Exclusive. The must see consuming parts culture to be sure. To be curious minds. Do it yourself networkers. Some subscribers dont miss out. The World Health Organization is now calling it a pandemic and the corona virus again has markets in its grip stocks on wall street fell sharply as fears continue to mount over the economic fallout of the covert break also coming up boeing shares take another drastic tumble as the company tries to cope with the double whammy of its ground a 737. 00 max and the coronavirus and the coronavirus pandemic could see a spike in food prices in kenya the global outbreak is hitting all sorts of local business. Im chris welcome to the program the u. S. Stock market is on the brink of ending one of its greatest ever run with the corona Virus Outbreak now officially labeled a pandemic investors are asking how bad the fallout is going to be after all the World Health Organization has also cited quote alarming levels of inaction by governments in chorley the virus on wall street shares in the Dow Jones Industrial average dropped almost 6 percent for the 1st time since the 2009 french a crisis the dollars not entered into a bear market defined as a 20 per cent drop from recent highs. For more lets cross over to wall street and our correspondent. Jose luis almost 6 percent of the loss today in the dow what particularly triggered this latest sell off. All right seems we have to have some difficulties with the line there we apologize for that and we move on the bad news keeps coming for boeing in a memo reportedly leaked to the press its c. E. O. Apparently said the company will freeze new hiring and over time as it struggles to deal with a 12 punch from the corona crisis and the grounding of its 737 max line so far boeing has been hit with 43. 00 cancelled orders for the grounded jet boeing scares last 17 percent after the news broke that the company was forced to take out a 14000000000. 00 loan to deal with ballooning costs. Italy is the european nation hardest hit by the coronavirus with more than 820 deaths reported so far the government in rome has now pledged a 25000000000 euro aid package to help tackle the outbreak the money will go towards both health care and businesses the countrys famous fashion industry is 1. 00 sector which is especially. The fashion capital of milan is usually a life bustling city now its like a ghost town. Remained the same what is equal and its good we have fewer people Walking Around for now but it does put major constraints on businesses shops are open but there are no customers and staff have to be paid anyway. You know what beings on i have my business and i dont have any kind of reserves so im really feeling the Economic Impact. Could impact the economy. Was an annual turnover of 90000000000 euros fashion is one of its least most Important Industries and even more important than the shops here in the luxury bt xover sees the asian markets has almost completely vanished in light of the pandemic. The Italian Government has announced a national aid package to help offset the viruss effect. Weve allocated special resources to the sum of 25000000000 euros aware of the difficulties that the country faces during this emergency situation. If you go. Down to work with them jensen italys fashion industry employs more than 400000 people. The country makes over a 3rd of its luxury goods sales in china but right now theres very little demand for high end fashion anywhere. And here are some of the stimulus measures countries are taking to limit the impact of the virus on their economies the International Monetary fund says spain should be allowed to hold off on structural deficit cuts this year as an adopt one of measures to support the economy during the epidemic but red has promised to do whatever is necessary to overcome the crisis that is expected to unveil a package on thursday guaranteeing medicines and providing loans to businesses the bank of england has unexpectedly cut Interest Rates to just a quarter of a percent governor mark carney expects temporarily but significant disruptions to supply chains and weaker activity meaning increased demand for short term credit from households and companies. German chancellor Angela Merkel called for solidarity and common sense as the coronavirus continues its march its march across the continent ms merkel said her government will do all it takes to ease the fallout from the outbreak that could include easing dead rules and increasing public spending. Side forecasts that 2 thirds of the country could contract the virus. Well or my colleague has talked to top german economist Peter Bofinger about the Business Impact of the virus in germany government responses and our chances of a global recession. Whats your impression of how a german business is currently dealing with the Current Crisis well we have no data so far for march we have no data for february the only thing we know is that the labor market so far has not been too much affected which is good news but its obvious that it will have severe repercussions on production on services i think theres no doubt that we will face a kind of recession in the 1st. What and also in the 2nd quarter is the German Government doing enough to protect the German EconomyGerman Companies against this crisis jungle mint is doing important things especially as far as fraught time burke is concerned i think they have no activated measures that really helpful in the great financial crisis is to prevent the crisis to spread to