trying to save the lira turkey's a central bank finally raises interest rates and a bit to stop the nosedive of the country's currency and president out of one doesn't like it also on the program after talks between british and french fishermen over scallop fishing rights break down drama could be about to return to the high seas and a bacteria sweeps through italian all of growth threatening the industry but a solution may be at hand. this is the business i'm crystal coble welcome the turkish lira surged on thursday after the country's central bank raised the key interest rate by more than six percentage points turkey's from national authorities have met in a last ditch effort to slow the dramatic descent of the mirror which has plunged more than forty percent against the dollar this year analysts had argued for a drastic rate hike to keep prices from further skyrocketing president ratchet type

add on had to post such a move claiming higher rates would worsen the country's economic problems. so turkey's central bank raises interest rates and president out on doesn't like it here's what he had to say ahead of thursday's decision. used. when you look at interest rates and inflation in terms of cause and effect. fly years interest rates are the cause and inflation is the effect almost. but if you seen felicia as the course and interest rates are at the effect then my friend you don't know this business. because you can set the interest rates sank to inflation will still occur just now most economists of course subscribe to the view that higher interest rates are used to curb inflation for more let's bring in correspondent dorian jones in istanbul darrien president

out on still doesn't seem to like this move how does still come around to finally approve an interest rate hike i think that is the big question people will be all in today non-corrupt and i think the reality is that the president realize how bad the situation will play think it took economy if the central bank hadn't the price if we increased interest rates and they expect haitian law to the turkish lira would be plummeting again forty possibly another ten or twenty percent given the fact that the current he's already down forty percent the pressure on the turkish economy and the banking system will become acute this is why most people are believing that the president did allow the central bank to hike right now one could argue that this economic crisis has been there all along so what changed now. well i think the big question is going forward is what will the central bank be doing for before there is a vacation the need for further increases in interest rates to defend the current the

to drive down inflation which you had some analysts are expecting could hit thirty percent will the title back be allowed to do this by the president is the key question going forward also does he is expected to take all the steps as well now will this move today and potentially further hikes in interest rates will this solve turkey's economic problems. well he not really will be the big question there is concern that when the pain starts to hit the turkish economy is already reeling from the effects of rising inflation now these interest rates will expect lee accelerate turkey's drive into recession so the president will put pressure on the central bank to reverse its decision equally another fear of our analysts says is that if the positive effects of the interest rate start to be felt maybe the central bank will be forced to reverse these interest rates too soon these are big concerns on the investors also that turkey needs to take very important steps

cutting back spending is the nub of the mongo the world bank and central bank and seen as key to driving down inflation as well as addressing the turkey's ongoing tensions with the united states so dorian that we see the turkish economy in turmoil we see prices soaring how are people coping. while things are really very tough here indeed the dramatic fall in the last month that is now fueling inflation the prices of imported goods are going through the roof even in politics even food prices now starting to rise the word inflation is on the minds of on the lips of minds of everybody in the country and also the fear all of this really impending recession which most people expected to hit turkish economy that means rising unemployment and more poverty i mean concerns going forward i think the reason awareness even despite what the central bank has done turkey is facing some very tough times ahead. correspondent doreen jones reporting from istanbul dorian thank you. the european central bank continues to scale back

its economic stimulus from october on words the monthly purchases of government bonds are going to be cut in half to fifteen billion euros these purchases are executed to keep troubled european economies afloat but the use of the did leave its key interest rate untouched at an all time low of zero point zero percent. well so much for the banks no for a look at stocks and our wall street correspondents over two months is standing by in new york sophie how is wall street reacting to polls latest i phones well we did see some positive movement off the stock on per se but on the day of the event itself the stock did nothing really it opened at two hundred twenty dollars and this is exactly why both so to investors it does not matter how cool the new i phone is and how that the new apple watch looks like at least not as much as it matters if these products are going to sell so they're going to pay attention

to the next quarterly earnings and to the earnings after the holidays the most important season of course so yeah maybe some guys here on the floor well live streaming the event but just because they maybe think about getting their mother would be apple watch for christmas so she can check her palm and so it looks like big tobacco is now out to get us all still and what's happening there. yes a fascinating market chris stuff not only for consumers but also for investors you don't see growth rates like that anywhere else i want to say estimates are that the global cannabis market is going to grow at a two hundred thirty percent rate i'm to twenty twenty to thirty two billion dollars in spending and here in the united states make the fence fun vefa so they're ready for the nationwide legal like they send state so working hard on that and we need to find the source of income because he is cutting taxes he is

a business man who is going to want to take advantage of this market someone on the floor just told me and these and best of one to buy and hold stocks of canopy growth off the eagle before all these the massive investors come in and make the stock prices pop investors like make tell bacco and break out all and both have either and now on third check out their options or are already invested with billions of dollars and so shares of cannabis companies in august alone have gained ninety six and a half percent so for three months in new york thank you. talks between french fishermen and british rivals for a new deal on access to scull a bridge waters in the english channel have broken down last month friendships confronted in the most the french were upset about rules allowing in huge boats to fish and their waters year round while their boats were forced to stay home and now

it looks like scenes like these could soon return to the high seas. a spat over seafood boiled over last month as french fishing boats blocked their u.k. colleagues from dropping their nets. currently boats bound from the u.k. are allowed to harvest scallops year round while their french counterparts are banned from fishing in the summer leaving a bad taste in many a sailor's mouth. if you have played in the british caught the scallops shelled them and sold them back to us. but it's ok after the break they won't come back. and without a deal in the so-called scallop war there's likely to be rough waters ahead. and that lead bacteria is devastating italy's all the industry strikes down trees extremely quickly leaves fields unusable and spreading fast but there is hope for farmers in the form of

a resistant. fastidious when it infects the tree it causes with the rain which ultimately results in the trees death it was first discovered three years ago and has decimated plantations ever since leaving. gayety desperate. you know the poor want to be like you man nothing is as it used to be. production has gone down by eighty percent this year. and the financial effects have been considerable. quantity when i went from fifty employees to zero and last week i had to let my secretary go after sixteen years. the diseases carried by sick adele's would sucking insects which spread the infection to healthy trees. what was the bacteria spreads forming

a sort of barrier it prevents water from passing through the leaves the leaves dry up and the branches died due to lack of water together with his team at the university of bari experimented on olive groves to find a plant resistant to the bacteria after five years of research success they found two potential candidates to heal the infected trees farmers combine the sick plants trunks with the newly discovered branches this way they hope they'll be able to revive italy's shaken olive oil industry. it was the car that the find it generation and one of germany's most iconic brands but now the v.w. beetles time is coming to an end fox wagon have announced it will halt production of the beetle in twenty nineteen bringing an end to the cars seventy year history of this not all bad news for beatle fans v.w. will release two more editions of the car before the beatles ride off into the

sunset. and that wraps up our show thanks for watching see i'm back at home are.

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