A new era of private Space Development lies over the rise and what the future holds for the growing sector we have an expert panel standing by with a pack show today so lets dive in. And the eurozone economy is doing worse than initially expected facing a recession as bad as the European Central banks worst Case Scenario according to e. C. B. President Christine Legarde now economic output in the block is said to contract between 8 and 12 percent this year old guard pointed out a previous estimates of the milder downturn are now out of date the e. C. B. Will release official projections for Economic Growth and inflation in the block and next week meanwhile the European Union on wednesday proposed a 750000000000 euro recovery package to help Member States deal with the recession brought forward by the ongoing coronavirus pandemic president of the European Commission spoke about the situation. A must be to invest together and our common good. We will be bold by raising unprecedented amounts of funding at european level we will be focused by channeling the funding to the new priorities that will shape the future. And to achieve this were setting up the next generation e. U. Worth 750000000000 general we will use the bulk of this money to help Member States we cover from the crisis and build up their long term resilience cut by city. And for more on the state of World Economy of lets bring in professor Richard Wolfe host of economic update and boom bust cohost christy our i lets start off with you professor wolf we actually had a question here for you actually the Vice President of the e. C. B. Has actually backed the unprecedented stimulus packages launched in the region and now fiscal deficits are expected to widen even further what are the financial repercussions of this and is there any other alternative. Well the situation has been allowed to be cheerier a your arse hole for a unified way before were economically a bit hard to achieve when last launched the reform its a little and it can eat grass should do without 8 august or enormous. I think they are actually going to grow an enormous amount of money it made that very well may not be enough they had hoped to somehow just lie through were not looking at her long term consequences at all what the borel really will be transformers are one guide from commentary consequently in that way theyre like the United States that your girl huge amount of money cross your fingers dont look very hard at what the crimes of one. Because unless you get through this crash. There will be nothing to worry about because the system really finally crashed if that red ribbon and the greek that makes them afterward made earlier predictions were around today they had a whole group very very serious problem for euro and now kristie kind of the same point the same day that the e. U. Proposes a 750000000000. 00 Euro Recovery Fund japanese Prime Minister shinzo abbay approved a new 1. 00 trillion dollars stimulus package whats included in that package. Well this package is really significant not only because of the sheer amount in the package but also the scale of it it significant as it includes direct spending measures higher medical spending rent subsidies and business subsidies now this new package will take japans total spending to combat the current of virus to about 2. 00 trillion dollars or about 40 percent of gross g. D. P. And to further modest put this into perspective this spending is now approaching the size of the u. S. s who is currently sitting on top with 2. 00 trillion in 8 programs so now in order to fund this japan will issue an additional 31. 00 trillion yen and government bonds which will push the new j g being issuance this fiscal year to a new record of 90 trillion yet and analysts suspect that this may not even be the end of it and there could even be potentially a 3rd round of helicopter money and if it does depend make face the very real possibility of a credit downgrade which would be just disastrous for the economy. Professor will fall into here because as hostilities intensify between the 2 sides how bad could relationships between china and the u. S. Actually get could this turn into another full on cold war and what will it mean for the economy Going Forward and i just want to point out that you know weve had some new news about the c. F. O. Of wall weigh in there her Canadian Court case as well for extradition so there are a lot of things happening here that are not going to help necessarily relationships between china and the United States. Well i think what youre seeing if i can play with a historical parallel which is really all we have to go on is a little bit like what happened after world war one as part of the Great Depression countries try to get through with the minimal they quickly discovered that their whole set the invisible hand of capitalism will heal itself dont turn out the work real well so then they try to get by with a little then a little isnt enough and they have to get by with more then theyre beginning to be resistance so bend a turn as you can see were doing to bashing the us are now trying to push themselves at the expense of somebody yells badmouthing of our american dumping on immigrants and now the cold war revival with china its a way of deflecting attention from the difficulties and theres somebody embroiled how far can it go all that bad the answer depends