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Summary

  1. Morrisons agrees to give dairy farmers 10p more per litre of milk
  2. Greece agrees new €85bn bailout deal
  3. European markets fall after China devalues yuan

Live Reporting

By Ian Pollock

All times stated are UK

Get involved

  1. Good night

    That's it for another day. Back at 06:00 tomorrow.

  2. Wall Street

    Dow Jones average graph

    On Wall Street, the Dow Jones average has closed 212 points down at 17,402. The Standard & Poor's 500 index dropped 20 points to 2,084. And the Nasdaq fell 65 points to 5,037.

    On the foreign exchanges the pound buys 1 dollar 55.8 and 1 euro 41.1.

  3. Where to buy milk directly from the farm

    Farmers Weekly

    We drew this map to your attention yesterday, courtesy of Farmers Weekly - where to buy your milk directly from the farm. The number of farms seems to have risen though. So here is that map again.

  4. Insider trading 'hackers' - what they did

    Paul Fishman, US Attorney of the district of New Jersey, Jeh Johnson, US Secretary of Homeland Security, Mary Jo White, the Chair of the Security and Exchanges Commission, and Andrew Ceresney, Director of the SEC"s Division of Enforcement, arrive for a press conference about arrests in an uncovered international scheme where information from newswires was hacked and used to make illegal insider trades.

    What were these hackers up to, exactly?

    The Securities and Exchange Commission (SEC) said it was, "one of the most intricate and sophisticated trading rings that we have ever seen, spanning the globe and involving dozens of individuals and entities."

    Here is how the accused supposedly did it.

    "The SEC charges that over a five-year period, Ivan Turchynov and Oleksandr Ieremenko, spearheaded the scheme, using advanced techniques to hack into two or more newswire services and steal hundreds of corporate earnings announcements before the newswires released them publicly," the US regulator said.

    "The SEC further charges that Turchynov and Ieremenko created a secret web-based location to transmit the stolen data to traders in Russia, the Ukraine, Malta, Cyprus, France, and three U.S. states, Georgia, New York, and Pennsylvania.

    "The traders are alleged to have used this non-public information in a short window of opportunity to place illicit trades in stocks, options, and other securities, sometimes purportedly funnelling a portion of their illegal profits to the hackers," the SEC added.

  5. Venezuelan beer

    Cerveceria Polar website

    The Associated Press has this interesting story from Venezuela. The country's largest beer manufacturer says it will restart operations after shortages of raw materials led it to close some breweries. The firm, Cerveceria Polar, said it had received the malted barley it needs to restart brewing. The company makes more than 70% of all Venezuelan beers. In the past, authorities have accused Polar of trying to destabilize the country by creating an illusion of shortages.

  6. Elsewhere in Greece

    Policemen try to disperse hundreds of migrants by spraying them with fire extinguishers, during a registration procedure which was taking place at the stadium of Kos town, on the southeastern island of Kos, Greece, Tuesday, Aug 11 2015.

    Greek police used fire extinguishers and batons against migrants on the island of Kos today. The violence occurred in a sports stadium where hundreds of people, including young children, were waiting for immigration papers. The Associated Press reports that hundreds of protesting migrants demanding quick registration later blocked the main coastal road in the island's main town, staging a sit-in.

  7. You'd have thought Google would have Googled alphabet first

    Google Alphabet

    Trademark lawyer Tania Clark wonders if Google's new parent company, Alphabet, could attract legal action. The Withers & Rogers partner says in the US there are 103 trademarks with the word alphabet. In Europe, BMW has a vehicle leasing company using the name. Google says Alphabet will not be a consumer brand. But Ms Clark says: "Regardless of whether Google is intending to use the word alphabet as a brand name for any new products or services, this could be sufficient to attract infringement claims from companies that own trade mark registrations offering goods and services in similar market categories to existing Google offerings."

  8. US still weighing yuan devaluation

    Yuan bills

    The US says it is too soon to judge the implications of China's yuan devaluation, a move that makes Chinese exports cheaper. "While it is too early to judge the full implications of the change... China has indicated that the changes announced today are another step in its move to a more market-determined exchange rate," a US Treasury official says. "Any reversal in reforms would be a troubling development."

