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Summary

  1. Discovery Communications to buy Scripps Networks
  2. Snapdeal ends talks over sale to Flipkart
  3. HSBC reports sold results; raises PPI provision
  4. UK regulators keen to end overdraft charges

Live Reporting

By Dearbail Jordan

All times stated are UK

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UK and EU flags

Alex Hunt

BBC News

A guide to how the UK will leave the European Union after the 2016 referendum.

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Good night

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BBC

Thank you for joining Business Live.

Tuesday promises to be very busy with a huge number of companies reporting results including BP, British Gas-owner Centrica and Rolls-Royce.

We look forward to bringing you all the breaking news.

What has immigration policy got to do with cats?

If you haven't read BBC business correspondent Simon Jack's blog yet, here's your chance.

View more on twitter

Record high for Dow Jones

Wall Street trader
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Wall Street has closed, with the Dow Jones managing to hit another record high.

The Dow Jones rose 60.81 points, or 0.28%, to close at 21,891.12, the S&P 500 lost 1.78 points, or 0.07%, to 2,470.32 and the Nasdaq Composite dropped 26.55 points, or 0.42%, to 6,348.12.

US imposes sanctions on Venezuelan leader

The US government has branded Venezuela's President Nicolas Maduro "a dictator" and frozen any US assets, after he held a controversial poll to elect a constituent assembly.

Under the sanctions, US firms and individuals are banned from doing business with Mr Maduro.

Mixed trading on Wall Street

Not long until US markets close now. The Dow Jones is currently up 0.42% making it the only one of the main indexes trading higher.

The S&P is flat, while the Nasdaq is down 0.3%.

Tech stocks including Facebook and Google parent firm Alphabet are both down almost 2%.

"The bull market is sort of broadening out and people are taking a few profits off the table on some these stocks that have done exceedingly well," said Randy Frederick, vice president of trading and derivatives for Charles Schwab.

Watch: the end of keys?

If you are always losing the keys to your office, home or hotel room, perhaps you'll like the idea of your phone or watch being able to, quite literally, open doors.

Will keys become a thing of the past?

Oil prices rise on possible Venezuela sanctions

f President Nicolás Maduro
EPA

Oil prices are unsettled on Monday.

Brent crude is up 0.9% at $52.68 while West Texas Intermediate is also ahead 0.9% at $50.15.

The US is considering putting in place sanctions against Venezuela's oil sector following the country's controversial election of President Nicolás Maduro (pictured).

Scaramucci out as White House comms chief

Anthony Scaramucci
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Former hedge fund manager Anthony Scaramucci has been removed as the White House communications director after 10 days in the job.

Cartman the robot is victorious

Cartman
ACRV
Cartman in action

Cartman - a budget-priced robot from Australia - has triumphed in an annual contest to create a machine that can identify, pick up and stow warehouse goods.

The bot was designed from scratch to take part in 2017's Amazon Robotics Challenge and used a radically different design to past winners.

Read the full story here.

BNP Paribas real estate arm to buy Strutt & Parker

BNP Paribas
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French investment bank BNP Paribas has announced that its real estate arm will acquire UK property service company Strutt & Parker.

Strutt & Parker has 60 offices across Britain and works with corporate and private clients.

Tesla shares fall on spectre of 'manufacturing hell'

Tesla Model 3
Tesla

Shares in Tesla fell by 3.5%$ to $323.37 after its co-founder and chief executive Elon Musk warned that the electric car maker faces "manufacturing hell" as it increases production of its new mass-market Model 3 sedan.

At the launch on Friday, Mr Musk said more than half a million reservation had been made for the Model 3.

However, he also said "We're going to go through at least six months of manufacturing hell."

Bitcoin rebels risk 'currency trading chaos'

Bitcoin
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A split in the Bitcoin community is set to create a new incompatible version of the cryptocurrency on Tuesday.

A group of insiders is unhappy with existing plans to speed up transaction times.

They plan to offer existing investors a matching amount of a new virtual asset - called Bitcoin Cash - which could put pressure on the value of original bitcoins.

One expert has warned there could be trading "chaos" over the coming days.

Read the full story here.

Snap shares fall lower

Snap Inc
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So Snap Inc's share price is now down 2.61% at $13.45 - far below the Snapchat owner's $17 flotation price in March.

From Monday and into August, a lock-in that stopped investors from selling stock has expired.