on how desperate the 2 started so hard and since the initiative each year comes from the United States and not from china for all kinds of reasons the bottom line now is how desperate will trump and the g. O. P. Become as we get closer to election time to face a crisis which they will need to blame on someone and the work to make back someone china is what were watching now and now chris i want to talk about this because we have the r. And b. Actually crashing to record lows against the u. S. Dollar amid these tensions between the u. S. And china whats happening in this escalating battle between the 2 superpowers on your own your opinion there. Well the reason for that particular leg down this morning appears to be coming from 2 of chinas most valuable u. S. Listed Mega Cap Companies who are now pushing ahead with multibillion dollar share sales and hong kong now this comes as u. S. Lawmakers are putting additional pressure on Chinese Companies in order to disclose their Financial Information either that or face delisting from the exchanges so the companies now are net in sync which is an Online Gaming company njt dot com the economist dion whos often compared to amazon the 2 company about aiming to raise about 2. 00 to 3000000000. 00 in a june listing and by the google china is also exploring and options of doing a secondary listing in hong kong or elsewhere and now this is a have major ripple effects across the entire Investment Community as china has arranged the premier growth story and a major allocation in any Investment Firm portfolio so a back one could argue that the entire ball rally in the last 10 years apparently driven by the china growth he says so by restricting access to Investment Opportunity this will severely impact returns and my delisting where essentially just invoking another barrier and restricting capital flow in the market so this will have the tremendous results and opportunity lost on both sides as companies will have access to u. S. Capital and u. S. Will have access to chinas growth professor richard wolf and Kristie Arcos of us thank you so much for that expert analysis. Thank you. Lets take another global look at the trends and spread of the coronavirus with our 2 correspondents tab injure where we world wide today so brand worldwide the virus has affected nearly 5800000 people and killed over 350000 heres whats going on globally so i made this pie chart and im looking at down by regions that have kept some countries although i happen not mentioning them to show for example in north and like in europe there are other countries be in effect that so 1st im going to be talking about confirmed cases so the most cases have been in north america obviously in the u. S. Where theres been 1700000 cases and 1100000 cases which are actually still active and as of may 20th each state that had imposed a stay at home order has begun lifting the restrictions and people are allowed in some places to go back to restaurants and offices and places overall worship now moving over to europe these 5 countries have been hit the worst u. K. Has out over 267000 current cases followed by spain 236000 which italy is not too far behind 231000 france and germany are behind these 3 but their numbers are significantly lower and all of European Countries have started easing some kind of restrictions for example in italy while foreigners cant visit yet locals are flocking to their beaches now moving over to asia where russia and india have had the most confirmed cases in russia currently has over 370000 cases and moscow will began to gradually ease some restrictions starting june 1st and india has about 157000 cases and most of indias cases are concentrated in the in. Western area which is home to the Financial Hub and then we have south america where brazil and per rule are seeing a number of confirmed cases now brazil still has the most out of 400000 cases but many Health Officials worry that number is actually about 20 times higher now over to the middle east. Is still leading with a 140000 cases and their newly elected 268 Member Parliament met today and images from the meeting showed that many did not even wear masks and did not observe a social distancing either now lastly in africa right here south africa still has the most confirmed cases with over 24000 where they will begin to ease restrictions starting june 1st and i want to go over to the next chart which shows which countries have the new new list cases so u. S. And north america is trending with the most cases but its actually that trend is going down which is why some states are starting to lift a lot of restrictions and so whats really significant in this picture is that some countries are pairing to have significant increases in new cases in asia russia and india are seeing new increases daily and even lower to south America Brazil is still seeing the most chile and mexico are also following in new confirmed cases that were seeing within the last 24 hours now moving over to the middle east were as iran has had the most confirmed cases could tar and saudi arabia are catching up where theyre getting a lot of new cases and then we have in africa you can see this right here but south africa still leads in confirmed cases but at a very low number and then lastly we have. Europe which United Kingdom has had the new cases but lastly i want to talk about the number of deaths which has had 100000 in north america in the us this yesterday actually and now whats the difference is that in europe to mortality rate is a lot higher as in the us the mortality rate is about 5. 