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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Inflation slows to 2.6% in June
  3. Sterling erases gains
  4. New Jane Austen £10 note unveiled

Live Reporting

By Daniel Thomas

All times stated are UK

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Thanks for reading Business Live. We'll be back at 6am tomorrow.

WhatsApp partially blocked in China

Whatsapp app
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The WhatsApp messaging service has been partially blocked in China, following a censorship crackdown.

According to Bloomberg, multiple WhatsApp users reported experiencing outages from Monday night and by Tuesday morning, users had taken to social networks such as Twitter to report that photos as well as audio clips were not being delivered.

Chinese authorities have been increasing censorship of social media platforms as the government prepares for the 19th Communist Party Congress - a politically sensitive event that is likely to consolidate President Xi Jinping’s authority.

Kermit actor fired over 'unacceptable business conduct'

Whitmire was chosen to take over as Kermit by Henson's son Brian
Getty Images
Whitmire was chosen to take over as Kermit by Henson's son Brian

The Muppets Studio have said they fired Steve Whitmire, who had voiced Kermit the Frog for 27 years, for "unacceptable business conduct".

Last week it was announced Whitmire was to be replaced but no reason was given.

Whitmire has told the Hollywood Reporter it was because he spoke up against changes being made to the character he felt were against what creator Jim Henson would have wanted.

"They felt I had been 'disrespectful' in being outspoken," he said.

Read more

Wall Street down at the close

The Dow closed lower after a drop in Goldman Sachs, but the S&P 500 and the Nasdaq closed higher.

The Dow Jones Industrial Average was down 54.37 points, or 0.25%, at 21,575.35, the S&P 500 was up 1.48 points, or 0.06%, at 2,460.62. The Nasdaq Composite was up 29.87 points, or 0.47%, at 6,344.31.

Could a universal basic income work?

BBC correspondent tweets...

Pizza Hut to hire 14,000 extra drivers

Pizza Hut logo
Getty Images

Pizza Hut will hire 14,000 drivers in the US this year in a bid to boost its delivery capacity in an increasingly crowded market.

The pizza chain also is using a new algorithm to better predict delivery times, as well as relying on Google Maps to improve its accuracy.

Pizza Hut, a Yum! Brands company, faces fierce competition from rivals like Domino’s and Papa John’s which have invested heavily in delivery apps and loyalty programs in recent years.

Portugal making progress

Trams in Lisbon
Getty Images

Portugal, one of the countries worst hit by the financial crisis, is making good progress with its recovery, according to the EU's commissioner for economic and monetary affairs.

Pierre Moscovici said the country's deficit reduction was "sustainable" and growth could surpass 2.5% this year, citing a rise in exports and boom in tourism. He added that a European Commission decision in June to end so-called excessive deficit procedures against Lisbon was "no whim".

"Portugal's economic situation has made impressive improvements," Mr Moscovici said.

Pound stable

Pounds and dollars
Getty Images

The pound has stabilised at $1.30460, which is down 0.06% since the start of the day.

Earlier the currency almost hit $1.31 before falling back, following a set of lower-than-forecast inflation figures.

Venezuela denounces 'imperialist' US sanctions threat

Venezuelan Foreign Minister Samuel Moncada said the constituent assembly would go ahead
AFP
Venezuelan Foreign Minister Samuel Moncada said the constituent assembly would go ahead

The Venezuelan government says it will hold elections for a controversial constituent assembly despite the threat of US sanctions.

The assembly would have the power to rewrite the constitution and to bypass the opposition-controlled legislature.

On Monday, US President Donald Trump said he would take "economic actions" if the constituent assembly went ahead.

Mr Trump also called President Maduro "a bad leader who dreams of becoming a dictator".

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Fox warns against Sky probe delay

Sky logo
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Rupert Murdoch's 21st Century Fox has urged the Culture Secretary Karen Bradley not to delay a decision on whether to hold a competition probe into its bid for Sky.

It comes amid mounting political pressure from senior politicians for the deal to be blocked.

Last week, Ms Bradley was reported to have said she would not make a decision until after the parliamentary summer recess - something that could push a possible deal back until next March.

It followed a highly critical letter signed by former Labour leader Ed Milliband among others.

In a letter on Tuesday from its lawyers Allen & Overy, Fox hit out at "flagrant political attempts to interfere".

It added: "21st Century Fox is confident that the Secretary of State should be able to reach a final decision on a reference to the Competition and Markets Authority in the coming days."

Google Glass revamped for business market

Google Glass
Google

Google is to sell a revamped version of its smart glasses to businesses, more than two years after the original version of the product was cancelled.

