this is business live from bbc news with vishala sri—pathma and david eades. it was once asia's most valuable company — but can tencent reverse it's tumbling share price? live from london, that's our top story on wednesday the 15th of august. in a few hours from now the chinese tech giant will be announcing its second quarter results. the company has seen $150 billion wiped off its market cap so far this year, its shareholders will be praying for a strong set of figures. also in the programme: we take a look at greece, which is set to emerge from its bailout programme — we look at the impact the financial crisis has had on its housing market in athens. the market is opening in the green.

and we'll be getting the inside track on the company that's working with the local community to ease the england's housing shortage. today we want to know — do you think it's fair for ceo's to have much bigger pay rises than their empolyees? a new study shows that uk ceo wages went up 11% last year, while workers only went up 2%. is that fair enough? what do you think? let us know — just use the hashtag bbcbizlive hello and welcome to business live. welcome to the show — we start with what was the most valuble company in asia — technology giants tencent. it's seen $150—billion slashed from its market value since january. now, we should have its latest earnings report today — and unsurprisingly investors are hoping its fortunes can be revived. now tencent owns the hugely popular messaging app wechat, and together with its chinese—only

version weizin, it hit one billion monthly users for the first time earlier this year. 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. now if you're watching from asia you've probably heard of it — it's called monster hunter world. sounds a bit vicious — but it's a big hit with gamers. 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%. with us now is cyrus mewawalla, head of thematic research at globaldata. he knows a thing or two about monster hunter world which puts you ahead of the rest of us for the moment, let me ask you, the share price has been tumbling for a while, it seems like everything is going

downhill, is it built around these video games? to put it in perspective, tencent still be seventh largest internet company in the world and it is first equal in terms of china. in the short—term is suffering from almost half of its revenue which comes from gaming and the gaming industry, at least they are gaming revenues are under threat from four areas, competition from other gamers, competition from other internet apps, video streaming apps and so on, and also the regulator is and so on, and also the regulator is a big issue, the new media regulator in china has not approved new games since march and therefore tencent cannot make money from the new games it develops and finally the market is getting saturated. there have been complaints about the games, it will be a long—term process to get resolved presumably? they have had a

number of regulatory issues, complaints against some games, some games deemed to violence, some games the monetisation model has not yet been authorised. what is the answer for them to correct this fall if you like? just improve there gaming and getting a better position or start looking elsewhere, they have a broad portfolio. there is two factors, one outside their control. the regulator needs to start moving the backlog of approvals and tencent generally does what the regulator asks so it shouldn't be a problem. that will drag ona shouldn't be a problem. that will drag on a few months. but in the long term tencent is well positioned in all the next generation technology cycle is coming up, cloud computing and artificial intelligence, internet tv, it's got the platforms and the technology, it's good music and video content. it is extremely well positioned not just in china but globally. it is a good long—term bet is what you are

saying, to the extent that some of those are other areas you mentioned, internet tv, the amount of content they have got involved with, could outgrow what they do with the video games? definitely, if you look to the future, the companies, the way to make money is to have a big platform base and out of china 772 internet users, tencent has got the vast majority as has alibaba, they've got a good base to put new technologies and if they dominate the next generations technologies they will do very well and they are really well placed in various investments, they are even an electric car is, the own 15% of nitric car—maker. electric car is, the own 15% of nitric car-maker. these complaints, how much is a challenge to video gaming in china, the social disruption it causes? children can get quite addicted to these games. there is two functions for the media regulator, is the continent appropriate and it approves the monetisation model, is tencent

appropriately charging people for this? both are an issue. certain content in china is censored, it is not allowed and there is a social culture that the chinese authorities wa nt to culture that the chinese authorities want to maintain and tencent us to abide by that. strong violence is out. we'll find out how they got on inafew out. we'll find out how they got on in a few hours. thank you. let's take a look at some of the other stories making the news. the usjustice department says royal bank of scotland will pay a $4.9 billion fine. that's to settle american claims that it misled investors on residential mortgage—backed securities between 2005 and 2008. it said that the bank disputes the allegations and does not admit wrongdoing. the penalty is the largest—ever imposed on a bank for misconduct leading up to the financial crisis. rbs will now start paying its shareholders a dividend for the first time in a decade. amazon's one—day delivery advert 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. turkey's president recep tayyip erdogan says his country will boycott us electronic products, after washington imposed punitive sanctions on ankara. the us doubled tariffs last week over tu rkey‘s refusal to extradite a us pastor who is imprisoned there. turkey's weakened currency, the lira, plunged by a full 20% in response. the south korean government has said it will ban about 20,000 bmws from its streets after a spate of the vehicles catching fire. this comes after nearly 30 engines caught on fire in 2018 monica miller is in singapore. tell us more? this is mainly the bmw 530 d sedan model, the german automotive maker said the cause of

