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Summary

  1. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Tom Espiner

All times stated are UK

Get involved

  1. Good night

    That's all for another Business Live page for tonight. Please join us again from 06:00 tomorrow.

  2. Wall Street close higher after tech stocks rise

    US stocks have made modest gains at the close after technology stocks rose.

    Rises in shares of Apple, Microsoft and Alphabet provided the biggest boost to the S&P 500 and the Nasdaq.

    The Dow Jones Industrial Average was up 0.1% at 21,553.09, while the S&P 500 was up 0.19% at 2,447.83. The Nasdaq Composite gained 0.21% to 6,274.44.

  3. Racist AirBnB host fined for refusing Asian

    Dyne Suh

    A racist AirBnB host who discriminated against an Asian guest has been fined $5,000 - and told she must attend a course on Asian-American studies.

    Tami Barker cancelled Dyne Suh’s booking, telling her in a message: "One word says it all. Asian.”

    The fine was imposed due to a new agreement between AirBnB and California’s Department of Fair Employment and Housing (DFEH).

    It lets the DFEH examine hosts that have had discrimination complaints.

    Read more

  4. 'US demands more traveler data or nations face sanctions'

    The US State Department will require all nations to provide more extensive data so it can vet visa applicants even more and determine whether a traveler poses a terrorist threat, Reuters reports.

    Countries that do not comply with the new protocols or take steps to do so within 50 days could face travel sanctions, it says.

  5. US Senate committee asks Donald Trump Jr to testify

    Gary O'Donoghue

    Washington Correspondent

    Donald Trumps

    One of the Committees in the United States Senate investigating links between the Trump campaign and Russia has asked the President's eldest son to testify.

    Donald Trump Jr has acknowledged meeting a Russian lawyer, apparently offering information that could have damaged Hillary Clinton during the election campaign.

    His actions have been defended by the President, who described Donald Jr as a "wonderful young man".

    The Senate Judiciary Committee is just one of a number of congressional bodies looking into Russia's interference in the US election, and while it has already questioned some high profile individuals, an appearance by Donald Trump Jr would be true box office.

    It could happen as early as next week.

    He has already defended his decision to meet the Russian lawyer, dismissing it as a "nothing", and saying she had no meaningful information.

    And today his father, the President, speaking in Paris, said most people would have taken the meeting as part of opposition research.

    The Chairman of the Senate Judiciary Committee, the Republican Chuck Grassley, didn't say whether the invitation had been accepted, and declined to say whether he'd be prepared to issue a subpoena if Donald Trump Jr refused to appear.

  6. Identity theft leads to bankruptcy for Securitas chief

    Alf Goransson

    Swedish security services group Securitas says its chief executive Alf Goransson fell victim to identity theft which led to him being declared legally bankrupt.

    "The incident has been reported to the police and the decision will be appealed to the Court of Appeal immediately today," the company said.

    His identity was used for a false loan application in March, Bloomberg reported.

  7. US budget deficit reaches $90bn for June

    The US Treasury said the federal government posted a $90bn budget deficit for June versus a year-earlier surplus of $6bn as receipts failed to keep pace with growth in outlays.

    The June deficit exceeded analysts' estimates of a $35bn deficit.

  8. Brexit: Repeal bill faces challenges

    Theresa May with flags

    Ministers hail a historic moment - but Labour and the Scottish and Welsh governments are unhappy.

    Brexit: Repeal bill faces challenges

    EU flag outside Parliament

    Ministers hail a historic moment - but Labour and the Scottish and Welsh governments are unhappy.

    Read more
    next
  9. Who would want to fill Travis Kalanick's shoes?

    Travis Kalanick

    Quite a few people would like the Uber chief executive job, according to the New York Times.

    The firm has its share of issues, including a series of scandals about sexual harassment, a macho culture and the recent departure of senior executives.

    So who is up for consideration? Well, Susan Wojcicki, the chief executive of YouTube; Twitter former chief operating officer Adam Bain; former Virgin America chief executive David Cush; former Yahoo chief executive Marissa Mayer; and former Disney chief operating officer Thomas Staggs, the New York Times says.

  10. Oil gains despite downbeat IEA report

    Oil traders are banking on growing demand from China to offset higher oil production from Organization of the Petroleum Exporting Countries (Opec) exporters.

    Benchmark Brent crude futures has risen 1.4% today despite a downbeat International Energy Agency (IEA) report.

    The IEA said the oil market could stay oversupplied for longer than expected due to rising production and limited output cuts by some members of the Organization of the Petroleum Exporting Countries.

    "Each month something seems to come along to raise doubts about the pace of the rebalancing process," the IEA report said.

