investment platform. thanks bro. —— thanks for joining —— thanks forjoining us. mortgages cost more so it is a bit of a vicious cycle for first—time buyers? it is, yes, and there is a bit of respite for people looking to get onto the property ladder but they have still got very high costs of borrowing and it will still cost a lot to afford the mortgages once you have got on the ladder and it still costs a lot of money for renting whilst you are trying to get on the ladder. but it is good news for people who are looking to get off the ladder and looking to use their housing as part of that so there is a bit of balance but i suppose house prices matter most when you are trying to change your position. for the vast majority it is a number that changes without us actually trying to change our housing position but i think the people trying to get on the housing ladder to make the first step are really feeling the squeeze right now. the numbers tell the story. 3.8% fall in july alone, the fastest in 14 years and the biggest decline sincejuly 2009. as we approach an election year, this will be causing nervous in downing street?— year, this will be causing nervous in downing street? yes, i think the headfine in downing street? yes, i think the headline inflation _ in downing street? yes, i think the headline inflation figure _ in downing street? yes, i think the headline inflation figure has - in downing street? yes, i think the headline inflation figure has been l headline inflation figure has been so high and that will be causing downing street concern. they will be wanting the monetary policy in the uk to bring that down and that alongside the goods and services inflation, they will one house price inflation, they will one house price inflation to come down at the same time. ~ . , , , , ~ time. what will buyers be thinking? are they taking _ time. what will buyers be thinking? are they taking a — time. what will buyers be thinking? are they taking a punt _ time. what will buyers be thinking? are they taking a punt that - time. what will buyers be thinking? are they taking a punt that rates . are they taking a punt that rates will fall in future? they may have to pay a bit more for the first part of their mortgage but will get back to something more normal in the longer term?— to something more normal in the loner term? ., , . , , longer term? that is what everybody is hoinu longer term? that is what everybody is hoping with _ longer term? that is what everybody is hoping with house _ longer term? that is what everybody is hoping with house prices - longer term? that is what everybody is hoping with house prices and - is hoping with house prices and people buy a house as part of a long—term investment within their investment portfolio and people are looking to get on the ladder but it is hard to save and invest and to afford the deposit for a mortgage. what people are thinking about is how can i save enough and spend smarter to save more on how can i get the right balance between savings and investments to be able to afford a house in the first place? to afford a house in the first lace? , ., to afford a house in the first lace? , . ., , place? yes, and with rates coming down, no suggestion _ place? yes, and with rates coming down, no suggestion that - place? yes, and with rates coming down, no suggestion that they - place? yes, and with rates coming down, no suggestion that they will go back to where they have been for so long, we have got used to the cost of borrowing being very low, a whole generation, but we will not head back there anytime soon. he. whole generation, but we will not head back there anytime soon. no. a lot of things — head back there anytime soon. no. a lot of things can _ head back there anytime soon. no. a lot of things can happen _ head back there anytime soon. no. a lot of things can happen at _ head back there anytime soon. no. a lot of things can happen at the - lot of things can happen at the markets make up their own mind but it does not look likely. —— and the markets. inflation is still at 7—8% which has not been the case for over a decade and a lot of people looking at houses now have not seen these inflation rates before and may never have seen house prices fall before so we are starting to see some normalisation as a result of the recent bank of england increases in interest rates. and we will see this week if they increase it further and the markets are suggesting it is going to. we think if they increase 25 basis points or 50, half a percent, at the next meeting, we think there will be more interest rate rises to come and that will hopefully cool the inflation and it might also cause further drops in house prices as well. for might also cause further drops in house prices as well.— might also cause further drops in house prices as well. for now, andy russell, thanks _ house prices as well. for now, andy russell, thanks for _ house prices as well. for now, andy russell, thanks forjoining - house prices as well. for now, andy russell, thanks forjoining us. - ride—hailing app uber has reached an important milestone today, posting its first ever profit. the company had racked up an impressive $31.5 billion worth of operating losses since it first started reporting its financialfigures nine years ago. but after years of heavy spending, it seems uber now has a handle on its costs. 