Muted start. And Chlorinated Chickens, the Electric Mini and tech titans well be looking at whats been a busy week in today we want to know does great wealth bring great responsibility . Yesterday amazon founder jeff bezos was, briefly, the richest person in the world what would you do if it was you . Just use the hashtag bbcbizlive. Hello and welcome to Business Live. We start with retail giant amazon it has seen its shares fall sharply after its latest figures disappointed wall street. The good news it is raking in huge sums of money as its sales keep expanding. The bad news its spending a fortune on developing its business and that is making investors nervous. Lets show you the details. Total sales in the three months tojune jumped almost a quarter compared to last year to just under 38 billion. Unfortunately they spent almost all of it Operating Expenses surged to well over 37 billion. That means there wasnt much actual profit a comparatively measly 197 million and down 77 on last year. Amazon is investing massively in everything from tv and movie content to new warehouses for the Global Expansion of its business. Like this the deal it announced last month to buy the Supermarket Chain whole foods for over 13 billion. Amazon has been putting increasing pressure on bricks and mortars retailers in the us. Optimism about the companys future has helped to push up amazons share price. Since january amazon shares have risen by more than 40 to a new record making the Company Worth about half a trillion dollars. Which has proved very lucrative for this person the firms founder jeff bezos. On thursday, he became the richest person in the world overtaking microsofts bill gates. But it was a brief reign. As the share price has come down again, he has dropped back into second place. Joining me now is ben preston. Amazon dont tend to go for big profits, so why were wall street disappointed this time . Well, the shares are indicating they will be down a little today. In the context today i think theyre still likely today i think theyre still likely to be satisfied with these results. Its the same old amazon in lots of ways. The amount they sell gets larger but they dont let those profits fall to the bottom line. They prefer to reinvest into the future. Its a formula thats worked well for them. Building an empire is understating it, he is going global, seems to be getting into every aspect of our lives, tv investment, original content, where do you think theyre going to go next . Thats rightt theyre going to go next . Thats right t all started with the smartphone which has redefined the way we live a lot of our lives. We connect with people in different ways. We take public transport in different ways and we shop and pay for things now in different ways. The next thing perhaps is the living room, theyve been successful with the amazon echo device, and he is hoping that will force more of us to engage with amazon and become prime subscribers. Of course also supermarkets, we mentioned the acquisition of whole foods and also theyre moving into cloud services, data storage which is proving incredibly profitable already. Thats been a very successful story for them. Its a newer business for them than retail but its been more profitable. It continues to grow rapidly. How do you compare amazon to other big tech companies, facebook, apple, results from facebook, apple, results from facebook and from alphabet already this week, it is a very different business, but they do tend to get grouped together. Its amazing how quickly those companies have continued to grow. The share prices this year have reflected that with strong performances. Amazon is slightly different in that the other companies tend to make a greater share of profits today, whereas amazon insists on reinvesting that for the future. As a group theyve all done fantastically well. Our job as investors is to try to judge how much of that future growth is priced into the shares today and make the Investment Decision accordingly. Ben preston, thank you very much. Op preston, thank you very much. Op other stories making the news. The it failure at British Airways in may that left thousands unable to check in baggage cost it 76m. Thats according to the airlines owner iag. About 75,000 passengers faced severe disruption when bas system failed over the second Bank Holiday Weekend in may. Ba said it was caused by an engineer who disconnected a power supply. Air france klm is buying almost a third of virgin atlantic, leaving sir Richard Bransons parent company, virgin group, with a Minority Stake in the airline he founded. Sir richard said he would remain very much involved after the deal. Germanys Transport Minister has announced a recall of 22,000 porsche cars to remove what he says is illegal emissions controlling software. He said that luxury make porsche would bear the cost of the recalls of the affected 3 litre diesel cayenne models. We have had figures through from ba rclays, we have had figures through from barclays, millions of customers around the world, theyve seen a jump around the world, theyve seen a jump in half year profits but will have to pay out an extra £700 million to meet compensation claims for mis selling Payment Protection Insurance, thats ppi. Ba rclays shares up barclays shares up over i on the london markets this morning. Lloyds also having to put aside additional money for claims, as well. Lets cioss money for claims, as well. Lets cross over money for claims, as well. Lets cross over to asia now. Lets go to asia, where Coffee Giant Starbucks is splashing out in china. It is buying out its eastern chinese partners, spending 1. 