dented by price cuts. tesla reports a drop in profit after aggressively slashing prices to sell more vehicles. we will have the latest. plus, looking to china from down under. canberra and beijing could be talking trade again after friction show signs of easing. hi there, welcome. this has turned out after hours trading after the electric car makers quarterly results miss marketing expectations. because of his income and earnings fell

by more than 20% in this past quarter compared to the same time last year. it is a big number but not totally unexpected because the company has been slashing prices of its top—selling vehicles over the past year. top-selling vehicles over the past year-— top-selling vehicles over the ast ear. �* :: , ,, past year. bringing in 20% less income is _ past year. bringing in 20% less income is well, _ past year. bringing in 20% less income is well, not _ past year. bringing in 20% less income is well, not good. - past year. bringing in 20% less j income is well, not good. what helps the electric car maker however is that it warned wall street this was coming. so it didn't come as a complete surprise, giving tessa cut prices on its top—selling cars several times last year. in fact did it again this week. tesla is grappling with higher borrowing costs for consumers, slowing demand for their cars and so much more competition in the electric car market. the price cuts did the trick, the company saw a 36% jump in deliveries. but the price cuts also mean that the profit margins on each car sold have

gotten smaller.— margins on each car sold have gotten smaller. let's stay with the car sector _ gotten smaller. let's stay with the car sector because - gotten smaller. let's stay with the car sector because jaguarl the car sector because jaguar land rover are investing $90 billion to ramp up its production. the investment will be made over a quarter of five years in the plan includes churning the hail would plant to the uk into in all electric manufacturing facility. the british luxury car maker is also planning for a new all electric range rover that will be due in 2025. jaguar land is owned by india's company. now to the tech sector because major chip maker asm l has reported its first—quarter earnings and posted a three fold jump in net profit and beating analyst expectations. taiwan also do to report its quarterly earnings today and we will be watching to see if there are any signs of recovery there. after enjoying a boom during the covid—i9 lockdown period, semiconductor companies warmed of a gloomier outlook

last year for the but as our asian correspondent explains that just the cyclical asian correspondent explains thatjust the cyclical nature of this industry. chips are the new oil. it's the kind of thing we've been hearing for a while now. amid all the talk he might�*ve missed the fact that the sector is actually in the middle of a slump right now. it has been for some time for that let me explain why. a couple of years ago it was boom time for the semiconductor industry. covid created supply chain problems and therefore semiconductor shortages. that said customers scribbling to stock up, even when the prices were high. plus, with people spending so much more time at home the demand for electronics shot up. that's all good news for the industry for the then the pandemic ended and customers were all stocked up, in fact they had too much. you added to the mix the war in ukraine, inflation, high interest rates and the demand

for semiconductors plummeted. when the chips are down this industry always manages to bounce back. in fact, that's kind of the way the whole thing works. . , . . , . works. the cycle, the lifecycle ofthe works. the cycle, the lifecycle of the product _ works. the cycle, the lifecycle of the product could _ works. the cycle, the lifecycle of the product could be - works. the cycle, the lifecycle of the product could be two i of the product could be two years for an iphone, five years for an electric vehicle. so they are very dependent on the cycle. they are very dependent on the cle. �* ., .,, cycle. and true enough most anal sts cycle. and true enough most analysts are _ cycle. and true enough most analysts are forecasting - cycle. and true enough most analysts are forecasting a . analysts are forecasting a rebound. but long term this is an industry that is in flux with the first simile factor manufacturing is the lowered from —— semiconductor to north america. that can take years and it's going to cost billions. secondly, there is a deeper threat and it is to do with the very way that we consume. with the very way that we consume-— with the very way that we consume. ., ., , consume. the whole idea is eo - le consume. the whole idea is peeple need _ consume. the whole idea is people need to _ consume. the whole idea is people need to change - consume. the whole idea is| people need to change their iphone every two years without or people don't need a car. no

