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Live Reporting

Daniel Thomas

All times stated are UK

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  1. Good night

    Thanks for reading Business Live. We'll be back at 06:00 on Monday morning.

  2. Wells Fargo told to rehire whistleblower

    Wells Fargo bank

    Wells Fargo has been told to rehire a whistleblower it dismissed in September 2011 after the former employee raised concerns over the opening of customer accounts without their knowledge.

    The US Department of Labor, which did not disclose the name of the whistleblower, also fined the bank $575,000.

    Wells Fargo was fined last year for opening more than two million customer accounts without their knowledge over several years to meet aggressive sales targets.

    The revelation damaged the bank's reputation and led to the resignation of its chief executive.

  3. US stocks close lower

    US trader

    Wall Street stocks have ended the day in negative territory after a weak earnings report sent shares in General Electric lower.

    The Dow Jones Index shed 0.15%, the S&P 500 lost 0.04% and the tech-heavy Nasdaq also closed 0.04% lower.

    GE shares fell 2.9%, although this was offset somewhat by a strong performance from Visa - up 1.5% - after its earnings forecast was upgraded.

  4. Louis Vuitton launches e-commerce site in China

    Louis Vuiton bag

    Louis Vuitton has launched an e-commerce site in China in the hope of tapping a revival in demand for luxury goods.

    The site will let customers buy Louis Vuitton products in 12 cities, including Beijing and Shanghai, with others to be added later.

    Demand for luxury goods is on the up in China, with brands like LVMH and Hermes reporting strong gains this year.

    It stems from stronger economic growth and the cooling of an anti-corruption campaign that deterred some wealthy individuals from making ostentatious purchases.

    Louis Vuitton began selling online in France in 2005 and now offers its e-commerce service in 11 countries.

  5. Telecom Italia boss 'likely to step down'

    The head of one of Italy's leading telecoms firms is likely to lose his job after just 16 months in the role.

    Telecom Italia said its board would meet on Monday to discuss a “mutual termination” agreement for Flavio Cattaneo.

    It comes after EU regulators approved French group Vivendi’s bid to take control of Telecom Italia in May.

    Mr Cattaneo's predecessor, Marco Patuano, left the company last year after a falling out with Vivendi, which is Telecom Italia’s largest shareholder.

  6. Deutsche Bank confirms Brexit jobs moves

    Deutsche Bank logo

    Deutsche Bank has confirmed it is likely to move jobs from London to its headquarters in Frankfurt because of Brexit.

    Chief executive John Cryan said on Friday: "For now, it's far from clear what Brexit constitutes, we are not really sure what shape it will take.

    "We will try to minimise disruption for clients and for our own people, but inevitably some roles will need to be either moved or at least added in Frankfurt."

    He did not offer any idea of the number of jobs that might move to the German financial capital ahead. The bank employs some 9,000 employees in London - around one in 10 of its global workforce.

  7. Tillerson 'satisfied' with Qatar efforts on terror

    Rex Tillerson , US Secretary of State

    US Secretary of State Rex Tillerson said on Friday the United States was satisfied with Qatar's efforts to implement an agreement aimed at combating terror financing, and urged Arab states to lift a "land blockade" on the Gulf nation.

    Mr Tillerson has been trying to broker a truce after Saudi Arabia, Bahrain, the United Arab Emirates and Egypt imposed sanctions on Qatar.

    The countries made 13 demands of Qatar - including that it shuts down a Turkish military base and the Al Jazeera pan-Arab television network - which Doha has rejected.

    The four states cut diplomatic, transport and commercial ties with Qatar on 5 June, disrupting the import of food and other items and causing foreign banks to scale back business with Qatar.

  8. Who is White House communications director Anthony Scaramucci?

    Anthony Scaramucci, White House comms director

    President Donald Trump has triggered a shake-up by appointing Wall Street financier Anthony Scaramucci as his White House communications director.

    White House Press Secretary Sean Spicer reportedly quit in response to the move, announced on 21 July.

    He had been partially filling the communications role since the previous incumbent Michael Dubke resigned in May.

    So, what do we know about the president's new mouthpiece?

    Read more

  9. S&P upgrades Greece's outlook

    Greek flag

    Ratings agency Standard & Poor's has revised its outlook on Greece from stable to positive, citing the country's strengthening economic recovery.

