this is business live from bbc news, with victoria fritz and sally bundock. tesla finally puts the brakes on losses, making only its third ever quarterly profit. live from london, that's our top story on thursday 25th october. the electric car company made a record $311 million in the three months to september, delivering on founder elon musk‘s promise to investors of profitability this year. also in the programme — more woe on the uk high street. the struggling department store chain debenhams announces plans to close up to 50 stores, putting around 4,000 jobs at risk. turmoil continuing on the market as europe follows asia and wall street

lower. and aianb is one thing — but how about giving your guests an experience matching that of a 5—star hotel? we'll be getting the inside track on hostmaker, which helps homeowners manage their short—term rentals by providing hospitality services. with the rise of aianb and others, its never been easier to make money from the things you own that you're not using. today we want to know what you're renting out — from your spare room, to your car, to your parking spot — just let us know. use the hashtag bbcbizlive. hello and welcome to business live. it's been quite a trip in recent months for the electric car maker tesla, but now it has finally reported a quarterly profit — long promised by its chief executive elon musk. the california—based company beat expectations and made a profit of $311.5 million in the three months to the end of september, as it accelerated

production of its affordable model three. this news sent shares up almost 10% in after hours trading on wall street. but shares in tesla had jumped even before the earnings release, after a notorious short—seller of tesla stock — these are investors who bet on the share price falling — said it believed the model three was now "destroying the competition". but the company still faces challenges. it's yet to appoint a new chairman after us regulators forced elon musk to step down from the role for misleading investors with his tweet in august that said funding was secured to take the company private. and it's been under intense pressure to become profitable because of its $10.1 billion in debt. $1.35b of that comes due by march 2019. elon musk insists tesla has no need to raise new capital. here with us is amanda stretton,

motoring editor at confused.com. it's nice to see you again. he has delivered this time, quarterly profits, shares went up. the question is, can they keep it up? firstly, it's great that they've managed to sort out production issues and get cars rolling off the production line in a timely profession and delivering but will they be able to maintain it? that's what the profitability depends on. the hinge factorfor what the profitability depends on. the hinge factor for success on the company. there is a lot to be seen. they are starting to encounter some problems of a volume manufacturer. before, they had been small. and one of the problems of a volume manufacturer is problems with recalls. you cannot keep a close eye on the production process in the way that elon musk has says he's been

able to or tesla say. he is involving the company? recall is a serious issue. many people we have spoken to say that owning an electric car, people are put off by the cost but also reliability, so much technology goes into these vehicles. tesla have recently fallen to 27 out of 29 auto—makers in terms of the car reliability. it says an awful lot, is well and good getting the cars out there but you needed volume manufacturer with cars that people can trust and people want to buy. and others are catching up, there's a lot of competition that there's a lot of competition that there is a cult following with tesla. there is the other issue of the maverick boss himself, elon musk. no chairman yet, we do not know who that will be. someone who can keep him in check? we definitely need someone who can keep him in check. as the company mitchells and

gets more grown—up when edith green style of leadership too. the fact they have had a maverick leader is great. tesla have been shaken up and done that but it is time based on ensuring. i think we need some really strong leadership now. at this time, because the market is so... this time, because the market is so... it is no longer a tesla market. the other big manufacturers have their products, they've gone through the production process. if you've got the choice of owning a bmw, mercedes orjaguar, all of which are provided by companies with great service centres and track records. tesla seems to have a dubious record for reliability, who will you go for as a consumer? amanda, good to see you as always. thank you. let's have a look at some

of the other stories this morning. uk department store chain debenhams is to close 50 stores, putting 4,000 jobs at risk, after suffering a loss of around $600 million. the high street giant says the closures will take place over a three to five year period. the news comes alongside a dire set of financialfigures. it marks the biggest shortfall in the 240 years of the business, in the 240 years of the business. the bbc has been criticised by mps for paying female staff less and employing people on contracts that ended up having "life—changing consequences". a report on pay equality by the digital, culture, media and sport committee found the corporation has failed female employees. the inquiry was sparked by presenter carrie gracie, who had accused the corporation of pay discrimination. shares of cathay pacific airways have dropped more than 6% to a nine—year low after it revealed a data breach. it says details of around 9.4 million passengers had been

accessed without authorisation. the hackers obtained passport numbers and hong kong identity card numbers. the state of new york has taken legal action against exxonmobil, accusing the oil giant of misleading investors about the risks of climate change to its business. exxon allegedly downplayed the potential costs of new greenhouse gas regulations, despite assuring investors it had accounted for the risks. the company has pledged to fight the allegations in court. asia stocks have all opened in the red this morning after a bruising session on wall street which saw two of the three main indexes erase their gains for the year. they closed down quite significantly. joining us now from our asia business correspondent is karishma vaswani. .. talk us through today and some of

