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Summary

  1. ECB boss Mario Draghi says Greece is a political decision
  2. Saudi Arabia opens financial market to foreign investment
  3. Paris Air Show opens

Live Reporting

By Katie Hope

All times stated are UK

Get involved

  1. 'Take some cash to Greece'

    BBC business producer Mark Broad tweets:

  2. Goodbye

    That's all we have time for today on Business Live - thanks for reading. Never fear though - we are back at 0600 with all of Tuesday's business news and views. Do join us then.

  3. Wall Street end lower

    US markets fell as fears about a Greek default more than offset positive reaction to big deals in the pharmaceuticals and construction sectors. The Dow Jones shed 0.6% to 17,793.9 points, while the S&P 500 lost 0.45% to 2,084.6 - with similar losses for the Nasdaq. It ended the day at 5,029.9 points.

  4. Paris Air Show

    Airbus plays down Brexit threat

    Airbus UK factory

    Airbus has played down warnings that a UK exit from the European Union would threaten investment in the country. The aerospace giant's chief executive, Fabrice Brégier, tells the BBC: "I am committed to my thousands of UK employees and have no intention of [changing] my investment plans." Last month, Paul Kahn, the head of Airbus UK, which employs 16,000 people, said the best way to guarantee investment was to remain part of the EU.

  5. More on CVS deal

    CVS boss Larry Merlo says the deal will help it expand the number of customers it reaches, but at a much lower cost.

  6. CVS deal aimed at convenience says boss

    "Defining convenience in a way the customer wants to define it,'' is how CVS boss Larry Merlo has described its deal with Target. The US pharmaceutical chain has agreed to pay $1.9bn for Target's pharmacy and clinics businesses which it will operate within the stores.

  7. Liz Dolan blames 'unconscious bias' for decision to quit

    Liz Dolan

    Liz Dolan, the chief marketing officer for Fox International Channels, has blamed "unconscious bias" for her decision to quit the board of sports and clothing firm Quiksilver. "What I learned is that even when a woman earns a seat at the table, the men can put you in a soundproof booth," she writes in an open letter on Fortune.com. Quiksilver has declined to comment so far.

  8. Libor trial continues

    The trial is expected to last another two months - finishing around mid August. Tom Hayes lawyers will set out a detailed defence later in the trial.

  9. More from Libor trial

    In another call in late June 2009 played to the jury, Tom Hayes tells the broker: "this is where relationships come in ...You want to f***ing take them out for dinner."

  10. Wining and dining revealed in Libor trial

    Tom Hayes

    A former trader accused of Libor rate rigging asked brokers to wine and dine traders at other banks in order to help him distort benchmark interest rates, according to evidence presented in London's Southwark Crown Court. "Make some efforts on Libor. Any favours they can call in whatever ... make sure you take the guys out for like a strip club or whatever the night before," Tom Hayes told one broker in May 2009, according to a phone conversation played to the jury. Mr Hayes, 35, from Fleet, Hampshire, a former UBS and Citigroup trader, denies eight counts of conspiracy to defraud.

  11. Swiss trader pays SEC $2.8m

    A Swiss trader has paid the US Securities and Exchange Commission more than $2.8m (£1.8m) to settle insider trading charges. According to the SEC, Helmut Anscheringer bought shares and options in biometrics firm AuthenTec after a friend told him that Apple planned to buy the company, making him more than $1.8m in illicit profits. "Anscheringer attempted to profit by freely trading on inside information," said the SEC's Glenn Gordon. "Foreign traders in US stocks are not exempt from SEC scrutiny." Mr Anscheringer has neither denied or admitted the SEC's charges.

  12. Minecraft on Xbox

    The BBC's Dave Lee tweets from E3 in LA:

  13. Xbox event

  14. Xbox 360 games 'rescued'

    XBox 360

    As Rory Cellan-Jones mentioned in his tweet earlier, old Xbox 360 games will be playable on the newer Xbox One console, Microsoft said at the E3 games show in Los Angeles today. Its technology means that Xbox One owners will not have to pay again to play the games that they already own. Read more here.

