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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. US stock markets open down
  3. B&M shares boosted by Asda bid rumours
  4. Chocolate bars are getting smaller, says ONS
  5. Ryanair shares hit on falling ticket prices

Live Reporting

By Dearbail Jordan

All times stated are UK

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Good night

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BBC

Thank you for joining Business Live on Monday.

This week will only get busier so we hope you log in again on Tuesday for all the breaking business and economics news.

Nasdaq only index to rise on Wall St

US stock market trader
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The Dow Jones Industrial Average fell 66.9 points, or 0.31%, to 21,513.17, the S&P 500 lost 2.63 points, or 0.11% to 2,469.91 and the Nasdaq Composite added 23.05 points, or 0.36%, to 6,410.81.

Tech and financial stocks were the only two of the 11 major S&P sectors to finish in positive territory.

Why Google was fined

Google shopping service
Google

Just a reminder that the reason for the profit drop is the 2.42bn euros ($2.7bn; £2.1bn) announced by the European Commission at the end of June.

The EC ruled the company had abused its power by promoting its own shopping comparison service at the top of search results.

The amount was the regulator's largest penalty to date against a company accused of distorting the market.

EU fine whacks Alphabet profit

Google
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Alphabet has just reported a 27.7% drop in second quarter profit due to the record $2.7bn fine imposed on its Google unit by the European Commission.

The company's net income fell to $3.52bn from $4.88bn a year ago.

Sweden data leak 'a disaster', says PM

Swedish Prime Minister Stefan Löfven
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Swedish Prime Minister Stefan Löfven

The Swedish government has admitted to a huge data leak made by one of its own departments during an IT outsourcing procedure in 2015.

Sweden's prime minister said it was "a disaster".

Reports say that confidential data about military personnel, along with defence plans and witness protection details, were exposed by the Transport Agency.

Read full story here.

Telecom Italia boss gets 25m euros pay-off

Flavio Cattaneo
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Telecom Italia is paying its outgoing chief executive Flavio Cattaneo a settlement of 25m euros.

Mr Cattaneo has been in the role for just 16 months.

He will step down at the end of July.

Mizuho picks Frankfurt for EU hub

Frankfurt
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Another investment bank has disclosed plans to set up a base in the EU if London loses the right to service clients across the bloc.

Mizuho Securities is applying for a licence that would allow it to set up an office in Frankfurt.

It said: "The decision was made in the process of assessing the impact of Brexit - UK's withdrawal from the European Union and against the background of continuing the effort to develop our network for servicing customers in Europe and around the world in a sustainable and reliable manner."

Watch: Pay local

BBC Personal Finance Correspondent Simon Gompertz explains why it is better to pay in the local currency when you're abroad.

Why you should pay in the local currency when abroad

Oil prices head upwards

US oil rig
Getty Images

One of the key figures to look out for this week is the Energy Information Administration's data on US oil production.

Last week, oil inventories fell by a more than expected 4.3m barrels. Forecasts predicted a 3m barrel decline in the week to 21 July.

This week, analysts are looking at a 1.2m barrel fall.

With Opec looking to extend production caps to Nigeria, oil prices could be on a solid footing.

Brent crude is up 1% at $48.55 a barrel. West Texas Intermediate is trading 1.2% higher at $46.30 a barrel.

VW to hold meeting over EC cartel claims

Volkswagen cars
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Volkswagen's supervisory board is set to hold a meeting on Wednesday regarding allegations that German car-makers operated a cartel, according to Reuters.

The European Commission said at the weekend that antitrust regulators were investigating a possible German auto industry cartel.

Reuters says that a VW spokesman confirmed an extraordinary supervisory board meeting would be held on Wednesday.

Amazon bid for Whole Foods under the spotlight

All about the numbers

Wall Street
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Looking ahead to this week, even though the US Federal Reserve will announce its latest monetary policy decision, it is all about company results.

Matt Miskin, senior capital markets research analyst at John Hancock Investments, said: "This week is going to be critical to see the passing of the baton from the Fed being the primary driver of the market to corporate fundamentals."

This week, the US Senate will decide whether to move forward with a plan to repeal and replace the Affordable Care Act.

Mr Miskin said: "For now, better earnings is giving the market the ability to navigate some of the uncertainty that is coming out of Washington. But going into next year, the market is likely to become more concerned if policies do not finally come through."

