rating from aaa to aa—plus. fitch cited expected fiscal deterioration over the next three years, as well as growing government debt burden. now, the downgrade also follows a debt ceiling agreement injune that saw months of political brinkmanship. credit ratings like these are used by investors to assess the risk profile of companies and government, us treasury and us government governments, rather. now, the us treasury secretary, janet yellen, said that she disagreed with fitch's move and said it was based on outdated data. the white house has also said that the move defies reality and that they strongly disagree with the decision. now cafe giant starbucks has unveiled quarterly earnings that beat expectations. the world's largest coffee chain reported revenue of $9.2 billion. that's a jump of 12% from a year ago. the earnings were helped by a consumer recovery in china and a return to office in the united states.

michelle fleury has more. americans love of lattes and iced coffee helped starbucks through the worst of the post pandemic years. but with high inflation in the us, a cup of coffee is now $5 on average. the big question for investors going into this earnings season was would consumers still spend money on elaborate coffees? the answer was mixed. sales in north america grew 7%, even after the chain raised prices. that figure was below wall street's forecast. customer traffic only increased by 1%. most of the gains came from existing customers spending more money. sales in china, its second biggest market, rose sharply. same store sales increased a whopping 46% from a year ago. starbucks remains a favorite brand among chinese consumers. the company benefiting from a rebound after strict

covid 19 restrictions were lifted. but the coffee chain said that wage increases and investment in its cafes dragged down its overall profits. starbucks ceo laxman narasimhan, who took over from predecessor howard schultz in march, hailed the progress the company was making. he still faces lots of challenges, though, including the company's response to union organizing. meanwhile, ride hailing firm uber reported a surprise profit of almost $400 million for the second quarter after a $2 billion loss compared to a year ago. now, this is uber�*s first ever quarterly operating profit. the results were boosted by gains in uber�*s equity investments. revenue rose 14%, but missed analysts forecasts slightly. oil giant bp saw its second quarter profits slumped 70% from a year ago, coming in at $2.6 billion and missing forecasts. this is a read line defining margins, rather, and oil trading income has fallen. heat waves have hit the united states, europe and asia, prompting warnings from experts like the world meteorological organization. typhoons and floods have also meant travel operators have had

to change their usual offerings. earlier, i spoke to douglas quimby, who is the co—founder of arrival, a market intelligence firm targeted at the travel industry, and he explains how travelers are reacting to the wild weather. this has been a big issue for several years. for example, if you think about the ski industry here in the united states and elsewhere where seasons have been contracting because there's less snowfall. so there's a lot of adjustments around when travelers are going and thinking about some of the concerns that they'll have. so a few things that we see are already happening in the industry. for example, in southern europe, we see tour operators are changing their itineraries. they're doing less outdoors. in the middle of the day, we see a the parthenon in athens is now closed in the afternoon during some of these really difficult days. so there's a lot of things that are changing there

for travelers. i think a really big consideration is, again, it's when they're going to be going. but also its so important to keep in mind, especially for those bucket list trips, you know, if i want to see some of the incredible sights in europe or the majesty of kyoto, i'm going to go. so it's going to be a lot more about when i go and not necessarily changing the destination. let's talk about travel insurance. does travel insurance these days cover any of these cataclysmic events? well, i think the best thing that's actually really come out of covid, in fact, is this growing adoption of cancel for any reason insurance. this is something that more and more travel companies are adopting. and i think really this is going to become a mainstay for for travelers. this is something the industry really tried to push just to get travelers back into the market and traveling again. and i think now every traveler has got to be thinking about incorporating travel

insurance, especially because of the uncertainty and increased volatility that they'll all be experiencing with travel and any travel company that isn't thinking about their insurance policies and in general thinking about the implications of climate change and the impact it's going to have on the destinations in which they operate, they are going to face a pretty rude awakening. well, over to the uk where food prices in the country are rising at its lowest rate since last december. as our business correspondent emma simpson explains, even though the food and the shops are still more expensive compared to a year ago, there is some hope. would you like the grapes? they're buying, but they're also watching the pennies and at this fruit and veg stall in high wycombe, they used to charge a pound a bowl. it's 1,50 now, although some items are coming down. they're still customers who come along and say, really? because they haven't noticed. we actually bought some