Watch: Live your passion

Sukhinder Singh is the chief executive of the Whisky Exchange, one of the UK's largest online retailers of fine wines and spirits.

What is now his business began as his passion - he began collecting miniature bottles of whisky after helping out at his parents' off licence in Hanwell, west London.

Whisky collector-turned CEO: Live your passion

HBO confirms 'cyber incident'

game of thrones
HBO

A group of hackers claims to have stolen the script for a forthcoming Game of Thrones episode and other data in a breach at entertainment firm HBO.

The group says it has 1.5 terabytes of the company's data and has posted episodes of Ballers and Room 104 online.

It added that more material would be released "soon".

HBO confirmed it had experienced a "cyber incident" in a statement.

Read more here

EU agencies deadline looms

Canary Wharf
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Dublin's submission for the EBA comes ahead of the looming midnight deadline for EU countries to submit bids for a new home for two agencies that will be relocated from the UK after Brexit.

The European Banking Authority (EBA) and European Medicines Agency (EMA), both based in Canary Wharf in London, will move after Brexit.

About 20 countries are expected to enter the bidding process.

The contest has pitched larger countries against smaller ones from across the EU.

Each country can bid to host one or both agencies. But it can only make one bid per agency.

The European Commission will assess the entries based on the quality of office space, job opportunities for spouses, good "European-oriented" schooling and transport links.

Accessibility and efficient infrastructure are the top two agreed criteria.

Dublin bids for European Banking Authority

Ireland countryside
BBC

The Irish Government has made a formal bid to host the European Banking Authority (EBA) when it relocates from the UK after Brexit.

Frankfurt - location of the European Central Bank and a major financial centre - is seen as favourite to get the EBA.

But the Irish government is marketing Dublin as a location, with a brochure that highlights the city's business culture as well as "beaches and mountains on its doorstep"

Financial services and insurance minister Michael D'Arcy said his department's submission outlines how Dublin meets the criteria set out by the European Council and the European Commission, and highlights how a relocation to the Irish capital would be the least disruptive move for the EBA and its staff.

The Bank of England responds to strike action

A spokesperson for the Bank of England says: “The Bank has been informed that industrial action called by Unite will commence at midnight tonight for three days.

"The Union balloted approximately 2% of the workforce. The Bank has plans in place so that all essential business will continue to operate as normal during this period.

"The Bank has been in talks with Unite up to and including today and remains ready to continue those talks at any time.”

Nasdaq reverses

The Dow Jones Industrial Average is now ahead 84.11 points at 21,914.42.

The S&P 500 is up 1.55 points at 2,473.64.

However, the Nasdaq is down 17.54 points at 6,357.14.

Randy Frederick, vice president of trading and derivatives for Charles Schwab, said: "We've been in a little bit of pull-back on some of the tech stocks for the last few days. I think it's just a matter of the fact that they have had a very strong run."

Sleight of hand

BBC business journalist Joe Lynam tweets...

Qatar takes fight to boycott nations

More on Qatar filing a legal complaint with the WTO to challenge a trade boycott by Saudi Arabia, Bahrain and United Arab Emirates.

Reuters reports that by formally "requesting consultations" with the countries Qatar has triggered a 60 day deadline for them to settle the complaint or face litigation at the WTO and potential retaliatory trade sanctions.

Smoke and water lead the FTSE

The FTSE 100 has closed up 3.63 points at 7,372.

The biggest gainers on Monday were water stocks - Severn Trent finished up 4% at £22.40 and United Utilities ended 2.9% higher at 897.5p.

On the fallers, Imperial Brands and British American Tobacco closed down 5.9% and 4.9% respectively, following an announcement by the US Food and Drug Administration that it would aim to find ways to reduce nicotine in cigarettes.

The FTSE 250 ended 52.95 points ahead at 19,781.14.

Bank has 'plans in place' for strike

Bank of England worker
Getty Images

Worried that the Bank of England is going to grind to a halt as employee walk out over pay?

Fear not, the Bank has contingency plans in plans.

It told the BBC earlier this month: "Should the strike go ahead, the Bank has plans in place so that all sites can continue to operate effectively."

Arsenal owner's hunting TV app sparks protests

Qatar complains to WTO over trade boycott

Reuters is reporting that Qatar has launched a complaint with the World Trade Organisation against the trade boycott by Saudi Arabia, Bahrain and the UAE.

