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Summary

  1. Carillion shares plunge on profit warning
  2. Gig economy review to recommend minimum wage
  3. Oil prices reverse earlier falls
  4. Ex-Sainsbury's boss says post-Brexit prices will rise
  5. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Dearbail Jordan

All times stated are UK

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Thank you for following Business Live.

We will be back on Tuesday at 6.00am sharp when we will bring you full coverage of the Taylor review into the gig economy, new trading figures from Marks & Spencer as well as all the other breaking business news.

Watch: vino perfection

TJ Rodgers made billions of dollars in semiconductors. Now he and his wife Valeta Massey are trying to make the very best Pinot Noir...in America's Santa Cruz Mountains.

The Californian trying to make wine like the French

Amazon leads tech stock gains

US stock market traders
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It's been a quiet day on Wall Street - with tech stocks the main sector to show notable gains.

Amazon led the way - rising 2% ahead of its Prime Day event.

The tech-heavy Nasdaq index finished 0.4% higher at 6,176.39 points.

The Dow Jones index finished virtually flat at 21,408.52 and the S&P 500 was little moved at 2,427.43.

Listen: busting the myths around student loans

Don't panic! Money saving expert Martin Lewis goes through everything students and parents need to know about debt.

Google criticised over Ed Sheeran ticket ads

Ed Sheeran at the Glastonbury Festival
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Ed Sheeran performs on the Pyramid Stage at the Glastonbury Festival

Ed Sheeran's promoter has said Google must do more to stop secondary ticket sales for the singer's gigs.

Stuart Galbraith called for the change after Google adverts pointed fans towards secondary site Viagogo, where tickets for Ed Sheeran's tour were being sold at inflated prices.

Google said it had a set of strict policies on which ads it allows.

Read the full story here.

Germany: Siemens must ensure sanctions are obeyed

A Siemens employee works on a gas turbine rotor in Berlin
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The German industrial giant Siemens is clearly very upset that two gas turbines it made in Russia for a Russian customer have been diverted to Crimea, illegally it says.

The move potentially puts the firm in breach of EU sanctions imposed after Russia's 2014 annexation of Crimea from Ukraine.

For its part the German government said it was up to Siemens to ensure it obeyed the EU sanctions and export laws.

Siemens said the delivery of its turbines to Crimea was a "clear breach" of its contract and that it wanted the turbines to be moved back to their original destination.

Abercrombie & Fitch shares slump further

Abercrombie & Fitch jeans
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Shares in US retailer Abercrombie & Fitch are trading even lower and are now down 20.32% at $9.69.

It said earlier on Monday that it had ended talks over a possible sale of the business.

Abercrombie & Fitch said in May that it was in talks with a number of possible bidders.

Reuters reports that private equity firm Sycamore Partners came closest to sealing a deal but could not reach agreement on valuation.

In June, Sycamore Partners announced that it would buyout US office supplies chain Staples Inc for $6.9bn.

Oil extends gains

Brent crude is now up 0.6% at $46.97 a barrel.

West Texas Intermediate is also ahead 0.6% at $44.48 a barrel.

Australian PM wants UK trade deal 'as soon as possible'
Australia's prime minister says he wants a UK trade deal "as soon as possible".

Waitrose extends Fairtrade labelling

Tea picking
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Waitrose has announced that it is extending its commitment to using the Fairtrade logo on its teas.

It follows a decision by supermarket Sainsbury's to introduce its own “Fairly Traded” label.

Waitrose said that all 46 of its own-label tea products will be Fairtrade certified by October, up from 43.

Businesses use the Fairtrade logo if they guaranteed farmers a fair price for crops and an extra premium to spend on community projects.

Rupert Thomas, commercial director of Waitrose, said: "We're proud supporters of the Fairtrade Foundation and have seen first-hand their strong track record of supporting farmers who most need it."

Honda confirms 11th US death linked to faulty airbag

Honda has just confirmed an 11th US death involving one of its vehicles containing a faulty Takata Corp air bag inflator.

The Japanese car maker said the incident occurred in Florida in June 2016 when a person was working on repairs on a 2001 Honda Accord and the air bag ruptured.

Honda said it will continue to cooperate with the US National Highway Traffic Safety Administration throughout the process of an investigation into the faulty air bags.

The airbags have been linked to 17 deaths globally.

In June, Takata Corp filed for bankruptcy protection in the US and Japan.

Listen: You'll never take our irony!

Pay review panel member was a Deliveroo investor

A member of a panel which is reviewing working practices in the so-called gig economy was an early stage investor in Deliveroo, according to the Financial Times.

The newspaper reports that Greg Marsh bought shares worth "less than £10,000" in Deliveroo, the food delivery firm which employs bike riders on an on-demand basis, during a £2.75m fundraising in 2014.

