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Live Reporting

By Mary-Ann Russon

All times stated are UK

  1. Sterling falls further

    Pounds, dollars and euros

    The pound has extended its losses against the dollar, apparently due to comments made today by Bank of England governor Mark Carney at a conference in Bournemouth.

    Sterling has slipped 0.4% against the dollar to $1.2594.

    The pound has fallen 0.5% against the euro to €1.1150.

  2. Facebook fined €2m in Germany

    Facebook logo

    German authorities have fined Facebook €2m for under-reporting complaints about illegal content on its social media platform.

    The country has an internet transparency law which states that social media platforms must report the number of complaints they have received about illegal content.

    "It is quite clear that Facebook's community standards do not correspond to the standards of the law," Justice Minister Christine Lambrecht told reporters on Tuesday.

    In 2018, Facebook reported that it had received 1,048 complaints relating to illegal content on its platform over the second half of the year.

    In contrast, both Twitter and Google reported well over 250,000 complaints for the whole of 2018.

  3. Wall Street opens flat

    NYSE traders

    We're off and running on Wall Street. US stocks had a good day on Monday - with the S&P 500 hitting a record high - following signs of an easing of trade tensions between the US and China, but today shares are a bit flat.

    In early trade, the Dow Jones Industrial Average is 32 points or 0.1% lower to 26,685.47. Top of the losers is UnitedHealth, falling 1% to $240.32. The US health insurance firm has announced it is investing over $8m into four historically African American colleges in order to train more data scientists.

    The S&P 500 index is just 1 point or 0.05% down to 2,962.70. The losers are led by Automatic Data Processing, which has fallen 3.8% to $160.

    The tech-heavy Nasdaq index is 7.5 points or 0.09% lower to 8,084.53. Automatic Data Processing heads the losers, followed by Western Digital, which is down 3.1% to $48.11. Yesterday, the storage device maker announced that a power outage in Japan had affected its flash fabrication facilities that it operates with joint venture corporation Toshiba.

    Western Digital said it expected flash wafer production to be cut by about 6 exabytes, which would affect supply in the first quarter of fiscal year 2020.

  4. Good afternoon

    Angelique Kerber plays a backhand during Day two of The Championships at Wimbledon

    Thanks Simon and Bill for this morning's live coverage of all things business.

    Mary-Ann Russon with you until 21:30 for the rest of the day's news and views.

    Pictured today is reigning women's champion Angelique Kerber, who played a backhand earlier during Day Two of The Championships at Wimbledon in London.

    It's just been announced that she won the match against fellow German Tatjana Maria and will advance into the second round.

    Got a point of view? You can tweet me at @concertina226 and @BBCBusiness.

  5. Bureaux de change targeted in money laundering clampdown


    Police are cracking down on bureaux de change and currency transfer businesses in London suspected of being used to launder drugs money - as part of a bid to stem the surge in street violence.

    Scotland Yard says it has linked violence in the capital and other parts of the UK to disputes between gangs.

    It believes targeting their cash will disrupt activities and reduce attacks.

    Police say 12 foreign currency exchange firms will be raided on Tuesday, the first day of the week-long operation.

  6. Rate rise prospects 'put to rest'

    Following this morning's disappointing construction sector survey, Chris Beauchamp, chief market analyst at IG, says the "outlook for the UK economy has taken a turn for the worse".

    "All eyes are on the services figure tomorrow, with a dire future for an already beleaguered pound in store should this vital figure turn southwards," he adds.

    "Oddly enough, the Bank of England continues to mention a rate hike as if this was some kind of option for an economy facing serious headwinds, but perhaps the latest deterioration, plus the general dovish shift from other central banks, will be enough to finally put the idea to rest."

  7. Sports Direct retail chief quits

    Mike Ashley

    One of Mike Ashley’s senior aides has quit Sports Direct after 28 years working for the retail tycoon.

    Karen Byers' decision to leave with immediate effect was announced to senior store staff and area managers on Monday morning in a conference call, according to sources at the business.

    Mike Ashley told PA she would be welcome back, if she ever wants to return.

    He said: “Karen has been a very supportive member of the team for over 28 years and we wish her well for the future."

  8. Whirlpool review 'completely flawed' says Which?

    Whirlpool appliance

    More on the Whirlpool appearance before the Commons business committee earlier today.

    The committee also heard from Sue Davies, strategic policy adviser for Which?, who described a review carried out by the Office for Production Safety and Standards as “completely flawed” because it was based on “incredibly limited” data , much of which was provided by Whirlpool itself, and which she said contained gaps and inconsistencies.

    Responding to reports that some customers whose driers had caught fire had been asked to sign non-disclosure agreements in order to obtain compensation, she said it would be “absolutely incredible if Whirlpool are asking customers to sign NDAs”.

    Charlie Pugsley, Deputy Assistant Commissioner of the London Fire Brigade, said his service had seen a wide range of faults causing fires in machines that had already been modified.

  9. No-deal Brexit would cost Treasury £90bn says Hammond

    Philip Hammond

    Phillip Hammond has suggested the money put aside in case there is a no-deal Brexit will not be enough.

