this is business live from bbc news with sally bundock and ben thompson. profits slip into lower gear at the scandal—hit japanese carmaker nissan. live from london, that's our top story on tuesday 12 february. nissan downgrades its full—year forecast as it delivers the first set of results since the arrest of its once all—powerful former chairman carlos ghosn. also in the programme: in deep water? the british government is sued over its decision to charter firms to run extra ferries, including one with no ships, in the event of a no—deal brexit. the markets have been trading for just over half an hour. germany is up just over half an hour. germany is up by just over half an hour. germany is up byjust over 1%. seeing the bigger picture.

we'll get the inside track on how, injust 15 years, the photo and media agency shutterstock grew to become one of the world's biggest distributors of images and videos. and, amid reports of people stockpiling tins and essentials, we want to know today what you're doing, if anything, to prepare for brexit? let us know — use #bbcbizlive hello and welcome to business live. the japanese carmaker nissan has delivered its first set of earnings since the arrest of its former—chairman carlos ghosn. he remains in custody in tokyo, on financial misconduct charges. charges which he denies. the firm posted a 25% rise in operating profits for the three months to december to more than $900 million. but it's also lowered its forecasts for the full year. nissan says it is booking ghosn‘s pay, which it says was underreported, totalling around $82

million as an expense. the car giant is feeling the effects of weaker demand in china, where new car sales declined in 2018 for the first time in 28 years, sliding 2.8% tojust over 28 million vehicles. as for the us, nissan 5 sales there plunged 19% injanuary. the company is cutting as many as 700 workers at its mississippi factory due to slowing truck and van sales. nissan warned last week that brexit uncertainty was not helping firms to "plan for the future" in the uk. that was as it confirmed that it was scrapping plans to build the x—trail suv at its sunderland plant in northern england. rupert wingfield—hayes is live in tokyo for us. you have just come

you havejust come back you have just come back from their press c0 nfe re nce . you have just come back from their press conference. yes, there were a lot of figures to dig into. the first thing is that we were not expecting the ceo to turn up and ta ke expecting the ceo to turn up and take over the press conference and make the main presentation today. it was expected the chief financial officer would make the statement but this ceo turned up and held forth about the figures and during the question and answer session he talked a lot about the arrest of carlos ghosn and the alliance with renault and the future strategy now that carlos ghosn has gone and how they are going to be build confidence in missile and the alliance with renault in the future. —— with nissan. jim holder, editorial director at autocar, is with me now. clearly things moving quite quickly

but this is our first snapshot since that scandal with carlos gordon. what do you make of the figures? although they are going they are encouraging. the chinese market is down, the american market is under pressure and with the trade war going on in europe has been a bit of a crisis centre for some of the manufacturers. the figures are down but not as low as they could be. we are starting to see the new leadership stamp authority on nissan and see where it can lead us into the future in the post carlos ghosn era. the underlying business is doing pretty well, it is just the sort of big costs associated with the scandal and a few other things that have dragged down the figure. the cost from the scandal are very significant. also things like the american market where they are deliberately trying to sell less ca i’s deliberately trying to sell less cars but make them more profitable.

carlos ghosn was famous for trying to push volume in the states and the new leadership is trying to establish profitability to raise the brand value and sell cars for more. china is a very threatened market. there is a lot of pressure on car sales and a lot of competition. they are under pressure from rivals. one of the other big pressures is this push to electric. firms not really knowing how far they can push that and whether we as consumers are ready for it. absolutely, nissan we re ready for it. absolutely, nissan were leaders with that, and they have the world's largest selling electric car but there is still a long way to go before electric cars in the mainstream. tiny percentages in most markets of fully electric sales. nissan have to work out how to capitalise on that but that requires huge investment at the time

and the majority of their profits are coming from diesel and petrol. the move to bring production or not commit to build the extra l model in the north—east of england in sunderland, part of the wider strategy to consolidate. they say they know what they are dealing with back, they know which markets to treat too. nissan has identified it is under pressure. britain's biggest factory is the sunderland plant which produces more than any other in the uk. they have to work out what the future for that plant is and investing in the plant with technology that is going to be superseded is probably not the right strategy but it means contraction of their plans. there is a long lead time on that sort of investment because they have to look five or ten yea rs because they have to look five or ten years ahead to what our habits will be and where in the world is going to be the best place for the market and to make it. so many

