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Now it's time for all the business news. | :00:00. | :00:09. | |
World Business Report - Ben is standing by. | :00:10. | :00:18. | |
Toyota may reveal a fall in profits as it slips from the world's number | :00:19. | :00:26. | |
one carmaker - to the world's number three. | :00:27. | :00:28. | |
One year on from the Games, how Rio's property boom | :00:29. | :00:33. | |
we start in Japan where car giant Toyota is set | :00:34. | :00:58. | |
to report its latest results in the next few hours. | :00:59. | :01:01. | |
For years Toyota was the world's top carmaker. | :01:02. | :01:19. | |
Its Corolla model is still the best selling car the world has ever seen | :01:20. | :01:23. | |
but recently Toyota has lost its crown Let's show you some | :01:24. | :01:29. | |
Toyota's expected to reveal a sharp fall | :01:30. | :01:34. | |
in profits for the three months to June. | :01:35. | :01:37. | |
Bloomberg News estimates it made just under $5 billion | :01:38. | :01:39. | |
that would be a drop of 15% on last year. | :01:40. | :01:42. | |
That's partly because of a big increase in research | :01:43. | :01:44. | |
Last year - despite Dieselgate - Volkswagen sold more cars - | :01:45. | :01:48. | |
And in the first half of this year they were both overtaken | :01:49. | :01:53. | |
by Renault-Nissan after it added Mitsubishi | :01:54. | :01:55. | |
So Toyota is spending big to attract new customers. | :01:56. | :02:11. | |
Last month it committed another $100 million | :02:12. | :02:13. | |
That is on top of the $1 billion it's already spending to develop | :02:14. | :02:21. | |
self-driving cars and other tech at a new research centre in the US. | :02:22. | :02:24. | |
Toyota's US boss Jim Lentz spoke to this programme at the time. | :02:25. | :02:28. | |
He told us it's all about winning over 20 and 30somethings - | :02:29. | :02:36. | |
There was a belief just a few years ago but Gen Y was not interested in | :02:37. | :02:47. | |
cars, they were interested in ridesharing and car sharing. If you | :02:48. | :02:52. | |
look at small luxury SUV is, a lot of that has been driven by Gen Y, | :02:53. | :02:56. | |
especially in the US, where they were saddled with large college | :02:57. | :03:00. | |
debts, they came out of college and had jobs but not necessarily | :03:01. | :03:03. | |
careers, they have now advanced beyond that and their desire to | :03:04. | :03:05. | |
purchase cars is now coming back. That was the boss of US Toyota. | :03:06. | :03:18. | |
Annamarie from BMR research joins me. We heard him talking about the | :03:19. | :03:25. | |
importance of capturing the new generation of car buyers. A lot of | :03:26. | :03:29. | |
the wisdom suggests that generation does not want to buy cars but now, | :03:30. | :03:36. | |
Jim's Bjorn that is maybe they do but it's got to be the right type of | :03:37. | :03:40. | |
car. Absolutely. A lot of it comes to do, attracting them. Part of the | :03:41. | :03:47. | |
reason companies were worried people didn't want to buy cars, especially | :03:48. | :03:51. | |
younger people, they had more interest in technology so maybe if | :03:52. | :03:55. | |
you can take cars down that route, you can win them over. In that | :03:56. | :04:00. | |
sense, although a lot of the analysts are expecting Toyota is | :04:01. | :04:04. | |
probably going to report a fall in profits, but that is down to them | :04:05. | :04:08. | |
spending more on research and developing the tax side of things, | :04:09. | :04:14. | |
it sounds like that is no bad thing. Absolutely, and if you look at the | :04:15. | :04:18. | |
sales side and the revenue, is expected to be better, volume | :04:19. | :04:24. | |
sellers are doing quite well. A lot of it is on expenditure. An electric | :04:25. | :04:28. | |
vehicles, going straight to hydrogen. Autonomy, AI, they are | :04:29. | :04:39. | |
looking into a lot of technologies. They seem to be in a bit of that | :04:40. | :04:43. | |
niche position with self driving cars. You think that was a | :04:44. | :04:47. | |
misjudgement? I think it was because there was a lot of support from the | :04:48. | :04:56. | |
Japanese covenant, so the carmakers got support to get into hydrogen and | :04:57. | :05:01. | |
it is very niche, as you say, there is a lot of infrastructure. It is a | :05:02. | :05:13. | |
cautionary tale. Toyota seemed to be ahead of the pack in terms of | :05:14. | :05:16. | |
developing tack. Everyone knows hybrids, they associated with the | :05:17. | :05:23. | |
Prius and suddenly, they find themselves overtaken. They are one | :05:24. | :05:28. | |
of the few companies that does not have a strategy for. They could have | :05:29. | :05:35. | |
something big country with the solid-state battery, that could be a | :05:36. | :05:39. | |
big development but in terms of actually having models to the | :05:40. | :05:43. | |
market, they are behind from else. We will watch very closely for those | :05:44. | :05:45. | |
results. A year ago - as host city | :05:46. | :05:48. | |
of the Olympic Games With Olympic fever came | :05:49. | :05:53. | |
