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Summary

  1. Housebuilders post strong gains
  2. FTSE 100 flat in afternoon trading
  3. Tata Steel to announce future of UK steel business
  4. Sterling up 0.2% at $1.2933

Live Reporting

By Tom Espiner

All times stated are UK

Get involved

Good night

That's all from the BBC Business Live page for another week. Join us again on Monday at 06:00 for more business news.

Theranos chief exec 'barred from operating lab for two years'

Brexit 'a fresh layer of uncertainty' for steel deal, says Javid.

Business Secretary Sajid Javid has said representatives of Tata Steel have told him that the UK's vote to leave the EU has "added a fresh layer of uncertainty" to any deal over its UK business.

Speaking in Dehli after talks with Tata in Mumbai, Mr Javid said: "The first thing that's come out of these meetings is they've said that they continue to evaluate the bids that they've received, but the decision by the UK to leave the EU has added a fresh layer of uncertainty."

The Business Secretary went on to say Tata representatives had told him they were entering into "early talks" with Thyssenkrupp to form a "joint venture", which he said wasn't agreed yet but "may well happen" and "certainly is very encouraging news because that could help create a new European-wide company that could be even stronger than Tata is today."

Mr Javid said he had reiterated that the UK government's offer of support, whether financial or otherwise, still stood and said they would continue to work together to "secure the long-term future of steel in the UK". He said he was "reassured" that Tata Steel was "taking this very seriously" and "acting very responsibly".

Impact of Brexit on expats is unclear

'Dark days for Deutsche'

The Financial Times tweets...

Liberty House: 'Port Talbot sales process is at an end'

The sun sets behind the Tata Steel plant
Getty Images

Liberty House, one of the main bidders for Port Talbot, has said that deal is off the table.

"The bidders have been told that the sales process for entire Tata Steel UK business is at an end. There are still though on-going discussions re speciality steels and the Hartlepool operation,” it said.

Kazakhstan 'bet against the pound' says Bloomberg

George Soros has been beaten to the title of most prescient speculator on the the pound - by Kazakhstan, says Bloomberg.

The country's central bank bet against the pound a day before the referendum results were announced, Governor Daniyar Akishev said.

The pound tumbled against the dollar and the euro after the Brexit vote.

Thyssenkrupp: 'Consolidation of the European Steel Industry is necessary'

The entire steel industry in Europe is currently struggling to safeguard the future of its business. Just a few steelmakers in Europe are profitable in the current environment - our steel business is one of these few companies.

We have repeatedly emphasized that in this situation we believe a consolidation of the European Steel Industry is necessary, and we have outlined that in this situation everyone is talking to one another in the industry. Among others, we also are in talks with Tata Steel.

However, it still remains open whether and if, when and with whom such a step in consolidating the industry would take place. We presently do not intend to make any further announcements in this regard, unless and to the extent there are material developments in the process which may enable a consolidation." i

Liberty House: Tata Thyssenkrupp talks 'sad and frustrating news for UK'

One of the bidders for part of Tata's UK steel business, Liberty House, has said the Tata Thyssenkrupp tie-up talks are "sad and frustrating news for the UK steel industry because the sector needs a fresh start and we fear this decision will simply deliver more uncertainty over a longer period."

"From our own point of view it's disappointing that, in the short term, we will not be able to apply our Greensteel strategy on the scale which would have truly evolved and transformed Britain's steel and engineering sector.

"We will continue to pursue our Greensteel vision to deliver an integrated value- added steel business that is both financially strong and built from renewable sources of energy and steel. In the short term we will continue discussions with Tata about the acquisition of a number of important assets that fit well with our strategy.

"We would like to thank those who have supported us internally and externally in this long and demanding process and look forward to working with many of them in taking our business forward."    

Will forced commercial property sales fuel market weakness?

Businesses 'plagued by Brexit uncertainty'

The Economist tweets...

Tata JV announcement 'encouraging' says Welsh Secretary

Welsh Secretary Alun Cairns said: "The UK Government is determined to secure a long term future for steelmaking in South Wales and I am doing everything I can to help the thousands of people who rely on the Port Talbot plant for their livelihoods.

"Today's announcement of a joint venture is encouraging and I will continue working closely with Tata to secure the best possible deal for the hard-working men and women in Wales who help make British steel the best in the world."

Tata's inclusion of UK steel business in joint venture depends on...

BBC business correspndent tweets...

Tata 'state of sales process is unclear'

Workers gather at Tata Steel
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Tata is is talking to Thyssenkrupp regarding its strip products division and connected downstream operations.

General secretary of the Community steelworkers union Roy Rickhuss said he had been in contact with Tata executives at a board meeting in Mumbai.

"The current status of the sales process is unclear and this will be frustrating for our members, and perhaps even the bidders.

“This new approach means that uncertainty will continue for thousands of steelworkers and their families.

