live from london, this is bbc news. low battery! tesla profits slump as the road gets rockier for the electric car industry. but a promise of new models recharges the share price. also to come: could time soon be up for tiktok? the us senate passes a bill demanding its chinese owners sell up within months, orface a ban in the us. now the legal battle begins. plus: canals, gondolas, and art! venice hosts the 60th biennale — the olympic games for the global art industry. we'll be getting the lowdown from one artist who has just got back.

hello. good to have you with us. i am sally bundock. let's now dissect the top business stories. we start in the us where tesla has revealed the biggest slump in earnings in more than a decade as the road gets increasingly rocky for the electric car industry. tesla made profits of $1.1 billion in the first three months of the year. that's a fall of 55% on this time last year. revenues were 9% lower and both numbers were worse than investors had been expecting. but tesla shares — which have taken a pounding this year — jumped around 11% in after hours trade after the company promised quicker progress on new more affordable models. from new york, here's erin delmore. it's been a rocky road fit for this year. high interest rate

that taking a bite out of consumer purchasing power and pushing big purchases out of reach. competition with china especially over electric vehicle maker byd is heating up. sales have been falling and so has its stock. it up. sales have been falling and so has its stock.— so has its stock. it is done more than _ so has its stock. it is done more than 4096 _ so has its stock. it is done more than 4096 this - so has its stock. it is done more than 4096 this year. | so has its stock. it is done - more than 4096 this year. the company _ more than 4096 this year. the company has _ more than 4096 this year. the company has been _ more than 40% this year. the company has been cutting prices and announced layoffs. then on tuesday the company reported its first quarter earnings, missing expectations on earnings and revenue. the company anticipates lower deliveries this year compared to 2023. but investors have one bright spot to look too. just announced its setting up the launch of a lower—priced vehicle, more affordable models could be a boom for cash—strapped us consumers and a hit and be competitive markets worldwide like china and india. erin delmore there. seth goldstein is a strategist at the investment managers morningstar where he chairs their committee on the electric vehicle industry. you are ready for this news, the bad news, as it were, as

were markets, because for the last several days tesla shares have been sold. give us your take on the numbers now know them. ~ ~ ., take on the numbers now know them. ~ ~' . , them. we knew that deliveries were going _ them. we knew that deliveries were going to _ them. we knew that deliveries were going to fall _ them. we knew that deliveries were going to fall as _ them. we knew that deliveries were going to fall as so - them. we knew that deliveries were going to fall as so we - were going to fall as so we will likely see a revenue decline and larger profit decline and larger profit decline due to the challenges in the quarter, and that lower sales and abduction issues as well as wrapping up new vehicles like the cyber truck that were going to wear non—profits, but looking at the quarter, the bad news is largely known so now the question for investors, what was tesla's three going forward, would they cancel the affordable vehicle as was rumoured in the media or continue it and tesla said they would accelerate it, self—driving is going to generate more revenue, so looking forward i think the bad news was largely priced into the stock, tesla confirming the strategy and that i was. rise and after hours despite results coming in below consensus.

what's going on with tesla reflects what is going on in the global economy and things have changed practically at this first came to our attention and was the disruptor within the car industry. now every big car maker in the world is getting an electric vehicles out there, so dorcas threw the future offer tesla as the competition gets tougher. now tesla is no longer the first mover, that it had the advantage of being the incumbent on the market and now they have to make the case to consumers of why you should buy a tesla versus another vehicle. especially tesla was one of the first long—range electric vehicles versus early evs had a much shorter range, usually half the range of a tesla or less and so that was pretty easy for consumers to want to be longer range to choose tesla. now it has to rely on things like the poor self—driving, rely on the performance specs, the battery

life, offering consumers more entertainment while they charge, those sorts of ancillary products and services as a reason to buy tesla over other eby—brown speakers the ev market any luxury space where it operates is largely saturated with new players and incumbents so tesla no longer enjoys that sort of market dominance they once had. quickly, i concerned about elon musk still being in charge of tesla as the boss's ceo? there was a lot of conversation sometime ago where he bought x and the wrangling legally over x that he was not focused on tesla enough, he was busy with other things. tesla enough, he was busy with other things-— other things. elon musk confirmed _ other things. elon musk confirmed on _ other things. elon musk confirmed on the - other things. elon musk i confirmed on the earnings other things. elon musk - confirmed on the earnings call that he spends the majority of his time at tesla and i think we have seen a very strong management team from tesla that includes times, the ceo who makes the pricing and manufacturing decisions —— coo.

