Got a TV Licence?

You need one to watch live TV on any channel or device, and BBC programmes on iPlayer. It’s the law.

Find out more
I don’t have a TV Licence.

Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. FTSE 100 ends lower
  3. China's Great Wall eyes Fiat Chrysler bid
  4. Sterling at $1.29, 1.09 euros
  5. Wealth manager Rathbone in takeover talks

Live Reporting

By Karen Hoggan

All times stated are UK

Get involved

Good night

That's it from Monday's Business Live.

Many thanks for being with us - and for all your contributions to #bankbandnames.

Do join us again tomorrow from 6am for all the latest news, views and analysis from the world of finance.

Bangers are mashed

Coming up on Tuesday's Wake up to Money

Wall Street close

Wall Street sign
Getty Images

The US markets ended the day mixed.

The Dow Jones closed at 21,703.75 that was a rise of 29 points or 0.13% after two sessions of losses.

S&P 500 was also up a fraction - by 0.12% or 2.82 points at 2,428.37.

The tech-heavy Nasdaq was 3 points or 0.05% lower at 6,213.13.

Oil slips lower

Oil prices are down around 2%.

Brent crude futures are down $1.06 at $51.66 a barrel.

U.S. West Texas Intermediate crude futures ended down $1.14 a barrel, or 2.4 percent, at $47.37 a barrel.

Traders said it was down to profit taking after last week's rally. But the bigger picture is just plenty of oil in supply, including from the US.

Sweet success

Cleusa Maria sitting with cakes on table
BBC

She is the multi-millionaire founder of one of Brazil's most popular chains of cake shops, but there is nothing sweet about the beginning of her life story.

Now 51, Cleusa Maria didn't have the chance to be a child.

When she was nine years old, she was much more familiar with hoes and rakes than with dolls.

She had a grown-up routine, helping her father every day on the small farm they rented in the countryside of Sao Paulo state, in south eastern Brazil.

That was until her dad died in a car accident in 1978 when she was 12 years old.

"That is when I found out that what was bad, could be worse," Cleusa says. Read the full story here

J&J 'will appeal' against order to pay $417m

More on that story we brought you earlier about Johnson & Johnson being ordered to pay $417m to a woman who claimed she developed ovarian cancer after using the company's talc-based products like Johnson's Baby Powder for feminine hygiene.

Reuters reports that the Los Angeles Superior Court jury's verdict in favour of California resident Eva Echeverria was the biggest to date in lawsuits alleging J&J failed to adequately warn consumers about the cancer risks of talc-based products.

The verdict included $70m in compensatory damages and $347m in punitive damages, according to Ms Echeverria's lawyers.

It followed several trials in Missouri state court that resulted in more than $300m in verdicts against J&J.

"We will appeal today's verdict because we are guided by the science, which supports the safety of Johnson's Baby Powder," J&J said in a statement.

Cash crop #bankbandnames

Alan Gleeson has come up with some late contenders for the #bankbandnames challenge.

Our favourites? Barclays James Harvest, Johnny Cash Machine and Bank Williams.

Ofcom facing legal challenge over Sky?

Sky logo
Reuters

Communications watchdog Ofcom could face a legal challenge over its ruling that Sky would remain "fit and proper" to hold a UK broadcasting licence if Rupert Murdoch's 21st Century Fox acquired the 61% of Sky it doesn't already own.

US activist group Avaaz has appointed lawyers and taken the first steps of a judicial review against Ofcom following the regulator's report into Mr Murdoch's £12bn bid.

Ofcom has 14 days to respond to a letter from Avaaz before a formal judicial review can begin.

In June, Culture Secretary Karen Bradley said she was "minded" to refer the deal to the Competition and Markets Authority (CMA) for wider review, based on the risks to media plurality.

Then earlier this month she asked Ofcom for clarification about parts of its investigation of the proposal, extending the timeline for her decision to the end of August.