"It seems Tata believe this is in the best interests of sustaining steelmaking in Port Talbot and its downstream operations, but the test will come in the next steps that Tata takes and how the dialogue with Thyssenkrupp progresses.

"There have been reports of talks between Thyssenkrupp and Tata for some time, so now Tata should come clean about their intentions."    

'More uncertainty for Port Talbot'

BBC business correspondent tweets...

Tata says Thyssenkrupp talks 'good news for Port Talbot'

The possible European tie-up of Tata's UK steel business is "good news for Port Talbot", a Tata Steel spokesman said:

This is good news for Port Talbot and our other flat products supply chain sites in the UK. It gives them the chance to be part of the largest premium, flat steel business in Europe with the depth of products, innovation and capabilities plus the scale economies to compete globally."

Tata Steel spokesman

BreakingTata sale of UK steel business 'on hold'

The sun sets behind the Tata Steel plant at Port Talbot
Getty Images

Tata's sale of its whole UK business is on hold with two separate processes now in play. The strip business, including Port Talbot, is now part of the wider discussion with Thyssenkrupp.

In addition, there will be a separate sale of the South Yorkshire-based specialty business and the Hartlepool pipe mills.

Tata is treating them as distinct as they are completely standalone and separate businesses, a spokesperson said.

Tata looks at European tie-up for steel business

Tata said it had evaluated bids for its business, and in the light of the Brexit vote and the consultation on British Steel pensions, it was now going to enter into talks with German engineering firm Thyssenkrupp.

Koushik Chatterjee, group executive director and Tata Steel’s Executive Director for Europe, said: “We have initiated conversations for a strategic collaboration for our European business. A potential strategic combination of strip products businesses offers the best prospects to create a premium, world-class strip steel business with the scale and scope of capabilities to compete successfully on the global stage.”

BreakingTata announces Thyssenkrupp joint venture

Tata has said it is in talks to enter into a joint venture with Thyssenkrupp involving Tata's UK steel business.

State intervention for Italy's banks 'cannot be ruled out'

The Financial Times tweets...

Oil prices flat

Oil
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Oil prices are pretty flat after Thursday's two-month lows when prices fell 5%.

Traders said that the outlook looked volatile as oversupply and slowing economic growth weighed on markets.

Brent crude was trading at $46.51 a barrel, up 11 cents, or 0.2%, while US crude rose 14 cents, or 0.14%, to $45.28 a barrel. 

FTSE closes higher after strong US jobs data

The FTSE 100 has closed 0.87% or 56.85 points higher at 6,590.64 after strong US jobs data for June.

The Brexit result has sent sterling to a 31-year low against the dollar, yet that has helped FTSE 100 companies, as a weaker pound can help exporters while global firms get an accounting boost from revenues earned in US dollars.

Brexit 'sends pensions annuities into freefall'

British Sterling pound notes are pictured in London
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Here's some interesting news for all of those people over 55 who voted for Brexit (by the way, 57% of people between 55 and 64 voted Leave, and 60% of people 65 and over) - pensions annuities have "gone into freefall" since the vote, according to Hargreaves Lansdown.

The rates of guaranteed income for life offered by annuity providers have fallen more than 3.59% in just two weeks, says Hargreaves Lansdown pensions expert Tom McPhail. This means "65 is the new 60".

"A standard terms annuity now offers an income of £4,890 on a fund of £100,000," he says. "Just six months ago, in January 2016, someone five years younger could get a better deal than a 65-year-old today; a 60-year-old in January with £100,000 could have bought an income of £4,930."

He adds: "Compared to rates of eight years ago, the terms offered to today’s cohort of 65-year-olds are 37% lower: in July 2008 a 65-year-old with £100,000 could buy an income of £7,855, today it is just £4,890."

Read yet more cheery pensions news here.

Educated guesses...

Trafford Centre
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Laith Khalaf, senior analyst at Hargreaves Lansdown, comments on the hectic week for commercial property funds:

"The markdown in asset prices is really an educated guess, and it may not be borne out by real world transactions, for better or worse, though with such sharp adjustments there appears to be a lot of bad news in the price.

Open-ended funds investing in property clearly have limitations, but long-term investors in any market should be willing to tolerate periods of weakness. Selling out when prices have fallen sharply is usually a bad idea, particularly if the decision is a knee-jerk reaction.

The fundamental trends that led to the popularity of property as an asset class are still in place, with interest rates still low and gilt prices still high. Economic uncertainty casts a shadow over the sector for sure, but as yet we lack real data on what the full impact of Brexit will be.”

Regulator sends out property fund suspension rules reminder

Regulator the FCA has reminded funds and investors about the rules around property fund suspensions following a recent spate.

A large number of property funds have temporarily suspended trading, and many have imposed penalties on investors trying to redeem their money, following increased outflows after the Brexit vote.

