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Summary

  1. Get in touch at bizlive@bbc.co.uk
  2. FTSE 100 tumbling down
  3. Euro shares drop after Paris car attack
  4. Vantiv buys Worldpay

Live Reporting

By Tom Espiner

All times stated are UK

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Good night

That's all for tonight from the Business Live page. Join us again from 06:00.

US stocks fall slightly on North Korea fears

Strong US and North Korean rhetoric and a sharp increase in geoploitical tensions have driven investors in US markets out of stocks and other risky assets and into safe havens like gold and Treasuries.

After paring some losses, the Dow Jones index closed 0.17% lower at 22,048.70 while the S&P 500 lost 0.04% to 2,472.12. The Nasdaq Composite was down 0.3% at 22,048.70.

Ikea toys with its food

Ikea in-store restaurant in Berlin
Getty Images

Ikea is thinking about setting up standalone Swedish restaurants after forays in London, Paris and Oslo, according to Forbes.

"The big draw at Ikea for a third of the people who pass through its doors isn't furniture at all but food," the article says.

Horse milk ice-cream

Fancy some horse milk ice cream? A Kazakh businessman, who has made it his life's work to find diverse uses for horse milk, has developed mare's milk chocolate bars, ice cream, and yoghurt, according to Eurasianet.org.

Kazakhs traditionally use the milk to make kymys, a fermented alcoholic drink.

But Toregeldy Sharmanov wanted to make foodstuffs for younger consumers, the article says.

Jean-Claude Juncker's 25,000 euro 'air taxi' revealed

Jean-Claude Juncker
EPA

European Commission President Jean-Claude Juncker spent 25,000 euros (£22,600) on a private plane to take a nine-person delegation to Rome, campaigners have discovered.

The "air taxi" was among almost €500,000 (£451,000) in transport and hotel expenses submitted by EU commissioners' for January and February.

They were unearthed by Spanish-based Access Info and Belgian magazine Knack.

The Commission said the spending was within the EU's rules.

Read more here.

Sky investor Odey says Fox bid is losing appeal

Hedge fund manager Crispin Odey is considering withdrawing his support for 21st Century Fox's attempt to take over Sky, saying the £11.7bn offer undervalues the pay TV broadcaster.

Mr Odey, who is the 15th biggest Sky shareholder with a 1% stake, said regulatory delays have caused him to reconsider his support for the deal.

US defence secretary issues stark Korea warning

US Defense Secretary Jim Mattis has told North Korea it should stop any actions that would lead to the "end of its regime and the destruction of its people."

US markets remain in negative territory as some investors head for safe haven assets.

No agreement in latest Scots-UK Brexit powers talks

Michael Russell, John Swinney, Damian Green and David Mundell
BBC

The latest talks between the Scottish and UK governments about the repatriation of powers after Brexit have concluded with no agreement.

First Secretary of State Damian Green met Deputy First Minister John Swinney and Scotland's Brexit Minister Michael Russell in Edinburgh.

The Scottish government fears a "power grab" by Westminster, but UK ministers insist there will be more devolution.

Mr Russell said the latest talks were "useful", but had not changed anything.

Read more here.

EU offers limited post-Brexit residency rights to Britons

The European Union has proposed that Britons living in the bloc after Brexit will only have the right to stay in the country where they are resident when Britain leaves, Brexit minister David Davis has said.

"Their offer only guarantees residence rights in the member state in which a British national was resident at the point of our exit from the EU. It does not guarantee the holder ... any right to onward movement within the EU, for example to work or study in a neighbouring member state," he said.

US imposes more sanctions on Venezuelan officials, says Reuters

The US has imposed sanctions on eight more Venezuelan officials, including the brother of deceased president Hugo Chavez, Reuters reports.

Last week the US imposed sanctions on Venezuela's President Nicolas Maduro after he held a controversial poll.