the reasons for those declines? well, sally, across the board we have seen share markets in asia see about two to 3% shaved off the indices,japan, about two to 3% shaved off the indices, japan, hong kong and korea seeing the same thing. following on from that lower close in the us overnight. three reasons i've heard as to the main factors as to why we have seen lower closures in asia is the fact that higher us interest rates, they can affect growth in the us. that is also affecting sentiment out here in asia because of us interest rates going up, then you see money pulled out of asian markets. you have the us china trade warand markets. you have the us china trade war and confidence chipped away at isa war and confidence chipped away at is a combination of all of these factors. people are effectively selling their shares because other people are selling. no telling how much longer the sentiment will continue for but very nervous investors there today. thank you.

asia—pacific equities took a beating — the indices fell about 2% with tech segments dragged lower by concerns over the outlook for semiconductor stocks. weaker us earnings stoke fears of economic slowdown as the nasdaq sees worst fall in seven years. european stocks took their lead from asia and wall street with mounting concerns over the global economy and the strength of forward guidance coming out of big companies in the united states. samira hussain has the details of what's ahead on wall street today. after technology led wall street to a sharp decline on wednesday, thursday is when some of the biggest tech companies get the chance to persuade investors that the good times are still rolling. first out, before the market is open is

twitter. this global market reporting a rise in profits in the third quarter but as ever, a lot of investors will be focusing on their struggle to increase the number of users. after the closing bell, two of the giants of the tech centres put out their numbers, amazon and google. but with the tech heavy stock index, the nasdaq, suffering its worst day in several years on thursday, even the biggest names in tech had to do some heavy lifting to boost investor's sentience. joining us is derrick — the chief markets strategist at bank of new york mellon top of cycle — only one way to go? how do you feel? some deja vu, actually. look, the job how do you feel? some deja vu, actually. look, thejob of how do you feel? some deja vu, actually. look, the job of the market is to look forward to discount what is happening in future. clearly, what markets are doing now is discounting the idea that there could be a slowdown. and

maybe we are in the peak of earnings for a lot of the big companies. the reason why it is deja vu is that we have seen this three or four times during my careerfrom have seen this three or four times during my career from 2000, have seen this three or four times during my careerfrom 2000, 2008. there are echoes of 1987. and it does feel as though we are having one of those market panics. whether we have another bad couple of days, ido we have another bad couple of days, i do think we have, but it's a question of what the central banks do. an interesting thing is one of the sell—offs going on in tech. for a long time it has been a success story and people have been ploughing money in as an investor into these companies but now we see this sell—off and it is happening in asia and the us. and i guess it is worrying because tech is international in nature. and you can make the argument that it is the litmus test for the global economy.

it is so international. 0ne litmus test for the global economy. it is so international. one of the issues that people have been having issues that people have been having is whether there will be a slowdown in demand, there has been a slowdown in china, will it make the supply chain is more difficult? reminiscent of 2000. and in the middle of that you have companies like microsoft coming out with their earnings and beating expectations, we have mentioned tesla, tesla were up 10% yesterday. is there some sort of encouragement about what is going on in the real world because of that?‘ little in the real world because of that?l little bit but they are backward looking numbers. the market has to be forward—looking. there is the feeling that as we rise to the peak of season, over the next few quarters, remember, technology has been a one standout here over the last 12 months. everything else has been far more negative. this may be

the straw that breaks the camel ‘s back. he is allowed back when things are so back. he is allowed back when things are so gloomy! thank you. still to come... more and more of us are renting out rooms 01’ oui’ homes for short—term lets. but how about offering our guests the experience they'd get in a five—star hotel? we'll get the inside track on homemaker — which offers hospitality services, with its founder and ceo nakul sharma. you're with business live from bbc news. more now on debenhams — the struggling retailer has confirmed record annual losses and says it will close up to 50 under—performing stores. earlier we spoke to the chief executive, sergio bucher. we area we are a profitable business. we have announced today a series of measures that will further

