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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Facebook shares slip further as scrutiny intensifies
  3. Twitter shares fall sharply
  4. UK inflation comes in at 2.7% as petrol prices fall
  5. Regulators turn up heat on Facebook

Live Reporting

By Lucy Hooker

All times stated are UK

Good night

That's all for tonight. See you again tomorrow at 06:00.

Listen to Business Daily podcast on Facebook data row

A collage of profile pictures at a Facebook data centre
Getty Images

If the dispute over the harvesting and use of personal data by the data analytics firm Cambridge Analytica has piqued your interest we have more.

Tuesday's Business Daily podcast looks at the story as Manuela Saragosa speaks to Tijmen Schep, a Dutch technology critic and author of a book called Design My Privacy, about the realities of the data economy, and to Paul-Olivier Dehaye, co-founder of a Swiss start-up called PersonalData.IO, which helps people reclaim their data from companies like Tinder.

And US tech journalist Ben Tarnoff discusses the prospect of tighter regulation on the way tech firms like Facebook use the information they have on their users.

You can download or listen online.

What's the future for farming after Brexit?

Wall Street closes up with Twitter and Facebook falling

Twitter was more than 10% down and Facebook more than 2.5% lower after a day punctuated with reports of increased scrutiny of the social media sector.

However the major indexes shook that off to end slightly higher across the board.

The main Dow Jones index was 0.47% higher at 24,727.

The broader S&P 500 was 0.15% higher at 2,717.

The Nasdaq was up 0.27%% at 7,364.

Trump congratulates Putin over election win

Vladimir Putin, President of Russia speaks during the Preliminary Draw of the 2018 FIFA World Cup in Russia at The Konstantin Palace on July 25, 2015
Getty Images
Mr Putin has been either president or prime minister for almost 20 years

US President Donald Trump says he will meet the Russian leader in the "not too distant future".

Is leaving Facebook the only way to protect your data?

If the talk swirling around Facebook has left you concerned about your data, the BBC tech team has been looking into what measures you can take.

View more on twitter

User data 'still ripe for exploitation'

A blogpost published today, by MIT's Computer Science and Artificial Intelligence Laboratory (CSAIL) suggests companies could still harvest user data from Facebook, despite claims that access has been tightened up and that Facebook might not even be able to detect them doing it.

View more on twitter

If you missed it: Mr Nix on BBC Newsnight

This is the interview Mr Nix gave to BBC Newsnight yesterday before the broadcast of the secret recording on Channel 4.

He says CA was doing "very legitimate data driven marketing".

View more on twitter

Nix 'does not represent values' of CA

Alexander Nix
Getty Images

Alexander Nix's suspension comes after a Channel 4 undercover report which recorded him discussing the firm's work for Trump's election campaign and appears to suggest tactics his company could use to discredit politicians online.

Cambridge Analytica's board said in its view "Mr. Nix’s recent comments secretly recorded by Channel 4 and other allegations do not represent the values or operations of the firm and his suspension reflects the seriousness with which we view this violation."

"We have asked Dr. Alexander Tayler to serve as acting CEO while an independent investigation is launched to review those comments and allegations."

Cambridge Analytica suspends chief executive

The controversial firm accused of inappropriately utilising data harvested from Facebook has suspended its chief executive, Alexander Nix.

View more on twitter

McDonald's plans to go green

McDonald's burger
Getty Images

McDonald's says it's adopting a plan to cut its greenhouse gas emissions by a third.

"To meet this goal, we will source our food responsibly, promote renewable energy and use it efficiently, and reduce waste and increase recycling," the firm's British born chief executive Steve Easterbrook says.

He even says they'll tackle the emissions inevitable emanating from a field of cows.

The plan may be met with some scepticism. But this could be more than greenwash.

It has been approved by the Science Based Targets initiative - that's a collaboration between a bunch of organisations who it can be safely assumed don't carry a torch for McD's such as the World Resources Institute, the World Wildlife Fund, and the United Nations Global Compact, which help companies address climate change.

So as long as Mr Easterbrook is as good as his word, a Big Mac and fries could soon be bathed in a righteous green halo.

Authorities raid BMW premises

BMW's Munich headquarters
Getty Images

German public prosecutors have searched the premises of BMW in Munich and in Austria, as part of an investigation into whether the car maker - like VW - may have been manipulated exhaust emission tests.

BMW said prosecutors were looking into "erroneously allocated" software in about 11,400 vehicles of the BMW 750d and BMW M550d luxury models.