  15. Chinese taxi app raises $1.5bn

    Didi Kuaidi app

    Didi Kuaidi, which runs China's most popular taxi-hailing app, said it raised $1.5bn (£960m) in its latest round of funding, valuing the company at between $12bn and $15bn. The funds will help Didi Kuaidi fight the challenge posed by Uber, which plans to spend more than $1bn in China this year.

  16. Xbox launch

    More from Dave Lee at the 

  17. Microsoft Xbox event

    Rory-Cellan Jones

    Technology correspondent in Los Angeles

  18. Microsoft E3

  19. Microsoft E3 press conference

    The BBC's Dave Lee is at the Microsoft shindig - part of the E3 gaming convention in Los Angeles.

  20. Cigna shares take off

    Cigna share chart

    Over in the US, health insurer Cigna Corp's shares have soared sharply, boosted by reports that it has rejected a takeover offer from rival firm Anthem. Neither firm was available to comment.

  21. Athens

    The FTSE's fall looks positively tiny compared to the much bigger drop suffered by Greek shares. The main index in Athens has fallen 4.68% to close at 738.25 points.

  22. FTSE closes at three-month low

    Investors' fears of a messy Greek exit from the eurozone haven't dissipated during the day. The FTSE 100 has closed 1.1% lower at 6,710.52 - its lowest close since 10 March.

  23. AIG ex-boss wins trial but no compensation

    Hank Greenberg

    Ousted AIG chief executive Hank Greenberg who has been suing the government through his firm Starr International has won his case but no compensation. Mr Greenberg had argued that the US government took 80% of equity in AIG in the midst of the financial crisis without paying just compensation, for which he said shareholders needed at least $25bn in damages. The judge ruled that the government set illegal terms in demanding American International Group shares in exchange for its bailout, but said it didn't mean AIG investors deserved any compensation.

  24. Draghi backs equality

    Moving on from Greece, European Bank President Mario Draghi has agreed that better gender equality would help the eurozone economy. "All evidence shows that where we have gender equality objectives, productivity is higher, labour participation is higher, aggregate demand is higher," he says.

  25. FTSE falls to three-month low

    FTSE 100

    It's no rosier on this side of the Atlantic. The FTSE 100 has now slipped to a three-month low. Currently down almost 1% at 6720.49, analysts are blaming fears over Greece for its weak performance. "Greece has been a handy reason to clear out of stocks over the past few weeks, with Fed-related jumpiness also playing its part," IG analyst Chris Beauchamp said.

  26. Greece drags down Wall Street

    Fears over a possible Greek debt default combined with uncertainty over how soon the Federal Reserve will raise interest rates ahead of Wednesday's decision is weighing on Wall Street, with all the main indices opening sharply lower. The Dow Jones is currently almost 1% lower at 17726.6, the S&P 500 is 0.8% down at 2077.84, while the tech-heavy Nasdaq has slipped 1% to 4999.06. Stocks are unlikely to reverse course anytime sooner, according to analysts. "Between Greece and the Fed meeting, we are headed into a volatile week...the market could see a significant pullback" said Peter Cardillo, chief market economist at Rockwell Global Capital.

  27. 'Quantum leap' required

    European Central Bank president Mario Draghi says the ongoing crisis has exposed the weaknesses of the currency union. "The situation in Greece reminds us again that the economic and monetary union is an unfinished construction as long as we don't have all the tools in place to ensure that all Euro area members are economically, fiscally and financially sufficiently resilient. To complete the economic and monetary union we need a quantum leap towards a stronger, more efficient institutional architecture."

  28. More from Mario Draghi

    Mario Draghi

    Testifying before a European Parliament committee, European Central Bank boss Mario Draghi says it should be "absolutely clear" that any decision on whether to continue providing financial support to Greece is down to the politicians. "This is a political decision that will have to be taken by elected policymakers, not by central bankers, he says.

  29. ECB boss passes the buck on Greece

    European Central Bank boss Mario Draghi is doing his best to pass the buck on Greece. Following the break down in talks at the weekend, Mr Draghi says the central bank will continue to approve emergency funding for Greek banks while they have enough cash and collateral to function. "Liquidity will continue to be extended as long as Greek banks are solvent and have sufficient collateral," he told the European Parliament.

