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Summary

  1. Barclays trial set for January 2019
  2. Carillion chosen as an HS2 contractor
  3. EasyJet's Carolyn McCall joins ITV
  4. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Daniel Thomas

All times stated are UK

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13 reasons why Netflix has more subscribers

Scene from 13 Reasons Why
Netflix

New original shows including "13 Reasons Why" and the latest season of "House of Cards" helped Netflix add more viewers in the last quarter, the company said after the market closed.

It added 4.14 million subscribers internationally in the quarter ended June 30, compared with the average analyst estimate of 2.59 million.

The streaming giant, whose original shows also include "Orange is the New Black" and "The Crown", added 1.07 million subscribers in the United States, compared with analysts' average expectation of 631,000.

That resulted in higher than expected revenue of $2.79bn for the quarter.

US markets close higher

The Dow Jones index has ended the day 0.36% or 76.84 points higher at 21,629.93.

The Nasdaq was up 39.99 points or 0.64% at 6,314.43.

While the S&P 500 was 11.31 points up, a rise of 0.46%, at 2,459.14.

Amazon eyes meal-kit market

Man preparing meal
Thinkstock

Amazon has signalled it might enter the meal-kit market, after it registered a trademark for a possible service.

The move sent shares in Blue Apron, America's largest meal-kit business, down 11% and the firm's stock has dropped 35% since its IPO in June.

Investors are already worried about the impact of Amazon's planned $13.7bn acquisition of supermarket chain Whole Foods Market amid a fast-expanding meal-kit industry.

Amazon has not said exactly what it would do with Whole Foods' stores and other assets, but analysts and investors say the deal could upend the landscape for grocers, food delivery services and meal-kit companies.

Why your colleagues can't help stealing your ideas

Cartoon of an idea thief
Alamy

In a 2015 poll of 1,000 workers, one in five bosses admitted to regularly stealing their employees’ ideas.

Even worse, every single one had done so at least once. In all, nearly half of workers felt their ideas had been hijacked to make someone else look good.

Yet research suggests that in a surprising number of cases, your colleagues didn’t realise they were doing it.

Enter cryptomnesia, a little-known memory glitch which involves mistaking a memory for an original thought. It means, literally, hidden memory.

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Tesla stock falls on Musk comments

Elon Musk, Tesla CEO
Getty Images

Shares in electric car-maker Tesla have slipped 2.4% after boss Elon Musk suggested that the stock was overpriced.

The firm's shares have surged 50% this year, but Mr Musk said on Monday this was too much.

"I've gone on the record several times that the stock price is higher than we have the right to deserve and that's for sure true based on where we are today," he said.

Mr Musk swiftly sought to clarify his comments, Tweeting that the stock was actually low based on the company's future's potential (see below).

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Walmart apologises for racist product description

Walmart sign
Getty Images

Walmart has apologised after a product description from a third-party seller used a racially offensive term on the retail giant's website.

The issue concerned a netting weave cap whose colour was described as “N**** Brown.”

It provoked a backlash on Twitter, with best-selling author Roxane Gay calling the use of words “so far past unacceptable”.

A Walmart spokeswoman apologised, telling The New York Post: “We are very sorry and appalled that this third party seller listed their item with this description on our online marketplace.

"It is a clear violation of our policy, and has been removed, and we are investigating the seller to determine how this could have happened.”

BNP Paribas fined for oversight failings

BNP Paribas sign
Getty Images

French bank BNP Paribas has been fined $246m for "unsafe and unsound" practices in its foreign exchange trading division.

The Federal Reserve found flaws in the bank's oversight controls, which meant it failed to detect traders' use of online chatrooms to discuss trading positions with competitors.

The fine is the latest crackdown on price-fixing across foreign exchange markets, after several banks pleaded guilty to conspiring to manipulate currency prices.

In January, the Fed permanently barred one of BNP Paribas' former traders, Jason Katz, from participating in the industry over manipulation of FX prices.

US allows 15,000 additional temporary work visas

Seafood harveting
Getty Images

Despite its fierce rhetoric on immigration, the US government has said it will allow 15,000 additional visas for temporary seasonal workers to help American businesses.

The Department of Homeland Security said that there were not enough qualified and willing US workers available to perform temporary non-agricultural work, and that firms could suffer irreparable harm.

The new visas cover work at seasonal resorts as well as in landscaping, seafood harvesting and processing.

"As a demonstration of the administration's commitment to supporting American businesses, DHS is providing this one-time increase to the congressionally set annual cap," said US Secretary of Homeland Security John Kelly.

Why China censors banned Winnie the Pooh

China president Xi Jinping and Japan's Prime Minister Shinzo Abe
WEIBO/AFP

The Chinese name for, and images of, the cartoon character Winnie the Pooh are being blocked on social media in China. But why?

In short, bloggers have been comparing the loveable bear to China's president.

When Xi Jinping and Japan's Prime Minister Shinzo Abe endured one of the more awkward handshakes in history netizens responded with Winnie the Pooh and Eeyore shaking hands.

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Government urged to publish Toyota/ Brexit letter

Toyota cars
Getty Images

Two commons committees have urged the government to reveal what post-Brexit reassurances it offered Japanese carmaker Toyota before it made a £240m pound investment in its English car plant.

