Why are we greedy. We go in search of answers in the documentary film. Starts may 21st v. W. Big. Oil closes at negative prices for the 1st time in history over supply and a lack of Storage Space means that prices have songs and investors are paying to get out of Oil Deliveries a little of the collapse means for the months ahead. Also on the show makers of krona virus test cant match demands to one producer in south korea. And German Farmers are waiting for rain continuing drought at their. Well its in the months ahead. This is your do you know your Business Report im Stephen Beardsley 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. 00 on monday the behind the collapse too much oil and Global Markets too little demand among consumers that 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
Francine theres a different term people who are in lockdown in the u. K. And other parts, people being bored. The different tone from people in charge saying we are trying to keep you safe. We dont exactly know when we can reopen or how much. It is a great experiment. If you look at italy, france and germany, do you reopen automotive first . It is going to be a delicate situation. We will have to see one data time. As i speak to you about optimism, just outside my window beneath me next to mount sinai on fifth avenue, the drone of sirens. We begin in new york. May 15 is the date the state could be reopening. Governor cuomo laying out a plan that starts with construction and manufacturing. He said it would probably begin upstate before moving down south to the city. Yesterday, the state reporting 367 deaths, the lowest number in almost a month. U. K. , Prime Minister Boris Johnson back at work. Johnson recovering from coronavirus. In his first public statement, he urged people not to gi
Solar power plays a big role in achieving this. Dani 101 is barely 100 kilometers away from indias Business Capital in mumbai but until just a few years ago it had no concept of electricity. Its residents relied on far as their main source of light and energy. Things changed for one was in the summer of 2016. So let us know where their loved ones are now there is light everywhere and this really. Have never imagined this. In the nearby villages. Comes and goes. Here as we have access to electricity thank you for saving. Money. This is quite unbelievable but it always does anybody and when they light on as i get these i mean its out. Today one of aussies able to address the daily energy needs of its 265 residents with an uninterrupted supply of power generated through its solar. Microgrid. To ensure visits a smooth operation to its daily maintenance and also location of troubleshooting. So rather like they were going to add on if any event not sure if this sort of thing in the past a lo
Underperforms. U. S. Energy tells cnbc he thinks the worst has passed i think with the rest of this conversation with opec was sim simply to do that. A bailout of the air sector fails to lift. Banks also underperform after jp morgan and wells fargo see their bottom lines hit the imf warns the Global Economy is facing the worst down turn saying at least the Financial System is in Better Health than it was in the 1930s. On the economic front, it makes a big difference there are lenders of last resort they are able to come in and show sufficient liquidity and play a major role in supporting funds and households we have an Important Oil report just crossing let me walk you through the latest it has said Global Oil Demand will fall by a record breaking amount because of the lockdowns due to covid19. It has brought mobility almost to a halt. Crude will drop an average of 9. 3 Million Barrels a day in 2020 that is a record demapped in april will fall by 29 Million Barrels a day to a level not
Within the dow. Take them out of the picture, things wouldnt be as bad as they are now. Were well off the earlier lows, down 400 points, down about 165 points but also fueling this, offsetting this if you will is talk of progress on that stimulus front. You remember where they were looking for republicans, another 250 billion for the Paycheck Protection Program . Well they ran into a buzzsaw of criticism from democrats that argued it was too tilted to business so they wanted to make assurances for health care workers, hospitals, that sort of thing. I stress that they have reached a broad parameters of a deal. It is not a deal until they both mutually agree. Were seeing progress on the front. That mitigated losses in the dow and offset the oil impact. Edward lawrence joins us now from washington with how this is all progressing. Hey, edward. Reporter neil, close, very close. That is how it is being described. As you said no deal, no ink to paper as it were for this deal. Republicans ini