:00:00. > :00:16.headlines from BBC World News. Now for the latest financial news with
:00:17. > :00:20.World Business Report. Guilty as charged ` a US court orders BNP
:00:21. > :00:23.Paribas to pay a record fine of $9 billion and face restrictions on its
:00:24. > :00:43.dollar trading for violating US sanctions. From farm to fork, food
:00:44. > :00:47.gets wasted. In a new series we look at what is being done to tackle the
:00:48. > :00:50.problem. Welcome to World Business Report. I'm Sally Bundock. Also in
:00:51. > :00:57.the programme: markets in Asia cheer the latest manufacturing news from
:00:58. > :01:04.China. But first: a bumper month in June. Starting with what happened
:01:05. > :01:08.after the close of trade on Wall Street. France's biggest bank, BNP
:01:09. > :01:10.Paribas, has been fined a record $9 billion for violating US trade
:01:11. > :01:13.sanctions against Iran, Sudan and Cuba. As part of a settlement with
:01:14. > :01:17.US authorities, BNP not only admitted its guilt, but is also
:01:18. > :01:20.firing staff and will have to halt some of its business carried out in
:01:21. > :01:22.US dollars. BNP's punishment is significantly heavier than that
:01:23. > :01:40.meted out to HSBC for similar breaches of US law. Samira Hussain
:01:41. > :01:46.has more from New York. Despite the pleading of French officials for
:01:47. > :01:51.leniency, this settlement I American regulators are amounts to the
:01:52. > :01:59.largest criminal penalties in US history. These actions represent a
:02:00. > :02:01.serious breach of United States law. Sanctions are a key tool in
:02:02. > :02:04.protecting the United States national security interests, but
:02:05. > :02:12.they only work if they strip the enforced. If sanctions are to have
:02:13. > :02:17.teeth, violations must be punished. `` strictly enforced. It is a record
:02:18. > :02:23.sum for a bank accused of doing business with countries on the US
:02:24. > :02:28.sanctions list. US regulators say BNP he had $30 billion worth of
:02:29. > :02:32.transactions, much of which went to financing oil contract in countries
:02:33. > :02:38.blacklisted by America, including Iran, Sudan, and Cuba. The bank will
:02:39. > :02:43.also be pleading guilty in a New York state court. It is a rare
:02:44. > :02:47.move, since such an admission often leads to a bank losing its licence.
:02:48. > :02:53.That won't be the case for BNP however. Instead, it will be
:02:54. > :02:55.temporarily banned from making US dollar transactions. A significant
:02:56. > :03:00.blow to a bank operating international markets. While the
:03:01. > :03:05.settlement ends months of negotiations, the question now is
:03:06. > :03:08.how will France's biggest bank recover as Mac finds almost wipe out
:03:09. > :03:20.all of its profits last the blow to its reputation may be
:03:21. > :03:24.much higher. And of course, we knew this was coming, so to a great
:03:25. > :03:28.degree it is priced in. But in a few hours' time, the trading day will
:03:29. > :03:32.begin in Paris and we will keep you across the reaction there. Now let's
:03:33. > :03:39.talk about June proving to be a bumper month for China's factories.
:03:40. > :03:44.Economists say it is another sign that government moves to stall the
:03:45. > :03:50.slowdown are working. Sharanjit Leyl is in our Asia business hub in
:03:51. > :03:54.Singapore. Music to the ears of markets. You said it. Japanese
:03:55. > :04:01.market currently higher in Asia. Most are high. Some are a tad
:04:02. > :04:04.lower, including Hong Kong and the ones in China, but the manufacturing
:04:05. > :04:08.activity, as you said, a bumper month. It was the fastest pace for
:04:09. > :04:12.six months in June. That is a sign that the government's recent
:04:13. > :04:18.stimulus moves are starting to have something of an impact. This is all
:04:19. > :04:22.measured through the official purchasing managers index, that is
:04:23. > :04:27.the PMI. It rose to 51 from 50.8, in May. It is a key indication of the
:04:28. > :04:33.manufacturing sector 's health. Anything above 50 shows expansion.