the defect is in the exhaust gas recirculation system. the south korean government have decided they will conduct their own investigation into the case and if necessary they will take legal action but what they have done this week, bmw apologised publicly and said there would be a recall of over 10,000 diesel vehicles but the local governments will take this a step further, they will take this a step further, they will take this a step further, they will take roughly tens of thousands of cars off the road but they are asking bmw owners to do this voluntarily and how they actually pass a safety check. this is something local governments can do, they have the authority to do it under south korean laugh. thank you monica. europe mostly positive, starting the

day in positive territory, onlyjust slightly, doing pretty well for now. and kim gittleson has the details of what's ahead on wall street today. on wednesday it's all about the american retailer. first we'll get a bit of economic data in the form of july retail sales. most analysts are expecting that us consumers continued to spend on clothing and other goods, increasing the amount that they've shelled out for those goods by 0.1% in the month ofjuly. then we'll get second—quarter earnings from the us department store chain macy's. investors are hoping the chain has figured out how to once—more attract american consumers into its physical stores and that could help the company boost its profitability. joining us is trevor greetham, head of multi—asset at royal london asset management. good to see you again, it feels like turkey week in a way, it's been a

bad week so far but yesterday things we re bad week so far but yesterday things were picking up again and yet we've seen the asian markets, not particularly happy, what do you think is the prospect? there is a stand—off here, the trigger for the big drop in the lira last friday was the doubling of steel tariffs by trump and there is a bit of a hostage stand—off where trump demands the return of an american pastor that the president of turkey has accused of being involved in the attempted coup two years ago. there isa attempted coup two years ago. there is a big geopolitical angle to it but what turkey really needs is money, a bailout or to raise interest rates and the president himself has says that interest raises the mother of a lever and he has appointed his son and more as finance minister. i think it's more a symptom of the pressure emerging markets generally are under because

the chinese economy is starting to slow down. and you're seeing american interest rates rise and a lot of companies in emerging markets are financed in dollars so they have to pay higher interest rates and the dollar strengthens they had to pay back more. a tightening of monetary policy elsewhere affecting turkey, but also turkey were in trouble before the sanctions, the lira down a few weeks ago considerably, it's a perfect storm for a currency crisis? i think perfect storm for a currency crisis? ithink so, perfect storm for a currency crisis? i think so, the fragility was because a lot of turkish companies with dollar debt and that is something america's booming because of the tax cuts we've seen and it is causing a tightening of financial conditions in other countries, emerging markets in particular and i think this will carry on, notjust turkey but other emerging markets will see stress. thank you trevor. we will get your view on some of the newspaper stories doing the rounds later. still to come:

helping those that help others — we'll be talking to an company which is helping community workers find a place to live. you're with business live from bbc news. uk inflation figures released this morning, will be used to determine how much regulated train fares will rise in january next year. joining us now is our business correpsondent, danielle hewson. there is a lot of anticipation about this but a lot of political worry as well? absolutely. the sector has been beset by problems over last year and of course fair rises are not popular with commuters who have disruption. chris grayling is proposing that in the future the way those fare hikes are calculated. he wa nts to those fare hikes are calculated. he wants to change from using the rpi,

the retail price index, to the cpi, which is generally law. if you had got a season ticket to liverpool from manchester to liverpool last january when it went up it would have gone up by £30 less so a substantial difference. what chris grayling is saying is he wants to cover some of the cost of that by changing the way that pay for railway workers is calculated so they will also see their pay increases in the future going up by the cpi rather than the rpi which at the cpi rather than the rpi which at the moment the cpi stands at around 2.496, the moment the cpi stands at around 2.4%, rpi expected to be around 3.5%. you can see the logic but why would unions agree to this? unions have said there is absolutely no way they will take this lying down. but of course nhs workers, their pay increases are already measured using the cpi and chris grayling believes

the cpi and chris grayling believes the transport sector should also ta ke the transport sector should also take their share of the pain. but the rail unions say there's no way because this will effectively amount toa because this will effectively amount to a pay cut for rail workers going forward and that's simply not something they will take lying down. is there any prospect of a fear freeze? plenty of mp‘s calling for one. i don't think that's on the cards. to keep the railways going and to improve the destruction that that being faced there is a lot of work that needs to be done. thank you forjoining us. your‘re watching business live. our top story — in a few hours from now the chinese tech giant tencent announces