    He said that a no-deal exit would mean a hit to the Exchequer of £90bn.

    He's also said it is up to the House of Commons to stop a no-deal EU exit going ahead.

    He told the Commons: "I have no doubt whatsoever that in a no deal exit we will need all of that money, and more, to respond to the immediate impacts of the disruption of a no deal exit and that will mean there is no money available for either tax cuts or spending increases."

  10. Hammond to leave spending review decision to successor

    Philip Hammond

    Chancellor Philip Hammond has announced that he will leave to his successor at the Treasury the decision about whether to carry out a three-year review of government spending in the autumn.

    At Treasury questions in the Commons, Mr Hammond told MPs that the uncertainty around Brexit meant it was impossible to decide now whether the review — intended to set the government’s spending priorities into the 2020s — should cover a three-year period or just a single year.

    “As I announced at the spring statement, it is the government’s intention to conduct a three year spending review this autumn, subject to a deal with the EU being completed," he said.

    “Departments are already commissioned to carry out the work necessary for such a spending review, but it will be for the new government to decide whether the circumstances make it appropriate to conduct a full three year spending review, or a single year exercise.”

  11. FTSE steady, but Croda slumps

    FTSE 100 chart

    The FTSE 100 has had a steady morning, remaining in positive territory since opening at 8am.

    It's at 7,544.56, up 47.03 or 0.63% on the day.

    Only four constituents of the index have risen more than 2% so far today: Reckitt Benckiser (up 2.48%), Coca-Cola HBC (2.15%), National Grid (2.06%) and Severn Trent (2.05%).

    But five Footsie shares have fallen more than 2%, including chemical company Croda International which has slumped 4.72%.

    The others deep in the red are InterContinental Hotels (down 3.32%), ITV (2.79%), Antofagasta (2.76%) and WPP (2.23%).

  12. Whirpool tried to 'gag' victim

    Victim Jemma Spurr giving evidence to the BEIS Committee
    Image caption: Victim Jemma Spurr giving evidence to the BEIS Committee

    The Business Energy and Industrial Strategy Committee has also heard evidence this morning from victim Jemma Spurr, whose modified tumble dryer caught fire.

    She said despite repeated attempts to get in touch with Whirlpool directly she has never received the report on the cause of her fire, or an apology from the company.

    She also claimed she was asked by the company to sign a non-disclosure agreement about the incident, which she has ignored because she believes it’s important to speak out to protect others.

    Despite Whirlpool saying it is going to extreme lengths to raise public awareness of the issue, it said non-disclosure agreements are standard industry practice during insurance settlements.

  13. There could be 800,000 dangerous dryers, Whirlpool admits

    Whirlpool office

    Under-fire tumble dryer maker Whirlpool has told MPs there could be 800,000 dangerous dryers in people's homes.

    The company has previously said it believes that 500,000 machines are still incustomer’s homes with the known fault unmodified.

    The company has recalled the potentially dangerous machines, offering customers to have their dryers modified or get a brand new dryer.

    Giving evidence to the Business Energy and Industrial Strategy Committee this morning, executives from Whirlpool said they have logged 54 fires in their tumble dryers in recent years.

    But they admitted that three of those were in dryers which had already been modified.

  14. Aberdeen FC shareholders set to vote on private move

    Aberdeen v Celtic

    Shareholders are set to vote on whether to back Aberdeen FC becoming a private limited company.

    Chairman Stewart Milne said last month thatchanging from a public limited company could unlock £2m of potential investment in the club, as well as making it easier to attract more capital in future.

    A circular detailing the proposal was issued to all shareholders.

    A vote is now due at a general meeting at Pittodrie on Tuesday afternoon.

    Read more here.

  15. Pound down against the dollar and euro

    The pound fell to a two-week low against the US dollar on Tuesday, hit by poor construction data and uncertainty over what the next Conservative prime minister's economic policies will be.

    The Markit/CIPS UK Construction purchasing managers' index (PMI) recorded a reading of 43.1 for June, down from 48.6 in May.

    Economists were expecting a figure of 49.2.

    A reading above 50 shows growth, below that figure represents contraction.

    The pound was down 0.16% at $1.2619. It has lost 0.6% of its value against the dollar over the past week. Against the euro, sterling fell by 0.2% to 89.47 pence.

  16. 'Another knock for the construction sector'

    Quote Message: “June’s reading represents a further knock for the sector, particularly following May’s worrying blow, and is symptomatic of firms holding back on major spending, highlighting the underlying climate of indecision which isn’t likely to dissipate anytime soon. Last month showed evidence of the housing sector losing momentum - usually a principal driver of growth - and further evidence of weakness this month will inevitably put more pressure on the commercial and infrastructure sub-sectors to bear the weight. Yet commercial is the area most exposed to the cycle of the UK economy. With so much economic uncertainty currently, there are doubts that it is the sub-sector to lead construction out of its present predicament.” from Jonathan White UK head of infrastructure, building and construction at KPMG
    Jonathan WhiteUK head of infrastructure, building and construction at KPMG