factors. absolutely. that is one of the beauties of the card industry and why it is so complex. a minimum of five to ten years ahead. they are moving parts around. these investments are not for short—term, they are for long—term, which is why they are for long—term, which is why the decision sunderland was such a blow, because the investment would have lasted minimum a decade. the situation they find themselves in at the planning they have to do is for ten years' time. thank you. let's take a look at some of the other stories making the news. democrats and republicans in the united states say they've reached a deal on border security funding that would avert another partial government shutdown. a bill must be approved by friday when funding runs out for some federal agencies. the previous shutdown, the longest in us history, lasted 35 days. the cost to the us economy is estimated at $11 billion. the uk government is being sued

for its decision to charter firms to run extra ferries in the event of a no—deal brexit, including one with no ships. the channel tunnel operator eurotunnel says the contracts were decided in a secretive and flawed procurement process. the uk's department for transport says it acted transparently and competitively. amazon says it has signed an agreement to buy eero, a startup company that makes home routers. it's amazon's latest push into the smart home, following the acquisition of video doorbell maker ring last yearfor $1 billion. amazon hasn't revealed how much it's paid for the firm. softbank‘s vision fund has invested $940 million in the robotics company nuro as part of a broader move towards tech investing. nuro, which has launched a self—driving delivery service to run errands, said it plans to use the money to upgrade its service and technology. japan opened for the first time this

week, up 2.61% overall. the dollar has had a bit of a rally of late. the best run it has seen since january 2016 so exporters doing well injapan. nissan january 2016 so exporters doing well in japan. nissan shares january 2016 so exporters doing well injapan. nissan shares will be reacting to their results tomorrow. the nissan results released after the trading day ended in tokyo. a big move in london. debenhams department store chain has confirmed it has got an extra £40 million worth of borrowing facility. it is seeking refinancing. shares are up 43% today. just over 1p. quite

interesting how debenhams on the move. it is a big move if you are a speculator. and michelle fleury has the details of what's ahead on wall street today. the economic calendar is like this tuesday, a handful of us companies are due to publish their quarterly scorecards. more on that in a moment. first, what have we learned so far from this earnings season? for wall street the emerging picture isn't great. growth appears to be slowing but it's also not as bad as investors had feared at the start of this year. looking ahead to this tuesday, sportswear maker under armour is expected to report a slight growth in fourth—quarter sales and profit before the opening belt. the company is under increasing pressure from rivals nike and adidas. shares in activision blizzard took a hit. they fell to a two—year low on monday ahead of its fourth—quarter results with reports that the company, which makes call of duty, plans to cutjobs. the success of fortnite,

which is made by epic games, has been challenging for video game publishers. we were trying to work out what you meant by 40 eight tenths of a pence. just under half a penny. sorry, i am tired. it is a good job we don't need to know numbers! joining us is richard hunter, head of markets at interactive investor. looking at what markets did yesterday. 0verall looking at what markets did yesterday. overall the weakest year for six years if you look at growth over the whole year. compare that with europe and it is not much better. that's right. in particular concern is germany which has long

been seen as the powerhouse of the european economy and they are having some struggles, let alone it is becoming increasingly clear that a bad outcome from brexit would impact them badly as well. markets are ignoring the bad news for now. markets around the world, seeing a fairly good week so far and i think perhaps this is that there might not bea perhaps this is that there might not be a government shutdown and there might bea be a government shutdown and there might be a deal between the us and china, people are looking on the positive side. yet, it is always a balancing act. the chinese economy is growing at over 6%. the us economy still going. there are clouds on the horizon is that you have mentioned. 0n the qt almost, the uk ftse 100 have mentioned. 0n the qt almost, the uk ftse100 is actually up 6% and although there is a lot of foreign investors probably still

choosing to stay away what we are seeing is some selective stop buying particularly of defensive stock saw the lights of the oil stock for example, they have had a bumper set of results, tobacco stocks had a good january. there might be selective buying going on as opposed to index by ian. are those the stalks that would be pretty resilient in the event of no deal brexit because we would have to consume them regardless? yes. if the market should take a sharp correction defensive shares will go down but not as much as the broader index. defensive shares are things that relate to money we will have to continue to spend, whether that be unilever, electricity, and general utilities, we will always need that income coming in. pretty reliable stocks you might say. we will be

finding out how mcdonald's has lost its trademark of big mac later. still to come: it has more than 200 million licensed photos and more than ten million video clips. it's shutterstock, one of the world's biggest distributors of images, whose founder started the business by taking the pictures himself. we'll hear his story. tui has revealed its losses have widened to $94 million in the three months to december. the tour operator said it had lowered fares in order to protect its share of the crowded low—cost travel market. our business correspondent theo leggett has details. it used to be thomson holidays.

