Might be a 2nd time the Global Economy is forced into ben demick induced standstill now many are looking at australia which is grappling with a 2nd wave of corona virus and could provide a look at how to deal with it. In melbourne the police are checking whether people who tested positive for the virus are awaiting test results follow self isolation orders if they dont show up at the door they can face fines as high as 20000 australian dollars. Melbourne home to 5000000 people feels empty all nonessential stores have been forced to close and even essential businesses such as meat packing have been ordered to reduce the number of stuff working at one time theres also unlikely curfew from 8 pm to 5 am. Melbourne is experiencing some of the toughest restrictions in the world. Place rules are there for all of us and now victoria has the right to be out of style well i think all i can do something that no one else is allowed to do youve got to follow those rules theyre incredibly important. Central to the strategy working drawing down movement driving down costs numbers and then getting to the out of sort of the 2nd wife this is illegal people who dont wear their masks are getting arrested as are those who refuse to move along. The mayor of melbourne revealed that 15 percent of businesses surveyed said they may never open again after this trick pony and lock down. And thats raising fears that hundreds of thousands of jobs could be lost here. Earlier i spoke to jesse is the chief economist of i n g germany and i asked him from an economist perspective about the best way to cope with new outbreaks really could be the 2nd quarter g. D. P. Data we now have an idea off what the cost of the month of food out on are and we saw that in germany it cost 10 percent of g. D. P. The long last the more severe the Economic Impact is what we should see here is 1st start liking australia like were already seeing stan also party in germany go for the local lockdowns did not come up with a nationwide law its not necessary in the other the other as it would be prevention you know really go for medical prevention social distancing facemasks and just to the void really the full flash the 2nd wave of measures so these regional measures they ought to be very stringent done though. Exactly exactly you know be good regional dude local but be streaming streets of just to avoid is spreading out of these Regional Centers of the regional cost you mentioned the toll that the pandemic has had on the economy so far which economic sectors need to worry most about a 2nd wave now obviously this is the sectors which where hed already now the most which it will be which is the Service Industry which is Retail Stores Restaurants Hotels in that those are the ones actually with her are have only returned to 5060 percent of their precrisis levels while the rest of the economy is in most countries has already returned to 80 or 90 percent of the equal work to go for a 2nd wave of luck on matters Small Businesses Retail Sectors Hotels Restaurants they would all suffer immensely and even if there were government measures to british and he any lack of demand again the question will be whether the company should continue doing business or whether paying back these loans would seem to be too much of a burger carson bravely german business expects a pandemic rate of restrictions to be in place for another 8 months at least according to a survey by the e 4 institute what sort of long term impact do you see that this pandemic will have caused. These are is our snapshot of a bit as as soon as we have a big scene all these explanations will change as well one of the structural changes they want is a rethinking of Global Supply chains another one is really a structural increase in online activities and the 3rd one is also for workplaces for offices rethinking on how to to restructure the your workplace i think we will have more working from home go even beyond this process and this could in turn also lead to a complete its a reversal of this trend of urbanization that we have seen over the last couple of years because im just the chief economist of the i n d germany thank you for time this morning for. And now to some of the other business stories making headlines shares in Hong Kong Media firm next digital have soared by more than 300 percent in after new trading prodemocracy activists called for investors to rally behind the stock afterwards owner jimmy lie arrested under the citys new controversial 6 National Security law meanwhile his groups main newspaper apple daily has vowed to continue publishing twitter has held for luminary talks with to talk owner by dans about a possible link up between the companies but microsoft remains the frontrunner to do a deal with a huge new hugely popular chinese video sharing Service Consumer prices in china rose in july by almost 3 percent year on year driven by higher food costs heavy flooding in some of the countrys most important agricultural regions has pushed up prices. For its to china now and small vending stalls have long been associated with the countrys Retail Sector but the government has banned them in many places saying they under represent chinas economic sway but as large parts of the population struggled to earn a decent wage leaders have now suggested that setting up their own booths could help people prop up their income our correspondent is building up reports from ching due in western china. Sheeple night market is located doesnt always drive furniture to city center. It is one of the places in the western chinese metropolis where vendors can set up stores without any special permission when one has just recently