this is bbc news, with the latest business headlines, for viewers in the uk and around the world. massive profits expected from oil giant bp, but what effect will a windfall tax have? the ship carrying 26,000 tonnes of ukrainian grain is expected to arrive in turkey today, the first shipment from ukraine since russia's invasion. wright and we get the inside track on who is following what on social media, post—pandemic.

let's get down to business. we start with bp, as it's expected to reveal it made record profits in the second quarter. the rising price of oil has given the energy giant a significant boost. in fact bp chief executive, bernard looney, described the energy market last year as a cash machine. so let's take a look at its previous quarter, when bp made an operating profit of $8.2 billion. this, despite off—loading its nearly 20% stake in russian—controlled oil company rosneft. it also instigated a huge share buy—back programme. last week, its rival shell reported second quarter profits of $11.5 billion, prompting a backlash in the uk with one trade union leader describing the soaring profits as "an insult" to households who are struggling with rising energy bills. let's talk this through, with andrew critchlow from s&p global commodity insights.

hello to you, andrew. first of all, what are the numbers going to be like from bp? is it record—breaking? i to be like from bp? is it record-breaking? i think of you “ust look record-breaking? i think of you just look at _ record-breaking? i think of you just look at the _ record-breaking? i think of you just look at the oil— record-breaking? i think of you just look at the oil price - record-breaking? i think of you just look at the oil price and . just look at the oil price and what it has done over the last year and i will give you a good indication of where bp and all the rest of the international oil companies are going to perform terms of their earnings. we have seen benchmark prices increase by roughly about 50% over the last year. trading still around $100 a barrel, we came off a little bit last night because of some bad economic data, but the international oil companies, they are reallyjust international oil companies, they are really just following benchmark prices and a rising tide of the moment is lifting all ships. tide of the moment is lifting all shis. ., �* all ships. for bp, it will probably _ all ships. for bp, it will probably rate _ all ships. for bp, it will probably rate its - all ships. for bp, it will. probably rate its dividend, all ships. for bp, it will- probably rate its dividend, it might say more about more share buy—back, but what about what it will do with all this cash it will do with all this cash it is making right now, in terms of investment in the future? because surely that has to be bp's argument, when it will be criticised today by many for the amount of money it is making currently?—

is making currently? yeah, it is making currently? yeah, it is a very _ is making currently? yeah, it is a very good _ is making currently? yeah, it is a very good question - is making currently? yeah, it is a very good question and l is making currently? yeah, it i is a very good question and one of the things that has put pressure on prices currently is the lack of investment in infrastructure and this of course just isn't international oil companies like bp or shell or different businesses, this is national oil companies, and you have to remember they control the bulk of production and capacity in the world. one stat that really sticks out for me that we calculated the s&p global commodity insights is the decline in the finding capacity, refining capacity, that everyone needs for their vehicles. the system lost around 400,000 barrels a day net refining capacity in 2020 and another 50,000 barrels a day in 2021. if you look at the uk, our oldest refinery in the uk, our oldest refinery in the uk was commissioned in the 19205, uk was commissioned in the 1920s, when the queen's father was on the throne. sorry, when the queen has my grandfather was on the throne. we haven't actually built any refineries recently in the uk, and we kind of encapsulates what is

happening in the world stage. there is a lack of investment in infrastructure in international oil companies, and the reason for that is to do with the psychical nature of the industry. it is a boom and bust industry, energy, and that has a massive impact on investment cycles, on capacity and ultimately the price that consumers pay for their energy. but right now it is boom, it is boom time, and everyone is looking to bp, which decades ago said the p stands for beyond petroleum, to invest in a renewable, sustainable future, and shell and all the other rivals, so what are we seeing when it comes to that? it has got the boom time, what is it doing to invest in our future? ~ , is it doing to invest in our future?— is it doing to invest in our future? ~ , . ., ~ future? well, they are making hue future? well, they are making huge investments _ future? well, they are making huge investments in _ future? well, they are making huge investments in energy i huge investments in energy transition, whether that is refuelling stations for electric vehicles, whether it is hydrogen, natural gas, which is hydrogen, natural gas, which is a key transition fuel come in terms of moving to a low