    The agency said the move "reflects our expectation that Greece's general government debt and debt servicing costs will gradually decline, supported by economic recovery, legislated fiscal measures through 2020, and a commitment from Greece's creditors... to further improve the sustainability of its sovereign debt burden".

    It comes amid reports Greece is preparing to issue its first government bond since 2014 next week.

  10. Tech Tent: The crypto-currency craze

    Rory Cellan-Jones, technology correspondent

    In the late 1990s, as investors woke up to the promise of the internet, shares in any company with after its name soared to giddy heights.

    Then the bubble burst.

    Now there are warnings of another technology investment bubble - this time related to the fascination with crypto-currencies such as Bitcoin.

    On the Tech Tent podcast this week, we examine the phenomenon of ICOs - Initial Coin Offerings - which have seen over $1bn raised so far this year from investors who get little more than a token and a vague promise of involvement in a new business.

    Stream or download the latest Tech Tent episode on the BBC website.

  11. FTSE 100 closes lower

    Trader, UK

    The FTSE 100 index ended the day down 34.96 points at 7,452.91.

    Shares in bookmaker Paddy Power Betfair fell 2.1% after Investec cut its rating on the company to "sell".

    On the currency markets, the pound fell 0.05% against the dollar to $1.2967 and slipped 0.27% against the euro to 1.1123 euros.

    Shares in UK payments company Paysafe jumped 6.8% after it received a £2.9bn takeover approach from a group of private equity firms.

    The firm was the biggest riser on the FTSE 250.

  12. US announces travel ban to North Korea

    North Korean leader, Kim Jong-Un

    State Department spokeswoman Heather Nauert said: "Due to mounting concerns over the serious risk of arrest and long-term detention under North Korea’s system of law enforcement, the secretary has authorised a geographical travel restriction on all US citizen nationals’ use of a passport to travel in, through, or to North Korea."

    Notice of the ban will be published in the Federal Register next week and the ban will go into force 30 days later.

    Limited exceptions will be possible for those traveling to North Korea "for certain limited humanitarian or other purposes", Ms Nauert said.

  13. EU-US aviation agreement 'vital post Brexit'

    The head of US aviation trade body the ATA has warned that a replacement for Open Skies - an air transport agreement between the EU and the US - must be in place for when Britain quits the bloc.

    View more on twitter
  14. Somewhere to sit down comfortably?

    BBC Radio 4

    The Harry Potter shop, Kings Cross station

    There was a time when you went to a train station simply to catch a train, but now travel is seen as a prime selling opportunity. It's got to the point where some stations and airports have become shopping destinations in their own right.

    Along one wall of King's Cross station in London, I found half-hour queues of Harry Potter fans paying £9.50 to have their photos taken next to a 'Platform 9 3/4' sign. Next door a shop dedicated to the boy wizard does a brisk trade.

    On top of this there are dozens of options for buying drinks, snacks, headphones and last minute gifts. But has it all gone too far?

    Business in transport hubs is good for the retailers, but do stations and airports provide travelers with enough of the basics, like somewhere to sit down comfortably?

    Listen from six minutes into today's You and Yours to hear Elizabeth Hotson's report.

  15. Regulators 'to probe Amazon's discounting practices'


    As part of a larger probe into Amazon's planned acquisition of Whole Foods, US regulators are set to investigate criticisms of the US firm's discounting practices, Reuters has reported, quoting a source.

    It follows a complaint brought by the advocacy group Consumer Watchdog, which looked at 1,000 discounted products on Amazon's website in June and found that many had been sold more cheaply in the preceding 90 days.

    The Federal Trade Commission declined to comment on whether it would open a formal probe into the claims.

    Amazon said that the Consumer Watchdog's study was "deeply flawed."

    "The conclusions the Consumer Watchdog group reached are flat out wrong," Amazon said. "We validate the reference prices provided by manufacturers, vendors and sellers against actual prices recently found across Amazon and other retailers."

  16. US stocks lower

    US traders

    Wall Street stocks opened lower on Friday as weak results from General Electric weighed on investor confidence.

    Shares in GE fell as much as 5.4% after the company reported a nearly 60% slump in profit.

    The stock was the biggest drag on the Dow and the S&P 500, which fell down 0.3% and 0.2% respectively.

    The tech-heavy Nasdaq index is down 0.2% after chalking up its 10th straight record close on Thursday.