The company said Glass Enterprise Edition had improved battery life and felt more comfortable during long-term wear than before.

However, it still resembles the original model, with a small see-through display and built-in camera.

It will face competition from Microsoft's HoloLens among others.

Read more

Dow Jones slips further

US traders
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The Dow Jones has been dragged lower by Goldman Sachs.

The bank contributed the most losses on the index after reporting a 40% drop in second-quarter bond trading revenue. Its shares are 2.3% lower.

The Dow has shed 0.4% to 21,544.41, while the S&P 500 is 0.1% lower at 2,456.72. However, the tech-heavy Nasdaq has gained 0.2% to 6,328.34.

Should gender stereotypes be banned in commercials?

BBC World Service

Woman cleaning
Getty Images

The UK's Advertising Standards Authority, which plays a big role in regulating the industry, is adopting a tough stance against commercials that feature common sexist stereotypes.

The ASA wants to consign gender stereotypes to history and discourage advertisements like those that feature a woman as the only family member responsible for cleaning, or a man failing to complete a household chore.

Ali Hanan, the chief executive of Creative Equals, says advertisements influence society so they must change.

Listen here

'Big picture' on inflation unchanged - Carney

Mark Carney, BoE governor
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The "big picture" on inflation remains the same, despite the weaker-than-forecast figures for June published today, the Bank of England governor has said.

The figure of 2.6% - down from 2.9% in May - surprised analysts, leading some to question whether the Bank would raise rates sooner than expected.

However Mark Carney said that higher inflation, driven by the fall in sterling since the Brexit vote, was not going away.

"Inflation will be above target for a period of time and today's figures are consistent with that," he told Sky News.

Three of the Bank's eight rate setters voted to raise rates in June, saying they wanted to head off the risk of more persistent inflation. One of the dissenters has since left the BoE.

Hard times for Harley

Chris Johnston

Business reporter, BBC News

Harley-Davidson bikes
Getty Images

Shares in Harley-Davidson are down about 10% in New York after the motorcycle maker slashed its forecast as sales slow down.

The problem seems to be that baby boomer customers are getting a bit too old for zooming around on motorbikes, which also happen to be rather expensive too.

The Milwaukee-based firm now expects to sell between 241,000 and 246,000 bikes this year, down from 262,221 a year earlier. A decade ago it was selling almost 350,000 annually.

Harley is also facing competition from cheaper bikes made by the likes of India's Polaris and Honda.

FTSE 100 closes lower

The London market has closed lower, after poor performances by banking and mining stocks offset the benefits of a fall in the pound.

British banks such as Barclays (down 0.5%) fell due to the disappointing trading figures from Goldman Sachs in the US, while miners slipped after Rio Tinto cut its full-year guidance for iron ore shipments.

The FTSE 100 share index lost 0.19%, or 13.91 points, to 7,390.22, although the smaller cap FTSE 250 jumped 0.5% to 19,613.38.

Three million Mercedes to be updated to cut pollution

Mercedes cars
Getty Images

German car manufacturer Daimler will voluntarily recall three million diesel cars from across Europe in a bid to reduce emissions.

The firm said its board had approved the measures, including an investment of 220 million euros to update more than three million Mercedes-Benz diesel engine cars.

The firm said it wanted to reduce nitrogen oxide emissions, which have been linked to respiratory disease.

"The service actions involve no costs for the customers. The implementation of the measures will be starting in the next weeks," Daimler said.

Chipotle shares slump on food poisoning scare

A Chipotle outlet
Getty Images

Shares in Chipotle have slumped 5% after the firm temporarily shut a restaurant in the US yesterday after customers fell ill.

The Mexican food company said it was aware of a “small number” of reported illnesses and said it had begun an investigation.

Jim Marsden, Chipotle’s executive director of food safety, said: “The reported symptoms are consistent with norovirus. Norovirus does not come from our food supply, and it is safe to eat at Chipotle.”

The move follows a series of food-poisoning outbreaks in 2015 that hit Chipotle’s sales and stock price.

Spanish economy strengthening

Madrid, Gran Via
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The International Monetary Fund has raised its 2017 growth forecast for Spain, citing strong exports, a rebound in consumer demand and a booming tourism sector.

It now expects the eurozone's fourth largest economy to grow by 3.1% this year, compared with its April forecast of 2.6%.

It said: "A dynamic services sector, much of which is export-oriented, has replaced an outsized construction sector, and together with a recovery in manufacturing contributed to the sustained improvements in the current account balance."

