Against the coronavirus, and has introduced further restrictions to try to curb its spread. Hes forbidden people from leaving home, except for essential reasons, from midday on tuesday, orface punishment. The us treasury secretary, steve mnuchin, is seeking a large stimulus package to prop up the American Economy after the dowjones suffered its biggest ever one day points drop. Economists now no longer doubt that the Global Economy is heading into recession. In britain, Prime Minister Boris Johnson called on people to stop travel and avoid what he called unnecessary social contact. He said if drastic action was not taken now, cases could double every five or six days. He said people showing any symptoms should self isolate for fourteen days. More on our web site bbc. Co. Uk news and the news app. Now on bbc news live to singapore for Asia Business report. Asian markets are mixed after wall street had its worst day in over three decades. All the major indices there dropped more than 12 . Us airlines asked for government bailout as more travel restrictions ta ke bailout as more travel restrictions take effect. Good morning and welcome to Asia Business report, live from singapore with me, mariko oi. Lets begin with wall street where we saw yet another sharp fall on monday, all the three main indices there falling by more than
1296 indices there falling by more than 12 overnight, the dow actually lost more than 3000 points in one day, thats the worst point loss ever, and in the past month, the dow has lost almost one third of its value at the Coronavirus Spread well beyond asia to europe and the united states, and not much better numbers for the s p 500, falling 29 over the past month, practically wiping out all of last years gains, as well as for the nasdaq. And heres how asian markets are responding this morning, japans nikkei opened 396 this morning, japans nikkei opened 3 lower, they then went into the positive territory but currently trading abound 1 lower while hong kong has just opened about an hour ago, down 1. 5 kong has just opened about an hour ago, down1. 5 and kong has just opened about an hour ago, down 1. 5 and lets look at how australia is trading at this hour, now up 3 , so reversing some gains of yesterday, reversing some of the losses of yesterday when they fell nearly 10 , that was the biggest one day paul since 1987. Hussain has
more from new york. The city that never sleeps as grading to a halt, despite 8 Million People living here, there were very few people roaming the streets of manhattan. During the lunch hour rush, this food court would normally be packed. City officials have closed all Public Schools and instructed restau ra nts Public Schools and instructed restaurants to do the same, and offer only takeaway or delivery. Movie theatres, bars, and gems are all shut and could be for a very long time. As people work from home, local businesses are already bearing the brunt. The business. Zero business. This is supposed to be my rush hour. This is a time to make money. Not making money and even is not covering my costs, i dont have any imagination what im going to do for my wealth, for my life. Its very, very, very bad time. The
coronavirus will inflict a massive amount of damage on new york citys economy with officials estimating a loss of more than 3 billion in tax revenue in the next six months. We are on a revenue in the next six months. We are on a path that is a trajectory that does not look positive, i believe it is more likely we could believe it is more likely we could be ina believe it is more likely we could be in a recession today than i was a couple of months ago, a couple of weeks ago. I think that we need to have all hands on deck now. We will need help from the federal government. But the federal government. But the federal government remains absent with no new bill to shield americans from the economic fallout of the coronavirus. For an hour, though, one famous new york Gathering Spot remains open, the new york stock exchange. The traders on the floor are not having a very good time as markets continue their free. E closing new york could be necessary to preserve Public Health and the health system, there is very little
doubt that it will have a devastating impact on the health of this city and the countrys economy. Lets look at oil prices, because they also fell sharply overnight to below 30 a barrel, but in early asian trade, they are making some recovery. They are still pretty cheap, though, because the global slowdown because of this outbreak means slowdown because of this outbreak m ea ns less slowdown because of this outbreak means less demand for oil and that is the main concern of a lot of traders, and it is not being helped also by the price war between russia and saudi arabia. Market analyst Margaret Young says the oil price could still go lower. I think Oil Price May still have room to go down further because russia and 0pec are ramping up production at the time when demand is deeply hurt by coronavirus, and is more countries are shut down because of border controls, Energy Demand for this
year is very bad, so the supply and demand situation is now deteriorating, and we may see a deep imbalance in that supply and demand situation, and when this happens, the commodity market can go down to an unbelievable level, so in the past two decades, there were two occasions when oil prices had a big crisis, and in both of these two situations, oil price has tumbled more than 70 , so the outlook is not great. 0il more than 70 , so the outlook is not great. Oil price is a great indicator of Global Economic health, and it is suggested that we may be heading into big trouble. This is for world Energy Companies as well as offshore and marine company. From my observation, the us Energy Companies has surged to the highest level since at least 2016. Its
suggested that because of lower prices, those Energy Companies are facing rising likelihood of default. Lets catch up with our team in india, because the country has announced they will be banning the entry of people from the eu, turkey, and the uk until the end of the month. This move comes as four more people have been diagnosed with covid19, taking people have been diagnosed with covid 19, taking the countrys total number of cases up to 114. Lets cioss now number of cases up to 114. Lets cross now to our Business Reporter and more by. This measure is being announced as the latest and more travel restrictions being lamented around the world. Absolutely, in fa ct around the world. Absolutely, in fact india tightening travel restrictions after announcing last week that it would be virtually sealing off its International Borders by suspending almost all categories of visas through april 15. Two more additional curves have
