-- bye-bye. this is business live from bbc news with maryam moshiri and sally bundock. apple takes another bruising, as sales of the iphone fall at their steepest—ever rate. live from london, that's our top story on wednesday one may. iphone revenue plunged 17%, with china — where apple slashed smartphone prices — taking a big bite out of profits. also in the programme. a fresh round of trade talks gets under way in beijing between the world's two biggest economies, amid reports that president trump has dropped a key demand.

european markets are open but it's pretty quiet. german and french markets close to the international labor day. and are there rich pickings to be found in snacks? we'll be getting the inside track on the trail mix company "real handful" with its co—founder. and today we are talking royalty. as japan celebrates a new emperor and the world awaits the duke and duchess of sussex new baby — we are asking does having a monarchy boost the economy? there are 26 monarchies in the world who reign over 43 countries in all. get in touch — just use the hashtag #bbcbizlive. you learn something new every day with business live. we start with technology giant apple and news of the steepest—ever fall in iphone sales in the first three

months of 2019, with china taking a big bite out of its profits. revenue fell 5% to $58 billion between january and march. not as bad as the previous quarter's14% decline. iphone revenue totalled $31.05 billion, that's down i7%. now injanuary, ceo tim cook highlighted economic weakness in china as a key factor in declining iphone sales. revenue in china — where apple slashed iphone prices — fell 21% year—on—year. the us tech giant is up against local rivals offering cheaper phones at a time when the country's economy is slowing. with sales slowing, apple is shifting towards services. recently, it unveiled its tv+ streaming service though that has yet to launch to consumers. and what about its massive cash pile, $130 billion at the end of 2018? well, apple is returning a slice of that — another $75 billion to shareholders.

with us isjim edwards, founding editor of the business news website business insider uk. nice to see you. so, you are listening to those numbers and i know you've had a look at what apple had to say. give us your thoughts. theiphone had to say. give us your thoughts. the iphone is still in decline. apple is trapped in a shrinking universe of its own making. the iphones we have now, they last three oi’ iphones we have now, they last three orfour iphones we have now, they last three or four years, iphones we have now, they last three oi’ four years, even iphones we have now, they last three orfour years, even longer. iphones we have now, they last three orfouryears, even longer. so, people don't need to buy new ones every one or two years the way they used to and assist shrinking the number of people buying them. they don't have too and there isn't that desire, because there isn't that new innovation or fantastic new camera to make us want to swap at this point. yeah. apple is trapped by its own success. point. yeah. apple is trapped by its own success. a few years point. yeah. apple is trapped by its own success. a few years ago point. yeah. apple is trapped by its own success. a few years ago it would bring out a fantastic new device with major improvements and eve ryo ne device with major improvements and everyone would want one. now the

improvements are more incremental and people have figured out they can get away with continuing to use last yea r‘s get away with continuing to use last year's model. apple knows this, hence the patient to tv, credit cards, various other elements. apple wa nts to ta ke cards, various other elements. apple wants to take over our experience and see them as a part of our world. will it work? well, they have grown their services business pretty decently and that was one of the bright spots in the earnings. the problem for apple is growth in services sector isn't big enough to offset the decline of the iphone. the other question is, if your iphone user base is flat or in decline or not growing much, can you ever gi’ow decline or not growing much, can you ever grow those services to a large enough degree to offset what used to be device sales growth? but they have got the money to make it happen and things like tv+, they've got all

the famous people on board. i know we don't know when we'll get to watch it yet but the point is they can really go for these things and they have the money to do it. yes, one of the interesting things is the r&d budget is still increasing as if apple was growing. the r&d budget isn't a runaway train, you wouldn't know that apple was shrinking. they've also been tinkering with the idea of a car and several other things. health is another sector they have an interest in. we don't know where that's going but the fact they are spending so much on r&d is what makes me think they have something special in the future, but it's not here now. thank you, jim edwards. i'm sure you're aware but r&d is research and development. let's take a look at some of the other stories making the news. former nissan boss carlos ghosn reportedly rang up

millions of dollars in suspicious expenses, an audit from renault and nissan showed. the wall streetjournal reported the audit flagged $12.2 million in costs incurred by mr ghosn over a nine—year period that may have been personal expenses. through a spokesman mr ghosn who faces charges of financial misconduct in japan, disputed the allegations. president trump has called on the us central bank — the federal reserve — to cut interest rates by a full percentage point and renew its quantitative easing programme, involving pumping trillions of dollars into the economy. on twitter the president said the us economy had "the potential to go up like a rocket". fed policymakers conclude their two—day meeting later. we'll have more on that from new york shortly. plant—based food maker beyond meat has increased its share price range ahead of its us market flotation on wednesday. it means the firm, which is loss—making, is valued at nearly $1.5 billion. the firm, which boasts actor and environmentalist leonardo dicaprio among its investors, will now offer shares at between $23 and $25.

