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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. FTSE 100 down
  3. Report into work practices calls for 'dependent contractor'
  4. Pearson sells stake in Penguin Random House
  5. Three objects to auction plan for mobile spectrum
  6. Marks & Spencer sees clothing sales drop again

Live Reporting

By Tom Espiner

All times stated are UK

Get involved

Good night

That's it for another day's Business Live page. Join us again tomorrow from 06:00.

US stocks finish flat despite Trump jitters

US stocks pared their losses at the close having sunk earlier on fresh reports of links between the Trump administration and Russia.

The Dow Jones Industrial Average was flat, the S&P 500 lost 0.08% and the tech heavy Nasdaq climbed 0.27%.

The Senate's announcement of a delay to its August break also helped relieve concerns about the progress of the Republican agenda.

10 thoughts about the PM's position

Laura Kuenssberg

BBC political editor

Theresa May
Reuters

It wasn't meant to be called a "relaunch" or a "fightback" or even a "reset".

The prime minister's speech this morning was, however, the first big speech she has made since the election.

You might, therefore, have expected it to be bold, determined, as she said it would be. You might have expected it to be, at least in part, a genuine mea culpa from the PM for the mistakes of the election campaign.

It was, however, more a rather pedestrian response to the long awaited Taylor review on the changing world of work and insecure employment (insert obvious jokes here) and a restatement of purpose than a dazzling rebrand.

But whatever Theresa May had said this morning, as MPs stagger towards the finish line of this tumultuous year, and stumble towards the sun loungers, she is in trouble.

Read more here.

Coffee - the secret to a longer life?

coffee cups
Getty Images

How many coffees have you had so far this morning? Here on the live page we're already two cups down. But no need to feel bad about your coffee addiction. Research out today suggest the habit may in fact make you live longer.

Those who drank about three cups a day tended to live longer than non-coffee drinkers, according to a study, led by the International Agency for Research on Cancer (IARC) and Imperial College London.

A separte US study found coffee drinkers had a lower risk of death due to heart disease, cancer, stroke, diabetes, and respiratory and kidney disease.

JP Morgan boss sounds Brexit job warning

Simon Jack

BBC Business Editor

Jamie Dimon
Getty Images

In capital cities around Europe there is a smell of blood in the water - a sense that the UK's financial services industry has been wounded by Brexit and that presents a chance to take a bite out of its dominant position.

Jamie Dimon, the chief executive of JP Morgan - which employs 16,000 people in Britain - has already said he will move hundreds of people out of the UK when it leaves the EU to Dublin and Frankfurt where it already has operations.

Today in Paris he went further.

He said there had been too much focus on what would happen on day one after Brexit. Ominously for the UK, he said that how many more jobs would go to centres all around the EU was no longer in the UK's control.

Read more here.

Is this a smoking gun and other Trump Jr questions

Anthony Zurcher

BBC North America reporter

Donald Trump Jr
Getty Images

Call it a journalistic triple punch.

The New York Times on Friday revealed that Donald Trump Jr, his brother-in-law Jared Kushner and then-campaign chair Paul Manafort had a previously undisclosed meeting with an influential Russian lawyer in Trump Tower during the heat of the 2016 presidential campaign.

Then, on Sunday, the paper reported that during the meeting the group discussed information that was possibly damaging to Hillary Clinton and the Democrats. Trump Jr had previously said only that the meetings were "primarily" about a suspended Russian adoption programme.

Finally, the Times on Monday evening landed the haymaker - that Trump Jr went into the meeting thinking it was the Russian government itself that had incriminating information on the Democratic candidate.

Read more here.

Moody's: UK creditworthiness under pressure from Brexit

The UK's credit rating could be downgraded due to Brexit, ratings agency Moody's has warned.

"While the negotiations with the EU have recently started, it remains unclear whether the UK government can eventually deliver a reasonably good outcome for the UK," said Kathrin Muehlbronner, a Moody's senior vice president.

"The UK sovereign rating could be downgraded if the negotiations with the EU suggest that the government might not be able to preserve core elements of the UK's current access to the EU single market," she said.

