"journal" on dw-tv. the top stories this hour, the u.s. senate votes for stricter regulations of banks and financial markets. the european union and interior ministers try to agree on a giant policy for asylum seekers -- on a joint policy for asylum seekers. and the case of an activist remains unsolved. the u.s. congress has passed a sweeping overhaul of u.s. financial system, the biggest regulation changed since the great depression. that amounts to a crucial victory for president barack obama, who declared it a top priority in the wake of the financial crisis. the legislation faced strong opposition from a multitude of service lobbyists as well as
most members of the republican party. >> negotiations over comprehensive and enter reforms had dragged on for months. in the end, bickering meant few republican supporters and a largely partisan vote, but it was still a hard-fought victory. >> i cannot legislate integrity or wisdom. i cannot legislate passion or confidence or competency. we gave them the tools and architecture to allow good people to do a good job on behalf of the american public. that is what this is designed to do. >> it boosts consumer protection, mandates a new banking regulatory body, and it puts restrictions on banks' proprietary trading or treading on their own accounts. many consumer advocates say the financial reform package does not go far enough and it will be years before any effects are
felt. >> earlier, i spoke with our correspondent in washington. i said president obama must be breathing a sigh of relief. >> i think he does indeed. after all, he has achieved a very important milestone. first of all, he has a couple of republican senators to approve this. if you look at the bill in general, it changes the financial landscaped. maybe not to the maximum position some wanted, doing as little as possible but as much as necessary, creating a new financial system. for example, there will be a lot more consumer protection. the credit-card industry will be curbed. banks have to have better capitalization. they cannot engage in risky trading on their own behalf as much as in the past.
all of these changes, many of these rules on the applied to bigger banks, not the smallest banks, but the small banks are not really important systemically, and therefore this changes the landscape and president obama has an important victory and he desperately needs of victory because his approval ratings are down 43% -- his approval ratings are down. a 43% of american voters strongly disapprove of his course, and only about one-third of america is behind him. >> he had made reform top priority because they said it would be empowered to prevent any recurrence of a financial crisis. will this law would do that? >> i think this law will put that into place. it needs more warning lights that flash earlier. it tries to leave to the banks and financial institutions in general as much freedom as
possible. so they are allowed to engage in risky trading, they are allowed to have their business, but only to the point that not all system will be jeopardized and the taxpayer has to foot the bill. i think he has achieved a very important milestone. wall street is not shivering in fear there is no more business, and that is a very good sign and hopefully everybody will be happy with that. >> thank you very much. we go now to peter with business news. wall street may not be shivering but they don't like the legislation? >> they don't like it. public opinion is solidly behind the white house right now, so it was easier for the senators to get their way in congress and for the president. u.s. stock investors factored in passage of the new furniture reform bills today and this past week. financial stocks were among the
leading decliners on wall street, amid concerns the legislation will severely limit bank profits. earlier, we spoke with our correspondent in new york, and we asked how wall street views the legislation perry -- views the legislation. >> it will be interesting to see what happens. to a certain degree, wall street lobbyists have failed to block the bill, but now lobbyists will try to influence regulators, because now it is going to be about that, and there is still quite some room to work this the other way. actually, the future will show what this bill really changes. >> corporate news, on to the financial-services industry. jpmorgan released a strong, solid earnings the second quarter. what are investors saying? >> profit increase of 76% is
stronger than expected. you basically had a comeback of retail investors, smaller clients of banks. the headline it pretty much is at main street drove their earnings, not so much wall street, and that is the not so good news part for jpmorgan, banking dropped in the past quarter, and that might be the reason why the stock is actually losing roughly 2% in trading. >> what is the market of the mood -- what is the mood of the market today? they have snapped their seven- day winning streak? >> they are worn out. seven days in a row we went up. thursday, we got weaker economic news from the factory businesses, and that shows growth in the u.s. might have slowed quite a bit in the past couple weeks, especially the economic news the reason why the
market is losing, in some points triple digits. >> thank you for that update. the lower manufacturing activity in the u.s. also put downward pressure on european stocks today. in frankfurt, the dax index closed about 1% lower. the euro stoxx 50 index of leading eurozone blue-chip stocks was down about 0.33%. in new york, stocks snapped their seven-day winning streak and had the better than expected u.s. jobs data. the dow industrials closed down at about two-thirds of a percent. on the currency markets, the dollar is trading -- the root is trading at $1.3903. -- the euro is trading at $1.3903. is being called a poor stock
