Reporter you were good just like her and shes looking for answers thankfully with the help of training expect. Thank you is not life as we know it. Together our new web series. Oils collapse in the u. S. Has Global Markets worried deflation is the big fear as producers rein in production the question on everyones mind when will demands pick back up. Beijing gets back to Business School see how chinese firms are changing to cope with the coronavirus. And pandemic measures claim a victim down under as Virgin Australia Airlines Files for bankruptcy. This is your business report. Stephen theres a in berlin its good to have you with us now the crash in u. S. Oil prices is reverberating around the globe pushing stocks toward losses and driving Commodity Prices down major Oil Producing nations could be hit hardest with lower prices carving chunks out of their budgets theyre now hoping that demand rebounds in the months ahead. Demand for oil has plunged amid the worldwide lockdowns linked to the cough in 1000 pandemic and that coincided with a surge in oil supply the result of a route between saudi arabia and russia over Oil Production cuts now Storage Facilities affordable prices and now below 0 for the 1st time in history but russia says it has what it needs to weather the storm. Approached. Our government has all the necessary reserves at its disposal to soften the blow all negative consequences of this kind of international volatility for our economy. But the overwhelming reaction in europe is shock. I have to say in all seriousness that the collapse in oil prices is a danger for the Global Economy in the face of this Economic Situation that is unprecedented in modern history we the president and the Prime Minister immediately took stock of the crisis. The book on immediate one of these. Its an age old story about demand and supply and many are asking about how to restart economies amid the cold in 1000 outbreak to drive demand so that oil thats still being pam to can actually have enough places to go. And lets go now to our financial correspondent yens korda in new york for markets reacting to this unheard of unprecedented collapse of oil prices in the u. S. Well i mean if you look at the stock price of the market to oil stocks are not so much dahlan as you would expect it clearly there is pressure but theyre not getting completely hammered as of yet at least the good news is that we dont have to very about make them anymore because that expired here on tuesday but even if you look at june contracts sold those oil prices were down by more than 40 percent in the tuesday session from 22. 00 it got 11. 00 per barrel so clearly a lot of turbulence a scent of the stock market overall was down 600. 00 points because clearly of the oil industry is very important to the United States oil and gas industry roughly stands for about 8 to 9 percent of Gross Domestic Product in the United States and we talked about the danger this could represent the shale producers in the u. S. Whats their reaction been so far. Well its very difficult for them to would just shut off the well because if you do that its not quite certain what happens if you try to reuse them at a later point there was some talk that washington might offer some federal help to the oil industry theres also talk that maybe like up to 75000000 barrels of oil will be added to the a Strategic Petroleum reserve of the country but yet thats where we stand right now and meanwhile the danger was each day creases that some of those specially shell producers might have to file for bankruptcy and that could actually also effect the banks because those companies i and i had debt and then eventually banks might not get their money back so it is still a pretty serious situation overall and not even talking about specific states like texas for example texas was one of the big Growth Drivers for the United States in the past couple of years but was this thing on the mend not any longer or a u. S. Court of their force in new york thank you. The Chinese Foreign investment fell nearly 4 percent to 24000000000. 00 in the 1st quarter and those figures come amid a slowdown in the chinese economy that has been sharpened by the coronavirus pandemic Chinese Investment overseas has also come under increased scrutiny in recent years that could rise with the new Economic Crises countries like germany and india have promised measures to protect weaken firms against buyouts from overseas. And staying in china the lockdown is over in the countrys capital this week all employees in beijing were allowed to return to work under specific conditions the businesses say thats a good start but for those with Global Connections its just the start of what they need to function. The people who work in this space office tower have big plans and hope to change the world but those who work on the 33rd floor like marketing chief good see have to make a pit stop 1st their clothes and shoes are disinfected and their temperature is taken and a device uses facial recognition to determine whether geechee really works here the beijing robot maker imposed these steps itself but the beijing City Government has rules of its own and they have to be followed before 300 employees are allowed to come back as long as we can keep. A distance and 2. 