type of car. that is a structural trend, societal change. that i think this industry is very worried about. semiconductors could well become $i semiconductors could well become $1 trillion industry by 2030. but what that sector will look like they compared to now, thatis look like they compared to now, that is a different question. there will be a rebound. but the rebound might not be what people have in mind in 2020. i don't think it will be 2020. and some companies might not make it to the rebound. so we've just _ make it to the rebound. so we've just heard about how factors like inflation have slowed demand for electronics and the chips that power them. chris miller is an associate producer dues professor at tops university and the author of chip war. he told me the industry seems to be recovering but they are still risk factors with the industry is looking somewhat better than the delay last year for the but there are risks on the horizon. in

particular. _ risks on the horizon. in particular, any major economy slipped into recession later this year or early next year that will drive down demand for overseas or smart forms two smartphones for the all key uses of chips shows up right now the biggest uncertainty in the industry is the global macro economic 0utlook. the industry is the global macro economic outlook. trade tensions between _ macro economic outlook. trade tensions between us _ macro economic outlook. trade tensions between us and - macro economic outlook. trade | tensions between us and china, chips seem to be the hot commodity year. we've had the netherlands and japan also imposing restrictions similar to that of the us on—chip export. how much will these restrictions have an impact on china's of chips? the restrictions - china's of chips? the restrictions only - china's of chips? the i restrictions only impact productions that are close to the cutting edge. chinese facilities that are in fact, not low in chips, these research will have no much of an impact at all. but for the smaller number of chinese firms that do produce cutting age chips, quite difficult to find ways to work around, chinese firms will spend the next several years struggling to write alternative ways of

producing without the equipment.— producing without the ea-uiment. ,, ., ~ producing without the ea-uiment. ,, . ~ . equipment. chips and ai, which is hot at the — equipment. chips and ai, which is hot at the moment, - equipment. chips and ai, which is hot at the moment, they - equipment. chips and ai, which| is hot at the moment, they have very close ties, don't they? will this gap between what china wants to produce but can produce delay its ai ambitions? there is a real chance of that right now a shortage of many types of chips that are used to train ia systems, given the boom for the data shows how critical and advanced chips are in the training complex systems. china can't get access to this ship it will struggle to this ship it will struggle to train the most meta with another what round of lay—offs first announced in march and could affect around 2000 jobs. that is after the company let go of around 11,000 people after over 13% of the top. western australia premier is in china this week and treat

the suspect to be part of the agenda. the premier will likely try to persuade china to moved curbs on australian products which stem from clinical tensions over human rights issues in different views on the origin of covid to name a few. it has led to many australian company is looking at other markets will grow. it has been a bumper season in the hunter valley. the weather has been kind and the harvest has gone well. but in recent years china's restrictions on australian wine has hurt the multi—export industry. it’s multi-export industry. it's been a challenge - multi—export industry. it's been a challenge for the last few years since a part of their berries— few years since a part of their berries losing our largest export market and the national point _ export market and the national point of— export market and the national point of view is not only impossible to please quickly so it is undoubtably made it challenging for producers that if you — challenging for producers that if you do— challenging for producers that if you do not have an alternate market —

if you do not have an alternate market. . ., . . ., , ., market. china accounts for nearly a — market. china accounts for nearly a quarter _ market. china accounts for nearly a quarter of - market. china accounts for nearly a quarter of the - nearly a quarter of the traditional businesses include winemakers here in the new south wales hunter valley that had to look for opportunities elsewhere. the prime minister says australia must build commercial links with other countries including indonesia and india. countries including indonesia and india-_ and india. certainly doesn't larae and india. certainly doesn't large and — and india. certainly doesn't large and prior— and india. certainly doesn't large and prior service - and india. certainly doesn'tj large and prior service have suffered but if the small and medium enterprises who eventually are suffering the greatest. eventually are suffering the createst. , , ., ., . , greatest. diplomatic tensions between here _ greatest. diplomatic tensions between here in _ greatest. diplomatic tensions between here in beijing - greatest. diplomatic tensions between here in beijing for i greatest. diplomatic tensions l between here in beijing for ten seems to be easing after a high—profile meeting of senior government officials to stop considered proof.— considered proof. countries like china — considered proof. countries like china as _ considered proof. countries like china as a _ considered proof. countries like china as a result - considered proof. countries like china as a result of- considered proof. countries. like china as a result of crew. in the various shutdowns that we have all gone through have realised how important it is to nurture and support relations with other countries. that there are win— good outcomes.