Last year, Toyota said it could delay a decision on whether to build its next-generation Auris model in Britain to see the outcome of Brexit negotiations - but having spoken with the government it reversed its position and upgraded the plant in March 2017.

On Friday, Reuters claimed Britain had helped to secure the investment with a letter reassuring the Japanese carmaker over future trading arrangements.

The business department has confirmed the existence of a letter but has refused to release it.

On Monday Nicky Morgan MP, the new head of the Treasury Select Committee, said: "To provide clarity to the public, as the assurances may cost the taxpayer money, and to other businesses, who are craving certainty to plan for Brexit, the letters should be published immediately."

Chair of the Business Select Committee, MP Rachel Reeves, echoed the comments, adding: "It is vital that the government is not seen to be cutting sweetheart deals or granting special favours that could undermine our negotiating position."

US stocks edge upwards

US trader
Getty Images

US stocks are slightly higher today, as investors gear up for a raft of earnings reports later this week.

A short while ago the Dow Jones index was up 0.1% at 21,659.43; the S&P 500 was 0.14% higher at 2,462.75; and the Nasdaq had climbed 0.17% to 6,323.35.

Goldman Sachs, Bank of America, Microsoft, Qualcomm and eBay are just a few of the companies scheduled to release quarterly results this week.

"Folks are waiting to see what earnings look like," Erick Ormsby, head of Alcosta Capital Management told CNBC. "They should be good. That should help support the market."

Kenyan opposition leader vows 'to empower farmers'

BBC World Service

Raila Odinga says his country "does not need to be starving"

If Raila Odinga is elected he promises to boost investment in opportunities for young people, stamp out corruption and encourage farmers to produce more food.

He told the BBC's Vivienne Nunis Kenya "does not need to be starving".

Frank Field - Brady 'heavily involved' in BHS crisis

Frank Field MP
Getty Images

As chair of the Work and Pensions Committee, Labour MP Frank Field was scathing about Sir Philip Green's handling of the sale of BHS.

Perhaps not surprisingly, he has reacted sceptically to the appointment of Baroness Brady as the new chair of Sir Philip's business empire - pointing out that she was a non-executive director at Taveta throughout the BHS crisis.

It is not surprising that Sir Philip Green has to use the House of Lords as a recruitment agency for his companies. Baroness Brady was heavily involved in Taveta during the dreadful shenanigans that led to the closure of BHS, 11,000 job losses and thousands of pensioners suffering a cut in their pension entitlement.

HS2: Timescale for high-speed route

If you're excited about the prospect of HS2, just a reminder of the time scale:

  • Bill for Phase 2b (the Yorkshire part) to be put before parliament in 2019
  • Royal assent 2022
  • Building starts 2023
  • Jump on a train 2033.

Is Brady up to the Arcadia challenge?

Karren Brady
Getty Images

Baroness Brady certainly has a big job on her hands at Taveta, the holding company behind Arcadia, which owns brands like Topshop and Dorothy Perkins.

She begins the role just a year after Sir Philip Green, who controls Taveta, saw his reputation damaged over the demise of the department store chain BHS.

Sir Philip owned BHS for 15 years, before selling the loss-making retailer to Dominic Chappell for one pound in 2015 - along with a huge hole in its pension fund.

Following an outcry, Sir Philip paid £363m to plug the gap, but some MPs still think he should be stripped of his knighthood.

Lord Anthony Grabiner - who Ms Brady has replaced - also took flak over the affair.

In a report into the collapse of BHS, MPs called him the “apogee of weak corporate governance” who was “content to provide a veneer of establishment credibility to the group while happily disengaging from the key decisions he had a responsibility to scrutinise”.

FTSE winners and losers

A stockbroker
Getty Images

As we reported, the FTSE 100 closed 25.7 points, or 0.35%, higher at 7,404.13.

Miners were among the best performers, as the price of copper rallied on positive news about the Chinese economy. Antofagasta gained 2.3% and Fresnillo jumped 2.1%.

Software company Micro Focus climbed 3.5% after analysts reiterated their "buy" rating on the company.

The smaller-cap FTSE 250 gained 0.6% to 19,520.59 with Carillion the best performer. Shares in the construction firm, which has faced serious financial difficulties, rose 19.2% after it said it had won a contract to work on HS2.

Grayling to address Commons after criticism

After anger over the transport secretary's decision not to give a statement to the Commons about the new HS2 routes, the minister will give an oral statement in parliament tonight, at 10pm.

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Where will HS2 go?

Department of Transport map showing the confirmed route
Department of Transport
Department of Transport map showing the confirmed route

Anger at lack of Commons statement on HS2

Susan Hulme

Parliamentary correspondent

Transport sec, Chris Grayling
Getty Images

There's been anger from Conservative and Labour MPs over Chris Grayling's failure to make a Commons statement on the routes for the second phase of HS2, due to be revealed today.

And the Speaker has suggested he would make the Transport Secretary answer questions "at some length" if Mr Grayling was forced to come to the Commons tomorrow.

The complaints were led by the former Labour leader, Ed Miliband, who said the information seemed likely to be "sneaked out" and called it a "gross discourtesy".

Michael Fabricant, a Conservative whose constituency is affected by the line, said it was "outrageous that this major item of public expenditure which is affecting my constituents and those of many others is not being reflected by a statement here today".