could be a warning shot for other technology giants. hello and welcome to business today. i'm suanjana tewari. we begin in the us, where earnings season is in full swing. it was quite a turnaround for disney, as the house of mouse's streaming business turned profitable for the first time ever. the bbc�*s north america business correspondent michelle fleury has all the details from new york. yes, what a difference a year makes. disney's combined streaming businesses made a quarterly loss of more than $500 million 12 months ago. today, it made a profit of $47 million. boosted by the success of inside out 2, now the highest grossing animated film of all time. and also by charging its subscribers more. we should note that while its overall streaming business made money, disney+ and hulu are still in the red.

it's the sports subscription business, espn, that is driving the profit. still it is a stunning turn—around given complaints levelled at disney in recent years, that its media business was weighing it down. as evidence, investors would point to the decline in its traditional tv business, box office flops and, of course, its streaming losses. only its park and resorts divisions were doing well. it all came to a head this year in a bitter prox battle with activist investors who complained that disney was in decline. well, disney won that fight, and itjust scored another hit with its second—quarter earnings showing that its streaming business is making money ahead of the timeframe that it set itself. but it is not all good news, with consumer demand moderating, its parks and resorts businesses are under pressure. and as subscriber growth is plateauing for all streaming services, disney will need to wring more money out of its existing customers as it seeks to maintain

this momentum. tech and media analyst ben barringer explained why disney's amusement parks remain at the top of investors�* minds. look, they were an inlying set of numbers and actually a beat at the profit line, but it is a very mixed set of numbers. you're absolutely right, you know, the dtc business is going a bit better than expected, espn is going a bit better than expected. but the real disappointment here and 50% of disney's operating profit comes from the parks business. now the parts business, they'd warned was going to be weak last quarter, but it continued to suffer revenues missed by 3% and profits by a little bit more, actually, and then they've guided that parks business to be flat, essentially, for the next several quarters. and that is really fuelling the flames of concerns about macro slowdown, particularly in the us. now, they do say, some of the weakness is due to disneyland paris, because of the olympics, which will come back.

but we've had weak numbers from airbnb, we've had weak numbers from tripadvisor, and this is really, as i say, fuelling the flames for concerns about us macro. they cited that they are seeing low income households being particularly under stress. that's the biggest driver for the 4.5% fall in the stock today. in other news, trading platform, robinhood, topped expectations for earnings in the april tojune quarter, after renewed interest in meme stocks and cryptocurrencies. the app, which is popular with retail investors, saw a surge in trading volumes after the return of investor roaring kitty in may, which reignited interest in shares of video—game retailer, gamestop. revenues rose nealry 70% to over $300 million last quarter, sending the stock up 3% in after—hours trading.

a us federal court ruled this week that google violated antitrust laws, and that it's monopoly over search was illegal. google says it will appeal the ruling. the case hinged on charges that the search giant used its dominant market position to crush potential rivals. for some the ruling is a warning shot to other big tech companies with us regulators are watching very closely for any moves that would curb competition. but antitrust law expert rebecca haw allensworth explained why she thinks that might not be the case. it's the temperature of things right now, you know? we know that this is what one judge thinks of a case against big tech. and i think it's likely to be kind of a sign of how other courts would view similar arguments. the biden administration has four other major monopolization suits currently pending against tech cases in america.

and this case leaves breadcrumbs, i would call them, for those cases. some holdings on market definition, some things about barriers to entry, but i think while not precedential, would definitely be relevant to those cases. what does the goal of the regulators? do you see them trying to break up these massive tech companies? i think that's extremely unlikely, at least in this case. there is a monopolization case pending against meta for its acquisition of instagram back in 2012. that would be a different case where maybe a break—up might make sense. you spin off one company that kind of is its own property. google isn't like or at least the allegations in this case don't really have to do with google using different parts of its company unlawfully, where you could just split it up, so i think that's very unlikely. what i do think is more likely is an injunction, not allowing them to engage in the kind of exclusive dealing contracts that are the heart of this case. in the end that might mean that users have a choice screen when they

search on their devices as to which they want to be the default search engine. there are reports that apple could lose up to $20 billion in a result of this ruling. how does it work now that the ruling has come in and how soon might we see any changes in the business? this case has proceeded very slowly. actually, it was the trump administration that first brought this case. it's been going for five years. we have no ruling still on remedy, so the decision that came down on monday was just about the liability. there will be a whole new set of proceedings, hearings, argument about remedy that will start probably this fall. it could be months and perhaps even up to a year before we know the remedy and then there will also be an appeal. i think whatever the court says google has to do in the remedy phase is likely to be stayed during those appeals. so it could literally be years before google is actually ordered to do anything different. i think the real value

