munn the major region -- reasons was carlos ghosn's strategy.hat'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 mont

nissan is trying to recover from a scandal surrounding ousted chairman carlos ghosn.ettjoins me now. pa rt part of our team here at the bbc business unit. you have been looking at the numbers, you just ran from watching the press conference, this is worse than we thought, isn't it? yes, nissan's profits had taken an absolute battering, and the net income is down 94.5%. at the same time, nissan has been embroiled in scandal, internal politics, it is trying to become more profitable again but it has a really big challenge on its hands. just talk us through some of the challenges, victoria mentioned carlos ghosn, this iconic leader in the global car industry and when he was arrested, it was a massive shock for all of us but since then, it would seem, for nissan, renault and the mitsubishi story, it has gone from bad to worse. you have to look at this in two ways, one is the corporate scandal involving carlos ghosn and the other is the performance of the company and as you rightly say, its relationship with renault and mitsubishi, the other members of this global alliance

there is the issue of carlos ghosn, who is injail, accused of misusing company funds.ers of electrification, with the world's bestselling eva in the nissan leaf, but across the rest of their range, there is very little electrification going on, which is what customers want. so some of the models are getting old, more of them need electrification, and with a confused business situation with renault and leadership problems, it is no surprise this has happened today. we should say that carlos ghosn denies the charges that have been brought against him. but under him, when he was at the helm, the chair of the company, there were yea rs of chair of the company, there were years of expansion. do you think this and in those he has got too big, spread itself too thinly? yes, i think that is a very interesting point. nissan has set itself it went for sales. sales don't always equal profit. i think it would be interesting to look into comparison with psa, the french group, now of course run by a former nissan worker. if only they could get it back, they are probably thinking now

now nissan will sack 12 and a half 1000 workers by 2023 the rest of its former chairman carlos ghosn in november has seen the automotive giant struggle to revive growth management says it's cutting costs in june u.s. fearful may come ford announced plans to cut 12000 jobs across europe. david kiley is editor in chief of new roads media digital content company providing automotive industry analysis he joins us on skype from ann arbor in michigan in the u.s. good to have you with us so is nice and suffering because of the departure of carlos ghosn or is that an oversimplification. well it's a little oversimplification but they are i think suffering from the vacuum that was created by carlos goans ouster own is a very hard driven. powerful c.e.o. who constantly sort of whipped the global operation of nissan as well as the global alliance between nissan and renault to achieve profitability results well now you've got mr 6. had it nissan without carlos go on. sort of whipping the system and he had a terrible 1st quarter. at the same time you've got auto makers like nissan for general moto

do some of the other stories making business news carlos ghosn is reportedly suing misson and mitsubishi for unfair dismissal the former boss of the renault nissan mitsubishi alliance was arrested in november and faces multiple charges of financial misconduct which he denies is also claims the japanese carmakers did not provide enough evidence of the allegations against. china's massive pig farming industry is struggling to contain african swine fever codes have been devastated port prices soaring and the country has ramped up imports from the e.u. and brazil to meet demand china's domestic he heard it is down 60000000 from last year. the globe's biggest brewer has sold its australian business to a japanese rival for over $11000000000.00 a.b.m. bev handing united breweries over to a sight impaired which earns brands like otherwise than rona says it will use the cash to get its house in order the belgian brazilian group is saddled with more than $100000000000.00 in debt the brewer surprised markets earlier this week by suspending at planned asian i.p.o. between the world's largest stock s

you can talk about carlos ghosn as an excuse -- that is utter nonsense.global car market is structural disarray with the change away from combustion engine to electric, plus self driving being a big theme. nissan has lost the plot. it had a great reliance with renault. you can argue about the details but getting bigger, merging and acquiring, having a strategy that tries to compete with that isnd volkswagen, all out the window now with its internal infighting and for all intents and purposes, you look at the company right now, i'm waiting for an activist investor to get in there and throw the current management out. david: to broaden the outlook for earnings, we are moving into a busy week next week. we have the banks, which dovetails into our point about what the boj does. negative rates, yields below zero. i looked at your average view loans interest rates in japan, 15 years ago at 1.5%. we are at .5% now. is there a case to behold holding japanese banks in your portfolio long-term, jesper:? -- jesper? jesper: i think the long-term cases starting to bui