carbon economy, but i think the real investment story here and the real concern and what is driving oil prices and these mega profits that you see is the action of the national oil companies and the major national producers like saudi arabia, the united arab emirates, the 0pec producers, they are going to meet this week. but the key thing here is with demand above 100 million barrels a day globally, spare capacity is pretty tight. these producers, they drip fed more oil back into the system as global economies have recovered from covid, they are running out of spare capacity now. we have assessed that saudi arabia, the uae, they are pumping at less capacity levels. these are levels that we haven't seen often in the past. we haven't seen often in the ast. �* . ., past. 0k, andrew critchlow, thank you — past. 0k, andrew critchlow, thank you so _ past. 0k, andrew critchlow, thank you so much. - past. 0k, andrew critchlow, thank you so much. we - past. 0k, andrew critchlow, thank you so much. we will| past. 0k, andrew critchlow, - thank you so much. we will have the bp numbers in an hour and 25 minutes roughly, at 7am uk time. we will update you when there's no must through. let's

look at financial markets today. it's a one—way bet for markets today in asia today with equities sliding on unconfirmed reports that us house speaker nancy pelosi will visit taiwan and meet with president tsai ing—wen. china has hinted at a possible military response should such a visit take place. let's look at the boards. let's go to our asia business reporter monica miller now... monaco, understandably, financial markets showing their nerves in the region —— monica. absolutely was that we have been watching the taiwan stock exchange index today, it has declined as much as 2.1% and when we look at the tie $1, it has slipped to its lowest level in more than two years, now at a weaker side of 30 per us

dollar. the semiconductor industry are something we are also keeping an eye on, it is one of the biggest industries in taiwan, and it is something both the chinese desperate to get their hands on. one of the biggest make —— makers is tmc. it shares have dropped 3.1%. if we can talk about as we have countless times on this channel that the global supply chain shortage, a lot of that has to do with semiconductors. for example, auto—makers and the us and europe as well as china, they had to halt production because theyjust had to halt production because they just didn't had to halt production because theyjust didn't have enough of them. now, these little things that can fit on the palm of your hand are desperate for companies in china as well as the us, as they move on and they develop things for 56. this is a part of their big plan, in terms of boosting their economy. it is something we are keeping a very careful eye on this industry, and how

it deals with the tensions that are unfolding here in asia over the next couple of days. thank ou, we the next couple of days. thank you. we will — the next couple of days. thank you, we will speak _ the next couple of days. thank you, we will speak to - the next couple of days. thank you, we will speak to you - the next couple of days. thank| you, we will speak to you again soon. let's get some of the day's other news. british airways has halted sales of tickets on short—haul flights from heathrow airport until the 8th of august, as disruption to air travel continues. the move is due to the cap on daily passenger numbers that the uk's largest airport has imposed over the summer. the sales suspension will affect ba's flights to domestic and european destinations. soaring inflation is proving hard to control in south korea — it rose to six point 3% in july accelerating from the previous month to hit the fastest in almost 24 years. the central bank warned it's likely interest rates will go up this month and inflation will stay above 6% for some time. there is renewed hope for global food supply now that a ship packed with grain has left the ukrainian port of odessa, due to arrive in turkey today.

this follows an agreement with russia to not target vessels leaving the port. ukraine normally exports over 50 million tonnes of grain a year, that feeds at least 150 million people around the world. russia has been blockading ukrainian ports since february, but the two sides made a deal to resume shipments. carlos mera is head of agri commodities market research at rabobank. good to talk to you again. so it would seem that russia has stuck to its commitment, and this ship has successfully got to turkey. just talk us through the significance of this? it is a treat the significance of this? it is a great milestone. - the significance of this? it is a great milestone. this - the significance of this? it 3 a great milestone. this deal could potentially scale up. at the moment, we have only one vessel sailing. there are 16 other vessels in ukraine. the combined volume of those vessels has been estimated at 0.6 million tonnes. it is still

very far away from the typical export of ukraine, which is 50 million tonnes. at the moment the country has been managing to export 1.5 million tonnes per month. that is about 18 million tonnes per year. this will increase the capacity by anything between 12, 16 million tonnes, potentially a little bit more on top. and i have to say there are two different phases to the deal in my view. the first phase is the easy one, to get the vessel is already in ukraine out of ukraine, and those vessels will be very keen on getting those greens out of the country. most likely there is a lot of grain are already committed before the war, and it is a relatively

