3 times wanted. So much. To spend in germany. Where exactly. Was. The last car culture history. Travel extremely worth a visit. To. The World Health Organization is now calling it a pandemic and the Novel Coronavirus again has markets in its stocks on wall street fell sharply as fears continue to mount over the economic fallout of the code would not also come boeing shares take another drastic tumble as the company tries to cope with the double whammy of its grounded 737. 00 and the corona and italy is famous for nothing as much as its fashion we take a look at the locks down countrys fashion industry the corrupt. Im chris cuomo welcome to the program the u. S. Stock market is on the brink of ending one of its greatest ever runs with the corona Virus Outbreak now officially labeled a pandemic investors are asking how bad the fallout is going to be after all the World Health Organization has also cited quote alarming levels of inaction by governments on the virus on wall street shares in the Dow Jones Industrial average dropped almost 6 percent for the 1st time since the 2009 financial crisis the dow has now entered into a bear market the find as a 20 percent drop from recent highs. For more on wednesday sell off here is our correspondent hasi who is down. Here on wall street it was mainly calls by 2 factors one that we still like any concrete details on dot biscoe stimulus package President Trump said with the markets already closed a payroll tax cut will be good for people but still lacking any concrete details the 2nd is the use of the war pandemic surely did not bring any confidence in the market at a time seems the 11 year old bullish market is coming to an end bull markets dont die of old age but the koran a virus appears to be doing a creek also investors who want to spar and see and headlines about containing contagion that will happen when people get done getting the situation under control once this happens and we get a handle on how much damage has the corner virus done it to the economy its that when the markets will maybe it start to recover. Wholesale who is now reporting from wall street there is another issue weighing heavily on the down wednesday where concerns over playmaker boeing in a memo reportedly leaked to the press is c. E. O. Apparently said that the company will freeze new hiring and over time as boeing struggles to deal with a 12 punch from the corona crisis and the grounding of its 737 max line so far boeing has been hit with 43 cancelled orders for the ground a jet boeing stairs lost 80 percent after news broke that the company was forced to take a 40000000000. 00 loan to deal with ballooning costs. Italy is the european nation hardest hit by the coronavirus was more than 820 deaths reported so far after having put 60000000 people essential in lockdown and the countrys leadership has now ordered the closure of all shops bars and restaurants that except pharmacies and food stores in addition the government in rome has pledged. A 25000000000 euro aid package to help tackle the outbreak the money will go towards both healthcare and businesses the countrys famous famous fashion industry is one sector that is especially vulnerable. The fashion capital of milan is usually a life bustling city now its like a ghost town. I mean to say what is it going its good we have fewer people Walking Around for now but it does put major constraints on businesses shops are open but there are no customers and staff have to be paid anyway. Your means on i have my business have and i dont have any kind of reserves so im really feeling the economic impact. Could impact the economy. Was an annual turnover of 90000000000 euros fashion is one of italys most Important Industries and even more important than the shops here in the luxury boutiques overseas the asian markets has almost completely vanished in light of the pandemic the Italian Government has announced a national aid package to help offset the viruss effect. Weve allocated special resources to the sum of 25000000000 euros aware of the difficulties that the country faces during this emergency situation. Italys fashion industry employs more than 400000 people. The country makes over a 3rd of its luxury goods sales in china but right now theres very little demand for high end fashion anyway. And here are some of the other measures countries are taking to limit the impact of the virus on their comments the International Monetary fund says spain should be allowed to hold off on structural deficit costs here as adopts one of measures to support the economy during the epidemic but red has promised to do whatever is necessary to overcome the crisis it is expected to unveil a package on thursday guaranteeing medicines and providing loans to businesses google has advised all of its 100000 employees in north america to work from home because of the coronavirus staff has been asked to stay at home until april 10th apple facebook amazon and twitter have already asked employees to work from home to limit the spread of the infection. German chancellor Angela Merkel says her government will do all it takes to ease the fallout from the outbreak that could include easing strict rules and increasing public spending as medical science forecasts that 2 thirds of germany could contract the virus. Now earlier my colleague gad talked to top german economist pay double for him about the Business Impact of the virus