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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Saudi export cap lifts oil prices
  3. US stocks rise on strong results
  4. Ex-Twitter boss joins AI debate
  5. Michael Kors to buy Jimmy Choo

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 today.

We hope to see back with us on Wednesday when we'll get the first reading of UK GDP for the second quarter.

Until then, have a good evening.

Watch: Counting the bitcoins

Eleesa Dadiani is the owner and founder of Dadiani Fine Art, an art gallery on London's upmarket Cork Street.

She thinks accepting cryptocurrencies like Bitcoin as payment will be an investment in the future of her business.

Bitcoin - that'll do nicely

Markets close

US stock market traders
Getty Images

The Dow Jones ended the day at 21,613.56 that was a rise of 100.39 points or 0.47%.

The S&P 500 was up 7.17 points or 0.29% at 2,477.08.

And the Nasdaq was only 1.37 points higher or 0.02% at 6,412.17.

Debating the bill

As the US votes to debate a new Republican healthcare bill President Trump has tweeted his gratitude to Senator John McCain for making his way to the chamber despite his illness.

View more on twitter

But Nobel prize-winning economist and New York Times columnist Paul Krugman points out one drawback.

View more on twitter

Bit sticky after 3M posts its results

Coming up to the end of the trading day on Wall Street and it looks as though 3M may be today's biggest loser in the Dow Jones, with its shares down around 5.4%.

The maker of Scotch Tape and Post-it Notes told investors earlier in the day it had seen weaker-than-expected sales growth over the last few months.

Microsoft Paint - saved from the scrapheap

Watch: Blowing in the wind

Its turbines are than Big Ben with the power to fuel thousands of homes. Welcome to the world's first floating wind farm.

World's first floating offshore wind farm in Scotland.

Stocks edge upwards

So the US Senate has voted to start a debate on healthcare by the slimmest of margins.

The Dow Jones Industrial Average has inched up and is now trading 119.51 points ahead at 21,632.68.

The S&P 500 is up 9.22 points at 2,479.13.

The Nasdaq is up 8.21 points at 6,418.98.

View more on twitter

Markets up ahead of US healthcare vote

The Dow Jones Industrial Average has trimmed gains just a little as the Senate votes to debate its proposed repeal of Obamacare.

It is now up 117.76 points at 21,630.93.

The S&P 500 is up 8.83 points at 2,478.74.

The Nasdaq is up 7.01 points at 6,417.83.

Gone in a Flash

Former Twitter boss weighs in on AI debate

Artificial technology
Getty Images

The former boss of Twitter, Dick Costolo, has added his 2p worth to the debate over artificial intelligence between fellow tech giants Elon Musk and Mark Zuckerberg.

Mr Costolo told CNBC: "I'll play diplomat and say I think what Elon meant to say is that Mark's view of this is optimistic. I do tend to take the more pessimistic view that it will be hard to keep general AI in a box."

He added: "If you hypothesize that we could create intelligence greater than ours, it's pretty easy to jump from there to think that intelligence would be able to figure its way out of any sort of logical box you try to put it in.

"Mark tends to be much more of an optimist on the future of technology."

Oil price breaks through $50 a barrel

US oil rigs
Getty Images

Brent crude has surpassed $50 a barrel, after rising 2.9%, for the first time since early June.

West Texas Intermediate still has a little way to go before reaching that benchmark but on Tuesday it was ahead 3.1% at $47.78 a barrel.

Brent crude
BBC

Lower prices may be affecting US shale production, according to Mark Watkins, regional investment manager at US Bank.

"Companies are not drilling as fast they had been in the beginning of 2017. They're not producing as much because it's much less profitable with prices in the low $40s."

IMF predict 'modest' rise in post-Brexit charges

The International Monetary Fund reckons that there would only a modest increase in transaction costs if clearing and other financial move from London to the European Union after Brexit.

The IMF said in a report: "Brexit is likely to transform the financial landscape, with some market activity migrating to EU-27."

It said clearing and "securities transactions" could be moved from London, causing higher transaction costs during the transition. But "the impact is likely to be modest", it said.

US stock markets rise

The S&P 500 continues to surge ahead and is now up 10.07 points at 2,479.98.

The US Dow Jones Industrial Average is trading up 142.18 points at 21,655.35.

The Nasdaq has turned around earlier losses and is up 7.51 points at 6,418.32.

Watch: Rehab for hackers

And you thought your teenager's messy bedroom was a problem.

The National Crime Agency has started the UK's first 'rehab' course for hackers, to explain to attendees what is illegal online.

