04/07/2014 World Business Report


04/07/2014

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communication. Those are the latest headlines. Now, for the latest

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financial news, here is Alice Baxter and World Business Report.

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Fireworks on Wall Street as the Dow Jones closes above 17,000 for the

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first time. Plus, classroom CEOs. We meet the colour on your schoolkids

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determined to make it eight in business. `` California schoolkids.

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A warm welcome. This is World Business Report. In just a moment,

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heating your home with leftovers. The last in our series on global

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food waste and what can be done about it. First, our eyes are on the

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New York Stock Exchange. It may have only been a half day because of the

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4th of July holidays, but they certainly made the most of it. The

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Dow Jones industrial average, made up of shares from some of the

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biggest companies, surged 19 points to close at this. It is the first

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time it is ever closed above 17,000. It is now up almost 150% since the

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depths of the financial crisis, just over five years ago. The other main

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index, the S 500, also closed with a new record. It didn't quite reach

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the milestone of 2000 points, but it has racked up gains of 175% over the

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same period. The bullish mood on Thursday was driven by some very

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strong jobs figures in the US, with unemployment falling to its lowest

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level since the global financial crisis. The underlying story is

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interest loan rates having forced investors to pour money into shares

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to make a return. Whether this can last as interest rates rise is the

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big question. I am standing just outside the New

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York Stock Exchange, and this afternoon the good news from the

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department of labour was met with cheers, to the point where, as you

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mentioned, we saw the stock market hit a high we have never seen

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before. It was trading and it closed above 17,000 for the first time. It

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is quite significant to see the US unemployment rate fall to 6.1%.

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Given just how high it had been just a few years ago. It seems that the

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US economy is in fact recovering. But there are just a few issues that

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need to be raised when looking at this unemployment report. Yes, it is

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great that we are seeing a 6.1%, but some of the jobs, a predominant

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number of the jobs that have been created, our part`time jobs. While

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it is great that we are seeing that the economy is recovering enough to

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see jobs, we need to see more full`time jobs, that is what most

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analyst would say. Let's see how markets in Asia are

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reacting to all of this. Sharanjit Leyl is in our Singapore hub. Has

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the Wall Street cheered trickled over to your neck of the woods?

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To some extent. Most Asian stocks are rising after that huge rally on

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Wall Street that we just heard about. But they aren't rising

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enormously. If they do closed higher today, that means they have had the

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longest run of weekly gains since 2012,

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today, that means they have had the longest run of weekly gains and as

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you heard in that report, US jobs growth bolstering the outlook, with

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unemployment falling to a six`year low, and that means more gainfully

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employed Americans, which means more people to buy the vast number of

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product that Asia makes. Despite the good news, you heard that note of

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caution, which is that most of the jobs created were part`time.

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According to analysts, wages haven't risen much in the last six years,

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and the GDP had a 3% contraction. This may not be sustainable, and

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perhaps that is why stocks aren't rising as much as you thought they

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might be. Thank you Sharanjit Leyl.

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We will talk you more about how the papers are that rise a little bit

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later. All this week, we have been looking

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at the global problem of food waste. While millions of people are

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undernourished, about a third of the food we produce worldwide ends up in

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dustbins. For the last series we had to New York, where new rules will

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say that leftover food cannot be dumped in landfill, it will have to

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be put to good use. Chef Charles Bowman isn't just concerned with the

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food on your plate, he also has designs on the food you leave

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behind. Here are some of the vegetables, that were peeled and

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cleaned. About 30% of waste produced in restaurants is food scraps. In

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this kitchen, they separate organic waste from the rest, and his efforts

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will soon get a boost. Starting next year, in New York City restaurants

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will be required to stop sending food waste to landfill. We will all

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have to comply. The landfills are getting too much. It is something we

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can use for our good. The scraps will be converted into compost or

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natural gas. The goal is to keep it out of landfills, which is important

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to reduce harmful emissions. In landfill, a lot of methane is

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released, which is a very potent greenhouse gas and an irritant. This

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is where some of the wasted food could end up, in an industrial site

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in Brooklyn. Welcome to the Newtown in Brooklyn. Welcome to the Newtown

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Creek wastewater plant, where the food will go into those silver

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eggs, and come out as energy. This is the nerve centre where the

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process is monitored. These eggs provide an oxygen free environment

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where bacteria breaks down the organic waste, or black gold as they

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refer to it here. Through a porthole, we saw the bobbles of

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methane gas rising from the sludge. Biogas that can eventually be used

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to heat your home. The plane here is to take food waste and import it

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into our digesters along with our content, and that will produce

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energy. That is gas that will be cleaned up to pipeline quality and

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injected into the natural gas distribution system. This is more

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common in Europe, but it is an important step forward in a country

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known for its waste as well as its abundance.

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Fascinating. Now, it is time for a weekly look ahead to the next

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generation of billionaires out there, who they might be, where they

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come from and how they will make their money. This story comes from

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California, which has the highest concentration of billionaires in the

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world. We will meet some of the youngest entrepreneurs, and finding

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out it is never too young to start up.

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Is this a future billionaire? At 15, Thomas creates and sells apps for

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smart phones and Google Glass. That is how he is filming us with his

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glasses. He has big plans for his summer. He wants to revolutionise

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3`D printing technology. I recently applied for a patent on 3`D

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printing, trying to make it faster and more reliable. The key there is

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speed, and we are trying to print ten times faster than current

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generation 3`D printers. Is self`taught when it comes to

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business this school is trying to create entrepreneurs starting from

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age 11. For advertising, I used social media as a device, then up

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here we have my profit`sharing plan. At the school, students are

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encouraged to start companies on school time. Hi, I am the CEO of my

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company. I am the director of marketing. I am head of sales. These

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12`year`old captains of industry plan to sell school supplies to

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their classmates. They say kids have a big advantage when it comes to

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creating the next big thing. Kids are more creative, because they

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haven't been boxed in by the world yet, you're going to do this, you

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are going to do that. How did you come up with the idea? I didn't like

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Band`Aids, and I didn't want anyone to see that I had won. This pint

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sized CEO is the youngest ever to dive into the shark tank. She

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considers herself a lifelong inventor. I feel like being an

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entrepreneur, you don't have to follow somebody else's orders. You

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can be more free. Her dream is to become a zoologist, while making her

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brand into a household name. Kids are still kids, even if they are

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entrepreneurs. Sage advice for a new generation of business leaders.

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The US is urging Argentina to negotiate a solution with creditors

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to avoid a second solvent that in 12 years. They are demanding full

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payment with interest, after a failed US court challenge. Shares in

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HTC have surged after the Taiwanese firm says it may be $75 million

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profit in the three months to June, paired with heavy losses in the

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previous quarter. It comes after sales on a new flagship handset. But

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they still have to content with low`cost Chinese rivals. We will

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have a look at the Papers in a moment, don't go away.

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The entertainer Rolf Harris is due to be sentenced today. He has been

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found guilty of 12 charges of indecent assault on girls aged

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between the ages of eight

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