0ur north america business correspondent michelle fleury is in new york. a couple of things going on, one about keeping costs down and getting people back into the cabs after the pandemic? if people back into the cabs after the andemic? , ., ., ., ~' people back into the cabs after the andemic? , ., ., pandemic? if you look at the ridershi- pandemic? if you look at the ridership numbers, - pandemic? if you look at the ridership numbers, they - pandemic? if you look at the ridership numbers, they are | pandemic? if you look at the i ridership numbers, they are up pandemic? if you look at the - ridership numbers, they are up 2696 ridership numbers, they are up 26% from a year ago and you also have the number of drivers are up 33% from a year ago, that is significant because one of the stories people were getting used to the pandemic and emerging from that, was that there was not enough drivers and it led to longer waiting times and higherfares and there led to longer waiting times and higher fares and there was frustration from the drivers and also the customers. that seems to have moved in favour of uber and you look at that combined with the laser—like focus on keeping costs contained, and it has paid off for the ride hailing app. this is their first quarterly profit based on its operations in its ia year history so it is a milestone. you are seeing a company move from the start—up phase two beyond the cash burning and into a more profitable future and let me quickly what the ceo said, he said most of our history profitable was not the first thing when you asked someone about uber, but we knew they were wrong, he said. this is the justification for him and he has been taking a bit of a victory lap today. been taking a bit of a victory lap toda . , ., , ., , today. investors have been patient. $31.5 today. investors have been patient. 531-5 billion — today. investors have been patient. $31.5 billion of — today. investors have been patient. $31.5 billion of losses _ today. investors have been patient. $31.5 billion of losses since - today. investors have been patient. $31.5 billion of losses since they - $31.5 billion of losses since they started reporting and it takes a steady nerve to stick with a firm through that kind of loss. if steady nerve to stick with a firm through that kind of loss.- through that kind of loss. if you look at the _ through that kind of loss. if you look at the history _ through that kind of loss. if you look at the history of _ through that kind of loss. if you look at the history of the - through that kind of loss. if you i look at the history of the internet, people are focused on the growth phase and the expectation and then the pandemic forced people to focus on the bottom line and uber has been able to deliver, and although the share price popped this money, they are down slightly now and the reason is the company, while it reported the first profit which we are noting here, it also showed that growth going forward might be a bit slower and that is why you might see that dip in the share price. the other big thing to take away from earnings is it is notjust elon musk with twitter trying to create the everything app, you look at the evolution of uber and it has gone from right hailing and has added delivery and i think they have a boat service, and in terms of the delivery it was initially picking up stuff from restaurants and then they expanded it to the corner shop and the delhi, and now they have expanded it to groceries, so they are trying to build out the app and what it can do and so far that seems to be working for the company. thanks forjoining us. oil giant bp has reported second quarter profits of $2.6 billion. despite the big number, it's lower than analysts expected and down 70% compared to the year before. still, bp shareholders will get a bigger dividend — it's up 10% — and it's also upping its share buy—back programme by $1.5 billion. i'm nowjoined by nitesh shah who is the head of commodities & macroeconomic research at wisdomtree in europe. what do you make of these numbers? a good set of figures but down on what we have seen before. it is good set of figures but down on what we have seen before.— we have seen before. it is decent in the rand we have seen before. it is decent in the grand scheme _ we have seen before. it is decent in the grand scheme of— we have seen before. it is decent in the grand scheme of things. - we have seen before. it is decent in the grand scheme of things. you i we have seen before. it is decent in i the grand scheme of things. you have to understand the context, oil prices last year in the second quarter were $100 per barrel, second quarter were $100 per barrel, second quarter this year, down to $65 per barrel, 35% drop explains why the adjust in income has changed. we have also seen oil prices increase little bit the end of the second quarter of this year, by about 15% injuly, and we believe that could be sustained and therefore the future may look a bit better for bp going forward. aha, future may look a bit better for bp going forward-— going forward. a couple of big headwinds _ going forward. a couple of big headwinds at _ going forward. a couple of big headwinds at the _ going forward. a couple of big headwinds at the moment - going forward. a couple of big j headwinds at the moment and going forward. a couple of big - headwinds at the moment and one is the windfall tax on the idea that the windfall tax on the idea that the uk government wants to tax firms doing well out of high energy prices but also climate concerns and may be that poster —— push to renewables which may not work in favour of bp. yes, that right, if we look at the past year, after the ukraine war, a lot of the oil majors had put a lot of the energy transition and the move towards cleaner outcomes onto the back burner as they were dealing with the energy security question but now oil prices have fallen and we have stable amounts of oil supply and that question around energy transition is coming back again. bp is investing in new forms of energy, renewables, but it has walked back on some of their earlier plans and the question is how far it would accelerate going forward. when we talk about the _ accelerate going forward. when we talk about the windfall _ accelerate going forward. when we talk about the windfall tax, - accelerate going forward. when we talk about the windfall tax, bp - talk about the windfall tax, bp makes a lot of money outside of the uk, so not necessarily falling within the scope of that extra tax? that is right. the windfall tax is just for the uk and in the past year with oil prices declining, the windfall has also declined and therefore the tax has declined on that, and it is not a large part of what impacts the investor at bp at the moment. if oil prices climb it will increase a little bit but it is not anywhere near hurting the shareholder that much but it is something that bp faces, more than the likes of shell who do not have as much uk operations.