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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Pounds heads back above $1.30
  3. FTSE 100 ends day 0.5% lower at 7,312.72
  4. Dow Jones closes higher led by Nke
  5. UK government approves BA leasing Qatar Airways planes
  6. Several High Street banks stop selling Qatari riyalschigh

Live Reporting

By Karen Hoggan

All times stated are UK

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  1. Good night

    That's it for another day - and week - from Business Live.

    Thank you for joining us.

    We'll be back from 6am on Monday with all the latest news, views and analysis from the world of business.

  2. Oil prices put on a spurt

    The oil price rose for the seventh consecutive trading session, boosted by a cut in the number of US oil rigs and stronger factory growth in China.

    US drillers decreased their number of rigs for the first time since January, according to energy services company Baker Hughes. Meanwhile, the stronger factory data out of China is a sign that there should be higher demand for oil there.

    Rob Haworth, senior investment strategist at US Bank Wealth Management, said the Chinese data "certainly gives you hope that demand is growing globally".

    Brent Crude oil was up 2.7% at $48.91 a barrel, while West Texas Intermediate was up 2.9% at $46.21 a barrel.

  3. Nike leads Dow Jones risers

    Wall Street sign

    The Dow Jones finished the day at 21,349.63, a rise of 63 points or 0.30%.

    The S&P 500 was at 2,423.47, a gain of 4 points or 0.16%.

    But the tech-heavy Nasdaq, having traded higher for much of Friday, edged down at the close, losing 4 points or 0.06% to 6,140.42.

    Nike posted the biggest gain on the Dow, rising nearly 11% on good results and news of a tie in with Amazon (See earlier post).

  4. Facebook drone in successful test flight

    Facebook Drone

    Facebook has completed a second test of a solar-powered drone designed to bring internet access to remote parts of the world.

    The drone - dubbed Aquila - flew for one hour and 46 minutes in Arizona.

    On Aquila's maiden voyage last summer, the autopilot system was confused by heavy wind and crash-landed.

    This time, the drone flew at an altitude of 3,000ft, a long way from Facebook's intended 60,000ft goal. Get the full story here

  5. Vote for action in offshore dispute

    Fuel burning flame

    GMB members working offshore have voted to take industrial action.

    The union, along with the Unite union, is in dispute with the Offshore Contractors Association (OCA) over pay.

    The GMB said it was time for the OCA and its client employers to get around the table and find a solution.

    A ballot of Unite members working offshore failed to reach the threshold needed to take strike action over pay conditions. The OCA was unavailable for comment.

    Ross Murdoch, GMB national officer, said: "GMB has long been saying that our members have got to the stage where enough is enough and this ballot result clearly sends a message to the OCA and their clients that they are sick to the back teeth of being down the pecking order in terms of the industries priorities. Read more here

  6. India's tax reform introduced

    Shop selling spices, tea and other groceries

    India has replaced its numerous federal and state taxes with the Goods and Services Tax (GST), designed to unify the country into a single market.

    The historic overhaul of the existing tax legislation was carried out at a special midnight session of parliament.

    India says introducing GST will cut red tape and increase tax revenues, fuelling economic growth.

    Finance Minister Arun Jaitley says the reform will help the economy grow by 2%.

    But businesses have been asking for more time to implement changes, worried that they are not ready for the move to the new system.

    Many do not even have a computer to register on the GST network. Read the full story here

  7. Nike shares power ahead

    Nike sports basketball shoes

    Shares in Nike, the world's biggest footwear maker, have jumped by more than 11% on Friday, making them the biggest riser on the Dow Jones.

    The leap follows the release of its quarterly results on Thursday which revealed better than expected profits.

    Nike also said it will launch a "small pilot" with Amazon to sell a limited product range on the Amazon website.

    The idea is Nike will sell its goods directly on Amazon rather than through third parties.

    "We're looking for ways to improve the Nike consumer experience on Amazon by elevating the way the brand is presented and increasing the quality of product storytelling," Nike chief executive Mark Parker said.

  8. Network Rail: Avoid Waterloo in August

    Network Rail is calling on passengers to work from home because of "severe disruption" at the UK's busiest train station in August.

    Ten platforms at London's Waterloo station will be closed from 5-28 August as platforms are extended to take longer trains.

    Quote Message: We have developed plans with South West Trains to reduce the impact on passengers as much as possible but people should consider changing their normal journeys, working from home, or taking their summer holidays if they can. This £800m upgrade is the largest investment for decades and will increase peak-time capacity into Waterloo by 30%. That's room for an extra 45,000 people each morning and afternoon - equivalent to more than the capacity of the O2 arena and Oval Cricket ground combined. from Becky Lumlock, Network Rail's route managing director, Route managing director, Network Rail
    Becky Lumlock, Network Rail's route managing director,Route managing director, Network Rail
  9. Fifty years of colour TV

    Colour television turns 50 but did you know thousands of people are still watching in black and white?

    Video content

    Video caption: Fifty years of colour TV
  10. Asia's 1997 financial crisis: How did it happen?

    Twenty years ago, several major South East Asian economies were brought to their knees.

    A currency crisis swept through the region, and the International Monetary Fund had to provide emergency loans.

    Video content

    Video caption: Asia's 1997 financial crisis: How did it happen?
  11. FTSE 100 sees biggest monthly fall since 2015

    One month FTSE 100 Graph, 30 June 2017

    Friday's fall in the FTSE 100 mean that July saw the biggest monthly fall in the index since September 2015.