the labor market but we thing more has to be done and i think whats measures is really know the liquidity and the solvency of the in the price sector and for this purpose we have suggested that all takes payments that are due in the next few months will be suspended and only have to be paid then once the price is over and in addition we have asked for a program where companies can compensate the losses this year his profits last year so that they could take taxes so no stimulus. Well that is a stimulus i would say if companies have really the opportunity to to compensate the losses if the government is so to say participating in the losses that are made due to the crises i think as far as stimulus is concerned the short term the problem is we cannot social consumption as. We call it because the concerns about health not have enough not the priority. Does this crisis have the potential to put push the World Economy into a recession well we know from the o. E. C. D. That in less optimistic scenario Global Growth will go down from about 3 percent to 1. 5 percent so this is very strong diesel aeration and i think countries like italy be definitively facing a recession i think it all now depends on the decided miss preparedness of the governments to do what ever is it takes to say this to prevent the crisis from spreading from those sectors who are merely affected to the rest of the economy so to prevent that the crisis becomes really systemic that opposing thank you very much. Is to kenya now a country that has not been heard so far by the coronavirus but the economy there is suffering because of its extensive trade relationship with china with travel bans in place Flights Canceled and restrictions on certain imports businesses are starting to have trouble keeping shelves stocked economists warm prices are likely to spike. In robey these store shelves are well stocked for now but many shop owners warn their supplies of Clothing Electronics and other goods made in china could run out by months and. Shipping is tapering off in kenyas major port mombasa due to restrictions on trade with regions affected by coronavirus like china. And observers say that could cause prices to spike throughout the country. China is also responsible for hundreds of millions of euros in direct investment each year including in Critical Infrastructure projects investment which could be in danger if the worldwide crisis continues each one percent drop in chinas domestic investment equals 0. 6 percent drop in africa so at a high level im really really worried that this feedback phenomenon is now going to reverse this is unprecedented black swan event and i think we are we are going to really stop at the economic fallout from what is happening in china. With supply chains are structured around the world the kenyan government has faced accusations its failing to prepare for the worst. And that could mean shortfalls of critical goods Like Pharmaceuticals as the coburg 1900 break continues to spread. And speaking of troubled connections with china the coronavirus is making the iconic german sportswear maker worse for wear it expects sales to take a 1000000000 euro hit in the 1st quarter due to a slump in chinese demand adidas shares went into nosedive losing 10 percent of their value almost a 3rd of indias revenue comes from china the company has announced most of its chinese factories are and running again. And finally google has advised all of its 100000 employees in north america to work from home because of the coronavirus google employees have been asked to stay at home until april 10th apple facebook amazon and twitter have already asked their workforce to work from home to limit the spread of the infection on wednesday a Video Conference with the tech giants to discuss the Economic Impact of the coronavirus. And the loss of our program for more you can always go to our web site thats d. W. Dot com slash theres some chris thanks for watching a successful. A Daring Mission on the high seas. Were on board the ocean by the birth of the ships crew say no more than 270 people in the mediterranean. But when they reach the safety of italy shores the next challenge awaits quarantine amid coronavirus fears the sluggish growth. In 60 minutes w. I was fishing when i arrived here i slept with 6 people in a room and similar it was hard. I even got white hairs that. Lending the edge of my language head not often this keeps me and could help us maybe to in truck loads of say you want to know their story the muslims her fighting and for a Little Information for margaret. Birth. Home to lose of species. A home worth saving. Given those are big changes and most start with small steps global interiors tell stories of creative people and innovative projects around the world. Like to use to control the climate goosed Drainage Solutions and deforestation. The current interactive content to choose the next generation about environmental to check show. Up losing all channels available to inspire people to take action and more determined to build something here for the next generation the idea is the environment series of global 3000 on t w and all my. This is news africa coming up in the next 15 minutes. Here with faith pastas in training in Northern Nigeria contemplating life and death. And sometimes you can remove your life for you. And invoke enough so we meet. The energetic presenter of a t. V. Entertainment show a motto is. Own it and. Thats inspiring other all being those to fulfill their potential