stopped a time manicure business i generally dont need to get here early otherwise all the spots are occupied. With the economy slumping and unemployment on the rise the government is encouraging people to engage in smaller trade grin used to work in the h. R. Department of a big company. Not. The epidemic is change the job market. Those companies who survived are treating employees differently they dont care about their employees because they think you wont dare to leave i quit because they made me work a lot of overtime. And i just up until until recently this was how china wanted its Retail Industry to look like a real estate boom had inner city neighborhoods torn down and replaced with Shopping Centers many of them catering to the luxury 2nd markets and Street Stores were driven out of the city up to today vendors from set up their stores and turning to city center face hefty fines but some take the risk this man who does not want to reveal his name used to work on the citys construction sites. Think that there is no way to find employment right now im getting too old for these jobs so i set up the stall i people like him are called area vendors in china they show up in popular places and quickly leave when officers approach with few other perspectives he invested his savings into an old motorized tricity say you thought you were saying a Home Business is not really good its just enough to survive and pay my rent i have to make a living somehow way out so you know with the way i. See spite encouragement from the Central Government cities a hesitating to allow them back to vittie is often limited to the old school after quitting the office job one was looking forward to being her own boss but quickly had to learn that you really want freedom has its limits too. There are days when business is bad and you just dont feel like coming back the next day but if you do that youll lose many customers there are rules in this business and one is that you have to be there consistently if your customers know you will be here and they will come if youre here one day and the next day youre not it might work well. For a long time of visuals and citizens for Street Stores as a remnant of the past but forand one does not have plans for the near future. Lets get a quick check now on european Financial Markets with our correspondent conrad bosun standing by in frankfurt conrad german export and Industrial Production figures were surprisingly up last week giving the dax a push how have european markets entered the 1st trading week well chris the german share index dax is shaky well this month. Of course and his short term relief for american households is giving the markets a bit of support but the outlook medium term and long time for the economy here in germany and in europe well they are more grey clouds on the rise and again of the reason for this is of course a word with a capital c. The unions here in germany are demanding an extension of the photo schemes for work because the government is considering an extension of insolvency wounds that have been put in place during the corona downswing all this of course means obviously the German Economy the economy needs more of support Long Term Support and this is not really an environment where you want to go out and buy Company Shares and conrad on currency markets the turkish lira has been under immense pressure last week and it continues to slide give us the latest there. Yes the turkish lira has fallen to new historic lows both against the us dollar and against the euro behind this is that the reserve bank in turkey has stopped or significantly reduced interventions on the currency markets in order to support the because the central bank in turkey is simply running out of money its running out of currency reserves in terms of economic reasons well the corona pandemic really has added to the problems of the turkish economy the Tourism Sector has seen the crash in demand and the added one administration has tried to give domestic demand a boost by forcing the banks to give out more loans but this means. The round and that of course reduces the valuation of the currency colorados in frankfurt thank you. And thats our show im Chris Goldberg thanks for watching have yourself a successful. Is for. The best for. Them against the law being told it is for the beethoven 2020. The 50th anniversary on. The line is on its way to bring you more conservation on the boundary make see the screen on how can we protect habitats to make a difference the ingenious mental series against the falls a little dog mind. This week on world stories. China cracking down on buddhism. Nigeria bringing gallegly to low income areas but we begin in bolivia where especially in the city loves us more and more people are falling victim to coronavirus and hospitals are dangerously close to being overloaded. In this car a 68 year old man has died as a result of cope at 19 he never made it to hospital just a few hours earlier a friend and family members had tried to get him help at 5 medical centers but they were denied. Because all the hospitals are full we were sent to the hospitals in la porte dadda and include the houma he stopped breathing when we were underway and thats why were here the dead mans sister says her goodbyes while the police examined the corpse. And officer hands over that death certificate since the coroner hasnt turned up the officer says people arent just dying in their cars theyre also dying on the street and at home hospitals are at breaking point and its becoming harder to access treatment threat even even while searching for help people
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