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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Pounds heads back above $1.30
  3. FTSE 100 ends day 0.5% lower at 7,312.72
  4. Dow Jones closes higher led by Nke
  5. UK government approves BA leasing Qatar Airways planes
  6. Several High Street banks stop selling Qatari riyalschigh

Live Reporting

By Karen Hoggan

All times stated are UK

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Good night

That's it for another day - and week - from Business Live.

Thank you for joining us.

We'll be back from 6am on Monday with all the latest news, views and analysis from the world of business.

Oil prices put on a spurt

The oil price rose for the seventh consecutive trading session, boosted by a cut in the number of US oil rigs and stronger factory growth in China.

US drillers decreased their number of rigs for the first time since January, according to energy services company Baker Hughes. Meanwhile, the stronger factory data out of China is a sign that there should be higher demand for oil there.

Rob Haworth, senior investment strategist at US Bank Wealth Management, said the Chinese data "certainly gives you hope that demand is growing globally".

Brent Crude oil was up 2.7% at $48.91 a barrel, while West Texas Intermediate was up 2.9% at $46.21 a barrel.

Nike leads Dow Jones risers

Wall Street sign
Getty Images

The Dow Jones finished the day at 21,349.63, a rise of 63 points or 0.30%.

The S&P 500 was at 2,423.47, a gain of 4 points or 0.16%.

But the tech-heavy Nasdaq, having traded higher for much of Friday, edged down at the close, losing 4 points or 0.06% to 6,140.42.

Nike posted the biggest gain on the Dow, rising nearly 11% on good results and news of a tie in with Amazon (See earlier post).

Facebook drone in successful test flight

Facebook Drone
Facebook

Facebook has completed a second test of a solar-powered drone designed to bring internet access to remote parts of the world.

The drone - dubbed Aquila - flew for one hour and 46 minutes in Arizona.

On Aquila's maiden voyage last summer, the autopilot system was confused by heavy wind and crash-landed.

This time, the drone flew at an altitude of 3,000ft, a long way from Facebook's intended 60,000ft goal. Get the full story here

Vote for action in offshore dispute

Fuel burning flame
Thinkstock

GMB members working offshore have voted to take industrial action.

The union, along with the Unite union, is in dispute with the Offshore Contractors Association (OCA) over pay.

The GMB said it was time for the OCA and its client employers to get around the table and find a solution.

A ballot of Unite members working offshore failed to reach the threshold needed to take strike action over pay conditions. The OCA was unavailable for comment.

Ross Murdoch, GMB national officer, said: "GMB has long been saying that our members have got to the stage where enough is enough and this ballot result clearly sends a message to the OCA and their clients that they are sick to the back teeth of being down the pecking order in terms of the industries priorities. Read more here

India's tax reform introduced

Shop selling spices, tea and other groceries
AFP

India has replaced its numerous federal and state taxes with the Goods and Services Tax (GST), designed to unify the country into a single market.

The historic overhaul of the existing tax legislation was carried out at a special midnight session of parliament.

India says introducing GST will cut red tape and increase tax revenues, fuelling economic growth.

Finance Minister Arun Jaitley says the reform will help the economy grow by 2%.

But businesses have been asking for more time to implement changes, worried that they are not ready for the move to the new system.

Many do not even have a computer to register on the GST network. Read the full story here

Nike shares power ahead

Nike sports basketball shoes
Getty Images

Shares in Nike, the world's biggest footwear maker, have jumped by more than 11% on Friday, making them the biggest riser on the Dow Jones.

The leap follows the release of its quarterly results on Thursday which revealed better than expected profits.

Nike also said it will launch a "small pilot" with Amazon to sell a limited product range on the Amazon website.

The idea is Nike will sell its goods directly on Amazon rather than through third parties.

"We're looking for ways to improve the Nike consumer experience on Amazon by elevating the way the brand is presented and increasing the quality of product storytelling," Nike chief executive Mark Parker said.