Avaaz campaign director Alex Wilks said: "Ofcom's made mistake after mistake in deciding to give the Murdochs a clean bill of health to take over more of our media. They need to reopen their investigation to regain credibility."

Why compound interest matters to pensions

Would you live in a micro-home?

Dan Macadam

BBC business reporter

Interior of Leicester flat
Zoopla

The UK has seen a sharp rise in homes little bigger than a budget hotel room, according to consumer group Which?.

The number of newly built micro-homes, which are smaller than 37 sq m - the size of a Tube carriage - rose 40% in the UK last year, the group found.

They are often cheaper than traditional homes, but Which? warned that buyers could struggle to get a mortgage.

Industry experts put the growth down to the housing shortage and the difficulties facing first-time buyers.

Which? found examples of micro-homes of less than 28 sq m - the size of an average Travelodge hotel room - on sale in London for as much as £450,000. Read Dan's full story here

Commuter bugbears

Tube passengers
Getty Images

Fewer than a quarter of Londoners want fellow passengers to start conversations with them on the Tube, a new survey says.

More than half (55%) of those polled prefer it when other people do not talk to them on the Underground, according to YouGov's research.

Only 23% want to have a chat while on the Tube, with 22% unsure.

Women are less likely to want someone to strike up a conversation with them (20%) than men (26%), while passengers over 65 are more in favour of people talking to them on the Tube (26%) than any other age category.

The survey of 1,651 London adults also revealed the most annoying Tube behaviour is when people try to enter a carriage without giving passengers the chance to get off first.

But leaving litter in the carriage, playing music without wearing headphones and being drunk also feature in the list of bugbears.

J&J 'ordered to pay $417m'

Johnson's baby powder bottle
Getty Images

Johnson and Johnson has been ordered to pay $417m (£323m) in a trial over talc products, reports Reuters, quoting the plaintiff's lawyers.

J&J has faced a number of orders to compensate women who said they developed ovarian cancer after using its talcum power.

In May it was ordered by a US court to pay more than $110m (£85m) to a female customer who said she developed the cancer.

Prosecutors argued the company did not adequately warn about the cancer risks associated with the items. J&J said at the time it would appeal.

Experts say links with ovarian cancer are unproven.

Pound up against dollar, down against euro

Sterling euro and dollar notes
Getty Images

Monday saw the pound creep up against a weaker dollar, but lose more ground against the euro.

Sterling's coming under pressure amid concerns about the UK's economic growth and Brexit talks.

Also expectations that interest rates will go up over the next 12 months have receded.

As a result, the pound up by 0.27% against the dollar at $1.29.09.

It's at 1.0921 euros - a fall of 0.26%.

#bankbandnames satisfaction

Rolling Stones on stage in 1999
BBC

Another #bankbandnames contribution from Simon Lamb: This time he suggests the Rolling Loans.

Apple's 'hidden' job ad found online

Apple's hidden job ad
Apple

An advert for an engineer at Apple has been found hidden in the tech giant's website.

The text begins: "Hey there! You found us", and says the firm is looking for "a talented engineer to develop a critical infrastructure component".

It has since been either removed or moved elsewhere.

Cyber-security reporter Zack Whittaker discovered it by chance while analysing some data being sent from iPhone apps - but he is not applying for the job. Read more here

Provident Financial is FTSE's biggest faller

The biggest faller on the FTSE 100 was troubled doorstep lender Provident Financial, which shed 5.8%.

Provident Financial suffered after a Sunday Times article suggested hedge funds were betting against the stock.

Bank campaigner: Co-op 'doesn't stand a chance' without ethics

BBC Radio 5 live

Co-operative Bank
BBC

The Co-operative Group has cut its stake in the Co-op Bank to 1% as part of a £700m restructuring plan from the bank's US hedge fund owners.

Shareholders gave the final approval for the move at a meeting this afternoon.

The bank has lost some customers who were not happy the wider Co-operative Group is loosening its relationship with the bank.

Responding to today's announcement, Shaun Fensom from the campaign group, Save Our Bank, said it was vital the Co-op maintained its reputation as an ethical lender.

