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Live Reporting

By Bill Wilson

All times stated are UK

  1. Goodbye!

    That's all from us today. Join us again tomorrow at 06:00 for another round-up of the day's business news, as it happens.

  2. Strike widens at Whitehall offices of BEIS

    People striking at the Beis offices

    A strike for better pay at the Department for Business, Energy and Industrial Strategy (BEIS) has widened, with receptionists, security guards, porters and post-room staff joining caterers and cleaners.

    The workers, all of whom are employed by private contractors ISS and Aramark, are demanding the London living wage and sick pay.

    The cleaners and caterers have been on indefinite strike since 15 July, while the security guards, porters and reception staff will take action until 13 September. They will then hold rolling strikes from 30 September in the form of one week on strike, one week off.

    The workers' union, the PCS, set up a food bank for staff inside the department's Victoria Street offices at one point.

    BEIS said it valued all of its staff and its priority was "to ensure they receive a fair wage... whether directly employed or working for our contractors.”

    ISS said the dispute predated it taking over the contract at BEIS and that it offered a "median rate" of pay for each profession. Aramark is yet to comment.

  3. FTSE 100 closes lower but FTSE 250 gains

    lse logo

    The FTSE 100 ended the day in negative territory, down 40.09 points or 0.55% to 7,271.17. Miner Fresnillo led the index lower, falling 5.76%.

    The FTSE 250 fared better, gaining 30.45 points (0.16%) to close at 19,649.56. Media company Future PLC was top riser, adding 9.23%.

  4. Why phones that secretly listen to us are a myth

    Phone

    A mobile security company has carried out a research investigation to address the popular conspiracy theory that tech giants are listening to conversations.

    The internet is awash with posts and videos on social media where people claim to have proof that the likes of Facebook and Google are spying on users in order to serve hyper-targeted adverts.

    Videos have gone viral in recent months showing people talking about products and then ads for those exact items appear online.

    Now, cyber security-specialists at Wandera have emulated the online experiments and found no evidence that phones or apps were secretly listening.

    Read more here.

  5. Viagogo: 'Will continue to work with CMA'

    screengrap

    Viagogo has issued a statement following the announcement, mentioned earlier, that the Competition and Markets Authority has suspended its plans for legal action.

    The secondary ticketing seller said it "is pleased it has been able to work with the CMA to find solutions to the final few areas of discussion, as confirmed by today’s statement.

    "We have strived at all times to ensure we are correctly applying the CMA order, this has been a complex and detailed process, and open dialogue with the market authority has been essential.

    "We are grateful to the CMA for their engagement over the past few months and the ability of both parties to work collaboratively to reach this point.

    "Looking ahead we will continue to work with them to ensure we are delivering the best possible service for our customers and challenging the wider ticketing market to raise its standards in the interests of all in the live event world".

    The BBC story is here.

  6. 'Lenders must empower' small businesses after Brexit

    Business Secretary Andrea Leadsom has met senior bankers to set out support for small businesses ahead of Brexit.

    She intends to chair, with John Glen, the economic secretary to the Treasury, a new business finance council which will look at barriers faced by small businesses seeking credit.

    She said:“Lenders must empower their SME customers to seize the huge variety of opportunities that lie ahead as we leave the EU on October 31."

  7. FTSE 100 falls as pound climbs

    LSE sign

    A jump in the pound following the resignation of Boris Johnson's brother has dragged London's benchmark share index lower.

    A short while ago the FTSE 100 was trading 0.6% lower at 7,266.00 points, while the pound was up by half a percent against the dollar at $1.2321.

    FTSE 100 companies make about three quarters of their profits in foreign currencies, so a strong pound tends to hurt the value of their shares.

    In contrast European and US markets have climbed on news that the US and China will restart trade talks.

    The Dow Jones has jumped 1.75%, Germany's Dax is 0.9% higher and France's Cac 40 has climbed 1.1%.

  8. Pay revolt at Dixons Carphone

    shoppers outside store

    As mentioned earlier Dixons Carphone issued a quarterly trading update today. That was ahead of its annual general meeting of shareholders where there has been protest vote against pay.

    Almost a quarter of investors - 23.4% - voted against the remuneration report.

    The company said it "acknowledges that a significant minority of shareholders did not support" the resolution on pay at the AGM.

    It said its remuneration committee would "seek to consult further with shareholders to understand and discuss the specific rationale for any votes against our report."

    "The remuneration committee recognises that the appropriate incentivisation of a new management team embarking on a major transformation of the business is a difficult judgement."

    Chief executive Alex Baldock and new finance director Jonny Mason had their cash bonuses deferred into shares which will not vest for two years, the company said.