i think mr musk is more capable of being the ceo of tesla and meet other business ventures and with x he needs to take more of a net technology role, he is not the ceo of that company, so i think you'll be able to run tesla and tesla will still be able to meet their goals.— will still be able to meet their coats. u, their goals. he could multi- skill. seth goldstein is a strategist at the investment managers morningstar where he chairs their committee on the electric vehicle industry. tesla is the first of the so—called magnificent seven — the tech companies that dominate us markets — to report quarterly earnings. later today we hear from facebook and instagram owner meta. and on thursday we have results from google owner alphabet as well as microsoft. over the past week or so around a trillion dollars has been wiped off the big tech companies stock market value. but on tuesday us markets were higher with the tech—heavy nasdaq index up 1.6% — so maybe some optimism is returning? tom stevenson is investment director at the fund managers fidelity.

hello to you, tom. it is a huge weekly earnings and the magnificent seven get a lot of attention. magnificent seven get a lot of attention-— magnificent seven get a lot of attention. ~ ., ., , . attention. what do you expect? it is a big week _ attention. what do you expect? it is a big week for _ attention. what do you expect? it is a big week for them - attention. what do you expect? it is a big week for them so - attention. what do you expect? it is a big week for them so we | it is a big week for them so we have four of them announcing this week, you mentioned their names, and obviously tesla plasma figures were disappointing, the share price danced about, and we are expecting better figures from the other three reporting this week and on average i think we are looking for earnings growth of about 40% so the growth story is still very much there, the problem we've had with the share price is not really to do with whether these companies are great companies, whether they are growing their profits, they are growing their profits, the problem actually is actually a run what's going on in another part of the economy with interest rates, the american economy is booming and thatis american economy is booming and that is making it very difficult for the us central bank to cut interest rates and when a company's valley so much tied up with their future value

of our needs, high interest rates are a problem because thatis rates are a problem because that is what is used to calculate the present day value of those future earnings so this is the challenge facing these companies, they are good companies, growing their writings fast, but interest rates are not playing ball. share rates are not playing ball. are the red rates are not playing ball. are they red flags _ rates are not playing ball. are they red flags as _ rates are not playing ball. are they red flags as far as these companies are concerned like alpha but when it comes to add revenues, meta with regulation, its business model which is always under threat from congress —— alphabet. always under threat from congress -- alphabet. there will always — congress -- alphabet. there will always be _ congress -- alphabet. there will always be things - congress -- alphabet. there will always be things to - congress -- alphabet. there| will always be things to worry about and that's particularly the case when the share prices have done so well so if you roll back the last year, these companies' share prices on average doubled in value while the rest of the market grew by about io%, i2%. so the s&p the rest of the market grew by about 10%, i2%. so the s&p 500 about 10%, i2%. 50 the s&p 500 grew about 10%, i2%. so the s&p 500 grew by 26% last year, more than half of that was accounted for byjust than half of that was accounted for by just the than half of that was accounted for byjust the seven companies. when you've got that much of menton behind the share

price, obviously everything becomes a concern —— momentum. thank you very much. tom stevenson is investment director at the fund managers fidelity. let's talk about what's going on in the us. the us senate has overwhelmingly passed a bill ordering tiktok�*s chinese owners to sell the app within months or see it banned in the united states. it was passed by the house of representatives over the weekend, so it will now go to president biden to be signed into law as soon as today wednesday. but this could be just the start of a long and fierce legal battle. suranjana tewari is following this for us in our asia business hub. today was the rubberstamping and by congress so dorcas threw what happens next.— what happens next. yes, and as ou sa , what happens next. yes, and as you say, president _ what happens next. yes, and as you say, president joe - what happens next. yes, and as you say, president joe biden - you say, presidentjoe biden could sign it into law later today. he said he would sign it if it passed in both houses of congress. that has now happened. this law would

