being a lot lower in 02 this year than they were last year. as we well remember, they were running up sharply by last year. bp has realised that prices were down by just under 40% year on year and a biggerfall, they realise just under 40% year on year and a bigger fall, they realise that gas price, 45% and also down by a 30%, that explains why the puppet are lower this year than last year. lower, but still quite an impressive number nonetheless. it will always raise criticisms about windfall tax with big energy firms doing well on the back of these prices, though as you have said, they have come down from their peaks. bp is not a big player in the uk any more. it’s from their peaks. bp is not a big player in the uk any more. it's not a big player. _ player in the uk any more. it's not a big player. but — player in the uk any more. it's not a big player, but reasonably - a big player, but reasonably important. they pay tax there and i think, looking at figures, it is gone away, given the price of come down, there is less when full taxes here than the ones last year. they are not as big a player anywhere nearas are not as big a player anywhere near as they were a few years ago. most of the profits accrue from overseas operations, including in the us. �* ., ., , overseas operations, including in the us. �* ., ., , the us. and therefore as a result, the us. and therefore as a result, the wind full _ the us. and therefore as a result, the wind full tax _ the us. and therefore as a result, the wind full tax have _ the us. and therefore as a result, the wind full tax have a _ the us. and therefore as a result, the wind full tax have a minimum| the wind full tax have a minimum effect on bp. the wind full tax have a minimum effect on br— the wind full tax have a minimum effect on bp. very minimal effect. the fact that _ effect on bp. very minimal effect. the fact that profits _ effect on bp. very minimal effect. the fact that profits are _ effect on bp. very minimal effect. the fact that profits are still - the fact that profits are still a lot of money, they are a very, very big company. they have sort of gone back to pre—covert levels now, compared to similar levels they were in 2019 q2. the compared to similar levels they were in 2019 02. the very low price of 2020, the high price of 2022, that sort of balance out and got away. it is good to get your thoughts. thank you. the world's largest spirits maker, diageo, has seen full—year profits boosted by price rises and drinkers switching to more expensive brands. the maker of tanqueray gin, johnnie walker whisky and smirnoff vodka posted a 7% rise in pre—tax profits to £4] billion for the year tojune 30, narrowly beating estimates. diageo's most expensive brands accounted for 57% of its overall organic net sales growth, it said. let's talk to the managing director of beverages research atjefferies. it is the idea that we are trading up it is the idea that we are trading up to posher stuff, that's how the boosted figures for diageo. i think it's fair enough. _ boosted figures for diageo. i think it's fair enough. consumers - it's fair enough. consumers developed a taste for drinking better during the pandemic and on the other side, there was a stream of revenge conviviality, they want to watch a restaurant, this was followed by... what you are seeing is continuation of that trend. it's a long—term trend over the last three or four years. a long—term trend over the last three orfour years. a a long—term trend over the last three or four years. a long—term trend, but many will be surprised that faced with cost of living crisis, we are prepared to put hands in our pockets to buy more expensive stuff rather than a lid on how much we spend on an item. it is a fair point. i think the beverages industry for decades has been running on the phenomenon to drink better not more. better yourself and manifest yourself in different ways, the markets have shifted from local firewater to imported scotch, to treat yourself to a better bottle live gin, is a relatively discretionary purpose, it's not a big item and according to environment, people are trying to drink better. find environment, people are trying to drink better-— environment, people are trying to drink better. �* .. , ., , drink better. and then from diageo's oint of drink better. and then from diageo's point of view. _ drink better. and then from diageo's point of view, they _ drink better. and then from diageo's point of view, they are _ drink better. and then from diageo's point of view, they are operating - drink better. and then from diageo's point of view, they are operating in l point of view, they are operating in so many different markets, they are seeing the benefits of doing so. a big dividend and share buy—back programme. explain what's going on. the dividend is broadly in line with what they have been running with with the last 25 years so. gives you good visibility on the cash return there. from that standpoint, there is $1 billion, they talk about the physical 2a, is $1 billion, they talk about the physical24, is is $1 billion, they talk about the physical 2a, is slightly less than the last three years. that reflects on some uncertainty in terms of the global macro picture, they are still getting good results on share dividends and buy—backs. and getting good results on share dividends and buy-backs. and