airbnb shares plummet after the holiday rental firm says americans aren't travelling as much. welcome to business today. let's start with one of the world's biggest entertainment companies, disney. it's shares are down on wall street after a mixed set of results. that's because its theme park business has been struggling, and that's overshadowed the huge success of the animated movie inside out 2 which came out injune. and in the us at least more people are spending their time watching the disney+ streaming service which has become profitable for the first time as it competes with rivals like netflix. one stand out number is the more than $1.5 billion that's been earned just from inside out 2, making it the highest earning animated movie ever. disney says the movie also pushed more people to its streaming service, which now has 118.3 million subscribers worldwide and has become

profitable for the first time. overall, disney saw an increase in the amount of cash it brought in to almost $23.2 billion in the three months to the end ofjune that amounts to a profit of $3.1 billion despite struggles in other parts of the business including theme parks and cruise ships. let's speak to the digital editor of screen international magazine orlando parfitt. orlando — how critical is this move into profit for its three streaming services disney+ espn+ and hulu for the companies ambitions and competitiveness? hello, it is extremely important for disney. it is the first time it has come into profit, one quarter earlier than expected. it is part of the long term strategy for the company. it is important to note

that while the overall division is in profit, disney+ and hulu are still at a loss. iii in profit, disney+ and hulu are still at a loss.— still at a loss. if it is that important. _ still at a loss. if it is that important, how- still at a loss. if it is that important, how is - still at a loss. if it is that. important, how is important still at a loss. if it is that - important, how is important is the move to increase prices and crack on password sharing? subscribers outside the us are falling. imith password sharing? subscribers outside the us are falling. with the assword outside the us are falling. with the password sharing _ outside the us are falling. with the password sharing crackdown, - outside the us are falling. with the password sharing crackdown, that i outside the us are falling. with the i password sharing crackdown, that was something that bob iger, in his notes to the company, started in certain territories and he says it has had a positive impact in terms of revenues. ifeel that has had a positive impact in terms of revenues. i feel that across the world, subscriber numbers have been plateauing for screen mac streaming services so getting more money out of them is important. disney is enjoying box office success with inside out 2 but its theme parks and cruise ships are dragging the business down. is ceo bob iger trying to do too many things at once?

or cunningly cornering both ends of the market? i think that he is doing a pretty decentjob considering the mess he took over when he was in an emergency, he was drafted back in. i think the success of the film division is extremely important, they had a poor year last year. inside out to is doing really well, a wolverine is batting $1 billion, the return of profitability of the film business was something that he said there would be focusing on. how do ou said there would be focusing on. how do you think — said there would be focusing on. how do you think the next year will pan out? i do you think the next year will pan out? ~ , , do you think the next year will pan out? ~' , , , , out? i think we will see big numbers from the film _ out? i think we will see big numbers from the film division, _ out? i think we will see big numbers from the film division, they - out? i think we will see big numbers from the film division, they are - from the film division, they are talking about... i think they will do well because they have had a

difficult year, the shadow of who will replace bob iger is hanging over the company. the theme park numbers are impacted by the cost of living crisis and that stuff. but from the entertainment and the streaming side, these are positive numbers. the combined streaming numbers. the combined streaming numbers made a loss of 500 million, this time they have made a profit of 47 million, that is a hugely positive result.— 47 million, that is a hugely positive result. 47 million, that is a hugely ositive result. ., ., ., ~ , ., positive result. orlando, thank you for “oininu positive result. orlando, thank you forjoining us- _ another company that is suffering from americans seemingly cutting back on leisure spending is the home rental giant airbnb. a short time ago its share price was down 14% in new york. that came after the company said its profits had fallen 15% in the april tojune period compared with the same time a year ago. our north america business

correspondent michelle fleury is watching this from new york for us. what's gone wrong for airbnb? the share price is down 13%, people are getting a bit over excited in terms of what is wrong with airbnb. what the results show is that this idea that american consumers are beginning to pull back. that is a concern for everyone because they account for two thirds of economic activity, at a time when we come out of this market sell—off, this isn't what people wanted. what specifically airbnb is saying is that the results are pretty good, the numbers are pretty good but what they are seeing is a shortening of they are seeing is a shortening of the time lead in which people book guests. if i am thinking of going the way i may be book and a b&b airbnb for next week or two weeks

from now. the slowdown is in people planning long—term ahead like thanksgiving or christmas. they are not seeing those bookings so they are issuing a warning of the softness. that is something the chief executive spelt out during the call with investors.— chief executive spelt out during the call with investors. people watching their finances _ call with investors. people watching their finances more _ call with investors. people watching their finances more closely, - call with investors. people watching their finances more closely, details| theirfinances more closely, details of a softening in europe, is this linked to the fact that tourists aren't necessarily welcome in some european capitals at the moment? look, it was pretty surprising, the reason it was so surprising was that the olympics taking place right now, but also the european football championship we saw in germany. both of those things lead to an increase in traffic, and the european markets have done well, it is pretty surprising they said that. i think the big takeaway is that the story

about consumer softness, we keep hearing this. we are in the middle of the second quarter reporting season for american companies. you have airbnb today, you have disney talking about theme parks, mcdonald's also saying that consumers are trying to pull back in spending. this is a consistent message we are getting from the earnings report. as we have been talking about, this was behind a sell—off on wall street. that certainly seems to be the case with airbnb shares today. if certainly seems to be the case with airbnb shares today.— airbnb shares today. if people aren't spending _ airbnb shares today. if people aren't spending on _ airbnb shares today. if people aren't spending on airbnb - airbnb shares today. if people aren't spending on airbnb as l airbnb shares today. if people - aren't spending on airbnb as much, where is consumer spending focused? economists talk about this k shaped recovery, what that means is that you see a split, those who have more money and are continuing to spend and those who have less money and are really reining in the spending.