it used to be thomson holidaysm did indeed. this is a business based in germany and with a significant operation in the uk. the problem is, the long hot summer, a hangover because of late bookings because of that. people moving away from the west mediterranean to the eastern mediterranean which has meant a lot of overcapacity in traditional markets like the canary islands. the pound sterling has fallen because of fears about brexit which has affected revenues in the uk. the basic problem for a company like tui is there is a lot of competition. people but colleges online and do not necessarily go to package operators. traditional package operators. traditional package operators are having to model by their business and focus on holiday experiences. it is not all bad news. if you look into the results the cruise business is doing very well indeed. it is the airline is not

doing so well. tui has six airlines. parts of the business are doing well. people like to get on a boat and go to the sunshine. they seem to. tui warned us that these earnings would not be as rosy as we had hoped for. it is about managing expectations. they knew the results we re expectations. they knew the results were not going to be as good because of the after—effects of the hot summer of the after—effects of the hot summerand of the after—effects of the hot summer and pound sterling. across the year of the hole it is still expecting its results to be broadly in line with what they were the year before so i reasonably healthy profit but expectations have been downgraded. growth in profits which was forecast is not being forecast anymore. debenhams securing a cash injection,

a lifeline for them. tui shares down nearly 4% on the back of their results. you're watching business live. our top story: the japanese automaker nissan has lowered its full—year forecast, even as profit for the three months to december jumped 25%. the company has been rocked by the arrest of its former chairman carlos ghosn. now let's get the inside track on stock images. if you haven t heard of them, shutterstock has become a leading provider of licensed photographs, videos and music to businesses, marketing agencies and media organizations around the world. working with its growing community of over 450,000 contributors, shutterstock adds hundreds of thousands of images each week, and currently has more than 200 million images and more

than ten million video clips available. kim gittleson caught up with the founder and ceo in new york, to find out how he started the company just 15 years ago. it was exactly 15 years ago now and i had been building different software companies on the internet, trying to figure out what products people would buy, and i would build them myself. i was an engineer at the time. and i was always looking for images to sell the software products on the internet, so i started shooting some of those images myself and i put them on another website called shutter stock at the time and sold a subscription of my own images for a very low price, because they are not very high quality. that's how the company got started. for a while you were the only employee, if i remember correctly you also didn't take any outside funding, so how did you grow shutterstock?

yeah, it was a profitable business from the start and we extracted from the 10,000 images that i put on the website in 2003—2004 to over 200 million today. incrementally, week by week, improving the site, spending the marketing dollars very efficiently, sending out the right marketing materials to convert the right customers to get that feedback coming. and so just kind of balancing that day by day, week by week, for 15 years. here we are today. we have sold over a billion images today. we have hundreds of thousands of contributors, we have millions of photos every week, we have millions of customers. wejust keep building from here. how has the stock photography business changed in the past 15 years? what trends have you seen? yeah, a lot has changed. everything has got a lot more digital and things have moved a lot faster, so if you are a business today

you don'tjust need a few images every single day or every single month, you need hundreds in order to compete well on the internet because you are testing different messages to different audiences. you have to be a lot more international, so you need content from around the world that used to be a lot harder to get but today with services like ours it is a lot easier. when i spoke to you five years ago you had just become silicon alley‘s first billionaire. silicon alley being the tech sector here in new york. how has the technology scene here changed around you? new york is still a great place to start a tech company. there is a lot of talent in the city. that was hard to find ten years ago. today there's a lot of engineers that understand the internet. you don't have to go to silicon valley to start your tech company any longer. do you ever think there will be a time when we don't need

any more stock photos, there will be enough women laughing along with salad, for instance? how does the future look to you? there will never be enough stock photos. they change every day. everything around us is changing. what we wear, what we do, how we interact, and those objects and photos change, the concepts we need to communicate with change, and everybody is competing with everybody else and needs to get that visual edge for their business. do you have a favourite stock photo? that's a hard question. i like all 200 million of them! that is a tough question. richard hunter from interactive investorjoins us again. mcdonald's losing its trademark to