been announced last night. 0ne 15. Two more additional curves have been announced last night. One is like he rightly pointed out, a ban on entry of almost all passengers from the european union, the United Kingdom and turkey, this would believe to Indian Passport holders as well stopping the second is an extension of the 14 day quarantine period to the gulf countries as well, including kuwait, the uae, 0man well, including kuwait, the uae, oman and qatar. There is a huge non indian resident population that resides here so their entry into india would now be curtailed. This isa india would now be curtailed. This is a 1200 gmt on the 18th of march and would carry on to the 31st of march after which there would be a review. Domestically as well, the government giving out social distancing advisories, saying that there should be a countrywide lockdown, schools, colleges, cinema halls, some of the states have already imposed those and now they are looking for a nationwide ban on all of these in order to curtail the
exponential growth of this virus. India has, thus far, been able to contain it to about 120 positive cases and the government does not wa nt cases and the government does not want it to spite further, because india does not have the Public Healthcare infrastructure of the developed world to deal with this pandemic. Thank you so much for that update, and speaking of travel restrictions, hong kong has also Just Announced in the past 30 minute that it will quarantine for 14 days for everyone entering the city, starting midnight on thursday, to prevent this spread of the coronavirus, so all these new measures being implemented will have even bigger impact on the aviation sector which has been one of the worst effect that since this outbreak started stopping the us carriers have now asked for a government bailout to stay afloat. Lets get more on this from our Business Reporter monica miller. What others carry is asking for . The
centre for asia Pacific Aviation had a startling statistic and we are just seeing that they are actually coming out right here and that is by mid may of this year, most airlines will be bankrupt if we continue with the coronavirus and the granting of planes. In the us, they are asking the industry as a whole for a 50 billion aid package and in the uk, officials there are going to meet later this week and they are looking at the need of 9 billion. Then we are looking at the layoff effect, Many Airlines have already asked for voluntary unpaid leave, particularly richard branson, the billionaire entrepreneur and he is getting a lot of blowback right now from uk officials as well as online, but even qantas, earlier today they said they will have to scale back on their International Flights and that is looking about 90 , so it is just going to get worse before it gets any better. Indeed, this job loss
aspect definitely huge for many people in the industry. Thank you so much for that up eight. And that we end edition of Asia Business report, we will be continuing to watch how asian markets are reacting to this outbreak, but you can also get more on all the latest coverage on the bbcs website, we have a live page up bbcs website, we have a live page up and running pretty much every day, so do check that out. You can go to our website or you can also go to our at go to our website or you can also go to ourat on go to our website or you can also go to our at on smart phones to check the latest. Thats it for this edition of Asia Business report, thanks for watching. This is bbc news, the top stories this hour frances president warns anyone who violates a ban on non essential travel will be punished, as the country engages in a quote, health war. The uk issues new guidelines also
urging people to stay at home as much as possible, though schools wont be closed. Across the uk organised efforts are being made to try to help the most vulnerable deal with the effects of the pandemic. Sian lloyd reports. Vital supplies for the elderly. This Outreach Group in birmingham have been running a food bank, but now, theyre responding to the coronavirus. Since friday, theyve been providing supplies for people who are self isolating. Demand is rising. This delivery is on its way to an elderly woman who cant get out of the house. If i can sacrifice a little of what i have to help others, then so be it. That way, both of us will survive, rather than me trying to hoard, and i survive and the other person perishes. There has been a surge in people wanting to lend a helping hand in their communities. The groups we met today will carry on as planned in the wake of the latest advice. 550 people have joined
since saturday, and theyre all willing to help in their local street. Things are gathering pace. Adrian and jennie are mobilising volunteers in their neighbourhood of sandwell. So weve got these little cards that have been produced that were just popping our names and telephone numbers on, and people can ring those individuals and say, i need this help or i just want to chat. And its happening across the country. In falkirk, the owners of a local shop have been handing out kits with soap, hand wash and masks to Vulnerable People. A Community Group set up near wrexham this weekend is already being supported by people from all walks of life. And weve got police officers. We have an excellent counsellor. Weve got teachers, people who work for the nhs, hr managers. So a real Cross Section of the local community who have all come forward, because i think we understand things are going to get worse before they get better, and we want to make sure that Vulnerable People are protected. And in padstow, this shop is opening early for the over 70s this week, to allow customers a calmer environment. It was a really busy half hour. We were amazed, actually. It was like a little social club, a lot of the older ladies having a bit of a natter and filling their trolleys up. In cardiff, more people doing their bit, reaching out to those who may not be able to make essential trips in the weeks and months to come. Sian lloyd, bbc news. I will be back with all the major story that the top of the hour, latest on all those new restrictions being introduced by countries like the uk, france, and germany to try to contain the outbreak of coronavirus. Get me on twitter any time. Hello, im Chetan Pathak and this is sport today from the bbcsport
centre. Coming up on the programme as coronavirus grinds sport to a halt, will footballs European Championship have to be postponed 7 the powerbrokers will talk on tuesday to consider their options with anything possible. And what about this years olympics . Theres an emergency meeting on tuesday for that too, with boxing qualifications now suspended. One thing thats definite is therell be no grand national as one of the biggest horse races in the world is cancelled. Welcome to the programme, thanks forjoining us. Bbc sport has been told that nothing will be off the table when european footballs Decision Makers have their emergency meeting Via Video Conference on tuesday. Thats to try and figure out a way forward amidst the coronavirus crisis. All major sport around
the world is in shutdown
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