs for all of them in germany for the forseeable future. and let's end with a look at uganda where fishing is becoming less profitable for many communities which are heavily dependent on the sectors to support their families and diversifying into coffee farming is helping provide a sustainable solution one of the islands of lake victoria. fish stocks are dwindling here in lake victoria it's becoming increasingly evident as essential ugandan landing site called the. fishermen here are struggling i don't. know what if this is such a bad time for fishing compared to the past when they used to be fewer fisherman i
think it's mainly because the population has gone up so there's more pressure on the lake. paul b. a kwanzaa has fished these waters for over 3 decades but at the same time he had to find alternative sources of income. his 10 acre coffee farm provided the much needed relief. you want right now it would be good if every fisherman does farming on the side because that's the way one can survive hard times. entirely depending on fishing can be stressful especially now when there are so the fish to catch and sell now. many of the islanders seem to agree fishermen are trading their boats for baskets and collecting coffee beans. a boost for coffee production that also gives the overfished lick a well earned break. well. you know what
if someone has a farm like mine in one way or the other it can contribute to the restoration of the fish stocks in the lake because fisherman will not be desperately relying on the lake to earn a living or get money to educate their children. with export earnings exceeding 400000000 annually coffee is vital to uganda economy. fishing is vital to. it provides ugandans with more than half a 1000000 jobs but working both sectors helps many people might be a quasi go to earn enough to support themselves. and that's it for me and the business team i'm seeing there's always that's watching.
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