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Summary

  1. RBS court case delayed for 24 hours
  2. Pound fluctuates around $1.30
  3. City executives warn against euro-clearing plans
  4. Ford chief executive set to depart - reports
  5. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Dearbail Jordan

All times stated are UK

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That's it from us. Thank you for following us on Business Live today.

We will be back on Tuesday morning at 6.00am sharp. Do join us then.

US whistleblower rules strengthened

Potential whistleblowers who report wrongdoing at their firm have just been given extra protection from US regulators.

Under the new rules, companies cannot force would-be whistleblowers to sign confidentiality agreements or other gag orders.

The strengthened rules from the US Commodity Futures Trading Commission brings it into line with fellow US regulator The Securities and Exchange Commission.

Wall St gets Saudi boost

US stock markets
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US President Donald Trump's visit to Saudi has helped boost US markets thanks to the $110bn worth of defense deals signed.

Rises in tech and defense stocks helped drag all three indexes higher.

The Dow Jones Industrial Average rose 93.76 points, or 0.45%, to 20,898.6, the S&P 500 gained 11.35 points, or 0.48%, to 2,393.08 and the Nasdaq Composite added 43.61 points, or 0.72%, to 6,127.31.

Morgan Stanley pay plans get the nod

US bank Morgan Stanley has avoided the controversy of some of its peers by pushing through its executive pay plans.

Some 90% of shareholders have supported the bank's decision to give chief executive James Gorman $22.5m for last year, a rise of 7% from 2015.

In contrast JP Morgan boss Jamie Dimon had to face down protestors last week at the bank's annual meeting.

Truck drivers will hit the skids in future

Truck
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The future is so exciting! Unless you're a truck driver.

Investment bank Goldman Sachs reckons that when self-driving cars finally become a reality US drivers could lose jobs at a rate of 25,000 a month, or 300,000 a year.

In a note, Goldman Sachs says truck drivers will be particularly hard hit.

Of the four million driver jobs in the US during 2014 - presumably the most up-to-date figures available - 3.1 million of these were truck drivers.

Goldmans estimates estimates that semi and fully autonomous cars will make up around 20% of sales by 2025 to 2030.

Hacker steals press releases for money

A hacker has been jailed in the US over his involvement in an insider trading scheme based on stolen, yet-to-be-published corporate news releases.

Reuters reports that 29 year-old Ukrainian Vadym Iermolovych has been sentenced to two and a half years in jail for his part in a scam that made $100m of profit.

Authorities say scheme involved the theft of 150,000 news releases from Business Wire, Marketwired and PR Newswire between February 2010 and August 2015.

Traders, including many with Russian ties, would give hackers "shopping lists" of releases they wanted, and traded in companies such as Caterpillar Inc and Home Depot Co.

Reuters says that ten defendants, including three hackers and seven traders, have been criminally charged and five have pleaded guilty.

A subscription for Twitter?

Twitter is holding its annual general meeting (AGM) on Monday and it has emerged that it did consider launching a subscription service. But it looks like the idea didn't fly.

CNBC reports that chief executive Jack Dorsey said: "Yeah, so this has been kicked around for quite some time.

"We do believe that there is a real importance that Twitter is accessible to everyone in the world no matter what their economic stature is and where they are in life, so the general case has been to make Twitter free and open."

You can watch Twitter's AGM here:

View more on twitter

Alitalia hires Rothschild for sale advice

Alitalia
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Alitalia has hired Rothschild to advise on a potential sale of the Italian airline.

Alitalia was put under special administration earlier this month and the government appointed three commissioners to assess whether it can be restructured or liquidated.

Last week the commissioners said offers for Alitalia had to be presented by 5 June.

US targets Hyundai and Kia in recall probe

Hyundai
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The US National Highway Traffic Safety Administration is investigating whether the Korean brands Hyundai and Kia were quick enough to recall more than 1.6 million cars and SUVs because of stalling engines.