UK's first boot camp hopes to reform teenage hackers

GDP a 'scoreboard for Brexit'

Sterling
Getty Images

One of the key pieces of economics data to emerge this week is the first reading of Britain's GDP growth for the April to June period.

The ONS will reveal the figure on Wednesday and the consensus points to a rise of 0.3% compared to 0.2% growth in the first quarter.

Laith Khalaf, senior analyst, Hargreaves Lansdown, says: "The GDP growth number is very politically charged at the moment, because it acts as a scoreboard for Brexit.

"A growth number close to 0.3% could probably best be described as muddling through.

It would be higher than the dire economic forecasts we saw in the immediate aftermath of Brexit, though it makes the latest Bank of England prediction for 1.9% growth this year a bit stretched, and requiring a significantly stronger second half of the year."

Tinker, tailor, soldier, vacuum cleaner

The Roomba smart vacuum
IRobot
A spy in our midst? The Roomba smart vacuum cleaner

IRobot, the maker of the Roomba smart vacuum, could one day sell data drawn from the maps the devices build up of individual homes as they clean.

The Roomba is an automated floor cleaner that can be activated via an app and find its own way around, using sensors and a camera.

Founder Colin Angle said the data they gathered could be used to make other devices work better in a smart home.

Nothing would be done without the owner's consent, he added.

Read the full story here.

The sun shines on America

American flags
Getty Images

Consumer confidence in the US rose to a near 16 year high in July, according to new data.

The Conference Board said its consumer confidence index surged to 121.1 this month, the second highest reading since 2000, from 117.3 in June.

Chris Rupkey, chief economist at MUFG, said: "This brightens the outlook for the economy as we enter the second half of the year.

"We expect Fed officials will continue with their gradual pace of rate hikes secure in the knowledge that a confident consumer means that more spending is on the way."

The US Federal Reserve is due to announce its latest monetary policy decision on Wednesday.

Listen: selling an icon

BBC World Service

Jimmy Choo sells to Michael Kors for $1.2bn - but why sell an iconic brand?

Former VW executive to plead guilty

Oliver Schmidt
Getty Images

The Volkswagen emissions scandal rumbles on...

The latest development is that Oliver Schmidt, the former head of VW's environmental and engineering centre in Michigan, is set to plead guilty in August according to a report by Reuters.

No details have emerged of Mr Schmidt's plea agreement. He has been charged with 11 felony counts.

Earlier this year, Volkswagen pleaded guilty to three felony counts under a plea agreement to resolve US charges it installed secret software in vehicles to cheat on emissions tests.

Miners lift FTSE 100

Mining quarry
Ge

The FTSE 100 index closed 67.63 points up at 7,445.36.

Miners were Tuesday's biggest gainers, lifted by a rise in copper prices. Shares in Antofagasta rose the most, up 7.63% at 952.5p.

Sub-prime lender Provident Financial spent a second day at the top of the biggest losers list, with its shares down 5.5% at £21.69 after its interim profits fell by 22.6%.

The FTSE 250 ended up 31.45 points at 19,647.70.

Acacia Mining fell a further 10.3% to 165.4p after receiving a huge tax bill from the Tanzanian government, where the company mines for gold.

Chief executives called to testify on net neutrality

The internet
Getty Images

The chief executives of some of the world's biggest technology and telecoms companies have been asked to testify about the future of net neutrality rules.

The US House Energy and Commerce Committee asked the bosses of Alphabet, which owns Google, Facebook, Amazon, Netflix, AT&T Inc and Verizon Communications.

The Federal Communications Commission is considering scrapping an Obama era rule that would prevent the prioritisation - or "throttling" - of data.

Musk v Zuckerberg

Nurturing growth

Electric car being charged
Getty Images

The Society of Motor Manufacturers and Traders welcomes the announcement that BMW will build its new electric Mini in the UK.

However, the government needs to do more.

Its chief executive Mike Hawes, says: "Alternatively fuelled vehicle registrations have experienced significant growth in recent times, up 27.5% this year alone, but consumer adoption is still at a relatively low level.

"As part of a broad industrial strategy, government must create the conditions for this technology to flourish including infrastructure and long-term incentives for this new generation of vehicles is to be the car of choice of more motorists.”

Oil price extends gains

Nigeria oil production
Getty Images

Saudi Arabia's decision to reduce oil exports in August adds to other measures that will limit output, leading to higher crude prices.

