Transcripts For DW Business - News 20240713

Why dont we greedy. We go in search of answers in a documentary film. Starts may 21st w. Could the Worlds Largest economy shrink by a 3rd the top us banker wont rule it out so was wall street selling doing so well so he did the latest. Also coming up airlines are on the brink putting millions of jobs in danger for better times ahead well ask an expert. And well go to india where businesses are coming out of a lockdown but with a few strings attached. This is your new Business Report im Stephen Beardsley in berlin its good to have you with us. The u. S. Economy could shrink by a whopping 30 percent in the Current Quarter. And thats according to chairman of the Federal Reserve Jerome Powell in an interview on c. B. S. News a 60 Minutes Program powell said that he expected growth again in the 2nd half of the year but that the economy would only fully recover once a vaccine for the new coronavirus was available he said that for Business Confidence to grow again people needed to feel safe powell also warned that reopening some sectors of the economy too quickly could lead to a 2nd virus surge that that would be a potentially disastrous setback the government had to reintroduce the social distancing measures and that you would have another downturn and that would be bad for confidence. So thats a risk we really want to avoid you know the virus hasnt gone away the reason that cases have gone down or declining is because people have been in their homes and not in their businesses and not out among crowds or right now im joined by yens quarter our financial correspondent in new york yes 30 percent shrinking in the Current Quarter that would be historic but if i look at the markets today i see gains help me understand this difference here. Its an unimaginable figure especially if you look where we were just standing in early february where we were in the midst of the longest expansion phase here in the United States was an Unemployment Rate of lower than 3 and a half percent after one baby here comes the next great reason depression read the sign behind me but actually thats what it. Does not believe yes its grim right now but he believes that the United States at least can prevent a depression but the stock markets reaction in the past couple of days has been really quite remarkable just on monday blue chips up by more than 900 points one reason for that basically was also the company was in use that to early stage trial of of a c. And seems to be successful that stock popped up by at some point around 30 percent so this market all saw traits on hope to soon find a cure for it is even better of deceit all right so a lot of optimism about the vaccine process in general there and you get the sense that american businesses and maybe even policymakers believe that the worst is now behind them. Thats the general sentiment and thats also the reason why the market is trading up quite a bit Everybody Knows that even in the next couple of weeks we will get pretty bad Economic News Everybody Knows that the 2nd quarter we are in right now will be quite catastrophic but the belief at least is that yes the worst is behind us those are the worst figures were going to see her during the crisis what nobody is really trading on at that point or believing that we might get a 2nd wave of the virus if that should happen then all bets are off but the general feeling is the country is slowly opening up i can see it here on the streets in brooklyn more traffic more shops opening and so there is this overall sentiment as bad as it is right now it might look better in a couple of weeks or months. Thank you very much. Delta Airlines Says it will begin flying some major routes again in june a welcome announcements for its employees and one that follows similar plans from ryan air and air france to reboot their operations of a pandemic and the travel bans that have gone with that have pushed the Airline Industry to the brink stakes for restart are high but expectations should not be. Grounded this could be any airport around the globe passenger flights are down by up to 90 percent since the coronavirus pandemic struck and stopped travel in its tracks airlines are facing billions of euros in losses and need to lower costs that means layoffs the International Air transport Association Estimates that millions of air travel related jobs are tryst in europe alone spain could be worst hit at 750000. 00 jobs that include suppliers ranging from Shuttle Services to caterers the country depends on tourism in britain over 400000. 00 jobs in the sector our trysts its a similar picture in germany france and italy which could also see hundreds of thousands of job losses we are not expecting for example the levels of traffic to reach the levels of 2009 until 2023 so its a very long curve the trouble sectors was also being felt in other industries suppliers like engine makers including the u. K. s rolls royce and european plane maker have us say theyre bleeding cash and considering massive cuts to their workforces so thousands could lose their jobs. Or lets take a look now at some of the other business stories making headlines. Ober will slash 3000. 00 more jobs as it navigates a path out of the pandemic roger platform had already announced it would strike 3700. 