Got a TV Licence?

You need one to watch live TV on any channel or device, and BBC programmes on iPlayer. It’s the law.

Find out more
I don’t have a TV Licence.

Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Heatwave helps lift sales at Sainsbury's
  3. UK construction activity slowed in June
  4. Bank of England outlines risks of cheap loans
  5. Worldpay shares jump on bid approach

Live Reporting

By Dearbail Jordan

All times stated are UK

Get involved

Good evening

Test Card F
BBC

That's it for Business Live as the US stock markets are closed for Independence Day.

Please join us again at 6.00am on Wednesday morning for all the breaking business and economics news.

Until then, have a great evening.

FTSE indexes finish lower

The FTSE 100 has closed down 6.41 points at 7,370.68.

Shares in Worldpay finished 28.1% higher at 409.60p following takeover approaches for the payment processing company.

The FTSE 250 ended slow down 18.96 points at 19,301.47.

The pound is down 0.17% against the dollar at $1.2918.

Sterling is up 0.02% against the euro at 1.13860 euro.

Blog: minimum wage should be extended to gig workers

Kamal Ahmed

Economics editor

Deliveroo rider
Getty Images

The former chairman of the Low Pay Commission has said that the minimum wage should be extended to gig economy workers.

Lord Adair Turner argued that the proliferation of "low-wage jobs" needed to be tackled and that some companies were categorising workers as "self-employed" to avoid low-pay protections.

Read BBC economics editor Kamal Ahmed's blog here.

Currys PC World makes safety push

dishwasher
BBC

Currys PC World announced this week it's emailing millions of customers urging them to register their electrical products.

Jason Roberts, from Dixons Carphone, the parent company of Currys PC World, said:

"For us it's about ensuring that manufacturers, if needed, have got your latest information... so that if they do at any point - and it's very rare, I should stress, that it's ever needed - if they do need to get in touch regarding a safety related issue, they've got your details."

He says that "in the vast majority of cases" your information will not be used for marketing purposes.

Prepare for a high-stakes Barclays battle

Simon Jack

BBC Business Editor

Barclays' former chief executive John Varley leaves Westminster Magistrates Court
Getty Images
Barclays' former chief executive John Varley leaves Westminster Magistrates Court

The four defendants made their way through a thick press pack to take their seats - in the dock - at Westminster Magistrates court yesterday. It was a sight many thought they would never see.

Senior bank executives inside a criminal court to face charges for their conduct during the great financial crisis.

Read BBC business editor Simon Jack's blog here.

BreakingEC raids Irish motor insurance companies

The European Commission has just announced that its officials "carried out unannounced inspections at the premises of companies active in motor insurance in the Republic of Ireland" on 4 July.

It said: "The commission has concerns that the companies involved may have engaged in anti-competitive practices in breach of EU antitrust rules that prohibit cartels and restrictive business practices and/or abuse of a dominant market position."

Statement socks - the new black?

Canadian Prime Minister Justin Trudeau is well-known for his statement socks. But has he met his match in Ireland's new Taoiseach Leo Varadkar?

View more on twitter

Mike Ashley to appear in court in 'drink banter' case

Mike Ashley
Getty Images

If the court case between Sports Direct founder and Newcastle United FC-owner Mike Ashley and investment banker Jeffrey Blue has piqued your interest then be sure to log on here tomorrow because the billionaire businessman will be giving evidence in the high court.

Here's what has happened so far...

Watch: The baby carrier made from F1 technology

The BBC's Theo Leggett reports on the "Babypod" which can transport critically ill new-born infants safely

EC approves Monte dei Paschi funding

Monte Dei Paschi
Getty Images

Good news for the world's oldest bank. The European Commission has authorised the 5.4bn euros recapitalisation of Italy's Monte dei Paschi di Siena.

As part of a restructure, Monte dei Paschi will hive off 26.1bn euros worth of bad loans into a separate vehicle.

It will change its business model to focus on retail customers as well as small and medium-sized businesses.