Network Rail: Avoid Waterloo in August

Network Rail is calling on passengers to work from home because of "severe disruption" at the UK's busiest train station in August.

Ten platforms at London's Waterloo station will be closed from 5-28 August as platforms are extended to take longer trains.

We have developed plans with South West Trains to reduce the impact on passengers as much as possible but people should consider changing their normal journeys, working from home, or taking their summer holidays if they can. This £800m upgrade is the largest investment for decades and will increase peak-time capacity into Waterloo by 30%. That's room for an extra 45,000 people each morning and afternoon - equivalent to more than the capacity of the O2 arena and Oval Cricket ground combined.

Becky Lumlock, Network Rail's route managing director,Route managing director, Network Rail

Fifty years of colour TV

Colour television turns 50 but did you know thousands of people are still watching in black and white?

Fifty years of colour TV

Asia's 1997 financial crisis: How did it happen?

Twenty years ago, several major South East Asian economies were brought to their knees.

A currency crisis swept through the region, and the International Monetary Fund had to provide emergency loans.

Asia's 1997 financial crisis: How did it happen?

FTSE 100 sees biggest monthly fall since 2015

One month FTSE 100 Graph, 30 June 2017
BBC

Friday's fall in the FTSE 100 mean that July saw the biggest monthly fall in the index since September 2015.

As a result it has suffered its first negative quarter in more than a year.

There are a lot of resources companies listed on the FTSE 100 and that has dragged on it as the price of oil hit its lowest level in seven months.

Royal Dutch Shell fell by 1.5% and BP was 1.6% lower on Friday. Miner Glencore lost 1.1%.

Meanwhile, Marks & Spencer, down 2.1%, and Next, down 3%, were among the big losers after a survey showed British consumer confidence hit its lowest since last July.

Pound sneaks back over $1.30

The pound has edged back up above the $1.30 mark - but only just.

It's at $1.3008 - a rise of 0.01%.

Famous Grouse maker sees profits soar

Men rolling barrels
Soren Sokaer

Spirits group Edrington has reported a sharp rise in revenues and profit.

The Glasgow-based distiller, whose portfolio includes The Famous Grouse, The Macallan and Cutty Sark, saw group revenue jump by 22% to £701.3m in the year to 31 March.

Pre-tax profits climbed by 31% to £189m.

Edrington said higher investment in brand marketing and "greater focus on consumers" had contributed to "an encouraging performance".

It added that its results had also been "impacted significantly" by the fall in the value of sterling against all major currencies. Read the full story here

India's new tax looms

BBC World Service

In just under two hours time India will introduce sweeping tax reforms, described as the biggest since the country gained its independence 70 years ago.

The changes, which take effect at midnight local time, (1930 BST) will be launched at a special late-night sitting of parliament in Delhi.

They will streamline and standardise existing tax rules on goods and services.

Until now India's 29 separate states have had their own tax arrangements. Now the whole system is being replaced by a so-called Goods and Services Tax (GST).

Supporters say the move will, in effect, create a unified single Indian market and help to tackle corruption and tax evasion. Opponents say many owners of small businesses still don't understand the new rules and may struggle to cope with the extra costs of complying.

Surge pricing

Why your bananas could cost more in the afternoon

Electronic price label for bananas
Displaydata

Technology is enabling supermarkets and other retailers to change their prices throughout the day, but why should they want to do this and what will customers think about it?

Many know the dispiriting feeling when the summer holiday flight they had their eye on suddenly goes up £50, or the Uber they call on a Friday night is four times the price they paid the day before.

This is known as "surge" or "dynamic" pricing - when the cost of an item is dictated by demand. And while it's common in the hospitality and travel sectors, the high street has generally stuck to the fixed-price model.

But now, digital displays coupled with the analysis of vast amounts of customer data is enabling retailers to change the cost of hundreds of thousands of items instantaneously and play with prices in real time to attract specific types of customer at precise times during the day. Read the full story here

How Super Glue stuck

The BBC's Aaron Heslehurst tells the gripping tale of how Super Glue became a million dollar idea.

