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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Wall Street boosted by tech earnings results
  3. FTSE shares rally
  4. Airlines complain to EC about French strikes
  5. Trade fears weigh on Eurozone growth

Live Reporting

By Mary-Ann Russon

All times stated are UK

  1. Good night

    BBC testcard

    That's it for today on Business Live - thanks for reading. We'll be back bright and early at 6am on Wednesday.

    Do join us then for all the latest news and views from the wonderful world of business

  2. S&P hits 5-month high

    Wall Street traders

    The S&P 500 has just closed at its highest level since 1 February as Alphabet's unexpectedly strong second quarter, reported on Monday night, helped boost investor sentiment.

    The Dow Jones Industrial Average rose 196.57 points to 25,240.86, the S&P 500 gained 13.34 points to 2,820.32, while the Nasdaq Composite slipped 1.11 points to 7,840.77.

  3. Facebook tiptoes into China

    Facebook logo

    Facebook has set up a subsidiary in China, according to an official business registration, hinting that it may be trying to establish itself in the country, where its social media sites remain blocked.

    The subsidiary is registered in Hangzhou, home of e-commerce giant Alibaba Group Holding Ltd, according to the filing.

    "We are interested in setting up an innovation hub in Zhejiang to support Chinese developers, innovators and start-ups," a Facebook representative said via email.

    Facebook's website remains banned in China, which strictly censors foreign news outlets, search engines and social media.

  4. Have you ever tried glamping?

    Have you ever tried "glamping"?

    In case you didn't know, it stands for "glamourous camping", and often comes with a luxurious price tag too.

    BBC World reporter Devina Gupta investigates in India's Thar desert...

    View more on twitter
  5. San Francisco eyes workplace cafeterias ban

    San Francisco City Hall
    Image caption: San Francisco City Hall

    Officials in San Francisco, the home of Silicon Valley, are reported to be planning to ban on-site workplace cafeterias.

    Many tech firms offer staff free breakfast, lunch and dinner from the work cafeteria.

    But this means they are not likely to visit local cafes and restaurants, and policy makers want this to change, according to the San Francisco Examiner.

    Mountain View, where the likes of Google and Facebook are based, already has laws banning firms from subsidising meals by more than 50%. However, tech firms can fully subsidise their employees' dining expenses if they visit restaurants open to the public.

  6. Corbyn: Bring manufacturing 'back to Britain'

    A Labour government would seek to ensure "we build things here that for too long have been built abroad", party leader Jeremy Corbyn has said.

    He told the EEF manufacturers organisation that new train carriages, defence, NHS and new passports were areas where money was spent abroad.

    Mr Corbyn also said he would end the "racket" of public sector outsourcing.

    Video content

    Video caption: Jeremy Corbyn on 'opportunities' of a Labour Brexit
  7. Facebook angers Flanders with Rubens ban

    Peter de Wildes and Peter Paul Rubens' The Descent from the Cross painting

    The Flanders Tourist Board has written an open letter protesting against Facebook's "cultural censorship" of adverts showing paintings by Flemish painter Peter Paul Rubens.

    The removed ad featured the artist's The Descent from the Cross, which shows a bare-chested Jesus.

    Following the ban, the authority made a satirical video with fake investigators ushering visitors out of a museum after they looked at similar paintings.

    Facebook has not yet responded.

  8. USDA's statement on emergency aid

    Corn and soybeans on a farm in Iowa

    Here's the US Department of Agriculture (USDA)'s statement about why it decided to authorise $12bn in aid to American farmers.

    "This is a short-term solution to allow President Trump time to work on long-term trade deals to benefit agriculture and the entire US economy," said US Secretary of Agriculture Sonny Perdue.

    “The President promised to have the back of every American farmer and rancher, and he knows the importance of keeping our rural economy strong.

    "Unfortunately, America’s hard-working agricultural producers have been treated unfairly by China’s illegal trading practices and have taken a disproportionate hit when it comes illegal retaliatory tariffs. USDA will not stand by while our hard-working agricultural producers bear the brunt of unfriendly tariffs enacted by foreign nations."

    The USDA says that "unjustified retaliatory tariffs" have impacted a range of commodities including soybeans, sorghum, milk, pork, fruits, nuts and other speciality crops.

  9. BreakingTrump announces emergency aid to US farmers

    Kim Gittleson

    New York business correspondent

    A cow

    On the same day that President Donald Trump proclaimed "tariffs are the greatest" on Twitter, his administration conceded an important point: there are some Americans who have been hurt by protectionist trade policies.

    The Trump administration has announced it will extend £12bn in emergency aid to US farmers who have been caught in the middle of an escalating global trade war.

    The size of the aid is roughly in line with the economic impact of what the US Department of Agriculture (USDA) called "llegal and damaging" foreign tariffs.

    Invoking a law first passed during the depths of the Great Depression, the USDA said it would disburse billions to farmers who have been hurt retaliatory tariffs on US crops.

    While the move might be welcome relief to soybean farmers in particular - prices for the staple crop hit a nine-year low this month - the move was criticised by members of President Trump's Republican party, who said the subsidy could distort markets.

  10. China still keen on luxury goods

    LVMH chief executive Bernard Arnault

    LVMH, the owner of luxury goods brand Louis Vuitton, Givenchy, Fendi and Krug champagne, has reported analyst-beating profits for the first half of 2018.

