A currency crash pushes the qana me to the brink. And along with Everything Else going on a giant asteroid is due to herschel to earth in the next few hours. The economic effects of the pandemic are being felt in many sectors of the Global Economy right now but aviation and oil in particular ahead in the biggest player after already announcing it would cut production by a 3rd and that the company was bleeding cash at an unprecedented speed and us has posted a 1st quarter loss of half a 1000000000. 00 the chief executive of the European Aerospace company is warning it is quote the greatest crisis the industry has ever known its us rival boeings already announced plans to cut as many as 7000. 00 jobs with its chief executive predicting Global Airline revenues could drop over 300000000000 dollars this year and. The industry will take years to recover and in the u. K. British airways is set to cut up to 12000. 00 jobs which is around a 3rd of its workforce airlines suspended 96 percent of
Suchi over the persecution of a 100 muslims and a giant asteroid is hurtling past earth but close enough for astronomers to study it. Were looking at the economic effects of the corona virus pandemic this hour they are being felt in many parts of the Global Economy aviation and oil is specially and its hitting the big players airbus has already said its bleeding cash at an unprecedented speed and announced it would cut production by a 3rd now it has posted a 1st quarter loss of half a 1000000000. 00 the chief executive of the european or a Swiss Company is warning this is quote the greatest crisis the industry has ever known its rival in the u. S. Boeing has already announced plans to cut 7000 jobs its chief executive predicts global revenues in the industry could drop by more than 300000000000 dollars this year and then 3 years after it will be in a recovery phase and in the u. K. British airways is set to shed up to 12000. 00 jobs which would be a 3rd of its workforce the airline has
Many citizens are demanding an end to stayathome orders right now. Well have the very latest on this revolt. One country, south korea seems to be doing right. All that and so much more on making money. Charles all right. Stocks under pressure all day long but it is crude oil the center of attention, folks. The may contract down 98 , a record low. On friday, Energy Companies ironically they were the biggest gainers in the entire market even though crude was down we had a great guest on, a oil executive. We wondered what he thought had to happen with the commodity price. He said that the oil industry had to do something it never did before. Take a listen. The choice is clear right now. We have twoways we can go about this we do nothing. That will lead to single dollar oil prices. It is going to decimate the domestic industry. Over a million jobs will be at risk and it is going to increase our dependency on foreign oil. Or we are part of a Global Solution to what is clearly a global probl
No demand. Already be a huge. Deal that is the story right now but we have probably seen quite the bottom or close to where we havent. Been going to be in this old beat oversupply situation. I have to say in all seriousness that the collapse in oil prices is a danger for the Global Economy. We certainly have played it would. Also coming up another victim of the virus but there will be no drowning of tears in beer for 2020 the munich october fest is tapped out. Which is painful for us its a great pity because with many things this is not a normal year and this is something. Be a year with us the 1st. And to our viewers on p. B. S. In the United States and all around the world welcome we begin the day with the unexpected and unintended consequences of battling the coronavirus much about our world at the moment can be described as unexpected almost accidental who would have imagined just a few months ago that we would all be living in lock downs working from home or losing our jobs altoge
Corona crisis you can find more Information Online at g. W. Dot com and on t. W. Social media channels. Coaled hoses at negative prices for the 1st time in history over supply and a lack of Storage Space means that prices have sought and investors are paying to get out of Oil Deliveries a little with a collapse means for the months ahead. Also on the show makers of krona virus test cant match demands one producer in south korea. And German Farmers are waiting for rain continuing dry. If there while its in the months ahead. This is your Business Report im stephen bears in berlin its good to have you with us historic day for oil prices a barrel of west texas intermediate crude to be delivered in may closing at minus 37 dollars on monday the behind the collapse too much oil and Global Markets too little demand among consumers and a basic lack of Storage Space the coronavirus pandemic has brought economies around the world to a halt along with the demand for oil after weeks of tumbling pri