germany government responses and our chances of avoiding a global recession mr bush whats your impression of how our german business is currently dealing with the Current Crisis well we have no data so far for march we have no data for february the only thing we know is that the labor market so far has not been too much affected which is good news but its obvious that it will have severe repercussions on production on services i think theres no doubt that. Face kind of recession in the 1st quarter and also in the 2nd quarter is the German Government doing. Enough to protect the German EconomyGerman Companies against this crisis john government is doing important things especially as far as short time burke is concerned i think they have now activated measures that were a helpful in the great financial crisis to prevent the crisis to spread to the labor market but we thing more has to be done and i think whats measures is really know that the community and the sort of in c. Of the enterprise sector and for this purpose we have suggested that all takes payments that are due in the next few months will be suspended only have to be paid then once the price is over and in addition we have asked for a program where companies can compensate the losses this year his profits in last years so that they get picked texas so no stimulus. Well that is a stimulus i would say if companies have really the opportunity to to compensate the loss of lives if the government is so to say participating in the losses that are made due to the crises i think as far as stimulus is concerned the short term the problem is we cannot social consumption as. We call it because the concerns about health and if not the priority. Does this crisis have the potential to put push the World Economy into a recession well we know from the o. E. C. D. That in a less optimistic scenario Global Growth will go down from about 3 percent to 1. 5 percent so this is very strong diesel aeration and i think there are countries like italy the good school definitively facing a recession i think it all now depends on the decided miss preparedness of the governments to do what ever is takes to say this to prevent the crisis from spreading from those sectors who are merely affected to the rest of the economy so to prevent that the crisis becomes really systemic it approvingly thank you very much. It is to kenya now and the country so far has been spared the coronavirus but the economy is suffering because of its extensive trade relationship with china with travel bans in place Flights Canceled and restrictions on certain imports businesses are starting to have trouble keeping shelves stocked economists warn prices are likely to spike. In nairobi the store shelves are well stocked for now but many shop owners warn their supplies of Clothing Electronics and other goods made in china could run out by months and shipping is tapering off in kenyas major port mombasa due to restrictions on trade with regions affected by coronavirus like china. And observers say that could cause prices to spike throughout the country. China is also responsible for hundreds of millions of euros in direct investment each year including in Critical Infrastructure projects investment which could be in danger if the worldwide crisis continues each one drop in chinas domestic investment equals 0. 6 percent drop in africa so at a high level im really really worried that this feedback phenomenon is now going to reverse this is unprecedented black swan event and i think we are we are going to really stop at the economic fallout from what is happening in china. With supply chains are structured around the world the kenyan government has faced accusations its failing to prepare for the worst. And that could mean shortfalls of critical goods Like Pharmaceuticals as the covert 1000. 00 break continues to spread. And that wraps up our program as usual you can find more on our website thats t w dot com slash business or simply follow us on facebook or twitter im chris colfer and roll in for me on the entire team thanks for watching and ever so often successful. Half. The conflicts. After the. Stuff make obama good meteo itself has become a fire would come and so corruption my guest this week is the countrys foreign minister at everest fox home the faeces he wants to improve most of tanishq image from how many more secrets have to come before the full before civil. Conflict so for. The. Daring mission on the high seas. Were all on board the ocean fighting. The ships crew say no more than 270 people in the mediterranean. But when they reach the safety of italy shores the next challenge awaits quarantine amid coronavirus fears some good roads. In 60 minutes on t. W. May turn is for me. Beethoven is for you. Beethoven is for have. A token is for her. Beethoven is for. Beethoven is for us. Beethoven is for ever on. Beethoven 2020 the 250th anniversary year on down you know. You know more you talk about the world who is being protected by law school versus the whos protecting them im all tough though i keep on saying. I will keep on pushing for all the truth to come up after the murder of a prominent boaties journalist stuffed in a car on a girlie motor itself has become a byword for violence and corruption my guest this week here in munich is the countrys foreign minister Everest Bartolo he says he wants to improve motors tanishq image but how many more seat