— the likes of shell who do not have as much uk operations. thanks for “oininu as much uk operations. thanks for joining us- — in other news... 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 a% in early trading as the company reported a fall in revenue of 16%. china has restricted the export of two rare metals used to make computer chips. the measures apply to exports of gallium and germanium, which are used in smartphones, and laptops — as well as medical and defence equipment. the restrictions are being seen as a response by beijing — to us and european moves away from using chinese chips. a big pulsating �*x' sign has been removed from the roof of the headquarters of the elon musk—owned company formerly known as twitter. the company, and the app, changed its name to �*x' last week. san francisco city hall received 2a complaints about the illuminated structure, from neighbours unhappy about the intrusive lights. those are the business headlines. we will see you soon for more. goodbye. # when i take my sugar to tea, all the boys are jealous of me... the family are absolutely potty about teapots, they have bought teapots about everything from politicians to p0p about everything from politicians to pop culture and wild and wacky creations. mr; pop culture and wild and wacky creations-_ pop culture and wild and wacky creations. g ., ., , ., ., creations. my favourite is a hollie davidson teapot. _ creations. my favourite is a hollie davidson teapot. i— creations. my favourite is a hollie davidson teapot. i saw _ creations. my favourite is a hollie davidson teapot. i saw the - creations. my favourite is a hollie davidson teapot. i saw the man l creations. my favourite is a hollie - davidson teapot. i saw the man make it and i saw how hard it was for him to make it. yourfavourite is? diana, she is my favourite person. people _ diana, she is my favourite person. pecple say, — diana, she is my favourite person. people say, why collect teapots? i say why— people say, why collect teapots? i say why not? _ people say, why collect teapots? i say why not? so— people say, why collect teapots? i say why not? so many— people say, why collect teapots? i say why not? so many weird - people say, why collect teapots? i say why not? so many weird and l say why not? so many weird and wonderful— say why not? so many weird and wonderful things. _ say why not? so many weird and wonderful things. we _ say why not? so many weird and wonderful things. we have - say why not? so many weird and wonderful things. we have got l say why not? so many weird and - wonderful things. we have got some this kind _ wonderful things. we have got some this kind of— wonderful things. we have got some this kind of size _ wonderful things. we have got some this kind of size and _ wonderful things. we have got some this kind of size and a _ wonderful things. we have got some this kind of size and a 12 _ wonderful things. we have got some this kind of size and a 12 foot - this kind of size and a 12 foot teapot— this kind of size and a 12 foot teapot in— this kind of size and a 12 foot teapot in the _ this kind of size and a 12 foot teapot in the garden. - this kind of size and a 12 foot teapot in the garden. you i this kind of size and a 12 foot. teapot in the garden. you never believe — teapot in the garden. you never believe the _ teapot in the garden. you never believe the things _ teapot in the garden. you never believe the things people - teapot in the garden. you never believe the things people can. teapot in the garden. you never- believe the things people can make. the museum — believe the things people can make. the museum contains— believe the things people can make. the museum contains more - believe the things people can make. the museum contains more than. believe the things people can make. i the museum contains more than 8500 teapots and it began with these two here given to sue and keith by her grandmother and aunt and that sparked a passion between them which has become their lives and livelihoods. but now after a0 years it is time for them to put their feet up and have time to share some pots of tea together in peace. they are looking for a buyer to take on the cafe and museum. hello from the bbc sport centre. england admitted their first two performances at the world cup did not quite meet the standards date set in winning euro 22 but the third bucked the trend with a 6—1victory over china in adelaide. they were 3-0 over china in adelaide. they were 3—0 up at half—time before conceding a penalty, but then they got another three goals. including a second goal for laurenjames. it was a record equalling victory for the lionesses. i am delighted. i said we would have to do things a bit different than we did before and we did really well, that shows how much the team can adapt and they are enjoying themselves on the pitch. we expected from china that they would press a bit higher because they had to win to make a chance of going through. but they just stayed in shape to make a chance of going through. but theyjust stayed in shape and i do not think they expected us to play this way and they did not find a solution. denmark have gone through alongside england. with pernille harder with what proved to be the only goal of the game in a 1—nil win over haiti. she also had another ruled out. one of two disallowed for denmark in perth. this is how the group finished. england will play nigeria in the next round. england will play nigeria in the next round-—