"There's every indication that the hedge funds understand the commercial survival of the bank very much relies on not just talking the talk on ethics, but walking the walk as well.

"The bank arguably doesn't stand a chance... unless it has a unqiue selling proposition, and that proposition is its ethics."

FTSE 100 dragged down by geopolitical tensions

The FTSE 100 closed down on Monday (See earlier post), weighed down by financial stocks which were under pressure because of the tensions between the US and North Korea.

HSBC dropped by 0.3% and Barclays lost 1.2%.

However, mining stocks were bolstered by strong metal prices.

Anglo America gained 1.2%.

"Gains across the board for commodities are looking like the main driver," Henry Croft, research analyst at Accendo Markets, said.

"It's definitely the risk assets that do get hit when you see geopolitical tensions rise. Alongside that you have a mixed overview for British banks, what's going to happen in the future - it's looking less and less likely that we're going to see a Bank of England rate hike."

Bright side of the eclipse...

A total solar eclipse is visible across the United States on Monday for the first time in nearly a century.

That has many excited, including the businesses and cities that see the celestial event as opportunity to sell more products and boost tourism.

Michelle Fleury reports.

How to cash in on a solar eclipse

Tyme for more #bankbandnames

US soul group The Tymes, whose big UK hit was "Miss Grace" back in the mid-70s inspired Nick Fitzmaurice to come up with The Financial Tymes.

FTSE 100 closes lower

The FTSE 100 didn't manage to claw its way into positive territory by the close on Monday, ending the day at 7,318.88, a slight fall of 5 points or 0.07%.

Meanwhile the FTSE 250 finished at 19,646.90, a rise of 20 points or 0.10%.

Financial markets under 'cloud'

South Korean protestors hold up  placards reading "Stop war exercise" in Seoul
AFP/Getty Images
South Korean protesters hold up placards reading "Stop war exercise" in Seoul

The markets remain in a "bad mood" on Monday. according to Connor Campbell, financial analyst at Spreadex, with the Dow Jones is still trading lower (see earlier post) and dollar under pressure.

There wasn’t exactly anything new to prompt this negative display from the US markets – but nor does there need to be. America is engulfed two major storylines at the moment: one, the US/North Korea tensions, seemingly set to ramp up again as the former pushed ahead with military exercises in South Korea; and two, the ongoing chaos of Trump’s domestic agenda... Both of these situations are serious enough that their ongoing existence – one threatening global stability, the other indefinitely delaying Trump’s tax and infrastructure plans – is enough to cast a cloud over the markets.

Fiat Chrysler's shares race ahead

Front of some Jeep cars
Getty Images

A quick update on Fiat Chrysler's shares now and on Wall Street they are 7% higher following news that China's Great Wall Motors is interested in snapping up the company.

It closed 6.9% ahead on the Borsa Italiana in Milan.

Co-operative Bank rescue deal gets approval

Co-operative Bank sign
Getty Images

The Co-operative Bank's £700m rescue deal has been approved by members.

The plan leaves its parent company, the Co-op with a shareholding of just 1% - with five US hedge funds taking control of the bank.

The bank says it expects to be able to successfully complete the restructuring and recapitalisation on 1 September.

More manic #bankbandnames

Manic Street Preachers in 1998
PA

And still the #bankbandnames keep coming.

We liked Matthew Bowen's suggestion - Manic Wall Street Preachers.

China Quarterly welcomes CUP reversal

Cambridge University Press China backtrack

There's a terse statement from CUP on why it reversed its decision to censor some articles in China in return for access to the country: "We have listened to the academic community and taken the decision to unblock the articles today."

It was only on Friday CUP said it was curbing access to 300 articles the Chinese government said it didn't like. It said this was troubling, but a price worth paying: "We complied with this initial request to remove individual articles, to ensure that other academic and educational materials we publish remain available to researchers and educators in this market."

