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  2. Pound falls against dollar and euro
  3. FTSE 100 ends 0.9% higher
  4. Nissan admits emission misconduct
  5. Mothercare to close 60 stores

Live Reporting

By Simon Read and Dearbail Jordan

All times stated are UK

Good night!

That's it from Business Live for today - thanks for reading.

We are back bright and early tomorrow at 6am so do join us then.

Wright gets Culture

Jeremy Wright has been appointed Digital, Culture, Media and Sport Secretary, Downing Street said.

Wall Street ends higher

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Wall Street ended the day higher, helped by banking, industrial and energy shares as investors looked ahead to a strong results season.

The Dow Jones Industrial Average rose 1.3%, the S&P 500 gained 0.9% and the Nasdaq Composite also added 0.9%.

Hunt replaces Johnson

Jeremy Hunt

As we mentioned earlier, Jeremy Hunt has indeed been appointed as Foreign Secretary, replacing Boris Johnson.

Matt Hancock is the new Health and Social Care Secretary, Downing Street said tonight.

Kit Malthouse has become the new housing minister, by the way.

Twitter shares sag

Shares in Twitter have ended the day more than 5% lower at $44.11 in New York after the Washington Post reported that the social media company suspended more than 70 million fake accounts in May and June.

However, CFO Ned Segal rejected - on Twitter of course - claims by analysts that the moves could affect its user growth:

View more on twitter
View more on twitter

Erdogan appoints son-in-law

Turkish president Recep Tayyip Erdogan has named his son-in-law Berat Albayrak as finance minister in his new cabinet.

In another key change, army chief of staff General Hulusi Akar joins the government as defence minister, while Mevlut Cavusoglu keeps the post of foreign minister.

Mr Erdogan pledged to build a "strong Turkey" with a powerful defence industry and expanding economy as he was sworn in on Monday with sweeping new powers.

Hunt to replace Johnson?

BBC political correspondent Laura Kuenssberg tweets:

View more on twitter

May 'sorry' to see Johnson go

Theresa May and Boris Johnson

Theresa May has told Boris Johnson she is "sorry - and a little surprised" that he had chosen to resign following their "productive discussions" at Chequers on Friday.

However, she said that if he was unable to support the government's agreed position "it is right that you step down".

"During the EU referendum campaign, collective responsibility on EU policy was temporarily suspended. As we developed our policy on Brexit, I have allowed Cabinet colleagues considerable latitude to express their views," the prime minister said.

"But the agreement we reached on Friday marks the point where that is no longer the case, and if you are not able to provide the support we need to secure this deal in the interests of the United Kingdom, it is right that you should step down."

Fitch remains negative on UK

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Ratings agency Fitch expressed scepticism that Theresa May's Brexit plan will be accepted by the European Union or parliament, reiterating its negative outlook for the UK's credit score.

"The resignations of David Davis as Brexit secretary and Boris Johnson as foreign secretary highlight the domestic political challenge the UK government faces in building support for its Brexit plan or any other model," Fitch said.

It also said it was unclear whether May's plan would be acceptable to EU negotiators in its current form: "The political, economic and institutional uncertainty stemming from the UK-EU negotiations is reflected in the negative outlook on the UK's 'AA' sovereign rating."

A disruptive "no deal" Brexit was also possible, but this was not its base case, Fitch added.

Rail timetable changes delayed (again)

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If you were looking forward to extra services and capacity on the railways by the end of the year, think again.

Changes to timetables due to be made in December by CrossCountry, Govia Thameslink Railway, Great Western Railway, London Overground, Northern, South Western Railway, TransPennine Express and West Midlands Trains have been postponed following the chaos sparked by schedule alterations in late May.

A "more cautious approach" will be taken to ensure passengers can "plan their journeys with confidence", industry body the Rail Delivery Group said.

The government has "accepted the rail industry's recommended approach", the group added.

The announcement means returning to confirming timetables 12 weeks ahead will take longer than planned, and is now not expected to happen until May next year.

