let's start with netflix. shares in the world's top tv streaming service have plunged almost 20% after its forecasts disappointed investors. netflix was one of the major winners early in the pandemic back in 2020 — with people around the world stuck at home and cinemas closed. but despite huge investment in new shows and movies — that growth has been slowing down over the past year. and netflix has been facing growing competition from the likes of disney and hbo who have all launched rival streaming services. lets talk to liz duff, head of media & investment at total media. shaving 45 william dollars also overnight off your market value, that not to hurt. pretty much wiped out all the growth they made during the pandemic. but should we have expected this? presumably once you have a netflix subscription who else will sign up? a netflix subscription who else will sign up?— a netflix subscription who else will sign up? everyone has one these days- — will sign up? everyone has one these days- i — will sign up? everyone has one these days. i think— will sign up? everyone has one these days. i think that - will sign up? everyone has one these days. i think that is - will sign up? everyone has one these days. i think that is the i these days. i think that is the problem, yes. the netflix going forward and in some ways the result was strong and the revenue was up but the subscore correction growth is missing expectations and that is concerning them and the reality of it is that in mature markets like the uk or the us, netflix have reached in the saturation point and there is only marginal gains they would be able to get in those markets from going after new subscribers from competitors. so they may need to look to other ways to derive revenue into the business.— other ways to derive revenue into the business. one of the wa s into the business. one of the ways they — into the business. one of the ways they are _ into the business. one of the ways they are trying - into the business. one of the ways they are trying to - into the business. one of the ways they are trying to do . into the business. one of the. ways they are trying to do that is by going heavy new programming and promising more and more. iwonder someone programming and promising more and more. i wonder someone who looks at this for a living, it could come at a price, couldn't it? what is the ratio of duds to runaway successes? how much is netflix flops? it is to runaway successes? how much is netflix flops?— is netflix flops? it is more a problem _ is netflix flops? it is more a problem for _ is netflix flops? it is more a problem for netflix - is netflix flops? it is more a problem for netflix is - is netflix flops? it is more a problem for netflix is the i is netflix flops? it is more a l problem for netflix is the cost of that content rather than having content that is not working for them. the reality of, again, the streaming market is that there is so much competition to get the best content and to attract the subscribers that the cost of the content is ever—increasing and if you think about the customers they will want the best content but they will come to a point where they refused to a point where they refused to pay any more for that content which is why netflix need to look at how they can drive more revenue into the business without expect itjust to come from the customer paying more and more on a monthly basis when their wallets are getting squeezed ever more. wallets are getting squeezed ever more-— wallets are getting squeezed ever more. they have actually 'ust in ever more. they have actually just in the _ ever more. they have actually just in the last _ ever more. they have actually just in the last week— ever more. they have actually just in the last week hiked - just in the last week hiked their prices and consumers have always had options when it comes to entertainment so how much is it costing netflix, do you think, to try and keep eyeballs with them are not going off and doing otherforms of entertainment or going over to different streaming services instead? it to different streaming services instead? w, , to different streaming services instead? . , , ., to different streaming services instead? , ., ., instead? it costs them a lot. if ou instead? it costs them a lot. if you look — instead? it costs them a lot. if you look at what _ instead? it costs them a lot. if you look at what people i instead? it costs them a lot. | if you look at what people like disney and apple are doing, they are doing cheap introductory deals and costs netflix and we see people not having loyalty to one streaming service, they move because deals, you know? customers are savvy. they look for the best deal for the content and they expect more and more from the streaming service. it is definitely hurting netflix and they are doing things like bringing in other product such as gaming but i think they need to go further than that going forward. ., ~ to go further than that going forward. ., ,, , ., to go further than that going forward. ., ~' , ., , to go further than that going forward. ., ,, ,, , . forward. thank you very much forward. thank you very much for our forward. thank you very much for your time _ forward. thank you very much for your time and _ forward. thank you very much for your time and have - forward. thank you very much for your time and have a - forward. thank you very much | for your time and have a great day. let's stay in the us — where the senate is pushing ahead with legislation to limit the commercial dominance of giant tech firms. it would block the likes of amazon, google and apple from prioritising their own products over those of smaller rivals who also sell on their platforms. it's been bitterly contested by big tech firms. and with the biden administration barely in control of congress. there's no guarantee it will ever be voted into law. as michelle fleury in new york explains this legislation is aimed at trying to curtail some of the businesses that the major tech