of our prices down or we're trying as much as possible, like with the onions. they used to be £5, but they're down to 4.50, so it's slowly but they still think it's quite steep. that's because money's tight. it's it's very hard. it's very hard. even both of us, me and my husband are working. it's hard. i do feel a bit optimistic now that maybe things i will ease, but they need to come down, notjustl go up less. just come down. well, that's not likely to happen any time soon. but let's look at the bigger picture. food inflation was on a downward trend up until two years ago. but you can see here how prices then started to creep up. and this was happening before the invasion of ukraine. it wasn't until last summer, though, when food inflation really started to soar.

heading to record breaking levels on this survey, the rate peaked at nearly 16% in april this year, but it has been falling ever since, down to 13.4% forjuly, as lower costs and supply chains start to filter through. the brc says some products like cereals, fish and cooking oils, have now fallen in price since last month. we have passed the peak of food price inflation. we are still seeing price rises, but nowhere near the levels that we saw earlier in this year. and i think the trajectory that we're on is downwards. the question is just how quickly. wheat prices, for instance, are on the rise again after russia pulled out of a deal allowing the safe export of grain here in ukraine. and today's figures are unlikely to prevent another rise in interest rates this week. unfortunately, the bank of england probably still have to press ahead with higher interest rates on thursday. services inflation still is far too high relative to their target, and so they need to squeeze the economy a bit harder to get

that down to. consumers are trying to cope by changing what they buy in the aisles, but the financial pressures are so great. one recent survey finds some have been running out of food and overall grocery prices are still going up. it's just that they're not going up quite as fast as before. emma simpson, bbc news. in this edition of ceo secrets, tasty snacks at the ministry of diskettes. take a look.- tasty snacks at the ministry of diskettes. take a look. what is amazinu diskettes. take a look. what is amazing about _ diskettes. take a look. what is amazing about biscuits, - diskettes. take a look. what is amazing about biscuits, i - diskettes. take a look. what is amazing about biscuits, i think| amazing about biscuits, i think of them is a blank canvas on which you can create any beautiful design. they are artists and it is a design business. my secret success is

to remember to put a marketing lens on everything. whether that be hiring people, designing products or even raising money. ithink designing products or even raising money. i think that what sometimes happens, the marketing tends to get bolted on again. it's really sad when rate products on their markets because they are not sufficiently discoverable. i was writing a press release in my head when i was designing the product and it was definitely here that really launched biscuiteers and made it a brand people were talking about. you have to be able to be flexible, you have to not be floored when the plan changes.

sometimes when the plan changes, its quite a good ink. you learn, you move on. that's all we have for you on asia business report. i'm monica miller. bye for now. voice-over: bbc news, bringing you different stories from across the uk. it's 100 years since it's100 years since the first mg rolled out of morris garages in oxford. fix, mg rolled out of morris garages in oxford. �* . , ., , in oxford. a century on, they are still drawing _ in oxford. a century on, they are still drawing a _ in oxford. a century on, they are still drawing a crowd. - in oxford. a century on, they| are still drawing a crowd. the a- eal are still drawing a crowd. the appeal certainly _ are still drawing a crowd. iie: appeal certainly the are still drawing a crowd. tie: appeal certainly the me, it was appeal certainly the me, it was a sports car, it was a 2— seat and you could have done with it. �* ., ._ and you could have done with it. ., �* it. but a wet day couldn't dampen _ it. but a wet day couldn't dampen all _ it. but a wet day couldn't dampen all that. - it. but a wet day couldn't dampen all that. it's - it. but a wet day couldn't dampen all that. it's not| it. but a wet day couldn'tl dampen all that. it's not a it. but a wet day couldn't - dampen all that. it's not a car at all for _ dampen all that. it's not a car at all for the _ dampen all that. it's not a car at all for the rain, _ dampen all that. it's not a car at all for the rain, definitely l at all for the rain, definitely not. it's its first outing in the rain since completing a 4— year restoration. it's totally original and i've done all the work myself.—