How Super Glue became a million dollar idea

BA will 'operate 99.5% of schedule'

BA tail fin
BBC

Following confirmation that British Airways is leasing planes from Qatar Airways which it will use during the 16-day strike by some of its cabin crew, it has issued this statement.

All our customers will be able to fly to their destinations, despite industrial action by Mixed Fleet Unite. We will operate 99.5% of our schedule. Our Oneworld partner Qatar Airways will be operating a small number of short-haul flights on our behalf. We have merged a very small number of Heathrow long-haul services and all customers affected have been notified over the past week. New cabin crew in their first year working full time at British Airways receive more than £21,000 based on pay, allowances, incentive and bonus. This is in line with cabin crew at competitor airlines. We had reached a deal with Unite on pay, which the union said was acceptable. They should call off this unnecessary strike and allow their members to vote on the pay increase.

BA spokesperson

FTSE 100 closes lower

London Stock Exchange exterior
Getty Images

The FTSE 100 never regained the upward momentum it enjoyed in the middle of Friday's trading. It ended the day at 7,312.72, that's a fall of 38 points or 0.51%.

Meanwhile, the mid-cap FTSE 250 edged down slightly to 19,340.15, that's 6 points or 0.03% lower.

On the FTSE 100 shares in United Utilities were the biggest losers of the day. They closed down 3.23% after Credit Suisse cut its rating on the stock to "underperform" from "outperform".

Outside the FTSE 100, shares in Game Digital finished 36.36% lower after the video games retailer issued a profit warning.

The company said trading had been affected by lower than expected supplies of the Nintendo Switch console.

LISTEN: Why empathy is good for business

Many UK banks stop sale of Qatari riyals

Piles of riyals
Getty Images

A number of UK High Street banks have stopped trading in Qatari riyals.

Individual customers at Barclays, RBS, Lloyds Banking Group and Tesco Bank cannot currently buy or sell riyals.

Qatar is isolated by its neighbours, who accuse it of backing terrorism.

Its central bank says it will guarantee all transactions for customers inside and outside the country. It also told the Reuters news agency that all banks and foreign exchange companies are committed to trading riyals as usual.

In early June, Qatar's Gulf neighbours Saudi Arabia, UAE, Bahrain and Egypt ceased air, sea and land links with the country, which has been accused of funding terrorism. Qatar denies the claim. Read the full story here

BA application 'met all requirements'

And here's the official statement confirming that BA has got the go-ahead to lease the planes from Qatar Airways.

An application by British Airways to temporarily wet lease nine Qatar-registered aircraft has today been approved by the UK Department for Transport. The decision to approve the application took into account the advice of the Civil Aviation Authority (CAA). Under European regulations specific approval is required for an EU airline to wet lease aircraft from an airline based outside of Europe. The application was judged to meet all legal and regulatory requirements.

Civil Aviation Authority spokesperson

UK government approves BA leasing Qatar planes

A quick follow up on the earlier post about Qatar Airways supplying planes to BA to cover during the 16-day cabin crew stirke due to start tomorow ...

The UK government has approved BA leasing the Qatari planes

FTSE 100 falls ahead of close

Having recovered from earlier losses to trade ahead for much of Friday, the FTSE 100 just hasn't been able to keep up the momentum.

It's currently down by 18 points or 0.25% at 7,332.11.

China condemns US sanctions over North Korea

North Korea's Kim Jong-un
Reuters
The UN says China can do the most to impose economic pain on Kim Jong-un's regime

China has reacted angrily to a US decision to impose sanctions on a Chinese bank accused of laundering North Korean money.

A foreign ministry spokesman urged the US to "stop wrongful actions" to avoid harming co-operation.

The US announced the move, as well as sanctions on a Chinese shipping company and two Chinese nationals, on Thursday.