:04:34. > :04:36.China of course, a world's second largest economy. That is really
:04:37. > :04:42.important what happens there. Officials there have taken lots of
:04:43. > :04:45.murders in recent months, including cutting taxes for small firms,
:04:46. > :04:48.trying to boost growth there. The central bank Bear said it would cut
:04:49. > :04:52.the amount of cash that banks need to keep in reserve for banks that
:04:53. > :04:58.are engaging in lending to the agriculture sectors. `` Central Bank
:04:59. > :05:01.of their. We saw them saying they would also encourage banks to lend
:05:02. > :05:05.more to exporters to boost shipments. And in April, the
:05:06. > :05:10.government cutting taxes on small firms to try and speed up as well
:05:11. > :05:13.the construction of railway lines across the country. All of this
:05:14. > :05:18.really being done to help China's economy, to try and develop more of
:05:19. > :05:23.its domestic economy, as opposed to its external economy. So attempt for
:05:24. > :05:28.China to continue its expansion rate. The Chinese government have
:05:29. > :05:33.said they want to grow about 7.5%. We know it only really grew 7.4%
:05:34. > :05:39.from January to March. Thank you very much, keeping us up to date on
:05:40. > :05:42.what is happening in China. In a new report the UN has called for more
:05:43. > :05:46.effort by governments to reduce the huge quantity of food that is wasted
:05:47. > :05:49.every day around the world, not just in the rich nations, but in the
:05:50. > :05:52.developing world as well. Almost one third of food produced for human
:05:53. > :05:55.consumption worldwide is either lost or wasted. That is an absolutely
:05:56. > :05:58.staggering 1.3 billion tons of food per year. Overall, all that wasted
:05:59. > :06:01.food costs us more than $750 billion each year, and it could easily feed
:06:02. > :06:04.all of the world's one billion starving people. All this week we're
:06:05. > :06:08.looking at the problem, where, in its journey from farm to fork, food
:06:09. > :06:11.gets wasted and what's being done to tackle the problem. Today, we're
:06:12. > :06:15.down on the farm in America. Close to half of all food in the US goes
:06:16. > :06:18.uneaten. And the waste starts in the fields, where fruit and veg can be
:06:19. > :06:20.discarded simply because it's irregular in shape or the wrong size
:06:21. > :06:24.for the supermarkets. Michelle Fleury went to visit one farmer
:06:25. > :06:49.who's found a creative way to deal with the issue. In Orange County,
:06:50. > :06:54.New York, lacks oil is particularly well`suited for growing onions. ``
:06:55. > :06:58.black soil. But not all of them will make it out of the field. Food waste
:06:59. > :07:02.is a big issue. 40% of all American food goes only so on. And it is a
:07:03. > :07:07.problem that starts long before you get to the dining room table. Here
:07:08. > :07:12.at these farms, this onion is big enough to make it onto supermarket
:07:13. > :07:18.shelf. This one is not, even though it is perfectly edible. Chris's
:07:19. > :07:24.family has been farming this land for four generations. It has to meet
:07:25. > :07:29.the two inch minimum standard, if it doesn't make the two inch minimum,
:07:30. > :07:35.it is deemed a dropout or undersized or a pickle onion. What happens if
:07:36. > :07:39.it is too small? You have to look for secondary markets. If there is a
:07:40. > :07:43.drought year, you have a glut of undersized onions and have a hard
:07:44. > :07:47.time moving them. Sometimes people in the past have dumped them,
:07:48. > :07:52.actually. A lot of local produce ends up in the city, at a farmer's
:07:53. > :07:57.market in union Square. It allows growers to sell food which might
:07:58. > :08:02.otherwise end up in a landfill. That means we will go out, engage
:08:03. > :08:05.farmers, and try and get as much salvageable food as we can. Anything
:08:06. > :08:09.on salt gets picked up like an organisation called city harvest,
:08:10. > :08:14.within 24 hours that donated produce is distributed to food pantries and
:08:15. > :08:19.soup kitchens across New York. With homeless shelters busier than ever,
:08:20. > :08:26.the need has never been greater. `` anything unsold. We have rescued ?46
:08:27. > :08:34.million of food, 60% of which is produce. Another ?4 million was
:08:35. > :08:40.rescued directly from farmers in our local area. Farmer Chris is only too
:08:41. > :08:45.happy for city harvest to take onions that are too small of his
:08:46. > :08:49.hands. I want it to be consumed. I would like to get paid for it if
:08:50. > :08:53.possible, but at the very least I don't want to see it in the dump.
:08:54. > :09:01.Making sure fewer people go to bed hungry is helping to reduce waste
:09:02. > :09:04.your in the land of plenty. In other news: General Motors has announced
:09:05. > :09:07.it is to recall another 7.6 million more vehicles dating back to 1997 to
:09:08. > :09:11.fix faulty ignition switches. That brings the total amount of recalls
:09:12. > :09:14.this year for the company to almost 28 million. Separately the company
:09:15. > :09:17.has it won't limit the amount of money it will pay to those injured
:09:18. > :09:19.as a result of these ignition switches. Victims will receive
:09:20. > :09:22.compensation of between $20,000, and several million dollars. At least 13
:09:23. > :09:44.people died as a result of the faulty parts. Let's have a look at
:09:45. > :09:47.financial markets. faulty parts. Let's have a look at
:09:48. > :09:51.financial Today we have the Chinese news about its economy that really
:09:52. > :09:55.boosted sentiment. Japan boosted by the latest Hong Kong survey showing
:09:56. > :09:59.business sentiment remains strong. That is the close in the US. I will
:10:00. > :10:15.see you soon as we look through the papers. We will take a look at the
:10:16. > :10:18.papers in just a moment. But first, Britain should keep and renew the
:10:19. > :10:20.Trident nuclear weapons system, according to an independent cross
:10:21. > :10:23.party Commission. But members could not agree on whether the number of
:10:24. > :10:25.submarines could be reduced. The Commission said there should be
:10:26. > :10:28.further technical assessments before a final decision on replacing the
:10:29. > :10:29.Vanguard submarines is taken, as