apple and amazon report a mixed bag of results, not helping boost wall street, as the dowjones index sees its worst day of the year. the bank of england pulls the trigger on its first interest rate cut in four years. feeling a bit hot under the collar? well, maybe it's time to try one of the hottest acsessories seen at the paris olympics. a neck fan! we find out what all the fuzz is about. live from london, this is business today. it was an ugly day on wall street with the dow sliding

nearly nearly 500 points as recession fears re—emerged. both the s&p 500 and the tech—heavy nasdaq also closed in the red. the report cards of tech giants amazon and apple didn't do much to lift the mood either. our north america business correspondent michelle fleury has more on what sparked that sell—off. not even arm is on could lift wall street out of its function as in the e—commerce shine fell after reported sales grew 10% to $148 billion. that mark the slowdown from the prior quarter and its forecast further weakening in the months ahead. it wasn't the only take from either her results left investors with a sour taste. intel stock plunged after the chipmaker said it plans to cut 15,000 jobs and announce disappointing results. and sales psychosocial media company snap, the only bright spot was our pool which reported solid revenue despite a drop in iphone sales. wall

street's jitters started even before big tech earnings came out, the dow fell nearly 500 points after weak economic data sparked fears that the fed won't act fast enough to avoid a recession. a key gauge of manufacturing activity, the index, fell to its lowest level since november. now with markets reassessing the health of the us economy, the government monthlyjob report which is due out a few hours from now could bring even more fireworks. so, let's talk about the the one bit of positive news we heard about there. apple. the tech giant said it took in $85.8 billion in revenue over the three months tojune, up 5% year—on—year — a return to growth after a slump at the start of 202a. apple said iphone sales were better than expected and it forecast more gains as it bets on artificial intelligence to attractbuyers, even as its overall china business disappointed. shares of the company rose nearly 1% in extended trading, outperforming other tech stocks

that were broadly lower. live now to david tsui, technology managing director, s&p global ratings. apple bidding quarter three earnings said despite iphone sales declining, what you think that was? . ~ sales declining, what you think that was? ., ~ , ., ., ., that was? thank you for having me first of _ that was? thank you for having me first of all. _ that was? thank you for having me first of all. i _ that was? thank you for having me first of all. i think - that was? thank you for having me first of all. i think the - me first of all. i think the quarter, the high expectation for 02 and quarter, the high expectation for q2 and the upcoming launch, apple has been very steady in terms of their phone sales, device sales and their install base have certainly grew. i think that is the most important thing, even the iphone sales in china has been down by a few percentage points, it's still an improvement from the last couple of quarters. it’s couple of quarters. it's interesting, _ couple of quarters. it's interesting, we - couple of quarters. it's

interesting, we keep. interesting, we keep forecasting was going to happen with the iphone 16 model, the apple intelligence, the software powered by generative ai. apple intelligence being installed in this new models, is a big boost, it's the same story for our book, they usually lead to the game and yet the set the trend? correct. they utilised — yet the set the trend? correct. they utilised the _ yet the set the trend? correct. they utilised the one - yet the set the trend? correct. they utilised the one that - yet the set the trend? correct. they utilised the one that we l they utilised the one that we haveis they utilised the one that we have is sticky. the apple intelligence hasn't been rolled out yet, on the developers have access to it. the current sales over iphone 15 pro and the primax will have the functionality and capability of using apple intelligence when it will be rolled out in the fall. but it is the big launch of the new iphone 16 that people have very high expectations for the replacement cycle to be a big one. ~ ., ., , ., one. with armours on, their shares a _ one. with armours on, their shares a sled, _ one. with armours on, their shares a sled, even - one. with armours on, their shares a sled, even though | one. with armours on, their. shares a sled, even though the cloud business exceeded

