More market volatility in the u. S. Wall street indexes seesaw after positive retail figures take the edge off a steady stream of bad news so is the global recession called off not quite. And is the farm coming to the big city well take you to a growing operation in the big apple. This is your Business Report im stephen bears in berlin thanks for joining us another day on wall street another volatile session markets ultimately ending in positive territory today after solid u. S. Retail numbers suggest that american consumption remains strong and that followed the worst day of the year for stocks with both the dow and nasdaq losing 3 percent wednesday on new recession worries the ups and downs of the markets are not going unnoticed u. S. Government is now trying to call investor jitters. Here on wall street
traders cheered retail giant walmart strong Quarterly Earnings the figures columns nerves on the floor they show us Consumer Demand is strong despite the trade war with china the Trumpet Ministration lost no time issuing a Statement Assuring that the u. S. Economy is healthy. I think on the economy. Weak right now i think we are in a band im in a very comfortable environment in which we have 3. 7 percent unemployment the lowest its been 50 years we have. Record on a low unemployment for africanamericans record low for his back americans real Disposable Income in the last 24 months for households increased 5000. 00 the consumer in america is strong in europe however stocks were down following the previous days wall street losses here investors were also reacting to bad figures from europes economic powerhouse germany g. D. P. Theyre contracted 0 point. One percent in the 2nd quarter the r. Word is now doing the rounds recession many fear the export oriented German Economy is being dragged down by the on the doing to us China Trade War right now beijing is sending mixed signals it says it remains open to negotiations with the u. S. On the other hand the chinese have threatened to retaliate if washington goes ahead with its plans to terrify eggs on september 1st. And lets go now to our financial correspondent in new york jose luis jose i think weve been talking about Wall Street Ups And Downs this whole week if not this whole month today the numbers are up is it fair to say however that the overwhelming feeling is still one of an ease. Totally is stephen and that is not going away anytime soon since and nothing has have fundamentally changed in terms of Downside Risk to us and consumers brought some calm to investors as they kept us spending in
full force small retail sales as you mentioned increase that 7 tenths of a percent in july so far implies. Bringing in consumption down walmart earnings also brought some fresh air to be good as a retailer why increase even full year Sales Outlook that said that tensions are still very much alive threatening to to reach. Us Earnings Outlook for us as a company is in the 2nd half of this year is it being reviewed down not only worries about day ongoing trade war and Global Economic growth are taking a toll on margins but also a tight Labor Market Commodity Costs on of course a stronger u. S. Dollar and as they want to take a look at another Story Heading Markets thats not related to any of those factors g. E. Stock suffering a major blow today after an Accounting Experts said the American Firm has concealed major financial losses and g. E. Shares tumbled more than 11 percent the companys c. E. O. Denied the accusations and noted that the report was bankrolled by a hedge fund which stood to gain from losses in g. E. Shares of the author of that report Harry Markopoulos is known on wall street for under covering the Multibillion Dollar Ponzi Scheme Run by disgraced financier bernie made off a name that you may be familiar with so markets taking this accusation very seriously despite the fact that the person behind it could profit from g. s losses whats going on. While as you mentioned an Accounting Expert who raised concerns about bernie made a ponzi scheme back in the day its now comparing g. E. Accounting practices had to end with ones and their losses up to 38000000000 Dollars let. And although forgive that and loss one if not the biggest corporate fraud in history and according to to his analysis g. E. Is heading to insolvency and has been changing its Financial Statement reporting for months every years every few years to make it impossible to compare numbers but
even if the company has denied these allegations one of these a report as you mentioned hes in good working for short sellers it is also true that both this security secured its Exchange Commission and the u. S. Justice department are already investigating for potential accounting issues related to it seems were and holdings on problems. And Enron Like Bernie Made off both both loaded terms well known figures in financial history in the us but they lose the heart of their force in new york thank you. Lets now look at some of the other Global Business stories making news european banking stocks fell on expectations that the European Central bank will Lower Borrowing rates in the coming weeks germanys leading Banks Deutsche Bank and comments bond slid to record lows germanys number one and 2 lenders have struggled to recover since the financial crisis. Boeing is postponing the delivery date for the ultra long haul