FTSE 100 reverses fall

Just a gentle reminder that the US stock markets are closed today for the 4 July national holiday.

In London, the FTSE 100 has reversed earlier declines and is now trading up 4.54 points at 7,381.63.

No prizes for guessing who the biggest riser is on Tuesday. It is still the payment processing group Worldpay whose shares are up 29.2% at 412.80p following takeover approaches by Vantiv and JPMorgan.

Worldpay shares
BBC

On the list of the biggest fallers, subprime lender Provident Financial and aerospace giant BAE Systems are vying for first place. Provident Financial is down 1.39% at £23.35 and BAE is 1.4 lower at 622.50p.

The FTSE 250 is down 14.90 points at 19,305.53.

The pound is off 0.14% against the dollar at $1.2923.

But sterling is up 0.06% against the euro at 1.1391 euros.

'I'm a creep. I'm sorry'

Dave McClure
Getty Images

The founder of Silicon Valley-based venture capitalist firm 500 Startups has resigned following sexual harassment claims by several women.

Dave McClure announced his resignation in a blog entitled: "I'm a creep. I'm sorry."

Entrepreneur Sarah Kunst had claimed in the New York Times that Mr McClure sent inappropriate messages after discussing a potential job offer with her.

Read the whole tale here.

Kremlin confirms Putin to meet Trump

Donald Trump
Getty Images

US President Donald Trump will meeting with his Russian counterpart Vladimir Putin on Friday at the G20 summit in Hamburg according to a spokesman for the Kremlin.

The Russian representative said it will be a "fully-fledged" meeting, rather than an informal chat on the sidelines.

It is not yet clear what the two will discuss.

Ashley banker accused of 'making up evidence'

Mike Ashley is the founder of Sports Direct and owns Newcastle United FC
Getty Images
Mike Ashley is the founder of Sports Direct and owns Newcastle United FC

An investment banker who is suing Sport Direct founder Mike Ashley has been accused of "making up evidence".

The fight relates to a claim by Jeffrey Blue that billionaire Mr Ashley, who also owns Newcastle United Football Club, promised to pay him £15m if the banker could increase Sports Direct's share price from £4 to £8m.

Mr Blue says that Mr Ashley paid only £1m.

On Monday, the High Court heard how Mr Ashley drank 12 pints with vodka chasers during a business meeting in a pub where he vomited in a fireplace.

Tanzania lawmakers back controversial mining laws

Sammy Awami

BBC Africa, Dar es Salaam

Ore
BBC

Tanzania's parliament has passed two controversial laws to bring about far-reaching reforms in the mining sector.

One law explicitly states that the Tanzanian people will have permanent sovereignty over all natural wealth and resources, and ownership and control will be exercised by the government on behalf of the people.

This means private companies would mine on behalf of the nation - whereas before the law stated that once firms signed a contract with the government, they owned the minerals.

Another law empowers parliament to review all agreements made by the government regarding natural resources.

The two pieces of legislation follow months of dispute between President John Magufuli's government and UK-listed mining firm Acacia over revenue sharing.

Acacia is accused of under-reporting the gold and copper levels in its concentrate exports by more than 10 times and of underpaying the government tens of billions of dollars over the two decades it has been operating in the East African country.

The company strongly denies any wrongdoing.

Mining companies and lobby groups had urged the government to delay passing the two laws to allow for more consultation.

The government, however, pushed ahead with gaining parliamentary approval for the legislation.

Tolkien estate settle $80m merchandising case

Samsung plans £14.4bn South Korea chip investment

Samsung is planning a 21.4 trillion won (£14.4bn, $18.63bn) splurge on memory chip plants in South Korea.

Samsung and rivals including SK Hynix said they will invest tens of billions of dollars to boost NAND chip output, but analysts say burgeoning demand for smartphones and other computing devices mean shortages are likely to continue at least until the end of the year.

Heathrow Terminal 3 being evacuated

Laptop ban binned?