  9. Adobe boosts maternity leave for US staff

    New mothers will get up to 26 weeks' paid leave from Adobe

    Adobe has become the latest tech firm to boost parental leave in the US. New mothers will be eligible for up to 26 weeks paid leave, with 16 weeks on offer to fathers. There will also be extra allowances for medical emergencies and family illnesses. Netflix offers a year's paid leave for new mothers and fathers, and Microsoft 20 weeks' paid leave for new mothers.

  10. Insider trading 'hackers'

    Update on that fascinating earlier story. US authorities say they have have now charged 32 people with being members of an alleged international hacking and insider trading ring.

  11. Financial markets

    FTSE-100 graph

    In London, the 100 share index fell 72 points to 6,665.

    In Frankfurt, the Dax index dropped 311 points to 11,294.

    And in Paris, the Cac-40 also fell, closing 96 points lower at 5,099.

    On the foreign exchanges the pound was little changed at 1 dollar 55.7, and 1 euro 41.

  12. Chinese devaluation

    George Godber

    The devaluation of the Chinese currency, the yuan, earlier today was the biggest in 20 years.

    Why? George Godber, a fund manager at the Miton Group, told viewers to the BBC News Channel that it was all down to the poor state of the Chinese economy.

    "The underlying Chinese economy is far weaker than the data suggests. The government induced a stock market bubble; that is unwinding; that is hurting many ordinary people; the economic growth is very, very weak," he said.

    "What are the implications? Much lower commodity prices through out the world," he added.

  13. Greek bailout vote on Thursday

    The AP news agency reports from Athens that the Greek prime minister, Alexis Tsipras, has called an emergency session of parliament to vote on the new, third, bailout deal on Thursday. Which is what we reported earlier at 13:45.

  14. "Prepare for a rate rise"

    Bank of England Governor Mark Carney listens during an inflation report news conference at the Bank of England in London, Britain August 6, 2015.

    You have probably heard this said quite a lot in the past years: "Prepare for a rate rise". All those City economists, who have been incorrectly predicting such a thing for the past six years, might have added, "don't know where, don't know when". But my colleague Kevin Peachey has this sensible advice.

  15. Mortgage lending picks up

    Plastic house and coins

    The number of mortgages granted to home buyers in June was 22% higher than in May. However, at 61,000 loans, that was still 1% down on the same month last year, said the Council of Mortgage lenders (CML).

    Paul Smee, director general of the CML, said: "Notable this month is the uptick in remortgage activity among home-owners, perhaps reflecting an increased desire to lock into competitively-priced mortgage deals in advance of any rise in rates."

    "It is likely that people are now beginning to feel a rate rise is a realistic prospect, and not just a distant theoretical possibility."

  16. Good mortgage deals for first time buyers

    Window of an estate agents

    The return of decent mortgage deals for first-time buyers has not only improved the choice available to them, but also the cost of their loans. The leading price comparison service, Moneyfacts, says the number of FTB deals has gone up from 42 two years ago, to 195 today.

    And the rates on them have dropped considerably too.

    "The launch of the Help to Buy mortgage guarantee scheme acted as a starting gun for this sector, making it almost acceptable to lend at higher loan-to-values again," said Charlotte Nelson at Moneyfacts.

    "Once these deals hit the market, other providers outside of the scheme had no alternative but to compete to attract customers.

    "Rates have dropped so much that a first-time buyer would be £2,005.68 better off in the first year, by opting for the lowest two-year fixed mortgage today compared with the lowest rate in August 2013," she added.

    The lowest two-year fixed-rate deal for a FTB is currently 3.49%, if he or she has a 5% deposit,

  17. Nine charged over 'insider trading hack 'scheme

    US authorities have charged nine members of an alleged international hacking and insider trading ring, the BBC understands.

  18. Premium milk prices for some farmers

    BBC News

    Milk bottles

    Morrisons has agreed to sell a special brand of milk called "Milk for Farmers", costing 10 pence per litre more. The extra money raised will go to the dairy co-operative ARLA, which is its main supplier. One dairy farmer and ARLA member, David Christiansen, told the News Channel that the deal was encouraging but was not the end of the matter.