Spain's economy grew by 3.2% in 2016 and in 2015 as it recovered from a severe crisis caused in part when a property bubble burst in 2008.

Robotic furniture zooms across apartment

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A robotics start-up creates voice-controlled furniture that moves to maximise space in small flats.

Ori - a spin-off from the Massachusetts Institute of Technology - is currently pitching its products to large-scale developers.

But as it explained to the BBC's Dave Lee, it hopes to eventually target individual owners of compact homes.

Netflix shares jump on subscriber data

Netflix boss Reed Hastings
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Netflix boss Reed Hastings at CES 2016 in Las Vegas

Shares in TV streaming service Netflix have leapt 10.8% after investors cheered its latest results.

The company added more users than expected in the second quarter of the year and now has 104 million subscribers worldwide.

It also reported a 32% rise in second quarter revenues to $2.8bn (£2.2bn), and expects sales to hit nearly $3bn in the third quarter.

Euro surges on weak pound and dollar

Euro coin
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As the pound and dollar have slipped today, the euro has climbed.

It's up 1.1% against the pound at £0.89 and 0.9% against the dollar at $1.16 - a 10-week high.

This has not helped eurozone stock markets, however, with the DAX and CAC down 1.3% and 1% respectively.

Tactile feature part of new tenner

Front of new £10 note
BANK OF ENGLAND

The new £10 note is the first Bank of England note to include a tactile feature to help blind and visually impaired people

The note was developed in conjunction with the Royal National Institute of Blind People (RNIB) and has a series of raised dots in the top left-hand corner of each note.

Bank notes are already in tiered sizes and have bold numerals, raised print and differing colours to help blind and partially sighted people.

Jane Austen would be 'gobsmacked' by new coin

Was money a preoccupation for Jane Austen?

Claire Tomalin, a Jane Austen biographer, told the World at One the author would have been "gobsmacked" by the news that she was featured on a new £2 coin, as well as a £10 note.

However, money was "certainly something the writer thought about", said Ms Tomalin.

Wall Street opens lower

US traders
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US stocks have opened lower after the dollar fell and several companies' earnings reports disappointed investors.

A short while ago, the Dow Jones index was 0.28% lower at 21,568.98; the S&P 500 had lost 0.16% to 2,455.27; and the tech-heavy Nasdaq was flat.

The dollar fell on Tuesday after two Republican senators rejected their party's bill to repeal Obamacare, effectively killing it and throwing Donald Trump's economic agenda into doubt.

It's currently 0.9% lower against the euro at 0.86370 euros.

Earnings reports from Goldman Sachs and Bank of America also disappointed, sending their shares lower. Motorcycle firm Harley Davidson meanwhile slumped more than 11% after it cut its forecast for shipments this year.

Hard to tear - and hard to crack

New £10 note (top) and current one
BANK OF ENGLAND
The new £10 note (top) is smaller than the current one

While the new polymer £10 note will last longer than its current paper equivalent, it will also present a much stiffer test to potential counterfeiters.

The security features include a see-through window featuring the Queen's portrait; Winchester Cathedral shown in gold foil on the front of the note and silver on the back; and a hologram which contains the word "Ten" and which changes to "Pounds" when the note is tilted.

Germany offers to drop charges against Deutsche Boerse chief

Carsten Kengeter, chief executive of the German Stock Exchange
Getty Images

German officials have said they may drop charges of insider trading against Carsten Kengeter, chief executive of the German Stock Exchange.

According to Reuters, under a potential deal, Deutsche Boerse would be able pay fines amounting to 10.5 million euros to settle the allegations.

Deutsche Boerse said that it was reviewing the matter, adding it "continues to believe the allegations made are unfounded in all respects".

BreakingNew Jane Austen £10 note unveiled

New £10 note
BANK OF ENGLAND

The new plastic £10 note has been unveiled by Bank of England governor Mark Carney at Winchester Cathedral.

The note, which follows the polymer £5, will be issued on 14 September and features a portrait of Jane Austen on the 200th anniversary of the author's death.

It is also the first Bank of England note to include a tactile feature to help visually impaired people.

The £10 note will be made of the same material as the £5 note, which means it also contains some traces of animal fat - an issue which caused concern for vegans and some religious groups when it was launched last September.

FTSE 100 turns negative

FTSE 100 chart
BBC

After a brief period in positive territory, the FTSE 100 index has turned red again and is down almost 0.2% at 7,391.27 points.

The best performer is British Land Company, up 3.2% after it announced a £300m share buyback plan.

