if you google monopoly today you'll find google in the headline results. because a usjudge rules google�*s online search monopoly is illegal in a landmark decision. so what penalties could it face? and as profits dip for saudi aramco, how close are we to peak oil demand? welcome to business today, i'm mark lobel. fasten your seat belts as the roller coaster ride on financial markets intensifies. injapan right now, we are seeing a sharp rebound following the historic falls on monday. in tokyo, the main indice, the nikkei 225 is recovering some of the record breaking losses when the nikkei closed down by over 12% at the end of the day, marking the biggest one day sell off since black monday in 1987. so lets take a look at the numbers.

let's also see how things ended on wall street. the nikkei 200 2025 -- the nikkei 200 2025 —— two to five, rose by 10.85%. the ftse is relatively calm compared to yesterday's results. and the yen has been rising against the dollar. let's look at things on wall street as well. the nasdaq is down 3.5% as well as the —— is 500 down 3%. you have a chat about what happens for the rest of the day. what a roller—coaster ride it has been for those japanese investors. if you look at the point is, then the nikkei 200 2025 almost recouped all the losses it suffered yesterday, ending the day at a 10% higher.

yesterday, it was the biggest point on record and today, we had the biggest daily rally in history to extreme volatility and definitely not for the faint hearted. there is a sigh of relief but it also confirms the view of analyst who was saying yesterday that fundamentals are strong. don't sell in panic becausejapanese are strong. don't sell in panic because japanese companies are doing well and the economy is quite resilient as well. of course, get a day sell—off was caused by the sudden jump of the value of the yen and was done to the widow shock. the name of the governor which triggered the rally in the japanese currency. there have been trading at around 145 to 165 yen to the us dollar. yesterday, it was trading 141 and when it was a about 160,... they were spending more than hundred $60

to prop up the value of the head. of course, came that rate hike but even at 140, historically speaking, it is quite weak and i still remember the yen trading about 18 yen against the us dollar. was yesterday's sell—off just a fluke, we'lljust have to wait and see? let's get a grip on what's going on with the chief market analyst at scope markets, joshua mahony. josh, we were talking about a record dip now a bounce back. why do you think the shock was so short lived? it might not be so short live we might see another bounce back tomorrow. we do tend to see things ebbs and flows anything markets and today we may be overshot a little bit towards the downside in terms of dollar yen and in times of the nikkei 225 and both of them are moving towards the up side, but you?

is it has the recovery in the japanese yen ended and is the be all and end all of it? i don't think so we have had year on year weakness for the japanese yen and we have seen significant downside for the us dollar against the japanese yen and that could drive further weakness forjapanese stock market and that starts to lead to contagion across the globe. but starts to lead to contagion across the lobe. �* ,., starts to lead to contagion across the lobe. �* , ., the globe. but some strange did ha en, the globe. but some strange did happen. traders _ the globe. but some strange did happen, traders have _ the globe. but some strange did happen, traders have been - the globe. but some strange did| happen, traders have been taken advantage of the low interest rate to buy risk assets. 0thers advantage of the low interest rate to buy risk assets. others have been blaming algorithmic trading progress for this as some say it was a great buying opportunity. but this was highly unusual, wasn't it? certainly, the so—called carry trades that has been going on essentially means that people have been burrowing in a very cheap jurisdiction injapan, taken at money to the us and by big tech stocks. if you can make of these companies then all is well but what

happens when those tech stocks not to devalue, and the japanese yen starts to strengthening and interest rates in japan starts to strengthening and interest rates injapan start starts to strengthening and interest rates in japan start to starts to strengthening and interest rates injapan start to move starts to strengthening and interest rates in japan start to move towards the upside? all the different parts of that trade such an wide and suddenly, people desperately get out of this leveraged position they have in the us and that is why we watch as linkage between whiskey of japan do and what is happening over in the us in particular. —— watch the back of your panty or what is happening in the us. —— the back ofjapan. what is your opinion what is happening on wall street? i think the 're happening on wall street? i think they're going _ happening on wall street? i think they're going to _ happening on wall street? i think they're going to follow— happening on wall street? i think they're going to follow the - happening on wall street? i ii�*u “ia; they're going to follow the japanese market higher, i doubt it will go to see a 10% rise in the us. there is of course because as ever in the us about what has happened in terms of friday's jobs abroad and we saw weakness in terms of the payroll number and a rising tide of

unemployment. keynes will could be moving towards a recession but we decide the week with a stronger than expected —— expected service. that did relate some of those recession fears so hopefully, we will have a little bit of a more, and optimistic day—to—day but it does for lack what happened injapan is going to lead to europe and the us so properly going to see some upside for us markets but they are going to be some duties as people are going to be to be cassette about the us economy but what is going to happen tomorrow injapan. economy but what is going to happen tomorrow in japan.— tomorrow in japan. please keep your directory for— tomorrow in japan. please keep your directory for tomorrow _ tomorrow in japan. please keep your directory for tomorrow we _ tomorrow in japan. please keep your directory for tomorrow we might - tomorrow in japan. please keep yourl directory for tomorrow we might need to get you in tomorrow again. google just lost a high stakes battle with the us government. a federaljudge ruled that payments the tech giant made to the likes to tech now and the search giant google. it has found itself at the wrong end of a competition ruling. in a landmark decision a us judge has ruled that google acted