BMW last month recalled 11,700 cars to fix engine management software, saying it discovered that the wrong programming had been installed.

Presumably we'll hear more at BMW's annual results on Wednesday.

Facebook share price slide in perspective

Facebook shares over past 9 months
BBC

The past two days have been rough on Facebook shares. But if you check out the graph above, showing the last nine months of trading, things don't look quite so bad.

Toyota calls 'timeout' for self-drive tech

self driving car on screen
Getty Images

Toyota says it is pausing its autonomous vehicle testing after an accident in which an Uber Technologies self-driving vehicle ran over and killed a woman in Arizona.

Toyota's statement said: "the incident may have an emotional effect on our test drivers.

"This 'timeout' is meant to give them time to come to a sense of balance about the inherent risks of their jobs."

Twitter's Israel connection

Another reason Twitter shares are down so sharply could be a suggestion that the Israeli government is considering legal action against the micro-blogging website, according to Business Insider.

The Israeli government says Twitter has been ignoring their requests to remove content that suggests violence towards the state - some of which reportedly stems from the US's plan to move its embassy to Jerusalem.

FB live stream your meeting, why not?

Facebook employees should about now be in a hurriedly called meeting to discuss the firm's ongoing difficulties.

Buzzfeed reporter Ryan Mac adopts this novel approach to trying to get the inside track on what's being said:

View more on twitter

Why is Twitter down so sharply?

Joe Miller

Business reporter

Twitter logo
Getty Images

It’s not just Facebook shares that have been hit by the ongoing Cambridge Analytica scandal.

Twitter is sharply lower - down more than 9% (so far).

Our New York business reporter, Joe Miller, provides the following explanation:

"The louder the calls for increased regulation, and the more scrutiny there is over how user data is gathered and sold, the more investors are worried that the basic business model on which Facebook and Twitter are built – namely to sell targeted ads – is under threat.

"It’s worth noting though, that many analysts think tech stocks, which have been powering ahead in recent months, were overpriced and due a correction. So it will take a while to assess whether what we are seeing is a fundamental reassessment of the industry's worth."

Car insurers back whiplash claim crackdown

Cars
BBC

Car insurers have reaffirmed their intention to pass on cost savings to their customers if the government's planned crackdown on spurious whiplash injury claims bears fruit.

Earlier today, Justice Secretary David Gauke announced the Civil Liability Bill, aimed at tackling what the government called "predatory parts of the claims industry that encourage minor, exaggerated and fraudulent claims".

Mr Gauke said the number of whiplash claims had been "too high for too long" and had become "an easy payday", with the cost of settling them forcing up the cost of car insurance premiums.

Now 26 insurance companies, representing 86% of the market, have responded in a letter to Mr Gauke.

They said: "The signatories to this letter today publicly commit to passing on to customers cost benefits arising from Government action to tackle the extent of exaggerated low value personal injury claims and reform to the personal injury discount rate.”

You can see the letter and a full list of the signatories here.

Funding increase for disabled workers

Office meeting with woman sitting in a wheelchair
Getty Images

The maximum amount that disabled people can claim to help them access employment is set to increase to £57,000 a year.

This is a £15,000 - or 38% - rise from the current cap on Access to Work funding, which was introduced in 2015.

Work and pensions secretary Esther McVey said the move was part of the government's commitment to have one million more disabled people in work by 2027.

But campaigners have launched a legal challenge saying the cap could affect deaf people and those with high needs.

The new cap level will apply to new claimants from April.

London's index closes higher

Chart of FTSE 100 day trading
BBC

Travel company Tui led the risers and Just Eat topped the loser list on the London market on Tuesday.

Overall the FTSE share index ended the day 0.48%, or 33.48 points higher at 7,076.41.

Facebook down 4.2%, Twitter down 8% at midday

Apart from tech shares the rest of the news from the US share markets are broadly positive half way through the day's trading.

The Dow Jones index is up 0.57% at 24,752 and the S&P 500 is 0.2% higher at 2,718.

Even the Nasdaq is up 0.28%.

But Facebook's shares are still down 4.2% as regulators continue to focus on the tech company's record on data privacy.

Twitter is down a whopping 8%.

And Oracle, for quite different reasons has seen its shares drop 9%. The business software maker reported quarterly revenue that missed Wall Street estimates.

Airbus Beluga

BBC International Business Reporter Theo Leggett tweets:

View more on twitter

Sterling holds its nerve

Pound dollar daily trade
BBC

The pound held fairly steady on Tuesday despite an inflation report that showed prices were rising at a slightly slower pace than had been expected.