easy phase. a bit more challenging will be to get new vessels into the country. here is where we are seeing commercial vessel operators will be keen on and they see the un or turkey even chartering vessels to get more capacity transport capacity online. ,, ., capacity transport capacity online. ., ., ., online. so we are far from business _ online. so we are far from business as _ online. so we are far from business as usual, - online. so we are far from business as usual, as - online. so we are far from business as usual, as you | online. so we are far from - business as usual, as you say. this is just the business as usual, as you say. this isjust the kind of initial steps in this process. in the meantime, ukraine has a huge stockpile of grain, hasn't it? other countries have responded, haven't they come in the sense that they have realised that they can't rely on ukraine for supply.- realised that they can't rely on ukraine for supply. that is absolutely — on ukraine for supply. that is absolutely true. _ on ukraine for supply. that is absolutely true. it _ on ukraine for supply. that is absolutely true. it is - on ukraine for supply. that is absolutely true. it is a - on ukraine for supply. that is absolutely true. it is a great i absolutely true. it is a great milestone what we saw yesterday and today. but we still don't know the exact timeline of this green corridor, we don't know how successful it will be.

hopefully it will be very successful. but yeah, many countries watching this very closely. i mean, we are talking about many of the poorest countries who normally get a lot of grain from ukraine, there is increased availability out of russia. the russian crop has been very good, but that makes countries dependent, more dependent on russia, which is not ideal at the moment. {lilia not ideal at the moment. 0k, carlos, not ideal at the moment. 0k, carlos. good _ not ideal at the moment. 0k, carlos, good to _ not ideal at the moment. 0k, carlos, good to talk— not ideal at the moment. 0k, carlos, good to talk to - not ideal at the moment. 0k, carlos, good to talk to you again, thank you for sharing your thoughts on these latest development. you may well be aware, i'm sure you are, if you are watching us in the uk. conservative party members are receiving their ballot papers this week, calling on them to make their choice on the next party leader and prime minister. the two contenders — former chancellor rishi sunak and foreign secretary liz truss are vying to win over members. liz truss has received a boost, after her candidacy was backed by former leadership rival penny mordaunt. both candidates are promising big changes to tax policy and attacking each

others plans. joining me now is jane foley, head of fx strategy, rabobank. vote good morning to you. whilst all this is playing out and we are getting the daily headlines about their promises, about their changes to tax policies, he found it on the move, we've got the bank of england positioning itself for its latest decision on thursday. give us your thoughts on the impact all this is having. on the impact all this is having-— on the impact all this is havinu. ., , having. well, of course if we do aet having. well, of course if we do get more _ having. well, of course if we do get more tax _ having. well, of course if we do get more tax cuts, - having. well, of course if we do get more tax cuts, that l having. well, of course if we do get more tax cuts, that is good for growth but it is also something which could boost inflation too. various models are beginning to come out now, saying yes, we will see an extra boost for inflation if these tory party leaders to cut taxes, with respect to liz truss. i think cnet generally a bit more prudent in his forecast. now that could mean that the bank of england ends up that the bank of england ends up cutting interest rates more

than the market had previously been expecting them to do. that is difficult for the bank of england because every august, in fact every quarter, they bring out new economic forecasts. and of course the forecasts. and of course the forecasts that will be published this week will be based on how fiscal policy is now, and yet that could change quite a lot potentially from september, where the new prime minister is installed. so again, we could see lots of changes to the bank of england forecasts and therefore an impact on how much further interest rates could go up. find interest rates could go up. and tax policy _ interest rates could go up. and tax policy is — interest rates could go up. and tax policy is the _ interest rates could go up. and tax policy is the main - interest rates could go up. and tax policy is the main battle ground in this race to become the next prime minister, and there is a lot of discussion about the impact it will have on the uk economy, because it can't be overstated how critical it is to get that rate, ie, tax and spend, add also the actions of the bank of england. what we have to remember is 160,000 tory men this will be casting their ballot for the

