Transcripts For BBCNEWS Asia Business Report 20200303 01:30:00

With bbc world news. Our lead story is the head of the World Health Organisation says the outbreak of the new coronavirus has entered uncharted territory, but can still be contained. The number of People Killed worldwide is now over 3000. 0ne killed worldwide is now over 3000. One of the countries worst affected outside of china, italy, has seen a jump outside of china, italy, has seen a jump in its death toll from 3a to 52. Israels Prime Minister Benjamin Netanyahu 52. Israels Prime Minister Benjamin Neta nyahu has declared 52. Israels Prime Minister Benjamin Netanyahu has declared victory in the countrys their election in a year. But exit polls suggest he could still fall short of the majority. And this video is doing well, getting a lot of attention on oui well, getting a lot of attention on our website, the british designers Stella Mccartney fashion show in paris. To showcase animal Free Clothing range. Many thanks for watching bbc world news. We have much more on all of our stories on oui much more on all of our stories on our website. You can also check out the bbc news app. But now it is time to go over to singapore to join mariko 0ifor to go over to singapore to join mariko 0i for the Asia Business report. Asian shares are up following a surge in us stocks overnight. The dow gained more than 1000 points after major losses last week. And a very quiet beijing. With much of china still on lock down, we look at how businesses in the countrys capital are suffering. Good morning, welcome to Asia Business report live from singapore with me, mariko 0i. Lets begin with the markets, because shares are recovering after last weeks massive sell off. Here in asia, hong kong hong kongs open half bridge dust have a percent higher, and nikkei is currently up by nearly 1 . In the overnight session, the dow staged a 596 overnight session, the dow staged a 5 reach around stomach rebound while s p 500 and nasdaq each jumped by more than [1 . Michelle flaherty has the latest from new york. Us Financial Markets enjoyed an enormous rally, all three major indexes rose more than 4 after falling every day last week, recovering more than 40 of recent losses. The 0ecd cutting their global fourth forecast this year stomach the fastest rate be on record. Traders are now ready, the Us Federal Reserve will cut Interest Rates soon to block the outcome of the outbreak. But that doesnt quite explain the scale of the rebound. Increasing numbers of coronavirus outside china. 0n increasing numbers of coronavirus outside china. On monday, investors jumped at the opportunity to buy oversold stocks with shares in apple and walmart among those enjoying the biggest gains. As michelle has mentioned, the paris based group ecd. Michelle has mentioned, the paris based group ecd. Have house demographics output democrat look this year because of the coronavirus. Heres the chief economist. Europe, and asia, like japan. In which case he would have the same guarantee and travel banks as we have seen in china, or similar. And that would slice the work that we were working at down to 596. Work that we were working at down to 5 . Meanwhile, centralbank work that we were working at down to 596. Meanwhile, centralbank bosses in the us,japan 596. Meanwhile, centralbank bosses in the us, japan and europe are all standing ready to help prevent an economic meltdown in the wake of the coronavirus outbreak. In economist i spoke to earlierfrom coronavirus outbreak. In economist i spoke to earlier from analogous caution that the influence Central Banks can have over economic economy will be very limited. Even if you lower taxes, it doesnt really mean that people will consume. They have to be confident when they consume, especially consumer durables, which is collapsing. I think what you need to do is to keep the economy working, not necessarily immediately lowering taxes. At the beginning of this outbreak we thought it would be limited to china. Now we all know that this is much more global. Where do you expect the impact will hit the most . A lot of what is happening isa the most . A lot of what is happening is a supply shortage from china, because china is the largest producer of immediate goods in the world by 33 of intermediate goods globally coming from china, which means that everyone will suffer from shortages in the supply chain. And i think that is a key shock coming from china. We cant forget that a lot of what is happening, dragging down economies, the upset of china comes from china. Staying with the coronavirus, British Airways and ryanair have coronavirus, British Airways and rya nair have both coronavirus, British Airways and ryanair have both cancelled hundreds of flights as demand for travel drops amid fears about the spread of coronavirus. The affected destinations include new york, italy, france, and ireland. Both airlines have declined to comment on how many flight or passengers will be affected. Here in singapore, a major Financial Hub in the be affected. Here in singapore, a majorFinancial Hub in the region, one of the first outside china to adopt a stringent measures such as restricting visitors to the country to contain and control the spread of the disease. There are some clues on how other countries can respond. 0ur correspondent reports. Celebrating life after surviving the coronavirus. Julie is more thanjust one of more than 70 people in china who have recovered. She told me it was an experience she never would forget. It felt like i was fighting to breathe, like. Like it was pumping airlike this, to breathe, like. Like it was pumping air like this, and it was very ha rd to pumping air like this, and it was very hard to lie down flat. I thought i stopped breathing in the middle of the night. As the disease spreads around the world, questions are being asked as to how to contain it. Some answers might be found here in singapore. We are a highly connected transportation hub, we are densely populated city. So therefore it is important for us to be prudent and proactively take measures to prevent the spread. Because control ofan prevent the spread. Because control of an outbreak is easier right at the beginning, and and relatively few cases it is much harder later on. Less than a week after its first case, singapore sent its borders to travellers from china and put in place strictly enforced quarantine measures. It also began tracing eve ryo ne measures. It