require tiktok owners, a company called bytedance, it would require them to sell their uk business and they have about nine months to do so. or face a nationwide ban. this is really driven by concerns that china plasma government could access the data of americans also they them with the app. officials are also concerned that the apps powerful are given could influence americans. tiktok has said in the past that it has not and would not share us user data with the chinese government and recent data has had this law would violate free speech with the way the bill was passed as interesting. it was added to the aid package that includes more funding to ukraine, israel and taiwan that passed the lower house of congress on the weekend and it was an effort to get as many boats as possible. the vote, as you mentioned, innocent, was therefore overwhelming. tiktok has said it plans to the law in the

courts so as you mentioned a long legal battle lies ahead. it will certainly sue the us government for trying to pass this law. the stakes are very high for the company's footprint in the us where it has about 140 million users, but also for the advertising and business potential that the us market provides. fik. and business potential that the us market provides. 0k. thank ou for us market provides. 0k. thank you for that- — let's stay with us—china tensions because, as you've been hearing, us secretary of state antony blinken begins a three day trip to china today. high on the agenda will be us concern over china's support for russia in its war against ukraine. according to reports, the us is considering sanctions on chinese banks to curb financial support for russia's defence industry. this on top of existing tensions over what the us sees as unfair state support for chinese firms that it says is costing american jobs.

jeff moon is a former assistant us trade representative for china, now president of the consultants china moon strategies. welcome to the programme. thank ou. there welcome to the programme. thank you- there are _ welcome to the programme. thank you. there are so _ welcome to the programme. thank you. there are so many _ welcome to the programme. thank you. there are so many things - you. there are so many things auoin on you. there are so many things going on as — you. there are so many things going on as anthony _ you. there are so many things going on as anthony don - you. there are so many things i going on as anthony don mcgahn sibling arrives in china, congress passing a huge amount of aid, not least going to ukraine, also to israel but also taiwan interestingly. and also, the tiktok latest development. give us your take on how it will be received. i think the purpose of this visit is to maintain relations and stabilise relations. the result of the agreement of president biden and president xi last november to get relations about a foot. that's the general—purpose and i don't think there will be a lot of deliverables or achievements that are coming out of this. it is easy to say that we are

maintaining dialogue but actually that's hard to achieve in the context of this relationship because in addition she will be other factors you mentioned, there are trade sanctions increasing, are trade sanctions increasing, a presenter inauguration in taiwan a month from now and right now we are in the midst of a presidential election in the united states and china has an issue there. china —— there trying to maintain a stable basis to avoid misunderstandings lead to conflict. , . , misunderstandings lead to conflict. , ., conflict. the bar is low in what might _ conflict. the bar is low in what might be _ conflict. the bar is low in what might be achieved, | conflict. the bar is low in - what might be achieved, would you say? what might be achieved, would ou sa ? , ~ you say? yes. i think so. there are also. _ you say? yes. i think so. there are also. the — you say? yes. i think so. there are also, the situation - you say? yes. i think so. there are also, the situation is - are also, the situation is constantly changing and the us and china relationship. there are other crises, real or imagined, that need to be addressed as well and are within the portfolio of the secretary of state, for example, ukraine, as you mentioned, the us wants to limit chinese assistance to the russian military in the middle east the us hopes to leverage you run's influence to promote