Fake Google firm shut down after probe

Brother UK boss: 'There were a lot of very difficult conversations'

BBC Radio 5 live

Phil Jones
Phil Jones MBE

The Managing Director of Brother UK, part of the multinational electronics giant, has said his firm got into "a lot of very difficult conversations" with trade credit insurers when the credit crunch hit.

Trade credit insurance is designed to protect a business against commercial and political risks that are outside its control.

“Insurers got very, very nervous," Phil Jones told 5 live.

"They pulled the rug on a lot of that."

Mr Jones said the company also had to pass on big price increases to its customers as a result of the financial crisis, but that now in 2017 the firm is "fully recovered".

'A rain of ruin'

North Korea not imminent threat, says Rex Tillerson

Stop EU exit 'catastrophe', says Davis ex-chief of staff

Britain's exit from the European Union will be the country's biggest calamity since World War Two, a former chief of staff to Brexit minister David Davis has said.

James Chapman also called for a new centrist political party to oppose Brexit.

Mr Chapman was previously an aide to George Osborne, who was pro-Remain, and before that political editor for the Daily Mail, which supported Brexit.

Wall Street slips as rising North Korea tensions rattle investors

US stocks are lower as investors look to safe-haven assets after President Donald Trump's "fire and fury" warning to North Korea escalated geopolitical tensions.

North Korea said it was considering plans to fire missiles at Guam, a US-held Pacific island, after President Trump's warning on Tuesday.

Safe-haven assets gained. Gold rose as much as 1.2% to a near two-month high, while the Swiss franc was on track for its biggest single day rise in about two-and-a-half years.

Disney shares fall as streaming push unnerves investors

Mickey and Minnie Mouse at a theme park in Hong Kong
Getty Images

Walt Disney shares are down more than 4%, their lowest in eight months, as investors digested plans by the world's biggest entertainment company to launch its own streaming services rather than rely on third parties such as Netflix to reach online viewers.

Disney announced its plans on Tuesday alongside quarterly results showing further subscription losses as it struggles to keep hold of viewers defecting to online streaming services.

Bollywood behind India internet archive block?

Varoufakis recalls financial crash 10 years on

The World at One

BBC Radio 4

Ten years ago the first tremors of the banking crisis were felt when the bank BNP Paribas in France, issued a warning about the US mortgage market.

The financial crash led to recession in many countries around the world and the destruction of many livelihoods, but did it also signal the collapse of capitalism itself?

The socialist and former Greek Finance Minister Yanis Varoufakis told Radio 4's The World at One that the first signs of the crash showed a year after 2007. He said: "What crashed and burnt in 2008 was the post-war mechanism by which global capitalism reproduced and stabilised itself."

Manafort home raided by FBI

The financial crisis: The banks 'should've gone to the wall'

BBC Radio 5 live

Clothing factory
BBC

BBC 5 live has been speaking to businesses about how they coped in the credit crunch and the financial crisis that followed.

Mike Stoll, director of Private White VC, in Salford, is unimpressed with the way Lloyds and RBS were bailed out.

He says his business, a British-made clothing firm, cannot borrow money, claiming banks are not keen to lend to "traditional industries".

"They're a busted flush," he says.

"They should've been let go to the wall, and they've just carried on regardless.

"I can't imagine any commercial enterprise having a complete disaster and somebody saying 'Oh, the taxpayer'll fund that.'"

Mike Stoll
BBC

'White House a bigger threat than China to global economy'

The World at One

BBC Radio 4

Donald Trump
Getty Images

Ken Rogoff, former chief economist for the IMF, is a professor of economics at Harvard University.

He famously predicted in August 2008 that a big bank was likely to go under - a month later Lehman Brothers filed for bankruptcy.

He says a big threat to the global economy is "probably China, which has been the most consistent engine of growth."

"Of course, they've been growing so fast for so long, they have their own credit bubble, they have a lot of political issues with the consolidation of power, they can't keep growing exports forever, so I certainly see China as a risk."