Mr Marsh says the stake was fully disclosed to Matthew Taylor, who is leading the review, and that he sold down his full holding by the end of January.

Russia to press ahead with Crimea project

Siemens sign
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Reuters is reporting that Russia's Energy Minister Alexander Novak has said that a power plant project in Crimea will go ahead despite Siemens threatening to press charges over the issue.

Siemens claims that it had received information that two of four gas turbine sets it had delivered for a project in Taman, Southern Russia had been moved to Crimea "against our will".

The European Union imposed sanctions on Crimea following Russia's annexation of the area from Ukraine.

It said: "Over the last few months, our customer has confirmed to us numerous times in writing that a delivery to Crimea would not occur. As a consequence, Siemens will initiate criminal charges against the responsible individuals."

Making the gig economy pay

Deliveroo driver
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The big news for Tuesday - apart from a trading update from Marks & Spencer - is the Taylor review into controversial working practices.

The BBC's economics editor Kamal Ahmed sets out what to expect here.

But if you'd like a guide to what the gig economy actually is, start here.

US stock markets rebound

Stock market traders
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The Dow Jones Industrial Average is now trading up 20.87 points at 21,435.21 following earlier falls.

The S&P 500 is also higher, adding 4.60 points to 2,429.81.

The Nasdaq has extended its gains and is now ahead 23.60 points at 6,176.75.

Start saving now for the iPhone 8

Apple
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It is only July but it's never too early to start speculating about the new iPhone.

CNBC reports that Apple watcher and blogger John Gruber reckons that the new iPhone 8 will be a wincingly high $1,200 (£931).

This is because, he says, the iPhone 8 will have an OLED screen "which Apple can't make 40 million of per quarter, at least not today".

Not sure what an OLED screen is? The BBC's North America technology reporter Dave Lee shows a larger version of one in this video from the archives.

Final count for Carillion

What a day from Carillion. The construction company's share price finished 39% lower at 117.1p after it issued a profit warning and said its chief executive Richard Howson was stepping down.

This is how share trading in Carillion looked on Monday. Not pretty.

Carillion's share trading
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FTSE 100 closes higher

The FTSE 100 finished trading up 21.27 points at 7,372.19.

Defence company BAE Systems was the biggest climber, up 2.1% at 630.5p. On Monday, the High Court ruled that UK arms exports to Saudi Arabia are not unlawful.

Pharmaceutical firm Shire was the largest faller, down 3% at £41.91.

The FTSE 250 closed down 37.73 points at 19,357.41.

Busy bees and business

Brent oil ekes out price rise

Oil rig workers
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Brent crude has reversed earlier falls and is now trading up 0.3% but is still below $50 a barrel at $46.85.

West Texas Intermediate is down 0.1% at $44.19 a barrel.

Commerzbank said: "This is the response of prices to news of increasing oil production in the US.

"The US Department of Energy reported a marked rise in production that virtually reversed the previous week's decline."

Burberry investor to vote against chairman's re-election

Burberry
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More from Royal London Asset Management on Burberry which is holding its annual general meeting on Thursday.

Ashley Hamilton Claxton, corporate governance manager at the institutional investor, which holds a 0.47% stake in the luxury fashion house, says it will vote against the company's pay report and against the re-election of Fabiola Arrendondo, chair of Burberry's remuneration committee.

Ms Hamilton Claxton adds: "In addition, the flip-flop over Christopher Bailey’s role as chief executive and the new reporting structure, which sees both Mr Bailey and incoming chief executive Marco Gobbetti reporting into the firm’s chairman [Sir John Peace] creates further uncertainty and governance risks for investors.

"For this reason, we’ll also be voting against the re-election of Burberry’s chairman this year.”

Markets in 'wait-and-see' mode

US stock market trader
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US stocks appeared unable to settle on Monday.

Adam Sarhan, chief executive officer at 50 Park Investments, says: "I think what's happening today is the markets are in a wait-and-see approach ahead of the next big catalyst, which is earnings season."

Dow Jones trims losses

The Dow Jones Industrial Average has trimmed losses and is now trading down 1.63 points at 21,412.71.

The S&P 500 is marginally ahead, up 1.20 points at 2,426.71.

The Nasdaq has added 5.15 points at 6,158.23.

Siemens to take legal action over Crimea 'breach'

Siemens turbine
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German industrial giant Siemens has announced that it is taking legal action to prevent the installation of two of its electricity turbines in Crimea.

The region is subject to EU sanctions for energy technology following its annexation by Russia.

Siemens says that it built the turbines for a project on Russia's Taman peninsula.

However, the company now says that they have been moved to Crimea "against our will" and that it constitutes a breach of Siemens' delivery contracts.