companies are engaged in. the idea is that they cannot use their dominant power in certain ways that would disadvantage competitors. if you are talking about the likes of apple, for example, as a specific case, it could not prioritise its own sellers over those of third—party sellers and their products. that is one of the concerns. in the case of an apple or google it could not prioritise its own apps versus rival apps. that is what this bill, at its heart, is designed to do. the question is how far will it go? it is just been approved by the senate panel and it now goes to the senate floor but if you look at what has been happening in the house, thejudiciary has been happening in the house, the judiciary panel there, the attempts to try and kind of deal with anti—trust behaviour has stalled so it is not clear how far it would get through congress and then once it does get too, if he gets as far as the desk of the president, the white house has not even or made clear what its position is. the clock is also running out because, bearing nine —— mind, one yearfrom now you have mid—term elections and much of the focus will shift their and that willpower to try and get something to done on this will become harder and harder as the calendar winds down. mark 0stwald is global strategist at adm investor services international. this is very much a moment of truth for this much fated crackdown. after years of tech lash, i guess, crackdown. after years of tech lash, iguess, in crackdown. after years of tech lash, i guess, in the political sphere. is it losing its gustre in the investment world as well? i in the investment world as well? ., �* ~' well? i don't think it necessarily - well? i don't think it necessarily loses - well? i don't think it necessarily loses its| well? i don't think it - necessarily loses its gustre but it does definitely create something, a risk out there which many people had dismissed, previously. ithink theissue dismissed, previously. ithink the issue here, really, is that it does not matter where you look, whether it is the eu the us or china, basically we have let these behaviour myths, these conglomerates grow out of control and now people up backpedalling and trying to bring it back under control. and obviously it is much easier to do in china than it is to do in the united states or the eu. there is also an ideological issue here as well, isn't there? because turning tech platforms into because our utilities would be a big step in a country that celebrates business success and the big american dream and google is warning that it could harm america's tech leadership. is there a danger that the politics and the objects around this could kill the goose that lays the golden eggs? i think two weeks — lays the golden eggs? i think two weeks certain _ lays the golden eggs? i think two weeks certain extent - lays the golden eggs? i thinkj two weeks certain extent one needs to be a little careful with what the big tech companies say. they want as much free reign as possible so they will lobby quite hard against all of this. the extent to which it actually harms tech innovation i think is highly debatable and we have had a lot of legislation passed which is more pernicious than this would actually harms business in a far bigger way and most of the time what we have is that the tech companies large army of lawyers find a way to circumvent legislation so i think a great deal of care needs to be taken with the pronouncements that come from the obvious lobby groups. we will leave _ the obvious lobby groups. we will leave it _ the obvious lobby groups. we will leave it there. thank you for your time today, mark. that is mark oswald in london today. should nuclear power be classed as �*green�* energy? what about natural gas? you might say — as many climate campaigners are saying — no way! but what if they are being used replace coal and oil as part of the transition to renewable energy sources? it's a debate europe is having at the moment and there's a huge amount at stake, as it could determine access to billions in climate investments. a consultation closes today. simone tagliapietra is senior fellow at the bruegel think tank in rome. thank you forjoining me today. where do you stand on this? we are use to the idea of shades of grey but this ep is to be shades of green. his nuclear ower shades of green. his nuclear power green _ shades of green. his nuclear power green energy? - shades of green. his nuclear power green energy? the i power green energy? the taxonomy wants to be a classification aimed at helping financial markets define what is green and what is not green with the ultimate target of avoiding greenwashing and accelerating green investments. now three weeks ago the european commission proposed to insert nuclear and gas into the european union taxonomy. this is a controversial choice. the european commission is not giving a free pass to these technologies it is imposing certain environmental requirements environmental ngos, policy makers and others in the parliament et cetera have made a very strong push back saying that these are not the fields of tomorrow so they should not be part of this green classification. this is a heated debate we are currently having in europe. ok. heated debate we are currently having in europe.— having in europe. ok. tell me about this. — having in europe. ok. tell me about this, how— having in europe. ok. tell me about this, how achievable i having in europe. ok. tell me about this, how achievable do j about this, how achievable do you think the global goals that we have on climate change when you have in the mix a gas and nuclear and how realistic is any of the goals that were made in glasgow when you take those things out? i in glasgow when you take those things out?