debut for the agricultural bank of china, rising less than 1% on the first day of trading. investors had hoped for a skyrocketing ipo, and now they're offering. but now they're looking for a better performance on friday. >> the bank of the gong, agricultural china made its debut in shanghai. but the bank failed to make a big splash in early trading, gaining 0.8%. the banks ipo comes after the worst quarter shanghai has seen it in two years. >> there is a lot of uncertainty on the stock market because of difficult market conditions. this public listing is just as
important, even if the market prices fall. >> the debut was this most ain't among lenders and shanghai markets -- the baby was the smallest among lenders on the shanghai market's in four years. the bank already has 350 million customers. more the entire u.s. population. -- more than it the entire u.s. population. they also employ 442,000 people and they bring in big profits, totaling 7.5 billion euros last year alone. experts are waiting with bated breath to see what tomorrow brings when ag bank makes its trading debut in hong kong. german chancellor angela merkel was in beijing on the latest leg of her tore through asia. she was talking with the chinese prime minister and his president. chancellor merkel arrived in
beijing from russia, where sheik president medvedev, -- where she met president medvedev, describing russia as a key trading partner. theyo deals worth billions of euros to supply russia with trains and wind turbines president medvedev used the news conference to announce they have discovered that the killer of a human rights activist and ordered an international manhunt to track him down. she was kidnapped exactly one year ago in chechnya, where she was a vocal critic of the kremlin. western leaders have condemned her murder and rights activists say the slowness of the investigation demonstrates a lack of political will. >> they have come to remember a friend, colleague, and supporters reject claims by investigators she was murdered
by a rebel chechen fighter. >> they did not follow any of the leads. there is much to suggest state officials and chechen interior ministry was involved. that still has not been looked into. >> natalia was a vocal critic of the chechen president. she believed his personal militia was responsible for kidnapping, torture, and killing. her murder sent shock waves around the world. now the russian president says the killer has been identified. >> we have initiated an international manhunt and are -- and the investigations are continuing to find not just to committed this heinous crime but to order it as well. -- but who ordered it as well. >> rights activists fear there is an active political will to find out who really killed natalia. >> this case is not the only
murder of a human rights activist. despite assurances from president medvedev, the kremlin has done little to protect basic human rights and freedom. bp says oil has stopped leaking from the ruptured oil well in the gulf of mexico. bp began testing a new containment cap. the spokesman said the oil stopped flowing as the valve on the cap was closed. engineers are not observing it to see if they can withstand the pressure from the oil and permanently sealed the ruptured well head. will has been spewing into the sea since april, causing the worst slick and u.s. history. -- will has been spewing into the sea since april, causing the worst slipped in u.s. history.
ministers from european union have been holding talks in brussels to grant asylum. the number of people applying for asylum in eu countries have been steadily increasing. the first half of the shared applications went up 25% in germany alone. >> many european countries detain asylum seekers at the airport upon arrival. germany has strict asylum laws and holds them for weeks in transit areas before deportation. the eurozone commission has
called that inhumane and wants to give asylum seekers the right to object. >> the member states opinions are largely divergent, which is not acceptable if we share core values. >> but germany is afraid it strict asylum policy could be weakened and rejects interference from brussels. >> it would be problematic if we cannot use quick proof and procedures like the airport procedure we have been using. that would lead to long, drawn- out procedure is at higher cost and would not be in the best interests of those seeking protection. >> poland and britain already agreed, every instance of harmony on an issue that continues to divide its european union justice and interior ministers. the 11th stage of the four de france. -- of the tour de france.
after 185 kilometers in the saddle, there was a massive sprint. britain's mark cavendish picked up his third stage win that and the cyclist from luxembourg defended the overall yellow jersey. a paraplegic man and new zealand has made a small step for mankind at banks to buy on the legs. inventors have been working on the design and secret seven years and unveiled their work on thursday. the bionic legs allowed him to cross the room and shake hands with the prime minister, but they're not cheap. the first pair sold is expected to go for 120,000 euros. stay with us, because peter has lots more business news. >> don't go away.
week, angela merkel traveling to china, bringing a large business delegation with her. the goal is to strengthen commercial ties that are growing ragermany is china's no. 1 tradg partner. both countries are looking to do business in china and are complaining more about barriers to market entry. >> china is one of the fastest growing global markets for wind turbines. soon it will be the home to the highest number in the world. that could be a great opportunity for german manufacturers, but they are holding back, word about technology theft, and the major contracts generally go to chinese companies. china first has the largest stimulus program. that is no longer official chinese policy, but foreign corporations still frequently feel they are at a disadvantage.
