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Live Reporting

By Russell Hotten

All times stated are UK

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Good night

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

Gold price jumps

gold bars

The gold price jumped to its highest since November on Tuesday, extending the prior day's rally above $1,300 per ounce as investors bought bullion as insurance against falling prices of other assets after North Korea tested a ballistic missile over Japan.

US President Donald Trump warned that all options are on the table for the US to respond to North Korea's new show of force.

"Funds and traders are filling their boots with gold at the moment and so far that's justified," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

Taylor Swift makes YouTube history

Taylor Swift
Taylor Swift

YouTube says Taylor Swift's new music video "Look What You Made Me Do" is smashing records on the site, getting more than 43 million views in its first 24 hours of release.

The Google-owned site said it was the biggest debut of any video in YouTube history, beating the 36 million set by South Korean singer Psy's "Gentleman" for a 24-hour period in 2013.

Wall Street ticks up as North Korea fear eases

US stocks recovered at the close from steep early losses brought by fears of escalation of hostilities in the Korean Peninsula, with major indexes steadily climbing into positive territory.

The S&P 500 fell as much as 0.66% after U.S. President Donald Trump warned that all options are on the table for the United States to respond to North Korea's firing of a ballistic missile over a Japanese island into the sea in a new show of force.

"When the President says 'All options are on the table,' the best strategy for investors is sometimes to do nothing," said Brian Jacobsen, senior investment strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin.

The Dow Jones Industrial Average rose 57.83 points, or 0.27%, to 21,866.23, the S&P 500 gained 2.07 points, or 0.08%, to 2,446.30 and the Nasdaq Composite added 18.87 points, or 0.30%, to 6,301.89.

Expedia boss 'accepts Uber chief job'

Expedia boss Dara Khos­row­shahi has confirmed that he will be taking on the chief executive job at Uber, the Wall Street Journal reports.

The contract still needs to be finalised, the WSJ added.

US markets continue recovery

Wall Street markets are extending their gains, having shrugged off heavy falls at the start of trading. With about 30 minutes to go to the close, the Dow Jones is now 0.3% up at 21,872. The risers are led by a 2% gain for United Technologies, reported to be close to a $20bn-plus takeover of Rockwell Collins.

The Nasdaq is 0.4% ahead at 6,308 points, while the S&P 500 is up 0.2% at 2,448.7.

Russia's largest gas producer sees income fall

Gazprom logo

Russian gas giant Gazprom said on Tuesday that its second-quarter net income fell by more than 80% year-on-year to 48bn roubles (£632m). April-June sales rose to 1.39 trillion roubles, up from 1.33 trillion roubles a year ago, the company said.

The company blamed the fall on a foreign exchange hit due to a revaluation of its overseas debt. The rouble has strengthened in the past few months due to higher oil prices.

Mexico in further Nafta talks

Mexico's foreign minister Luis Videgaray will travel to Washington on Tuesday after threats by US president Donald Trump to scrap the North American Free Trade Agreement, according to Reuters.

However, the news agency said a source in the foreign ministry briefed on the trip said it was organised before Trump's latest warnings that he would prefer to scrap NAFTA than negotiate.

A second round of talks to re-negotiate the 23-year-old agreement are due to start in Mexico on 1 September.

Nintendo to close Miiverse social network

screen grab from game

Nintendo has announced that its Miiverse social network will be closed down on 8 November.

The platform lets players post messages and drawings on game-related message boards, and share tips and hints.

Miiverse posts also appear within some popular Wii U and 3DS games, but the posts will disappear in November.

Miiverse was launched in 2012 alongside the Wii U games console and could be accessed on the 3DS, but did not appear on the new Nintendo Switch.

The social network was notable for the detailed hand-drawn images that were shared by artistic gamers, which would appear within popular titles.

It also gained a reputation for irreverent and often inappropriate message board posts.

Durant puts the skids under Under Armour shares

Shares of sportswear firm Under Armour fell more than 3% on Tuesday, a day after National Basketball Association star Kevin Durant said young players do not like the company's shoes.