its second quarter results. the firm has seen $150 billion wiped off its market cap so far this year and investors will be keeping a close eye on the update. let's get the inside track on the latest efforts to improve the affordability of rented housing. everyone needs a roof over their heads but in some cities this is becoming more and more expensive. according to the property site nested, a family in hong kong needs an annual income of nearly $130,000 in order to rent comfortably. in new york the situation is even worse, with families requiring earnings of over $160,000. but topping the list is san francisco where families need an income of over $167,000 to cover their rent and all their other outgoings. dot dot dot is a social enterprise which hopes to improve the availability of affordable housing. it matches empty buildings with so—called property guardians who look after your property

while you re away. with us now is katharine hibbert, founder of dot dot dot. you are making housing affordable for how many? hundreds. hundreds across sheffield and london as well. how do you do it? we're helping residents to have affordable housing but we also helping property owners to secure their properties that would otherwise be empty. if you are a large—scale property owner and you have hundreds of flats, a large office block and some other kind of building which you don't have a current use for but you are trying to redevelop, sell orfind a new use for, it is a huge problem. your security costs are high you are still paying business rates and council tax and there is a high chanceit

council tax and there is a high chance it will become derelict, become vandalised and attract all sorts of anti—social behaviour. so we offered to property owners, manage buildings that would otherwise be empty which is a better value for them than their security options. it lets them create a positive social impact by using it to house people who do some volu nta ry to house people who do some voluntary work. how long do the tenancies last? the crucial thing is, they license agreements, not tenancies. everyone rehouse is being placed in the property to take of it on behalf of the property owners. does that affect your rights? you have the same rights to health and safety sta nda rds have the same rights to health and safety standards so it is the same as being in a multi—occupancy building. but you have fewer rights when you are asked to leave at the end of the agreement. so when we asked residents to move on, they have little choice but to do that.

just to pick you up on the point about when you ask them to move on, these landlords are getting some kind of portfolio together so basically you have got to go? yes. so you wouldn't want to have a young family in there or the elderly, it has to be individuals who are flexible? that is who we focus on, people, who in an ideal world, would have more security, but as you outlined in your introduction, it difficult to cover the rent. actually deciding you are going to have a bit less security, but pay less tha n have a bit less security, but pay less than half of what you would be paying as a tenant. it is a calculation that works well for a lot of people. it is people who are resilient, flexible, not vulnerable and don't have children. we have people in their 60s who are trying

to save up to do something different, move to some work difference. people in their 40s whose relationship status as have changed and need somewhere to go. how hard is it to fill landlords —— persuade landlords, are they relu cta nt to ta ke persuade landlords, are they reluctant to take on temporary people? when i started in 2011 we we re people? when i started in 2011 we were explaining to property owners what property guardianship was. now, it is pretty well understood by most large property owners, but having somebody living in your property is much better. it is more secure, less expensive than boarding it up, putting in alarms and paying a man with a dog. it is a better outcome. property owners have become better aware of this is a good solution. property owners have become better aware of this is a good solutionlj aware of this is a good solution.|j

can see how that would work in a big city because that is where you have some big landlords, but what about town is up and down any given country? we do a lot of work in the countryside, a lot of work in bucks and a lot of work on the south coast. there are still large property owners who cover are less urban portfolio. we do work with individual property owners, the huge majority of our work is with large property owners, but individuals are attracted to our reputation because of the quality and service we offer. the situation with housing in the uk at the moment and in many other countries, is such that if there is empty homes, you can find great residents and make some good use of them. thank you for talking us through this. the greek financial crisis caused property prices in athens to nearly half in real terms and they've yet

to fully recover. but the pain of the foreclosures and banks auctioning off freshly constructed homes created opportunities for both international buyers to snap up bargains and for entrepreneurs to offer services renting them out. but as philip hampsheir reports from athens, that's creating tensions with locals. until the financial crisis, tourists generally only spent a few days in athens. a quick stopover to see the acropolis and parthenon before heading on to their final destination, somewhere like santorini or crete, or rhodes. the bathroom in there. this young entrepreneur started a business with family 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 are rented to short—term holiday—makers using online services. about nine years ago,