    "The executives volunteered to do this as they were mindful that the performance of the business and the progress that is being made with the transformation is not reflected in the current share price and this was done in order to align themselves with shareholders."

  9. BA says union 'not acting in good faith'

    planes

    British Airways has issued a statement after pilots union British Airline Pilots Association (Balpa) said it had made proposals to avert a two-day strike due to start on Sunday.

    "We remain open to constructive talks with Balpa to resolve the pay negotiations but do not believe the union is acting in good faith by making an eleventh hour inflated proposal which would cost an addition £50m.

    "We at BA have acted with integrity through many months of negotiations."

  10. Tech stocks lead US shares higher

    Apple logo surrounded by dollar bills

    Technology stocks - Apple has jumped 2% for instance - are leading the gains on Wall Street following the agreement by Washington and Beijing agreed to hold talks next month.

    The Dow Jones Industrial Average is now up more than 1% - almost 350 points at 26,703.

    The S&P 500 was up 30 points (1%) and the Nasdaq up 1.2%

  11. WeWork reduces potential float price - WSJ

    View more on twitter

    Last month the office rentals business gave notice of its intention to sell shares and that came after it had been estimated to be valued at around $47bn following an investment by SoftBank.

  12. US stocks higher

    wall street sign

    That decision by the US and China to resume trade talks, mentioned earlier, has helped US stocks start the day higher.

    The Dow Jones Industrial Average was up 247 points - just under 1% - at 26,603.

    The S&P was up 22 points, or 0.78%, at 2,960.

    The Nasdaq was trading 1% higher at around 8,061.

  13. US jobs figures 'stronger than expected' in August

    Hiring sign

    The US private sector added a better-than-expected 195,000 new jobs in August, according to independent figures.

    Payrolls firm ADP said hiring had been brisk in the dominant services sector, particularly in areas like healthcare and hospitality.

    The figures will help ease worries about a slowdown in the US economy, however they come a day before a much more closely watched government report which often differs from ADP's.

    Forecasters expect the US government will announce that employers added another 171,000 new positions last month, while unemployment is expected to be unchanged at 3.7%.

  14. Hurricane could cost $7bn

    pictures of before and after of the hurricane

    Estimates of the insured and uninsured losses in the Bahamas from Hurricane Dorian are being made.

    According to catastrophe modelling company Karen Clark & Company (KCC) the bill could reach $7bn (£5.6bn).

    That includes building, contents, and business interruption exposures for business, residential and industrial properties.

    The hurricane made landfall on 1 September and battered the Abaco Islands and Grand Bahama, in the north of the archipelago, for two days.

  15. NYC sues T-Mobile over 'rampant' sales abuses

    T-Mobile store

    New York City has begun legal action against T-Mobile in the US, accusing its mobile phone store chain Metro of "rampant" sales abuses.

    The city said it had evidence that many Metro stores sold used or reconditioned phones as new, and charged taxes that were excessive or appeared to be “made up”, including “device change taxes” and “device activation taxes”.

    It also accused T-Mobile of partnering with third parties to enroll unsuspecting consumers in expensive financing plans without their consent.

    America's fourth largest mobile phone company is currently trying to win approval its merger with rival Sprint, but faces legal attempts to block that deal from 16 US states including New York and California.

  16. Bank shares plunge 20% on PPI woes

    share chart

    Shares in CYBG, owner of Clydesale, Yorkshire and Virgin Money, have plunged 20% after it warned it faced a hit of up to £450m for new claims for payment protection insurance.

    This story shows how it could have wider repercussions, pushing the industry bill for claims up to £53bn.

    You can also read more here.

  17. Slack disappointment knocks shares

    screen grab

    US markets are getting ready to open and before the bell shares in technology company Slack have fallen 13%

    The company - described by some as an "email killer - floated in June and issued its first results since then late on Wednesday.

    Its shares are down after it forecast slowing revenue growth in the second half and a bigger-than-expected third-quarter loss.

    This a BBC analysis from around the time it floated.

  18. CMA says Viagogo has addressed its concerns

    concert goers

    Viagogo, the secondary ticketing operation, has now addressed the Competition and Markets Authority's outstanding concerns about how it presents important information to its customers.

    Andrea Coscelli, chief executive of the CMA, said: "The Viagogo website UK customers now visit is worlds apart from the one they faced before the CMA took action. Key information needed to make informed decisions before buying a ticket is now much clearer including on where you’ll sit in a venue and whether you might be turned away at the door.

    "What is clearly not acceptable is the time it’s taken to get to this stage."

    The CMA said it had suspended preparations for court action in relation to those issues. However, it has not ruled out future action if the problems recur or if other issues are identified.