this is the business briefing. i'm david eades. it was once asia's most valuable company, but can tencent, the owner of wechat, reverse its tumbling share price? it's due to release its latest numbers in just a few hours. and shares in australia's commonwealth bank fall as its executives are grilled by a powerful inquiry into the financial sector. looking at the markets. you can see with the hang seng and nikkei, asian markets are losing ground, worries still over the turkish financial crisis. it was once asia's most valuable firms, but the tech giant tencent has seen $150 billion slashed from its market value since january. in a few hours it will its latest numbers, with investors hoping its fortunes can be revived. tencent owns the hugely

popular messaging app wechat and together with its chinese—only version, weixin, hit one billion monthly users for the first time earlier this year. that might because for celebration. —— the cause. but it hasn't all been plain sailing. this week shares took a tumble after chinese regulators stopped tencent from selling its blockbuster video game monster hunter world. investors had hoped the game would be a big earner, and they'll be watching closely for whether the firm can reverse its fortunes, so far this year its share price has fallen by 11%. duncan clarke is the chairman of the advisory firm bda china. duncan, of the advisory firm bda china. thanks forjoining l an duncan, thanks forjoining us. it's an honour thing to say, tencent is in trouble, but nonetheless, why is it in this trouble? —— an odd thing.

the visible bits we see in china and increasingly overseas is wechat, the facebook of china, facebook being blocked, a very good messaging app and payment app, but most of their money still comes from games, both mobile and online, pc games. anything that happens in games has a bigger impact on the share price than we'd imagine. the demise if you like, or the troubles with monster hunter world, firstly they are real, and in terms of revenues, they are significant? yes, the pc games segment isn't as big as the mobile segment, but you get loyal gamers who play on pc games. the problem is the regulators approved of this game and then they changed their mind. it's like a film being released and then suddenly pulled. that hits investor sentiment, come on, tencent, shouldn't you know more about this? tencent and other games, gamers in china are facing issues like the

band korea movement, lots of games we re band korea movement, lots of games were banned over the dispute over a missile between korea and china. it's such a popular thing but the government is getting nervous about addiction and using it for political ends. you live by the sword, you die by the sword, and that's what's happening! that sounds like a game! this is a company that nonetheless has a pretty broad raft of interests in its portfolio now, it should be able to withstand that kind of thing, how much of this of thing, how much of this is just much of this of thing, how much of this isjust a perception much of this of thing, how much of this is just a perception that things aren't all going the way tencent would wish and expect? i think there are bright spots in video, particularly short video, they're facing tough competition in that area. music, they're facing tough competition in thatarea. music, even they're facing tough competition in that area. music, even literature, although they've had issues with that. tencent is diversifying but it's still known as a games platform by investors. the trick in china, we

see increased regulation on the internet in general, and society in general, it is up increasingly authoritarian and even for the companies who have played well in the game before, we are seeing more tension so tencent is under pressure to deliver more growth areas. but you have unpredictable politics on games that can hit them disproportionately, and there are competition, other companies eating on the margin and they aren't as big player, tencent, in e—commerce, like alibaba, still valued more highly than company. -- big a player. thanks, duncan. no longerthe freewheeling opportunities there we re freewheeling opportunities there were perhaps. shares in australia's commonwealth bank fell during morning trade as executives of its pensions unit give evidence at a powerful banking inquiry. the royal commission, which is investigating wrongdoing in the financial sector, has heard australia's biggest bank breached legal requirements when it failed to transfer pension customers onto a low cost product. phil mercer is in sydney.

this is beginning to sound costly? another bad day for the commonwealth bank of australia and this particular legal requirement it didn't fulfil meant 15,000 customers we re didn't fulfil meant 15,000 customers were affected, they were supposed to have been put onto a low—cost comment, as the law determines. in their defence, staff at the bank said there were problems with the computer system. the bank is well and truly under the spotlight as a result. the shares in commonwealth bank have fallen. in previous hearings, the bank has been found to have misappropriated funds from customers and also charging clients who were dead fees, and that provoked one barbed comment from one observer saying the bank should open branches at cemeteries. that gives you an indication of the sort of

pressure australia's financial pressure australia's financial pressure is under as a result of this royal commission. phil, thank you very much indeed. phil, thank you very much indeed. phil mercer in sydney there. now let's brief you on some other business stories. amazon's one—day delivery advertisement for prime members has been banned in the uk for being misleading. the regulator says it received 280 complaints from customers who reported not receiving their packages in a day. amazon says the overwhelming majority of orders arrived on time. chief executive pay here in the uk jumped by 11% last year to reach $5 million. the chartered institute of personnel development says the rise came despite criticism from both investors and the government over excessive salaries. the gmb union described the figures as a badge of national shame. tinder‘s parent companies have been accused of undervaluing the app, cheating executives out

of billions of dollars of stock options. a group of ten former and current staff made the claim in a lawsuit filed in new york. tinder‘s parent firms, iac and match, say the claims are meritless. next week greece is due to emerge from its final international bailout deal. while it's a symbolic end to the country's financial crisis, greece's economy is still fragile. in the latest in our series on the country's economy, today we're looking at the housing market in athens and how the impact of the financial crisis still lingers. philip hamsheir reports. until the financial crisis, tourists generally only spent a few days in athens. a quick stop to see the acropolis and parthenon before heading to theirfinal acropolis and parthenon before heading to their final destination, santorini, crete or rhodes. this man is a young entrepreneur who

