But as you see when i arrived here i slept with 6 people in a room. It was hard i was fair. I even got white hair and. Language not on this keeps me in critical but you need to interact with thing you want to do their story my goods are fighting and reliable information for margaret. Chinas annual congress skips the usual broke park prognosis perhaps because times are tough more chinese are out of work and looking for help. Also on the show argentina cant pay its bills when its at its defaults on its sovereign debt for the 9th time and not just because of the pandemic. And will visit uganda where the government is floating a new pandemic rolls they could put secondhand clothing sellers out of business. This is ready to view Business Report and see if theres a bill and its good to have you with us beijing kicked off its annual National Peoples congress on friday a rubberstamp parliament that was delayed this year to the pandemic a Party Members didnt waste time taking up a draft law to intervene directly in hong kong one thing they didnt do make a growth prognosis for next year perhaps because the economy is struggling. A highrise est on beijings outskirts. Lives on the top floor he studied english had good jobs but at the beginning of the year he quits to start a renovation business with a friend but the outbreak devastated their plans for months hes been applying for work without success. Everyones wondering when this difficult life will end when will i get my old life back when can i go out and work hard again earn money break free from this crisis some my friends who still have jobs have seen that salaries cut by half. Chinas economic crisis has also affected millions of Migrant Workers these men are waiting for work in factories on Building Sites but hardly anyone comes by to pick up these day laborers since coded 1000 hit everything is harder. There are Job Opportunities now before there was a lot of work but thats all over now ive been working here for days soon i wont have any savings left. One when long shows us his former customers restaurants which he delivered drinks to until the pandemic brought the gastronomy sector to a halt many businesses havent survived the crisis. Now he drives a taxi his monthly earnings are a 10th of what they used to be chinas economy is navigating through a deep crisis experts warn of a 10 percent rise in unemployment this year but some say the figure will be closer to 20 percent. Uninsured are Living Conditions were continuously improving for years our earnings were growing but government made it possible to have a better life now the coronavirus has wronged all that and the economy to. Pay cheese generation only new chair. And there is an economic miracle the communist leadership has only ways promise to rise in Living Standards for everybody but the pandemic has made that more difficult than ever. Earlier we spoke with Business Reporter Clifford Coonan asking him why china has ditched its annual growth forecast for the 1st time in decades weve never had so many variables out there youve got the pandemic youve got uncertainties about trade china is in to some extent further ahead coming out of the of the pandemic than other countries but at the same time its very reliant on other countries for its exports and for International Trade so there just isnt enough certainty out there i think for china to be able to say with authority that this is what the growth forecast is going to be clifford in their business now back to the draft law in hong kong the us warning china on friday that its plans to tighten control could endanger Hong Kong Special trade status with the us ending the status would have far reaching consequences for businesses on both sides of the pacific it ensures lower tariff rates and visa free travel the us invested 82500000000. 00 in hong kong in 2018 and more than 85000. 00 americans live in the city. And now im joined by our financial correspondent in new york yes. Yes revoking this special status or at least the specter of doing that has been called the Nuclear Option why is that. And this special status is not just important for u. S. Businesses but make chile also for other foreign entities especially if you look at the legal system in hong kong that basically is so similar to the british one so a lot of companies for instance and investors they could not do business. Directly with the Mainland China so thats why hong kong was always important not just so far in us but actually for main and china as well and then if you look at hong kong the financial the capital. Restrictions were even laws were less tights then than in Mainland China and then also texas were much lower in hong kong so so therefore hong kong is crucial for foreigners but also for Mainland China as well doing business abroad aside from the trade status could this new chinese plan to directly intervene in hong kong could that scare off investment in the city. It clearly cooks and there are different reports if weve already seen some outflows for example to sing a pretty poor of us shouldnt forget that hong kong already went into recession even before the coronavirus started specially the mess of protests that weve seen in the positive here and that all still has actually shite some investors some Business