Trump 'applauds Trump transparency'

Donald Trump
Getty Images

US President Donald Trump has said of his son: "My son is a high-quality person, and I applaud his transparency."

Donald Trump Jr earlier released an email chain showing he was keen to accept "sensitive" information on Hillary Clinton from a Russian national.

SFO launches Amec Foster Wheeler probe

Cosultancy Amec Foster Wheeler is being investigated by the UK Serious Fraud Office, the Reuters news agency reports.

The SFO investigation "focuses on [the] past use of third parties and possible bribery and corruption and related offences", Reuters said.

Wall Street partly recovers after Trump Jr email fall

US stocks have recovered ground after falling sharply as emails disclosed by President Donald Trump's eldest son cited Russian support for his father's election campaign.

The Dow Jones Industrial Average is up 0.05% at 21,419.07, the S&P 500 is 0.08% down at 2,425.49, and the Nasdaq is up 0.21% at 6,189.

Banks 'begin London Brexit exodus'

City of London
Getty Images

Top executives at five of the largest banks in London have told Reuters a transitional deal on leaving the European Union is only likely to be agreed late on in talks with Brussels, meaning they will have already begun relocating staff.

James Bardrick, the UK head of US bank Citi, said the government has been too slow to get any early deals with Europe and banks will have to be ready by September 2018.

"There's been a lot of talk and not a lot of action for a long time. I am anxious it is all a bit late," Mr Bardrick said.

The chairman of one of Britain's largest banks told Reuters he recently resisted pressure from staff to enact his company's contingency plan, but he will probably have to give the go-ahead by the end of the summer.

"Every single day I have people coming into my office asking me to press the button on contingency plans," he said.

And an executive at one global bank said: "The timeframe for when we wanted a transitional deal has already passed," adding it had taken a decision to move hundreds of roles to continental Europe regardless of what the government does.

Trump UK visit delayed until next year

Dave Lee

North America technology reporter

Iberia airline to end pregnancy tests as part of recruitment

Spanish airline Iberia is to stop requiring women to take a pregnancy test as part of its recruitment process, it said.

Maria Teresa Garcia Menendez, Iberia's workplace health and safety officer said. "We will continue to use all necessary means to ensure the safety and rights of pregnant employees, as we have always done. This is an exemplary company when it comes to hiring women."

The decision to stop the tests follows a ruling by a regional labour body in the Balearic Islands that fined Iberia 25,000 euros (£22,000) for the practice, which it deemed discriminatory, according to reports by Spanish newspaper El Pais.

Pepsi reaps benefit of smaller more expensive portions

Pepsi logo
Getty Images

Pepsi's second quarter profit beat estimates as the company's strategy of pushing up prices of fizzy drinks and snack foods in North America paid off.

Sales in its North America drinks unit, Pepsi's largest, rose 2% in the quarter ending 17 June, the company said on Tuesday.

Pepsi and rival Coca-Cola have focused on selling smaller, higher-margin packs in developed markets and cut back on promoting large discount packs to cope with falling demand.

Sterling skids to eight month low against euro

Sterling fell to an eight-month low against the euro after the Bank of England's Ben Broadbent did not back up recent hints from other policymakers at the central bank that suggested it may be moving towards raising interest rates.

In a speech, Mr Broadbent focused instead on trade, saying a reduction between Britain and the European Union would harm both economies and drive up inflation.

The pound fell after the speech was published, losing about 0.5% against the euro to trade at 88.98 pence per euro, its weakest since early November.

Sterling also slipped against the dollar, falling to as low as $1.2832, its weakest in a fortnight.

It later edged up back to $1.2854 as the dollar fell broadly after US President Donald Trump's son released an email chain which refers to a top Russian government prosecutor offering the Trump campaign damaging information about Democratic rival Hillary Clinton.

Donald Trump Jr emails show Russia communication

Donald Trump Jr
Getty Images

US President Donald Trump's son has released an email chain showing he was offered "sensitive" information on Hillary Clinton by a Russian national.

