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Episode details

World Service,20 Apr 2020,26 mins

US oil prices turn negative

World Business Report

Available for over a year

For the first time in history, producers are paying buyers to take oil off their hands, as fears mount over storage capacity after demand has fallen dramatically. Ellen Wald is the president of Transversal Consulting and explains what's happening. Europe's biggest economy, Germany, has taken some tentative steps towards normality. Shops up to 800 square metres in size are allowed to reopen, and Philip Frese, who runs a bed and mattress shop in Freiburg, tells us what it's like to be open again. Meanwhile Germany's central bank has said the country is likely to be in a severe recession. We get analysis from Peter Bofinger, professor of economics at Wurzburg University, and a former member of the German Council of Economic Experts. Also in the programme, we speak to domestic workers in several parts of the world to find out what impact coronavirus lockdowns have had on them, and ask what can be done to help, with Claire Hobden of the International Labour Organisation. (Picture: An oil refinery. Picture credit: Getty Images.)

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