  30. Bad news for US manufacturing?

    The fact that manufacturing activity in New York State fell to its weakest level in more than two years in June, doesn't bode well for the country as a whole. The New York Fed's Empire State general business conditions index is one of the earliest monthly guides for US factory conditions. The index's fall from 3.09 in May to -1.98 in June is much worse than the rise economists had expected and means the index is at its lowest level since January 2013.

  31. Paris Air Show

    Hollande not bashful about support

    UK prime ministers, especially Labour ones, have a history of ignoring the Farnborough Air Show, fearing that the arms industry doesn't make great PR. Not in France. Francois Hollande has been doing the rounds at the Paris Air Show, talking up the export prospects for the country's Rafale fighter jet and the importance of defence industry jobs.Just a shame that most of the media questions were about the Greek crisis.

  32. Good afternoon

    Katie Hope, business reporter

    That's it from Howard and Faarea. I'm taking over for the rest of the day. Stay tuned for regular updates from the Paris Air Show and the latest news on Greece.

  33. Via Twitter

    Douglas Fraser

    Business and economy editor, Scotland

    Jurassic park

    tweet: Jurassic World hits half billion on opening weekend: … Why?

  34. Emojis instead of PIN numbers?

    a sequence of emojis

    How would you feel about your 4-digit bank card pin being replaced by... emojis? Former memory champion Michael Tipper told the BBC that although we remember visuals better than numbers, "people are lazy and they will adopt the easiest way through" - so may end up picking the first four emojis in the menu, leaving us with an "equally insecure technology".

  35. Who ordered the Thunder?

    Pakistan

    Pakistan has won an order for its JF-17 Thunder fighters, but is keeping the identity of the buyer under wraps, AFP reports. It's the first order for the jets, said the newswire.

  36. Via Twitter

    Richard Westcott

    BBC transport correspondent

    tweet: HGV levy raised £46.5 million from foreign drivers in 1st year...more than double predicted

  37. Qatar Airways orders $4.8bn of Boeings

    A Qatar Airways plane

    Qatar Airways has ordered 10 Boeing 777 jets and four 777 cargo planes, in a deal worth about $4.8bn. It made the announcement at the Paris Air show.

  38. Greece accuses creditors of 'looting'

    Greek PM Alexis Tsipras accused international creditors of "looting" and "political opportunism" in negotiations to give Greece bailout funds. "One can only see a political purposefulness in the insistence of creditors on new cuts in pensions after five years of looting under the bailouts" Tsipras told Greek reporters.

  39. Target's pharmacy business sold for $1.9bn

    Target store in the US

    US retailer Target is selling off its pharmacy business to CVS Health, in a deal worth about $1.9bn. The deal includes around 1,660 pharmacies in Target stores, which will now be rebranded.

  40. Paris Air Show

    Garuda places $20bn order

    Indonesia's Garuda airline has split a $20bn aircraft order between planemakers Boeing and Airbus. The carrier is buying 60 planes from Boeing, with a list price value of $10.9bn, and 30 from Airbus, worth $9.1bn. The aircraft include Boeing's 787 Dreamliner and the Airbus A350 XWB.

  41. Spruced up spices prices

    Bags of spices in an Indian market

    India's state-run Spices Board said the country saw spice exports rise 9.4% in the 2014 - 2015 fiscal year. The rise in demand for chilli and cumin seeds helped the country sell a record $2.43bn worth of spices. Chilli, black pepper and cardamom now fetch higher prices in the world market, it said.

  42. German €2.25bn real estate deal

    Houses in southern Germany.

    Germany's biggest real estate group has agreed to buy rival Suedewo in a deal worth nearly €2.25bn. Deutsche Annington said it intends to "significantly expand its presence in southern Germany by acquiring Suedewo, which has a total of 19,800 homes".

  43. Russia cuts interest rate

    The Russian central bank has cut the country's interest rate by 1%, as expected, as the economic downturn worsens.

  44. World's 'biggest satellite network' commissioned

    Satellite constellations in orbit around Earth

    Airbus has said it will build the world's biggest satellite network. The European aviation giant announced at the Paris Air show that it will make 900 spacecraft for OneWeb, a company that aims to broaden global internet access. It's a project worth billions of dollars. Airbus says that many rockets will be required to get the constellation in orbit.