People from abroad the way its also been more difficult for hong kong to attract talent so as i said it was it was the protests the positive here and now the virus actually has worsened the situation so its actually quite likely if they lose the status that some investors would just not come to hong kong but in general i have the feeling that both china and the u. S. In general have interests to use hong kong as a Trading Platform in the future all right there for us in new york thank you. And Facebook Says it will allow many of its employees to work permanently from home c. E. O. Mark zuckerberg telling employees during a live stream meeting that as much as half of the companys 48000 staff could work from home within a decade announcement comes as Tech Companies around the world grapple with whether to fix remote work as a permanent option many employees like it but some managers fear that it could disrupt innovation. Over latin america were argentina has missed a series of 500000000. 00 bond Interest Payments on friday putting it in the fall for the night time in the countrys history behind their crisis is an economy that was misfiring before the pandemic now the country is asking for time. In the midst of a recession south america 2nd largest economy now has to tackle the effects of the corona Virus Outbreak as well the pandemic has left many people without work and poverty is on the rise. The International Monetary fund expects the economy to contract by almost 6 percent this year. The government has asked creditors to suspend all bond payments for 3 years and reduce interest by 62 percent president alberto friend and as says his country needs time to reactivate the economy which has been in recession for 2 years. We will not subject argentina to new commitments that we cannot fulfill i want the world to see us as an honorable country that fulfills its commitments. Despite being one of the worlds leading food exporters argentina has defaulted on its debt 8 times before the last time in 2001 debt restructuring would free up resources to deal with the pandemic and limit its impact without a deal the Current Crisis is certain to deepen triggering even more job losses and poverty. Countries around the world are facing a difficult balancing act as they emerge from lockdown on the one hand they want to ensure Public Safety on the other they need to get their economies going again in uganda clothes sellers are now worried that they have come out on the wrong side of that equation. Marvins by the days gone sun. He has learned that the government could ban the importation of secondhand clothes and shoes in the fight against 19 i want thats my trade you know someone coming into your trade and saying that im going to meet you have the situation is not on our side right now we spent almost everything we had. You gonna know sir it is feared that imported used clothes could be contaminated with the corona virus when they issued a statement to ban there and petition traders were quick to oppose them all of the government has now records this statement. But economists are warning the government against panic decisions they instead add uganda to move strategically especially in supporting the economies was to heat and in a transparent manner it is important that we have to meet us and regions that support. Dividing that it will remember now with this shrinking economy projection from 6 percent economy growth about it point to the percent this Financial Year we are necessary to. About 2600000. 00 ugandans into the fungus all of uganda has received 491000000. 00 from the i. M. F. As part of the covered 19 Emergency Assistance at the same time the ugandan government is asking for detroit leaf from its lanes as such as china and wired bank and the european union. But as the pandemic evolves with extended Lockdown People at home late by a day remain uncertain of the future for their businesses. And thats it for me and the Business Team here in berlin you can of course find out more about these and other business stories online at d w dot com slash business you can also check us out on facebook and twitter thanks for joining us tonight and heres a look at markets theres a. Good shake. Out a lot to look forward to. Thats when he was diagnosed with cancer ever since the whole. Dr carson like gupta talks to young people who are fighting back. And will learn about the latest developments in cancer treatment. Next on d. W. Linked in biden is a savior of the forest. He calls 210. 00 acres of land in central ghana his own hes recall debating and conserving wood and teaching how to practice sustainable. History is all about training give them power and people of also go on there and do it themselves just got to have ladies come fall and compete for. 60 minutes on t. W. When the risers cities will sink into the sea. Entire stretches of land will be abandoned. And the water has to. Be stopped its happening faster than anticipated. Messes bring us are supposed to prevent flooding but they only delayed the inevitable. How will we live in the future. 66 mean rising sea levels starts june 5th on d w. Hello and welcome to in good shape its summertime in berlin but todays show is not about ice cream its about
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