chinese students are returning in large numbers. businesses in sydney that were forced to cut during the long months of the pandemic are now making cuts of a different kind. in pandemic are now making cuts of a different kind.— a different kind. in our area i would say about _ a different kind. in our area i would say about 8096 - a different kind. in our area i would say about 8096 of - a different kind. in our area i would say about 8096 of our| would say about 80% of our customers are international chinese _ customers are international chinese students but it is really _ chinese students but it is really important for us so now i'm really important for us so now i'm glad — really important for us so now i'm glad that the board has opened _ i'm glad that the board has opened and that means we are welcoming students back so it is great — welcoming students back so it isareat. �* , ., is great. australia's with china is _ is great. australia's with china is worth _ is great. australia's with china is worth more - is great. australia's with | china is worth more than is great. australia's with - china is worth more than the combined value of its business dealing with japan, the united states and korea. while diversifying other markets makes economic and political sense, government projections show that australia's reliance on china will continue to grow. bbc news in the hunter valley. that is it for this programme. i will be back tuesday at the top of the ousted to join us if

you can. for now thank you so much for watching. —— newsday. there were seaside puffins, city puffins, and even one or two of them nestled away in towns and villages. but now puffins galore east yorkshire's puffin trail is coming to an end. we've had everything from people who've come from all over the country and people who've come back two or three times. we've had a guy who did the whole thing on a bicycle in one day, and we've had people who live locally who were saying that they've ended up going to places and finding things that they never knew were there. 42 puffin statues were decorated by artists before going on display last may, with designs representing the importance of protecting wildlife and local stories, including this one of amyjohnson.

i've actually placed her centre stage and a moth, a puss moth in her heart space because the plane she was flying was a puss moth. like they're real life inspiration. at bampton cliffs, they were a hit with puffin spotters and selfie takers. i like them cos . they're colourful. i think it's been nice for the area. i think it's brightened it up a bit. something for the children as well. a bit addictive, i have to say. next month there's a chance to see them all together in a warehouse in bridlington before the whole colony migrates. here's what's coming up on the programme.. pretty little thing has been under— pretty little thing has been under the spotlight celebrating for the — under the spotlight celebrating for the and some people have been — for the and some people have been criticising outfits such as these.

been criticising outfits such as these-— been criticising outfits such as these. ., , as these. saying that they did not mean _ as these. saying that they did not mean to _ as these. saying that they did not mean to cause _ as these. saying that they did not mean to cause offence. i as these. saying that they did - not mean to cause offence. some of the stories now and police are looking into online recipes against the kia cycle. the england and arsenal board was allegedly targeted after arsenal to all trover thrust him of the other day. missing a crucial penalty. former arsenal striker voiced his support for him and urge others to do the same. you may remember plans to be able to pick up a pasty after midnight were scuppered last year. the change fees backlash from the local council and police over safety concerns about the bakery is trying to overturn that field application saying hejust overturn that field application saying he just wants to follow suit with other businesses in the area. talks are ongoing. it is back, waterloo road returns next month. you can get seven printing episodes and loads of familiarfaces including printing episodes and loads of familiar faces including the sky you might recognise him, jimmy carter returns as andrew.

he has not been in the show since 2009. finally, i will leave you with ten seconds of escape, not the relaxing side of escape you are thinking of. pictures of mitchell at the circus when this happens. these two lines broke out the enclosure, meet aaron fort in this big topic china. as humans or animals were hurt. goes to show the circus is always intense. have a good night.

hello, i'm paul scott at the bbc sport centre. here's what's coming up on the programme. manchester city see off bayern munich in the champions league — next up a mouthwatering clash against real madrid in semi finals. the other semi is an all italian affair as inter milan beat benfica, to set up a milan derby in the last four. and a maximum 147 break for kyren wilson. he's only the ninth player in history to achieve it at the crucible — and it could earn him nearly 70,000 dollars. hello and thanks for joining us, here's your latest sports news. welcome to the programme. let's start with the champions league as we now know the semi—final line—up.

manchester city will play real madrid after completing