    The French firm saw its profit from recurring operations rise 28% to €4.65bn in the first six months of this year, driven by growing demand from young, middle class Chinese shoppers.

    Although it would see that the US-Chinese trade dispute has largely unaffected luxury goods, LVMH is still wary.

    "Despite buoyant global demand, monetary and geopolitical uncertainties remain," LVMH's billionaire boss Bernard Arnault said in a statement, adding the group would remain "vigilant".

  11. BreakingIvanka Trump closes fashion brand

    Ivanka Trump

    President Donald Trump's daughter, Ivanka Trump is closing her eponymous fashion brand.

    She split from the company a year ago to enter the White House as a senior adviser.

    Ms Trump launched the brand in 2014, but after her father's election was faced with shopper boycotts.

    "When we first started this brand, no one could have predicted the success that we would achieve," Ivanka Trump said in a statement.

    "After 17 months in Washington, I do not know when or if I will ever return to the business, but I do know that my focus for the foreseeable future will be the work I am doing here in Washington, so making this decision now is the only fair outcome for my team and partners.

    "I am beyond grateful for the work of our incredible team who has inspired so many women; each other and myself included. While we will not continue our mission together, I know that each of them will thrive in their next chapter."

    The decision apparently has nothing to do with how well the brand has performed, and is "based solely" on Ms Trump's decision to remain in Washington "indefinitely".

  12. China concerned about damage from trade war

    More on China's latest economic reforms.

    Local governments will be given about $200bn to improve their infrastructure.

    Jinny Yan, the chief China economist for China markets strategy at ICBC Standard Bank has told BBC World Service that China fears damage from the ongoing trade tensions with the US...

    View more on twitter
  13. Russian hackers penetrate US power stations

    A multi-plug wall unit

    Russian hackers have won remote access to the control rooms of many US power suppliers - some of whom may not yet know they’ve been compromised.

    The access could have let them shut down networks and cause blackouts, US officials told the Wall Street Journal.

    The state-backed hackers won access even though command centre computers were not directly linked to the web.

    The attacks succeeded by targeting smaller firms which supply utilities with other services.

  14. Gove: Tariff-free food trade 'likely'

    Alun Cairns with Michael Gove

    Tariff-free access to European food markets is "overwhelmingly" likely after Brexit , Environment Secretary Michael Gove believes.

    "I think because a deal is in all our interests, that is what the outcome will be," he told BBC Wales.

    On a visit to the Royal Welsh Show, Mr Gove said the EU had been constructive.

    He added that its chief negotiator Michel Barnier did not want any trade barriers, quotas or tariffs "which was good news for Welsh farmers".

  15. Google 'doesn't need to worry about Amazon'

    BBC World News presenter Aaron Heslehurst has been speaking with equity research firm Monness Crespi Hardt about Google parent firm Alphabet's most recent earnings results.

    Despite being fined €4.3bn by the EU, analyst Brian White doesn't think Alphabet shows any signs of slowing down..

    View more on twitter
  16. London closes ahead

    London Stock Exchange

    London shares have ended higher, as mining stocks were boosted by the Chinese government announcing infrastructure investment policies. Banks also saw gains.

    The FTSE 100 closed 53.3 points or 0.7% ahead to 7,709.05. Top of the winners was mining conglomerate BHP Billiton, which rose 5.7% to £17.02.

    The FTSE 250 ended 82.5 points or 0.4% higher to 20,852.87, led by specialist healthcare firm BTG, which jumped 6.7% to 529.5p after its non-executive director bought 15,000 shares in the company.

  17. Bill for public sector wage rises £820m, estimates IFS

    Kamal Ahmed

    Economics editor

    Houses of Parliament, London

    Public sector pay is one of the largest parts of government expenditure.

    The government spends £181bn a year employing all the nurses, doctors, police officers, prison staff, civil servants, teachers, administrators and many others who run publicly funded services.

    So, announcing a pay increase of any description means costs.

    Particularly if some of those pay increases are, at 3.5% for many teachers, well above the rate of inflation, which is at 2.4%.

    Calculations by the Institute for Fiscal Studies (IFS) suggest that the pay increases announced today could cost £820m a year by 2019.

  18. Biggest pay rise in decade for a million workers

    A teacher teaching a child

    A million public sector workers are to receive their biggest pay rise in nearly 10 years, the government says.

    It includes 2.9% extra this year for the armed forces, 2.75% for prison officers and up to 3.5% for teachers.

    Police will see a 2% rise, the same increase seen by GPs and dentists.

    The move confirms the scrapping of the 1% pay cap last year and follows campaigns by unions for higher wage rises.

  19. Manufacturers in 'wait-and-see' mode over investment

    Workers building a car at the Ford factory

    British manufacturers has reported rising new orders and output but plans to invest are being delayed.

    According 357 manufacturers surveyed by the Confederation of British Industry, the measure of output hit a high of +27 in the three months to July from +13 in April.

    However, the CBI found that companies are intending to cut down on spending on buildings and land.

    Firms also said they planned to reduce investment on new products and processes, and spending on training is expected to fall at the fastest rate since 2009.

    Rain Newton-Smith, CBI chief economist, said: "The pick-up in output growth is good news and with new orders still running at a healthy rate, the near-term outlook for manufacturers remains reasonably bright.

    "Yet manufacturers are still in wait-and-see mode when it comes to their investment plans."