News agencies are reporting that the US could lift a ban on laptops and other large electronics devices on in-bound flights.

BBC transport correspondent Richard Westcott tweets:

View more on twitter

News agency AFP is reporting that the ban on devices on flights from Istanbul could be lifted.

Credit providers 'at risk of hard selling'

Simon Gompertz

BBC personal finance correspondent

Tax protest shutters cinemas in Indian state

Closed cinema in Tamil Nadu state
AFP

Screens have gone dark at more than 1,000 cinemas in the Indian state of Tamil Nadu because their owners are angry at a new national tax.

The local Tamil film industry, India’s largest after Bollywood, says the new goods and service tax (GST) plus a local levy means that going to the pictures is taxed at 58%, the highest level in the country.

Industry figures say the tax burden makes cinema ticket prices unaffordable and encourages piracy.

"It is a burden on moviegoers and defeats the objective of the new tax regime," Tamil Nadu Theatre Owners and Distributors Association president Abhirami Ramanathan told the AFP news agency.

FTSE 100 recovers

The FTSE 100 has recovered from early losses and a short while ago was trading just 8 points lower.

The most eye-catching move is the 20% gain for Worldpay shares. Shares jumped after the payments company confirmed a takeover offer.

Sainsbury's is up almost 1%, after its trading update.

Insurers are up, RSA and Direct Line are up 1%.

Builders 'not downbeat'

Although the fallout from the Brexit vote still continues to be felt in the construction sector, firms are keeping their chins up, says Mike Chappell, of Lloyds Bank Commercial Banking.

"The headwinds prompted by the EU referendum a year ago continue to challenge the sector. Input price inflation is still an issue and there remain concerns about how the UK’s exit from the EU will affect construction firms, given their reliance on European labour.

"That said, the mood is not necessarily downbeat. Anecdotal feedback is that there is currently enough work to go round and opportunities abound for those contractors with exposure to areas with long-term committed investment, such as road and rail projects," he says.

'Unemployment biggest risk to banks'

Personal finance reporter Simon Gompertz tweets:

View more on twitter
View more on twitter

New Jersey budget solution frees the beaches

Chris Christie and family
Barcroft Media

Not much financial news coming out of the US because markets are closed, but thanks to the end of a big budget wrangle, the good folks of New Jersey won’t be facing the closure of state beaches on this 4 July holiday.

State governor Chris Christie had given the go-ahead for non-essential services to be shut down over the weekend after state legislators failed to pass a health insurance bill linked to the state's budget.

But the move swiftly turned into an embarrassment for him after he was photographed sunning himself on one of the beaches that he had ordered closed to the public.

Now he has signed the $34.7bn (£26.8bn) measure into law, calling it "a long-overdue significant reform”. That’s the holiday spirit.

The futuristic school where computers teach the class

A look inside AltSchool, where computer programmers are trying to supercharge education

Migrant worker loss 'will have profound effect on construction'

Crossrail worker
Getty Images

The curtailment of free movement of EU workers to the UK after Brexit will have a "profound impact" on the construction industry, according to Paul Trigg of trade credit insurer Euler Hermes.

“Migrant workers are the lifeblood of the sector and while the plan to provide more than three million EU citizens permanent residence is a good start, the ongoing movement of labour within the bloc is still a huge issue.

"Its loss will have a profound impact across the industry’s supply chain and profitability, so it’s unsurprising to see construction businesses urging the government to secure a transition deal with the EU at the very least."

Worldpay confirms JPMorgan and Vantiv bids

Shares in payments processor Worldpay Group are up almost 14% after it confirmed bids from Vantiv and JPMorgan.

UK construction sector growth 'weakened in June'

There was a slowdown in construction sector growth in June, a survey by IHS Markit suggests.

"Survey respondents commented on signs of renewed risk aversion among clients, reflecting concerns about the economic outlook and heightened political uncertainty," Markit said.