Google boss joins Alphabet board

Google chief executive Sundar Pichai
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Ahead of its second quarter results later on Monday, Google-owner Alphabet has announced a new board member.

Sundar Pichai, who is the chief executive of Google, has joined the parent company's 12-strong board.

US stock indexes diverge

Caterpillar
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The Dow Jones Industrial Average is now down 48.39 points at 21,531.68.

Shares in building equipment company Caterpillar are the biggest riser so far on Monday, up 1.25% at $107.92. It reports its second quarter results on Tuesday.

The S&P 500 is off 2.93 points at 2,469.61. Oil services giant Halliburton is the biggest faller, down 3.9% at $42.63 despite announcing better than expected second quarter sales.

The Nasdaq is the only US index to make gains. It is up 11.38 points at 6,399.13.

Flying for a fee?

Not so pie in the sky...

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Tanzania claims back taxes from Acacia

Miners in North Mara
Acacia Mining

The mystery of Acacia Mining's surprise share price fall at the end of the trading day has been cleared up.

The Tanzanian government is claiming that the company owes it $190bn in unpaid taxes, penalties and interest.

Acacia Mining says: " Acacia disputes these assessments. The company is considering all of its options and rights and will provide a further update in due course."

Acacia's main business is in Tanzania where it operates three gold mines.

Rio Tinto responds to SFO probe

A spokesman for the mining giant, says: "Rio Tinto will fully co-operate with the Serious Fraud Office and any other relevant authorities, as it has done since it self-reported in November 2016."

Rio Tinto: Behind the investigation

Rio Tinto
Rio Tinto

More on Rio Tinto and that SFO investigation....

Last year, the mining giant put out a statement saying that on 29 August 2016 it had become aware of email correspondence from 2011 relating to payments of $10.5m made to a consultant who had provided "advisory services" on the Simandou iron ore project in Guinea.

The company launched its own investigation before notifying authorities in the UK, the US and Australia.

Rio suspended Alan Davies, the energy & minerals chief executive who had accountability for the Simandou project in 2011.

Debra Valentine, legal & regulatory affairs group executive who was due to retire on 1 May 2017, stepped down from here role.

It said at the time: "Rio Tinto intends to co-operate fully with any subsequent inquiries from all of the relevant authorities."

BreakingSFO opens investigation into Rio Tinto

The Serious Fraud Office says it has opened an investigation into suspected corruption in the conduct of business in the Republic of Guinea by the Rio Tinto group, its employees and others associated with it.

Acacia shares dive at end of trading day

Here's something interesting. Just before the FTSE 250 closed in London, Acacia Mining tanked.

The gold miner is currently in a dispute with the Tanzanian government over back taxes.

Acacia Mining
BBC

Have money, will travel

Lower close for UK stocks

Asda
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The FTSE 100 has closed down 1.2%, or 93 points, at 7,359.91.

IT company Micro Focus finished Monday as the biggest riser, up 1.3% to £22.24.

Sub-prime lender Provident Financial was the lead loser, down 3,3% at £22.87.

The FTSE 250 closed down 1% at 19,552.35.

B&M European Value Retail's share price rose 4.4% to 356.2p following reports on Sunday that Asda, the UK supermarket chain owned by America's Walmart, is interested in buying the business.

Liam Fox: 'Transatlantic relationship' is important

The World at One

BBC Radio 4

The International Trade Secretary says he hopes the talks he is having in Washington about a potential post-Brexit trade deal with the US, will mean the "transatlantic relationship... is maintained".

Mr Fox said the talks deal with a number of strands including 'continuity' of existing deals.

He also told Radio 4's The World at One that the European Union estimates that 90% of global growth will be outside the EU so "we have to take advantage of those growing markets if we are to continue the prosperity of the United Kingdom".

Ex-trader told to pay money or face more jail time

A former stock market trader has to stump up £350,000 or face a further three years in jail for insider trading, according to the Financial Conduct Authority.

Damian Clarke, a former stock trader at Schroders Investment Management, has three months to pay the money. He was jailed for two years in June 2016 after pleading guilty to nine counts of insider dealing.

Mark Steward, the FCA's executive director of enforcement, said: "Mr Clarke engaged in a systematic and long-running criminal enterprise in order to make significant illegal gains for himself and his family.