anphen: it is linked to investigatiointo c carlos ghosn, who isis in custodody over sepae charges s inapan. this inquiry is looking into his wedding party in versailles and whether or not the company may have indirectly paid for it. theyort took p place a and cooperated with the authorititis but have not made further comments. our top stories, the eu jobs. the business world intnterestedn the nomination of christine lagarde for the european central bank job. stephen: she is very well known as being head of the international monetary fund. it will go forward to be confirmed by the european parliament. she is a lawyer by training. a key figure at the center of -- crisis. nadia: one of t the criticisms s she not an ececonomt.t. is a debate over whetether or r not you have to n economist to be the head of the central bank. there are two appointments who will help boost the technical the one on the left is the vice president of the european central bank. chief lane is the economist of the european central bank and former govererr of the irish central bank. j job,oever getets the t top ththe

rut,n staying stuck in a as leadership is in question eight months after carlos ghosn's exit., head of treasury research and strategy, gives us her outlook as global central banks march towards lower rates. the market open, next. this is bloomberg. ♪ i don't know why i didn't get screened a long time ago. i kept putting it off... what was i thinking? ok, mr. jones... we're all done. i told you it was easy. with life line screening, getting screened for unknown health conditions is so quick, painless and affordable, you'll wonder why you hadn't done it before. so if you're over age 50, call now and schedule an appointment near you. for just $149- a savings of over 50%- you'll receive a package of five screenings that go beyond your doctor's annual check-up. ultrasound technology looks inside your arteries for plaque that builds up as you age and increases your risk of stroke and heart disease. after all, 4 out of 5 people who have a stroke, their first symptom is a stroke. so call today and start with a free health assessment to understand your best plan of action. so why didn'

wait until you hear how many day it has been that carlos ghosn hasn't been tiebl speak to his wife under japanese law. unbelievable. back in a minute. most people think a button is just a button. ♪ that a speaker is just a speaker. ♪ or - that the journey can't be the destination. most people haven't driven a lincoln. discover the lincoln approach to craftsmanship at the lincoln summer invitation. right now, get 0% apr on all 2019 lincoln vehicles plus no payments for up to 90 days. only at your lincoln dealer. plus no payments for up to 90 days. with tough food, your dentures may slip and fall. fixodent ultra-max hold gives you the strongest hold ever to lock your dentures. so now you can eat tough food without worry. fixodent and forget it. and here we have another burst pipe in denmark. if you look close... jamie, are there any interesting photos from your trip? ouch, okay. huh, boring, boring, you don't need to see that. oh, here we go. can you believe my client steig had never heard of a home and auto bundle or that renters could bundle? wait, you're a lawyer? only licensed in

a number of challenges, not the least of which is the arrest in japan of its former chairman, carlos ghosn, and the tensions that caused with nissan's partner renault, which ghosn also ran. >>> it was a rou day in the market for ford following its earnings report, which we told you about last night. the automaker issued a disappointing forecastor the year. analysts are concerned that the line-up of vehicles launched in next year could further delay an improvement in profitability. the stock fell more than 7% in today's session. >>> clearly the auto industry is in transition as it cuts back on the number of traditional sedans that it makes and gets ready to roduce more electric and autonomous vehicles. what does that do to earnings in the meantime? joining us is mt de lorenzo with kelly blue book. thanks for joining us tonight. >> great to be here. >> it is a transition period right now. ird is targeting 2022 to be able toroduce some of these electric vehicles that it plans to produce, but in the meant he whatpens? i mean they have to cut back here and there and invest an awful lot of money

and says it's to cut 9 percent of its global workforce by 2023 the arrest of its former chairman carlos ghosn in november is seen the automotive giant struggle to revive growth management says it's cutting costs by slashing 12 and a half 12 and a half 1000 jobs boeing has announced its largest quarterly loss on recalled following the grounding of its 737 max aircraft the company lost $3000000000.00 in its 2nd quarter sales fell by more than a 3rd and 737 max fleet was grounded in march after 2 crashes in 5 months killed $346.00 people a problem with software caused planes to nosedive kristen salumi has more from new york. boeing sold $104.00 fewer planes than it did last year in the 2nd quarter revenue is down 35 percent the announcement sent share prices tumbling the $737.00 max remains grounded as the company works to fix a software glitch blamed for those 2 fatal crashes boeing expects to have that taken care of in the coming months but it will still be up to federal regulators to determine when the $737.00 can return to flight boeing c.e.o. says the company might shut down production if t