Publicist Rob Goldstone tells Donald Trump Jr that there is information that is "part of Russia and its government's support for Mr Trump".

US officials are investigating alleged Russian meddling in the US election.

Mr Goldstone has previously denied any knowledge of involvement in the election by the Russian government.

Read more here.

Wall Street lower after Trump Jr. emails

Donald Trumps
Getty Images

US shares have fallen after President Donald Trump's eldest son (pictured left) released an email chain referring to a top Russian government prosecutor offering the Trump campaign damaging information about Democratic rival Hillary Clinton.

"The Crown prosecutor of Russia... offered to provide the Trump campaign with some official documents and information that would incriminate Hillary and her dealings with Russia and would be very useful to your father," said the email to Donald Trump Jr. from publicist Rob Goldstone.

Robert Pavlik, chief market strategist at Boston Private Wealth, said:

"I think people are worried that it just means more political uncertainty, and sort of a continuation of the stalemate in Washington, a continuation of the delay in trying to get the Trump agenda passed through Congress."

No wait - 'UK planning for all eventualities' in Brexit talks, says May spokeswoman

Sandcastle
Getty Images

A few mixed messages coming from the government on Brexit this afternoon.

On the one hand, we have Foreign Secretary Boris Johnson saying the government has not prepared for leaving the EU without a deal.

But on the other, we have Prime Minister Theresa May's spokeswoman saying:

"As a responsible government we are planning for all eventualities."

Given how Brexit organisation seems to be going so far, which is more likely to be true, the Live page wonders?

Boris Johnson: 'No plan for no Brexit deal'

Boris Johnson
Getty Images

Foreign Secretary Boris Johnson has told MPs the European Union can "go whistle" for any "extortionate" final payment from the UK on Brexit.

And he said that the government had "no plan" for what to do in the event of no deal being agreed with the EU.

He said: "The sums I have seen that they propose to demand from this country appear to be extortionate."

"Go whistle seems to me to be an entirely appropriate expression," he added.

Read more here.

UK lawyers 'rush to register in Ireland' after Brexit fears

Nearly 1,000 UK solicitors have registered in Ireland due to fears that they could lose the right to represent clients at the European Court of Justice after Brexit, the Financial Times reports.

In a normal year, between 50 and 100 lawyers would register, the article says.

Ryanair 'will cancel EU holidays without Brexit aviation deal'

Adam Fleming

Daily and Sunday Politics reporter

Michael O'Leary
Getty Images

Ryanair chief executive Michael O'Leary has said there is a real prospect of there being no flights operating between the UK and the EU as a result of Brexit.

The outspoken businessman told MEPs that if there was no deal on aviation by September 2018 then the airline "will be cancelling people's 2019 holidays" and that the only options for British holiday-makers in future would be "driving to Scotland or taking a ferry to Ireland."

He claimed that British officials had "no plan B." He also claimed that Lufthansa and Air France saw "an opportunity to screw over Easyjet and Ryanair."

Silverstone pulls out of British Grand Prix contract

Silverstone
BBC

Silverstone's owners have triggered a break clause in the British Grand Prix contract that could see an end to Formula One at the circuitafter 2019.

"This decision has been taken because it is not financially viable for us to deliver the British Grand Prix under the terms of our current contract," said British Racing Drivers' Club (BRDC) chairman John Grant.

"We sustained losses of £2.8 m in 2015 and 4.8 million in 2016, and we expect to lose a similar amount this year."

Store Twenty One goes into liquidation

Discount fashion chain Store Twenty One was gone into liquidation, the Insolvency Service says.

The chain had failed to secure investment after going into a Company Voluntary Arrangement in July 2016, said administrators Quantuma.

The collapse meant the closure of Store Twenty One’s remaining 122 stores and the loss of 900 jobs, Quantuma says.

Quantuma partner Simon Bonney said: "It is very sad that matters have got to the stage where all the stores were closed by management on Friday following a prolonged period of uncertainty leading up to the liquidation.

"We are now in the process of conducting an orderly wind down and we would welcome contact from any interested parties who may wish to purchase assets of the company."