3 billion on the 50 of the business it doesnt already own. Its the biggest Deal Starbucks has ever done. Mariko oi has more from singapore. Chase the reaction to this given its the biggest deal the chain has ever done . Yes, it goes to show how important china has become for the coffee chain, it is in fact the Fastest Growing market outside the United States. Especially with the number of stores. As you mentioned, they already own 1500 outlets fully but spending 1. 3 billion to buy the rest, 50 stake in 1300 other stores. The goal is to own 5,000 stores. The goal is to own 5,000 stores in Mainland China by 2021. But the announcement came just as the Company Announced a fall in income for the three months tojuly because its growth in the United States has been somewhat slowing down. So i guess this big announcement in china going to prove to investors how important china is and how its going to grow even more in the chinese market. Thanks. Lets stay in the region. Asian Stock Markets sagged on friday thats after us tech shares retreated from recent rallies. In tokyo, the nikkei closed lower as the market was dragged down by some disappointing Earnings Reports and that fall in Us Technology shares. Across the pond, the tech heavy nasdaqs streak of all time high closes ended thursday with apple, google parent alphabet and netflix shares all slumping. One bright spot though over in china with stocks ended higher on with the Shanghai Benchmark Index recording the sixth consecutive week of gains, bolstered by recent solid economic data. Shares in europe ending on a muted note. In a few hours, the United States will announce Second QuarterGross Domestic Product numbers, while consumer spending, manufacturing and Service Sector data are due next week. Smaira has more now on whats ahead on wall street today. On friday we get the latest Growth Figures for the economy. The gdp is expected to have gone up to 2. 6 for the last three months of this year. That would be a big improvement on the previous quarters gdp, which came in atjust 1. 496. Quarters gdp, which came in atjust 1. 4 . As a candidate for president , donald trump campaigned on bringing the gdp to 45 . Donald trump campaigned on bringing the gdp to 4 5 . Sips then. Since then they have tempered anticipation. Among Companies Reporting on friday is the Worlds Largest publicly traded oil producer, baker hughes, the second Largest Oil Fields services provider. Goodyear and american airlines. Joining us is james bevan, chief Investment Officer at ccla investment management. Thank you for coming in. Lets pick up thank you for coming in. Lets pick up talking about us gdp. We had that 1. 496 up talking about us gdp. We had that 1. 4 figure for the first three months. President trump and his advisors hoping for 3 for the second three months of the year. We have had strong data, some strong corporate earnings out, do you think they might do it . Absolutely not. Its great to hope but that is not a number that i can get to. I think if you stretch all the numbers and say lets be optimistic, you could say we get to 2. 9 but actually if you think about the lower case numbers we have also seen, could be as low as 2. We have also seen, could be as low as2. 2 we have also seen, could be as low as 2. 2 buti we have also seen, could be as low as 2. 2 but i dont think we are going to see three. The run rate for the us economy is much lower and i think this is going to be a year that looks like 2014, 2015, 2016, no real change, bad luck, mrtrump. Some analysts saying that number was achievable at the height of the tech bubble. Absolutely, the one i think probably thought to himself i dont want to asroi the boss and say its going to go back to where it came from, i am going to have to pitch a number less than the promise made but i guess thats where it came from. I cant get that number myself in terms of the lead indicators and if you look at the structural content of the us economy it doesnt have the capacity to drive that growth right now. What would the us need to do to achieve that number . Invest heavily, it could be a greater output, more productivity improvements. At the moment we have a challenge in that there is not enough investment, companies have been using cash to buy back their own shares. Thats great if you are a Chief Executive, you keep earnings roughly where they are and everything is fine. However in terms of building a bigger economy they have to be investing in plant and machinery, thats not happening. Thank you. You are going to ta ke happening. Thank you. You are going to take us through the Business Papers later. Still to come. We will look at a busy week in the world of business. Youre with Business Live from bbc news. Barclays has reported a heavy loss in the Second Quarter, hit by the one off costs of a big disposal in africa and a further knock from mis selling Payment Protection Insurance to uk customers. Theo leggettjoins us from the business newsroom with more. How significant are these results . Theyre they Re Pretty The re pretty significant theyre pretty significant but you have to move away a little bit from that headline figure, if you look at the day to day operations of the bank and operating profit, and that was £2. 