strengthen the balance sheet of debenhams and our financial stability so we can invest in this plan to make our stores better and the shopping experience better. joining us now is laith khalaf, senior analyst at hargreaves la nsdown. is good to see you, the boss had a lot more to say, what do you make of the outlook for debenhams, they are taking drastic action now?m the outlook for debenhams, they are taking drastic action now? it is grim news, headline losses, a lot of it is right down and overstates the matter, but that is not to say that things are not grisly. you can see that from the store closures. we know that footfall has been declining. a department store like debenhams, which has very big stores, they have costs to maintain and are at the sharp end of proceedings. we understand about 50 stores equates to about 4000 jobs under threat. what more do we know

about those numbers? those are the numbers that we have at the moment. up numbers that we have at the moment. up to 50 stores. we don't know the locations of those stores, but it reflects the new and harsh economic reality on the high street. i suppose that the question is, for the chancellor in the forthcoming budget, is whether he will do anything to redress the balance between internet sales on the high street, where you have high and expensive costs in physical stores but he already has a lot on his plate. whether he wants to bite off more than he can chew, it's a big issue here, and remains to be seen. we will leave it there. thank you. interesting numbers there. they have about 166 stores, almost one in three stores are disappearing from the high street. and they are not revealing which ones. and we have businesses from across

the eu visiting dominic raab today. they will urge him to consider a no guilt scenario, brexit never out of the news, business leaders are descending on dominic raab. tesla has made a quarterly profit, the first for quite some time, the third ever since they've come into being. the electric car company made $311 million in the third quarter, delivering the promise from elon musk that they would return to profitability. never out of the headlines. he has done it! now, we have all rented rooms in apartments or stayed at other people's homes, advertised on platforms like airbnb. but wouldn't be nice if our rental experience could match that of a five star hotel suite? well, one hospitality firm aims to make the lives of hosts easier with its service. hostmaker helps homeowners

manage their short—term rentals by providing services, from housekeeping by hotel—trained staff and guest relations, to interior design. joining us is hostmaker‘s founder and chief executive, nakul sharma. hostmaker‘s chief executive officer and founder, nakul sharma join us now. thank you forjoining us today on the programme. this sounds great, i suppose. if you have a spare house, for example, in london, where you wa nt to for example, in london, where you want to be renting out to people but it sounds like you may end up not making that much money if you are a homeowner? not that many people have a spare house to flog on the internet in the first place! interestingly, we deliver over 30% higher earnings than conventional renting solutions. my background is hospitality, i used to work in hotels and one of the things that we noticed was as home schering grew in popularity, we were seeing that homes were being used in different

ways, especially after trends around flexible working, remote working, and we have people using rental contracts in very different ways. people are no longer used to committing to a one—year contract or a three—year contract, and especially as we see that experience with travel experiences are being more valued than asset ownership, people just want to plug and play into homes rather than committing to owning a home. the way it works is someone may approach you, they have a property that they want to rent out and it has to be a whole property, not a room in the case of your company. you do everything from the start, take pictures and get it ready for rental, put it out there. it may be on aianb mac, and other places as well. then you take 20% of what they get? to put it simply, we area what they get? to put it simply, we are a hands off solution. everything from interior design to pricing

across multiple channels. then, the hospitality service that comes with it. we do everything across several european markets as well. in london, paris, rome and barcelona, we recently launched our first market outside of europe in bangkok. we are seeing the trend growing, we posted over a quarter of a million guests in the last four years since our founding and the added touch of service gives assurance to travellers that they are getting a secure and good quality service, and for property owners, we are looking after their assets. you said that your background was in hospitality, i wonder if this is such a good idea, why aren't more hotels offering this as a service, rather than staying in just hotels? it appears to be a no—brainer? with any

new concept, gaining traction, the big incumbents wait on the sidelines and see how it plays out. of the last few years, hotel companies have realised that homes are a new category in travel and accommodation. the same traveller who may stay for a couple of nights in hotels would like to stay in homes for a longer period of time. and what about those who argue that organisations like yours and aianb are pushing people out of cities where normal people, whojust are pushing people out of cities where normal people, who just want to live and work in the city, cannot afford to because you have many overseas i nvesto rs afford to because you have many overseas investors buying out these gorgeous flats, getting people like you to rent them out for them and making a killing on it? firstly, we have been watching this space closely and there is no research yet backing that claim. and we are working closely with the city government, in barcelona, lisbon and florence, we have been speaking to the mayors of the city to see how we

can make things stable. in places like tokyo and dubai, they are gearing up to 2020 and the olympics ina gearing up to 2020 and the olympics in a couple of years' time to see how they can host the influx of travellers without building new hotels in the city. so, we think this is a sustainable way for those shorter spikes of trouble way you can open up accommodation instead of building into the city. watch this space—x thank you. here is how to be in touch. stay up—to—date with all of today's business news as it happens on the bbc‘s business live page, there is insight and analysis from our editors across the globe. we wa nt editors across the globe. we want to hear from you. get involved on the bbc‘s business live web page. 0n live web page. on twitter we are at bbc business and you can find us on facebook at