"Maybe a bigger risk, of course, is the White House in the US just doing something really irrational. That might sound hyperbolic, but we all hold our breath every day."

'Low productivity could be next economic crisis'

The World at One

BBC Radio 4

Jim (now Lord) O'Neill used to be chief economist for Goldman Sachs.

Looking into his crystal ball, he says the next economic crisis will be linked to low wages, and low productivity, if governments do nothing to address it.

He also says firms spend too much on share buybacks to make balance sheets appear more heathy rather than ploughing money back into the business.

"Normally policymakers over-regulate for what has happened in the past, and haven’t got their eye on what could be the next problem. The real issue… The whole role of how companies report their quarterly earnings, and how the leadership is remunerated on their price/earnings ratio, and the role of… share buybacks, where companies can buy a lot of their own shares to give the appearance of a better price/earnings ratio, which allows them to be compensated better, and so they’re using that cash to improve the balance sheet and their quarterly performance, as opposed to investing in businesses, and that’s partly… why we have such low productivity and with it the low wage problem… inequality, and low wages, and low levels of productivity… is the big looming problem policymakers are not really dealing with."

'The beginning of the end'

The World at One

BBC Radio 4

Jim O'Neill was chief economist for Goldman Sachs at the time of the beginning of the financial crisis.

He says the writing had been on the wall for the global economy at the time.

"The basic problem... is that the US was saving nothing, borrowing money from around the world to increasingly fund rising house prices all over the country, and importantly... it was an era where President Clinton had encouraged the whole population to believe they could own a house, even if they didn’t have a lot of income.

"[On the] other side of the world, China was saving far too much, and happily sending it elsewhere.

"In the middle of it were all these financial institutions doing increasingly exotic things to try and funnel all this money around the world, and the BNP [Paribas press release]… on the 9 [August], ten years ago today, was the first sign of something – almost as though the system was no longer capable of finding a new way to funnel this, and that was the beginning of the end of it."

Was the financial crisis foreseeable?

The World at One

BBC Radio 4

Jim O'Neill
Getty Images

Jim O'Neill was Goldman Sachs' chief economist at the time the financial crisis started ten years ago.

He says he remembers the beginning of the crisis "as though it was yesterday".

Was the crisis foreseeable, he is asked?

"I used to write these pieces about how unsustainable the US balance of payments current account deficit was, and I wrote three different papers on that, and some of our salespeople used to tease me that they were so bored of me focusing on it, they were going to stop sending it to clients."

Bulk annuities set to top £10bn for third year in row

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Getty Images

The bulk annuity market in Britain was worth nearly £5bn in the first half of the year and is on target to top £10bn in 2017 for the third year in a row.

That's according to consultants Hymans Robertson.

It said the growth in the bulk annuity market is because companies are getting insurers to take on the risk of part, or all, of their defined benefit or final salary schemes.

Legal & General's new business in bulk annuities more than doubled in the first half, it reported earlier today.

"The growth potential is massive," said James Mullins, partner and head of risk transfer solutions at Hymans Robertson.

Floody hell: keep valuables to hand

n/a
Getty Images

Flood-hit households and businesses are being urged to contact their insurers as soon as possible.

Heavy downpours have hit parts of the country which means there a high risk of floods.

So the Association of British Insurers has advised people to make sure they keep valuable documents, such as contact points for their property insurer and local authority, to hand.

Work stress is hitting men's mental health

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Getty Images

Men than woman are more likely to suffer from mental health problems, according to mental health charity Mind.

Almost a third of men said work was to blame for poor mental health, compare to just under a sixth of women.

The survey of 15,000 people also found that men were less likely to do anything about problems when they came up.

A "macho" work environment may contribute to poor mental health for many men, Mind suggested.

Read more

National Grid reassures on electric car worries

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Getty Images

National Grid has been busy trying to play down concerns that greater use of electric vehicles could lead to a huge jump in UK power demand.