Toshiba 'in fresh talks over chip unit sale'

Toshiba logo
Getty Images

Toshiba is in talks with Western Digital and Taiwan's Foxconn, as well as with its preferred consortium bidder, as it seeks to revive a stalled $18bn sale of its flagship chip business, the Reuters news agency reports.

Toshiba was unable to cut a deal with the government and private sector consortium by a self-imposed limit of 28 June.

Talks with the consortium stalled over proposals by SK Hynix that it helps fund a deal through convertible bonds - a step that could eventually give it an equity interest in the memory chip business, Reuters says.

Toshiba doesn't want its South Korean rival to have an equity or management influence in the chip business - a stance it has taken to satisfy a Japanese government keen to keep Toshiba's technology under domestic control.

Zero hours workers 'confused over rights'

Waiter
Getty Images

On the back of the Taylor report, many people ringing up the Acas helpline for help and advice about their jobs were in zero hours or agency contracts "out of necessity rather than by choice," says Acas chair, Sir Brendan Barber.

"Whilst these types of working relationships can offer flexibility, it is clear that there can be a lot of confusion around employment status and the rights within them," he says.

Ofcom sets out limits for mobile auction

Mobile phones
Getty Images

The UK's communications watchdog has imposed a limit on the amount of mobile spectrum that companies can win in an upcoming auction.

Ofcom will make available more mobile spectrum later this year to provide better support for 4G and 5G services.

It said that in order to "safeguard competition", it will limit the amount BT-owned EE and Vodafone can win.

However, the Three mobile network said the proposals were "a kick in the teeth for all consumers".

BP will not reintroduce fatal crash helicopter

Helicopter
AFP

BP will not use the Super Puma 225 and L2 helicopters until the root cause of last year's fatal crash is known.

The helicopters were grounded after an accident off the coast of Norway killed 13 people, including Iain Stewart from Aberdeenshire, in April 2016.

The UK Civil Aviation Authority (CAA) and the Norwegian authorities have allowed flights to resume if new safety conditions are met.

BP said it will wait for the completion of the AIBN and Airbus investigation.

Sunac hits theme park high on Dalian Wanda deal

Tim McDonald

Asia business reporter

roller coaster at Dalian Wanda theme park
Getty Images

Shares of developer Sunac surged 13% after the resumption of trade on Tuesday, a day after the company agreed to buy $9.3 billion in tourism projects and hotels from the Chinese developer Dalian Wanda.

Three Chinese theme parks, intended to compete with US giant Disney's ventures in China, are included in the deal.

In a statement, Sunac said the deal would "add a large number of prime land reserves and property assets at a reasonable cost."

Sunac helped to push the Hang Seng Index about 1.5% higher, although the mainland indexes in Shanghai and Shenzen both edged lower.

TUC: Taylor review no gamechanger

Frances O'Grady
Getty Images

The TUC says the Taylor Review doesn't go far enough.

"This is not the game-changer needed to end insecurity at work," says TUC general secretary Frances O'Grady.

“A ‘right to request’ guaranteed hours is no right at all for many workers trapped on zero-hours contracts. And workers deserve the minimum wage for every minute they work, not just the time employers choose to pay them for," she adds.

Competition concerns over London-Exeter rail route

First Great Western train
PA
First Group already runs services on the Great Western franchise

The UK's competition body is concerned that passengers on the London-Exeter rail route could face higher fares or a worse service after First Group and Hong Kong's MTR were awarded the South West Trains franchise.

FirstGroup already runs the Great Western Railway franchise, which operates the only other service between London and Exeter.

The Competition and Markets Authority (CMA) said: "This is a crucial rail route to the South West, used by around half a million passengers a year.

"The CMA believes that without its intervention, First Group may be able to increase fares for passengers between London and Exeter, as it will be the only rail operator running all services on this route."

The companies now have five days to come up with proposals to address the concerns, or the CMA will launch an in-depth investigation.

Uber says it wants clarity over employment status

uber pic
Getty Images

Taxi hailing app Uber has responded to the Taylor review saying it "would welcome clarity in the law over different types of employment status".