Fox 'set to raise Fox bid'

21st Century Fox flag
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Fox is preparing a new bid for Sky that values it at about £25bn and tops the offer made by Comcast, the Financial Times is reporting.

Fox's offer is expected to be at a premium of Comcast's £12.50 a share offer, the FT said, citing two people briefed on the matter.

Rupert Murdoch's company could make a new offer as soon as this week if its earlier bid for Sky is formally approved by the UK government, the paper said.

Fox, which declined to comment, initially made a £10.75 a share bid to take full control of Sky in December 2016.

Uber takes a bite out of Lime

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Ride-hailing business Uber has announced a deal with scooter hire company Lime.

Lime lets people hire scooters, electric bikes and pedal cycles in 46 cities.

The deal means Uber users will be able to rent Lime's scooters via the car-sharing company's app.

News about the deal emerged as Lime announced funding of $335m (£253m) that Uber, along with Google's Alphabet and others, had contributed to.

Read more here.

'One step at a time'

David Davis, Boris Johnson and Theresa May
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From left: David Davis, Boris Johnson and Theresa May

The pound may have taken a hit today due to Boris Johnson's resignation, but how sterling performs going forward depends on what happens next in politics.

Simon Derrick, a chief currency strategist with Bank of New York Mellon, says that historically over the last half a decade, the market has been poor in pricing in political risk for sterling, remaining largely calm ahead of the Brexit referendum and the general election.

But this will now change.

"They are now going to start focusing far more on the potential political risks, they will focus on the possibility of a leader challenge, on broader risks in parliament," he told the BBC.

"In part it depends on what happens tonight at meeting of the 1922 committee - any sign Theresa May hasn't gained the confidence of backbenchers could be a concern.

"Sterling's definitely taken a hit today, they're definitely worried that two senior ministers have gone, but there's a recognition of taking it one step at a time."

Boris's 'semi-Brexit' fears

Boris Johnson and David Cameron

In his resignation statement to Theresa May, Boris Johnson said the UK appeared to be "heading for a semi-Brexit" and would take on "the status of a colony" under her Brexit plans.

The now former foreign secretary said: "We are truly headed for the status of a colony - and many will struggle to see the economic or political advantage of that particular arrangement."

We thought we'd show you a picture of Mr Johnson with former prime minister David Cameron, who - lest we forget - decided to hold a referendum on the European Union.

Want more BoJo? Here you go:

View more on twitter

Sorrell set for first deal

Martin Sorrell

The Guardian is reporting that Sir Martin Sorrell is on the verge of sealing a €300m (£266m) takeover of the Dutch agency MediaMonks.

The deal could be announced as soon as Tuesday and would be the first acquisition for S4 Capital.

Sir Martin set up the venture very quickly after leaving WPP after three decades running the advertising group.

Drake smashes streaming record

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Drake's latest album, Scorpion, has crushed the record for streaming to post the biggest week this year on the US chart.

It was streamed nearly 746 million times in the US on platforms such as Spotify and Apple Music in the seven days to Thursday, Nielsen Music said, meaning it sold the equivalent of 732,000 copies.

That easily beat Post Malone's beertbongs and bentleys", which notched up 431 million streams in May.

Streaming records are regularly being broken as more music fans switch to streaming.

Now that's what I call inflation...

Yes, UK politics are a complete shambles, but it could be a lot, lot worse - as Bloomberg reporter Ben Bartenstein tweets:

View more on twitter

Sterling dips further

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Sterling has slipped a bit further against the dollar to $1.3226 - almost 0.5% lower - and is down 0.6% at €1.1246.

"What we can say is the pound can handle ministerial resignations if that's the extent of it ... if it means [Boris] Johnson leaving and not launching a leadership challenge," said Viraj Patel at ING.

A weaker pound means higher profits for many companies on the FTSE 100, which ended the day almost 1% higher.

The magic number?

More from our political editor on Theresa May's survival prospects:

View more on twitter

FTSE jumps, water firms slide

The London market has ended the day 0.9% higher at 7,687.9 points, with mining firms leading the risers.