The agency said it is looking into three recalls and whether the car makers followed safety reporting requirements.

Hyundai recalled about 470,000 vehicles in September of 2015.

Last year, Hyundai and Kia issued two more recalls covering 1.2 million additional vehicles with the same engine problem.

The companies say they’re cooperating with the investigation.

Taking it easy with Bill

Bill Gates
Getty Images

What does a billionaire businessman like to read on the beach during his summer holidays.

A John Grisham thriller? Perhaps a steamy Jackie Collins potboiler?

Not if you're Bill Gates.

The Microsoft co-founder and philanthropist tells Forbes that his top five picks include A Full Life by former US President Jimmy Carter and Homo Deus by Yuval Noah Harari.

If you'd like to feel inadequate, you can read the whole list here.

Iraq and Saudi Arabia agree on oil cut deal

Saudi Arabia's energy minister Khalid al-Falih
Getty Images
Saudi Arabia's energy minister Khalid al-Falih

Saudi Arabia and Iraq are in agreement about extending oil production cuts.

Saudi Energy Minister Khalid al-Falih said his Iraqi counterpart Jabar Ali al-Luaibi had given the "green light" to a proposal for a nine-month extension.

The current agreement between Opec and other major oil producing nations to cut production by 1.8m barrels a day runs between January and June.

Opec will host a meeting in Vienna on Thursday to discuss an extension.

He doth protest too much?

Here's Bill Ford Jr on the departure of chief executive Mark Fields.

Ford chair: I did not fire Mark Fields

Saudi deals lift US stocks

Donald Trump
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The Dow Jones Industrial Average extended its gains on Monday to rise by 92.37 points to 20,897.21, lifted by an estimated $110bn worth of arms deals agreed between the US and Saudi Arabia.

The deals were struck during US President Donald Trump's visit to Saudi Arabia at the weekend.

Shares in aircraft maker Boeing rose by 1.56% to $183.58, making it the biggest riser on the index.

Other stocks such as aerospace group Lockheed Martin also gained, up 1.61% to $277.17.

"The bar for success has been set extremely low for President Trump and it seems that he's been able to meet that over the weekend," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group.

She added: "Because we were down last week because of political news, the inverse is true too: that nothing bad happened over the weekend in political news."

The S&P 500 rose 11.41 points to 2,393.14.

The Nasdaq is 42.11 points up at 6,125.81.

Akzo Nobel fight reaches court

Akzo Nobel
Getty Images

The fight to buy Dulux-maker Akzo Nobel just gets more and more fraught.

Shareholders in Akzo Nobel are angered at the board's refusal to engage with talks with America's PPG Industries about a 26.3bn euros deal.

Activist investor Elliott Advisors has now asked an Amsterdam court to order an investigation into possible mismanagement by Akzo's board and force an extraordinary meeting of shareholders to vote on dismissing Chairman Antony Burgmans.

A spokesman for the Elliott said: "A large group of shareholders has lost confidence in Mr Burgmans and has asked to call him to account at an extraordinary shareholders meeting. That's a vote of no confidence by itself."

South Africa in talks to protect credit rating

South Africa's finance minister Malusi Gigaba
Getty Images
South Africa's finance minister Malusi Gigaba

South Africa's government is continuing talks with credit rating agencies to avoid a further downgrade.

Bloomberg reports that South African ministers met with S&P Global Ratings on Monday after holding discussions with Moody's last week.

S&P and Fitch both reduced the country's credit rating to "junk" after President Jacob Zuma sacked finance minister Pravin Gordhan. He was replaced by Malusi Gigaba.

The view on Brexit from Europe

The European Commission has produced a video explaining all about the UK's decision to leave the EU and what happens next.

View more on twitter

Oil slips below $54

Brent crude prices have come back from $54 but are still trading ahead, up 0.3% at $53.77 a barrel.

West Texas Intermediate is up 0.6% at $50.95.