That could have undermined prospects for an interest rate rise in the near future, but because inflation was still within the margins of expectations, investors weren't really shaken and confidence in sterling was only slightly dented.

Coming up to the close of trading the pound is down just 0.1% against the dollar at $1.4011.

Oil price up 2.5%

Oil drilling rig in Texas
Getty images

The oil price has risen sharply today. A barrel of West Texas Intermediate is 2.5% higher than at the start of the day and the highest level so far this month.

Concerns over the future of the Iran nuclear deal are behind it. Saudi Arabia's Crown Prince Mohammed bin Salman is currently in Washington, shedding further doubts on President Trump's approach to the deal.

There is also the possibility of further falls in Venezuelan output to consider say commentators.

Google commits $300m to fresh news project

Google logo
Reuters

Google has announced that it is committing $300m (£214m) to a new News Initiative in an attempt to "build a stronger future for journalism".

In a blogpost, chief business officer Philipp Schindler said: "Our mission to build a more informed world is inherently tied to the reporting of journalists and news organisations.

"We're launching the Google News Initiative to help journalism thrive in the digital age.

"It will bring together everything we do in collaboration with the industry - across products, partnerships, and programs - to help build a stronger future for news."

Facebook employees called to meeting

Facebook employees at desks
Getty Images

Tech website The Verge is reporting that Facebook is holding an open meeting on Tuesday for all its employees in the wake of the allegations around Cambridge Analytica.

Mark Zuckerberg won't be there though, it will be chaired by deptuy general counsel Paul Grewal.

The Verge said the meeting would be likely to be brief and that Mark Zuckerberg would be more likely to be on the stand at the weekly "all-hands" meeting on Friday.

Facebook shares continue to plunge

Facebook share price graph
Google

Facebook shares have plunged nearly 5% since the start of trading in New York.

ITV to tackle its gender pay gap

ITV logo at MediaCity, Salford
Getty Images

ITV is setting up a working group to tackle its reported median gender pay gap of 11.9%.

The broadcaster's figure is lower than that of ITN and Channel 4, which have reported median pay gaps of 18.2% and 24.2% respectively.

The BBC reported a median gender pay gap of 9.3%, while the median pay gap in the UK is 18.4%.

ITV's report said: "Through our ongoing programme of diversity and inclusion initiatives, we are committed to ensuring that there are no barriers within ITV that prevent women being able to progress and fully achieve their personal career goals.

"As a result of producing our gender pay gap figures, we're setting up a new gender pay gap working group, sponsored by Ian Griffiths, [chief operating officer and finance director] specifically to focus on continued delivery of the right actions for us."

By law, all companies employing more than 250 staff in Great Britain have to report their gender pay gap to the government by 4 April.

Heaven can't wait - a faster way to pay in church

Card reader in a church
SumUp

The Church of England is offering its members a faster way to pay - through contactless transactions or Apple and Google Pay.

More than 16,000 churches will be able to offer the service for events including weddings, christenings, and fetes.

The Church said it should appeal to younger people in the congregation, many of whom no longer carry cash.

Donations to the collection plate will not be included for the moment, as they are still being trialled.

It is hoped to introduce such payments later in the year.

"We want all generations to be able to make the most of their place of worship," said John Preston, national stewardship officer of the Church of England.

"Installing this technology does mean that one-off fees can be done via card, as can making one-off donations."

Ryanair races to buy majority stake in Lauda's airline

Niki Lauda
Getty Images

Ryanair is buying a majority stake in the Austrian airline founded by former Formula One champion Niki Lauda, less than two months after he bought it back.

The budget airline is taking an initial 24.9% stake in LaudaMotion and said it will increase its holding to 75% "as soon as possible", subject to EU competition approval.

Mr Lauda said he was "thrilled" with the Ryanair deal, which would help the airline "establish itself as a strong competitor".

He added: "I have always stood up for competition and have opposed monopolies. A new player in the aviation market is born and I am looking forward to offering our passengers an extensive route portfolio at competitive air fares."

Ryanair boss Michael O'Leary said: "With access to the Ryanair fleet and financial resources, LaudaMotion will now grow more rapidly."

The three-times Formula One world champion moved into the airline industry in the 1980s as his career in motor racing came to an end.

'We are bought and sold every day'

BBC Radio 4

If you are worried about having your personal data harvested, should you just stay off social media?

"To an extent yes," James Ball, an author and investigative journalist, tells The World at One.