However, one trader says the FTSE 100 is rising "for the wrong reasons", warning investors to be careful of the sterling-FTSE correlation.

Theresa May "has a leadership challenge on her hands ... more uncertainty and a poorer negotiating stance", he notes. "If [Jeremy] Corbyn gets in it can't be good for the FTSE ultimately."

Maybe that's why shares in water companies were the day's biggest fallers, with Severn Trent shedding 3.1% and United Utilities down 2.2%.

The Labour leader has vowed to bring water firms back into public control.

May vows to fight

BBC political editor Laura Kuenssberg tweets:

View more on twitter

Who will replace Dominic Raab?

Dominic Raab

It's all very well Dominic Rabb being announced as David Davis' replacement as Brexit Secretary, but the big question is who will be the new housing minister, says the chief executive of property builder and manager Audley Group.

"Given the historically short tenure of housing ministers over the last few years – eight in the role since 2010 alone – Raab’s replacement needs to hit the ground running and urgently confirm the priorities if we are to make any progress before the next change of post.," says Nick Sanderson.

Longer transition period?

The BBC's business editor tweets

FTSE picks up

While the pound has fallen in reaction to Boris Johnson's resignation, the UK's stock market has actually picked up slightly.

Shares often rise when sterling falls, as the weaker currency lifts the value of companies' overseas earnings when they are brought back to the UK and converted back into pounds

The FTSE 100 had been up by about 0.5%, but is now up by nearly 0.9%.

FTSE 100

Sterling slides

The pound has continued to fall following news of Boris Johnson's resignation. News of the resignation had a pretty immediate impact on sterling, as the graph below shows...

Pound-dollar graphic

Johnson 'tests pound's resilience'

Boris Johnson

Connor Campbell, financial analyst at Spreadex, has this to say on the markets' reaction to Boris Johnson's resignation:

"Sterling’s resilience was severely tested on Monday. While the resignation of Brexit Secretary David Davis actually ended up sending the pound higher, those gains were quickly eroded as Boris Johnson pulled his own disappearing act.

"With that being two Cabinet resignations in less than 24 hours, the pound began to fret about the chances of a formal challenge to Theresa May’s leadership from inside the Tory party, and the subsequent potential for another general election. To be fair to sterling, however, it avoided falling off a cliff like it might well have done, instead producing a more measured reaction to the day’s twists and turns.

"The big question now is, how much of a domino-effect will this Davis/Johnson double have in the coming days (and indeed hours), and whether or not May has the support to climb on to her job."

Pound slips as Johnson quits

Sterling has reacted sharply to news of Boris Johnson's resignation as foreign secretary. The pound fell from about $1.3340 to trade as low as $1.3259, down 0.2% on the day. Against the euro, sterling fell 0.4% to trade at 88.62 pence to the euro.

Boris Johnson quits

Theresa May's Brexit woes deepen as Foreign Secretary Boris Johnson becomes the latest senior figure to leave the cabinet. Follow live coverage of today's political events here.

Poundworld partial rescue plan rejected

Poundworld shop
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Poundworld founder Chris Edwards, who had hoped to buy back some of the discount retailer's stores after it fell into administration, says his offer has been rejected by administrators Deloitte.

Mr Edwards had put forward a proposal to rescue 186 of Poundworld's 335 stores across the UK, a move he said would have saved 3,000 jobs.

He said: "I've made a substantial and credible offer, which is the best offer we can put forward, but in my opinion, it hasn't been given the respect it deserves. Although it was close to what the administrator wants, we've now had written confirmation that it's not high enough, which I'm shocked and surprised at."

Deloitte were called in after the indebted chain failed to strike a rescue deal with another potential buyer, R Capital.

Wall Street in buoyant mood

Despite continuing US-China trade tensions, Wall Street has opened higher. In the opening minutes, the Dow Jones has added 134 points to hit 24,590, while the S&P 500 is up 23 points to 2,759. The tech-heavy Nasdaq is 47 points higher at 7,735.