Daily oil price
BBC

Listen: pure corporate nonsense

Is it worth calling out businesses for using marketing "BS"? And does it do companies are harm than good?

Business commentator Lucy Kellaway points out some absolute corkers - like Pepsi comparing its "energy fields" to the Earth's magnetic field.

Our commentator highlights meaningless corporate language used by Pepsi and other firms.

Hikma shares extend losses

Pills
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The FTSE 100 finished Monday 25.52 points higher at 7,496.23.

Marks & Spencer was the day's biggest riser, up 2.8% at 395.8p. The retailer is set to report its full-year results on Wednesday.

Shares in Hikma Pharmaceuticals extended Friday's losses and led the biggest losers, down 4.6% at £16.56, following on from the FDA's decision last week to block regulatory approval for a key asthma drug.

The FTSE 250 ended up 99.75 points at 19,912.55.

UK stock markets end on a positive note

The FTSE 100 finished 25.63 points up at 7,496.34.

The FTSE 250 ended Monday up 99.75 points at 19,912.55.

More to follow.

We tried the car vending machine...

...so you don't have to.

Car vending machine: We try out the novel Singapore dealership

Ford boss praises last CEO but one

Bill Ford Jr
Getty Images

The great grandson of Henry Ford believes that the car maker needs to "modernise the business".

Executive chairman Bill Ford Jr also said that the company must more "decisively to address underperforming areas".

Mr Ford was ushering in Jim Hackett as Ford's new chief executive to replace Mark Fields.

He said that Ford has had a long-time "obsession with hierarchy" and then rather pointedly praised Mr Field's predecessor Alan Mulally who he said "really captured the hearts and minds of our employees ... and I think that's something you will see with Jim."

More, more, more

Oil production
Getty Images

There is a lot of confidence that Opec and other major oil producing nations will extend an existing agreement to cut output when they meet in Vienna on Thursday.

Bjarne Schieldrop, chief commodities analyst at SEB Markets, says: " "The decision seems to be almost a done deal. There seems to be a very high harmony in the group."

However, others want more.

"If the cuts are merely to be extended, this is likely to be met at best with a neutral reception, if not even with disappointment," says Commerzbank in a note.

Pound back over $1.30...just

Pound v dollar
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The pound cannot make up its mind today. It is now back over $1.30 after trimming its fall against the dollar to 0.09%.

Outgoing Ford boss set for bumper payout

Mark Fields' ego may be a little bruised but the $14.3m deal he is reportedly set to receive to retire from Ford will help salve the pain.

The Guardian's Rob Davies tweets:

View more on twitter

Brazil's reckoning

BBC South America business correspondent Daniel Gallas

Michel Temer
Getty Images

It is a decisive week for Brazil.

How long can president Michel Temer hold on to power amid a long-running corruption scandal? And, if he goes, will economic reforms still go through?

On Wednesday, the Supreme Court will decide on whether to keep investigating Mr Temer. If he wins, he may buy some time to face the crisis.

But if he loses, most of Mr Temer's coalition partners are likely to abandon him.

Most analysts believe Mr Temer’s government will soon be over. EurasiaGroup says there is a 70% chance he will be removed from office as early as next month.

The future of reforms will depend on what happens after that.

Blurry vision?

BBC New York business editor John Mervin has been listening to the new Ford boss's press conference:

View more on twitter
View more on twitter

Investors shrug-off competition probe

Martin Gilbert, from Aberdeen Asset Management (L) and Keith Skeoch, from Standard Life will share the CEO role
Getty Images
Martin Gilbert, from Aberdeen Asset Management (L) and Keith Skeoch, from Standard Life will share the CEO role

Shareholders in Standard Life and Aberdeen Asset Management were unfazed by the Competition and Markets Authority's examination of the merger.

Shares in Standard Life rose 1.34p to 384.80p. Aberdeen Asset Management's stock added 2.20p to 291.10p.