prime minister or at least the leadership of the tory party. that's quite a small group, and also quite a particular demographic, they tend to be mostly male, a lot over 60 and they tend to be white and based on the south—east, so not a good cross—section when it comes to the electorate, not necessarily a good cross—section when it comes to investors, what this 160,000 tory members want is not necessarily what investors want and while tories are generally want lower taxes, investors really wa nt want lower taxes, investors really want to see how those lower taxes could be, will they promote investment and raise productivity the sorts of questions investors really want. right now the jury is out as to whether or not the policies we are seeing from the tory party candidates will be the right ones to raise the value of sterling stop.

stay with us on bbc news, still to come: and we get the inside track on who is following what on social media post—pandemic. the question was whether we wanted to save our people and japanese as well and win the war, or whether we want to take a chance on being able to win the war by killing all our young men. the invasion began at two o'clock this morning. mr bush, like most other people, was clearly- caught by surprise. we call for the immediate and unconditional withdrawal of all the iraqi forces. 100 years old and still full of vigor, vitality and enjoyment of life. no other king or queen in british history has lived so long, and the queen mother is said to be quietly very pleased indeed that she's achieved this landmark anniversary.

this is a pivotal moment for the church as an international movement. the question now is whether the american vote will lead to a split in the anglican community. this is bbc world news. the latest headlines: president biden has confirmed that a us drone strike has killed the al-qaeda leader ayman al zawahiri. mr biden said he authorised the operation which took place on saturday. one of america's most senior politicians, nancy pelosi, is now expected to visit taiwan on tuesday, putting further strains on relations with china. turning now to new york, where rents have soared in yet another sign of the cost—of—living squeeze. the average rental price in manhattan has surged

above $5,000 a month for the first time in the city's history. as vacancy rates remain below 2%. here's the bbc�*s north america business correspondent michelle fleury in new york. this is how bad new york's red—hot rental climate has become. video of frustrated would—be tenants popping up on social media. i would-be tenants popping up on social media.— social media. i got my lease and they _ social media. i got my lease and they are _ social media. i got my lease and they are raising - social media. i got my lease and they are raising my - social media. i got my lease and they are raising my rent 48%. , , ., ., 48%. even this estate agent finds little — 48%. even this estate agent finds little comfort - 48%. even this estate agent finds little comfort in - 48%. even this estate agent finds little comfort in this i finds little comfort in this booming market. the rent on his 2—bedroom manhattan apartment going up his landlord just increase the price from two 4,000 month to 6,000. we knew it would go — 4,000 month to 6,000. we knew it would go up _ 4,000 month to 6,000. we knew it would go up and _ 4,000 month to 6,000. we knew it would go up and i _ 4,000 month to 6,000. we knew it would go up and i had _ 4,000 month to 6,000. we knew it would go up and i had high - it would go up and i had high expectations it would go up but probably not that month. from him and his — probably not that month. from him and his family _ probably not that month. from him and his family is _

probably not that month. from him and his family is the - probably not that month. from him and his family is the final. him and his family is the final straw they are packing up and leaving the city. we straw they are packing up and leaving the city.— leaving the city. we did look att in: leaving the city. we did look at trying to _ leaving the city. we did look at trying to find _ leaving the city. we did look at trying to find a _ leaving the city. we did look at trying to find a place - leaving the city. we did look at trying to find a place in i at trying to find a place in manhattan but the inventory was so low in the kind of rate landlords are now expecting are so high. so it left us with no choice but to look further afield, we are moving to new jersey now. afield, we are moving to new jersey now-— jersey now. this is what you can aet jersey now. this is what you can get in — jersey now. this is what you can get in new _ jersey now. this is what you can get in new york- jersey now. this is what you can get in new york under. can get in new york under 5,000 _ can get in new york under 5,000. ., , 5,000. for the first time in the city of _ 5,000. for the first time in the city of the _ 5,000. for the first time in the city of the big _ 5,000. for the first time in the city of the big apple - 5,000. for the first time in | the city of the big apple the average rent is $5,000 a month but demand remains strong. this 375 foot 1—bedroom at least 440 $500 a month. how fast is an apartment like this go? 2&1 $500 a month. how fast is an apartment like this go?- apartment like this go? 24 to 48 hours the _ apartment like this go? 24 to 48 hours the most _ apartment like this go? 24 to 48 hours the most to - apartment like this go? 24 to 48 hours the most to rent - apartment like this go? 24 to | 48 hours the most to rent this apartment. 48 hours the most to rent this apartment-— apartment. one reason is that more people _ apartment. one reason is that more people are _ apartment. one reason is that more people are returning - apartment. one reason is that more people are returning to. more people are returning to the city after kellerman lockdowns.— the city after kellerman lockdowns. , , ., lockdowns. new hires they have students in _ lockdowns. new hires they have students in new _ lockdowns. new hires they have students in new york, - lockdowns. new hires they have students in new york, it - lockdowns. new hires they have students in new york, it all- students in new york, it all affects the prices. share students in new york, it all affects the prices.— affects the prices. are you surprised. _ affects the prices. are you surprised, given _ affects the prices. are you surprised, given how- affects the prices. are you - surprised, given how expensive things are, and post pandemic