there was a report earlier this week that more americans are racking up credit card debt. they had built up savings during the pandemic. you are starting to see that pressure. when you see force on the stock market that cannot goes high and consumers, something to watch in the months ahead. . ~' ,, , . something to watch in the months ahead. ., ~ , . ahead. thank you very much as alwa s. virgin atlantic's november flight 100 from london to new york was heralded as a breakthrough at the time. the first commercial flight to ever cross the atlantic on what's called sustainable aviation fuel. no changes were needed to the aircraft either. proof it could be done. but now virgin is in hot water for a radio ad celebrating the achievement at the time. the uk advertising standards authority has upheld a complaint and banned the ad saying it was misleading as it gave a false impression about the fuel�*s environmental credentials. suggesting sustainable aviation fuel produced no carbon emissions or wider environmental impact at all. i asked aviation strategy &

sustainability supremo patrick edmond if that is a fair description of the fuel. the very, very short summary is — sustainable aviation fuel isn't. unfortunately, that's how it is. yes... it's much more sustainable, but not not completely sustainable. my understanding, and it was quite surprising, is that it the way it's sustainable is it uses captured carbon, recycled into the fuel, but the flight itself still lets off the same amount of carbon emissions. is that correct? that's absolutely right. so you burn one tonne of fuel, whether it's sustainable fuel orfossil kerosene, and you produce just over three tonnes of c02. the difference is that if it's fossil kerosene that's releasing carbon that was trapped underground for millions of years, so it's increasing the carbon in the atmosphere, whereas if it's sustainable fuel, that carbon was just captured from the atmosphere by plants or by machinery in the last few months or the last year or two. so it'sjust borrowing it from the atmosphere if you like. it's popular, isn't it, because the iag group, which owns aer lingus,

british airways and iberia, bought 28,000 tonnes of the stuff in spain recently? but it is expensive, isn't it? it is expensive. the price will come down over time, but it is significantly more expensive than regular fuel, and it is the closest thing at the moment that the airline industry has to a silver bullet for reducing its emissions. but it's a huge challenge to expect that we will have enough in time. this year for sustainable aviation fuel accounted for about 0.5% of all of the aviation fuel. it's tiny. and the goal, for example, in the eu is to reach 70% by 2050. so there's a huge scale up needed. so in the aviation industry, briefly, what else are the silver bullets that can reach net—zero, virgin pledging to reach net zero by 2050. the sustainable aviation fuel is the closest thing we have. the big challenge for the industry is its continuing to grow all the time, so it's chasing a moving target to a large extent. we can expect electric aircraft, hydrogen, more efficient operations and so on. but the saf is going to be the the biggest lever we have to get there.

but it's hard to reconcile that with continued growth at the current rate. all right. patrick edmond, aviation strategy and sustainability supremo. thank you forjoining us on the programme. you're welcome. in other news.... around 70% of garment factories in bangladesh have reopened after days of shutdown. the closures came amidst the ongoing political unrest that ousted prime minister sheikh hasina this week. big names in retail like h&m, zara, gap and marks and spencer all have factories in the country. bangladesh is the third largest textile exporter after china and the european union. it is hugely dependent on the industry to prop up it's foreign currency reserves. executives from the troubled planemaker boeing are testifying to regulators in washington for a second day. they're being asked about how a door panel on an alaska airlines flight blew out in mid—flight injanuary. the first day of the hearing on tuesday revealed

that the planemaker is introducing design changes to prevent similar incidents from happening in the future. italy's government, which is led by giorgia meloni, is doubling the tax it charges wealthy foreigners who live there but earn money abroad. they'll now have to pay a flat rate of about $218,000 a year. the scheme was introduced in 2017 to try and encourage rich people to move to the country in the hope that would benefit the economy. the extra money will make a small difference to closing the gap between what the government spends each year and how much it brings in. that is business today, you are up—to—date. stay with us here on bbc news.

hello, you are watching bbc verified live. let's turn to australia now — where water temperature extremes around the great barrier reef are the warmest for 400 years. over the last decade, it's resulted in more mass bleaching

events of the coral. scientists in australia who have examined the skeletons of coral and historic data says the evidence is clear that the reef is in danger and governments have to act now against climate change. victoria gill reports. a vast natural wonder. the great barrier reef is a colourful, living underwater ecosystem, but climate change is transforming it. it's caused five mass coral bleaching events here in just the last nine years. and in a report in thejournal nature, scientists have shown that rising temperatures now threaten the survival of the reef. what is it like to see a healthy reef bleached? it's very white. quickly, algae forms on top of the corals, which turns them a kind of brown colour. it's not a pretty sight. the scientists examined long coral core samples drilled out of the bodies of centuries old coral.

these contain chemical clues that reveal how warm the water