Pound edges ahead of dollar and euro

Sterling is currently 0.40% higher against the dollar at $1.31880

The pound is also marginally ahead of the euro at 1.11840 euros.

Bank workers to strike on 'super Thursday'

The staff who are due to go on strike at the Bank of England are Unite members who work in maintenance, security and hospitality.

It is quite a week to go on a three day strike - on Thursday the Bank of England will release its interest rate decision, the minutes of the latest Monetary Policy Committee meeting and its Inflation Report.

Protesters to gather outside Bank

It will be the first time for 50 years that staff at the Bank of England will go on strike.

Employees are unhappy about a below inflation pay rise of 1%.

Protestors are set to gather outside the Bank of England building on Threadneedle Street on Tuesday.

View more on twitter

BreakingBank of England staff to strike

A three-day strike by Bank of England workers will go ahead from Tuesday after talks at the conciliation service Acas ended without agreement, the Unite union said.

British Gas jumps the gun?

There must have be red faces all round at British Gas on Monday. The company, which is owned by Centrica, posted the following release on its website before it was quickly removed.

British Gas
British Gas

The "blah blah" under the title of the release suggests it wasn't ready to go up on the site.

A spokesman for British Gas said: “We don’t speculate about possible future pricing. We’ve made no announcements.” Shares in Centrica fell 1.1% to 199.1p.

Centrica is due to release its interim results on Tuesday so we may discover then if there are any changes to prices.

Or they just might end up being a load of old blah blah.

Snap shares fall as lock-in expires

Snap Inc
Getty Images

Shares in Snap Inc, owner of the Snapchat messaging app, fell on Monday after an investors' lock-in on its stock came to an end.

Its share price slipped by 0.14% to $13.79, further below its float price of $17.

From Monday, early investors, employees and other insiders will be able to sell stock for the first time since Snap floated in March.

Oil prices reverse

Oil rig
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After a positive week, oil prices ticked lower on Monday.

Brent crude fell by 0.4% to 52.01 a barrel.

West Texas Intermediate is off 0.5% at $49.45 a barrel.

US home sales rise

US house sale
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US home sales rose in June after three consecutive months of declines.

The National Association of Realtors says that its Pending Home Sales Index, which is based on contracts signed last month, rose by 1.5% to a reading of 110.2.

However, growth is being constrained by a lack of supply.

The National Association of Realtors chief economist Lawrence Yun, says: "Market conditions in many areas continue to be fast-paced, with few properties to choose from, which is forcing buyers to act almost immediately on an available home that fits their criteria."

Chances of meeting Brexit deadline 'infinitesimally small'

Merry Christmas and a happy summer holiday

Christmas in Spain
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More on Selfridges opening its Christmas shop in July.

While shoppers can buy baubles and stocking fillers from the Oxford Street store in London from Monday, they can buy Christmas food from this Friday.

So that means, should you fancy a slice of Christmas cake IN AUGUST, you need only wait a few days for your wish to come true.

The Guardian quotes Eleanor Gregory, Selfridges Christmas and home buyer, who says that some domestic customers like to do their festive shop "very early" and like to tick it off their "to do list".

Right.

Investors give cool reception to Scripps deal

The reaction to Discovery Communications' $14.6bn offer for Scripps Networks Interactive is pretty muted.

Shares in Scripps are up 1.08% at $87.85 while Discovery Communications' stock is down 2.65% at $26.09.

Wall Street opens up

New York Stock Exchange
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The Dow Jones Industrial Average has opened 52.30 points higher at 21,882.61.

The S&P 500 is 5.03 points ahead at 2,477.13.

The Nasdaq is up 19.27 points at 6,394.06.

More UK firms facing 'financial distress'

The number of UK companies facing “significant” financial distress has risen at the fastest annual rate for three years, according to business recovery practice Begbies Traynor.

The company said 329,834 firms were in trouble at the end of the second quarter of this year, a 25% increase from a year earlier.

The property and construction sectors saw the biggest rise in the number of struggling companies.

Ric Traynor, executive chairman of Begbies Traynor, said its research found that "a recent loss of momentum in the economy is putting increased financial pressure on UK businesses, with SMEs bearing the brunt of this rising distress, as businesses contend with uncertainty over Brexit negotiations and an inconclusive election result, alongside rising costs".