9 percent in europe differs between 11 to 16 percent and in south America Brazil is also still leading with number of deaths in mexico asia and china there is about 4600 deaths and but with the crazy thing here is verses in asia with a population of 1400000000 people we have in the Us Population of 330000000 where the mortality rate has been a lot higher. Correspondents are tabular thank you for keeping us up to date. Time now for a quick break here because when we return a new era of private Space Development lives over the horizon but what could the future hold for the growing sector we have an expert panel standing by and as we go to break here the numbers at the close. Live. 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And welcome back wednesday isnt his story today marking the 1st time a private company has carried humans into earths orbit with the final destination of the International Space station 2 nasa astronauts retired marine corps colonel doug hurley and air force colonel bob behnken will take flight in space x. Crew dragon capsule atop the companys falcon 9 rocket the rocket will take off from the historic pad 39 a at Floridas Kennedy Space Center the same starting point of apollo era era Missions Including the moon landing in 1989 now after the falcon 9 launches the crew dragon into the upper atmosphere the capsule will separate from the rocket and begin heading towards the space station the falcon 9 rocket will then return to earth where to supposed to land on a drone ship in the Atlantic Ocean northeast of Cape Canaveral for reuse this also marks the 1st launch of u. S. Astronauts from u. S. Soil since 2011 since then the only way to set astronauts to the i. M. F. s has been on russian rockets launched from kazakhstan now when it comes to the cost of these flights a 2 1100. 00 report from nasa office of the Inspector General says seats on russian soyuz launches have cost as much as 86000000. 00 each and roughly 55000000. 00 on average over those last 10 years the same report estimates seats on the crew dragon will also cost about 55000000. 00 with all that said lets take a look at the significance of this moment and the future of commercial spaceflight with erin peggle executive director at the center for space commerce and science and Rick Tumlinson who is the founder and chairman of space fund as well as the cofounder of the Space Frontier Foundation thank you both for joining us on this massive day here rick i want to start with you how monumental is this 1st manned space flight to enter the International Space station put on by a private company how big is this. This is huge. You know this is where i would have been building 2 for many of us for about 30 years and though this is the beginning we believe that it is brian full worth of being able to put human beings in this space. Not using the gateway or the airline. That the government now has and instead of opening it up more and more people where we can expand and create an industrial plot. And gentlemen i have some unfortunate and breaking news right at this moment it appears nasa and space x. Have been forced to postpone the flight i know there is some weather conditions that were coming up were getting multiple full reports from multiple sources but that doesnt take away from this conversation because this is still a monumental moment i believe theyre going to reschedule it for the weekend so erin i want to talk about this more we just mentioned the cost of these flights costing nasa roughly 55000000. 00 versus the upside of more than 85. 00 when were launching out of kazakhstan are these savings going to actually make a big difference in space exploration. Oh absolutely. So its something to not its not just about the per seat cost but also about how many people you can send at 1. 00 time so you think about the International Space station and this is the primary purpose of this crew dragon it requires constant nature maintenance and part of that is due to age but also because were in a how this environment with a lot of experience and kind of learning as were going so the savings on percy plus being able to send additional people at one time that really allows us to maximize the potential of the i assess offers and now rick are there are some Major Concerns about having private companies becoming the leaders in spaceflight and exploration i mean its not always the most trustworthy situation when you put a private company in charge of something that is so important obviously on these 1st several we will see the most everything take precedent and safety and everything but there are the concerns that as people get complacent in the private sector and they start to try to cut you know save money is that a concern for you. Youre inferring that we should trust the government more and by that. The goal here is transition from government science and exploration activities in space to the opening of a space in the front sooner where people can build businesses and routes well now that we eventually know their homes instance we want to get there but the only way to get there is to begin to know our 53. 00 or 5 times and start creating Revenue Streams that allow us to do that and wa