werfel wednesday wall street stocks slide with major indices losing ground over eight 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 to humphrey 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 is overheating which could print the fed to raise rates more aggressively while 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 night convening 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 enough it was really a pretty rough day here on wall street and we haven't seen anything like that pretty much since the breaks did vote to go to two years ago blue chips down by more than eight hundred points day so who knows and that means was just it was in one trading week we have lost of thirteen hundred points just it was then the dow jones industrial average has been down four percent well investors are getting nervous about the upcoming earnings season and specially 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 tariffs for example on steel on that could increase production costs for u.s. corporations we have a slowdown of the chinese economy as well there really a couple of factors going on and that just starting to make investors feel quite nervous at this point and there's also been a white house statement what's come out of that. is 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 a dull jones's so to speak to prove 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 underway so we will certainly have a closer look at how the market opens on thursday a financial correspondent for 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 foreign ministers meeting in a luxembourg on wednesday agreed upon those negotiations though they exposed a rift between east and western 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 nordic 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 negotiation some countries like 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 cars sectors lobbied for significant cuts. responding to the news german chancellor angela merkel adopted a conciliatory tone so few doses i need it's good that there was an agreement and you've been in it because if there hadn't been one of the european auto industry one and have had a certainty ahead of the european election and that wouldn't have sent a good signal and all sorts of justifiable result to your views and others and i'm

go because of us and football's it isn't hard to see. the stricter the targets the greater the pressure on manufacturers to sell more cars with zero emissions such as purity 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 tom. it's. 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 what do 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 a thirty five percent that is. too much and didn't need a framework that really works especially when it comes to charging points for example seventy five percent of all charging points in europe and in only four

countries of twenty eight but all of these cuts have to be ambitious in order for them to have any effect that is true and we 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 are 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 offering and we're already market leader in europe but yet was it 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 to 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 are getting even more expensive that's according to the u.n. it reports that economic losses from natural disasters surged to a total of 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 report the disaster risk reduction office says climate change is posing

evermore problems and dangers. we have seen already that there is a very sharp increase in did number of climate related events which are actually creating seventy seven percent of the total directly economic losses caused by deserts there's. the report came as the southeastern us braced for hurrican michael 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 even be dead because of the catastrophe itself or they'd be dead because of the. prevailing persistent effect of malnutrition that comes in on these

streets with the droughts and the floods the u.n. 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 nearly legal high the government is also looking to cash in with canadian provinces preparing for tax benefits that. cannabis is big business and businesses in canada have been gearing up for the big day even medium sized producers like pure sun expect to send significant volumes to market conservative fork out the seventy five thousand kilograms you. can it is cannabis industry has bloom. since the 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 mile 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 our 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. business from facebook. to school business i'll be back tomorrow same time same place that boy.

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