and reports of high crime, that you're continues to be a desirable place?- you're continues to be a desirable place? new york is new york — desirable place? new york is new york there _ desirable place? new york is new york there is _ desirable place? new york is new york there is no - desirable place? new york is new york there is no other i new york there is no other place like new york. another factor is the _ place like new york. another factor is the roles _ place like new york. another factor is the roles played - place like new york. another factor is the roles played by i factor is the roles played by the central bank by raising borrowing costs to control inflation more potential homebuyers are being pushed to the rental market. have you ever seen anything like this? not in the rental market of 40 or 50% increase above pre— pandemic levels is a bit surprising. pandemic levels is a bit surprising-— pandemic levels is a bit surprising. pandemic levels is a bit surrisinu. �* , ., ., surprising. an expert on real estate sees _ surprising. an expert on real estate sees no _ surprising. an expert on real estate sees no sign - surprising. an expert on real estate sees no sign of- surprising. an expert on real estate sees no sign of a - estate sees no sign of a slowdown.— estate sees no sign of a slowdown. . ., , , , slowdown. the middle class is beinu slowdown. the middle class is being squeezed, _ slowdown. the middle class is being squeezed, this - slowdown. the middle class is being squeezed, this has - slowdown. the middle class isi being squeezed, this has been going on for decades, it continues to get worse, and it's really to the city's advantage to solve affordable housing because many of those would—be employees are what makes the city wonderful.

would-be employees are what makes the city wonderful. views like this help — makes the city wonderful. views like this help explain _ makes the city wonderful. views like this help explain why - makes the city wonderful. views like this help explain why so - like this help explain why so many people want to live in manhattan but soaring prices are putting an increasingly out of reach for many, you would have to make $200,000 a year if you only wanted to spend 30% of your income on rent. with more people being squeezed by the cost of living crisis, the only question on the mind of renters is when will prices come down? michelle fleury, bbc news, new york. get in touch on that story, an extremely expensive where you are living, are you renting, trying to buy? i'd be interested. how has the pandemic changed which social media platforms we use and how we use them? more than half of the world uses social media, that's a cool 4.62 billion people, but what these users get up to and what platform they use differs greatly between generations, with many generation z users rejecting the social networks

they grew up with. joining me now is bill fisher, principal analyst at insider intelligence. good morning to you. how have we changed, has the pandemic shaped us when we comes to our use of social media? first shaped us when we comes to our use of social media?— use of social media? first of all we used _ use of social media? first of all we used more _ use of social media? first of all we used more social- use of social media? first of. all we used more social media, that doesn't come as a surprise it's the type of social media we consume and the type of content we consume because pre— pandemic, social media was synonymous with social networking, it was about social connection but during the pandemic and the lockdowns, we had a lot of time to kill, so creating and consuming content, video content became incredibly popular. social network has become more about social entertainment. is become more about social entertainment.— become more about social entertainment. is it more then as ou entertainment. is it more then as you say _ entertainment. is it more then as you say about _ entertainment. is it more then as you say about it _ entertainment. is it more then as you say about it attainment | as you say about it attainment and influence, and gaining

