funding. the. world for wednesday wall street stocks slide with major indices losing ground over a toxic cocktail of worries including global growth trade and higher bond yields also coming up the e.u. agrees to curb car emissions by thirty five percent much to the displeasure of german carmakers but will it really be enough to make any difference in the big picture of global carbon emissions. this is your business update on how the home free in berlin glad you could join me wall street stocks fell on wednesday with major indices losing more than three percent the selloff was prompted by the sudden jump in u.s. foreign yields the move raised fears the economy's overheating which could present the fed to raise rates more aggressively well at the end of a hard session the dow jones industrial average had lost three point two percent or

eight hundred thirty points to finish at twenty five thousand four hundred ninety eight and that is the dow's biggest loss since february losses were fairly broad based with tech companies amazon down over six percent and microsoft down over five apple boeing at nih can be used all lost more than four percent. and i asked our financial correspondent yes quarter in new york to tell us more about what's got the markets down. you know well how we know that was really a pretty rough day here on wall street and we haven't seen anything like that pretty much since the break to devote to god two years ago are blue chips down by more than eight hundred points days closed and that means with just within one trading we go we have lost a good thirteen hundred points just within the dow jones industrial average nasdaq has been down a good four percent well investors are getting nervous about the upcoming earnings

season and especially regarding the outlook from u.s. companies you have a couple of factors going on we have a higher dollar we have higher interest rates that makes that more expensive we have territory example on steel an element that could increase production costs for u.s. corporations we have a slowdown of the chinese economy so there really a couple of factors going on and that is starting to make investors feel quite nervous at this point and it's also been a white house statement what came out of that. you know certainly there has hardly been any president in the history of the united states who was so focused on the stock market as donald trump is and in the past couple of months he always showed the charts of the dull joneses so to speak get to brief prove how great the u.s. economy is doing so what we do know is that the president has been briefed today on

the movements on the stock market and what we're hearing from the white house is that they're not concerned at this point they're talking about a correction in an overall bullish market environment that the economy will remain strong looking ahead and that for certain is going to be the big question if it is a just a brief nosebleed is it just as a small correction was in the bull market or are there some bigger forces on their way so we will certainly have a closer look at how the market opens on thursday a financial correspondent for us yes you're in new york thank you very much indeed . the european union wants cars that have built in europe to emit thirty five percent less carbon dioxide and that is by twenty thirty that's what european union vironment ministers meeting in a luxembourg on wednesday agreed upon those negotiations though they exposed a rift between east and west in europe germany backed by eastern states fiercely resisted the forty percent cut which the european parliament had voted for last

week in luxembourg the netherlands and know what it states though they push for even more ambitious reductions. the german automobile industry is furious they say the target of reducing carbon dioxide emissions by thirty five percent is totally unrealistic unfulfillable according to the d d a automotive industry association they say manufacturers have already exhausted all available fuel saving technology now jobs in the industry are in danger. in the negotiations some countries lie. ireland for example suggested reducing carbon dioxide emissions by half an easy demand when one has no domestic auto industry but even countries like france and italy with important car sectors lobbied for significant cuts. responding to the news german chancellor angela merkel adopted a conciliatory tone so does this i need it's good that there was an agreement even

had because if there hadn't been one of the european auto industry what it has had in the certainty of the european election and that wouldn't have sent a good signal all in all sorts of justifiable result. in fact to pass. the stricter the targets the greater the pressure on manufacturers to sell more cars with zero emissions such as purely electric vehicles but as yet german manufacturers don't have much to offer in that field and they don't have much time to catch up with the game. and as we just heard in that report german car makers unsurprisingly are not very happy about those new emissions targets. caught up with the president of the german association of the automotive industry here in berlin a little earlier you've called these goals over ambitious now wouldn't you say it is incumbent upon industry and regulators to be able to achieve these goals in this time frame onto twenty thirty a reduction down to thirty five percent that is. too much and needs

a framework that really works especially when it comes to charging points for example seventy five percent of all charging points in europe in only four countries of twenty eight but all these cuts have to be ambitious in order for them to have any effect that is true and we are we are for ambitious goals that's that's for sure but they have also to be feasible and we have to they have to be achievable then it works if they are not going to be achieved we're not going to achieve climate controlled. chancellor angela merkel for her part however has said that these targets are defensible do you see any benefits to this deal. i see a good benefit for us because the german automotive industry is leading when it comes to alternative fuels when it comes to alternative power trains when it comes to electro mobility we're spending forty billion euros in the next three years we

will triple the product line that we are offering and we are already market leader in europe but yet was it a germany that wanted to make sure that these cuts weren't severe yes because germany is convinced and i am convinced too that we need a balance a balance of climate control on one hand and on the feasibility of reduction of c o two and the introduction of electability thank you very much you're welcome when natural disasters strike it's always devastating after all they wipe out homes and leave sky high bills and those bills a getting even more expensive that's according to the u.n. it reports that economic losses from natural disasters surged to a total two point nine trillion dollars over the last twenty years and that's up one hundred fifty percent on the past two decades. the figures reflect the loss of resources and assets like homes factories and farms caused by more frequent and

intense climate related disasters like heat waves droughts and floods. presenting its record to disaster risk reduction officers climate change is posing ever more problems and dangers. we have seen already that there is a very sharp increase in denial of climate related events which are actually creating seventy seven percent of the total directly comic losses caused by disasters. the report came as the southeastern u.s. brace for hurricane michel to tear in from the gulf of mexico said to be the worst hurricane to hit the region in a hundred years. but while rich countries have a wealth of resources to mitigate the damage developing countries are helpless in the face of catastrophe. poor people in poor countries do not have twenty years thirty years forty years most of those children will be dead. this is what is going

to happen i did they will be dead because of the catastrophe itself all of these be dead because of the. prevailing persistent effect of many titian that comes in on these streets with droughts and floods the un says that especially when taking under reporting in poor countries into account it study shows that investing in disaster risk reduction must become a major part of climate change policy. the recreational use of marijuana set to become legal in canada on the seventeenth of october and it's not just uses who are looking forward to a new legal high the government is also looking to cash in with canadian provinces preparing for tax. cannabis is big business and businesses in canada have been gearing up for the big day even medium sized producers like pure sun fams expect to send significant volumes to market conservative fork out the

seventy five thousand kilograms you. can it is cannabis industry has bloom soon so liberals came to government the country has more than twenty publicly traded marijuana companies with a combined market value of twenty three billion dollars unlike in the u.s. where marijuana is illegal at the federal level the canadian cannabis industry will have access to banking and mail delivery customers will be able to order marijuana online and have it delivered to their door. we will soon have a new system in place one that keeps cannabis out of the hands of out. kids and keeps profits away from organized crime and like any new industry canada's cannabis sector also means new jobs deloitte estimates as many as one hundred fifty thousand new jobs across the country. but this budding industry will have to fight for a small share of the profits it's canada's provincial governments that will be the biggest winners the provinces will make around three billion dollars

a year from licenses and taxes. that they with the business from will find us on facebook follow the school business i'll be back tomorrow same time same place at ford. truck.

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