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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. US stocks rise following Janet Yellen speech
  3. FTSE indexes trade higher
  4. Samsung heir sentenced to five years in jail
  5. Provident Financial revamps management

Live Reporting

By Karen Hoggan

All times stated are UK

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  1. Wall Street gains ground in wake of Yellen's remarks

    US stocks rose slightly at the close after Federal Reserve Chair Janet Yellen stayed silent on monetary policy in a much-anticipated speech, and a key White House official said tax reforms were on the horizon.

    The Dow Jones Industrial Average rose 30.48 points, or 0.14%, to 21,813.88, the S&P 500 gained 4.11 points, or 0.17%, to 2,443.07 and the Nasdaq Composite lost 5.68 points, or 0.09%, to 6,265.64.

  2. Euro hits highest rate for two years

    Euro dollar rate after Mario Draghi's speech

    The euro hit its highest level in more than two years against the dollar on Friday after that speech by European Central Bank President Mario Draghi.

    Why? Well, it seems it's because he didn't voice fears about the strength of the euro, focusing instead, as we've been reporting, on openness to trade.

    The eurozone currency hit a high of $1.1940, its strongest level since January 2015.

    A short while ago it was at $1.1927 - a rise of 1.08%.

  3. Draghi: Openness to trade under threat

    Concluding his speech to fellow central bankers Mario Draghi said warned that openness to trade was vital for the global economy but that it was "under threat".

    "To inject more dynamism into the global economy we need to raise potential output growth, and to do so with ageing societies we need to lift productivity growth. For advanced economies that are close to the technological frontier, this depends crucially on openness to trade," he said.

    "Yet openness to trade is under threat, and this means that policies aimed at answering this backlash are a vital part of the policy mix for dynamic growth. Some of those policies can be implemented domestically, but some can only be effectively enacted through multilateral cooperation."

  4. Draghi: Fairness of openness is key concern

    One of the key concerns is about the fairness of openness, says Mr Draghi - in other words whether everybody playing by the same rules.

    Not surprisingly, perhaps, he goes on to say that European Union does deliver a fair playing field and that it has been successful.

    "As regards fairness, the point is obvious: regulatory convergence provides the strongest assurance that the playing field is level right across the European market. This is why, as borders have opened within Europe, common supranational powers of legislation and enforcement have strengthened in parallel," he adds.

  5. Draghi: Rich nations more negative about trade

    Mr Draghi goes on to say that one of the "key questions facing the global economy is whether the trend towards ever greater economic openness, which has defined the last three decades, is coming to an end".

    He adds that temporary trade barriers now cover 2.5% of products today compared with 1% of products back in the year 2000.

    And he says while most people think growing trade and business ties with other countries is positive "those polled in rich countries are more negative than in the pre-crisis period".

  6. Draghi: Consensus on open markets weakening

    He goes on to highlight growing concerns not everyone benefits from free trade, in particular poorer nations and sections of society.

    "The social consensus on open markets has, however, been weakening in recent years," he says.

    "This is driven not so much by a belief that open markets no longer create wealth, but by the perception that the collateral effects of openness outweigh its benefits. People are concerned about whether openness is fair, whether it is safe and whether it is equitable."

  7. Draghi: Openness is key to better productivity

    European Central Bank boss Mario Draghi is delivering his speech at Jackosn Hole and the ECB has posted the text on its website.

    His key focus is on the role of openness in global trade .

    "When thinking about the global economy, one of the key ingredients for raising productivity is openness.

    "Open trade, investment and financial flows play a key role in the diffusion of new technologies across borders that drive forward efficiency improvements."

  8. Treasury secretary: Trump will promote tax reform next week

    BBC North America business correspondent tweets

    Steven Mnuchin

    US Treasury Secretary Steven Mnuchin has been talking to the White House reporters.

    He's revealed that President Donald Trump will be travelling around the country next week to promote his tax reform agenda which investors are hopeful will stimulate the US economy.

    He also said the country's debt ceiling would be raised in September. "My strong preference is that we have a clean debt ceiling (increase), but the most important issue is the debt ceiling will be raised in September," he said.

    US legislators need to approve an increase in the US debt ceiling or the federal government risks defaulting on its debt payments.

    View more on twitter
    View more on twitter
  9. Mike Ashley will not attend AGM

    Daily Telegraph retail editor tweets

    Sports Direct has made an announcement to the stock market in which it says its boss Mike Ashley will not not attend the forthcoming annual general meeting (AGM) and it will scrap an open day for investors and journalists.

    The sportswear giant said "conflicting demands" for the chief executive's time meant he could not attend the AGM on 6 September 6.

    View more on twitter
  10. DVLA bans potentially offensive number plates

    Registration numbers withheld by the DVLA
    Image caption: Do these "suppressed" vehicle registration marks cause "upset or offence"?

    More than 300 number plates have been banned from use when the 67 vehicle registrations are released next week.

    The Driver and Vehicle Licensing Agency (DVLA) has withheld them because they are deemed potentially offensive.