influence, i.e. more and more followers is that still the main driver?— followers is that still the main driver? ~ , , main driver? absolutely is, we talk about _ main driver? absolutely is, we talk about influence _ main driver? absolutely is, we talk about influence or - main driver? absolutely is, we talk about influence or content creators, when you look at some of the more video heavy platforms like tiktok or the platforms like tiktok or the platform in china influences and content creators are becoming medically 0rton on those plate and attracting many more users, so getting influence on those platforms is becoming more and more awesome. but that depends on your age for example, during the pandemic, many silverservers pandemic, many silver servers we pandemic, many silverservers we would describe him as that got used to technology and using technology in ways they had never done before, i think about my parents both in their mid it is talking to me on visual means such as zoom, never having gone there before but they are not wanting influence.— but they are not wanting influence. ~ ., ., ., influence. we have to look at the generation _

influence. we have to look at the generation divide - influence. we have to look at the generation divide across| the generation divide across social media platforms, if you look at the user base of facebook, it has had a problem and before the pandemic it was losing younger consumers, they weren't spending time on the platform and gravitating towards new plate is like snapchat or tiktok, this video heavy platforms, that's not to say the silver servers or boomers are moving away from social media, it'sjust boomers are moving away from social media, it's just that they are using it differently, they are using it differently, they continue to be heavy users of social media but it's a different type, it's plate —— facebook and younger users driving this video change, social change movements. it’s social change movements. it's really fascinating, thank you. again get in touch, you social media, at twitter. tell me your thoughts on that. what are you using currently and wide, the story we touched on about the cost of living in the city or

not necessarily the city, countryside, where ever you are, do tell. for now, that's all from you, thank you for your company, and i'll see you soon. hello, then. of course, july 2022 will be remembered for the first time the uk saw temperatures widely in excess of 40 celsius. however, it's also been a very dry month — and in southern england, it's been the driestjuly on record — those records date back to 1836 by the met office. now, anywhere in the brown has seen below—average rainfall, but the darker brown's way below the average rainfall totals for this time of year, and 1—2 stations along the south coast have not seen any measurable rain. now, if you can see over the next few days, we won't see any rainfall either across the far south and east. the heaviest of the rain will be out to the north and west — that's because you're closest to an area of low pressure that's moving in at the moment. the isobars squeezing together, it'll turn pretty windy, and it will be quite

wet as well. so that means it could be a pretty damp start for the commonwealth games in birmingham, but quickly brightening up by lunchtime, so an improving story. and that will be the story generally across the country. some heavy bursts of rain across northwest england and wales drifting their way steadily eastwards. the rain never getting as far south, really, as the south midlands, and then behind it, brightening up with 1—2 showers. a strong south—westerly wind as we go through the day — so blustery, but from a very warm source. it'll feel once again quite humid across the country — 24 celsius in eastern scotland, highs of 30 celsius perhaps in southeast england — that's the mid—80s fahrenheit. now, as we go through the evening and overnight, there's another frontal system that will sink its way south, just really a band of cloud and a few scattered showers, can you see, stretching from hull down to the bristol channel. again, it stays very warm, so a humid start to wednesday morning. that frontal system — a weak affair, a band of cloud, a few isolated showers — continues to sink south. but behind, it's introducing fresher air as the winds here come

round to a northwesterly. so more showers being driven in by that northwesterly wind, and temperatures down a few degrees. not so in the far southeast, as that fresher air hasn't quite yet arrived, but it will do so. the northwesterly wind direction continues to dominate for a few days. high pressure then builds in from the west, quietens things down. so, over the next few days, it's dry, settled, and sunny, but just that little bit fresher.

good morning, welcome to breakfast with sally nugent and ben thompson. 0ur headlines today. more energy price increases. predictions seen by this programme suggest typical bills will go up to more than £3000 in the autumn, and rise even further next year. with the latest results from oil and gas giant bp in an hour, we'll look at why those soaring bills mean big profits for the energy companies. killed in a us drone strike, ayman al—zawahiri, one of the masterminds of the 9—11 attacks and leader of al-qaeda. so, i've had filler in my lips, i've had filler in my nose. the impact of body image worries on mental and physical health.