"Nobody wants to play in Under Armours. I'm sorry. The top kids don't because they all play Nike," the All-Star forward of the 2017 champion Golden State Warriors said during an interview.

Durant is endorsed by Nike, but the partisan comments still unnerved investors. He signed a shoe deal with Nike in 2014, spurning a deal from Under Armour that reportedly was worth as much as $285m over 10 years.

More than 18% of Gulf oil output shut

Gulf graph

More than 18% of oil production in the Gulf of Mexico was shut on Tuesday due to Harvey, the US Department of the Interior's Bureau of Safety Environmental Enforcement said.

That equates to some 319,523 barrels of oil per day, out of roughly 1.75 million barrels pumped daily from the Gulf.

The amount of production shut was down from Monday, when more than 331,000 barrels were closed. Meanwhile, 19.1% of natural gas production in the region, or 615.09 million cubic feet per day, has been shut, the BSEE said.

Rapid expansion at heart of Russian bank's crisis

Russia's central bank has been giving more details of its rescue of Otkritie bank, one of the country's largest lenders.

The authorities say questions must be answered about the bank's rapid expansion.

Dmitry Tulin, the central bank's first deputy chairman, told a news briefing that its business practices had been questionable.

"This (expansion) was financed via borrowing and key risks were taken," he said. "The bank's operations are connected to high risks and need to be seriously changed."

Otkritie bank, part of the wider Otkritie group, grew rapidly in recent years, snapping up banks such as Nomos, non-pension funds and insurers, and even the diamond business of Russian oil producer Lukoil.

Tulin said he did not expect turmoil in the wider banking sector.

Wall Street recovers

US stocks rebounded from steep losses to trade slightly higher as investors shrugged off concerns over North Korea's latest missile test.

The Dow Jones, 100 points down at the open, was up 17.27 points, or 0.08%, at 21,825.67. The Nasdaq was up 10.79 points, or 0.17%, at 6,293.8. The S&P 500 was down 1.24%, 0.05%, at 2,443.

Nike fell 2.5%, weighing the most on the Dow, after Morgan Stanley cut its price target. Best Buy tumbled 11%, posting the biggest percentage loss among S&P companies, after the retailer warned that its strong quarterly same-store sales performance should not be seen as a "new normal".

United Technologies rose 1.6% after reports that the company has made progress in its talks to acquire aircraft component manufacturer Rockwell Collins. Rockwell's shares rose 1.8%.

Copper hits three-year high

Copper wire

Copper rallied to its highest in three years as inventories in London and Shanghai fell and the dollar sank after North Korea raised geopolitical tensions by launching a missile that flew over northern Japan.

Benchmark copper jumped 1.9% to close at $6,791.50 tonne. It earlier touched $6,843.50, a level last seen in September 2014.

"The main input to copper is the continued weakness of the dollar which has been particularly aggressive today," said Ole Hansen, a commodities analyst at Saxo Bank.

A weaker greenback generally makes dollar-priced metals cheaper for non-US investors, boosting demand.

Sky stops broadcasting Fox News in UK

Sky is to stop broadcasting Fox News in the UK after low audience figures, the media firm has said.

21st Century Fox, which is owned by Rupert Murdoch, said the channel was being withdrawn as it was not commercially viable.

The decision is not to do with Fox's takeover bid for Sky, the BBC understands.

Culture secretary Karen Bradley has said she may refer the bid to competition regulators.

"[Fox] has decided to cease providing a feed of Fox News Channel in the UK," a spokeswoman said.

"Fox News is focused on the US market and designed for a US audience and, accordingly, it averages only a few thousand viewers across the day in the UK.

"We have concluded that it is not in our commercial interest to continue providing Fox News in the UK."

Russia's central bank rescues lender

Russia's central bank has stepped in to save the country's eighth largest lender, Otkritie, amid fears over its stability following a sharp drop in customer deposits in recent months.

The central bank said in a statement that it planned to become the bank's main investor and was taking measures to increase Otkritie's "financial stability".

