welcome to business today. i'm michelle fleury. markets here in new york have opened lower, putting an end to four days of gains, which have been driven by optimism that the federal reserve will soon be able to start cutting interest rates. uber shares are down sharply after disappointing forecasts from the taxi and food delivery giant. we'll get more on that injust a moment. so why is the rally on wall street now fizzling out? let's cross to las vegas and bring injimmy lee, who is chief executive of the wealth consulting group, which manages around $5 billion of assets. thank you forjoining us. is this simply coming up for air after five days of straight gains? i simply coming up for air after five days of straight gains?— simply coming up for air after five days of straight gains? i think you are correct _ days of straight gains? i think you are correct i _ days of straight gains? i think you are correct. i think— days of straight gains? i think you are correct. i think you _ days of straight gains? i think you are correct. i think you had - days of straight gains? i think you are correct. i think you had a - days of straight gains? i think you are correct. i think you had a nice| are correct. i think you had a nice rally after the disappointing april that we had after a very robust

first quarter for the ftse 500, up 10%, first quarter for the ftse 500, up io%, and people bought on a dip, which is what i thought they would do, so i think this is based off a strong rally we had in the last week, and i think that's it. i think the guidance some of the companies have been given, while earnings have been good for the last quarter, the guidance has been that that is a sign the economy is slowing down, so i think that might be part of it. we are near the i think that might be part of it. we are nearthe end i think that might be part of it. we are near the end of the first quarter earnings season and most companies have reported we have had uber today and recently we have heard from the big tech companies. what is your sense about the economy from the perspective of corporate america? , america? very good, actually. the consumer is _ america? very good, actually. the consumer is continuing _ america? very good, actually. the consumer is continuing to - america? very good, actually. the consumer is continuing to spend i america? very good, actually. the i consumer is continuing to spend and be resilient even though there isn't as much cash as they had in the times of stimulus in the united states, but there is still a lot of

cash, trillions, in fact, that could get deployed into risk assets like stocks, but the economy is doing pretty well. companies are doing rather surprisingly well, i think, in the higher interest rate environment. as of last friday, at that time, about 80% of the ftse 500 reported earnings and 76% had big earnings, and we used to see about two thirds beating earnings. right now, companies are doing well but i think the guidance is a bit uncertain for certain sectors and companies and i think investors are looking at the numbers and trying to decide whether or not, if the fed does cut this year, i hope the fed does cut this year, i hope the fed does cut this year, i hope the fed does cut and brings interest rates lower, not that we necessarily needed, but i don't want economy to tip into a recessionary environment.

briefly, consumers would benefit presumably from a cut in interest rates, at least in the housing sector, which continues to be an area where there have to shell out a lot of money to cover rent or higher interest rate mortgage payments. the aood interest rate mortgage payments. tug; good news interest rate mortgage payments. t'tg; good news is we interest rate mortgage payments. ttg; good news is we are starting to see advice in how the sector are targeted so hopefully we will see some relief in housing in the second half of this year, in terms of inflation. my hope has been that inflation. my hope has been that inflation data comes down so it gives a reason for the fed to ease but i believe that investors who get ready for a bit of volatility, very constructive on stocks for the rest of the year, and low interest rate environment to get into the sectors they can't be enough.— they can't be enough. thank you. talk to you _ they can't be enough. thank you. talk to you soon. _ uber shares have slumped on the wall street opening here in new york, after the taxi and delivery giant forecast

disappointing sales figures for the next three months. that's despite a surge in profits for the first three months of the year. uber made what it calls "core" profits, before various deductions, of almost $1.1; billion betweenjanuary and march. that's a jump of 82% on the same period last year. the company became profitable last year for the first time, after yea rs of losses. so what is wall street worried about? let's bring in andrew hawkins, transportation editor at the verge, a news service covering the tech industry. he's in montclair, newjersey. andrew, we had a company reporting more revenue from rides and from food delivery services and yet it's made a loss. what's going on? i think it's a sign that, while made a loss. what's going on? t think it's a sign that, while uber's business model appears to be improving in strength, it's still not completely out of the woods, which means there are still a lot of

regulatory issues, a lot of legal expenses the company has been happy to pay. it had to make a massive settlement brought on by a class action suit by taxi drivers in australia and in the united states it faces questions around driver classification. the company classifies its drivers as independent contractors but a number of courts and state legislatures would like them to classify them as employees and pay them as such. there is uncertainty and issues around the seasonality of the company and its equity investments continue to drag down the company profits. continue to drag down the company rofits. , . , , continue to drag down the company rofits. , ., , , , ~ profits. presumably, cases like the twin cities, — profits. presumably, cases like the twin cities, where _ profits. presumably, cases like the twin cities, where the _ profits. presumably, cases like the twin cities, where the local - twin cities, where the local lawmakers are trying to set a minimum price, and uber has threatened to walk out of that market, those are the kind of regulatory concerns? this market, those are the kind of regulatory concerns?- regulatory concerns? this is something _ regulatory concerns? this is something that _ regulatory concerns? this is something that uber - regulatory concerns? this is something that uber has . regulatory concerns? this is i something that uber has space regulatory concerns? this is - something that uber has space for years, it's had these fights in new