'Let's make lots of money' #bankbandnames

Pet Shop  Boys on Top of the Pops in 1983
BBC

Ali Campbell's put a lot of thought into this suggestion - Debt Shop Boys - one of their big hits back in the day was, of course, "Let's make lots of money".

Game on?

Chris Johnston

Business reporter, BBC News

Game Digital
PA

Struggling retailer Game Digital will trial putting outlets inside four Maplin stores in a bid to boost sales.

Game has just over 300 UK stores, but 220 leases are up for renewal by the end of 2018.

Game warned in June that annual profits would be "substantially below" expectations after challenging trading and the poor stock availability of Nintendo Switch.

Mike Ashley's Sports Direct picked up a 26% stake in Game in June.

Shares in the retailer have plunged almost 60% this year, leaving Game worth just £42m.

#bankbandnames fever

The Bee Gees at the Albert Hall
Getty Images

TSB Gees and Pinklloyds - Simon Lamb's cracking contributions to #bankbandnames - we don't know which we prefer ...

BreakingPublisher backtracks on China ban

The world's oldest publishing house - Cambridge University Press - has reversed a decision to censor its content in China.

The change of heart came after complaints from the academic community. Earlier this month, the publisher said it had blocked articles in The China Quarterly that cover sensitive political subjects, such as the Tiananmen Massacre.

CUP said it had been told to do so by the Chinese authorities, otherwise it would not be allowed to publish other material in China.

Wall Street flat at open

Wall Street sign with US flags behind
Getty Images

There was little change at the open on Wall Street, with commentators saying that investors are busy keeping an eye on the tensions between the US and North Korea

The Dow Jones was at 21,653.21, a fall of 21 points or 0.10%.

The S&P 500 was at 2,424.44, down 1 point or 0.05%.

And the tech-heavy Nasdaq was at 6,220.52, a rise of 4 points or 0.06%.

Jeep could help drive Great Wall upmarket

A red Jeep
FCA

More on Great Wall Motors' interest in buying Fiat Chrysler Automobiles (FCA) now and Dr Yupu Lin, research follow at Warwick Business School, says despite being the biggest SUV maker in China Great WAll Motors has a "key technology void, a weakness hindering its long-term development due to a lack of sufficient R&D expenditure".

"Acquiring FCA, especially Jeep, will overcome this weakness and enhance its technological capacity in SUV manufacturing," he reckons.

"Great Wall Motors' SUV brands, such as Haval and Wey, have a decent market share in the low and middle ends of the Chinese vehicle market, but they have lacked the ability to win customers in the high end market, especially for luxury vehicles.

"This potential deal will enhance its competitive ability in the high end of the Chinese SUV market and realise a brand upgrade through Jeep."

Britain's current account deficit in 2015 bigger than thought

£20 notes
Reuters

Britain's current account deficit was even bigger in 2015 than previously thought according to new estimates from the Office for National Statistics.

The ONS said on Monday the current account deficit was £98bn in 2015 which is the equivalent of 5.2% of GDP.

The previous estimate was £80bn or 4.3% of GDP.

Last year the Bank of England Governor, Mark Carney highlighted the country needed tens of billions of pounds of foreign finance a year to balance the books.

Much of the increase stemmed from new methodology that showed British companies paid out more interest to foreign holders of corporate bonds than previously estimated.

FTSE update

Shadow walking past London Stock Exchange sign
Getty Images

Let's check up on how the markets are doing now - and in London the FTSE 100 is pretty much flat at 7,320.29, a fall of 3.69 points or 0.05%.

Meanwhile, the FTSE 250 is ahead at 19,653.78 - that's up 27.32 points or 0.14%.

Going south

Who said shipbuilding in the UK was dead?

View more on twitter

OK #bankbandnames

Radiohead frontman Thom Yorke
Getty Images

This might be the favourite so far. From Craig Gilbey...RatioHead

I got #bankbandnames

Sonny and Cher
Getty Images

Stockbroker James Wood's contribution is a cracker...Sonny and Shares