of this case though is the precedent that it sets. it is kind of the forward—looking way in which businesses will think about this case and what they can do in the future. it is really interesting as well because the west seems to really be cracking down on these big tech companies now through these legal cases. in china, the government seemed to sort of pause and say that the companies need to improve their rules. briefly, can you tell me what the solution is to these tech companies having so much influence? the answer is competition. we just let people with the appropriate rules of the road compete for consumers and that is the best way to get to innovation and i think antitrust law and suits like this is necessary to ensure that kind of competition. the former head of the australian airline qantas is to have nearly six million dollars slashed

from his payout, after an internal governance review found the company had suffered "considerable harm" under his leadership. alanjoyce quit qantas last september after fifteen years as ceo, in the wake of a number of court cases over the sacking of staff during the covid pandemic and a string of flight cancellations. this is the largest bank will see a changing of the guard with the ceo retiring next year at the general meeting next yearin at the general meeting next year in march after 15 years at the bank. he will be succeeded by the first ever female ceo. he has been credited with expanding consumer banking and wealth management business is in her previous role. —— she has been. the garment factories in bangladesh, which supply major western brands such as h&m, zara and carrefour, have reopened after days of shutdown due to the ongoing protests and violence that ousted the sheikh hasina government.

bangladesh is the third largest exporter of clothing in the world and the sector is crucial for the economy as it attempts to rebuild. the bbc�*s archana shukla reports. it's the lifeline for the economy, the largest dollar earnerfor bangladesh. garments account for over 83% of the country's export and even a day of shutdown means losses. from h&m to zara, gap, uniqlo, marks & spencer, among hundreds of other global brands sourced from bangladesh. it is the third largest textile exporter globally, after china the european union. and this in fact is their main bulk season, preparing for the christmas shipments and taking work orders for summer and spring, but the factories had to close for over 10 days owing to curfews and internet shutdowns. port closures affected shipments. some factories were even vandalized. 70% of factories have now reopened but intensifying protests have disrupted order flows. a few traders we spoke to believe this instability could partly divert some global textile orders to indian factories, maybe for the short term, but it is crucial for bangladesh now more than ever

to get its garment factories up and running smoothly. foreign reserves are shrinking. there is a mountain of debt and exports plummeting have triggered alarm bells even for global rating agencies like the s&p. but reopening is also crucial for its 4 million garment workers. one of them who participated in the protests told me they are happy the government was ousted and are hopeful factories resume full production soon and their wages improve. that's it for this addition of business today. thank you for watching.

hey, i'm lola, with the catch up. tonight: strictly reality tv signings. drake surprises fans. and banksy strikes again. three men have beenjailed for violent disorder during riots on merseyside. nearly 6000 officers are being mobilised to tackle any violent break—outs. the uk's most senior officer

warns rioters will be met with the full force of the law. some other stories now. shamima begum has lost her final uk court bid over citizenship. ms begum travelled to syria as a teenager to join the islamic state group. the 24—year—old had hoped to overturn the government's decision to revoke her citizenship on national security grounds. and reality tv stars, tasha ghouri and pete wicks, have signed up for this year's strictly. tasha is best known for appearing on love island where fans first saw her dancing skills, and pete first appeared on our televisions from the only way is essex. do you recognise this voice but not the song? # yeah, how many summers did i run? # like 10. # i got a show out in london, when? # where the clock inna london? # yeah, big ben. drake has surprised fans with a mega music dump. the rapper and singer released

a huge folder of previously unseen content, including three new songs and behind—the—scenes footage. there's been a mixed response from some of his fans, from excitement to feeling like there was too much content to digest. time for 10 seconds of more banksy. the street artist strikes again with a third mural appearing in london. he's kept going with his animal theme silhouettes. the latest is a monkey—themed piece in brick lane. you are all caught up. have a great night. hello and welcome to sportsday. i'm gavin ramjaun. quincy hall edges another thriller on the track at the olympics, as the usa take gold in the men's 400m. drama at the velodrome too, as great britain lose to australia in the final

of the men's pursuit, in the latter stages of the race. and no nadal at the us open, the 22—time grand slam champion says he's not 100% following his exit from both singles and doubles at the olympics. hello there and welcome along to the program. it's billed as one of the highlights of the track at the olympics — the men's a00m final has had some big names take gold over the years — michaeljohnson, wayde van niekerk and 2012 champion kiranijames. britain's matt hudson—smith was so close to joining them on wednesday, having come into the event with the fastest time this year. he was pipped to the line, in a thrilling finale which saw american quincy hall take the gold. hudson—smith was bidding to become the first british

winner of the race since eric liddell100 years ago,