i wonder if he likes the burgers? to a big deal in the energy business — warren buffett's investment fund berkshire hathaway has backed occidental petroleum's $55 billion bid for rival shale firm anadarko petroleum. buffett says he'll invest $10 billion to finance the deal. it's a rare move by the financier into shale production. president trump is reported to have dropped a key demand in us—china trade negotiations. the financial times says washington is likely to accept a watered—down commitment from china on commercial cyber theft. it comes as the latest round of talks begins in beijing. karishma vaswani is in singapore. how significant is the climb—down from trump? if it's true what's being reported in the press about his concessions.

it would be very significant if this comes to bear. remember, the whole idea that president trump has been going after beijing has been based on two things. one is that the us sells far less to china than the other way round and that's the us trade deficit he keeps talking about. the other critical fact is he believes and he says chinese companies get an unfair advantage and they do that through state subsidies and three dealing, — stealing ideas. if the united states says we are not going to go after beijing in such a hard fashion, it would show a level of compromise that might appeal to china to be able to come to some sort of an agreement within the next two rounds. but it would be a pretty big

compromise on the part of the us and could indicate the desire for donald trump in particular to get a deal done is soon given the fact he's in a political environment where victory would be pretty significant. thank you. let's ta ke let's take you through the markets. it's a quiet day on the markets, as the world marks international workers‘ day. the japanese market is closed to mark the ascension of the new emperor. sainsbury‘s has suffered a fresh setback following the collapse of its planned merger with asda, with latest industry figures showing sales in decline as it lags behind rivals. sainsbury‘s said it would accelerate investment in its store estate and technology. and samira hussein has the details of what's ahead on wall street today. on wednesday, the us federal reserve, america's central bank, will deliver its decision

on interest rates following the conclusion of their two—day meeting. now, the fed had previously said that it would use "patience" when making further decisions about changes to interest rates. the fed chair, jerome powell, will be holding a news conference in washington following the meeting. chip maker oualcomm made headlines a few weeks ago when it abruptly ended its long legal dispute with apple. on wednesday, the company will be reporting earnings. it is clear that investors will be razor—focused on what the company has to say about its business going forward. joining us is george godber, fund manager, polar capital. good morning. we were looking at that tweet earlier from president trump about his thoughts about what the us central bank should do today. he's giving then his advice.

tha nkfully he's giving then his advice. thankfully president trump isn't in charge of the fed, but what we can get from this extraordinary statement is he wants to run the us economy seriously hot into the election. that's going to be how he based his presidential chance of getting re—elected. it will create a major problem if he gets his way. he will not, but we've already seen the fed to pivot this year and say we are backing off quantitative tightening, talking again about the positive. do you think they might change their tone today? all the recent corporate news has been pretty good and also a lot of the economic news out of the state has been stronger than most were expecting. i think you'll get something like a mindful comment. ultimately, a two or three good economic data points, yes, they could but we haven't quite got enough of that yet. the bank of england is taking a decision and quite a few dilemmas for mark carney

as well. again, he will say something similar that says i'm mindful, i'm watching. if we got some sort of brexit solution, then you would see the bank of england talk about increasing rates but right now it would just be watching. sainsbury is a big mover today, your thoughts on their results? an interesting snippet, they are going to trial their first cashless and check out less store in the uk, similarto check out less store in the uk, similar to what amazon has done. it shows the level of innovation that retailers need to think about in order to stay relevant in such a tough world. you've seen it's quite tough. thank you very much indeed. george, come back to talk to us about the papers. we'll ask if you're a royalist too, that is also on our agenda. still to come. the global healthy snacks market

is valued atjust over $23 billion dollars. we'll meet the co—founder of a company aiming to take a bite out of that market — real handful. you're with business live from bbc news. a bit more about sainsbury is‘ numbers. sainsbury‘s supermarket reported profits up 7.8% at £635 million for 2018—19 — but after one of costs — including the blocked asda takeover profits were down 40% the supermarket has promised investment in stores — and yesterday rolled out the uk's first till—free supermarket. bryan roberts is global insights directorfor tcc global. you've been following sainsbury is the so many years, what do you make of these results today? news on underlying profitability, the dividend and debt, and probably good news on the integration of argos.