The Government has announced plans to ban the sale of conventional petrol and diesel cars and vans by 2040.

But the move led to suggestions that charging a large fleet of UK electric cars could dramatically push up peak electricity demand.

National Grid said such a situation was an "outlier", and more likely scenarios predicted much lower extra peak demand by 2040.

Travelling from Luton Airport?

It might be worth reading this Watchdog tip...

View more on twitter

'Next financial crisis will be worse'

Jim Rogers
Getty Images

American businessman and investor Jim Rogers, who predicted the 2008 financial collapse, has been talking to the BBC about how he sees the current situation.

He told World Service television that in his belief the situation has actually "gotten much worse" since then.

"Central banks have been printing money. The debt that has been created since the last crash is overwhelming," he said.

"Countries have talked about austerity, but no country in the world has practised austerity.

"The next crisis when it comes will be worse than anything we have seen."

Stock up on flavoured vodka

n/a
Getty Images

Flavoured vodka has been flying off the shelves in Poland and helped profits at Stock Spirits to soar 32%.

Its operating profit for the six months to 30 June climbed to €16.5million ( £14.9M).

Chief executive Mirek Stachowicz, said: “Initiatives put in place in 2016 are beginning to deliver tangible results including in Poland."

Whitman Howard analyst Chris Wickham said: “Management’s decision to focus on the Polish market appears justified with the company steadily growing market share."

"We're going to run out of money..."

Alistair Darling remembers the "scariest" moment of the financial crash...

View more on twitter

G4S profits fail to impress

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Getty Images

Shares in scandal-hit security firm G4S have been the FTSE 100's biggest faller today as investors remain unimpressed with the company's 16.7% rise in half-year pre-tax profits.

Profits in the six months to June climbed to £237million, mainly due to the turnaround led by chief executive Ashley Almanza.

But G4S remains blighted by a series of cock-ups, including a prisoner-tagging scandal and its failure to supply adequate security for the London Olympics in 2012.

More efficient petrol engine

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Getty Images

Japanese carmaker Mazda has developed a more efficient petrol engine at a time when the industry steers toward electric vehicles.

It said the compression ignition engine was up to 30% more fuel-efficient than its current engines.

It plans to sell cars with the new engine from 2019.

Full story here

South Londoners paying insurance postcode premium

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Getty Images

Do you live in south west London? You currently face the highest home insurance premiums, according to MoneySupermarket.

The comparison site analysed more than four million insurance quotes during July to identify the areas with the most expensive and cheapest premiums.

South Londoners are typically paying £198 a year, with the average across the country at £119.

The cheapest place to cover? That's Durham, according to the research, with premiums just £98 a year.

Bank to identify staff conflicts of interest

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The Bank of England is creating a new post to identify potential conflicts of interest among its staff.

It's acted after a review kicked off by the resignation of deputy governor Charlotte Hogg after a parliamentary committee rebuked her over her failure to declare a potential conflict of interest about her brother's role at Barclays.

The Bank said it would update its requirements for notification of personal relationships and potential conflicts, as recommended in the review which was conducted by the BoE's non-executive directors.

"I welcome this review and its recommendations, which will be implemented in full," BoE Governor Mark Carney said.

Pound holds steady

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The pound has steadied against the dollar this morning after losing almost 2% of its value against the US currency since the Bank of England voted last week to keep interest rates on hold.

Against the euro the pound strengthened 0.3% to 90.15p, after having hit a 10-month low yesterday.

Trump's "Fire and fury" talk rattles markets

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Fear of Trump's "fury" seems to have driven the FTSE 100 down this morning. It pulled away from the progress of recent days falling 0.66% in early morning trading.

Security group G4S was the biggest faller despite reporting a 7.6% rise in first-half profit.

The firm's shares slid 3.7% after chief executive Ashley Almanza said it would sell off more underperforming assets this year.

Darling: "That was chilling"