  45. Greece adamant not to cut pensions

    Greece is adamant that it will not cross its "red line" on pensions while it tried to unlock bailout funds from its international creditors. "We will not adopt measures which will cut pensions, raise the value added tax on basic goods or measures which exacerbate the vicious circle of austerity," said government spokesman Gabriel Sakellaridis.

  46. Paris Air Show

    Aircraft demand

    A350

    Airbus has just published its annual global market forecast for the next 20 years, and as usual it has some big numbers. It expects airline travel to create a demand for some 32,600 new aircraft above 100-seats worth about $4.9 trillion. Emerging market economies will drive much of the demand, Airbus says.

  47. 'The ball is in Greece's court'

    Germany's finance ministry has told a press conference in Berlin that "the ball is in Greece's court" in the negotiations to secure a bailout from its international creditors. Talks to secure a deal fell flat over the weekend.

  48. Via Twitter

    Mark Lobell

    BBC Middle East Business Correspondent

    tweets: I understand HSBC is first foreign institution to make direct foreign investment & trading was $38m in Tadawul's first 30 mins

  49. Via Blog

    Greek debt talks

    Robert Peston

    Economics editor

    What is very striking - and important - about the agonised talks between Greece and its creditors is that no European leader has tried to bind the feuding sides together with a call to European solidarity, or with any emotive rhetoric about how this great monetary project is all about prosperity and peace for all eurozone citizens. Actually that is not quite true. The maverick Greek finance minister, Yanis Varoufakis, has repeatedly tried to play the "we-are-all-in-it-together" card. Read more in Robert's blog on the website.

  50. High speed internet for Germany

    EU state aid regulators have approved a €3bn fund for the roll-out of high speed internet in Germany. Telecoms operators and local authorities in Germany can now apply for funding in areas where there is only basic broadband access. The European Competition Commissioner Margrethe Vestager said: "This aid scheme will make faster broadband services available also in areas of Germany where private investment is lacking."

  51. Via Twitter

    Cuadrilla fracking

    Dannielle Codd, BBC business producer

    protest

    Council recommends @cuadrillauk can frack in Lancs - first time since moratorium. Protestors say the fight goes on

  52. Via Twitter

    Simon Gompertz

    Personal finance correspondent, BBC News

    tweet: Use of mobile phones to do banking is up 10x in five years. 865m "interactions" expected in 2015 says British Bankers Assoc

  53. Paris Air Show

    Global aircraft tracking

    The airline industry must not rush into introducing global tracking technology that ensures aircraft never disappear from radar screens - as did the ill-fated Malaysia Airlines plane - Boeing's President Dennis Muilenburg tells the BBC. The technology is needed, but the industry does not want something imposed on it, he says. Regulators are working  on a solution, which is still months away. "The key focus is how we implement that technology so that we have a global standard," he says.

  54. Grexit 'not a sensible solution'

    Greek finance minister Yannis Varoufakis

    Greece exiting the European Union would not be a sensible solution to the debt crisis in his country, Greece's finance minister Yannis Varoufakis has told reporters.

  55. Metro sale

    metro

    German retailer Metro fell 5.2% in Frankfurt trading after saying it has struck a deal to sell its Kaufhof department store chain to Canadian group Hudson's Bay for €2.8bn.

  56. France: 'Greek talks need to restart quickly'

    French president Francois Hollande

    French president Francois Hollande says there is no time to waste in talks that will secure a bailout deal for Greece. He said that talks need to restart as quickly as possible, after they stalled over the weekend.

  57. Via Twitter

    Paris Air Show

    Theo Leggett

    Business reporter, BBC News

    tweets: Boeing president Denis Muilenberg says preventing MH370-type aircraft disappearances should not be a problem. Watch on @BBCWorldBiz

  58. Via Email

    Nationwide bank update

    Kevin Peachey

    Personal finance reporter, BBC News

    Just spoken to a Nationwide spokeswoman who has apologised for the inconvenience to customers today. She says online and mobile banking services are back to normal and the backlog in payments that the issue caused has now been cleared.

  59. Paris Air Show

    jet

    For air power fans, The BBC has put together a few of the more spectacular pictures from the history of the Paris Air Show, which can be seen on the website.