expectations, the advertising unit came up short, do you agree with a that it comes out of core retail, this too much opposition and people and people just using cheaper goods? people 'ust using cheaper aoods? ., people 'ust using cheaper ioods? ., ., , people 'ust using cheaper aoods? . , people 'ust using cheaper aoods? . ., goods? that has played a part sto the goods? that has played a part stop the environment - goods? that has played a part stop the environment and - goods? that has played a part stop the environment and we | goods? that has played a part i stop the environment and we are in right now, like you say, armours on web service, the growth accelerated in the second point compared to the first quarter and it's the advertising, it is the marketplace that probably disappointed the investors. what should they do next? what's the advisor they are being given? it's a tough business because take a look at their sales and they are in many different areas and if the macro environment is deteriorating, they have to pivot during the covid prices a few years ago, they overspent and then they ratcheted down cost so they absolutely have to continue to be flexible and

navigate the environment but so far aws, the amazon web service continues to grow in the number one player with the biggest market share so if you just look at the growth as a percentage, it's lower than the microscopic by a larger base. indeed. a big global, thank you forjoining us on the show. and different from our bull story is snapchat. a different story for snapchat owner snap. it missed analyst's expectations as it grapples with stiff competition from larger rivals for advertising dollars in an uncertain economy. snap shares were down more than 16% to $10.73 in after—market trades. snap faces tough competition from meta platforms�* facebook and instagram as well as bytedance's tiktok, all ofwhich outrank it in terms of scale and established advertiser relationships. live now to linn frost, co—ceo at the social element, a global social media agency.

thank you forjoining us. how is snapchat competing across the board with other social media platforms, do you think? it's a brilliant question. i think it's very true to they have always been the younger generation, and their generation, and their generation, if you think about launching in 2011 to 13 —year—olds, they are 26. so, they have a unique position in that they have an audience that is growing and going into a sweet spot for brands where they are making their future longer term brand choices and they have also got great innovation in a sense of ai experience. innovation in a sense of ai experience-_ innovation in a sense of ai experience. and yet, parent company — experience. and yet, parent company mr _ experience. and yet, parent company mr revenue - experience. and yet, parent - company mr revenue expectation, if you can paratoo meta earnings, they have strong ad business performance so they must be taken ahead?- business performance so they must be taken ahead? they are takin: a must be taken ahead? they are taking a hit _

must be taken ahead? they are taking a hit but _ must be taken ahead? they are taking a hit but it's _ must be taken ahead? they are taking a hit but it's a _ taking a hit but it's a positive story, i think if you look at their investments in measurements so they know that small to mid businesses are looking for performance driven platforms, snap is a daily life platforms, snap is a daily life platform for them so it's having to look to connect on a daily basis so, looking at the investments with partnerships and the path that they are planning will pay off for them and i think in the next two quarters. £31 and i think in the next two quartere— quarters. of course, the tiktok's _ quarters. of course, the tiktok's ban _ quarters. of course, the tiktok's ban in - quarters. of course, the tiktok's ban in the - quarters. of course, the tiktok's ban in the us l quarters. of course, the i tiktok's ban in the us will help them to in this fight for the younger market that advertisers to reach them. absolutely and you can see that they are trying to move in to they are trying to move in to the entertainment space so i think the us owned making a big campaign around more love likes, i think the key here is that how empty that is, they seem to be trying to step away from the negativity that

surround social media as a positive platform but a lot of the practices are still achieving in the sense of snap streaks and this appearing messages so what they're saying is they need to look at what they're actually doing as well. and do they draw in under 305? was that the legacy people that you said 5tuck was that the legacy people that you said stuck with snapchat a5 a scribe because they've got incredible figures, 6% of under 305 that use the platform? thei;i 30s that use the platform? they are growing _ 305 that use the platform? tie: are growing and staying 30s that use the platform? tie: are growing and staying with them at the daily to also, if you think about 26 — 30 and then you can see that they've got this fresh pull of younger generations coming in and using it so it's a really interesting position to be from an audience perspective. mil position to be from an audience nonnative-— perspective. all right, lynn frost, perspective. all right, lynn frost. ceo _ perspective. all right, lynn frost, ceo of _ perspective. all right, lynn frost, ceo of the _ perspective. all right, lynn frost, ceo of the social- perspective. all right, lynn i frost, ceo of the social global fro5t, ceo of the social global social media agency, thank you forjoining u5 social media agency, thank you forjoining us here.— for “oining us here. thank you forjoining us here. thank you for having _ forjoining us here. thank you for having me. _ now to the bank of england which cut interest rates

