oil prices move higher after the world's two biggest producers announces some large cuts. and tesla puts it foot on the accelerator, as it clocks record sales after dropping the price on its cars. welcome to world business report. i'm ben thompson. let's start with oil, because the world's two biggest producers, saudi arabia and russia, have both announced some huge production cuts. the news sent the price of brent crude 2% higher. a short while ago it was trading atjust over $76 per barrel.

first it was saudi arabia which announced it was cutting its production by one million barrels per day from august. then russia said it was cutting its production by half a million barrels per day from august too. the cuts mean global supplies will be reduced by around 1.5%. let's go live now to our middle east business correspondent, sameer hashmi. it doesn't sound like a lot, 1.5%, but it could have big implications. explain how important these two players are. explain how important these two players are-— explain how important these two -la ersare. �*, ., ~ ., players are. let's talk about saudi arabia, the _ players are. let's talk about saudi arabia, the largest _ players are. let's talk about saudi arabia, the largest export - players are. let's talk about saudi arabia, the largest export in - players are. let's talk about saudi arabia, the largest export in the l arabia, the largest export in the world. these cuts were announced last month and they were not announced as part of opec plus so it's decided on its own is going to make these cuts to boost prices. what saudi arabia said today as they are going to extend these cuts to

august and possibly further if required. on the same day we heard from moscow which is going to reduce its exports by 500,000 barrels a day. it significant because it can impact the market as we've seen oil prices have gone up and this is exactly what moscow is hoping that these cuts as the supply titans will push up prices. but how long will they hold is the question because it's not the first time saudi arabia or russia have announced cuts. opec plus has announced several round of cuts since october last year. that hasn't helped to push up prices because demand has been weakening for two reasons. there are concerns about the global economy and the looming recession in many parts of the world which is weighing on oil prices and demand. secondly, many expected the economy to recover quite safely which didn't happen. thank you.

let's focus now on apple, because it's become the first company in the world to reach a valuation of three trillion dollars. however it's not all good news for the tech giant. according to a report in the financial times, apple is likely to make drastic cuts to its production forecasts for its mixed—reality vision pro headset. only last month, apple described the headset as its biggest launch since it introduced the iphone. we're nowjoined by our north america business correspondent, michelle fleury. what is going on? it was touted as this big new development but already forecasts are being cut. you this big new development but already forecasts are being cut.— forecasts are being cut. you and i have talked _ forecasts are being cut. you and i have talked a _ forecasts are being cut. you and i have talked a lot _ forecasts are being cut. you and i have talked a lot over _ forecasts are being cut. you and i have talked a lot over the - forecasts are being cut. you and i have talked a lot over the last - have talked a lot over the last couple of years about supply chain issues and i think that's what we are talking about here. according to this report, the company that is going to be making these headsets

for apple has had to scale back and it's only going to make a certain number of these headsets for next year, it's not going to be as much as apple would like. and again, from the little we understand, it simply is supply chain constraints. this is a very complicated headset, it's got things like very special lenses in them and that requires specific production techniques and again there are slowdowns there. because of that it appears those who are interested in these headsets will have to wait longer until they hit the market. the lower—priced headsets will be even longer still. it seems a production issue as opposed to a demand issue but it does underline once again that difficulty the tech firms have had in making this sort of stuff viable and i'm thinking as well about things like the meta verse, lots of businesses plying a lot of money in

but as yet no real return. it businesses plying a lot of money in but as yet no real return.— but as yet no real return. it was a hu . e but as yet no real return. it was a huge about-face _ but as yet no real return. it was a huge about-face for _ but as yet no real return. it was a huge about-face for facebook. i but as yet no real return. it was a i huge about-face for facebook. mark huge about—face for facebook. mark zuckerberg bet the companycreature on the meta verse and then has had to make a hasty retreat and is moving away from that and abandoning that and pointing the company in another direction. so there is a question about how much people are interested in this kind of future meta verse type world. but if you look at apple's stock, investors remain optimistic about this company. itjust hit a $3 trillion market capitalisation. that is investors, that is wall street saying they believe in this company. and it is just to put it in context, this company is worth more than 200 other companies listed in the s&p 500. ., ., ., ~ other companies listed in the s&p 500. ., ., a, ., a, 500. for now, thank you for that

u date. electric car maker tesla delivered a record number of vehicles in the three months to the end ofjune, hitting 460,000 cars, more than 80% up on the year before. it's now well on its way to its goal of 1.8 million for 2023. the rise came after tesla cut prices in the us, uk and china in a bid to boost sales and compete with rival manufacturers. automotives expertjim holder believes tesla is catching its rivals. it's great news for tesla after a very hard end of last year, particularly in its new chinese markets where it has been trying to push things but pushing prices down pushing margins down and it's whether they can maintain profitability as well as growing the volumes. their actions to discount