if you look at their— dividends and buy-backs. and if you look at their portfolio _ dividends and buy-backs. and if you look at their portfolio of _ dividends and buy-backs. and if you look at their portfolio of products, l look at their portfolio of products, we listed some of them there and it's very interesting if you look at where they are throwing their energy and now. premiums, ideally to be met obviously. the brands are still surviving the test of time. yes, some brands — surviving the test of time. yes, some brands are _ surviving the test of time. yes, some brands are been - surviving the test of time. yes, some brands are been around i surviving the test of time. 1913 some brands are been around for hundreds of years and still have great longevity. when you look at some of the ground strips in particular, such as scotch, it's a industry with high values to entry, you can'tjust manufacture you can't just manufacture overnight, you can'tjust manufacture overnight, eight years and years of know—how, particularly around scotland, i think that gives them a lot of duration in the whole industry itself. i think there's been vast growth within the us with tequila, is quadrupled with terms of their... in tequila cocktail drinks. we'll have to see if that spreads into a more international phenomenon as from a tequila standpoint. i feel like one of— as from a tequila standpoint. i feel like one of those _ as from a tequila standpoint. i feel like one of those right _ as from a tequila standpoint. i feel like one of those right now. - as from a tequila standpoint. i feel like one of those right now. good to talk to you. banking giant hsbc has announced a 235% increase in pre—tax profit — some $21.7 billion — for the first—half of this year. europe's biggest bank benefited from rising interest rates around the world. hsbc�*s results were slightly better than many analysts were expecting and its shares have already risen around 20% so far this year. one banking analyst told us she's not suprised the bank cashed in on higher interest rates, with central banks around the world still fighting inflation. a rise in interest rates all around the world, actually, notjust in the uk. hsbc is a global bank, so we've had interest rate rises everywhere, and so, they have cashed in on that, really. net interest margin has gone up by a0 basis points, and their revenues have increased as a result. they're looking at good performances in wealth and in commercial banking, and in transaction banking, things like that. it is all looking like a pretty solid across—the—board performance. china's restrictions on the exports of gallium and germanium come into effect today. they are used in smartphones, laptops, as well as in medical and defence sectors. unsurprisingly both elements are on the eu and us lists of critical elements. last year china controlled approximately 98% of the world's gallium production — it was also the world's leading producer of germanium, accounting for about 68%. the move is seen as the response by china to europe and the us removing their reliance on china's chip—making. our asia business correspondent nick marsh has the details. now you may never have heard of gallium or germanium until just now, maybe, but they're important elements, so—called critical materials, and they're needed for chips in things like mobile phones, leds, satellites, military equipment as well. and the reason that they've been in the news is because most of it comes from china — 60% of the world's germanium and 80% of the world's gallium. and from today, it's going to be much harder for businesses to get their hands on them. so let's take a look at what impact these restrictions are going to have and more broadly, what this us—china materials war means for the rest of the world. the consensus is that this will be damaging but not fatal for the united states. the reason china dominates the market isn't because it's the only place where gallium and germanium exist, but because it's by far the cheapest place you can get them from. you don'tjust dig them up from the ground. they're derived from a more complicated production process. and china has that capability. so, governments and businesses will have to rely on cheaper substitutes and alternative sources. it means that prices will go up. it means some products might be less effective and some production might be delayed. so, this sort of poses a bit of an existential threat to western industry because it's the gradual erosion of capability as it gravitates towards the place where the material can be sourced reasonably. but in a broader sense, this threatens the overall narrative of globalisation, the idea that international markets will be able to deliver what you need, when you need it, at the price that you need. de—risking is what western governments like to call it, being less reliant on china. but this escalating tit—for—tat between the world's two biggest superpowers, well, that's got people worried about so—called resource nationalism, weaponising the materials that you hold, the technologies that you have. a lot of people think that's going to have global consequences also for the health of the planet. and that's because a lot of crucial green technologies rely on these so called critical materials. this isn't something that's a national problem. this is a problem that we