:00:00. > :00:17.News. Now for the latest financial news.
:00:18. > :00:24.A new record for the Dow as the Federal Reserve reassures investors.
:00:25. > :00:34.Plus, a sticky dispute over the King of Fruit. Why EU`India trade
:00:35. > :00:41.relations are souring over mangoes. Welcome to World Business Report.
:00:42. > :00:44.I'm Alice Baxter. In a moment, upgrading Brazil's creaking
:00:45. > :00:58.infrastructure. The latest in our week`long series on challenges
:00:59. > :01:01.facing the country's economy. We start on Wall Street, where stocks
:01:02. > :01:04.have hit a new record high. Despite disappointing news on the US
:01:05. > :01:07.economy, and a further cut in stimulus measures by the Federal
:01:08. > :01:13.Reserve. The Dow Jones Industrial Average closed at an all`time high
:01:14. > :01:16.of 16,580.84. That means it has wiped out all the losses from the
:01:17. > :01:20.market turmoil earlier this year, and beaten its previous record set
:01:21. > :01:23.on the last day of 2013. Well, traders actually started the day in
:01:24. > :01:29.the mood to sell after really disappointing economic news. Initial
:01:30. > :01:32.figures showed US growth all but ground to halt between January and
:01:33. > :01:44.March, because of harsh winter weather. The Federal Reserve didn't
:01:45. > :01:46.seem worried though. It cut its economic stimulus programme by
:01:47. > :01:51.another $10 billion, to $45 billion dollars a month. Saying growth "has
:01:52. > :01:54.picked up recently" after the sharp winter slowdown. But it hinted that
:01:55. > :01:57.interest rates will stay low for some time. That sent the dollar
:01:58. > :02:01.falling and US stocks rising. The S 500 index is also just 0.4 per
:02:02. > :02:15.cent from a new record. Let's see how Asian markets are faring. How
:02:16. > :02:23.are they reacting? As you can imagine, the Dow is closing at a
:02:24. > :02:27.record high, it is lifting some of the markets that are open here,
:02:28. > :02:29.particularly Japan's currency, you are seeing that a lot higher
:02:30. > :02:31.following those upbeat statements from the US Federal reserve, about
:02:32. > :02:33.the outlook for the US economy, even though growth numbers were fairly
:02:34. > :02:36.weak, they were backward looking, essentially due to bad weather. Many
:02:37. > :02:41.investors here basically shrugging that. The US remains an important
:02:42. > :02:46.market for many in the economy, any sign of a positive outlook there
:02:47. > :02:51.will always good for a lift to stocks here. Other markets were not
:02:52. > :03:00.as positive, there was data in China which missed forecasts, Labour Day
:03:01. > :03:08.markets are closed in places like China, Hong Kong, South Korea and
:03:09. > :03:13.Taiwan as well. There was not too much reaction to Beijing's
:03:14. > :03:18.manufacturing measure, it came in at 15.4 in April, up slightly from
:03:19. > :03:22.March, but it was below the forecast at 50.5. It had something of a small
:03:23. > :03:27.impact on Australia's mining shares. Many export to China to feed what
:03:28. > :03:31.had been a voracious appetite for resources there. We know that China
:03:32. > :03:37.is beginning to slow as well. Thank you. Now from the stock market to
:03:38. > :03:46.the fruit market ` and a rather sticky dispute. Indian Alphonso
:03:47. > :03:49.mangoes are known as the King of Fruit, but from today they are
:03:50. > :03:53.banned from the EU after authorities in Brussels found some consignments
:03:54. > :03:56.infested with fruit flies. India says it has already addressed the
:03:57. > :03:59.problem, but the row has sent the price of the fruit falling sharply
:04:00. > :04:06.in its home market. The BBC's Simon Atkinson starts his report about
:04:07. > :04:12.100km north`east of Mumbai. Across India, tens of thousands of
:04:13. > :04:16.people do this job. Picking mangoes is tough work. This season is short
:04:17. > :04:20.and there is a few weeks to harvest the fruit, and get it out to the
:04:21. > :04:24.customer. More than half of the worlds mangoes are grown here in
:04:25. > :04:27.India. At the moment, just a small fraction of them are sent overseas
:04:28. > :04:32.for sale. Of those expert markets, Europe is one of the most
:04:33. > :04:41.important. Now, it has a new challenge. Last year, pests like
:04:42. > :04:44.fruit fly is similar to these were found in more than 200 shipments of
:04:45. > :04:46.fruit and vegetables sent to Europe from India. Because of the risk
:04:47. > :04:53.their prose to crops, the European Union has now banned products,
:04:54. > :04:57.including mangoes. For farmers, things are located now, most have
:04:58. > :05:01.contracts for this year, but the surplus fruit is a logistical and
:05:02. > :05:04.financial nightmare for wholesalers like this one. It specialises in
:05:05. > :05:11.Alphonso mangoes, the so`called King of fruit and the type most in demand
:05:12. > :05:15.in Europe. TRANSLATION: We are hoping if we can't export to the EU,
:05:16. > :05:20.we will find another country to buy them, maybe the USA or the Gulf.