“Drivers using Uber made average fares of £15 per hour last year after our service fee and, even after costs, the average driver took home well over the National Living Wage. We know drivers want more security too which is why we’re already investing in discounted illness and injury cover, and will be introducing further improvements soon," says Andrew Byrne, head of policy for Uber in the UK.

FTSE falls further as oil prices slide

oil price
AFP/Getty Images

Just after midday and the FTSE 100 has continued to drop. It's currently down 0.9% at 7,305.16.

Pearson and Marks are the biggest fallers, down 5.6% and 4.5% respectively.

But a fresh tumble in the oil price is also taking its toll. Brent crude is currently down 1.1% at $46.38 a barrel.

The drop seems to have been driven by banks cutting their price predictions for the black stuff due to oversupply.

BNP Paribas and Barclays have both cut their forecasts.

CBI: Significant concern on some proposals

The CBI says a number of the proposals in Matthew Taylor's review into modern working practices will be of "significant concern to businesses".

"Changes to the application of the minimum wage, rewriting employment status tests and altering agency worker rules could have unintended consequences that are negative for individuals, as well as affecting firms’ ability to create new jobs.

“The Government will need to consider these aspects extremely carefully, alongside proposals for any future tax changes, to ensure our labour market retains the flexibility and entrepreneurship that has made it the mainstay of the UK economy," says Neil Carberry, CBI managing director for people and infrastructure.

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Deliveroo: Employment law is outdated

Deliveroo driver
BBC

Takeaway delivery service Deliveroo, whose workforce is largely classified as self-employed, has responded to Matthew Taylor's report into modern working practices saying "employment law is outdated".

It says the report offers an opportunity to update the law, but cautions any changes must be "pro growth".

"The government should be under no illusions that any moves to restrict flexibility could undermine the very thing that attracts people to work in this sector.

"As we have made clear, we want to continue offering riders the flexible work they want whilst also providing benefits. We would welcome the opportunity to work with the Government so we can end this trade off between flexibility and security," a spokesperson says.

Does this report have any power?

DUP deal
Reuters

BBC economics editor tells Theresa May that the fear for people watching "this glamorous launch" is that given she only has a minority government that this will be another report that simply gathers dust.

Matthew Taylor says the report has "wide support" suggesting perhaps that the recommendations could be carried forward whoever is in power.

Taylor says female workers may need stronger legislation

Matthew Taylor, answering audience questions on this review, says the report came across "high levels of pregnant women being discriminated against".

He said that while employed workers already get high levels of protection from employment legislation, workers don't have this.

He says if this doesn't improve, the government will need to legislate to make sure it does.

Theresa May says diversity matters

theresa may
Getty Images

Theresa May is now answering questions on the Taylor review

She says the government is trying to instigate a wider range of people with different backgrounds in jobs.

"We want a society where it doesn't matter where you come from or what your background is but where your talent and efforts determine where you end up."

"In politics or in business if you have people from a broader diversity of backgrounds you'll make better decisions," she says.

View more on twitter

'Cautious welcome' from FSB for Taylor review

The Federation of Small Businesses (FSB) says it "cautiously welcomes" the recommendations in the Taylor review.

"The new ‘dependent contractor’ status, if done right, should bring protections to those unfairly treated in the gig economy, whilst also protecting the genuinely self–employed. “However, the tax system must continue to recognise the risk and insecurity faced daily by the genuinely self-employed – this is right in principle. Ministers must make no attempt to single out them out for tax hikes," says FSB national chair Mike Cherry.

M&S AGM kicks off

Marks
Reuters

Away from the Taylor report, the M&S AGM has just kicked off.

A small group of protesters is outside asking the retail chain not to advertise in the Daily Mail. But boss Steve Rowe says it will continue to do so.

He says the brand needs to be where customers are "consuming news".

On a brighter front, departing chairman Robert Swannell has promised all shareholders some biscuits.

It should mean AGM attendees don't need to pinch any as Guardian retail report Zoe Wood says below.

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