Tim Moore, senior economist at IHS Markit, says:

"Fragile business sentiment led to delayed decision-making on large projects and greater concern about the outlook for workloads during the next 12 months.

"While construction firms remain upbeat overall about their near-term growth prospects, the degree of confidence fell to its lowest so far this year."

Cut cheap loan dependency, says Bank

Kevin Peachey

Personal finance reporter

Regulators have ordered lenders to up their game when considering the risks for lending to consumers.

The Bank of England’s Prudential Regulation Authority (PRA) has highlighted various concerns during a review of lending in personal loans, credit cards and car finance.

This included some firms becoming increasingly dependent on 0% interest balance transfer deals, cheap personal loans, and exposure of motor finance to a fall in the cost of used cars.

Lenders must respond by September.

The Bank has consistently expressed the need for vigilance over double-digit annual growth in the consumer credit market during “benign” economic conditions.

Although there is no widespread malpractice, lenders will be expected to meet certain standards to ensure there is no effect on financial stability in the UK.

Bank asks lenders for consumer risk assurances

Bank of England
Getty Images

The Bank of England has asked UK banks and other lenders to prove by September that they are not taking on too much risk with increased lending to consumers.

The BoE, which has powers to curb firms' lending, said last week it had seen weaknesses in the way companies have been increasing their offers of consumer credit.

Paddling pools help Sainsbury's sales

The recent heatwave was a boon to Sainsbury's, says Hargreaves Lansdown analystLaith Khalaf.

"Customers turned to the Argos website to buy electric fans and paddling pools to keep cool in the hot weather.

"Sales also rose at the supermarket checkouts, though with the cost of food imports rising because of weaker sterling, it remains to be seen how much of this will feed through into profits."

FTSE 100 down but Worldpay jumps on bid talk

Keep calm and carry on

Uber plays down EU court opinion

Uber
AFP/Getty Images

Uber has played down an EU court opinion that some of its services could be illegal, saying that the case concerned only a ride-hailing app service in France which it no longer provides.

"We have seen today's statement and await the final ruling later this year," an Uber spokeswoman said. "This case relates to a French law from 2014 and affects peer-to-peer services which we stopped in 2015. Uber today works only with professional licensed drivers in France."

Too much cheese

Kim Kardashian lifts Superdrug profits

Rebecca Marston

Business reporter, BBC News

Kim Kardashian
Getty Images

The tireless promotional activities of reality TV star Kim Kardashian has given a boost to high street chain Superdrug. Profits jumped 41% to £80.4m, with cosmetic sales growing strongly.

Superdrug says customers "continued to be influenced by celebrities". Kim K did the promotion for what Business Live thinks is an intriguing-sounding product - banana face powder.

Superdrug has 789 stores in UK and Ireland, employs 13,500 people and has a third of the UK cosmetic market.

Sainsbury's shares jump

Sainbury's shares have opened higher, up more than 1%, after the supermarket chain's first quarter results beat expectations.

The FTSE 100 index is down about 0.4%.

Neil Wilson of ETX Capital says: "A better performance from Sainsbury’s now it is reporting Argos within the like-for-like sales comparisons, although it is hard to tell from these numbers how the core supermarket is doing on a like-for-like basis."

Asia stocks fall after Korea missile test

Leisha Santorelli

Business reporter in Singapore

Analysts had been expecting a relatively quiet trading day in Asia ahead of the US Independence Day celebrations.

However market sentiment tourned sour after North Korea fired a missile into Japanese waters.

North Korea claimed a successful test of an intercontinental ballistic missile.

Japan's benchmark Nikkei fell 0.14% to end at 20,026.78 while the broader Topix also lost 0.3% to 1,609.28 points.

South Korea's Kospi fell 0.6% to close at 2,379.34.

Hong Kong's Hang Seng is down 1.6% and the Shanghai Composite is 0.5% lower in the afternoon session.

Elsewhere Australian stocks rallied 1.6% after the country's central bank kept interest rates on hold as expected.