york, california, texas, and the fact they keep coming up is that uber can't put this question to rest. it's had some favourable court rulings in the pot but it still faces questions that it's going to continue to face them in the years to come. plan come across let me ask you about tesla, because writers are reporting that us prosecutors are potentially considering bringing wire fraud charges against tesla over the way it wire fraud charges against tesla over the wa— wire fraud charges against tesla over the wa , ., , , ., , over the way it misleads investors and consumers — over the way it misleads investors and consumers potentially - over the way it misleads investors and consumers potentially about i over the way it misleads investors i and consumers potentially about its self driving technology. what can you tell us about that? this investigation _ you tell us about that? this investigation has _ you tell us about that? this investigation has been - you tell us about that? tt 3 investigation has been going on for years and it seems like prosecutors have finally settled on some of the charges they could file. tesla ceo elon musk has claimed the company is an ai company, not a car company, and will release a fully autonomous vehicle later this year, but that

said its product so far, its driverless products, like autopilot and full self driving, are not really living up to the hype that elon musk has been selling and a lot of his claims around autonomy have failed to come to reality so i think we are starting to see some of the expectation rent tesla as an ai company crashing into the reality of what prosecutors say could mount to wire fraud and securities fraud in terms of misleading investors and since consumers.— since consumers. elon musk's enthusiasm — since consumers. elon musk's enthusiasm for _ since consumers. elon musk's enthusiasm for self _ since consumers. elon musk's enthusiasm for self driving . enthusiasm for self driving technology clearly ahead of reality. thank you. well, if you have taken an uber recently, there's a good chance you would have ridden in a toyota. the japanese giant is still the world's biggest car—maker by sales, and earlier today it revealed record annual profits of over $31 billion. unlike some rivals, toyota has been slow to get into electric vehicles, preferring to focus on hybrids, which it pioneered more than two decades ago with the prius.

let's put that in perspective for you — toyota sold well over 10 million vehicles last year. of those, more than a third were hybrids. and barely more than i% were full electric vehicles or evs. toyota's warning it will have to invest heavily in the transition to evs, which will hit profits. but for now, its focus on hybrids has paid off. what we've seen over the last few years is the early adopters have all enthusiastically got on board the people who want electric cars. and now the hard yards begin because it's convincing ordinary, average consumers who in most cases don't really care whether their car is powered by petrol, diesel, electricity or fairy dust. frankly, theyjust want a good, safe, reliable car that suits their needs. so convincing ordinary people that the next car should be an electric car is a much harder task than convincing the people who already wanted one. and the pace of that change is different around the world.

it's very different in the uk from some other parts of europe. it's different in europe from china and from america and other parts of the world as well. in the uk, big tech firms are being told they must do more to protect children online. ofcom — the uk communications regulator — says social media firms must — quote — �*tame toxic algorithms'. it has outlined more than a0 practical steps that services will need to take under the new online safety act. they include robust age checks to prevent children seeing harmful content. as saqib bhatti, the uk's minister for the digital economy and tech, explained to the bbc earlier. social media companies are going to be expected to verify those people who access and those children who access their online services, and what they suggest it is, where it's things like facial id, it might be credit checks, a number of things,

they are telling social media companies they must put in mechanisms to verify who accesses social media. we spoke to belinda parmar, a consultant who helps big business become more ethical and empathetic. she says big tech firms have so far failed to address criticism and need tougher regulation. well, the thing is, these tech firms have had between nine and 20 years, they've been around between nine and 20 years to actually self regulate. the issue is they don't want to self regulate and there's no incentive for them to do that. and, you know, this morning i went on instagram, but i put in self harm. and you get this one page which says, do you need some help? and then, oh, let's take you to the content. you know, the fact that our children can in 30 seconds access content, which is harmful with no regulation, i think is really, really scary. ofcom, who are regulating this act, they can deliver fines of up

to 80 million or 10% of global revenue. but these are just, you know, these are tiny if you think about how much money these companies make. it takes them seconds, 27 minutes, apparently to make £80 million. so these fines are not big enough. the bbc has asked big tech firms for their response to ofcom's warning. of those that replied, a spokesperson for snapchat said they "support the aims of the online safety act and work with experts to inform our approach to safety." and a spokesperson for meta — which owns facebook and instagram — said, "content that incites violence, encourages suicide, self—injury or eating disorders breaks our rules and we remove that content when we find it". in other news... the us has revoked export licences that allow companies to ship goods — including advanced semi—conductors — to the chinese tech company huawei. the move follows the release last month of huawei's first ai—enabled laptop, the matebook x pro powered

by an intel processor. apple has announced a new line—up of ipad tablets with a powerful a—i chip, called the m4. the new devices are the company's first ipad release in two years. apple is expected to make a series of more ambitious ai announcements at its worldwide developers conference next month. stay with us here on bbc news.

hello from the bbc sport centre. borussia dortmund await either a german rival or a team on a historical mission in the champions league final. bayern munich, who dortmund lost to the last time they reached the final, or real madrid will reach the final later.

with the score 2—2 heading into the second leg later at the bernabeu. whoever wins will no doubt be the favourite at wembley in june, with real attempting to win a record—extending 15th european cup having not been at their best in the first game in munich, according to their manager carlo ancelotti. they got the draw thanks to two goals from viniciusjunior, who is very much on the bayern boss' mind. can he can still hurt any team in the world and a big part is accepting that not everything will be perfect tomorrow but it's still possible to overcome difficulties, to hang in, to show the right mentality and quality to fulfil our dream. we want to go to wembley so we need to beat real madrid with viniciusjunior. translation: vinicius junior. translation: , ., ,., viniciusjunior. translation: , ., ., viniciusjunior. translation: ., ., ., translation: they also have a great tradition and history _ translation: they also have a great tradition and history and _ translation: they also have a great tradition and history and are - tradition and history and are successful in the champions league. we respect _ successful in the champions league. we respect each other, which is fain _ we respect each other, which is fair~ every— we respect each other, which is fair. every rival must be respected

in the _ fair. every rival must be respected in the semifinaland fair. every rival must be respected in the semifinal and they did better