this is the business briefing. i'm sally bundock. a big like from investors — as facebook shrugs off growing pressure from regulators with more users and more revenues than ever. plus — the end of the line. nissan workers around the world brace for news of thousands ofjob cuts. but where will the axe fall? and on the markets. new record highs on wall street for the s&p and nasdaq — fuelled by tech shares but a record loss for boeing helps drag the dow lower. asian shares a little more cautious with escalating trade tensions between south korea and japan.

we start with facebook — it may be facing growing pressure from regulators over the way it runs its business but that doesn't seem to be putting off users or advertisers. the world's biggest social network got a big like from investors on wednesday after a strong set of results with shares jumping in after—hours trade. let's show you the details. facebook made revenues ofjust under $16.9 billion in the three months tojune — $400 million more than expected. that's up 28% on this time last year. the number of people using its services —

including instagram, whatsapp and messenger — at least once a month — hit a new record of 2.41 billion people — up 8 per cent on this time last year. those numbers come despite the storm of controversy around the company. on wedesday the federal trade commission confirmed that facebook has accepted a record $5 billion fine for privacy violations involving the data collection firm cambridge analytica. facebook has also confirmed it's among the online digital platforms now under antitrust investigation by the us department ofjustice — into whether they've stifled competition and harmed consumers. and its faced widespread concern over its plans to launch its own cryptocurrency — libra. finance ministers from the g7 group of the world's top economies have warned of "serious risks" to the stability of the global financial system.

the take from this is that despite a terrible year, facebook was facing over privacy, there were questions about anti—trust investigations. it's faced scrutiny over its plans to launch a digital currency yet if you look at its results, the message is clear, consumers are leaving facebook or at least they are not leaving instagram. advertisers are also sticking by the company. fergus hay is ceo of advertising agency leagas delaney — hejoins me now. you've been looking at their numbers as well. what are your thoughts? it's amazing as a media business it's performing really well. the growth is strong and it's great for shareholders. the regulation impact is fairly minimal. these big tech companies can brush off these fines relatively easily but the interesting point is as a media business, it relies on the

consumption. if the regulator becomes boa constrictor like, then you can see a change in usage on the platform and possibly a drop in the value of the media. what is interesting about the future of mates book, as you say, seeing growth, the numbers are going up and up, new levels but looking forward, if anti—trust regulators really clamp down on it and other rivals, and if they can't get libra off the ground because regulators, governments, central banks don't wa nt governments, central banks don't want that to happen, what will they do? how will they navigate? we set for a while that facebook have not made a leapfrog and it's been incremental optimisation of the platform. libra is big, radical transformation being a media vertical to creating an ecosystem around consumers with a payment plan form at the centre. there is a load

of regulation in the headwind and locality from regulators has been strong but it's a huge deal from facebook. facebook talk about how important it is for them but i'm not sure at the moment i see what the problem is for consumers. there are many thin texts out there which provide frictionless payment platform so i'm not sure what the problem facebook is. fin techs. they keep brushing off these privacy issues, the privacy stories that come and go pretty frequently about facebook. obviously a big fine for the cambridge and —— analytic event but there have been many others where our data has been found to be somewhere else and used by others via facebook but that doesn't put us off. at the moment, consumer confidence doesn't seem to be that damaged. people will become more self—aware and self—controlled. we are not seeing it in the usage right now but that does not mean it's

going to come. a lot more detail on oui’ going to come. a lot more detail on our website about facebook. let's turn to boeing now because the plane maker has warned it might have to halt production of the 737 max if there are more delays to getting it back in the air. the jet has been grounded worldwide since march because of fatal accidents in ethiopia and indonesia. the crisis has seen boeing rack up its biggest ever quarterly loss — as business reporter jonathan josephs explans. the first time with heard a suggestion that production could happen if there was of substantial change to the current estimate of october as the date to win these plans will be back in the year. they've already had to cut production rates because they can't deliver these planes without the of regulators and they won't get before this software fix is signed off and

that's something they continue to work on. it's one of the costs they are facing, they recorded a record—breaking loss of $3 billion for the april to june. and record—breaking loss of $3 billion for the april tojune. and a $5 billion charge which they told us about, compensating airlines which can't use their 737 maxs. and the reputation of boeing suffers each day this crisis continues. it's a defining moment for the company. jonathanjoseph defining moment for the company. jonathan joseph there defining moment for the company. jonathanjoseph there with his take on boeing. the japanese car is poised its latest set of numbers in a few hours' time and we are expecting very bad news. reports suggest that as well as a plunge in profits nissan will announce thousands of job cuts. rico hizon is following the story. you and i were talking about the

