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Now it's time for all the business news.
World Business Report - Ben is standing by.
Toyota may reveal a fall in profits as it slips from the world's number
one carmaker - to the world's number three.
One year on from the Games, how Rio's property boom
we start in Japan where car giant Toyota is set
to report its latest results in the next few hours.
For years Toyota was the world's top carmaker.
Its Corolla model is still the best selling car the world has ever seen
but recently Toyota has lost its crown Let's show you some
Toyota's expected to reveal a sharp fall
in profits for the three months to June.
Bloomberg News estimates it made just under $5 billion
that would be a drop of 15% on last year.
That's partly because of a big increase in research
Last year - despite Dieselgate - Volkswagen sold more cars -
And in the first half of this year they were both overtaken
by Renault-Nissan after it added Mitsubishi
So Toyota is spending big to attract new customers.
Last month it committed another $100 million
That is on top of the $1 billion it's already spending to develop
self-driving cars and other tech at a new research centre in the US.
Toyota's US boss Jim Lentz spoke to this programme at the time.
He told us it's all about winning over 20 and 30somethings -
There was a belief just a few years ago but Gen Y was not interested in
cars, they were interested in ridesharing and car sharing. If you
look at small luxury SUV is, a lot of that has been driven by Gen Y,
especially in the US, where they were saddled with large college
debts, they came out of college and had jobs but not necessarily
careers, they have now advanced beyond that and their desire to
purchase cars is now coming back. That was the boss of US Toyota.
Annamarie from BMR research joins me. We heard him talking about the
importance of capturing the new generation of car buyers. A lot of
the wisdom suggests that generation does not want to buy cars but now,
Jim's Bjorn that is maybe they do but it's got to be the right type of
car. Absolutely. A lot of it comes to do, attracting them. Part of the
reason companies were worried people didn't want to buy cars, especially
younger people, they had more interest in technology so maybe if
you can take cars down that route, you can win them over. In that
sense, although a lot of the analysts are expecting Toyota is
probably going to report a fall in profits, but that is down to them
spending more on research and developing the tax side of things,
it sounds like that is no bad thing. Absolutely, and if you look at the
sales side and the revenue, is expected to be better, volume
sellers are doing quite well. A lot of it is on expenditure. An electric
vehicles, going straight to hydrogen. Autonomy, AI, they are
looking into a lot of technologies. They seem to be in a bit of that
niche position with self driving cars. You think that was a
misjudgement? I think it was because there was a lot of support from the
Japanese covenant, so the carmakers got support to get into hydrogen and
it is very niche, as you say, there is a lot of infrastructure. It is a
cautionary tale. Toyota seemed to be ahead of the pack in terms of
developing tack. Everyone knows hybrids, they associated with the
Prius and suddenly, they find themselves overtaken. They are one
of the few companies that does not have a strategy for. They could have
something big country with the solid-state battery, that could be a
big development but in terms of actually having models to the
market, they are behind from else. We will watch very closely for those
results. A year ago - as host city
of the Olympic Games With Olympic fever came
a real estate boom. But with Brazil's economic problems
mounting, it's turned to bust, As views from the office window go,
it doesn't get much better than this. But for this office building,
despite lavish decorations, marble and art deco, not a single unit has
been sold or rented since it opened about a year ago. Predictions of a
post- Olympics boost to business have failed to come to fruition.
Leading up to last year 's Olympic Games, Rio de Janeiro had a real
estate boom with dozens of new commercial buildings like this one
cropping up but last year, after the Games were over, the city went into
a severe economic crisis and investors are now facing a new
reality. When we planned this building, rear's real estate market
was on a high. Today, we are in the low sales cycle which will change in
the coming years. So for now, we are offering lower prices, trying to get
tenants and waiting for better times. The crisis is national but
recession is biting hardest in Rio. More than 80% of new office space
remains an rented. The local government is virtually bankrupt.
Police officers, teachers and civil servants are not getting paid. This
area of downtown Rio received over $2 billion in investments. It was
supposed to be a new hub for tourists and businesses with a
lavish Museum of tomorrow. Last month, the company responsible for
cleaning and security abandoned its contract after months of not being
paid. It's a very good moment to invest because the prices are very
low so it's easy to find a good deal. If you want to bring up your
company, to set up a brand here in Rio de Janeiro, is a good moment but
the recovery will -- the recovery of -- the recovery will happen in the
long-term. It depends on the recovery of Brazil. Rio did have one
of the most expensive real estate markets in Brazil and now developers
are having to sit and wait patiently for prices to go up again or risk
selling at a loss. In Asia, more trouble for Uber. It
says it has taken action to fix cars after one of them caught fire.
According to The Wall Street Journal, Uber rented Vezel SUV 's.
Marika Oi, just bring is up-to-date. Then, it feels like another scandal
for Uber and when contacted by the BBC, it said as soon as we learned
other Honda Vezel catching fire, we took swift action to fix the problem
but we acknowledge we could have done more. Of course, the company
has been involved in quite a lot of scandals. The resignation of the
boss and founder getting a lot of attention. We still don't know who
is going to replace him. There are sexual harassment allegations. The
company is accused of stealing driverless technology from Google
and it does feel like it might have been expanding to rapidly into
Google markets like Singapore without doing all the due diligence.
Sterling has fallen sharply against the dollar and the euro
after the governor of the Bank of England warned that uncertainty
over Brexit is already weighing on the economy.
Mark Carney's comments came as the Bank voted to hold interest
rates at a record low and cut UK growth forecasts.
It edged this year's growth forecast down to 1.7% from its previous
It also cut its forecast for 2018 from 1.7% to 1.6%.
The Nikkei is lower - feeling a drag from the strong yen.
The dollar fell even more against the Japanese currency
after that report on the new moves in the investigation into alleged
Russian interference in the US election.
The weaker dollar against the yen makes Japan's
Some currency analysts are warning the dollar could fall yet further -
and they're not expecting US wages data out later to offer much relief.
While the dollar fell, there was a mixed picture for stocks
The Dow edged to a record high for the seventh straight day
Thursday - staying above the 22,000 mark -
although the tech-heavy Nasdaq retreated.