we've seen all of the corporate infighting and the chairman, carlos ghosn, he was accused of financialrom the company. he says management has clearly taken a view now where we need to turn around our performance, one where they've identified doing that is by cutting costs a nd identified doing that is by cutting costs and partly that is cutting production. but also cutting jobs. so where are the job is going to go? how will the uk be affected by that? we do know is there are 12,500 jobs worldwide going to be tired. the company's worldwide going to be tired. the compa ny‘s confirmed that worldwide going to be tired. the company's confirmed that today and that's about one tenth of its global workforce. to put that in context, it's quite significant. that involves 14 plants being involved for cuts here, whether that isjust to production lines or whole factories shutting down. in the uk, we have around 7000 people employed at sunderland plant, so obviously there is uncertainty for those. the city really relies on nissan as one of its largest employers. they will be looking at that with som

you carlos ghosn ousted and the reverberating trouble from that that has led to reported strife betweend its alliance partner, renault. sales are expected to decline. hit operating profit quite significantly in the fiscal first quarter through june. estimates for a decline in operating profit of some 66% year-over-year. ceo, saidhe embattled nissan had overstretched after operating profit fell to the lowest in decades. back in may, when the job cuts were announced, he said nissan had hit rock bottom. it does not seem like they have already hit rock autumn -- bottom. david: the other story in the car market is china grabbing more of global automakers. the story on daimler. >> of course, beijing auto has been a partner with daimler for quite some time. i remember interviewing the beijing auto chairman a couple years ago and i asked him about the proposed changes coming in china, where they are not going to give out as much state support, the government is going to be unwinding the structure, and all the regional automakers are going to have to fend for themselves and invest more in r&d as

nissan is struggling to recover from the turmoil following the arrest of former chairman, carlos ghosn ground in the u.s. anheuser-busch says market share for budweiser and bud light shrank by half a percentage point last quarter. sales have fallen as once loyal american consumers shift to craft beers and imports. and the man who invented twitters retweet button believes it was a very bad idea. in an interview with buzzfeed news the developer said he recalls thinking we might have just handed a 4-year-old a loaded weapon. he says twitter staffers were not prepared for how the feature would dramatically changeen teenagement on -- change engagement on the platform. if you love avocados, now you can live in one. a new avo-condo is available on booking.com for $70 per night. the avocado shaped camper is located in sydney, australia. this once in a lifetime opportunity is available starting next wednesday, which happens to be national avocado day. that is what's happening now. cheryl: i eat an avocado pretty much every day. lauren: me too. i love avocados. i slice them open and eat them wit

nissan first major product debut in japan since the arrest announce of former chairman carlos carlos ghosns connected services. it will sell born 45 and 52,000 dollars. hispanics are experienced a large pes ownership gain of anith nick group in the u.s.. the census bureau reports that home ownership rate for hispanics risen three percentage points since 2015. that's more than any other race or ethnic group including whites. netflix has removed a suicide scene from an episode of the popular teen drama 13 reasons why. the move comes amid a debate over whether show increase risk of teen suicide. based on book of the same name 13 reasons why is about a depressed high school girl who takes her own life and sends a classmate a tape explain yg she did it and who she blames. the show has been a criticized by health advocate who is fear by suicide. and switching gears pizza chain is cooking up a major controversy villa menu offering pizza crust. that is it. just pizza crust no cheese no sauce and being the best part of pizza for many customers we are debating that. but what's happening now? >> i ag

reduction, emphasizing how much nissan is struggling to get back on stable footing after the arrest of carlos ghosnat the rest of the numbers, they are keeping the full-year dividend and the full-year outlook, so that is not changing, but they certainly have a lot of catching up to do, given this quarter's numbers. analysts don't see the picture getting much better until perhaps 2021. let me show you the chart. year revenueon growth for nissan. the march number, the first panel, that's the actual number. it continues to be red, dropping 70%, 60% declines in revenue. it looks like june 2020, but because you have a calendar year, that's not growth until the first quarter of 2021, so the ugly numbers today, analysts see them continuing. a quick look at how autos are doing. you can see most autos moving higher. volkswagen gave earnings today. the earnings picture might be looking better. they hyaad a miss, but kept ther full-year outlook. peugeot also higher. so maybe markets see this as a nissan-specific problem. anna: interesting to see volkswagen gaining after sticking to the full-year outlook, and