Opec and non-Opec members have been meeting in Russia to discuss what additional measures can be taken to reduce the oil glut. On Monday, it appeared that Nigeria would cap its output.

Saudi Energy Minister Khalid al-Falih said that his country would limit its crude exports to 6.6m barrels per day next month, almost 1m bpd lower than a year earlier.

Brent crude is now up 1.9% at $49.52 a barrel.

West Texas Intermediate is also up 1.9% at $47.24.

Vince Cable: 'Worrying' parallels to crash of 2008

The World at One

BBC Radio 4

Sir Vince Cable, who predicted the 2008 financial crash, has warned there are "worrying" parallels between the current economic situation and the "massive economic heart attack" the country suffered then.

The leader of the Liberal Democrats was talking to Radio 4's World at One after a Bank of England official warned that a sharp rise in personal loans could pose a danger to the UK economy.

Sir Vince acknowledged the situation had changed with the financial authorities now making banks hold more capital, but for those individuals who have got the loans, "there is a worry that if the economy slows down... or interest rates go up, then they could be hurt quite badly."

IMF cautions ECB against early tapering

Euro notes
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The International Monetary Fund thinks (IMF) it would be "premature" for the European Central Bank to begin tapering its economic stimulus programme.

The IMF said it should maintain a "firmly accommodative" monetary policy for an "extended period". It said that calls for the ECB to begin winding down its 60bn euros a month bond-buying programme were "premature" because consumer prices were not rising quickly enough.

The IMF reckons eurozone inflation will hit 1.6% this year, before slowing to 1.5%, further below the European Central Bank's 2% target.

The monster under the house

BBC Radio 5 live

Fashion victim?

Jimmy Choo
Jimmy Choo

Michael Kors' shareholders may have some reservations about this £896m deal to buy luxury shoemaker Jimmy Choo.

Shares in the fashion group are down 4.1% to $33.46.

Post-It note maker disappoints

Building equipment giant Caterpillar and fast food chain McDonald's are leading the US Dow Jones Industrial Average after strong second quarter results.

Conversely, 3M is the biggest loser so far with its share price down 3.6% at $202.39.

3M makes Post-It notes among many, many other things, but its most recent financials have left investors underwhelmed after narrowly missing both profit and sales forecasts for the second quarter.

Investors send Alphabet shares lower

Google logo
Getty Images

One of the reasons for the Nasdaq's fall is Alphabet.

The company that owns Google reported on Monday evening that a 2.4bn euros fine by the European Commission had taken a big chunk out of its profits for the second quarter.

Tuesday morning is the first chance investors have had to react last night's announcement - and they have sent Alphabet's shares down 3% to $967.25.

S&P 500 hits record, Nasdaq slides

US stock market traders
Getty Images

The Dow Jones Industrial Average surged in the early minutes of opening on Tuesday, rising 145.44 points to 21,658.61.

The S&P 500 is ahead 8.68 points at 2,478.59 - hitting a new record.

However, the technology-heavy Nasdaq has given up 4.69 points at 6,406.11.

Saudi export pledge lifts oil prices

Oil prices continued to rise on Tuesday after Saudi Arabia, the world's biggest producer, said it will cut exports in August.

Brent crude rose by 1.7% to $49.40 a barrel. West Texas Intermediate also gained 1.7% to $47.13.

Banks' service should be rated, says watchdog

The car of the future

Mini
Mini

So what will this new electric Mini look like? Well, pretty much like the current model.

If it ain't broke...

BMW: 'No reassurances on post-Brexit trading'

BMW says it "neither sought nor received any reassurances from UK government on post-Brexit trading arrangements regarding electric Mini investments".

New Mini - business secretary reaction

BMW builds the Mini at its plant in Oxford
Getty Images
BMW builds the Mini at its plant in Oxford

Business Secretary Greg Clark said: “This landmark decision is a vote of confidence in the determination of our industrial strategy to make Britain the go-to place in the world for the next generation of vehicles.

“BMW’s decision recognises the strength of the excellent workforce, our record of innovation and the productive relationship between the automotive sector and the Government.

"The automotive industry is a great British success story and the Mini is a big part of that. UK car production hit a 10 year-high last year, with 1.7 million cars made and over 800,000 people employed across the wider industry – we want to see the sector continue to innovate and grow here in the UK, supported by initiatives such as the new battery institute as part of our industrial strategy."

Electric Mini

Here is BMW's statement on building the electric Mini at Cowley, near Oxford. It says that by 2025, the BMW Group expects electrified vehicles to account for between 15-25% of sales.