started a business with family members and friends. they manage property forforeigners members and friends. they manage property for foreigners who bought bargains in greece after the financial crisis. athens residential property fell 46% from its peak in 2008. the flats rented to short—term holidaymakers using online services. about nine years ago, the property you market went down, but then again the tourists, the people who visit greece for vacation, have been going steadily up. last year we had 27 million tourists, and now we have around 32 million. of course, people coming in and buying up apartments does create issues elsewhere if they rent them out online to short—term holidaymakers. it means by definition, there's less supply, and that's bad news if you're a native athenian or someone who lives and works here, because if you need a longer term lease, they might be a little bit more expensive. it might

mean you have to move to a district, one you didn't call home. in these apartment blocks lives christ asked. he was born and a zen athens and when he wanted to buy an apartment with his wife, they had to move to a more downmarket area. when we moved here, all six flats were either rented or the owners lived in flats, but over the last three, two or three years, all of the renters left because the lease was over, and the owners ask them politely to leave. so they could rent the apartments to add b&b. so they could rent the apartments to add 5&8. with so they could rent the apartments to add 8&3. with its so they could rent the apartments to add 8&8. with its atmosphere, culture and history, it's clear why foreigners would want properties in athens. but the tensions that is creating with locals will need to be resolved. philip hampsheir, bbc news, athens. that's it for the business briefing this hour, but before we go,

here are the markets. it's been a week dominated as we know by the issues between the us and turkey and the state of the turkish economy. well, as we can see here, nikkei and hang seng falling considerably over the course of the day so far. this is despite what you see from the dow, which was up, because the turkish lira rose yesterday but we've since heard president erdogan saying don't go by us electronics like the iphone. —— don't go buying. anxieties over that relationship and the economy. that probably leads to a sense of insecurity coming from the asian markets. up next, news briefing. we'll take you through ther stories making headlines in the global news. it's a year since the scottish government introduced

the baby box scheme. they contain clothes, toys and a mattress so the box can be used as a safe sleeping space and are given free of charge to every new parent. have they made a difference? catriona renton reports. it's time for a rest for five week old baby grace, but this is not her bed, it's her baby box. for the past year the scottish government has been offering them to all babies born here, packed with essentials like clothes and nappies. and four grace, a useful refuge from her older siblings. 0ver her older siblings. over 52,000 boxes have been gifted to newborns in scotland in the past year. daicos £160 each and so far the scottish government has spent almost £9 million on them. this is our warehouse where we keep

oui’ this is our warehouse where we keep our stock donations. this baby and family support service in the north of glasgow works like a food bank. it was originally set up to help people with all the things new babies need. in here we have some of our prams, we have our car seats, we have our cots and hotbeds and our buddies. the baby boxes are a nice idea but we don't live in a world where nice is needed. personally i would have preferred to see the money invested in baby boxes invested in somehow coping these parents. the scottish government said the boxes help give babies the best start in life. there's no proof sleeping in the boxes reduces infant mortality, but the royal college of midwives say the royal college of midwives say the benefits of giving a baby its own sleep space are likely to reduce the risks associated with unsafe cosleeping. they want the scheme introduced throughout the uk. catriona renton, bbc news. coming up at 6am on breakfast dan walker and louise minchin will have all the day's news,

business and sport, including the latest from westminster, and the investigation into yesterday's attack. this is the briefing from bbc news. the latest headlines: a major rescue operation is continuing in the italian city of genoa, where people are still trapped under the rubble of a collapsed motorway bridge. at least 26 are known to have died. a grand jury report in pennsylvania has found credible allegations of sexual abuse by more than 300 catholic priests in the state, going back decades. chief executives in the uk's top companies now earn on average $5 million. the chartered institute of personnel development says the rise came despite criticism from both investors and the government over excessive salaries. now it's time to look at the stories that are making the headlines in the media across the world. we begin with the independent and the horrific bridge collapse in genoa, italy.

a main story, a course. the morandi viaduct crashed hundreds of feet to the ground killing dozens. italian emergency services are now working to search for survivors in the rubble. the telegraph leads with tuesday's suspected terror attack outside the houses of parliament in london, where a car crashed into cyclists before hitting a security barrier. police have searched three addresses in birmingham and nottingham overnight. 0n bloomberg, turkey's president recep tayyip erdogan has vowed to boycott iphones in a demonstration of defiance to america, as the us holds firm to its demand that turkey release an evangelical pastor. quartz reports that barclays, the uk's second—largest bank by assets, is moving the ownership of its european subsidiaries from a uk entity to its irish bank. the move will make barclays ireland's biggest bank.

and finally the guardian says pay for chief executives at britain's biggest listed companies rose more than six times faster than wages in the wider workforce last year, with the average boss's pay packet hitting $5 million. the paper says a worker on a median salary would have to work 167 years to earn average ceo pay. let's begin. with me is david buik, who's a market commentator at core spreads. david, very good to see you. good to see you. usually when we pick up a picture straight to focus on it is a happy occasion. this is a striking and afraid memorable