for the first time in four years on thursday. the cost of borrowing was lowered from a 16—year high of 5.25% to 5%. live now to russ mould, investment director, a] bell. good to have you with us. the decision has been made but it was a close coal, wasn't it? it was, the policy committee, nine people, the vote was five — four so the bank of england governor i5 four so the bank of england governor is barely having the casting vote so it wasn't by any means a clear—cut decision. that also reflected on how the bank of england was very careful to avoid any suggestions and start rolling out a quick fire, of interest rate cards and will continue to proceed with caution.- proceed with caution. service sector remaining _ proceed with caution. service sector remaining sticky - proceed with caution. service l sector remaining sticky comedy thing that's why he was cautious because it is interviews that are game afterwards, he barely 5eem interviews that are game afterwards, he barely seem to suggest that he was going to happen but didn't want people to read too much into it for another rate cut? i

to read too much into it for another rate cut?— another rate cut? i think proceed _ another rate cut? i think proceed with _ another rate cut? i think proceed with caution. i another rate cut? i think. proceed with caution. the another rate cut? i think- proceed with caution. the bank of lincoln official is inflation, given at around 2% but at the same time, it doesn't want to squeeze the economy too hard and slower ride down or even deeper into recession so that's the act rece55ion so that's the act that it's got and a5 rece55ion so that's the act that it's got and as you said, with wages growing at 6% year, so is inflationary between five and 6%, that's a big chunk of the economy so the bank of england they are looking at that and what they're trying to avoid is the worst fears. of higher prices, higher wages, higher prices, higher wages, high demand and so, as quilted 5ound5, high demand and so, as quilted sounds, that i want graduates to run away. sounds, that i want graduates to run away-— to run away. how linked are central banks _ to run away. how linked are central banks around - to run away. how linked are central banks around the i to run away. how linked are i central banks around the world, remember when we announce the ecb's interest rate cuts ahead of the fed, people were a little surprise and now, it's the uk leading the charge ahead of the fed, jerome powell say yesterday that september is the likely date for interest rate

cuts, what is going on in america?— cuts, what is going on in america? �*, ., , ., america? it's a good question because coming _ america? it's a good question because coming into - america? it's a good question because coming into this, i america? it's a good question | because coming into this, they raised them and the fed did nothing although the american federal reserve market think it's a 100% near certainty that it's a 100% near certainty that it will cut rate5 it's a 100% near certainty that it will cut rates in september, the us has got the same challenges as a uk although the fed is to mandate, it's got inflation and employment to think about but lives with the same challenge of balancing 5ame challenge of balancing inflation against growth and looking at the us manufacturing numbers yesterday which saw foreign financial markets growth looked weak, prices look 5tinky so that's why the fed is being a little that's a lot more caution. 16 rate cuts were priced in, still waiting for the first one and it's because inflation hasn't come as quickly as expected. there was such certainty _ quickly as expected. there was such certainty that _ quickly as expected. there was such certainty that i _ quickly as expected. there was such certainty that i was - quickly as expected. there was such certainty that i was going | 5uch certainty that i was going to happen, you are reporting it, not reporting it as fact but you would have received a message if you are watching it, why do you you think things have changed so much this year?

as they say, is not the things that you don't know, is the things that you think are certain or you don't know so i think the markets were very confident that we get a soft landing, the calling and inflation and those rate cards but in some ways, if the economy helped up firmly, there was no real reason for central banks to cut rates. they were trying to have their cake and eat it, as you were saying, that's what changed. saying that's what changed. saying that it was too optimi5tic but equally, inflation in the service is part of the economy has put 5ticky, service is part of the economy has put sticky, and employment is low, wage growth are solid and that is still filtering through the services to the economy. mil through the services to the economy-— through the services to the econom . �* ., ~ , ., economy. all right, thank you very much _ economy. all right, thank you very much for— economy. all right, thank you very much forjoining - economy. all right, thank you very much forjoining us. i economy. all right, thank you very much forjoining us. a i economy. all right, thank you | very much forjoining us. a bit of news to bring you now. intel announced it would be cutting 15% of its workforce, as it embarks on a $10 billion restructuring program. according to ceo pat gelsinger, tho5e cuts will affect roughly 15,000 empoyee5 and take place this year. gelsinger added the steps were necessary given revenues

have not grown as expected, with costs too high. around the world and across the uk, this is bbc news.