It said the blacklisting was aimed at cutting funds to North Korea's weapons programmes.

"We will follow the money and cut off the money," Treasury Secretary Steven Mnuchin told a news conference.

But he said the move was not a response to Chinese inaction on North Korea, saying: "This is not directed at China, this is directed at a bank, as well as individuals and entities in China."

The UN has already imposed several rounds of sanctions on Pyongyang, but China is widely seen as the nation most able to impose economic pain on North Korea. Get the full story here

Not so smart?

BBC World Service

Jean-Claude Juncker
Getty Images

The President of the European Commission, Jean-Claude Juncker, has confessed that whilst he understood that the future was digital, he hadn't quite caught up with advances in technology, reports BBC World Service.

Speaking at a joint news conference with the Estonian prime minister Jüri Ratas - who has pushed efforts to put his country at the forefront of the digital revolution - Mr Juncker said he did not have a smartphone.

Jokingly, he added, that the invitation for him to visit Estonia - which is just taking over the six month rotating EU presidency - was, in his words, sent on a postcard.

Qatar Airways planes en route to fly for BA

Three BA tail fins
Reuters

Three Qatar A320s are already en route to Heathrow to fly for British Airways (BA) during the 16- day cabin crew strike, which is due to start tomorrow, according to Flightradar.

The reports come a day after boss of BA-owner IAG, Willie Walsh, announced BA would use Qatar Airways planes and crew to fly all its passengers to their destinations during the strike.

"I'll be pleased to say that those airplanes will fly and all of the British Airways passengers who are booked to fly with us over the next couple of weeks will be flying," Mr Walsh said.

Members of BA's mixed fleet crew are engaged in a long-running row with BA about pay. Saturday's strike is over sanctions on union members involved in previous industrial action.

Wall Street up in early trade

Wall Street sign with US flags behind
Getty Images

US stocks rose slightly after the open on Friday after tech stocks recovered some ground and consumer spending data for May showed steady economic growth (See previous post).

The S&P 500 and the Dow recorded their worst daily percentage drop in about six weeks on Thursday as a recent decline in technology shares deepened and outweighed strength in bank shares.

The Dow Jones was at 21,389.09, that's a rise of 102 points or 0.48%.

The S&P 500 was a 2,426.57, 7 points or 0.28%.

And the tech-heavy Nasdaq was at 6,150.03, 6 points or 0.09% higher.

US consumer spending edges higher

Woman holding shopping bag
Getty Images

US consumer spending rose by 0.1% last month and inflation slowed, according to the Commerce Department.

The figures indicate steady economic growth and suggest that the Federal Reserve central bank will raise interest rates before the end of this year.

Consumer spending accounts for more than two-thirds of US economic activity.

The Commerce Department figures show consumer prices excluding food and energy rose 1.4% on a yearly basis, compared with a 1.5 percent increase in April.

UberBOAT launches in Croatia

Ride-sharing app Uber has launched a speedboat service in Croatia, connecting key tourist spots along the coast.

UberBOAT offers speedboats for up to 12 people and has already been tested in places like Istanbul and Miami.

It'll be available, via the Uber app, from Split and Dubrovnik in the southern Adriatic and from the island of Hvar.

"UberBOAT offers two different services - transfer between the mainland and the island or speed boat rent for half-day or whole-day trips. There is no possibility to stay overnight on the boat nor to hire the boat without captain and sailors," Uber said in a statement.

Listen: East Africa Business Update

BBC World Service business presenter tweets

Property website backs down in blogger row

Example of annotated properties
McMansion Hell/Domain.co.AU

A dispute between a blogger and a property website over photo copyright has been settled after the website backed down.

Kate Wagner runs McMansion Hell, a satirical blog in which she critiques modern architecture and interior decor by annotating images taken from US property websites.

Property platform Zillow claimed that she was infringing copyright, although it does not own the images it posts.