5 square meters space for every stop this office is open for everyone so. All eyes to 1st. Priority and the face to face the 2nd that this s. Change are way off live now there are fewer Group Meetings than before and the companys robots have been put to work with new assignments this dancing robot is being sent to han the epicenter of chinas Coronavirus Crisis there it entertains patients and doctors alike. Other robots clean and disinfect. In ruhani Many Companies have now resumed production. This is the new normal at car maker honda its factory had been shuttered for 11 weeks now everyone has to wear a mask and observe social distancing and the canteen has also been shut down but how do outside observers feel about chinas new economic reality will it be successful in the long run. Pretty close to normal Economic Activity and started to happen but we do anticipate a 2nd wave of virus attack in the 4th quarter and if that happens then its pretty much the 1st quarter all over again the Economic Activity will be hard hit the robot builders in beijing are hoping for an end to the quarantine and the lifting of travel restrictions so that their domestic and u. S. Locations can Work Together again we hope every day there will be a progress on the free flow of people in the free flow of product launches sticks and this will definitely how the business to be back to normal we do hope to come into a new can into this issue and how business to be able to flow so once business does start flowing again this Company Hopes it can expand its horizons. First in australia the countrys 2nd Largest Airline has collapsed after travel restrictions worsened its debt problems the airline had been struggling to repay around 3000000000. 00 u. S. Dollars of debt when the coronavirus hit runways packed with planes going nowhere waste no one the writing has been on the wall for some time no covert 19 has claimed its 1st major casualty of the Airline Industry Virgin Australia and the chief executives face said it all. This is not just something that is hurting Virgin Australia we know its hurting the industry globally and is the worst process i was saying it is true. Were not immune to that board might a very courageous decision last not to put the company into voluntary administration and to so quickly for the debt laden airline the unprecedented shutdown came at the wash time the final blow when the government refused a loan worth around 1000000000. 00 us dollars emotional employees pleaded with the Prime Minister Scott Morrison to change his mind. For those of you watching today place take a moment to ask yourself what a monopoly in the israel and skies would look like you bob in this turmoil for 25 and a half years these people be harming. Them our brothers and sisters. Dont or could not do your job and i done indeed please let me do more thank you. The government said it would not be allowed airlines deep pocketed foreign shareholders among them Richard Branson he tweeted that this was not the end of Virgin Australia but i believe a new beginning. It is now the job of the administrators to we structure and find new investors and get this company soaring again. Britains Tourism Industry is suffering badly from the corona pandemic cornwall the south of the country has been especially hard hit the numerous beaches and parks there are usually teeming with visitors from around the world this time of year now its just an eerie emptiness. The picturesque harbors and fishing villages are deserted and the restaurants and bars empty hotels and amusement parks are also closed to the public. Its a strange atmosphere without the crowds of tourists and even the locals are staying home to lock down here in southwestern england is causing a complete economic standstill without the income from tourism the region is threatened with disaster this went through as we be talking about 1200000000 pounds with the loss of. Industry according to a research percent of the businesses so far companies in cornwall have received the equivalent of more than 200000000. 00 euros in government aid but the lockdown is expected to last at least another 3 weeks nobody can say when restaurants and hotels will be able to reopen and when tourists will return. And thats it for me and the Business Team here berlin to check us out online dot com slash business thanks for watching. Ready for liftoff. Our solar system. And taking measurements. Can all be done with the space telescope rosita. And researchers are working on a map of all the galaxies suddenly the universe doesnt seem so big after all tomorrow today. Years of the world at their feet but for. Excess can be a rollercoaster ride. On the old. Mob what kind of person do you have to be to bet every condo full of the dogs to go your own way even if that path is fraught with risk by a nearing spirit a phenomenon and its Economic Impact in the made in germany. In 60 s. W. Of. The global corona crisis you can find more Information Online instead e. W. Dot com and on t. W. Social media channels. Well come to tomorrow today the science show on d w coming up. The hunt is on for dark energy well show you the 1st spectacular images from that even as the to space telescope. Melting glaciers could building dams
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