clearly that's been overshadowed by the collapse of the proposed asda merger. i think what has irked a number of onlookers is the absence of any clear plan b. what are these really significant measures that sainbury‘s are going to put in place after what was a fairly disappointing year of trading.- the same time, so many people are asking questions about the boss. given the problem with asda, that rebel takeover that never happened, give us your take on the questions about his future. i was one of the few big fans of the argos takeover but now everyone has come around to the fact it was a pretty decent move. it helps bring people into the stores. we a re move. it helps bring people into the stores. we are getting towards the end of that process in terms of integrating argos and what can

sainbury‘s do to drive the business forward ? sainbury‘s do to drive the business forward? raise three trading over the course of the year which included a heatwave in the world cup wasn't really up to scratch. his mention further investments in price and investments in 400 supermarkets. the market has moved on. we've seen morrison really improve their stores and unremitting pressure from the likes of aldi and lidl on price. thank you. more on that story on the website. we have more from sainsbury‘s boss mike coupe. you're watching business live — our top story. apple has reported the steepest—ever

fall in iphone sales in the first three months of 2019, with china taking a big chunk out of its profits. snacking, grazing... may be at something you can't stop doing. don't look at me! did you know that nearly a quarter of all global eating and drinking moments involve snacking? that often used to mean popcorn, a slice of toast or a cheeky bar of chocolate! but how things have changed! nowadays it's all about healthy eating and snacking — with the global healthy snacks market valued at just over $23 billion last year. one company hoping to take a large bite of that lucrative market is real handful, which makes trail mix and protein bars. in 2018 it sold half a million snacks and is expecting to ship over two million by the end of 2019. with us isjoe taylor, co—founder, real handful. he's brought in a lot of his snacks

for us to look at. tell us why started the company we launched real handful, we both worked in the food and drink industry and are conscious about their healthier snacking trend. we had had trail mix on a hiking trip to the grand canyon. it's a healthy snack, they use a lot of natural ingredients, so it felt like a really perfect snacking solution for the uk market.|j like a really perfect snacking solution for the uk market. i first came across trail mix last summer in america. it's the done thing. whereas in the uk, it would be mars bars and stuff like that. kendal mint cake! what i want to know is how are we going to penetrate the market in the uk or overseas? it's s0 market in the uk or overseas? it's so saturated already. whenever i go into somewhere to buy a snack,

there's a whole section of healthy snacks. strong brands like graze, for example. as a consumer, the uk isa for example. as a consumer, the uk is a fantastic place when it comes to healthier snacking options. the data shows that in the uk we are still eating a lot of empty carbohydrates like crisps, chocolate, biscuits. we think there isa chocolate, biscuits. we think there is a fantastic opportunity for trail mix to penetrate and drive consumption of healthier snacks. if we look at the us, trail mixes a traditional snack and has been around for a hundred years. it's providing a healthy alternative to people looking for that on the go snack. real handful has harnessed the power of social media, how is that important to your business? any small business, particularly in food and drink because it's such a passionate subject for people, social media is really important. we

use it has a vehicle to communicate directly with consumers and get directly with consumers and get direct feedback. we don't use the paid for social approach. it's about taking it slower and growing organically. who are your suppliers, how do you put this together and would you be impacted by brexit? we packed all our snacks in the uk. we are very good at growing dried fruits and nuts in the uk so a lot of the supply comes from the global market, but everything is produced and packed in the uk. are you stockpiling? we are doing what we can do to make sure we have adequate stock cover. one of the benefits of being a relatively small player in a big market, brexit hits us in terms of exchange rates, is causing some uncertainty with international customers, in terms of their decisions on trading with british businesses at the moment. but i think once we get clarity on brexit

it will help from bigger companies down to smaller businesses. like you obviously had experiences in the food and drink industry and now you sell in places like sainsbury's. how difficult is it to get into those big supermarkets, knowing how saturated the market is? we had the fortunate background, my wife and i, of having worked in food and drink and it helps to have experience of trading but these customers. they are interested in what is right for consumers and what's right for consumers and what's right for consumers is healthier snacking options, so we are bringing something new to the table. there is a real opportunity to have a conversation but it takes time. we are three years and so it's taken us time to build up those customer relationships. you are three as in, you and your wife started the company, you've got young kids. how are you getting on? are you still talking? laughter yes we are. its

stressful running a company. talking? laughter yes we are. its stressful running a companym talking? laughter yes we are. its stressful running a company. it has stresses but running a young family everyone knows is incredibly stressful as well. but running a business with your spouse? we are fortunate that we both worked in food and drink and we had skills that complement each other. carly joined the business full time this year. you have plenty to snack on. we get back at 5pm and that's when the kids take over. joe taylor, thank you. nice to see you. facebook has been mired in privacy problems, but the new mantra from chief executive mark zuckerberg is "the future is private". the boss of the world's biggest social media firm has told the f8 developers meeting that it's focusing on more intimate connections for its 2.3 billion users. let's hear what he had to say. now, look.