  60. Saudi airlines at the Paris Airshow

    Saudi Arabian airlines logo

    News has started rolling in from the Paris Airshow. One of the first big announcements comes from Saudi Arabian airlines, which has ordered 20 A330-300 aircraft from European plane-maker Airbus.

  61. Greek stock market opens down

    graph

    The Athens Stock Exchange opened down 6.5%, with the banks index dropping 12%. The National Bank of Greece also fell 10.6%, after Greek bailout negotiations stalled over the weekend.

  62. Markets update

    ftse 100

    The FTSE 100 is down 0.48% in early trading. Miners lead the winners, with Fresnillo up 1,76%, while the biggest faller is easyJet, down 2.4%, who were cut by broker RBC to underperform from outperform.

  63. Greece needs to plan for 'state of emergency'

    EU commissioner Guenther Oettinger said the European Commission needs to plan for a "state of emergency" in Greece if it does not reach an agreement with its creditors to unlock bailout funds. He said: "I think that the Commission needs to work out a plan that could avert a worsening of the situation in the event that Greece leaves the euro zone, in the event of a bankruptcy."

  64. India goods prices fall

    A bazaar in India

    India's wholesale prices index (WPI) - used to measure the price of a typical basket of goods - in May fell 2.36% year-on-year, which is slower than expected. It's the seventh straight fall.

  65. European stocks open low on Greek irritations

    European stock markets opened lower, after Greek bailout negotiations stalled over the weekend. Germany's DAX opened 1.5% lower to 11,033.92 points, while France's CAC opened 1.1% lower. Italy's MIB index also fell 1.3%.

  66. Paris Airshow: Big money, big engines

    Theo Leggett

    Business reporter, BBC News

    Planes parked at the Paris Airshow

    Our petrol-head correspondent Theo is at the Paris Airshow and tweeted this picture. He enthusiastically calls the show the "undisputed hub of the global aerospace industry". Boeing and Airbus are expected to dominate the news over and above the 2,000 companies there this year, showing off big orders, and even bigger planes.

  67. More tech talent needed

    BBC Radio 4

    Just Eat site on an iPad

    John Hughes, chairman of Just Eat, the online food ordering site, moved its headquarters from Denmark to London because of the growing market here - British people just love eating takeaway. But he still has a problem with the city: "There's not enough talent in the technology industry, and colleges and universities need to give us more graduates that are appropriate for the technology sector" he told the Today programme.

  68. Via Twitter

    Robert Peston

    Economics editor

    tweet: There is a powerful economic & business logic to the UK's weakening ties to the EU, argues @AshokaMody from Princeton

  69. Australian TV firm suffers

    Australia's unprofitable TV firm Ten Network plans to sell stakes to News Corp's Foxtel. It announced it plans to sell 15% to News Corp's local cable TV arm, in order to raise $77m. In April the Australia firm said it may not survive a downturn in advertising.

  70. Majestic wine results

    wine

    Majestic Wine says profit before tax for the year - after you've removed the cost of their purchase of rival Naked Wines - dipped to £20.9m from £23.8m a year earlier. While sales grew 2.3%, distribution costs went up 5.7%.

  71. Greece, be more specific...

    Radio 5 live

    Greek officials need to be more specific in outlining where they'll make cuts while trying to secure bailout funds, 5 live is told. Economist Yannis Koutsomitis told Wake Up To Money: "The IMF and ECB say the Greek pension system is totally unsustainable... The Greek government claims it can close the finance gap for the next year with reforms while the creditors want some specific budget cuts and also new taxes to be raised in order for a secure closing of the gap. It's a tough situation with only 15 days 'til the end of the month."

  72. German retailer to sell €2.8bn of stores

    Shopping centre in Germany owned by Metro Group

    Metro Group, Germany's largest retailer, has agreed to sell its department stores for €2.8bn to Hudson Bay Co, a Canadian department store operator. The sale includes the Galeria Kaufhof store business in Germany, and also the Galeria Inno stores in Belgium.

  73. Technology Week

    BBC Radio 4

    Sarah Wood's firm Unruly Media distributes advertising via the internet. She tells Today London's time zone is very helpful for picking up international clients. Mark Gregory of Ernst & Young thinks London could help boost manufacturing in the rest of the country.