eastern stability and in the south china sea there is the conflict over the second thomas scholl and the desire to reduce tensions. there is a full agenda of issues that are out there. ~ , ., ,, , ., agenda of issues that are out there. ~ , ., ,, . there. we shall keep a close e e on there. we shall keep a close eye on his — there. we shall keep a close eye on his trip. _ there. we shall keep a close eye on his trip. jeff - there. we shall keep a close eye on his trip. jeff moon, i eye on his trip. jeff moon, thank you for your time. let's get some of the day's other news. music streaming giant spotify has announced record profits of over a billion euros for the past three months after a year of cutting costs and laying off staff. the swedish company has been growing its user base, offering subscribers access to podcasts and audiobooks. it now has 615 million users, slightly lower than it was forecasting. last year spotify cut 17% of its workforce in a move to clamp down on costs. the city of baltimore is taking legal action against operators of the container ship which hit and destroyed the francis scott key bridge last month, killing six people. the singapore—flagged dali is owned by grace ocean and managed by synergy marine. baltimore accuses them of negligence in causing the accident, saying it has caused the city's economic engine to grind to a halt.

hundreds of thousands of people took the the streets in the argentine capital buenos aires on tuesday to protest against budget cuts to public universities. it's the biggest protest yet against austerity measures brought in by presidentjavier milei. he won elections last november vowing to slash public spending and reduce the budget deficit to zero. coming up: canals, gondolas, and art! venice hosts the 60th biennale — the olympic games for the global art industry. we'll be getting the lowdown from one artist who has just got back. around the world and across the uk, this is bbc news.

let's return to the us

where boeing reports quarterly results in a few hours' time before wall street opens. the aerospace giant has been under intense pressure over safety and quality control, following an incident injanuary in which an unused door panel flew off a brand new 737 max shortly after take—off. boeing shares are down by a third since the start of the year and it's now hunting for a new chief executive. in the last few hours us regulators say they are investigating claims by a union that boeing retaliated against two employees who raised concerns about other boeing jets. theo leggett has more. a terrifying moment for passengers and the start of another turbulent period for boeing. no—one was seriously hurt when a new store fell off a factory fresh 737 max in january. but it could have been

much much worse. investigator said bolts meant to secure the door in place did not appear to have been fitted. the affair is forced boeing to cut production and poor quality controls and its factories under harsh spotlight. with questions also asked about its corporate culture. and not for the first time. five years ago to bone 737 max plans were in separate accidents in a sea of indonesia and in ethiopia. 346 people were killed. the immediate cause was badly designed software that boeing faced widespread accusations that it had put profits over passenger safety. this man, chief executive dave calhoon, was brought in to put things right. now critics say he has failed. he is living at the end of the year, and meanwhile the bad newsjust year, and meanwhile the bad news just keeps year, and meanwhile the bad newsjust keeps on year, and meanwhile the bad news just keeps on coming. last week congress heard from current and former boeing engineers about serious safety concerns. once that he had highlighted problems with the 787 dreamliner and face threats from colleagues as a result.

after the threats and after this, it is like really scares me. believe me. but! this, it is like really scares me. believe me. but i am at peace. if something happens to me, i am at peace because i feel like coming forward and i'll save a lot of lies and i'm at peace. i'll save a lot of lies and i'm at peace-— i'll save a lot of lies and i'm at eace. , , , , at peace. boeing insists it put safety and — at peace. boeing insists it put safety and quality _ at peace. boeing insists it put safety and quality above - at peace. boeing insists it put safety and quality above all i safety and quality above all else and won't tolerate retaliation against whistleblowers. but the aerospace giant still finds itself under scrutiny as never before. theo leggett, bbc news. injune millions of people across the european union will head to the polls to elect more than 700 representives to the european parliament. the state of the economy will be high on the agenda for many. our correspondent nick beake reports now from the spanish port of algeciras. it's the country's biggest port, and its second largest industrial hub, but unemployment there is twice the eu average.