    As a result it has suffered its first negative quarter in more than a year.

    There are a lot of resources companies listed on the FTSE 100 and that has dragged on it as the price of oil hit its lowest level in seven months.

    Royal Dutch Shell fell by 1.5% and BP was 1.6% lower on Friday. Miner Glencore lost 1.1%.

    Meanwhile, Marks & Spencer, down 2.1%, and Next, down 3%, were among the big losers after a survey showed British consumer confidence hit its lowest since last July.

  12. Pound sneaks back over $1.30

    The pound has edged back up above the $1.30 mark - but only just.

    It's at $1.3008 - a rise of 0.01%.

  13. Famous Grouse maker sees profits soar

    Men rolling barrels

    Spirits group Edrington has reported a sharp rise in revenues and profit.

    The Glasgow-based distiller, whose portfolio includes The Famous Grouse, The Macallan and Cutty Sark, saw group revenue jump by 22% to £701.3m in the year to 31 March.

    Pre-tax profits climbed by 31% to £189m.

    Edrington said higher investment in brand marketing and "greater focus on consumers" had contributed to "an encouraging performance".

    It added that its results had also been "impacted significantly" by the fall in the value of sterling against all major currencies. Read the full story here

  14. India's new tax looms

    BBC World Service

    In just under two hours time India will introduce sweeping tax reforms, described as the biggest since the country gained its independence 70 years ago.

    The changes, which take effect at midnight local time, (1930 BST) will be launched at a special late-night sitting of parliament in Delhi.

    They will streamline and standardise existing tax rules on goods and services.

    Until now India's 29 separate states have had their own tax arrangements. Now the whole system is being replaced by a so-called Goods and Services Tax (GST).

    Supporters say the move will, in effect, create a unified single Indian market and help to tackle corruption and tax evasion. Opponents say many owners of small businesses still don't understand the new rules and may struggle to cope with the extra costs of complying.

  15. Surge pricing

    Why your bananas could cost more in the afternoon

    Electronic price label for bananas

    Technology is enabling supermarkets and other retailers to change their prices throughout the day, but why should they want to do this and what will customers think about it?

    Many know the dispiriting feeling when the summer holiday flight they had their eye on suddenly goes up £50, or the Uber they call on a Friday night is four times the price they paid the day before.

    This is known as "surge" or "dynamic" pricing - when the cost of an item is dictated by demand. And while it's common in the hospitality and travel sectors, the high street has generally stuck to the fixed-price model.

    But now, digital displays coupled with the analysis of vast amounts of customer data is enabling retailers to change the cost of hundreds of thousands of items instantaneously and play with prices in real time to attract specific types of customer at precise times during the day. Read the full story here

  16. How Super Glue stuck

    The BBC's Aaron Heslehurst tells the gripping tale of how Super Glue became a million dollar idea.

    Video content

    Video caption: How Super Glue became a million dollar idea
  17. BA will 'operate 99.5% of schedule'

    BA tail fin

    Following confirmation that British Airways is leasing planes from Qatar Airways which it will use during the 16-day strike by some of its cabin crew, it has issued this statement.

    Quote Message: All our customers will be able to fly to their destinations, despite industrial action by Mixed Fleet Unite. We will operate 99.5% of our schedule. Our Oneworld partner Qatar Airways will be operating a small number of short-haul flights on our behalf. We have merged a very small number of Heathrow long-haul services and all customers affected have been notified over the past week. New cabin crew in their first year working full time at British Airways receive more than £21,000 based on pay, allowances, incentive and bonus. This is in line with cabin crew at competitor airlines. We had reached a deal with Unite on pay, which the union said was acceptable. They should call off this unnecessary strike and allow their members to vote on the pay increase. from BA spokesperson
    BA spokesperson
  18. FTSE 100 closes lower

    London Stock Exchange exterior

    The FTSE 100 never regained the upward momentum it enjoyed in the middle of Friday's trading. It ended the day at 7,312.72, that's a fall of 38 points or 0.51%.

    Meanwhile, the mid-cap FTSE 250 edged down slightly to 19,340.15, that's 6 points or 0.03% lower.

    On the FTSE 100 shares in United Utilities were the biggest losers of the day. They closed down 3.23% after Credit Suisse cut its rating on the stock to "underperform" from "outperform".

    Outside the FTSE 100, shares in Game Digital finished 36.36% lower after the video games retailer issued a profit warning.

    The company said trading had been affected by lower than expected supplies of the Nintendo Switch console.

  19. Many UK banks stop sale of Qatari riyals

    Piles of riyals

    A number of UK High Street banks have stopped trading in Qatari riyals.

    Individual customers at Barclays, RBS, Lloyds Banking Group and Tesco Bank cannot currently buy or sell riyals.

    Qatar is isolated by its neighbours, who accuse it of backing terrorism.

    Its central bank says it will guarantee all transactions for customers inside and outside the country. It also told the Reuters news agency that all banks and foreign exchange companies are committed to trading riyals as usual.

    In early June, Qatar's Gulf neighbours Saudi Arabia, UAE, Bahrain and Egypt ceased air, sea and land links with the country, which has been accused of funding terrorism. Qatar denies the claim. Read the full story here