Watchdog to seek feedback on merger

The CMA wants to find out if the merger between Standard Life and Aberdeen Asset Management could harm competition within the industry and is seeking feedback on the deal.

The UK's competition watchdog will decide by 18 July whether to launch a more in-depth investigation.

BreakingCMA investigates Standard Life and Aberdeen merger

The Competition and Markets Authority (CMA) has launched an investigation into the £11bn merger between Standard Life and Aberdeen Asset Management.

More to follow

Oil prices rise ahead of Opec meeting

Opec headquarters
Getty Images

It is a big week for oil.

The Organisation of the Petroleum Exporting Countries (Opec) will sit down with other major oil producing nations on Thursday in Vienna to discuss continuing with output cuts.

Opec and Russia agreed last year to reduce production by 1.8m barrels a day between January and June to support a rise in the oil price.

It is widely expected that the deal will be extended.

The price of Brent crude rose by 0.4% to$53.83 a barrel.

West Texas Intermediate increased by 0.5% to $50.91 a barrel.

Ford investors send stock higher

Ford logo
Getty Images

It looks like either shareholders in Ford Motor Company are mildly reassured by the appointment of Jim Hackett as chief executive of the car maker, or are not surprised at all.

Either way, the company's shares opened up 1.66% at $11.05.

Upbeat start for US stock markets

It is a positive start to the week for the Dow Jones Industrial Average.

The US index opened 60.84 points higher at 20,865.68.

The S&P 500 is up 5.98 points at 2,387.71.

And the Nasdaq is 17.99 points ahead at 6,101.69.

High hopes for Ford's new boss

Ford
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We will find out in a few minutes what investors think of Ford's new boss when the US stock markets open.

But in the meantime, here's what the car maker's executive chairman Bill Ford says about Jim Hackett.

"He's a true visionary who brings a unique, human-centered leadership approach to our culture, products and services..."

Nice to know he will be "human-centered" - whatever that means.

'Seize the opportunity'

Bruno Le Maire
AFP

Paris, Frankfurt, Luxembourg, Dublin - they're all jostling to poach some of London's financial services operations amid uncertainty about the City's status after Brexit.

France's new economy minister Bruno Le Maire is the latest to argue that the UK's departure from the EU can make financial companies on the continent more competitive.

"With Brexit, we see the possibility for our financial companies to become more attractive than they were before," said Le Maire.

He added that this meant "jobs and wealth for our countries" and urged the sector to "seize this opportunity".

Official: Ford boss steps down

Car group Ford has finally confirmed what Europe has known for most of the day - its chief executive is out the door. Mark Fields, who has overseen a huge fall in the share price, is "retiring" apparently...

View more on twitter

Saudi oil plans under fire

Oops. Looks like the Saudi's attempts to cut back oil production via Opec in the hope of pushing up oil prices (see our post at 8.37am) could suffer a bit of a setback.

The Wall Street Journal is reporting that the Iraqis only want to extend the current cut in production for six months, instead of the proposed nine months. The current deal runs out at the end of June.

Saudi officials are rushing to Baghdad to try and fix things ahead of an Opec meeting later this week.

View more on twitter

Going down

Michelle Fleury, BBC business correspondent in New York, says there's one clear reason why Ford is reported to be parting with chief executive Mark Fields.

View more on twitter

Pound down against all major currencies

Currencies
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There's not much solace out there for sterling - it's down against every major currency. That includes a 0.5% fall against the euro, a 0.1% drop against the dollar and even a 0.2% fall against the Guatemalan quetzal.

"It’s a sea of red for sterling on the currency markets today, with the pound sliding below €1.16 against the euro for the first time since late-March," says Chris Saint of Hargreaves Lansdown.

He puts it down to comments from Brexit Minister David Davis that a Conservative government could walk away from negotiations unless the EU drops its demands for a 100bn euro divorce bill.