— things out? i think we are mixin: things out? i think we are mixing up _ things out? i think we are mixing up the _ things out? i think we are mixing up the debate i things out? i think we are i mixing up the debate here. the taxonomy is about trying to redirect financial flows to green technologies it is not something related to define the energy mix decisions. so to be very clear, i think the taxonomy should really include only green sources because otherwise, for example, the eu exercise is not going to be utilised as a global standard in this field. but this does not prevent countries or companies from making investment in gas or new killer for the transition. so these fuels will have a role to play in the transition in the next ten, 20 years, and even if you look at the scenarios of the energy mix under the european deal, gas plays a role well after 2030. deal, gas plays a role well after2030. but deal, gas plays a role well after 2030. but these considerations on the energy mix should not be mixed with these other considerations on what should be considered as green and not by an investor. so i think there is a little confusion out there and i think that the risk ultimately is that the risk ultimately is that this taxonomy would not represent the global standard that the european union wanted to represent in order to be a climate leader globally, also in the european green deal. thank you for your time. let's stay with green technology — because start—up firm britishvolt has won uk government backing for a �*gigafactory�* to make electric vehicle batteries in the north of england. the uk has pledged to ban the sale of fossil fuel cars in 2030. but it's lagging behind rivals in europe and asia in electric vehicle infrastructure and investment. theo leggett reports. a windswept building site in northumberland. in a few years this will be home to the u.k.'s first gigafactory. if all goes to plan, britishvolt�*s giant facility will be capable of making 300,000 batteries for electric vehicles every year. now the project has the government's seal of approval in the form of funding worth £100 million. that, in turn, has helped the project raise another £i.7 has helped the project raise another £1.7 billion from private investors.- private investors. the fantastic _ private investors. the fantastic thing - private investors. the fantastic thing today i private investors. the | fantastic thing today is private investors. tie: fantastic thing today is the announcement of government support for the project. from the atf the automotive transformation fun. and what that allows us to do, is access the funding to get the building built. britishvolt says that 3000 new jobs will be created in the factory itself and some 5000 more acid suppliers. for a government that has been coming underfire government that has been coming under fire lately it is some badly needed good news. i think the key message _ badly needed good news. i think the key message here _ badly needed good news. i think the key message here is - badly needed good news. i think the key message here is that i badly needed good news. i think the key message here is that we are re- — the key message here is that we are re— industrialising our economy— are re— industrialising our economy under the north—east has a — economy under the north—east has a huge part to play in that _ has a huge part to play in that. people are back to the industrial revolution in the north—east having an indoor must — north—east having an indoor must role _ north—east having an indoor must role in that 152 years ago — must role in that 152 years ago. now we are really industrialising.- ago. now we are really industrialising. this is not the only _ industrialising. this is not the only gigafactory i industrialising. this is not the only gigafactory in i industrialising. this is not| the only gigafactory in the pipeline. nissan already said it will build one close to its own plant in sunderland. the uk wants to become a big player in the fast—growing market for electric vehicles but it is in a race with other european countries that want to do the same. and experts say that to win that waste —— race, many more of these giant battery plans will soon be needed. theo leggett, bbc news. stay with us on bbc news, still to come: up to two million dollars a gig. but even adele can't escape the effects of covid and the supply chain crisis — as she cancels her las vegas debut tonight. donald trump is now the 45th president of the united states. he was sworn in before several hundred thousand people on the steps of capitol hill in washington. it's going to be only america first. america first. demonstrators waiting for mike gatting and his rebel cricket team were attacked with tear gas and set upon by police dogs. anti—apartheid campaigners say they will carry on the protests throughout the tour. they called him the 'butcher of lyon'. klaus altmann is being held on a fraud charge in bolivia. the west germans want to extradite him for crimes committed in wartime france. there, he was the gestapo chief klaus barbie. millions came to bathe as i close as possible to this spot. a tide of humanity- that's believed by officials to have broken all records. this is bbc news, the latest headlines: britain's foreign secretary has warned russia of a terrible loss of life if it invades ukraine and has urged its allies to stand up to moscow. the first aid ship sent to help the people of tonga following last weekend's volcanic eruption has arrived, the new zealand navy vessel is carrying urgently needed fresh water. if you can't make it through the day without a cup of tea — you're not alone. the global tea market is worth nearly $200 billion a year. but the industry's success isn't in the bag, as it faces a number of issues around climate and sustainability. that wasn't my gag, i'm sorry. that wasn't my gag, i'm sorry. that wasn't my gag, i'm sorry. that was my producer. i am going to name and shame him. ben thompson has been speaking tojohn davison, he's the chief executive of ekaterra — the world's biggest tea maker — that owns brands such as lipton and pg tips. ben asked him the impact climate change is having on tea production. tea is more resilient than some crops to