german companies have high hopes about a german chancellor merkel's trip to china, calling for fewer restrictions to invest their, more transparency with public contracts, and lower state subsidies, which for kalemie and chinese companies have lower production costs than their german rivals -- which generally means chinese companies have lower production costs than their german rivals. german investors and businesses continue to hope the beijing government will improve conditions. in other news, as always, the soccer world cup games gave the global sporting goods industry a big boost this past season. the increasing number of sports enthusiasts are spending their money on the appropriate equipment. our numbers reveal more. >> 7.3 billion euros, that is
how much german sports retailers took in sales last year, an increase of 3.5%. it is the third year in a row sales have grown. consumers continue to spend money for sports equipment despite the downturn. winter sports gear is on top of the list, along with outdoor and bicycling equipment. retailers are also bullish about 2010, thanks largely to the soccer world cup. >> equipment makers are expanding their product lines these days to include hiking, cycling, and general leisure time items. the volume of outdoor activity has triggered an explosion in product innovation and attracting a lot of attention at the trade fair. >> one innovative product presented at this year's outdoor trade fair is a handsfree hiking all umbrella. outdoor enthusiasts can't attach it to either side of their backpack and protect themselves from the sun, wind, or rain.
or check out this sleeping bag with a built-in inflatable mattress. it is hard to say whether the customers will like the product. but it is called one-night stand. customers have been flocking to outdoor equipment retailers. the economic crisis notwithstanding, sales have been growing 2%-3% annually. >> you can enjoy the peace and quiet that the lack of your daily life and it is an overall concept that makes people happy. >> miskitos and takes it could quickly ruin a high, as you are wearing this material -- mosquitos and ticks can quickly ruin a height unless you are wearing this material. this seems to be no limits to creativity. this can be converted into a shower. the industry association
european outdoor group estimates the market for outdoor sporting goods in europe is worth about 5.5 billion euros. interest in outdoor sports is growing, especially in climbing. >> hardly anyone expected this in berlin it to turn out to be so popular. it just opened and is already full. this person carefully checks the ropes once more before his students had out for an adventure. he is planning to expand the 1.5 kilometer course next season and thinks a new trend is in the making. >> it is a group activity, a way to have fun outdoors. after all, green space has shrunk in recent years. perhaps people have become more aware of nature and the environment in general.
>> the trend started in france, which has about 700 rope courses. germany offers about 200. next stop, central germany. this company has constructed some to other climbing facilities throughout the country. at a youth center and is popular vacation destination, employees are building the 20- meter concrete climbing tree. lairs of concrete are carefully sprayed on to make the form. the boss turned his hobby into a business, though he was not certain if he would succeed. >> it is quite difficult from
what we expect it. we are swamped with work. last year was our best year, bar none. >> climbers don't care about rain. after all, they spend their time indoors. the world's largest indoor plumbing facility in munich receives up to 700 visitors per day -- indoor climbing facility in unit receives up to 700 the city -- visitors per day. climbing fans will not have to wait in long lines anymore. >> this was worth it from the outset. we expected ticket sales to be much lower. as we reached our goal in the first rear of operation, the numbers just keep going up every year. right now we are 3.5 times above are planned capacity. >> germany now boasts 300 indoor
climbing centers and 10 new ones open their doors every year. german wheat and grain farmers are growing nervous about the direction of the current dry spell that is threatening to ruin their harvest. grain crops are failing. the eastern germany, but the extreme heat and dry weather is really not as harmful for every crop per -- every crop. >> across eastern germany, crops are failing at a massive scale. although they need sunshine to thrive, they also need water, and it has not rained properly for weeks. this farmer shows how small and pour the kernels are. >> things were looking good at the beginning of june, but has not been rained since then. the crop yield is down about 25%. >> it is quite a different story for german winemakers. the 2010 vintage could turn out
exceptionally well. intense heat followed a cold spring. that means prime growing conditions for the grapes in the rhine valley, one of germany's best known wine growing regions. meteorologist say winemakers have nothing to fear yet. >> they will only run into trouble if it is just as dry in three weeks. did the weather becomes an issue. it -- then the weather will become an issue. >> meanwhile, grain farmers are pinning their hopes on heat resistant plants. those that survive this year stifling heat will be planted next year. that is the latest business news at dw-tv "journal." thank you for joining us and have a pleasant day.
the forecast for germany, it will stay hot throughout the country, with highs of 36 degrees celsius in the east. the warm weather is set to continue in the coming days, but there could be somewhat showers on saturday. elsewhere, there will be rain showers in parts of france and britain. it will be warm and dry through the rest of the continent, with highs of 35 degrees celsius. now look at the forecast for selected cities around the world.