ina in a perfect world 20—year—old lucy would make a living doing what she loves. restoring furniture. today it is this a coat of arms. but he does not pay enough and in her part of spain fighting anyjob is really hard. translation: i am workin: really hard. translation: i am working very _ really hard. translation: i am working very hard _ really hard. translation: i am working very hard to _ really hard. translation: i am working very hard to try - really hard. translation: i —n working very hard to try and make a living for what i love doing. i see my friends with full—timejobs only doing. i see my friends with full—time jobs only making 700 euros a month. they take it manage of the fact that we are young because they know that we're going to shut up and take whatever money they us. in the ci of whatever money they us. in the city of algeciras _ whatever money they us. in the city of algeciras these - whatever money they us. in the city of algeciras these kids - city of algeciras these kids face a tough future. it feels like a bustling place but 40% of young people can't find a job. the highest rate in the whole country. the sky high level of unemployment here and algeciras means there is huge scepticism that anything will change for the better after the european parliament elections in six weeks. there are

deep—rooted economic problems and despite the vibrancy of this place, success stories are pretty hard to find. but this is one. businesses is good at this repair company, 1830 metre long container ship the latest vessel they are fixing. it's meant 21—year—old mario has been able to get a decentjob. something that eluded many of his friends. outside the naval sector it's hard to get a permanentjob. contracts provide low wages and short term and they basically, you know, they take advantage of the people to save their money. of the people to save their mone . ., ,.,, , , of the people to save their mone. ., money. one of the bosses says he loves to _ money. one of the bosses says he loves to take _ money. one of the bosses says he loves to take on _ money. one of the bosses says he loves to take on more - he loves to take on more workers but the problem is that while so many young people need a job, theyjust don't have the expertise. taste a job, they 'ust don't have the expertise.— a job, they 'ust don't have the exertise. ~ ., , expertise. we have the highest percentage _ expertise. we have the highest percentage of _ expertise. we have the highest percentage of unemployed - expertise. we have the highest i percentage of unemployed people here and those people we cannot

get with us because they do have the skills.— have the skills. al-jazeera boasts the _ have the skills. al-jazeera boasts the biggest - have the skills. al-jazeera boasts the biggest port i have the skills. al-jazeera boasts the biggest port in | have the skills. al-jazeera - boasts the biggest port in pain but does not feel the benefits. the eu is sending 140 million euros to the region to try to boost jobs which euros to the region to try to boostjobs which may or may not win votes at the european elections —— algeciras. but it feels much bigger investment is needed here particularly inroads, railways and other infrastructure. to turn the tide for this young generation. nick beake, bbc news, southern spain. finally to venice, where artists from all over the world have been gathering for the city's 60th biennale festival. it's seen as one of the biggest events in the art world, bringing together creators, curators and collectors. the biennale is such a big deal for the industry it has earned the description of "the olympic games of art". let's go to los angeles and speak to shane guffogg. he's an artist who has just

returned from the venice biennale where his exhibition, at the still point of the turning world, launched during the opening week. welcome to the programme, shane. how did it go? thank you, it was great. there were so much energy going on and so many people coming to venice. it is quite a well earned, but i'm happy to have survived and be back in la.— i'm happy to have survived and be back in la. would you agree that it is the _ be back in la. would you agree that it is the olympics - be back in la. would you agree that it is the olympics for - be back in la. would you agree that it is the olympics for the i that it is the olympics for the art world? this particular event? ~ , , ., event? absolutely, i would, because it _ event? absolutely, i would, because it draws _ event? absolutely, i would, because it draws people - event? absolutely, i would, l because it draws people from all over the world like nothing else ever does in the art world at all. and from all over the world. it is quite extraordinary, plus you have all the pavilions all the different countries and everybody is showing who they are, what they are, why they are, what they are, why they are, and it is an extraordinary moment. i5 are, and it is an extraordinary moment-—

moment. is it for all though? for example. _ moment. is it for all though? for example, across - moment. is it for all though? for example, across the - moment. is it for all though? for example, across the uk | moment. is it for all though? i for example, across the uk we have something called the affordable art fair at various different cities around the country at different times. as this would have liked that or is it really for the cream of the cream?— the cream? that's a good question- _ the cream? that's a good question- i _ the cream? that's a good question. i think- the cream? that's a good question. i think there i the cream? that's a good question. i think there is | the cream? that's a good | question. i think there is a little of everything there. some of the countries are showing artists that the world has ever heard of before and it is much more figurative, it is much more academic, and other countries are showing work that is very cutting edge and very conceptual, so it has a nice balance of everything across the board. balance of everything across the board-— balance of everything across the board. for you, you were born and _ the board. for you, you were born and bred _ the board. for you, you were born and bred in _ the board. for you, you were born and bred in los- the board. for you, you were | born and bred in los angeles, california but actually it was a trip to europe, was it not, that kind of really established you as a career in art to become an artist?- you as a career in art to become an artist? yes. when i was 17 i graduated _ become an artist? yes. when i was 17 i graduated high - become an artist? yes. when i was 17 i graduated high school| was 17 i graduated high school and had saved up my money and