climate change but nevertheless you are absolutely right. if we do nothing we reckon something like 40%— 50% of our tea probably will be endangered in the next decade and of course that is an enormously important call to arms. an entire industry to get arms. an entire industry to get a move on on driving climate programmes to reduce climate change. we grow most of our own tea in east africa, and these are our markets in countries and landscapes that are impacted year in year out by climate change. things are very volatile in terms of climate, it's the volatility that's the challenge more than just your global warming these are things that we need to take into account and thankfully our r&d technology teams are working very hard with these plantations to try and create tools and technologies and measurement systems to predict more reliably how to manage these climate situations. is a dancer these climate situations. is a danger though, _ these climate situations. is a dangerthough, isn't these climate situations. is a danger though, isn't that talk about some of these things we think just about some of these things we thinkjust about the think just about the environment thinkjust about the environment and we know that also being an ethical or sustainable company is also how you treat your staff stopping the tea industry is one where there's lots of accusations of exploitation. how do you make sure that you are obeying all the rules that you need to when you are looking after the staff that are working often thousands and thousands of miles away from where you are? we have something like 17,000 staff in west africa that are working with us to grow, cultivate and pack more tea so it's an incredibly important part of our workforce and clearly in that part of the world we are committed to making sure personal safety and the welfare of our teams, we provide schools, hospitals, free medical care, we provide housing and various other benefits to make sure that our staff that are working with us are given the very best possible case and that local context. so that itself that the standard and it's a standard that is supervised and monitored by different bodies in the un, by the sustainable idh. ., , , ., in the un, by the sustainable idh. ., , i. ., idh. unger to put you on the sot, idh. unger to put you on the spot. what's _ idh. unger to put you on the spot, what's your _ idh. unger to put you on the spot, what's your favourite l spot, what's your favourite brew? ~ , spot, what's your favourite brew? g ., ., , , , brew? my favourite brew is pg ti s, brew? my favourite brew is pg tips. that _ brew? my favourite brew is pg tips. that is — brew? my favourite brew is pg tips, that is what _ brew? my favourite brew is pg tips, that is what they - brew? my favourite brew is pg tips, that is what they grew i brew? my favourite brew is pgj tips, that is what they grew up on in newcastle upon tyne. i've been drinking are probably since i was a tiny little toddler and that is a long time, i won't go into detail on that but they still drink it today and we got some exciting things coming with pg tips as well, so watch this space. we certainly will. _ for more from that interview and to learn about what ethical and sustainable sourcing really means — tune into talking business weekly with ben thompson at the times on your screen. finally, the supply chain crisis and labour shortages have taken their toll on many parts of the economy and today they have claimed a new victim. singer adele has been forced to postpone the start of her weekend residency in las vegas, due to start tonight, because of issues with deliveries and staff off with covid. it could be a costlly delay for the superstar, she's estimated to be earning $600,000 per concert in ticket sales alone, but with merchandising the real pay—out could be closer to two million — according to billboard magazine. mark mulligan is managing director at midia research. mark, these tickets started at about £700, up to 9000 for the best seats in the house, she was set to be making almost £2 million or so a gig, and apparently was going to be staying in a suite complete with a butler, no wonder she was crying. will have fans go easy on her with yellow your producer is good with the puns today. i producer is good with the puns toda . ~ , ., , today. ithink festival, she wouldn't _ today. ithink festival, she wouldn't be _ today. ithink festival, she wouldn't be making i today. ithink festival, she wouldn't be making 2 i today. i think festival, she i wouldn't be making 2 million, there are lots and lots of other parties who will get their slice of the pie, but you know, there's a whole bunch of things wrapped in here but the bit about how much tickets are, fundamentally, you are meeting consumer demand. the live music as this has been trading in selling really expensive tickets and vip packages for many years, so in many ways these vagus residencies which are becoming increasingly popular are just are becoming increasingly popular arejust a natural progression of where the high end live music market has gotten. end live music market has rotten. , . end live music market has rotten. , , ., ., ., gotten. they get used to of a reputation — gotten. they get used to of a reputation for _ gotten. they get used to of a reputation for where - gotten. they get used to of a reputation for where you i gotten. they get used to of a l reputation for where you would croon out your sunset years of your career. why the likes of adele? obviously very much at the peak of her career, interested in doing shows there i do think things changed, even if we go back to the original one that everyone looks back to, elvis, when he did his vagus residency, he was only 3a at the time, so he's actually only a year older than adele. celine dion, she was only 41 when she started her, and ok eight years in the music business is a lifetime but it's not that big a difference and you look at the likes of katy perry and calvin harris and bruno mars, all of whom are all doing and about to do one there, all in their late 30s stopping i think it's become quite a natural thing, when artists of that bit older, she might be at her peak but she is still that it older. why? because your audience has grown up, your audience has more money and so your audience can afford to come and pay to see you in some swanky venue and pay for all the trappings. ok. pay for all the trappings. ok, wonder how _ pay for all the trappings. ok, wonder how much _ pay for all the trappings. ok, wonder how much of - pay for all the trappings. 