The Vedomosti business newspaper reported that this is the "biggest case of a bailout in the history of the Russian banking sector," as well as the first use of a new consolidation fund recently set up by the central bank and signed into force by President Vladimir Putin earlier this year.

Otkritie "will continue to work as usual," said the central bank, which added that it would "provide financial support to the bank, guaranteeing the continuation of its activities".

Otkritie says on its website that it is the largest private bank in Russia, with 412 branches and 3.6 million private clients.

Fitbit Ionic smartwatch introduces blood oxygen sensor

Fitbit watches

Fitbit has put on sale its first fully-featured smartwatch.

The Ionic differs from the firm's existing Blaze watch in that third-party developers will be able to release apps and watchface designs that can be installed on the device.

It also introduces a sensor that can detect blood oxygen levels.

Fitbit has also announced a forthcoming "special edition" in partnership with sportswear firm Adidas, mirroring the Apple Watch tie-up with Nike.

Until recently, Fitbit was ranked the world's bestselling wearable tech brand. However, market research firm IDC reported in June that it had been overtaken by both Xiaomi and Apple in terms of shipments over the first three months of the year.

Fitbit recently reported that its second quarter sales were 40% down on 2016's equivalent figure, leading to a $58.2m (£44.9m) net loss for the period.

European markets shaken by N Korea tensions

European markets sunk into the red after North Korea ratcheted up tensions with the US by firing a ballistic missile over Japan.

The FTSE 100 closed down 64.03 points, or 0.87%, to 7,337.43, after the rocket plunged into waters off the northern Pacific Ocean in a sign of defiance from Pyongyang to the war games being conducted by Washington and South Korea.

Germany's Dax dropped 1.5% and the Cac 40 in France fell 1%, as analysts speculated whether North Korea was testing a new intermediate-range missile that it threatened to fire towards the US territory of Guam.

David Madden, analyst of CMC Markets, said: "Tensions have shifted up a gear, and dealers are dumping stocks as they don't want to remain long while the political situation plays out."

Gold miners, always an investors' favourite in times of trouble, were the FTSE 100's main gainers. Randgold rose 4.5% and Fresnillo finished 2.67% up.

ITV dropped 4.9%, tracking broader losses among European media stocks after German peer ProSiebenSat.1 slumped on the back of a weaker outlook for advertising in the third quarter.

On the currency markets, the pound was experiencing a mixed session, slipping 0.3% against the euro to 1.07, but rising 0.1% versus the US dollar to 1.29.

UTC to buy Rockwell?

The takeover rumour mill has gone into overdrive over speculation that United Technologies (Pratt & Whitney aircraft engines, Otis lifts, and much more) is close to buying aerospace technology giant Rockwell Collins. The Wall Street Journal and CNBC are among news groups reporting the news.

The two companies were tipped to do a deal at the start of this month. Rockwell is worth $20bn-plus.

How big is the pay gap.

The BBC's fact checkers have run their sliderule over the pay gap. Just how big is the gap at the top and is it worse across different sectors? Read the Reality Check team's stab at sorting fact from fiction here.

Top FTSE 100 pay league

Burger King launches WhopperCoin crypto-cash in Russia

A burger

Fast-food chain Burger King has launched its own crypto-currency, called WhopperCoin, in Russia.

Customers will be able to claim one coin for every rouble (1.3p) they spend on the Whopper sandwich.

Russians will be able to buy a Whopper with the virtual cash, once they have amassed 1,700 whoppercoins.

The company said it would release Apple and Android apps next month so people could save, share and trade their wallet full of whoppercoins.

US shares recover some ground

Wall Street markets have pulled back from earlier lows, but remain in the red. The Dow Jones, 100 points lower at the open, is now 34 points down at 21,774.8. The Nasdaq is off 12 points at 6,271, and the S&P 500 is 4 points down at 2,440.

Tensions over North Korea's missile test and heavy flooding in Texas have spooked investors. Banks are among the biggest losers. Defence industry shares are up, though. The Dow Jones defense index is 1% higher.