00 positions together the cuts amount to a quarter of the companys workforce but that dont apply to drivers who are considered employees. While way is one that its survival is at stake after the u. S. Government announced stricter measures to cut the Chinese Company off from Global Semiconductor supplies washington is changing its rules so that any chip maker intending to Sell Semiconductors to huawei will have to apply for an extra license. A plant japan has plunged into recession as the 2nd biggest economy has reported a 3. 4 percent drop in Gross Domestic Product in the 1st 3 months of this year tokyo has come up with a rescue package worth nearly one trillion dollars to help cushion the blow of the corona Virus Outbreak but the numbers are likely to get worse before they get better the corona Virus Outbreak has brought business and consumer activity to a screeching halt in japan the countrys lockdown measures have weighed heavily on exports and Consumer Spending following g. D. P. Contractions in the past 2 quarters the full force of the pandemic is expected to hit the japanese economy and the Current Quarter economists are forecasting a drop of more than 20 percent that would be its worst performance since world war 2. Japan relies heavily on trade with china and the u. S. Which have been hit hard by the fallout from the virus the government is doing what it can to reassure citizens amid the covert 19 outbreak. The number of infected people nationwide has settled down considerably compared to last month. We will continue to make an effort to contain the spread of the virus and while listening to expert advice we also need to restore our daily lives in stages gradually increasing the level of social economic activity. The government is expected to increase its current stimulus measures of nearly a trillion dollars to jumpstart the economy its also likely to lift the state of emergency in the next 2 weeks as life in japan gradually returns to normal. And staying in asia with a population of 1300000000 people india has the Worlds Largest lockdown in place and it was just extended until the end of the month and the 1st businesses and factories are opening again however with new protective measures in place take a look. Mobile phone assembly has started up again in la the international stack tree on the outskirts of delhi it was shut down completely for 6 weeks now production is underway with reduced staff who have to maintain a safe distance from one another recording off down the road alternating grid go down the. Alley out of order to get them remarkably. Well because. I dont think becoming an engineer now got pretty good i dont think being told unfortunately. Every employees temperature is checked with regular thermal screening hands and surfaces are disinfected frequently. And social distancing is also practiced in the lunch room and at the dining table 1 may have had the people fear that the coronavirus has not left india or for that matter the world but we cant just stop working if we dont earn then what will we eat of these antibodies we need to come to the office and work within the official social distancing guidelines that have been provided a little good and that even. Though its a relatively Small Company lava has become something of a poster child for Prime Minister Narendra Modis ambitious effort to make india a global hub for Electronics Manufacturing indias already the worlds 2nd biggest mobile phone maker and its determined not to let a virus stop it. A japanese tech giant softbank posted a record 9000000000. 00 loss for the fiscal year through march after its tech investment soured a collapse of Office Sharing venture we work had already had the firm hard then came the coronavirus pandemic saw thanks 100000000000. 00 vision fund was supposed to identify tech going to corns that is startups valued at more than 1000000000. 00 but its now underwater. And just to drive home the peril facing those startups soft bank c. E. O. Masayoshi song provided that animation of unicorns falling into a valley of the coronavirus take a look. But scott says nikolai on a book called all the however i believe among them there will be true unicorns with wings to fly over the valley. Youre not only a tickle model i believe we will see the birth of flying unicorns in the time of crisis. When theyre with us and there you have it and thats it for me and the Business Team here in berlin you can find out more about these and other business stories on line it dot com slash business to check us out on Facebook Twitter im stephen bears and its watching the from. Target for preservation german businessman bill fleet pabst owns a march on to wildlife park in zimbabwe a few organizes sustainable hunting tourism there are other Animal Protection activists in zimbabwe say hunting should not be allowed the danger of abuse is changing great power trophy hunting can save species close up. Next on t. W. India. It is insulting to you again to feel. Safe to. Say innovation projects are helping moco people need to switch to a new labels hochmuth maybe enough to meet their energy needs to. Be in 60 minutes t. W. Like. Oh. My gorgeous love was sued for the russians so. It runs deep. But so many different walks of life. Some form on pain and oddly. Not all of them come straight from the heart to its former c. E. O. Youve been hoarding the money delusion the mush the interests come. From most of the laws to their final resting place the russians on g. W. Documentary. The. Helicopter chases elephants there are too many here and song goes and bob. They destroy the vegetation. 100 elephants have to go. To concerts ive been a committed conservationist for many many years and what weve created here in sango is finance to a