welcome back to the programme. market5 have been sliding during the trading day, largely tracking the declines seen on wall street overnight that we told you about. a few factors at play — including a strong yen and interest rate decision5. suranjana tewari is following the story from our asia bu5ine55 hub in singapore...(sot bu5ine55 hub in singapore. asian shares have been sliding with an uk injapan down as much asa with an uk injapan down as much as a whopping 5% and headed for its worst day in more than four years. asian markets tracking a slide that market5 tracking a slide that was all over on wall street,

they have been weighed down by a few factors including their 5urging yen a5 a few factors including their 5urging yen as well is uncertainty over when interest rates in the us could fall, rather with some saying that september which is when the fed indicated it would loosen monetary policy. all this barking fear that the global economic outlook is worsening rather than improving and that the us is still at risk of slipping into recession. factory data in the us showing a drop turn to eight month low injuly because of low order5, injuly because of low orders, that really rattled market5 injuly because of low orders, that really rattled markets and that really rattled markets and that comes as separate figures show the number of americans filing new applications for unemployment benefits increased to an 11 month high la5t unemployment benefits increased to an 11 month high last week. geopolitical tension also weighing on sentiment with what's going on in the middle east and investors are also

dealing with a disappointing earning5 dealing with a disappointing earnings 5ea5on dealing with a disappointing earning5 season from beck tech which is usually a key driver of global rallie5 which is usually a key driver of global rallies and many of them have held pu5h many markets to multiple record highs this year. two weeks after crowdstrike sparked what's been described as the largest ever global it outage — the firm is facing a lawsuit from its shareholders. it's being sued over allegations it made �*fal5e and misleading' statements about its software testing. crowdstrike denies this. mo5t affected computers are now back to normal, but the disruption caused, ran up costs into the billions of dollars. speaking to the bbc�*s ben thompson the boss of global cyber—5ecurity firm the ncc group called the incident a �*wake—up call�* for businesses. i think from this instance, one of the things we learned is how complex our supply chain is. and i think many businesses

don't really understand that. so, crowd 5trike, don't really understand that. so, crowd strike, as i say, fantastic product but it's probably not a strategic solution within an organisation, not a core finance system, not a core hr system so, for that to be able to cause the sensitive location is quite serious so what the lessons are, bu5inesses, is quite serious so what the lessons are, businesses, is you've got to understand how technology fits within your operations, you have to be prepared, think through scenarios so that you have the prepare plan in place and we have to test and i think it really does talk to a whole objective which is about in an interconnected world, that is fairly early days, regulations start to come through but it is fairly early days so there's a lot to do around us. we hear that word — lot to do around us. we hear that word resilience - lot to do around us. we hear that word resilience a - lot to do around us. we hear that word resilience a lot, i that word resilience a lot, what is it really mean because these once more companies on the5e once more companies on small budgets that might be forgiven for overlooking some

of those plans, the5e forgiven for overlooking some of those plans, these are huge organisations that you would expect would have a better plan in place and they didn't. what is resilience looking like? i think it's again, wake—up coal, don't think we have as organisations, look at some of these things systemically. so resilience i5 these things systemically. so resilience is having an end to end conversation about testing, both in terms of testing the deployments of testing and the receipt of that software but testing your plans to respond, a lot of organisations are running hot and fast. te5ting running hot and fast. testing was plans is the second thought wa5 plans is the second thought that we need to get that a serious conversation at broad level about the extent to which organisations are thinking about it, testing it, the plans in place for it and understand where key elements of this software can impact bu5ine55 software can impact business operations. and you can find out more about the lessons learnt