bbc money. what you need to know and when you need to know. we will talk about your comments in a moment. but first, some live footage from madrid. this is taxi drivers outside of the spanish parliament right now. lawmakers there will decide on a law that would regulate companies like uber, which taxi unions view as a positive law. they would like to see this law coming into place. there is this huge competition in cities like madrid, london and elsewhere. these taxi drivers are staging a demonstration in madrid. simon derrick is back from his market slot. he has had a cup of coffee, i hope! let's begin with the debenhams story

that broke this morning. really quite significant in terms of the reduction, by which i mean the number of stores that they will close. pretty drastic action. we have seen stories like this happening across the world, notjust the uk and debenhams? that's the point to make. the most recent news is that we heard sears was falling, and another big department store in the us, a common feature of this shopping more out there. they are struggling to get the cash to keep them going through the christmas period. clearly, there is something far more than simply about debenhams but the changing face of retail. it is supposed to be about how far in we are, the economy has been growing for 9.5 years now, it's a very

mature stage but the pressure on companies at that late stage in the cycle becomes more intense. that is an element of it but there's a in retail too. like we change how we shop. it's no longer that we want to go an anonymous high street, or shopping online. do you rent anything out like a car sparking. -- it is —— it is quite interesting, we were talking about this as we had our guests in speaking about hostmaker, we asked for your views on this. some of you have been in touch. 0ne reviewer said to build a passionate home and renting it is not an easy choice. every asset housing market. a lot of comments coming in, some of

the interesting stuff, it isn'tjust homes being rented out now. people are renting their bicycles or even blenders, should you wish to! some people are not even doing it for money. it is a sharing economy. what is fascinating is how big it is becoming. 0ne is fascinating is how big it is becoming. one of the remarkable things is to go through these bike sharing companies where you see bicycles being shared and left. but there is the downside. you see bicycles left in the strangest places. there are two sides to the sharing economy. people perhaps have less of a moral need to look after things if they are not necessarily their owners. good point. he is lovely to have you with us today. thank you for coming on. that's all today. see you soon. today will be the last of the quiet

weather days, things turn more interesting tomorrow and into the weekend. more cloud, from south—west scotla nd weekend. more cloud, from south—west scotland that will feed in moisture and drizzle across western scotland, initially before the weekend. it intensifies during the afternoon. brea ks intensifies during the afternoon. breaks in the cloud, sunshine in eastern areas of the uk. more cloud compared to yesterday and colder. temperatures of 12—15d. through tonight, this area of rain moving southwards. breaking up as it moves into northern england. that rain moves southward, and introduces colder air. right across the uk, that uses into these areas and comes in from the arctic. a chilly start,

particularly in northern parts. temperatures of three or 4 degrees. just about double figures across the south. 0n just about double figures across the south. on friday, the cloud and patches of rain moves aside, we have a lot of sunshine in the uk. showers feeding in. they could turn wintry across scotland and northern wales. with a rather brisk northerly wind, is going to feel quite cold. temperatures on the thermometer of 8-10d. temperatures on the thermometer of 8—10d. with the wind chill it will feel much colder. at the weekend, this northerly wind across the uk, feeding in showers. mainly in coastal areas of the uk. they move further inland, giving us some snow on higher ground. we do have this brisk northerly wind, which will make it feel cold. while the temperature on the thermometer may say on saturday that it is seven or 8 degrees, with the wind chill, it

will feel more like three or 4 degrees in places. really quite a cold day. a shock to the system on saturday. sunday is similar, this northerly wind with a lot of sunshine on sunday. showers on the eastern part of the uk, moving further inland. but these temperatures of 8—11d. with the northerly wind, it will feel colder than those suggest. that's all from me, goodbye. hello. it's thursday. it's nine o'clock. i'm joanna gosling. welcome to the programme. debenhams is to close up to 50 of its department stores, putting around 4000 jobs at risk. it's just announced losses of almost £500 million in the worst performance in the group's 240 year history. we'll be looking at the latest casualty of the high street. president trump has said politicians and the media need to be nicer to each other and stop spreading negative stories

after several explosive devices were sent to high profile democrats and the news channel cnn. the media also has a responsibility to set a civil tone and to stop the endless hostility and constant negative and often times false attacks and stories. have to do it.