reports, the rumours yesterday. we will soon get confirmation, won't we? we really have to brace for impact because we are expect in some use from nissan, japan's second—largest car manufacturing. reports say operating profit dropped during the april to june reports say operating profit dropped during the april tojune quarter during the april tojune quarter during falling car sales and that is putting a lot of pressure on the chief executive officer of the to turn around the automaker and japan's second biggest carmaker will laugh more than 10,000 workers. earlier, i asked laugh more than 10,000 workers. earlier, iasked market laugh more than 10,000 workers. earlier, i asked market analyst peter mcguire what had gone wrong at nissan. munn the major region -- reasons was carlos ghosn's strategy. it was low margin, and take markets by storm. what's happened is, there has been poor profit growth and poor

re sale has been poor profit growth and poor resale value. now it is a turnaround strategy. nissan is now scrapping the carlos ghosn strategy and focusing on profitability and in order to achieve this, they are reducing the size of the company. this includes its inflated capacity as well as cutting back on the models of some unprofitable cars and trucks. as soon as we get any news on nissan, we will update you. let's brief another stories. shares of tesla have slumped more than 11 per cent in after—hours trading after the electric car maker missed its financial targets for the second quarter. revenues were up almost 59% and it delivered a record number of vehicles — but losses were steeper than expected. ceo elon musk has also rowed back further on his promises to become profitable this year.

profits at ford slumped 86% in the three months tojune — hit by a $1.2 billion bill for restructuring. the us car giant said last month it will cut 12,000 jobs and close five plants — as well as cutting shifts at factories in europe. samsung says its foldable smartphone, the galaxy fold, will go on sale from september in selected markets — after the launch was delayed by screen problems earlier this year. the $2,000 device was due to hit the us market in april but early reviewers found problems with the hinges which samsung says it has now strengthened among other improvements. a busy time of global markets. lots to digester. we also have a european central bank meeting in the middle of today in europe as well so it will be interesting to see what the ecb has to say. that is your business briefing.

rail passengers in the south of england are being told to consider changing their travel plans due to the hot weather. network rail are bringing in speed restrictions for most of the day to reduce the risk of tracks buckling in the heat. some services are likely to be delayed or cancelled. here's our transport correspondent, tom burridge. there will be plenty of that today. i've got a little hand found in lots of water. it's when you get train on the platform, it's like going into a hothouse. and just as we passengers struggle in the heat, train tracks do as well. just as a coin left in the sun heats up, the trachea does the sun heats up, the trachea does the same and it's the steel ——as the

steel gets hotter, it expands and can buckle when a train goes over. and this is what a buckled rail line looks like. so to reduce the risk of that happening, all trains travelling from mid day until eight o'clock this evening in the southern half of england will be subject to speed restrictions. i've been working on the railway for ten yea rs. working on the railway for ten years. i've never encountered temperatures like this all put in the level of blanket speeds that we are talking about so it's absolutely vitally important, we're not it easily, we are not making this decision easily but it's essential in terms of passenger safety. so only seven intense services will be running and trains travelling between london and other parts of the country will also be affected. tom burridge, bbc news. for that story and more, breakfast is coming up at 6:00am, with charlie stayt and naga munchetty. borisjohnson. all that that brings.

also, business and sport and more in the hottest day on record in the uk. temperatures could reach up to 39 celsius. all that and more. this is the briefing from bbc news. the latest headlines: the new uk prime minister, borisjohnson, will meet his cabinet for the first time this morning after 17 ministers left office in a sweeping reshuffle. fresh concerns over north korea, after two missiles are fired into the sea towards japan. as europe's heatwave intensifies, scientists say current global heating is the most extreme change in climate for 2,000 years. now it's time to look at the stories that are making the headlines in the media across the world. we begin with the financial times.

it points out the clock is ticking on brexit. its headline sastohnson picks hardcore cabinet to meet 99 days brexit deadline. the irish times sastohnson installs hardline brexiteers after cabinet purge. it suggests the irish political leadership will stand by the withdrawal deal drawn up by the european union. in the german newspaper frankfurter allgemeine, the front page report looks at europe's prospects, as prime ministerjohnson threatens the eu and leave with no—deal. and in the uk's daily mirror, the paper picks up on a boris quip in his audience with the queen. calling it another boris gaffe, it reports he told the queen, i don't know why anyone would want thejob of being pm. moving away from uk politics, the times outlines why facebook has to to pay a $5 billion fine

in what it calls a privacy deal with us authorities. and, as the uk prepares for its hottest day, and the heatwave in europe continues, the bbc‘s weather experts say extraordinary temperatures could break records across the continent. the website also has more on how to cope in the day and sleep at night. in the case of many of my colleagues, they have to sleep in the day, which is very difficult. with me is cornelia myers, ceo of mrl corporation, a business consultancy. we are looking at lots of stories concerning the new prime minister. the financial times looks at the 99 day brexit deadline and talks about his defiance, brutal speech. the fa ct his defiance, brutal speech. the fact he has ripped apart