from the global it outage with ben thompson on this weekend's talking business right here on bbc news. with christian dior dressing lady gaga and celine dion for the opening ceremony, and sponsorship from the worlds biggest luxury brand lvmh, paris 2024 is already being hailed as the most fashionable of olympics. one new look that you may have noticed athletes modelling is this summer's coolest trend, wearable neck air conditioners and fans. but do they work? here's what 0lympian slaven dizdarevic — a former decathlete from slovakia, and now a coach said after trying one on. aid5 calling around my neck. --it aid5 calling around my neck. ——it is. there is a bit of air, you can feel a bit of calling around my neck, it can be called because it's on the skin of your face which is made for

cooling. i think the blood can fall. ithink it cooling. i think the blood can fall. i think it works well. but as a chinese company making products for a western market do they come up against negative perceptions? live now to a5hley hu, director of communications, torre5. thank you very much forjoining u5, thank you very much forjoining us, just explain, what's the difference between a neck fan and a neck condition and how much of your body doesn't actually coal?— much of your body doesn't actually coal? actually, i want to start a _ actually coal? actually, i want to start a little _ actually coal? actually, i want to start a little bit _ actually coal? actually, i want to start a little bit about i actually coal? actually, i want to start a little bit about of. to start a little bit about of the brand so it's actually been catered for people and it has quality product. inaudible. we have visualisation a5 quality product. inaudible. we have visualisation as are created. now, a lot of people think this is a regular neck

fan but actually it is more than that, we studied algorithm and builds in a natural friendly technology into the coal fan. friendly technology into the coalfan. so it means that friendly technology into the coal fan. so it means that the neck area and temperature is successfully key keeping the succe55fully key keeping the temperature of your whole body so when you fully charge this, it's actually coal your temperature around your neck up to 10 celsius. it’s temperature around your neck up to 10 celsius-— to 10 celsius. it's quite easy to charge. _ to 10 celsius. it's quite easy to charge, it's _ to 10 celsius. it's quite easy to charge, it's like - to 10 celsius. it's quite easy to charge, it's like plugging| to charge, it's like plugging in your phone, your mobile phone but how much they cost to make? ,, ., ., , phone but how much they cost to make? ., , , make? so, right now, this is actually $279 _ make? so, right now, this is actually $279 on _ make? so, right now, this is actually $279 on our- make? so, right now, this is| actually $279 on our website. that's the retail price. 50. actually $279 on our website. that's the retail price.- that's the retail price. so, in order to _ that's the retail price. so, in order to make _ that's the retail price. so, in order to make this, - that's the retail price. so, in order to make this, we i that's the retail price. so, in order to make this, we have| order to make this, we have this where we constantly create and inventing more materials

and inventing more materials and also techniques.- and also techniques. that's . uite and also techniques. that's quite expensive, _ and also techniques. that's quite expensive, you i and also techniques. that's quite expensive, you are i and also techniques. that's| quite expensive, you are be many copycat models at a cheaper price?— many copycat models at a chea er rice? , , cheaper price? yes, definitely. so, we cheaper price? yes, definitely. so. we don't — cheaper price? yes, definitely. so, we don't actually _ cheaper price? yes, definitely. so, we don't actually care i so, we don't actually care about copycat5 because it aware of a lot of compact friends on the market but what trying to do here is we actually put a lot of effort into the innovation and it's a good product for themselves and its for them putting that much effort i understand you're coming looking to seek, to find solutions to problems, not in any particular area and very innovative company, how do you recruit people, how do you keep innovation going and keep the age so young? 50. innovation going and keep the age so young?— innovation going and keep the

age so young? so, actually, we are really _ age so young? so, actually, we are really young _ age so young? so, actually, we are really young company i age so young? so, actually, we are really young company led i age so young? so, actually, we| are really young company led by management so we have had a lot of stuff all over the world, in the us and japan and china, and we have had employees to different cultural educational backgrounds and are recommended from them myself so we are going global. did you find that you can't ——, begins on the negative perception because of the chinese product that we were covering the electronic vehicle tariffs been put on by the us for exports to china? so, actually, we don't really — we're not really affected by those because we are trying to tho5e because we are trying to do is we focus our product and focus our user value so what we're trying to do here is we are to offer a really great solution for everybody, that's