Not ideal for investors, but fund managers also appear to have their work cut out.

"If a fund has to dispose of underlying assets in order to meet an unusually high volume of redemption requests, the manager must ensure these disposals are carried out in a way that does not disadvantage investors who remain in the fund or are newly investing in it," said the FCA.

So if a fund manager has to quickly flog, say, a warehouse to meet investor redemption demands, that manager must ensure the sale doesn't disadvantage the other investors in the fund. So fire-sales are out.

Easy, eh? Especially in the wake of the Brexit vote.

Bad news for chocolate lovers...

The Financial Times tweets...

'Biblical-scale' Noah's Ark opens in Kentucky

A theme park in the US has unveiled a wooden replica of Noah's Ark, costing $100 million.

In a big field in the US state of Kentucky, a new exhibit has just opened to the public: a 510-foot, $100m replica of Noah's Ark.

It's been built by a Christian group that believes in the literal truth of the account of the flood in Genesis.

Joe Boone is from the Answers in Genesis project which built the ark. He told us what tourists will see when they visit.

Sweet smell of... Germany

BuzzFeed business editor Simon Neville tweets:

View more on twitter

FTSE rises after strong US jobs data

The FTSE 100 has ticked up after encouraging US jobs data - although its market value in dollar terms remains dented by the impact of the UK's vote to leave the European Union, natch.

The share index is up 0.94%, or 61.21 points, at 6,595.

Wall Street opens higher after robust jobs data

Traders work on the floor of the New York Stock Exchange
Getty Images

Wall Street has opened higher after jobs data for June beat economists' expectations by a large margin and allayed some concerns sparked by a dismal May report.

Data showed the US economy added 287,000 jobs in the public and private sectors in June, compared with the 175,000 expected by economists.

The Dow Jones industrial average was up 146.42 points, or 0.82%, at 18,042.30, the S&P 500 was up 18.48 points, or 0.88%, at 2,116.38 and the Nasdaq composite was up 48.86 points, or 1.01%, at 4,926.01.

Brent 'poised for biggest weekly drop since beginning of year'

The Financial Times tweets...

Goldman Sachs hires former EU chief Barroso, says Reuters

Sex, lies and videotape - the murky world of big pharma in China

Hacking 'plays a critical role in CMA investigations'

A hacker using a laptop computer at the Hacked By Def Con Press Preview
Getty Images

And you thought the Competition and Markets Authority was a classic, buttoned-down, vaguely avuncular government agency. But wait! Apparently, it uses hacking and other "investigatory powers" - think methods such as wiretapping - as a central pillar of some of its probes.

Motherboard, a part of Vice Media, reports that the CMA uses "equipement interference" - a euphemism for hacking.

“Criminal cartels are akin to complex fraud, and can operate over many years at the expense of consumers and taxpayers as a result of higher prices and reduced choice. As such the regulated use of investigatory powers, including equipment interference, plays a critical role in the CMA’s investigations,” Simon Belgard, a spokesperson for the CMA, told Motherboard.

Brexit 'an anti-elitist revolt led by an elite'

The Financial Times tweets...

Belgium PM: 'UK in very negative situation post-Brexit'

BBC politics presenter tweets...

Dollar jumps against the euro after US jobs figures

Bloomberg Business tweets...

US economy strengthening after weak winter

Employers in the US seem to have gone on a hiring spree after the last set of figures in May failed to paint such a rosy picture of the economy.

Some more key numbers: 

The jobless rate rose to 4.9% from 4.7% in June, an indication that more people in the US are looking for work.   

The country's underemployment rate - calculated by adding the number of unemployed people looking to work to those part-time workers looking for a full-time job, has meanwhile dropped slightly from 9.7% to 9.6%. That's the lowest underemployment rate since April 2008. 

The dollar is up 0.09% against the yen as a result of this positive news, while 10-year and 5-year treasury bond yields have also risen. 

US adds 287,000 jobs

The US economy is in fine fettle as the Obama presidency enters its final months, at least if you're judging by employment. The June non-farm payroll numbers are out, and they are better than expected, with employers adding 287,000 new jobs.

The dollar has jumped 0.23% in response. More details to follow shortly.  

Reality Check: Brexit and the Pound's weakness

Sticking with the sterling theme....some colleagues in the BBC Business unit have just published a quick take examining a claim by Tory leadership candidate Andrea Leadsom. She says that markets made a series of bad bets on the EU referendum result and that's partly to blame for the pound's weakness."Banish the pessimists," Leadsom said in a speech yesterday. But there's at least one currency researcher out there who questions this assertion. "It's come down and it's stayed down, so it seems hard to say this was about a short-term reaction," says Simon Derrick from Bank of New York Mellon. What do you think? Send us your views at bizlivepage@bbc.co.uk 

Andrea Leadsom walking on street
European Photopress Agency