    "This month, there are two hitches: a dramatic recovery in oil production from Libya and Nigeria and a lower rate of compliance by Opec with its own output agreement."

    However, China's appetite for oil seems to be growing.

    "We are definitely seeing robust demand growth [in China]," said Neil Beveridge, senior oil analyst at Sanford C. Bernstein.

  11. UK sets out post-Brexit nuclear plan

    Nuclear waste facility at Drigg

    The government says it wants a new nuclear safeguards regime as it prepares to leave EU body Euratom.

    UK could be 'associate' of EU nuclear body

    Nuclear waste facility at Drigg

    Brexit Secretary David Davis says an "arbitration body" will be agreed to govern the new arrangement.

    Read more
    next
  12. EE to expand Sainsbury's store presence

    EE concession

    EE is to expand the number of its concessions in Sainsbury's and Argos to more than 100 stores by 2019, and says it wants to create 400 retail jobs.

    The mobile giant, which is owned by BT, has been trialling concessions in 21 Argos stores and 16 Sainsbury's stores.

    It's also going to have more pop-ups in shopping centres, and EE vans will drive to remote areas to sell mobiles and packages.

    There's also going to be pop-ups in shipping containers in remote areas should customers have a problem that needs to be dealt with in-store, a spokesperson says.

    EE mobile shop
  13. 'MAGAnomics' - the IMF view

    'Make-America-Great-Again-onomics' as written about by President Trump's Office of Management and Budget director Mick Mulvaney could be difficult to achieve.

    The Trump administration wants sustained US economic growth of 3%.

    But the latest annual health check on the US economy by the IMF had this to say:

    "It should be said at the start that, even with an ideal constellation of pro-growth policies, the potential growth dividend is likely to be less than that projected in the budget and will take longer to materialise.

    "The US is effectively at full employment. For policy changes to be successful in achieving sustained, higher growth they would need to raise the US potential growth path.

    "The international experience and US history would suggest that a sustained acceleration in annual growth of more than 1 percentage points, as projected by the administration, is unlikely."

  14. 'Make-America-Great-Again-onomics'

    Mick Mulvaney

    The Trump administration wants to achieve a target of sustained US economic growth at 3%.

    Writing in the Wall Street Journal, Mr Trump's Office of Management and Budget director Mick Mulvaney introduced a new acronym that seems a little, well, clunky - "Make-America-Great-Again-onomics" or MAGAnomics for short.

    "MAGAnomics is for everyone, but especially for those who left for work this morning in the dark but came home after their kids were asleep.

    It’s for those who are working part-time but praying for a full-time job. It’s for folks whose savings are as exhausted as they are.

    This president hears you. He knows America’s greatness doesn’t spring from higher taxes or unnecessary regulations or broken welfare programs.

    It doesn’t come from government at all. It comes from you.

    If we enact the president’s broad agenda—if MAGAnomics is allowed to work—we will have set the stage for the greatest revival of the American economy since the early 1980s," he wrote.

  15. Yellen: 3% GDP growth over next two years 'difficult'

    Trump administration plans for tax reform could have a favourable impact on US productivity growth - but not by much, Fed chair Janet Yellen said.

    Speaking to senators on Capitol Hill, Ms Yellen said:

    "Appropriately designed tax reform could have a favourable effect on productivity... There is scope there to have a favourable impact on long-term economic growth," she said.

    But it depends on the reforms, she added, also giving the caveat that "productivity growth is very hard to move".

    If it move a few tenths of a percent, "you would probably regard that as a very good payoff" she said.

    US productivity growth, which is a major component of GDP growth, has average about 1% since the 1970s.

    Ms Yellen was asked whether it was possible to achieve 3% GDP growth in five year period.

    She said this would take productivity growth of about 2%, which "would be wonderful to accomplish - but I think it would be quite challenging."

    She was then asked whether this was possible in next two years?

    "That would be quite difficult," she said.

  16. Fed 'prepared to act against Wells Fargo directors'

    Federal Reserve Board Chairwoman Janet Yellen

    Fed chair Janet Yellen has said the central bank is prepared to take enforcement action against directors of Wells Fargo if an investigation finds it appropriate.

    Regarding the bank's creation of millions of fake accounts, Ms Yellen told Democrat senator Elizabeth Warren: "We do have the power to remove directors... We need to conduct a thorough investigation to look at the full record ... We are certainly prepared to take enforcement actions."

  17. New chief puts shine on Tiffany shares

    Alessandro Bogliolo

    US jewelry retailer Tiffany & Co's shares are up nearly 2% after the firm named former Bulgari executive Alessandro Bogliolo (pictured left) as its new chief executive.

    Mr Bogliolo was most recently chief executive of fashion firm Diesel.