Bitcoin boss urges cautious investment

Llew Classen

The head of the Bitcoin Foundation, Llew Claasen, has urged people to invest "no more than they can afford" in the crypto-currency.

He was speaking at the TEDGlobal conference in Tanzania about the potential for Bitcoin in Africa.

Billions lack access to formal banking, but the uptake of mobile money means many are willing to embrace alternatives.

Bitcoin had been adopted in Nigeria, South Africa and Kenya, he said.

The digital currency had particular resonance in countries with volatile economies, he said.

"It offers people a chance to protect their savings from government abuse of monetary policy.

"A lot of people in Zimbabwe are interested in it as an alternative financial system, but that is not an easy thing to do formally as we don't want to be perceived as wanting to disrupt economies."

Extremism 'harder to spread on Snapchat'

The World at One

BBC Radio 4

Nick Bell
Getty Images

Snapchat vice president, Nick Bell, also talked to the World at One about the messaging app's "zero tolerance" approach to extremists.

Mr Bell - who was born in Northumberland and made his first million at the age of 16 - says the firm makes it pretty difficult to spread terrorism and hate speech by limiting users' ability to build up huge followings.

But wouldn't adding a radical preacher to a small group on Snapchat still pose risks?

"You could be approached on the street by a radical preacher and it's very difficult to protect everyone from everything all the time," he says.

"What I am saying is I think it's much harder for radicalists to emerge and create a large following on Snapchat than it perhaps is on other platforms."

Charities and staff raise a glass to BrewDog

Brewdog beer

Aberdeenshire-based craft brewer BrewDog is to give away 20% of its profits each year. BrewDog said 10% would go to charity and the other 10% would go to its team.

The company said it could mean giving away more than £45m over the next five years through what its Unicorn Fund.

Read more here.

Nafta: Be ready for Plan B, Mexico minister says

The US has a $64bn trade deficit with Mexico
Getty Images

Some people are dismissing US president Donald Trump's threats to quit the Nafta trade deal as bluster. One person who appears to be taking it seriously is Mexico's economy minister Ildefonso Guajardo.

In an interview with the Mexican business daily El Economista, Guajardo says "there is a risk, and it's high" that the Trump administration abandons Nafta. "We have to be more than ready for a Plan B," he told the newspaper.

However, exactly what that Plan B might be, he didn't say.

Wall Street opens lower

US stocks opened sharply lower, with the Dow Jones losing more than 100 points, as North Korea's missile test over Japan escalated tensions with Washington and president Donald Trump warned that "all options are on the table".

The Dow fell 123.16 points to 21,685.24. The S&P 500 lost 15.85 points to 2,428.39. The Nasdaq dropped 53.68 points to 6,229.34.

How Snapchat's news team works

The World at One

BBC Radio 4

Snapchat logo

Snapchat is known for carrying videos that vanish after 10 seconds, and its cutesy filters of puking rainbows and dog ears.

What many people might not know is that it also has a team of journalists.

During the recent white supremacist rally in Charlottesville, users of the messaging app sent in videos of the main suspect accused of killing a woman by driving into anti-fascist protesters.

Nick Bell, vice president of content at Snap Inc, said: "Before we published these Snaps we verified with the police to make sure it was accurate."

The news team also added a layer of context for Snapchat's 173 million daily active users, he told BBC Radio 4's World At One.

It comes as US tech firms Facebook and Google have come under close scrutiny over their handling of inaccurate and inflammatory journalism.

Ryanair complains about Lufthansa plans

Getty Images

Ryanair says it is not hopeful that it can halt plans by Lufthansa to take over parts of insolvent rival Air Berlin, according to a report from Reuters.

The budget airline has filed a complaint with German and European Union competition authorities over the insolvency process, which it describes as a "conspiracy".

David O'Brien, the airline's chief commercial officer, said: "This would not be allowed in any other European country, we have of course made a complaint to the German cartel office and the European Commission. We shall see what happens but we are not entirely hopeful."

Ryanair chief Michael O'Leary said last week that the the company would be interested in bidding for the whole of Air Berlin.

