:00:00. > :00:00.communication. Those are the latest headlines. Now, for the latest
:00:00. > :00:17.financial news, here is Alice Baxter and World Business Report.
:00:18. > :00:28.Fireworks on Wall Street as the Dow Jones closes above 17,000 for the
:00:29. > :00:32.first time. Plus, classroom CEOs. We meet the colour on your schoolkids
:00:33. > :00:40.determined to make it eight in business. `` California schoolkids.
:00:41. > :00:48.A warm welcome. This is World Business Report. In just a moment,
:00:49. > :00:50.heating your home with leftovers. The last in our series on global
:00:51. > :00:55.food waste and what can be done about it. First, our eyes are on the
:00:56. > :01:00.New York Stock Exchange. It may have only been a half day because of the
:01:01. > :01:03.4th of July holidays, but they certainly made the most of it. The
:01:04. > :01:09.Dow Jones industrial average, made up of shares from some of the
:01:10. > :01:15.biggest companies, surged 19 points to close at this. It is the first
:01:16. > :01:20.time it is ever closed above 17,000. It is now up almost 150% since the
:01:21. > :01:25.depths of the financial crisis, just over five years ago. The other main
:01:26. > :01:30.index, the S 500, also closed with a new record. It didn't quite reach
:01:31. > :01:37.the milestone of 2000 points, but it has racked up gains of 175% over the
:01:38. > :01:41.same period. The bullish mood on Thursday was driven by some very
:01:42. > :01:45.strong jobs figures in the US, with unemployment falling to its lowest
:01:46. > :01:54.level since the global financial crisis. The underlying story is
:01:55. > :01:59.interest loan rates having forced investors to pour money into shares
:02:00. > :02:07.to make a return. Whether this can last as interest rates rise is the
:02:08. > :02:12.big question. I am standing just outside the New
:02:13. > :02:17.York Stock Exchange, and this afternoon the good news from the
:02:18. > :02:21.department of labour was met with cheers, to the point where, as you
:02:22. > :02:26.mentioned, we saw the stock market hit a high we have never seen
:02:27. > :02:31.before. It was trading and it closed above 17,000 for the first time. It
:02:32. > :02:35.is quite significant to see the US unemployment rate fall to 6.1%.
:02:36. > :02:46.Given just how high it had been just a few years ago. It seems that the
:02:47. > :02:51.US economy is in fact recovering. But there are just a few issues that
:02:52. > :02:55.need to be raised when looking at this unemployment report. Yes, it is
:02:56. > :03:00.great that we are seeing a 6.1%, but some of the jobs, a predominant
:03:01. > :03:05.number of the jobs that have been created, our part`time jobs. While
:03:06. > :03:08.it is great that we are seeing that the economy is recovering enough to
:03:09. > :03:14.see jobs, we need to see more full`time jobs, that is what most
:03:15. > :03:19.analyst would say. Let's see how markets in Asia are
:03:20. > :03:25.reacting to all of this. Sharanjit Leyl is in our Singapore hub. Has
:03:26. > :03:31.the Wall Street cheered trickled over to your neck of the woods?
:03:32. > :03:35.To some extent. Most Asian stocks are rising after that huge rally on
:03:36. > :03:39.Wall Street that we just heard about. But they aren't rising
:03:40. > :03:43.enormously. If they do closed higher today, that means they have had the
:03:44. > :03:44.longest run of weekly gains since 2012,
:03:45. > :03:46.today, that means they have had the longest run of weekly gains and as
:03:47. > :03:54.you heard in that report, US jobs growth bolstering the outlook, with
:03:55. > :03:59.unemployment falling to a six`year low, and that means more gainfully
:04:00. > :04:04.employed Americans, which means more people to buy the vast number of
:04:05. > :04:09.product that Asia makes. Despite the good news, you heard that note of
:04:10. > :04:14.caution, which is that most of the jobs created were part`time.
:04:15. > :04:22.According to analysts, wages haven't risen much in the last six years,
:04:23. > :04:27.and the GDP had a 3% contraction. This may not be sustainable, and
:04:28. > :04:29.perhaps that is why stocks aren't rising as much as you thought they
:04:30. > :04:36.might be. Thank you Sharanjit Leyl.