Investors look ahead to US earnings season

Wall Street
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The US stock markets will open shortly in a week that will usher in the second-quarter reporting season in America.

Among the big companies releasing financials are the major banks such as Citigroup and JP Morgan.

Looking ahead, Peter Kenney, senior market strategist at Global Markets Advisory Group, says: "Last Friday's gains managed to put a positive patina on what was otherwise a rather unimpressive week for equity investors.

"That tone could serve investors well this week as we launch into Q2 earnings season."

Mothercare adds to empty High Street space

Closing down sign
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Mothercare is just the latest company to announce store closures...which means there is a lot of excess retail space in the UK.

James Child, retail analyst at Estates Gazette, says: "The closures would total about 570,000 sq ft of retail space, which would take the total space relinquished by retailers in 2018 to just shy of 11m sq ft, according to Radius Data Exchange data."

BBC business reporter Karen Hoggan has taken a look at what could be done with all this space.

Mon Dieu! Este vino es español

Blog: Was it business wot won it - or lost it?

Simon Jack

BBC Business Editor

Cabinet meeting at Chequers
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Boris Johnson may not have much time for the concerns of business, but the version of Brexit settled on by the cabinet at Chequers shows that the government was ultimately prepared to sing in harmony with the "siren voices" of concerned companies like Airbus and Jaguar Land Rover.

Their dire warnings over future investment in the UK were carefully noted and amplified in cabinet by the Business Secretary, Greg Clark, and the Chancellor, Philip Hammond.

David Davis feels that in giving in to the concerns of big business, the government has capitulated too early, betraying the spirit of Brexit - in other words, it was business wot lost it.

Read Simon's full blog here.

Trump tweets about trade

US President Donald Trump is up and tweeting. Ahead of the NATO summit in Brussels on Wednesday and Thursday, Mr Trump took aim at some European Union nations over payments to NATO as well as trade with the US.

View more on twitter
View more on twitter

Scottish job creation outpacing rest of UK

A worker in a Scottish bar
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Scottish firms took on staff at the fastest rate for nearly four-and-a-half years last month to cope with a rise in new orders, according to Royal Bank of Scotland's latest PMI.

The report said the rate of job creation "noticeably" outpaced that for the UK as a whole.

The survey of purchasing managers suggested employment expanded at its quickest pace since February 2014. It increased from 53.7 in May to 54.5 in June.

Good news and bad news

Harry Maguire
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Get in! Harry Maguire celebrates scoring England's first goal against Sweden

Goldman Sachs reckons it can calculate the probability of who will win the World Cup.

On the upside, the US investment bank believes that England will beat Croatia on Wednesday to reach the finals on Sunday.

The bad news? It thinks that Belgium, after vanquishing France in the semi-finals, will win the tournament.

Come on England - lets prove Goldman Sachs wrong!

Smaller supermarkets to be squeezed by mega-deals

Iceland lorry
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Tesco's tie-up with French retailer Carrefour and Sainsbury's merger with Asda are set to see the likes of Ocado and Iceland come under pressure, reckons credit agency Moody's.

In a research note published today it warned that squeezed suppliers will look to make up lost profits from smaller players such as Iceland and Ocado.

"Lower purchasing costs for the retail alliances will translate to lower revenue for suppliers overall, even if the alliances enhance volumes for some suppliers," it said.

"We expect suppliers will look to recover lost profits by extracting better terms from smaller customers."

'Compliance awareness is lacking' admits Nissan

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Nissan's chief operating officer Yasuhiro Yamauchi says that falsifying emissions tests "is a deep and serious issue for our company".

He told reporters on Monday: "We realise that our compliance awareness remains lacking."

He said Nissan will continue investigating the root causes, which it expects to take around a month.

Next leads FTSE risers


The FTSE 100 is up 30.01 points, or 0.39%, at 7,647.71.

Retail chain Next is leading the blue chip risers with its share price up 2.6% at £59.53.

Telecoms group Vodafone is the biggest faller, down 0.98% at 189.13p.

The FTSE 250 is up 123.57 points, or 0.60%, at 20,741.91.