Harvey damage costs could reach $100bn

Getty Images

David Havens, an insurance analyst at Imperial Capital in New York, has told Bloomberg News that the final bill resulting from Hurricane Harvey could reach $100bn (£771m).

The catastrophic floods caused by the storm continue to ravage Texas while the storm is expected to reach southern Louisiana.

Hurricane Katrina, which hit New Orleans in 2005, caused $120bn (£926m) worth of damage.

Spurs' ground could be hit by crane drivers' strike

Getty Images

The building of Spurs' new £800m stadium could be hit by a crane drivers strike next week.

Construction Enquirer reports that tower crane drivers at HTC Wolffkran have confirmed their first strike date as September 9 following a long-running pay row.

According to the website, one worker said: “We’ll focus on the jobs where we can make most impact and Spurs stadium is right up there in terms of profile.”

Crypto-currency or just another loyalty scheme?

European shares still under pressure

The benchmark share index in Frankfurt, the Dax is down 1.7% and in Paris the Cac-40 is down by 1.3%.

"I think today's correction is more due to the stronger euro, and North Korea is more an excuse or a catalyst," said Angelo Meda, fund manager at Banor SIM.

"Markets are discounting the impact of euro-dollar on European earnings, but as of today it's too early to call for a long-term correction," he added.

"We need to monitor the evolution of US politics and macroeconomics in the next weeks to determine if there is the risk of a bear market or if this is just a blip."

Who's paying for the Arnie advert?

BBC personal finance reporter Kevin Peachey tweets:

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'Bonkers' PPI advert

Here's the verdict of the FT's Katie Martin on the FCA advert to raise awareness over PPI.

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Get your PPI claim in, urges Which?

Consumer group Which? has welcomed the Arnold Schwarzenegger PPI compensation campaign and called on victims of the mis-selling scandal to get their claims in.

Alex Neill, Which? managing director said: “The FCA campaign must encourage ​more people to claim, including ​previously unsuccessful claimants to re-submit their complaint due to the new Plevin ruling which has made thousands more consumers eligible for compensation.

"​Consumers who were mis-sold PPI should act now – time is running out.”

She said it is worrying that so many are unaware of the August 2019 deadline.

Arnie features in new PPI campaign

Arnold Schwarzenegger head

Arnold Schwarzenegger might not spring to mind when you think about payment protection insurance (PPI) - at least not yet.

In a new advert, an animatronic model of Arnie's head is urging UK consumers to look into whether they could make a claim of mis-sold PPI.

It's part of new campaign launched by the Financial Conduct Authority to make people aware of the deadline for complaints on 29 August 2019.

You can watch the full advert here.

Pension deficits soar

The pension deficit of FTSE 350 companies has grown by almost a quarter in a year to £62bn, according to a new report.

Barnett Waddingham said the deficit climbed £12bn in 2016 – 70% of profits for the year and a higher proportion than after the last financial crisis.

The firm reckons it would take just a 0.7% fall in bond yields for the pension deficit to exceed FTSE 350 profits by 2019.

Partner Nick Griggs said: ‘Unless companies are profitable over the long term, they can’t generate enough cash to meet their liabilities, including the pension deficit."

However he pointed out that if returns on shares continue at the levels seen in the last few years, long-term interest rates rise more than expected and longevity increases do not provide any nasty surprises, the pension deficit problem could solve itself.

Self-driving pizza experiment

Ford self-driving pizza delivery experiment with Domino's

Ford and Domino's Pizza are teaming-up to test self-driving vehicles in pizza delivery.

In the coming weeks randomly selected Domino's customers in Michigan will be given the option to have their pizza delivered by a Ford Fusion Hybrid research car.

Customers will be given a code to open a special compartment in the car containing their pizza.

Ford engineers will be driving the car.

"All of our testing research is focused on our goal to someday make deliveries with self-driving vehicles as seamless and customer-friendly as possible,” said Russell Weiner, president of Domino’s USA.

'The Brexiles are coming'

The BBC's Joe Miller tweets:

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