It's followed by Royal Mail, which is up almost 3% after the company reported a 1% rise in revenues in the three months to 25 June.

The worst performer is credit check business Experian, down 2.1%, after its first quarter sales undershot expectations.

Watch the unveiling of the new £10 note

Mark Carney
YouTube

The Bank of England governor Mark Carney will shortly be unveiling the design for the new £10 note in Winchester Cathedral.

You can watch the big moment live via the Bank of England's YouTube channel.

Demand for F-35 boosts Lockheed sales

An F-35 jet
Getty Images

Lockheed Martin has raised its earnings guidance for the year after sales of its F-35 fighter (pictured) took off in the second quarter.

The world’s largest weapons maker now expects to post sales of between $49.8bn and $51bn in 2017, compared to previous estimates of $49.5bn-$50.7bn.

It comes after net sales in the second quarter rose by nearly 10% to $12.68bn, driven by a near 20% increase in its aeronautics unit, which houses the F-35 fighter jet.

Global tensions with North Korea and turmoil in the Middle East have supported demand, along with Donald Trump's pledge to boost military spending.

See inside India's secret Games of Thrones factory

Which adverts attracted ire of ASA?

Screengrab of advert of baby and woman doing ballet
ASA/Aptamil

The Advertising Standards Authority has drawn up new rules to put an end to adverts featuring gender stereotypes.

Advertisements that show men failing at simple household tasks and women left to clean up are set to be banned by the UK advertising watchdog.

But which adverts in particular were brought to the attention of the ASA?

Find out here.

Theatre company questions millennials' attitude

Letter about job advertisement
Arts Council England

A theatre company has questioned if millennials "are taught anything about... the real world" after being unimpressed by applicants for a job.

The Tea House Theatre, in Vauxhall, south London, posted an advert for the £15,000-£20,000 administration role on Arts Council England's ArtsJobs site.

In it, the advert read that "it shouldn't be this hard" to find "a grafter, who can commit".

The theatre has so far not commented and the advert has since been removed.

Arts Council England said the advert was deleted for breaching terms as it targeted a specific age group.

Ikea/EasyJet supplier goes into administration

Colicolor sign
BBC

A company that supplies Ikea and Easyjet is going into administration, with 50 people being made redundant.

Managing director of Coilcolor in Newport, Dean Proctor, said an administrator would be appointed on Tuesday.

Coilcolor, which produces blue and orange panelling for the furniture store and airline, flooded in November 2016.

Mr Proctor said that cost it £3.7m in machinery and lost work.

He said it would be "a difficult day" for staff, but was looking for a buyer for the site.

Lunch is back...

Chris Johnston

Business reporter

Singapore
Getty Images

Who said lunch was dead? The operator of Singapore's stock exchange confirmed on Tuesday that the market would close at midday for an hour each day from 13 November.

The move is part of other changes intended to "enhancing our market", said Loh Boon Chye, chief executive of SGX.

Sterling takes a tumble

This might not be the best day for buying European holiday cash. On the financial markets, the pound is down a whopping 0.9% against the euro at 1.1268 euros. Against the dollar, sterling's fall is more modest: it's 0.27% lower at $1.3019.

HBOS probes merged

The City watchdog has merged two investigations into alleged misconduct at Lloyds Banking Group's HBOS subsidiary, aiming to deal with "challenging legacy" issues from the financial crisis.

Andrew Bailey, chief executive of the Financial Conduct Authority, made the announcement at the FCA's annual meeting on Tuesday.

The first, set out in January 2016, stems from a report that found senior managers responsible for the bank's collapse in the 2007-09 financial crisis.

The second relates to events surrounding the discovery of misconduct within the Reading-based Impaired Assets team of HBOS, which dealt with companies in financial distress.

The FCA investigation had been placed on hold in early 2013 pending the outcome of a criminal inquiry but was reopened in April. "We are ... joining it with the investigation that we announced in January last year," Mr Bailey said.

Porsche's diesel days are running out

BBC Transport Correspondent Richard Westcott tweets:

View more on twitter

Goldman Sachs overcomes 'mixed' conditions

Goldman Sachs logo
Reuters

Goldman Sachs has now weighed in with second-quarter net earnings of $1.8bn, down from $2.2bn in the first three months of the year.

Chief executive Lloyd Blankfein said: "A mixed operating environment persisted into the second quarter as conditions continued to support underwriting and [mergers and acquisitions], while constraining certain market-making activity.

"Against that backdrop, we produced revenue growth and improved profitability for the first half of 2017, reflecting both the diversity and strength of our global businesses.”