version of its 777 x. Model the airliner series has reportedly phased Engine Problems during Development Boeing of course is still reeling from the grounding of its 737 max aircraft following 2 crashes. Gibraltar on thursday allowed the Tains Iranian Super Tanker to leave the British Overseas Territory a move that could help defuse tensions between london and tehran those tensions are part of increasing friction between iran and the west over economic sanctions and those sanctions are taking a major toll on iranian Business Owners and consumers take a look. From the iranian Port City Of Pounder a whole line of tankers can be seen transiting the Strait Of Hormuz they come from the entire region Kuwait Bahrain and the United Arab Emirates supplying the whole world with Oil Container ships are also in transit many. Bringing important goods to the sanctions stricken Country Ship Owner and Trader Abdullah suffer already has
just arrived from dubai with a consignment of refrigerators. Its becoming increasingly hard for him to trade with other countries. Or used to wait for one or 2 hours for permission to dock in dubai now i can wait one to 2 weeks at sea wondering if they let me you know not because of the u. S. Sanctions ive got chinese traders you know insist on cash payment from iranians like myself we cant make Bank Transfers because of the sanctions. Every day life is becoming really difficult in iran foreign products. Even medical technology and pharmaceuticals which bombs targeted by the sanctions. The worlds population is growing in case you havent heard in fact by 2052 thirds of the worlds population is expected to live in urban areas with Food Shortages possibility could urban farming be the answer. Tending to your crops with
the Statue Of Liberty looming in the distance this is the setting of new yorks largest urban farm the idea behind the project is to deliver vegetables directly from the rooftop to the place this is 140000 square feet and its our largest farm so far its our 3rd farm that weve done in about 10 years. The farm goes 36. 00 tons of vegetables every year the project is sold to restaurants and farmers markets. There are no synthetic fertilizers in use here the soil is a mixture of compost and lightweight stone which makes it efficient up storing water. Huge point of surface area across our city is the impermeable roof surfaces so when the water hits that it goes straight into the system so we can slow it down and absorb millions and millions of gallons on spaces
like this urban farming is a growing trend in every sense in the future Rooftop Gardens could be a common sight in cities around the world. European Soccer Season is getting underway khan its biggest leagues and clubs from top german sides to barcelona or renowned clubs like Ajax Amsterdam or Celtic Glasgow all share common grown literally. Perfect soccer pitches dont grow over 9. This one took about a year to cultivate. Here on the german dutch border with it sandy soil close to ground water level the conditions are ideal. The pitch needs to be tended to almost daily. Not modem it for the strips will be mown some 100 times you for harvesting they also
get water 10 to 12 times by then and there have been fertilize 6 or 7 times along with other measures like combing the touching and vacuuming. The grass needs more water in hot summers its 30 degrees here today so the turf needs to be harvested and dispatched rapidly as a living organism it wont last too long wrapped in plastic in the back of the. Bus with. The heat main stress for the turf it can generate enormous hes itself when its rolled up like this can reach temperatures of over 60 or 70 degrees and that can ruin it all. This time everything has gone smoothly and the turf arrives in Cologne Stadium in good shape. The 5th takes only a day to lay the new pitch in cologne then its mode air and water it ready for its 1st pounding. And thats it for me in the Business Team you can find out more about
these and other stories online. Business. Lets watch. To. Cut. To 6 make. Raring to reach. If there is any there Product Benefits remember you have to find it between the wyatts. Literature a 100 journal must rates. Hijacking the news. More are going wrong the news is being hijacked journalism itself has become a scripted reality show its not just good vs evil us vs them whack one. In countries like russia china turkey people are told that its something and if youre a journalist there and you try to get beyond that you are facing scare tactics intimidation. And i wonder is that where were headed as well. My