face as a human race. and so hopefully, policymakers can bring their best selves to the table, secure access to those critical materials that are really essential for the energy transition, so we can start to tackle some of the challenges around decarbonisation. just time to bring you another couple of business stories in the hour. uk house prices fell at their fastest annual pace for ia years injuly, according to nationwide. the building society said prices dropped by 3.8%, which is the biggest decline sincejuly 2009. it also warned that mortgage interest rates remain high, making affordability a challenge for house—buyers. the german logistics and delivery company dhl has reported a fall in its revenue and earnings blamed on falling consumer demand, soaring inflation and high inventories driving down the volume of goods to be shipped. the company's shares fell 4% in early trading as the company reported a fall in revenue of i6%. manufacturing activity in the eurozone fell injuly at the fastest pace since the big squeeze of covid—i9. that's despite many factories cutting their prices sharply. the figures are from hcob�*s purchasing manager's index, and show considerable weakness in germany, along with worrying data from france and italy. they're the top three eurozone economies. don't forget you can get in touch with me and some of the team on twitter, i'm @bbcbenthompson see you very soon. goodbye. have got harley davidson teapot. we saw the man make it. we saw how hard it was room to make it. you and your one is... diana. she my favourite. people say why colette teapot, and i say why not? people say there are wide and wonderful things. we have some that are tiny sizes and we got a 12 foot teapot in the garden. you will never believe the things that people can make. this museum contains more than 8500 teapots. it all started with this one here. this was given by the grandmother and aunt. that sparked a passion between them. that would become their lives and livelihoods. and now after a0 years, it's time for sue and keith to put their feet up on share pots and tea together in peace. they are looking for a buyer to take on the cafe museum. i want to talk to you about the politics of theirs. that she not think she would get that question? it’s she not think she would get that ruestion? �*, ,., ., she not think she would get that ruestion? �*, ., ., , question? it's important to remember that this is negotiation. _ question? it's important to remember that this is negotiation. it _ question? it's important to remember that this is negotiation. it is _ question? it's important to remember that this is negotiation. it is a - that this is negotiation. it is a rood that this is negotiation. it is a good photo- _ that this is negotiation. it is a good photo- l _ that this is negotiation. it is a good photo. i had _ that this is negotiation. it is a good photo. i had an - that this is negotiation. it is a i good photo. i had an opportunity that this is negotiation. it is a - good photo. i had an opportunity to create chaos. _ good photo. i had an opportunity to create chaos. we _ good photo. i had an opportunity to create chaos. we are _ good photo. i had an opportunity to create chaos. we are so _ good photo. i had an opportunity to create chaos. we are so significantl create chaos. we are so significant that it were _ create chaos. we are so significant that it were insignificant _ create chaos. we are so significant that it were insignificant in - create chaos. we are so significant that it were insignificant in the - that it were insignificant in the cosmos. you want facts on baguettes? i'm just feeding you stories. maybe, it is the content. hello from the bbc sport sensor. am hugh ferris. the holders, the usa arejust a swift from going out of the tournament. that all men and last 16 game is likely. jane dougal is there for us. we will come to england's task injust a minute, first of for us. we will come to england's task in just a minute, first of all, the usa do come through, but only just. the usa do come through, but only 'ust. , . ., ., , , the usa do come through, but only 'ust. , ., ., ., , , ., just. yes, what an embarrassment for the world champions. _ just. yes, what an embarrassment for the world champions. the _ just. yes, what an embarrassment for the world champions. the holders - just. yes, what an embarrassment for the world champions. the holders of. the world champions. the holders of the world champions. the holders of the world champion at against portugal and it's their debut in any world cup everfor their portugal and it's their debut in any world cup ever for their woman's team, and they did manage a draw, they do go through, but it almost wasn't the case for the usa because they did, in added time, there was a chance on golfer portugal —— goal for portugal and it came off the post, it wasn't quite on target. that say the us blushes, because had they lost, it wouldn't have been the case that they could go through. as it is the case, draw ensures they are through to the final 16. portugal out. united states survive a scare, they are undefeated in the last 18 games of the world cup. that is the longest streak for them in the competition. for a brief moment, did not like that would happen. everything was on the line for the four—time

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