0k, wonder how much of this is about the money, because adele's albin that dropped fairly recently hasn't sold nearly in the same way as her previous work despite pretty rave reviews. are theyjust the marketing for the product lines and the live shows in the mirror?— and the live shows in the mirror? ., ., ., mirror? you look at some of the most valuable _ mirror? you look at some of the most valuable artists _ mirror? you look at some of the most valuable artists on - mirror? you look at some of the most valuable artists on the i most valuable artists on the planet, they made the majority of their money not from music from the businesses that they've been to build because of the ground that their music has created. i think the idea of albums being anything is disappearing. the whole concept of albums has been sort of torn into pieces people don't really listen to albums people certainly don't buy them much anymore and in some ways that makes adele a bit of a throwback because she's an album artist so she is always up album artist so she is always up against it in the market have moved on more than necessarily her fan base that has diminished, so it's really screaming, i think two your point about what is the marketing bit, it is streaming, that doesn't deliver that much revenue to that many artist, and even those that it delivers and even those that it delivers a good amount of revenue, still less than they would have got from sales, so streaming really is the marketing tool which an artist will use to go and sell everything else.— artist will use to go and sell everything else. thank you so much for _ everything else. thank you so much for your _ everything else. thank you so much for your time _ everything else. thank you so much for your time today, i everything else. thank you so much for your time today, it's good to see you and i'm glad you liked my gag in the first questions copy thank you very much for your time today. if you are in the uk you've got breakfast coming up on bbc one and if you are watching internationally, you've got me for another hour. i will see you very soon, goodbye. hello again. thursday was a fairly chilly day, temperatures about 2—3 degrees below average forjanuary, but for many of us, we had sparkling blue skies for most of the day. and what a beautiful weather watcher picture this is from buttermere in cumbria. slightly less beautiful were the skies in east anglia. we had a shower stream coming down the north sea. and for norfolk and, to a degree, suffolk, quite a few showers here, but they are fading away. right now, as the winds start to change direction to more of a northwesterly, that shoves the showers over towards belgium and the netherlands. otherwise we've got clear skies for many areas. and it's a cold one for sure, temperatures at their lowest, about —6, —7. southern wales, central, southern england the coldest spots. might be very cold and frosty, but it should be bright with plenty of sunshine to start the day for most of us. even this cloudier zone in the west will be prone to a few breaks during the morning, so you could see a few glimpses of sunshine for a time. cloud tends to thicken through the afternoon. could threaten an odd patch of light rain or drizzle for the western isles and highlands. 8—9 degrees in the west. otherwise, temperatures at 6s and 7s. now, friday night is where we keep those clear skies. again, temperatures will fall away to give us some patches of frost. it is going to be patchy rather than extensive, so not as overall cold across england and wales. and the thickest cloud across northwest scotland, temperatures about 8 overnight in stornoway. this weekend, the tendency is for the weather to turn a little bit cloudier. there will be a lot of drier weather to come. some sunny spells, but we could have a bit of frost and fog to contend with as well. essentially, as we go through the weekend, high pressure's still there. we're starting to get this milder air recirculating back around the high and particularly moving into northern areas of the uk, where we'll see the highest temperatures, particularly for northern scotland. saturday, mist and fog could be an issue first thing in the morning. otherwise, we've got some patchy of frost, but then we'll have some sunshine to compensate across central and eastern areas. in the west, it continues to turn milder, but that's because we've got extensive cloud, thick enough to bring some rain to western scotland, where temperatures reach 11 celsius. second half of the weekend, again, we could go into sunday with some fog patches around. some of it could be quite dense, a few frost patches as well. overall, a little bit more in the way of cloud for most areas, with some mist and hill fog patches around the coasts, a bit of drizzle for western scotland, where it'll continue to be particularly mild. that's your weather. good morning, welcome to breakfast with charlie stayt and naga munchetty. our headlines today. "desist and step back". the foreign secretary's message to president putin if russia invades ukraine to avoid a "terrible loss of life". thames water launches an investigation after new footage show what looks like untreated sewage being discharged into the river thames. i'm gutted, i'm sorry it's so last—minute. we've been awake for over 30 hours trying to figure it out. a tearful adele postpones her entire las vegas residency, just 24 hours before the opening night. good morning.