illegally to crush competition and maintain a monopoly on online search and related advertising. it's a major blow to alphabet, google's parent company and could reshape how technology giants do business. michelle fleury reports. google just lost a high stakes battle with the us government. a federaljudge ruled that payments the tech giant made to the likes of apple and samsung to make google's search the default option on their smartphones and web browsers, well that violated us antitrust law. in his 277 page ruling, judge amit mehta in washington wrote, google is a monopolist and it has acted as one to maintain its monopoly. concluding that the money it had spent effectively blocked rivals from succeeding in the market. it represents a major setback for google and its owner, alphabet, which plans to appeal the decision. a spokesman for the company, kent walker, told the bbc this decision recognises that google offers the best search engine, but concludes that we shouldn't be allowed to make it easily available. for now, the ruling is a vindication for america's antitrust regulators. the justice department, which filed the case

nearly four years ago when donald trump was president, hailed the outcome as a historic win and said it would continue to vigorously enforce antitrust laws, no doubt sparking fear in the corporate offices of some of the big tech giants. it's not yet clear what this will mean for the future of google's business. this decision is only about google's liability, not about remedies. to saudi arabia now, where the state owned oil giant aramco has just released its latest results. the world's biggest oil company reported a net income ofjust over 29 billion dollars from april tojune. it marks a drop in profits compared to the same period last year. live now to a senior research scholar at the centre on global energy policy at columbia university, christof ruhl. thank you forjoining us. saudi arabia is in oil —dependent economy, whether its stake in football clubs or its diversification of its

economy now and these results keep showing that dividends keep rolling in. , , , ., , , in. yes, they show if it is being aid in. yes, they show if it is being paid out- _ in. yes, they show if it is being paid out- they _ in. yes, they show if it is being paid out. they show— in. yes, they show if it is being paid out. they show the - in. yes, they show if it is being l paid out. they show the forecast in. yes, they show if it is being - paid out. they show the forecast for dividend payments remaining stable and this of course is terribly important for the country because thatis important for the country because that is in the main income the country recedes. saudi aramco is joined 82% by the government. it is only less then 2% of demand among private investors, that these dividends are the direct revenue of the government. i(dill dividends are the direct revenue of the government.— dividends are the direct revenue of the government. ., . ., , the government. oil demand continues to crow in the government. oil demand continues to grow in the — the government. oil demand continues to grow in the world _ the government. oil demand continues to grow in the world but _ the government. oil demand continues to grow in the world but i _ the government. oil demand continues to grow in the world but i know - the government. oil demand continues to grow in the world but i know you - to grow in the world but i know you think that it will peak in the next few years. what will drive that essentially did that situation and what effect will it have on oil companies like saudi aramco? ya to ste back companies like saudi aramco? ya to step back a — companies like saudi aramco? ya to step back a little _ companies like saudi aramco? ya to step back a little bit _ companies like saudi aramco? ya to step back a little bit to _ companies like saudi aramco? 1— tr: step back a little bit to appreciate how dramatic a change this will be

—— but you have to step back to appreciate how dramatic a change this would be. 0il markets have almost every year grown and grown and grown and this may change now. there are two schools of thought for why it may change and hundreds of billions of when it may change. the two schools of thought is first because of the energy transition, first the transition of vastly differing and cars to electric vehicles and that will have an effect which finally starts to prominently lower oil demand. the second school of thought is observing the efficiency improvements in the way we use oil and saying that if nothing changes into out of the energy transition, these efficiency improvements will come to the fore and will make the demand for oil decline in the long term. now the estimates for when this will happen different widely for the consumer and the international energy association so, it may be in the next decade. the producer of cut i say it may not

happen until 2048 this is a different interest here but when it will happen, it would change the game completely. whenever market,... if you have a shrinking market in order to keep selling as much oil every year, you have to gain market share and do this by undercutting your competition and prices and that will lead to a downward spiral of prices and would probably be the end of produces and probably make it much harderfor of produces and probably make it much harder for companies like aramco to reap these big profits. they will surprise because they produce very cheap oil but they will find it difficult. —— they will survive because they produce very cheap oil. now lets turn our attention to the hotels business. we've just had the latest profits news from one of the big players in the business, intercontinental hotels group.

the owner of the holiday inn chain as well as several other brands. it has seen a12% rise in operating profits. shareholders will be happy to hear ihg is raising its interim dividend by 10%. revenues per available room have been going up in the second quarter despite a slowdown in china. however during the recent riots in the uk, some of ihg's holiday inn hotels housing asylum seekers have become targets and saw some damage and interruption. earlier my colleague sally bunduck asked ihg's ceo elie maalouf how they were dealing with this security threat. yes, those are very sad and troubling scenes to see. uh, clearly the safety and security of our hotel teams and anybody staying in the hotels is our first priority. that was the owner of the hotel chain ending this business today. you are up—to—date.

hello from the bbc sport centre. i'm hugh ferris. there are titles to be won in almost

an a to z of olympic sports. from athletics down to wrestling, there are 15 gold medals up for grabs at paris 2024 on tuesday. in fact the first of them has already been won by germany's christian kukuk in the individual showjumping. monday's action peaked in the stade de france with britain's keely hodgkinson finishing off the day with her first global title in the 800 metres, having finished second in tokyo and at the last two world championships. she pulled away in the home straight to become the first british winner of this event since kelly holmes in 2004. i think for me with the calibre we have in the women's 800, nothing is inaudible until you have crossed the line. i wanted to get at heart. a lot of the girls get out hard and i thought it would be a bit of a battle to get in position which i think it was. yes, it didn't pan out how i thought,

but that is 800 m racing for you.