went to europe with a backpack and sleeping bag and my first stop actually was the national gallery of london. standing in front of that second to last portrait by rembrandt, a completely changed my world. two months later i was in front of the last supper in the line and i knew what my life path was going to be —— milan. it is an ongoing thing, there is no direct through my do this, it just, you keep showing up every day. just, you keep showing up every da _ ,, , �* i just, you keep showing up every da. ~ �* ., day. crosstalk i'm looking at our day. crosstalk i'm looking at your work _ day. crosstalk i'm looking at your work in — day. crosstalk i'm looking at your work in preparation i day. crosstalk i'm looking at your work in preparation today | your work in preparation today and we seeing it now. it is stunning and i love your studios. i am envious. thank you so much forjoining us, shane guffogg, live from los angeles to talk about the venice bienniale event which i'm sure is stunning, if you can get there. thank you for your time and can get there. thank you for yourtime and i hope can get there. thank you for your time and i hope you have a lovely day and i will see soon.

if you watch it on bbc one in the uk, joined breakfast at the top of the hour and if you're not, i'll be back shortly. hello, there. it's not a particularly inspiring weather story at the moment, is it? but we've still got that west—east divide across the country. on tuesday, we had the highest temperatures across south wales, with 16 degrees, and there was some glorious sunshine, at times, with a little bit of shelter from the breeze. but out to the east, it was disappointingly cool. a brisk northerly wind, temperatures struggled — only around seven degrees across that east yorkshire coast. we're going to keep quite a lot of cloud, as well, over the next few hours. that'll prevent temperatures from falling too far. lowest temperatures to start the day on wednesday morning will be in the far north and west of scotland. we could have some thicker cloud and a little bit of drizzle, first thing wednesday morning, easing away from south wales and south—west england. but, again, west will be best, in terms of sunshine.

a brisk northerly wind, feeding in cloud from time to time, few scattered showers, and keeping those temperatures pegged back to single figures. so, a top temperature of nine degrees along the east coast. further west, we'll see 12 or 13 degrees. now, clear skies will continue through wednesday evening and overnight, and that's going to allow those temperatures to fall away to low single figures. so, thursday morning, perhaps a chilly start, quite widely, across the country, and temperatures low enough in rural areas, further north and west, for a touch of frost, so gardeners and growers take note. but into thursday, this little weather front here could introduce a slight change. it will certainly bring more in the way of cloud, as we go through the latter stages of the morning, into the afternoon, and maybe some dribs and drabs of showery rain, pushing its way steadily south. so there'll be more cloud a little bit further west, and the temperatures really disappointing for the end of april, 9—13 degrees once again.

moving out of thursday, into friday, sees low pressure starting to push in from the south. that will introduce some wetter weather across central and southern england, but, potentially, a little less cold. so, as we close out the month of april, perhaps temperatures in the south back to where they should be for the time of year, but don't expect anything dry, settled and sunny. it's going to stay pretty unsettled, but we could see temperatures back up into the mid—teens, for some.

good morning, welcome to breakfast withjon kay and sally nugent. our headlines today. survivors of the latest channel crossing are recovering after more than 50 migrants made it to the uk — investigations continue into how five people, including a child, died in the channel. one of the prime minister's dementia champions has quit his role in protest over the treatment of disabled people and their carers. when putting more in the pension pot means paying more tax. around a million pensioners could end up hitting the threshold for the first time after this month's rise — we meet some

of them who aren't happy.