caught everyone by surprise but everybody is watching closely now as the sales figures go up. what everybody is watching closely now as the sales figures go up.— the sales figures go up. what tesla has been saying — the sales figures go up. what tesla has been saying for— the sales figures go up. what tesla has been saying for a _ the sales figures go up. what tesla has been saying for a while - the sales figures go up. what tesla has been saying for a while is - the sales figures go up. what tesla has been saying for a while is this | has been saying for a while is this is about economies of scale and when they hit the tipping point it makes it cheaper to produce and easier to distribute and therefore the price can come down. but we are not quite there yet, are we?— there yet, are we? absolutely. the taruet is there yet, are we? absolutely. the target is for — there yet, are we? absolutely. the target is for tesla _ there yet, are we? absolutely. the target is for tesla and _ there yet, are we? absolutely. the target is for tesla and toyota - there yet, are we? absolutely. the target is for tesla and toyota over| target is for tesla and toyota over 10 million sales a year. tesla tracking at around currently 1.3 million. it's not as profitable as other car—makers that they would argue they are trying to open up this market and encourage the sale of electric vehicles. they are operating in only one part of the market, albeit way through to sales have to go to. everyone is watching carefully. tesla is aiming at those premium brands that were more traditionally established by putting it prices down it really is hitting

the mainstream and that is putting a lot of pressure on those established mainstream car—makers who are looking very wearily at how they respond while maintaining those profit margins. us treasury secretary janet yellen is to visit the chinese capital, beijing, this week. the treasury said it would be a visit to discuss the importance, for both sides, to "responsibly manage the relationship and work together to address global challenges". it comes amid continued tensions between the world's two largest economies, as our asia business reporter monica miller explains. the two sides have a lot to discuss, including us concerns about a new chinese counterespionage law that went into effect on the 1st ofjuly. now the us says american and other foreign companies in the country could face penalties from chinese authorities for regular business activities. now, janet yellen is also expected to meet with china's new economic team, and she is expected to press upon them that washington

is still committed to defending human rights and its own national security interests. but she has to straddle an interesting balance here, because she is also expected to try to find common ground with beijing on things like climate change. also debts distress facing many emerging economies. now, a ban on the sale of us—based micron technology memory chips will probably be one of the issues on the top of her list. this trip comes at a time when... just two weeks after secretary of state antony blinken went to beijing, and he met with president xijinping. and things seemed like they started to kind of ease, that tension. but shortly after that meeting, president biden was overheard at a fundraiser calling president xijinping a dictator, and it's kind of tarnished what good will was done. however, a lot of people are looking at the economic side of their relationship, to get it back on the right track between these two countries.

the boss of wh smith has said he is focussing on opening shops in airports and train stations in the us and europe, rather than in its traditional uk high street base. chris cowling said that wh smith's biggest growth market is the us where it has captured about 12% of the retail market in airports. he spoke to our world service marketplace reporter, leanna byrne. we opened our first store at euston station in london, back at the beginning of the 19th century. so we've had stores in travel for 180 years, and one of the first ever airport stores was heathrow. and we had we had a store at heathrow airport back 85 years ago. and we've always sold products that people need for their travel journey. increasingly, we've branched out into selling all of the travel essentials that people need for their journey. so tech accessories products,

products that make your hardware work, health and beauty, pain relief, as well as food to go. all of those products. about four years ago, we acquired a business in the us called inmotion, which sells tech accessories. and a year after that, we acquired another business in the us called nrg and they have a variety of brands. so in america, we've got lots and lots of different retail brands and the difference with our american business is we almost do bespoke retail for airports. so we sit down with an airport and we talk to them about the sort of brands that they want and the sort of product categories that they want. and then we design specific brands for them. so in the us, we've probably got the best part of 30, 35 different fascias of stores. in the uk and europe, it's mostly about wh smith and inmotion. albeit we do have a few sort of extra brands, souvenir brands that we put

in place as well. in other news... staying in the uk, drivers paid an extra 6p per litre for fuel last year at supermarkets because of weaker competition. the competition and markets authority said supermarkets are usually the cheapest places to buy fuel but a lack of competition had driven up prices. the regulator says it will launch a "fuel finder scheme" to help drivers find better prices online. one of the uk's largest private pension funds has backed thames water to turn around its finances and performance, after fears the firm could collapse. uss, a major investor, is the first to offer its public support as the firm looks to secure extra funding. thames water is struggling with $17 billion worth of debt. much more on all those stories on

the website. see you soon. goodbye. it has been closed since the autumn of 2019. first due to c verv g and then a massive project to rebuild then a massive project to rebuild the rail tracks right to the top. but now the trains are back and that means have ordinary can reopen for business. ~ , u, means have ordinary can reopen for business. ~ , ., , , ., business. when we first came appear the buildin: business. when we first came appear the building was _ business. when we first came appear the building was really _ business. when we first came appear the building was really mouldy, - business. when we first came appear the building was really mouldy, it - the building was really mouldy, it has been closed and there has been no air ventilation for three years so it's been a massivejob getting professional cleaners in and getting the building clean. we needed two new generators and the engineers have been working hard to get us power.

have been working hard to get us ower. �* ., ., , ., power. before the trains and visitors could _ power. before the trains and visitors could return - power. before the trains and visitors could return the - power. before the trains and - visitors could return the snowdon mountain railway has had to replace 1000 metres of track to the summit. the project has cost over £1 million. without the train, the company can open. everything in the building relies on this supplied. but on a day such as today when it's wet and windy, there is a sense of relief from those arriving. the railway says it is set for a bumper summer and reopening the visitor especially for those who prefer to let the t�* and :ake the strain. especially for those who prefer to let the t�* and reopening rain. centre will attract even more, especially for those who prefer to let the t�* and reopening the visitor summer and reopening the visitor centre will attract even more, especially for those who prefer to especially for those who prefer to let the train take the strain. let the train take the strain.