the big mac. 0ther rivalfirms are enjoying this. yes, a legal battle with a firm called supermac which is an irish fast—food chain and in january it was decided that the big mac name could not be trademarks or burger king in sweden thought it was time and they were working on the basis that you could refer to big mac and they have been putting out ads accordingly. we can look at some of these. they are enjoying using this trademark. they are making the most of it because mcdonald's are going to be appealing the ruling so they are trying to make a while the sun shines. the government is being sued over its no dealfairly contingency plans. this was extreme

the controversial at the time because we found out about this contract the department for transport approved of the company to provide fairies in the case of no deal and one of the firms picked out did not seem to have any ships. what is eurotunnel proposing? they are seeing it was secretive and flawed in terms of the procurement process, it was too quick. done behind closed doors. you would have expected some sort of reply from the government. the reply in terms of maritime freight is it is not something eurotunnel could have dealt with in any eurotunnel could have dealt with in a ny eve nt eurotunnel could have dealt with in any event but eurotunnel cm because of the process they are looking to sue the government. the government has said the process was competitive. there are stock responses that they did due diligence. we are asking people how

they are preparing. are you preparing? no. what would you stockpile? i suppose it would have to be tinned stuff. it is going to be nuclear when you go down the bunker. we asked viewers to get in touch to ask what you are preparing. 0ne touch to ask what you are preparing. one person says i have put up somewhere to live with my life and kids. a bit of sarcasm there. someone else's saving and obtaining dual nationality. someone says how can anyone to appear when the government refuses to give facts about what will happen? that is the problem, businesses say they will call but they need direction. even if it is not necessarily the direction we want to hear, at least when we know what we are dealing with we can start to deal with it.

we have been through worse. business is pretty resilient. there will be more stuff to come. we had the oil crisis in the 70s and the big crash in the 805. crisis in the 70s and the big crash in the 80s. the ftse100 up 696 so far this year which is amazing when you think about the political chaos that has been going on. typified by those defensive stocks which plays into the fact that people will still wa nt to into the fact that people will still want to put their money to work. defensive stocks have a high dividend yield. your tie is the london tube map, that is your brexit plan. it is my insurance. that's it from business live today. we'll see you again tomorrow. much more cloud around today and a

few spots of rain here and there but pa rt few spots of rain here and there but part of a process to bring something milder our way. the money for a fiesta day 6 degrees with a little bit of sunshine. we could hit 15 celsius on thursday. a mild air coming up from the atlantic associated with cloud spreading across the country bringing occasional rain. we have seen some rain in parts of scotland, northern ireland, northern england and wales. brightening up through scotland and northern ireland but with the strengthening breeze. further south some cloud producing drizzle. most places dry with a little bit of sunshine. the easiest for all. the strongest of the winds in the north but atlantic winds with us and many of us in double figures. tonight patchy rain starts to move northwards once again. we will see rain across central parts and

scotla nd rain across central parts and scotland which will drag in milder air. further east temperatures will drop, low enough to be close to frost but largely frost free tomorrow. scotland will see occasional rain or drizzle in the morning. patchy rain confined to the north of scotland mainly later. mostly dry through wednesday afternoon with easy sunshine breaking through. wednesday night into thursday, this weather front moving to the north of us, milder airfrom the moving to the north of us, milder air from the atlantic and increasingly clear air, much more in the way of sunshine developing. still a few showers cost of the northern isles. lovely valentine's day for many. maybe 15 degrees not out of the question. it is going to

bea out of the question. it is going to be a lovely sunny start for england and wales, clouding over through the day in scotland and northern ireland with outbreaks of rain pushing in from the west and the breeze will be picking up. temperatures in double figures. some of the mildest conditions on friday will be further south with highs of 14. you're watching bbc news at 9 with me, annita mcveigh. the headlines... theresa may will urge mps to hold their nerve when she updates them on the brexit talks — as one of her senior ministers says it's up to the eu to show flexibility to get a deal done. it seems to me that the eu to the need to look very carefully at this. it is now extraordinarily clear to everybody what parliament will support. tougher criminal checks for taxi drivers in england. plans to give better protection to vulnerable passengers are set

out by the government. getting rid of the rubbish — nearly two million complaints were made last year about bins not being collected the bereaved family of a nurse repeatedly given the all—clear for cervical cancer fight for a wider inquiry into her case. horse racing in britain will resume tomorrow after a six—day shutdown