:04:37. > :04:40.We will talk you more about how the papers are that rise a little bit
:04:41. > :04:46.later. All this week, we have been looking
:04:47. > :04:52.at the global problem of food waste. While millions of people are
:04:53. > :04:55.undernourished, about a third of the food we produce worldwide ends up in
:04:56. > :04:59.dustbins. For the last series we had to New York, where new rules will
:05:00. > :05:06.say that leftover food cannot be dumped in landfill, it will have to
:05:07. > :05:10.be put to good use. Chef Charles Bowman isn't just concerned with the
:05:11. > :05:18.food on your plate, he also has designs on the food you leave
:05:19. > :05:23.behind. Here are some of the vegetables, that were peeled and
:05:24. > :05:27.cleaned. About 30% of waste produced in restaurants is food scraps. In
:05:28. > :05:32.this kitchen, they separate organic waste from the rest, and his efforts
:05:33. > :05:34.will soon get a boost. Starting next year, in New York City restaurants
:05:35. > :05:41.will be required to stop sending food waste to landfill. We will all
:05:42. > :05:46.have to comply. The landfills are getting too much. It is something we
:05:47. > :05:52.can use for our good. The scraps will be converted into compost or
:05:53. > :06:01.natural gas. The goal is to keep it out of landfills, which is important
:06:02. > :06:05.to reduce harmful emissions. In landfill, a lot of methane is
:06:06. > :06:09.released, which is a very potent greenhouse gas and an irritant. This
:06:10. > :06:11.is where some of the wasted food could end up, in an industrial site
:06:12. > :06:16.in Brooklyn. Welcome to the Newtown in Brooklyn. Welcome to the Newtown
:06:17. > :06:22.Creek wastewater plant, where the food will go into those silver
:06:23. > :06:27.eggs, and come out as energy. This is the nerve centre where the
:06:28. > :06:29.process is monitored. These eggs provide an oxygen free environment
:06:30. > :06:34.where bacteria breaks down the organic waste, or black gold as they
:06:35. > :06:39.refer to it here. Through a porthole, we saw the bobbles of
:06:40. > :06:43.methane gas rising from the sludge. Biogas that can eventually be used
:06:44. > :06:54.to heat your home. The plane here is to take food waste and import it
:06:55. > :06:59.into our digesters along with our content, and that will produce
:07:00. > :07:05.energy. That is gas that will be cleaned up to pipeline quality and
:07:06. > :07:09.injected into the natural gas distribution system. This is more
:07:10. > :07:13.common in Europe, but it is an important step forward in a country
:07:14. > :07:19.known for its waste as well as its abundance.
:07:20. > :07:22.Fascinating. Now, it is time for a weekly look ahead to the next
:07:23. > :07:29.generation of billionaires out there, who they might be, where they
:07:30. > :07:35.come from and how they will make their money. This story comes from
:07:36. > :07:39.California, which has the highest concentration of billionaires in the
:07:40. > :07:42.world. We will meet some of the youngest entrepreneurs, and finding
:07:43. > :07:46.out it is never too young to start up.
:07:47. > :07:56.Is this a future billionaire? At 15, Thomas creates and sells apps for
:07:57. > :07:59.smart phones and Google Glass. That is how he is filming us with his
:08:00. > :08:04.glasses. He has big plans for his summer. He wants to revolutionise
:08:05. > :08:08.3`D printing technology. I recently applied for a patent on 3`D
:08:09. > :08:14.printing, trying to make it faster and more reliable. The key there is
:08:15. > :08:20.speed, and we are trying to print ten times faster than current
:08:21. > :08:24.generation 3`D printers. Is self`taught when it comes to
:08:25. > :08:29.business this school is trying to create entrepreneurs starting from
:08:30. > :08:34.age 11. For advertising, I used social media as a device, then up
:08:35. > :08:42.here we have my profit`sharing plan. At the school, students are
:08:43. > :08:50.encouraged to start companies on school time. Hi, I am the CEO of my
:08:51. > :08:58.company. I am the director of marketing. I am head of sales. These
:08:59. > :09:02.12`year`old captains of industry plan to sell school supplies to
:09:03. > :09:07.their classmates. They say kids have a big advantage when it comes to
:09:08. > :09:10.creating the next big thing. Kids are more creative, because they
:09:11. > :09:22.haven't been boxed in by the world yet, you're going to do this, you
:09:23. > :09:27.are going to do that. How did you come up with the idea? I didn't like
:09:28. > :09:32.Band`Aids, and I didn't want anyone to see that I had won. This pint
:09:33. > :09:35.sized CEO is the youngest ever to dive into the shark tank. She
:09:36. > :09:40.considers herself a lifelong inventor. I feel like being an
:09:41. > :09:51.entrepreneur, you don't have to follow somebody else's orders. You
:09:52. > :09:57.can be more free. Her dream is to become a zoologist, while making her
:09:58. > :10:02.brand into a household name. Kids are still kids, even if they are
:10:03. > :10:12.entrepreneurs. Sage advice for a new generation of business leaders.
:10:13. > :10:17.The US is urging Argentina to negotiate a solution with creditors
:10:18. > :10:25.to avoid a second solvent that in 12 years. They are demanding full
:10:26. > :10:31.payment with interest, after a failed US court challenge. Shares in
:10:32. > :10:36.HTC have surged after the Taiwanese firm says it may be $75 million
:10:37. > :10:41.profit in the three months to June, paired with heavy losses in the
:10:42. > :10:49.previous quarter. It comes after sales on a new flagship handset. But
:10:50. > :10:54.they still have to content with low`cost Chinese rivals. We will
:10:55. > :11:05.have a look at the Papers in a moment, don't go away.
:11:06. > :11:13.The entertainer Rolf Harris is due to be sentenced today. He has been
:11:14. > :11:15.found guilty of 12 charges of indecent assault on girls aged
:11:16. > :11:16.between the ages of eight