It said: "Over the last few months, our customer has confirmed to us numerous times in writing that a delivery to Crimea would not occur. As a consequence, Siemens will initiate criminal charges against the responsible individuals."

Abercrombie & Fitch shares plunge

Investors are not happy that Abercrombie & Fitch has called off takeover talks.

Its shares are down 18.26% at $9.94.

Abercrombie & Fitch
BBC
Abercrombie & Fitch's share performance over one month

Sellafield firefighters to go on strike

BMW UK workers agree pension deal

BMW logo
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UK workers at BMW have voted to accept an offer from the German car-maker over the closure of its final salary pension scheme which had caused employee to go on strike.

Unite the union said that over 80% of staff across four sites accepted the new deal.

Unite says that members were offered greater flexibility regarding the timing of transitional payments worth £22,000 over three years or £25,000 paid into the new pension programme.

Mixed opening for US stock markets

The Dow Jones Industrial Average opened 32.87 lower at 21,381.47 within the first seconds of trading on Monday.

The S&P 500 is down 1.96 points at 2,423.22.

However, the Nasdaq is marginally ahead, up 3.74 points at 6,157.46.

Ex-GCHQ boss accuses Russia of cyber-space 'mayhem'

Russian authorities are a threat to democracy, former GCHQ director Robert Hannigan has said.

There was "a disproportionate amount of mayhem in cyber-space" coming from the country, he told the BBC.

Mr Hannigan urged people to "push back" against the behaviour of the Russian state, adding some form of cyber-retaliation may be necessary in future.

Read the full story here.

Former head of GCHQ says only a tiny minority of people use IT to do bad things

Burberry investor to vote against pay

Burberry Autumn/Winter fashion show
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Things could get stormy at Burberry's annual general meeting on Thursday.

Reuters reports that one of its institutional shareholders, Royal London Asset Management, has said that it will vote against the luxury fashion retailer's pay report.

Ashley Hamilton Claxton, Royal London's corporate governance manager, said: "While the board has made some improvements since the last shareholder rebellion three years ago, the chaotic response to several remuneration issues this year has heightened our concerns about poor corporate governance at Burberry."

Shareholder advisory group Pensions & Investment Research Consultants (Pirc) has already called outgoing chief executive Christopher Bailey's pay "unacceptable".

Abercrombie & Fitch calls off merger talks

Abercrombie & Fitch
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US clothing retailer Abercrombie & Fitch says that it has called-off merger talks.

The business had announced earlier this year that it was in discussions with a number of potential bidders.

Abercrombie & Fitch has been battling falling sales for some time and most recently reported like for like sales down 10%.

What one tech billionaire did next

TJ Rodgers
BBC

Tech entrepreneur TJ Rodgers made billions of dollars founding silicon chip maker Cypress Semiconductors, now he has turned his sights to wine-making, and is on a quest to make the best Pinot Noir in the New World.

Read more about his quest here.

BNP Paribas slashes oil forecasts

oil rig
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Saudi oil firm Aramco may be warning of a shortage of oil in future, but at least one bank is not convinced.

French bank BNP Paribas has cut its forecasts for both this year and next, saying that rising oil output from the US, Nigeria and Libya will mean there is little impact on the current oversupply from oil cartel Opec's decision to curb production.

The bank now expects Brent crude to trade at $51 per barrel by the end of this year, $9 below its previous forecast, and to $48 by the end of next year.

For US crude, it expects it to trade at $49 per barrel this year and then $45 by the end of 2018.

Aramco boss warns on oil

BBC World presenter Aaron Heslehurst tweets...

Matalan says it's 'well positioned'

Matalan Oxford Circus
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Discount fashion chain Matalan says it's "well positioned" to weather the gloom on the High Street.

The chain, which has over 200 shops, says sales rose just 1.3% to £253.4m in the 13 weeks to 27 May.

While the rise in sales is only small, the chain said it was managing to sell more items full-price meaning profits surged almost 38% to £22.3m.

Will Brexit hit your breakfast?

breakfast fry up
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An interesting analysis this morning by consultancy KPMG has suggested the great British fry-up could become a victim of Brexit.

According to KPMG's study for the Guardian, the typical basket of ingredients used for a big family breakfast could rise by £3 from £23.59 to £26.61.

A pack of Danish bacon for example would jump from £2 to £2.18.

Its calculations are based on a scenario where Britain leaves the EU and defaults to World Trade Organization rules.

Carillion shares still down

Shares in the firm Carillion are still down 33% after the firm shocked its investors this morning.

It blurted out the need for "immediate action" to deal with rising debts while revealing: a massive write-off of £845m on four big contracts; falling income; a halt to dividend payments; and the departure of its chief executive.