i get that a lot of people aren't sure that we're serious about this. quiet laughter. i know that we don't exactly have the strongest reputation on privacy right now, to put it lightly. but i'm committed to doing this well and to starting a new chapter for our products. that's mark zuckerberg saying he's committed to doing it well and it's a new chapter. what did you make of that, george? as he was delivering that, george? as he was delivering that speech it was hard to gauge what he was really thinking. that speech it was hard to gauge what he was really thinkingm tends to be the case with mark zuckerberg. i think what we are seeing with these tech companies is that they are showing their core businesses are selling. we are reaching saturation. with facebook ad sales and active monthly users are going up. rate of growth is definitely plateauing and there is

greater understanding of the consequences of social media as a platform where it can be used for good and bad. we are entering into ways of these businesses being regulated and less profitable. let's talk about royalty. this is to do with the new emperor naruhito in japan who has been inaugurated today. and you question is not only about royalty but also about the economy. there is a strong argument that the royal family in any country would benefit the economy. is there an economic benefit to royalty? for the uk, you've got to say it's an insane economic benefit. you can stand in front of any new stand in the world and count the number of magazines carrying a picture of the young royals. at a time when maybe the politicians are doing their best

ina time the politicians are doing their best in a time of chaos, the queen represents dutiful stability. this time last year we were getting ready for a royal wedding, and when it happened it was broadcast globally, glorious summer sunshine in winter. fantastic four brand britain. now we are awaiting the arrival of the baby. there's so much global interest in the british royal family but there is plenty around the world. there is and it's interesting, constitutionally the queen doesn't carry much power but there are so many people who look at a loyal public servant and watch the ha rd a loyal public servant and watch the hard work she represents, and that's reflected in the brand. we've had so many reflected in the brand. we've had so ma ny tweets reflected in the brand. we've had so many tweets from all over the world. nicola says, it boosts the economy through tourism but why do we have minute by minute coverage of every breath? people are interested. you can turn off, remember that. another viva says he is not a royalist, make

buckingham palace a hostel for all the people struggling and sleeping on the streets. another viewer says, i'm in south sudan and we still have a royalfamily i'm in south sudan and we still have a royal family but it doesn't hold such significant importance. it is increasingly becoming a thing of the past, not of such economic importance. it's interesting to get the views. let's talk about cashpoints briefly because i wanted to ask you about this. there are fewer and fewer cashpoints now in the uk that are free to use. is this a problem, george? it would be if people were using cash. that's the thing. at some point in the not too different feature, cashpoints will be resigned to museums. they are not releva nt to be resigned to museums. they are not relevant to most people's lives today so i'm not surprised. relevant to most people's lives today so i'm not surprisedlj relevant to most people's lives today so i'm not surprised. i won't ask you for a fiver, clearly! thank

you. that's it from business live today. we'll see you again tomorrow. thank you for watching. bye—bye. good morning. it's been a rather cloudy, misty and a bit of a faulty started the day. we've got some rain this morning. many affecting parts of wales, north—west england and southern scotland. it's linked in with this cold front within a ridge of high pressure. it's going to break up quite quickly into showery outbreaks by the afternoon. some heavy showers developing in north—east scotland, north—east england, south wales and the southwest. some of these showers on the heavy side with some thunderstorms. watch out for those this afternoon. the england and

wales, quite cloudy with a showers dotted around. some sunny spells in the far east of england, across wales and the south—west. generally, a bit chilly with temperatures about 13-17. a bit chilly with temperatures about 13—17. three tonight, further showers in the north—east of scotland. clear skies across the country and temperatures no lower than 7—9. on thursday, xiao was initially across the north—east, becoming a bit more widespread and then across england and wales a scattering of showers developing, particularly in the south—east. sunny spells in northern ireland. temperatures down to 14—16 but they will continue to tumble as we go through friday, this cold front moving south will introduce colder air. snow showers in scandinavia and air. snow showers in scandinavia and

a few drift their way down into northern parts of scotland. mainly over the higher ground. that weather front will continue to move south, bringing some cloud and outbreaks of rain. behind the cold front, it does exactly what it should do. it brings colder air. ahead of that, still holding on to 12—15. going into saturday, all of us by this stage will be under the influence of this northerly wind bringing the colder air. it's going to be a chilly start to the bank holiday weekend. some overnight frost to contend with. dry with sunshine over the weekend and by bank holiday monday, turning a bit warmer. bye—bye.

you're watching bbc news at 9 with me, joanna gosling. the headlines. venezuelan president nicolas maduro defiantly vows to stay on, after calls for a military uprising by the opposition leader. translation: we've faced so many attacks and so many lies, and thanks to it, we have emerged victorious from any situation and will continue to emerge victorious in any difficulty that we face from now on. free to use cash machines are vanishing at an alarming rate, with more machines now charging for withdrawals, according to the consumer organisation which? japan's new emperor pledges to fulfil his role as a "symbol of the state and unity", in his first public address since taking the throne. child protection and support services in england are at breaking

point and need billions of pounds‘ worth of funding,