"The message should now be clear that insider dealers are increasingly likely to be caught and will be made to fully account for their misconduct," he said.

Sterling edges higher

Sterling is trading up 0.36% against the dollar at $1.3043.

The pound is also ahead 0.58% on the euro at 1.1206 euros.

Are cars electric?

Electric cars being charged
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Electric cars are the future, we're told, but how are we supposed to be powering them?

The government has launched a £246m to help the development and manufacturing of electric batteries.

One of the first things the fund will do is establish a "battery institute" to help improve the affordability of the technology, which needs to bolster charge and use times, reduce storage sizes and boost capacity.

Business minister Greg Clark also wants to establish a "National Battery Manufacturing Development facility" which would support the building of electric batteries for the automotive sector.

Deutsche Bank 'may shift assets to Frankfurt'

Deutsche Bank
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Bloomberg is reporting that Deutsche Bank may shift 300bn euros of its assets from the UK to Frankfurt because of Brexit.

Under a project called "Bowline", the bank wants to begin moving trade and part of its balance sheet to Germany in September 2018. It will inform its clients that its contracts will shift to Frankfurt.

Bloomberg says that much of Deutsche Bank's trade in booked in London. It has 1.59 trillion euros worth of assets.

Investment banks have started setting out plans for hubs in Europe if the UK financial sector loses the right to operate across the EU.

US home resales fall

US home up for sale
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Home sales in the US fell by 1.8% to 5.52m in June according to the National Association of Realtors.

These are resales, not new home sales, and have apparently been hampered by a lack of properties coming onto the market.

New figures show that the number of homes being put up for sale dipped by 0.5% to 1.96m.

Sounds just like the UK.

Smart technology needed for future electricity use

The World at One

BBC Radio 4

New government rules plan to make it easier for people to generate their own power with solar panels, store it in batteries and sell it to the National Grid.

Chris Wright, chief technology officer of Moixa which installs smart home batteries, told the World at One "it's time that smart technology was used to deliver what we need for the future of the grid".

He said he hoped the legislation was "the beginning of a recognition of the power that this can have".

Belgium billionaire boosts Burberry stake

Albert Frère
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Albert Frère

Belgium's richest man Albert Frère has raised his stake in luxury fashion company Burberry to 4% from 3%.

Shares in the FTSE 100 listed company are up 1.1% at 16.61 in afternoon trade.

The company recently welcomed its new chief executive Marco Gobbetti, Designer Christopher Bailey had held that role as well as chief creative officer until Mr Gobbetti's appointment.

Its long-standing chairman Sir John Peace is set to stand down.

Anything Amazon can do...

Britain's largest supermarket chain is taking on the American giant in the same day delivery stakes

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Dov Moran: The man behind the memory stick

US markets open lower

The Dow Jones Industrial Average opened 3.09 points lower at 21,576.98.

The Nasdaq is off 0.67 points at 6,387.09.

The S&P 500 is down 0.88 points at 2,471.66.

The incredible shrinking shopping basket

Nerf fires up Hasbro

Nerf gun
Getty Images

Know what a Nerf is?

They are fancy-looking toy guns and they have helped toy-maker Hasbro report higher than expected sales in the second quarter.

Demand for its Transformers toys has also been strong and total sales rose 10.4% to $972.5m. Profits rose to $67.72m from $52.11m in the second quarter last year.

Halliburton sales soar in second quarter

Halliburton
Getty Images

It is going to be very busy week for company results both in the UK and the US.

On Monday, the oil services giant Halliburton reported an 83% increase in second quarter revenue to $2.7bn thanks to strong business in North America. It also turned a profit of $28m compared to a loss of $3.5bn in the same period a year ago.

Oil prices rise

Oil rig construction
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Brent crude is up 0.9% to $48.50 a barrel.

West Texas Intermediate is also ahead 0.9% at $46.16.

Nigeria set to cap oil production

Opec, the cartel of oil producing nations, is hoping to extend an agreement to cap output to Nigeria.

Opec and other nations including Russia had agreed to reduce production to support the oil price. However, Nigeria and Libya were exempt from the deal and output rose, sending prices lower.

A ministerial committee of OPEC and non-OPEC states that monitors the global oil pact said it had agreed Nigeria would join the deal by capping or even cutting its output from 1.8m barrels per day it stabilises at that level from 1.7m bpd recently.