what we're focusing on paying attention to all the time. ha5 paris 21t being a marketing dream for you? we heard from an 0lympian there, that your product was spotted in a bmx event. there is a heat wave in paris, its perfect timing.- paris, its perfect timing. yes, i think paris, its perfect timing. yes, i think that — paris, its perfect timing. yes, i think that we _ paris, its perfect timing. yes, i think that we are _ paris, its perfect timing. yes, i think that we are here i paris, its perfect timing. yes, i think that we are here trying to help. everybody can benefit from this. everywhere, anywhere as long as hot will be benefiting from this. and they have had helped a lot of people as well. we have our users who are blue—collar workers spending a lot of time working outdoors and we have also some players from the dallas mavericks a5 players from the dallas mavericks as well. mil players from the dallas mavericks as well. all right, ashle , mavericks as well. all right, ashley, think _ mavericks as well. all right, ashley, think so _ mavericks as well. all right, ashley, think so much i mavericks as well. all right, ashley, think so much for l a5hley, think so much for joining us. our new wearables

acknowledging i5 joining us. our new wearables acknowledging is becoming very fashionable a5 acknowledging is becoming very fashionable as the heat ri5e5. stay with us here on bbc news. hello, there. thursday was another day of heat and humidity, particularly across central and southern wale5, where we saw temperatures widely into the high—205. but temperatures did peak in wisley, surrey, and bournemouth, at 30 celsius once again. it did, however, come at a price, this heat and humidity, because, through the afternoon, we saw a cluster of sharp, thundery downpours moving their way ea5twards. now, they started off across south wales, and then steadily pu5hed their way ea5t. there were quite slow—moving, because the winds pretty light, and they brought a lot of heavy rain in a short space of time. tho5e sharp, thundery downpours still continuing to drift their way eastwards during the early hours of friday, but they will clear away. clearer skies behind — sign of a change to come on friday, with more cloud and rain gathering in the far north west.

but friday will start off on a warm, 5ultry note in the south east — 17 celsius to greet us first thing in the morning — and still the risk of a few 5harp showers ea5ing away from east anglia. but the real change will come with this area of low pressure, up into the north west — it will gradually introduce stronger wind5, more cloud, and eventually some rain. so, we start off with a few scattered showers acro55 east anglia, 5lowly brightening up and warming up once again — another warm, humid day here. but heavier rain developing into northern ireland, north—west scotland, as the afternoon progre55e5. it may well 5tay relatively dry acro55 eastern parts of scotland. temperatures in scotland and northern ireland, 16 to 21 celsius, but a warm, 5ultry afternoon acro55 eastern england, with highs of 27 celsius. somewhat fresher conditions will arrive as we move into the weekend, because as this front — a cold front — sinks south and east, it will introduce slightly less humid air. but there is still a risk of a cloudy start acro55 part5 of england and wales, and a line of sharp, thundery downpours moving their way south and east.

behind it, brighter conditions, a few scattered showers into the north west, and saturday, not quite as warm right across the country, ranging from 15 to 21t celsius, and that trend is going to continue into the week ahead. temperatures, perhap5, back to where they should be for this time of year. there will be more in the way of rain around, but all in all, for some, still some good, dry, u5able weather. take care.

good morning. welcome to breakfast with charlie stayt and naga munchetty. 0ur headlines today... more questions for the bbc over its handling of the huw edward5 scandal. the culture secretary asks the corporation to see if it can recoup any of his pay. key landmarks acro55 mer5ey5ide will be lit up in pink tonight and over the weekend in tribute to the three victim5 of the southport knife attack. cheering back home — three americans who were being held in russia learned on us soil as part of the biggest prisoner swap deal since the cold war. good morning. it is the news borrower5 have been waiting for, but what impact will the bank of

england's decision to cut interest rates