    Among those are MU67 DER, BU67 GER, DO67 GER, BA67 ARD, MU67 GER, HU67 WLY and OR67 SAM. Other "words" like AF67 HAN and NE67 ECT also make the list.

    A DVLA spokesman said it had a responsibility to ensure plates do not "cause upset or offence". Read the full story here

  11. Kenya court throws out attempt to stop plastic bag ban

    Man surrounded by waste including plastic bags
    Image caption: Plastic bags have become an environmental menace in some places

    The High Court in Kenya has rejected an attempt to stop a ban on plastic shopping bags, due to come into force on Monday.

    Manufacturers of the bags argued that 80,000 jobs would be lost.

    This is the third attempt in the past ten years that Kenya has tried to ban plastic bags.

    The environment ministry says anyone caught manufacturing, importing or using the bags will be liable to a fine of at least $19,000 (£14,700) or a jail term of at least a year.

    A number of other African countries have banned plastic bags, including Rwanda and Eritrea.

  12. VW engineer sentenced to 40 months in prison

    BBC World Service

    VW badge

    A US judge has sentenced a former Volkswagen engineer to 40 months in prison for his role in the emissions cheating scandal.

    James Liang had pleaded guilty to misleading regulators, and had co-operated with law enforcement officials.

    But Judge Sean Cox told him he was part of a long-term conspiracy that perpetrated a stunning fraud on the American consumer.

    The judge said he hoped the prison sentence would deter other engineers. He also imposed a fine of $200,000 (£155,000).

    Volkswagen installed software in some of its cars that masked the real amount of emissions they produced.

  13. RBS accused of mistreating businesses in leaked report

    RBS logo

    The RBS department set up to help companies in trouble mistreated nearly all its clients, a leaked report for the Financial Conduct Authority says.

    It found some "inappropriate action" - such as interest charges being raised or unnecessary fees added - was experienced by 92% of viable firms seen by RBS's Global Restructuring Group.

    GRG operated from 2005 to 2013 and at its peak handled 16,000 companies.

    The banking giant denies systematic abuse of its customers.

    Read the full story here

  14. Will Draghi speech disappoint markets?

    Mario Draghi

    Coming up later we'll have European Central Bank (ECB) boss Mario Draghi's speech from Jackson Hole.

    However, it seems anyone hoping for clues as to when the ECB will start easing back further on its 60bn euro (£55bn) a month economic stimulus programme - and shifting into "hawkish" mode - is likely to be disappointed.

    Quote Message: Still to come is Mario Draghi’s own Jackson Hole speech, though like Yellen’s it is expected to be light on the kind of details investors are clamouring for. The ECB has let out plenty of hints suggesting Draghi isn’t going to announce anything resembling a hawkish shift during his evening talk, though it isn’t hard to imagine the markets being disappointed regardless.
  15. Pound remains near 10 month lows against euro

    Pound euro graphic August 25 1750 BST

    The pound was trading near fresh ten month lows against the euro, with £1 buying 1.0842 euros.

    Quote Message: Broader markets are happy to push sterling lower with any negative news, and there is a big gap opening up between the outlook of both the eurozone and the UK economies. from David Madden Markets analyst at, CMC Markets
    David MaddenMarkets analyst at, CMC Markets
  16. Pound rises against dollar

    New pound coins on dollar bills

    Sterling has recovered ground against the dollar, after traders sold the US currency following disappointment over US Federal Reserve boss Janet Yellen's speech at the Jackson Hole conference in Wyoming.

    Dollar weakness helped the pound rise by 0.61% against the US currency to $1.2879.

    The upward move helped pound to recover some of the losses it suffered earlier this week when at one point it was down to $1.277.

  17. Dixons Carphone claws back some ground

    Dixons Carphone shares at close b25 August

    The FTSE 250 closed at 19671.33 - a fall of 0.2%.

    On the index, Dixons Carphone shares recovered some of their earlier losses,

    On Thursday the retailer's shares lost 23% after a profits warning, but ended Friday 0.94% higher on the day.

  18. Supermarket shares dented

    Whole Foods Market logo+

    Let's check on what the big supermarket shares were doing at Friday's close.

    Tesco ended the day 1.73% lower, making it the fifth biggest faller on the FTSE 100.

    Sainsbury's was down 0.46% and Morrisons dropped 0.36%.

    Their performance was dented by Amazon's announcement that it would complete its takeover of Whole Foods on Monday and start cutting prices.

  19. Provident Financial biggest gainer on FTSE 100

    Provident Financial office

    For the second day running, the biggest gain on the FTSE 100 was racked up by Provident Financial.

    Shares in the sub-prime lender climbed by 22% after it announced a management shake-up.

    On Tuesday the firm shed 66% after it issued its second profit warning in three months.

  20. FTSE closes down

    FTSE 100 at close 25 August 2017

    The FTSE 100 was little changed at the close - edging down by just 0.08% to 7401.46.