also began tracing everyone who had been in contact with those who had the virus and began setting up official websites and government run whatsapp groups to combat fake news. Within two weeks, home grown test kits were sent to public hospitals. Now, charles for a possible vaccine or in the works. Arguably not many countries can do what singapore is doing. It is small, tightly controlled, and with an extensive camera controlled, and with an extensive camera surveillance network. Most people here will do what the government tells them to. And it is one of the few places in asia where you have top scientists connected globally that are indeed, and companies that can make vaccines right here. These public health interventions start to unwind, we need to look out to see whether there will be a resurgence in a numberof there will be a resurgence in a number of cases. It is not possible to say it right now if they will happen, but it is something we certainly have to look out for. Singapores strategy has been successful so far. Schools here have remained open and businesses run as normally as possible. It is numbers of the infected rice, its strategy will be put to the test and it is an experiment the world is watching. Christian of the swanee, bbc news, singapore. Now to china, where much of the country is still on lock down. Many businesses in beijing remain closed because their employees are either unable or choosing not to return to the city. 0ur china correspondent Steven Mcdonald walked through what used to be some of the citys busiest streets. Its a beautiful afternoon, this is normally a busy street. Look at all these businesses. Closed. That one, close. Next door closed. The restau ra nt close. Next door closed. The restaurant here, not open. This is a shop open. Lets see if we can get someone shop open. Lets see if we can get someone to talk to us. Its like a wine shop. Lets have a look. At the moment, the only customers they are serving are those they can deliver to. So you know what you want, you tell them, they will deliver it to your house. But they dont want people coming in and potentially contaminating the shop. The problem with the shopping is touching everything. Now ive got some apples here. Ive got to touch the screen. Who know wheres that last hand has been . A quick update on the markets before we go. Hong kongs hung saying index is trading higher by half a percent, while japans nikkei is currently up i also have a percent. So not a big jump, we saw wall street where we saw the dow jumping jump, we saw wall street where we saw the dowjumping by over 5 and two other Major Industries rising by over 4 as investors hunted for bargains. Thats it for this edition of Asia Business report, thanks for watching. Lets bring you up to date with our top stories is our. The head of the World Health Organisation says the outbreak of the new coronavirus has entered uncharted territory, but that it can still be contained. 0fficial that it can still be contained. Official results yet to be announced, but israels Prime Minister Benjamin Netanyahu has claimed victory in the countrys third election in a year. Dozens of homes in east yorkshire are still underwater after the river air ove rflowed are still underwater after the river air overflowed its banks following unprecedented rainfall in recent weeks. The water remains in several feet deep in places and is expected to bea feet deep in places and is expected to be a few more days before people will be allowed back into the worst affected homes. 0ur correspondent danny savage reports. The rain which caused all this flooding is now a distant memory. But the problems it created go on and on. In the village of east calvert, 69 homes have been flooded. You need waiters to reach many of them. I was watching every day and thinking another flood, and other flood. Thinking we would get away with it. And then when actually goes in, it still looks finished. Is just sodden, isnt it . And when you lose the battle, this is what is left. Peoples homes, their sanctuaries destroyed. When my mum came yesterday, she saw the house and just fled into years. It was horrible. Dont know where to start with that into tears. Horrible. Dont know where to start with that into tears. Across the road, it was much worse. Mick led us into his bungalow where the water had forced his floor up. You come up ina big had forced his floor up. You come up in a big hump. This is notjust garbage. Might make this the whole floor. You have a river in your living room. We sort of keep it nice, and there you go. Its all done for, isnt it . As you can imagine, the water here is not very clea n, imagine, the water here is not very clean, but what makes it worse is kerosene has got into it. They user here is heating oil, and it has given the water a film, it stinks, and is getting into all these people has a film, it stinks, and is getting into all these people as lighthouses. Pumps are moving water off the flood plain and into a nearby canal. Butjust look at how much there is it could be days before people get back into their homes. Danny savage, bbc news, east cabot. Terrible devastation there, we have much more on our website, including much more on the coronavirus and an article on how to self isolate should the need occur. If youd like to get in touch, im on social media and on twitter. Now its time for sport today. Bye bye for me. Hello, im Chetan Pathak and this is sport today from the bbc sport centre. Coming up on the programme. Well tell you how the coronavirus is affecting the sporting calendar, after world rugby met on monday to discuss the six nations. Arsenal bounce back from their Europa League exit to reach the quarter finals of the fa cup. And india captain virat kohli faces questions over his on pitch behaviour as new zealand complete a 2 0 test series whitewash. Welcome to the programme thank you forjoining us. We start with the impact of the coronavirus on sporting events around the world with olympic chiefs meeting on tuesday and wednesday in switzerland to discuss the effect of the virus on preparations for the summer games in tokyo. Meanwhile 0rganisers of rugby unions six nations tournament met on monday to address the outbreak, after irelands upcoming match against italy was postponed. Theyve decided that for now all other matches will go ahead as planned. 0ur Sports Correspondent Alex Capstick was in paris where talks were held earlier. The french team have