3 billion, thats up from £2 billion last year, an increase of about 13 , not bad but less than a nalysts about 13 , not bad but less than analysts were expecting. Operating costs have gone up quite a bit. There are a lot of reasons for that. One of them being increased security to protect against cyber attack. But of course those Headline Figures will be dominating and the story of the banks restructuring is also a big story today. That is where the Africa Business comes in. Barclays has had to write off a significant amount of money, it lost £1. 4 billion on the sale of a 33 stake in ba rclays billion on the sale of a 33 stake in Barclays Africa group and it also lost another billion on the value of its remaining 15 stake but this kind of brings to an end the process the Chief Executive had implemented of trying to narrow barclays focus, focus and zoom in on core businesses and increase profitable. He says that process is at an end and shareholders are going to start to benefit. Barclays has announced its to pay out more for the mis selling Payment Protection Insurance to uk customers. It has, this goes on and on. It is going to pay out another £700 million or at least provide another £700 million against future claims. Barclays had already set aside more than £9 billion for this kind of thing, it has used £7 billion of it, so still £2 billion in the kitty. The pace of claims has been accelerating, its up since the same period last year so it is setting aside another £700 million to make sure there is enough in the cupboard to meet future claims which it expects will go up. Incidentally, ba rclays it expects will go up. Incidentally, barclays isnt the only bank doing this. Yesterday we had lloyds saying much the same thing, also setting aside a further £700 million against ppi claims. Thank you. Check out the tablet to all the latest headlines. Youre watching Business Live. Our top story. Sales at amazon rose in the three months to june but sales at amazon rose in the three months tojune but profits plunged as the Company Invested in Global Expansion. The boss briefly became the worlds chip man but went back to second place. Richest man. A quick look at how markets are faring. The dax and the foot cedar are down. And now lets get the inside track on the other big Economic News of the week. Philip hammond has told Business Leaders he wants companies to have full access to the Single Market and Customs Union for two years after brexit. The chancellor of fixture has been talking to the bbc and emphasise the importance of the transition day. My view on transition day. My view on transition is well known. I believe it will be in the interests of britain and the eu if, after we leave the European Union and the Single Market, and the Customs Union, on 29th of march, 2019, there is then a period, call it transitional interim period, during which we will allow our economies to adjust to the new situation rather than having a cliff edge in march, 2019, which will cause immense disruption to businesses and citizens. How significant is this . It is quite a move. There has been a two Stage Process in the past was that you get march and then you have a transitional period. Then the next period, the full deal you do overtime. What he is saying is, on the day after the 29th of march, everything stays pretty much the same. If you were going through the borders he would not notice. You stay in the Single Market and the Customs Union. He is saying you come out of those you behave as if it has not happened. Some people say it looks like a duck and it sounds like a duck, it is still a duck. What you dont want our hold up at the port. He said this is the easiest way he was saying this morning to the bbc he has indicated he thinks he has Cabinet Support for this. There have been split between liam fox, boris johnson, david davis, the Minister Responsible for getting us out of the European Union. They have always been a bit reluctant. It looks as if he is beginning to win the argument with the help of Business Leaders. Is this his version of the Transition Deal . This is his deal. Ina way Transition Deal . This is his deal. In a way you would not notice what has changed. The fact he has managed to win over. If he has managed to unite the entire cabinet behind his version of a brexit deal, this is a real achievement for him. Liam fox is in washington and to reason me is out of the country. Chorizo me. It looks like Business Leaders are feeling a bit more relieved that the least disruptive path is the one the chancellor wants to find. When it comes to negotiating post brexit trade deals, you have mentioned things like Chlorinated Chicken, all of which we have highlighted in how compensated all of this will be. The Chlorinated Chicken and the hgh powers, this has shown how difficult it is to do. Cows. Sometimes it is corine and sometimes Something Else that you do not