the property market went down. but then again, the tourists, the people who visited greece for vacations have been going steadily up. last year we had 27 million tourists and now we have around 32. but of course, people coming in and buying up apartments does create issues elsewhere, if they rent them out online to short—term holiday—makers. it means that by definition there is less supply. and that's bad news if you are 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 that you have to move to a different district. 0ne you didn't call home. in these apartment blocks lives christos. he was born and raised in athens and when he wanted to buy an apartment with his wife, they had to move to a more down—market area. when we moved here, all six flats were either rented

or the owners lived in the flats. but over the last two, three years, all of the renters left because the lease was over and the owners asked them politely to leave. so they could rent the apartments to air b&b. with its atmosphere, culture and history, it's clear why foreigners would want property in athens, but the tensions that is creating with the locals will need to be resolved. philip hampshire, bbc news, athens. what other business stories has the media been taking an interest in? trevor greetham from royal london asset management joins us again to discuss. botox, there has been stories in the papers how high streets in the uk said the likes of superdrug ‘s, they

are offering botox for £99, just over $100, so quite cheap. leaving aside whether it is a good idea to engage in casual plastic surgery in your lunch break. people are running shops that needed to be physically present. you have to be physically present. you have to be physically present to have botox so well you might fill your trolley with toothpaste. superdrug are saying the nurses are highly trained and they are making sure people know it isn't are making sure people know it isn't a quick knock offjob. nonetheless, £99 is a big discount in an uncomfortable area for some people. plastic surgery going mass—market, blaming love island and other things. sticking with the theme of looking good, apparently people are

taking back clothes, they buy them, ta ke p hotos taking back clothes, they buy them, take photos of them and post them on instagram and then they get paid. you are one in ten of doing that? what i was struck by this article, a large proportion of men said they would be shocked and ashamed for their mailfriend to would be shocked and ashamed for their mail friend to see them wearing the same outfit twice. a few people at royal us that london, you would be seeing this outfit quite often. we don't do botox and we don't keep pace with the fashion. it is the decline of the high street, people look in shops and then they go online. but they borrow things from shops and then they are giving it back. thank you forjoining us.

thank you for watching. hello, we will see something of a north—west east split in the weather. it will be breezy, lots of cloud and showery outbreaks of rain. the driest of the weather will be towards the south and east because high—pressure is just about holding on across the south but this area of low pressure in the north—west is driving weather fronts towards us and it is bringing rain this morning across scotland and to northern ireland. patchy rain to wales and into the far north—west of england. the further south and east you are, it is drier and brighter and it will feel quite warm. let's focus on the rain during this afternoon. it will feel heavy at times across the north and west of scotland. breezy conditions. towards eastern and south east scotland however, sunny spells. brightness through northern

ireland. but wetter weather around through much of wales, the north—west of england but as you notice the further south and east, still a little bit breezy but with sunshine. temperatures getting up to 24 sunshine. temperatures getting up to 2a or 25 degrees. tonight, the area of rain will move gradually south and east. still quite heavily in places. fresh air coming in behind that but still a warm night towards south—eastern areas with temperatures no lower than about 17 degrees for example in london. the weather system will continue to track their way south and east as we go through thursday. look at the isobars, we trace them back towards the north and that is the origin of these fresher conditions which will extend to all parts as the weather front extend to all parts as the weather fro nt m oves extend to all parts as the weather front moves away to the south—east. 0n front moves away to the south—east. on thursday, it will be a wet day for eastern and south—eastern areas of england. not really clearing away until the evening. high index, bright sunshine and showers across

the far north and west of scotland. they could be heavy perhaps with thunder. a big drop in temperatures. fresher for all of thunder. a big drop in temperatures. fresherfor all of us. thunder. a big drop in temperatures. fresher for all of us. on thunder. a big drop in temperatures. fresherfor all of us. on friday thunder. a big drop in temperatures. fresher for all of us. on friday the weekend, low pressure is with us and weekend, low pressure is with us and we have this westerly airstream across the uk and that will keep things changeable. 0n across the uk and that will keep things changeable. on friday, quite cloudy, rain for scotland and northern ireland and a few bits of brightness towards eastern parts. saturday should be dry and brighter for many others. temperatures in the weekend, rising up into the mid teens. goodbye. good morning. a man being held on suspicion of terrorism after a car was driven into people and the security barrier in westminster has just been named, he is 29—year—old salih khater. we will bring you the latest. rescuers in the italian city of genoa have been searching

throughout the night in the hopes of finding survivors of yesterday's catastrophic motorway bridge collapse.