:05:21. > :05:23.India is self has a lot of buyers, but because there are many extra
:05:24. > :05:30.mangoes, the price in the markets is falling fast. The EU says less than
:05:31. > :05:36.5% of Indian producers affected by the band. For this British importer,
:05:37. > :05:39.that is little consolation. It relies on these mangoes to sell at a
:05:40. > :05:45.premium so it can get through the quieter months. Australia, New
:05:46. > :05:48.Zealand, Japan, they all allow the import of these products even though
:05:49. > :05:53.they are known to have strict borders for agriculture. They need
:05:54. > :05:58.to come up with treatments, which they will do. They should do that
:05:59. > :06:01.rather than put in place a ban. The EU was in talks with Indian
:06:02. > :06:05.authorities and if it is satisfied the produce is saved, it says the
:06:06. > :06:11.ban will be lifted in plenty of time for the next mango season. With
:06:12. > :06:15.realistic prospects, a more immediate solution, that is a
:06:16. > :06:22.prospect that more mango farmers would rather pick.
:06:23. > :06:26.When Brazil won the right to host the World Cup, promises were made to
:06:27. > :06:31.overhaul its major infrastructure. But seven years on and progress has
:06:32. > :06:34.moved at incredibly slow speed. As part of our week`long series on
:06:35. > :06:39.Brazil's economy, Katy Watson reports from Brazil's biggest port,
:06:40. > :06:44.Santos. This man draws fire was sons of
:06:45. > :06:47.kilometres across Brazil each week to deliver soya beans to Santos.
:06:48. > :06:53.Last year was terrible, there were queues outside of the port that
:06:54. > :06:58.lasted days. This year, it is different. But life can still be
:06:59. > :07:03.tough. `` this man drives thousands of miles. TRANSLATION: There were a
:07:04. > :07:06.lot of trucks on the road that caused huge traffic jams. There are
:07:07. > :07:10.no toilets, places to eat, and robberies on the roads as well.
:07:11. > :07:17.Brazil's infrastructure problems are well known. Not only rose, but
:07:18. > :07:23.airports as well. And harbours. They all need upgrading `` roads. 1.5% of
:07:24. > :07:28.GDP is spent on infrastructure here. The global average is twice
:07:29. > :07:30.that. The past ten years has seen huge economic growth here.
:07:31. > :07:36.Agricultural production has soared and Brazil is one of the biggest
:07:37. > :07:43.exporters of soy, copy, and sugar, which is being loaded on behind me.
:07:44. > :07:47.`` coffee. At the same time, Brazilians are becoming more
:07:48. > :07:51.affluent. This port moved hundred and 50 million tons of goods last
:07:52. > :07:54.year and it wants to double that number in the next decade. They are
:07:55. > :07:59.ambitious numbers but will not be recognised and is infrastructure is
:08:00. > :08:02.Boston improved. Traditionally opposed to infrastructure and
:08:03. > :08:04.investment, Brazil's government has realised that without it, the
:08:05. > :08:15.economy which is slowing, will suffer. `` is quickly improved. It
:08:16. > :08:23.is still early days. The man in charge of Sant says there needs to
:08:24. > :08:26.be new priorities. TRANSLATION: We have space to grow, we have
:08:27. > :08:31.terminals that can still be developed, but we do not have
:08:32. > :08:37.access. We can encourage railway investments. Most transports come by
:08:38. > :08:44.road. Industry experts are not impressed. Delays to promised
:08:45. > :08:49.projects, and huge costs. TRANSLATION: The World Cup was an
:08:50. > :08:54.excuse to do a series of investments in the country. We need investments,
:08:55. > :08:59.independent of the World Cup. It is an event that lasts only a month,
:09:00. > :09:02.there is so much planning that everything is left to the last
:09:03. > :09:09.minute and because of that, we always end up paying far more.
:09:10. > :09:13.Promises to upgrade infrastructure were made when Brazil was growing
:09:14. > :09:17.strong, but now, they are being delivered in a different
:09:18. > :09:26.environment. Work has to continue to keep economic wheels turning.
:09:27. > :09:32.Time for some other news, the boss of General Electric has had talks
:09:33. > :09:37.with the French government about a takeover of engineering firm Alstom
:09:38. > :09:40.have been "productive". Jeff Immelt expressed confidence the deal will
:09:41. > :09:42.go ahead despite a potential rival offer from Germany's Siemens.
:09:43. > :09:46.Earlier on Wednesday Alstom said it would review the offer from GE for
:09:47. > :09:49.its energy business by the end of May but left the door open for a
:09:50. > :09:52.competing bid from Siemens. Shares of Twitter have slumped to their
:09:53. > :09:55.lowest level since the company's Wall Street debut back in November
:09:56. > :09:57.after the company added fewer new users than expected. The stock
:09:58. > :10:00.closed down 8.6% to $38.97. Though still above its initial public
:10:01. > :10:02.offering price of $26, Twitter has lost nearly half its value since its
:10:03. > :10:04.peak in