seemingly so bad that analysts are saying it is starting to overshadow the november arrest of carlos ghosnyou. dani burger, setting up our next conversation. i am pleased to say that we are joined by the head of auto macro research at fitch solutions. let me talk to about what is going on in the auto. -- auto. what have you learned about how the sector is dealing with a host of headwinds? the results have been reflective of the number of challenges facing carmakers. it is a combination of weak demand in the major markets. you've also got one off charges in the case of daimler. you have also got restructuring charges with forward. -- ford. there are some things combining in this sector. matt: i wonder about that r&d spend. how long will it take to pay off? it does not seem the infrastructure is even there to buy these cars. anna-marie: it's true. we are seeing quite weak demand for these vehicles. , but in aes look good lot of countries, it is from a very low base. as you said, infrastructure is a big part of this. also, a very expensive technology. there are still relatively few models ava

the company is still dealing with the fallout from the arrest of it's former boss carlos ghosn. yokohama also have to get to grips with a future of self—driving cars and electric vehicles. our business correspondent theo leggett filed this report. battered by scandal and beset by following sales, nissan is taking radical action, for workers at factories like this one in brazil and means deep uncertainty about the future. translation: you have to work as hard as you cannot to be laid off, do the work that has to be done. and the people that are laid off, it is a shame. the only thing we know that is going to happen now is last days off. the company says it will cut 12,500 jobs around the world and nearly 10% of its workforce. 14 factories will either close or lose production lines. figures show the serious results of the compa ny‘s performance, figures show the serious results of the company's performance, we will be streaked and weeding out unprofitable parts of the company and maintain investment and its growth so we can revive the performance in two years. financially it is su

nissan struggles with poor sales and the fallout from the arrest of its former chief executive carlos ghosns the english channel on a jet—powered flyboard. frankie zapata, a formerjet—ski champion, had been hoping to fly from calais to dover injust 20 minutes. the attempt took place exactly 110 years after louis bleriot made the first powered flight across the channel. unfortunately, the ao—year—old fell into the water halfway across as he tried to land on a boat to refuel. if it is so hot here in the uk, may be that is the option? if the tracks are melting, that is the way to commute. but then i thought given the full story over electric scooters we are not ready for hover boards just yet. scooters we are not ready for hover boardsjust yet. i was about scooters we are not ready for hover boards just yet. i was about to scooters we are not ready for hover boardsjust yet. i was about to say, here in dc, you cannot move for scotus, i don't think i would like one of those things flying around as well. this is beyond 100 days from the bbc. coming up for viewers on the bbc news channel and bbc w

and europe, overshadowing perhaps the carlos ghosn arrest. nejra: dani burger, thank you so much.'s get to bloomberg first word news now, with debra mao in hong kong. iran reportedly testfired a medium-range ballistic missile that traveled 1000 kilometers, according to official.ited an it's the latest move in escalate intentions with iran. we spoke to secretary of state mike pompeo about relations with tehran. >> i would welcome the chance to speak directly with the iranian people. their leader comes to new york, drives around, speaks to the media, the american public, gets to put iranian propaganda out into the american airwaves. i would like a chance to go, not for propaganda, but to speak truth to the iranian people about what their leadership has done and how it has harmed iran. nejra: -- debra: boeing fell the most in over two months as the 737 max hangover got even worse. southwest has dropped the plane from its schedule until early 2020. it was the biggest operator of that jet. ining's defense unit also is a dispute over bidding rules. global news 24 hours a day, on air and

at the same time, all sorts of corporate infighting and last november, carlos ghosn, the man who orchestratedinvestigations within the company, a lot of corporate infighting so at the moment, this is a company in a very difficult situation. the management have to turnit situation. the management have to turn it around and what they will be doing is trying to cut costs by cutting capacity and jobs, 12,500 around the world. we don't know whether cuts are going to fall at the moment. there are 1a plans potentially in line for cuts either to production lines or factory shutting down but we don't know where they are. looking at the uk, the big plant is obviously sunderland. it is a relatively efficient plant, and it makes the nissan leaf as well as the cash guy, so nissan leaf as well as the cash guy, so it looks like it is in a strong position, so we don't know whether there will be any cuts in the uk —— kashqai. when will we know? the chief executive said today he couldn't give any details because some of them are still being worked out. we are expecting another statement from nissan in europe l

have the ramifications of the carlos ghosn saga and the simmering if not bubbling a rift with rental.t. there are all kinds of problems. the ceo said nissan had overstretched after operating profits fell to the lowest level in a decade. he said nissan had hit rock bottom quote unquote. obviously not. >> no wonder we are seeing global giants turning to china for more capital. the german giant daimler becoming even more chinese. a now we are seeing -- we had company take a nearly 10% stake in daimler, the largest shareholder. now daimler -- i should say beijing auto taking a 5% stake in daimler. that takes chinese company stake to nearly 15% in daimler. bought volvo, now taking the stake and daimler. daimler.n -- in this is an interesting time for chinese automakers. i said, you have a lot of pressures against you. less protection from the chinese government. you have that confluence of technology. he said, we need to invest more and getologies stronger. look what they have just done. taken a big stake in daimler. >> thank you very much. stephen engle. korea,kets and south japan, and us