"Selling and trading your personal information is the business model of the internet. We are bought and sold every day on that's why the product is free for us.

"Let's remember that Facebook is an advertising company and it has this information on two billion of us."

He advises looking very closely at your privacy settings on Facebook, particularly at what access you are allowing third party websites to have to your information.

Wall Street steadies

US share indexes suffered on Monday from the woes of the tech sector. On Tuesday the first hour of trading saw them recover ground.

The Dow Jones index is 0.32% higher and the S&P index is just 0.05% higher.

The Nasdaq - which represents tech stocks - is 0.17% up so far today.

Facebook shares turn

graph of Facebook share movements over last three months
BBC

Half an hour after the start of trading Facebook shares have recovered some of their lost ground.

After a precipitous fall on Monday, Facebook shares initially were 2.5% lower on Tuesday. They're now rebounding a little and are only 1.6% lower than the opening.

The graph above, looking at Facebook's share movements over the last three months, puts this week's slide in perspective though.

MPs call for Mark Zuckerberg to explain

Mark Zuckerberg
Getty Images

Parliament's Digital, Culture, Media and Sport Committee has issued a formal request to the Facebook boss to explain the firm's record in relation with Cambridge Analytica.

The committee's chair calls it "a catastrophic failure of process" and says that while MPs have repeatedly raised the issue of data privacy and exploitation, the tech giant has "consistently understated this risk".

Facebook has said it hasn't violated the rules.

Facebook may be facing FTC probe

The Federal Trade Commission is looking into whether Facebook violated terms of a consent decree over its use of personal data, according to Bloomberg.

Bloomberg refers to an anonymous source, who says the investigation is confidential.

But even without corroboration elsewhere the report turns up the heat on the tech giant which is now facing increased scrutiny from many quarters.

Facebook shares fall again

Facebook logo on a mobile
AFP

Facebook shares dropped another 2.5% in early trading on Tuesday, to continue a calamitous week for the company.

A total of $37bn (£26bn) was wiped off the company's value on Monday,after the company faced questions from politicians on both sides of the Atlantic about its privacy laws.

Uber facing shutdown in Egypt

Mobile device showing Uber app
PA

Ride-hailing firm Uber is facing another setback, this time in Egypt. The country's administrative court has just issued a ruling stopping the company's operations, state media reported.

The ruling also applies to a rival firm, United Arab Emirates-based start-up Careem.

Both services had been the focus of protests by taxi drivers who had complained of unfair competition, saying Uber and Careem drivers were not subject to the same licensing fees that they were.

Both firms have the right to appeal against the decision.

South Africa suspends tax boss

Tom Moyane
AFP
Mr Ramaphosa said that Mr Moyane (centre) had let the country down

The head of tax collection in South Africa has been suspended by President Cyril Ramaphosa, who accused him of failing the organisation and the country.

The move against Tom Moyane is being seen by some as a crucial step towards restoring public confidence after years of controversy during the era of President Zuma.

In an angry letter, Mr Ramaphosa said that Mr Moyane had let the country down by failing to deal with a major corruption scandal.

Mr Moyane had earlier insisted he had done nothing wrong and threatened to take the matter to court. Mr Ramaphosa said he was ready for that.

Coffee chaos in Ivory Coast

Coffee lorries in Abidjan
AFP

They've got an awful lot of coffee in Ivory Coast... but it isn't going anywhere in a hurry. About 500 lorries full of coffee beans are stuck at the country's main port in Abidjan.

Some of the drivers have been there for two months, sleeping in makeshift hammocks under the vehicles, which they cannot leave as they have to protect the cargo.

The Ivorian authorities say there are not enough ships available, but the problem may have been caused by changes to customs regulations in Algeria, where most Ivorian coffee is exported.

Ivorian farmers fear they may have to sell their next harvest at a loss, as happened last year, when hundreds of trucks of cocoa were left to rot outside the port.

A right royal confection

A cake from her website
Violet Cakes Hackney

Prince Harry and Meghan Markle have chosen Claire Ptak, owner of the Violet Bakery in Hackney, to make their wedding cake.

According to reports, it'll be a non-traditional lemon and elderflower cake, incorporating "the bright flavours of spring", covered with buttercream and decorated with fresh flowers.

That all sounds very nice. But the Live Page is intrigued by Ms Ptak's website.

While her Instagram page boasts plenty of mouth-watering images, her website is curiously subdued, bare even. Lots of words, but short on food porn pics.

Is this a new fashion, or a good time for Violet to undertake a royal makeover?