  74. US gun maker files for bankrupcy

    A Colt 9mm pistol

    US gun maker Colt Defense said it is filing for bankruptcy protection, citing a heavy debt burden and "business execution issues", says the Wall Street Journal.

  75. Technology Week

    BBC Radio 4

    shard

    It's five years since the launch of the UK's Tech City initiative. The Today programme's Tanya Beckett is in the Shard, the tallest building in the EU, for the start of London technology week. Eileen Burbidge, partner at Passion Capital says London's technology sector has outpaced the growth of Silicon Valley. 44,000 people work in the technology sector in the city now, she adds.

  76. Via Twitter

    Sally Bundock

    Presenter, World Business Report

    tweet: Morning and happy Monday. My focus today is: #ParisAirShow #TTIP #Greece. Plus later on #BBCBizLive we'll be talking to the boss of #Ascot.

  77. Greece's fighting talk

    Greece continues its fighting talk as negotiations to unlock bailout funds from its international creditors failed over the weekend. Parliamentary spokesman Nikos Filis told Greek reporters: "Neither are we leaving negotiations, nor are we backing down from what we have said. The Greek government has submitted a cost-quantified proposal that Greek society can afford."

  78. Saudi Arabia opens to foreign investors

    Saudi Arabian investors monitoring stocks

    Saudi Arabia's financial market is - for the first time - opening to some foreign investors, who from today will be able to buy shares in companies traded on the country's stock exchange. But the right to buy shares will be limited to investors approved by the regulator, and there'll be limits to investment - including a cap of 49% of total foreign ownership in any company.

  79. Greece talks

    BBC Radio 4

    Lloyds private bank's chief investment officer, Markus Stadlmann is on the Today programme talking about the breakdown in talks between Greek and EU officials over the weekend. "Looking forward, the meeting of eurozone finance ministers on Thursday is the last chance to unlock the aid package," he says. "If no agreement is reached soon, Greece will seriously run out of money."

  80. Greece: creditors needs to be 'realistic'

    Greek PM Alexis Tsipras

    While Greece is trying to unlock bailout funds from its international creditors, Greek PM Alexis Tsipras told reporters: ""We will await patiently until the institutions accede to realism."

  81. Greek pensions are bailout 'sticking point'

    Radio 5 live

    The Greek and EU flags

    Greek pensions seem to be the biggest sticking point in bailout negotiations between Greece and its creditors. Economist Yannis Koutsomitis tells Wake Up To Money: "The real issue is for Greece to make those pension cuts. It's a red line for the government, they have been maintaining that they won't be agreeing to any pension cuts. On the other hand, the IMF and ECB say that the Greek pension system is totally unsustainable and there certainly have to be reforms and pension cuts, because it's almost 10% of GDP that the Greek economy has to provide in order to keep those pension deficits."

  82. Gaming bigger than traditional sports?

    Radio 5 live

    A boxing computer game

    Gaming expo E3 - Electronic Entertainment Expo - kicks off in LA tomorrow. Min-Liang Tan, CEO of Razer Inc, one of the gaming world's biggest firms, told Wake Up To Money: "Gaming has become a subculture that's crept up behind us... money in competitive e-sports is than most other traditional sports. The DOTA competitions (Defence of the Ancients) winners' pot is $15m."

  83. Greece is neither 'able or willing' to pay up

    Radio 5 live

    Economist Yannis Koutsomitis tells Wake Up To Money: "I don't think Greece is either able or willing to pay those bundled payments to the IMF (at the end of the month) so it is possible that on 1 July Greece will go in to arrears with the IMF - then things will get real tough."

  84. No Greek bailout not too bad for FTSE

    Radio 5 live

    The FTSE may open down because of news that Greece hasn't reached a bailout deal. Holly Cook from the Morning Star investment site told Wake Up To Money: "Any one event on its own is unlikely to cause major falls. It's usually a compounding of multiple events at once that can really affect things."

  85. Good morning

    A busy day ahead - full year results from Majestic Wine, after it took over Naked Wines, and we'll be keeping you updated on the high flyers at the Paris Air Show.