year, including falling sales in the us and europe and the aftermath of the arrest of former boss carlos ghosnroduction capacity by 10% by the end of 2022, but it hasn't said where the cuts will fall. north korea has fired two short—range missiles into the sea, according to officals in south korea. there's been no official comment from the united states, which has agreed to resume talks with the north on plans for the demilitarisation of the korean peninsular. pyongyang has recently suggested that military exercises between washington and seoul could jeopardise those negotiations. good morning everyone. borisjohnson has taken an axe to theresa may's cabinet. the new men and women in the cabinet met this morning — these are the latest pictures of them. they are going to be running policy in all the areas that matter to you — from housing, to transport, the nhs, social security. and, of course, brexit. so who's in and who's out? this is what he had to say. good morning everybody and it is wonderful to see this new team assembled here, representing here i think the depth and breadth of talent in

carlos ghosn, the chairman, he was forced to leave under all sorts of allegations recently.ulance joins me now. i don't want to be the harbinger of doom and gloom, but i was in london yesterday and i found doom and gloom, but i was in london yesterday and ifound it doom and gloom, but i was in london yesterday and i found it unbearable. i made sure i had a big bottle of water with me the whole time, drink lots of water, but obviously it is not enough if you have health problems as well and you are finding it difficult to cope. and we find that people who have health problems should think about not going out u nless should think about not going out unless they have to stop what is it cooler in the house? it is, especially if you take some precautions. we recommend you keep your windows and blinds closed. that seems an intuitive. it does, but if you keep them closed at the height of the day, you keep the sunshine out and the temperature can cool down, and as the sun goes down it gets a little bit cooler and there might be some wind and breezy can open the windows at that point

last november, carlos ghosn was ousted and we saw a string of bad news, including job cuts back in mayn has hit rock bottom. with its latest results, if it is confirmed, which it likely will later today, the nikkei report, it looks like a bottom has not necessarily hit yet. that stone keeps on falling. basically, nissan broadly called the report accurate, that operating profit in the fiscal first quarter would drop 90%. we are expecting an average of a 66% drop in profit from the average consensus from analysts. basically, nissan hasn't delivered such week back to back earnings since the global financial crisis in 2008. that rock keeps on falling. we had that report from kyoto to cut atnissan plans least 5200 jobs on top of the 4800 cuts announced in may. that is 10,000 global jobs out of nissan's workforce. that is 7% of the workforce, quite considerable. that report saying that they will be launching, if they are not already in the midst of, what they call a broad restructuring. yesterday, a board member told reporters any restructuring won't be simple. for people familiar with this

the problem for nissan stem way before carlos ghosn, former chairman and ceo, was arrested in japan.t, the try to turn this business around, nissan like other global car makers will be cutting jobs. 12,500 around the world, 1400 in the u.s., most of those at its headquarters in tennessee. what's going wrong for nissan? they never really had a strong u.s. business, but they have also been selling a lot of their cars to rental companies. when you sell in fleet sizes, you also have to offer discounts as well. there have been struggles with renault in that tense partnership so there has been some uneven strategy and as a result, nissan as you see today, really struggling but it's other car makers as well around the world. we also heard from, say, gm last year cutting 14,400 jobs across north america, telling us 15% of its salaried workers will be cut this year. ford, some disappointing news yesterday and results after the bell. ford also cutting just around 7,000 jobs or so. tesla, this used to be the stock of the day, down double digits for tesla after they reported a record delivery nu

more fallout from the arrest of former chair carlos ghosn.lso down across the globe, including here in the united states. >>> coming up, former nfl player derrick morgan. he's 30. he's already retired. i tell you, i'm in the wrong business. i want to know, did he leave so much money, why did he leave so much money on the table? he did. >>> i say yesterday's mueller hearing, a big flop for the democrats. the impeachment case collapsing. all they have to run on is their socialist economic message. they really think they can beat the president with that? i talk about it with bret baier, next. >> i think robert mueller did a horrible job, both today and with respect to the investigation but in all fairness to robert mueller, he had nothing to work with. you know, you can be a builder but if they don't give you the right materials, you're not going to build a very good building. ♪ -driverless cars... -all ground personnel... ...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.