original and i've done all the work myself. mg. for 35 years, a manic work myself. mg. for 35 years, a magic name- _ work myself. mg. for 35 years, a magic name. for _ work myself. mg. for 35 years, a magic name. for years, - work myself. mg. for 35 years, a magic name. for years, it - work myself. mg. for 35 years, | a magic name. for years, it was a magic name. foryears, it was the ultimate boys toy and it remains today. i the ultimate boys toy and it remains today.— remains today. i can't understand _ remains today. i can't understand the - remains today. i can't - understand the fascination but i'm a person who so long as it gets me from to b, i don't really care. gets me from to b, i don't really care-— really care. the abingdon factory finally _ really care. the abingdon factory finally closed - really care. the abingdon factory finally closed in i really care. the abingdon - factory finally closed in 1980. it was devastating, wasn't it. absolutely devastating. but look out many manufacturers have gone. look out many manufacturers have gone-— have gone. and what's this? build in china, _ have gone. and what's this? build in china, some - have gone. and what's this? build in china, some purists| build in china, some purists will argue this is not a true mg but... fist will argue this is not a true mg but---_ will argue this is not a true mg but---— will argue this is not a true mg but... �* �*, ~ , mg but... at least it's keeping the market — mg but... at least it's keeping the market alive _ mg but... at least it's keeping the market alive and - mg but... at least it's keeping the market alive and bringingl the market alive and bringing new people in to the mg car club. hey, i'm dylan with the catch up. tonight, lioness success.

the war in ukraine. and a panda with the hiccups. but first, if you haven't already seen, the lionesses are through to the last 16 at the women's world cup after they easily beat china 6—1 to top their group. two of the goals came from the amazing laurenjames, who also made three assists. but the win was a proper team effort and their performance has got fans thinking they could go all the way. cheyenne is one of them. she watched the game with fans at boxpark in croydon. oh, i really hope that england will push through and win. i'm pretty sure they will. and this is looking good for us so far. well, england now have a bit of time for recovery before they face nigeria next monday. some other stories now. and angus cloud from the tv series euphoria has died aged 25. he played the drug dealer fez o'neill in the drama. he died at his family home in california just a week after attending his dad's funeral. next, a new drone delivery service has been launched

in orkney, the islands north of scotland, to help speed up delivery times. the drone will be used to send parcels and letters around the islands. and borisjohnson's plans to build a new pool at his house have been delayed because of a group of newts living there. newts are actually a protected species and damaging their habitats is an offence. it's a rule he fought against when he was prime minister. and finally, 10 seconds to make your dayjust that bit better. it's a hiccuping giant panda. the animal was caught on camera at a panda conservation centre in china with a fit of the hiccups. hopefully a little bit of bamboo will sort him right out. well, that's all from me.

one of the most famous centres for science in the world on the border of switzerland and

france, this place has been expanding our horizon for decades. its high—energy physics research has helped reveal the secrets of our existence. and i have been allowed in to meet some of those at the cutting edge. 2500 people work year, 12,000 more pour over the results of the experiments. it pour over the results of the experiments.— experiments. it is a really uniuue experiments. it is a really unique community, - experiments. it is a really unique community, an - unique community, an international group of people so we are from all over the world. you cannot on the door of the mobile prize—winning scientist asked the question and they will say, comment, let's talk about another coffee. �* , ., let's talk about another coffee. �* i. , let's talk about another coffee. �* ., h coffee. a young boy or girl's dream token _ coffee. a young boy or girl's dream token science, - coffee. a young boy or girl's dream token science, a - coffee. a young boy or girl's i dream token science, a dream coffee. a young boy or girl's - dream token science, a dream is to work— dream token science, a dream is to work here where it is buzzing _ to work here where it is buzzing with ideas. it to work here where it is buzzing with ideas.- to work here where it is buzzing with ideas. it is also buzzin: buzzing with ideas. it is also buzzing with _ buzzing with ideas. it is also buzzing with energy - buzzing with ideas. it is also buzzing with energy of- buzzing with ideas. it is also buzzing with energy of a - buzzing with energy of a different kind with giant laboratories that field all this ramshackle. they are not really though. one thing i love about cern as they seem to have

the most