a real estate boom. But with Brazil's economic problems | :05:54. | :05:57. | |
mounting, it's turned to bust, As views from the office window go, | :05:58. | :06:17. | |
it doesn't get much better than this. But for this office building, | :06:18. | :06:23. | |
despite lavish decorations, marble and art deco, not a single unit has | :06:24. | :06:28. | |
been sold or rented since it opened about a year ago. Predictions of a | :06:29. | :06:32. | |
post- Olympics boost to business have failed to come to fruition. | :06:33. | :06:38. | |
Leading up to last year 's Olympic Games, Rio de Janeiro had a real | :06:39. | :06:42. | |
estate boom with dozens of new commercial buildings like this one | :06:43. | :06:45. | |
cropping up but last year, after the Games were over, the city went into | :06:46. | :06:50. | |
a severe economic crisis and investors are now facing a new | :06:51. | :06:56. | |
reality. When we planned this building, rear's real estate market | :06:57. | :07:02. | |
was on a high. Today, we are in the low sales cycle which will change in | :07:03. | :07:06. | |
the coming years. So for now, we are offering lower prices, trying to get | :07:07. | :07:10. | |
tenants and waiting for better times. The crisis is national but | :07:11. | :07:19. | |
recession is biting hardest in Rio. More than 80% of new office space | :07:20. | :07:26. | |
remains an rented. The local government is virtually bankrupt. | :07:27. | :07:29. | |
Police officers, teachers and civil servants are not getting paid. This | :07:30. | :07:38. | |
area of downtown Rio received over $2 billion in investments. It was | :07:39. | :07:41. | |
supposed to be a new hub for tourists and businesses with a | :07:42. | :07:46. | |
lavish Museum of tomorrow. Last month, the company responsible for | :07:47. | :07:50. | |
cleaning and security abandoned its contract after months of not being | :07:51. | :07:55. | |
paid. It's a very good moment to invest because the prices are very | :07:56. | :07:59. | |
low so it's easy to find a good deal. If you want to bring up your | :08:00. | :08:06. | |
company, to set up a brand here in Rio de Janeiro, is a good moment but | :08:07. | :08:10. | |
the recovery will -- the recovery of -- the recovery will happen in the | :08:11. | :08:14. | |
long-term. It depends on the recovery of Brazil. Rio did have one | :08:15. | :08:19. | |
of the most expensive real estate markets in Brazil and now developers | :08:20. | :08:24. | |
are having to sit and wait patiently for prices to go up again or risk | :08:25. | :08:26. | |
selling at a loss. In Asia, more trouble for Uber. It | :08:27. | :08:44. | |
says it has taken action to fix cars after one of them caught fire. | :08:45. | :08:48. | |
According to The Wall Street Journal, Uber rented Vezel SUV 's. | :08:49. | :09:06. | |
Marika Oi, just bring is up-to-date. Then, it feels like another scandal | :09:07. | :09:12. | |
for Uber and when contacted by the BBC, it said as soon as we learned | :09:13. | :09:19. | |
other Honda Vezel catching fire, we took swift action to fix the problem | :09:20. | :09:23. | |
but we acknowledge we could have done more. Of course, the company | :09:24. | :09:28. | |
has been involved in quite a lot of scandals. The resignation of the | :09:29. | :09:34. | |
boss and founder getting a lot of attention. We still don't know who | :09:35. | :09:41. | |
is going to replace him. There are sexual harassment allegations. The | :09:42. | :09:45. | |
company is accused of stealing driverless technology from Google | :09:46. | :09:50. | |
and it does feel like it might have been expanding to rapidly into | :09:51. | :09:53. | |
Google markets like Singapore without doing all the due diligence. | :09:54. | :10:01. | |
Sterling has fallen sharply against the dollar and the euro | :10:02. | :10:04. | |
after the governor of the Bank of England warned that uncertainty | :10:05. | :10:07. | |
over Brexit is already weighing on the economy. | :10:08. | :10:09. | |
Mark Carney's comments came as the Bank voted to hold interest | :10:10. | :10:12. | |
rates at a record low and cut UK growth forecasts. | :10:13. | :10:15. | |
It edged this year's growth forecast down to 1.7% from its previous | :10:16. | :10:18. | |
It also cut its forecast for 2018 from 1.7% to 1.6%. | :10:19. | :10:25. | |
The Nikkei is lower - feeling a drag from the strong yen. | :10:26. | :10:34. | |
The dollar fell even more against the Japanese currency | :10:35. | :10:38. | |
after that report on the new moves in the investigation into alleged | :10:39. | :10:41. | |
Russian interference in the US election. | :10:42. | :10:44. | |
The weaker dollar against the yen makes Japan's | :10:45. | :10:47. | |
Some currency analysts are warning the dollar could fall yet further - | :10:48. | :11:04. | |
and they're not expecting US wages data out later to offer much relief. | :11:05. | :11:07. | |
While the dollar fell, there was a mixed picture for stocks | :11:08. | :11:10. | |
The Dow edged to a record high for the seventh straight day | :11:11. | :11:14. | |
Thursday - staying above the 22,000 mark - | :11:15. | :11:16. | |
although the tech-heavy Nasdaq retreated. | :11:17. | :11:23. |