Ms Wagner initially shut down her blog. Get the full details here

Lloyds misses own compensation deadline

Lloyds Bank HQ
Getty Images

Victims of a one billion pound fraud at HBOS have criticised Lloyds Banking Group for failing to meet its own deadline for paying compensation.

In the wake of guilty verdicts in a fraud trial that ended in February, Lloyds said it would offer compensation to the victims by the end of June.

However only a small fraction of the £100m it set aside has been paid out.

Lloyds, which bought HBOS in 2009, said many of the victims themselves had asked for more time to prepare. Read the full story here

Is the UK at 'peak complacency'?

Savings data
ONS

Official data has shown that the UK savings ratio hit an all-time low of 1.7% in the first quarter of this year. That's down from the previous quarter's rate of 3.3%. (See blue line above).

Commenting on the figures, Tom McPhail, head of policy at Hargreaves Lansdown said: “This data is likely to set alarm bells ringing; whether this is in fact evidence of a confident economy or peak complacency remains to be seen. The fall in the household savings ratio is undoubtedly in large part due to the squeeze on disposable income caused by a combination of flat average earnings and rising prices."

Pension scam exposed

Kevin Peachey

Personal finance reporter

Notes and coins
PA

Most employers now have to automatically enrol their staff into a workplace pension, but con-artists are attempting to take advantage.

The Pensions Regulator said that firms are being offered a certificate for £58 which, it is claimed, exempts them from giving staff a pension.

But no such exemption exists - it is up to the employee to pull out of a pension scheme if they so wish.

“We will work to root out the small number of organisations that are looking to prey on hard-working employers, abusing their trust and tricking them out of their money," says Darren Ryder, of the regulator.

UB40 manager and bass player banned from directorships

Younger readers may not be aware of UB40, but the band had massive hits in the 1980s, including their cover version of the Neil Diamond song, Red Red Wine.

Anyhow, the band's bass player Earl Falconer has been banned from being a company director for 4 years.

Meanwhile, the band's business manager David Parker has also been banned from holding a directorship for 11 years.

The actions emerged during a trial revolving around the insolvency of Reflex Recordings, which owned the music catalogues of the band.

You can find out more here.

Facebook warns over new German rules

Facebook
Reuter

The German parliament's approval of tough new laws aimed at clamping down on hate speech on social media sites has sparked a response from Facebook.

"We believe the best solutions will be found when government, civil society and industry work together and that this law as it stands now will not improve efforts to tackle this important societal problem," a Facebook spokesperson said.

"We feel that the lack of scrutiny and consultation do not do justice to the importance of the subject."

Top ECB official questions Brexit preparations

European Central Bank
Reuters

A top official at the European Central Bank has warned that European banks need to step up their preparations for Brexit.

Daniele Nouy, the chair of the Supervisory Board at the European Central Bank told a Brexit workshop in Frankfurt:

"As you know, we asked the banks we directly supervise to share their Brexit strategies with us. Having analysed these strategies, I think it is fair to say that most banks are not where they should be,"

In particular she was concerned about how banks intend to book trades made in London after Britain leaves the Eurpoean Union.

Lloyds misses own compensation deadline

Andy Verity, the BBC's economics correspondent tweets

FTSE 100 shares recover from losses

The FTSE 100 has recovered from its early losses. A short while ago it was trading at 7,361.

Airline shares are among the big winners, with British Airways owner IAG up 1.4% and EasyJet ahead by almost 2%.

Eurozone inflation slows

Spanish market
Reuters

The rate of inflation across the eurozone fell slightly last month, dropping to 1.3% from 1.4% in May.

That takes the rate further away from the European Central Bank's (ECB) target of close to, but below, 2%.

However, the figures from Eurostat also show that core inflation - which strips out food and energy prices - rose to 1.2% in June from 1% the month before.

The past few days has seen much speculation over whether the ECB will tweak its stimulus programme following comments from ECB president Mario Draghi.

Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics, said the rise in core inflation "suggests that a slight policy change is coming later in the year".