    "What is really concerning us now is that we are going towards the end of summer and towards autumn and winter," he said.

    "It costs us lot more to to keep the cows because we have to house them in barns.

    "If the milk price is not improving and our costs are increasing, that puts a lot more farms into a difficult situation with regards to cash flow," he added.

  19. Greece - is the deal flawed?

    BBC Radio 4

    Jonathan Loynes, the chief European economist at Capital Economics, told the World at One programme on Radio 4 that the latest Greek bailout deal looked like a bit of a stop-gap.

    "My view is that this deal is based on fantasy forecasts for Greece's economy and its public finances," he said.

    "I think there is a real danger that it will become clear very soon that Greece isn't going to meet its targets and that the bailout will unravel accordingly."

  20. New tube strike dates in London

    London Underground sign

    You may wish to alter any plans you might have to work in London, or to visit the capital, on 25th, 26th, 27th and 28th August.

    The RMT union has announced two more 24-hour strikes by its members at Transport for London, in its dispute over working on the forthcoming all night underground services.

    The union says the proposals from TFL amount to being "the rosters from hell".

  21. Milk - why supply is out of kilter with demand

    Milk is seen for sale at a Morrisons supermarket in Aylesbury, Britain August 11, 2015

    Still puzzled about how dairy farmers can be having a hard time, while milk is still so central to the diet of a fast-growing population? Emma Campbell, from Farming Today on Radio 4, gave this explanation to the listeners of the World at One.

    "Milk is a global commodity much like oil and gold; while supply is high at the moment, demand isn't as high as it has been," she said.

    "Demand from China hasn't been as high as was predicted. The Russian trade ban also has an effect on other farmers in the EU who aren't allowed to export food goods to Russia.

    "It's also been a good year for producing milk in New Zealand, and so there's a lot more milk around," she added.

  22. Japan switches nuclear power stations back on

    Nuclear reactor buildings of the Kyushu Electric Power Sendai nuclear power plant are seen protestors raising their fists to protest against restart of the reactor in the twilight in Satsumasendai in Kagoshima prefecture, on Japan's southern island of Kyushu on August 11, 2015

    At 02.30 Japan began switching its nuclear industry back on. That's the first time since the Fukushima disaster in 2011, which led to the country's entire nuclear industry being shutdown. Hundreds of demonstrators held a rally outside the Sendai nuclear plant in Southern Japan, selected as the first to restart and there is significant public opposition to the restart across the country. But many areas of Japanese business have been keen to see a reduction in their energy costs, which were pushed up by a reliance on imported fuel, and there have been applications to restart 25 nuclear power plants across the country.

  23. Buffett's loose change

  24. Greece - what happens next?

    A man walks past Greek flags for sale in central Athens on August 11, 2015

    This explanation comes from the English language website of the Greek newspaper Kathimerini.

    "Following several hours of talks with creditors, a Greek government official said an agreement on a third loan programme would be submitted to Parliament later on Tuesday ahead of a vote on Thursday."

    "The agreement, which foresees a series of tough economic reforms, is expected to be submitted to the House in one bill comprising two articles, the first detailing the new three-year loan programme and the second setting out the prior actions that Greece must legislate to get the first tranche of loan funding from the new bailout."

    "After being discussed by parliamentary committees on Wednesday, the bill will go to a debate and vote on Thursday."

  25. Via Email

    David Gregory

    BBC West Midlands correspondent

    Cartons of milk

    Morrisons announce launch of milk brand "Milk for Farmers". Will cost extra 10p. All of which will go back to ARLA farmers that supply the supermarket.

  26. Finland warns 'agreement is a big word'

    More work remains to be done before Greece's third bailout is finally agreed, Finland's finance minister has said. Finland has been one of the more hawkish members of the eurozone alongside Germany and without agreement from all the members of the currency bloc the deal cannot go ahead. Finnish Finance Minister Alexander Stubb has cautioned that "agreement is a big word,". He also says Finland wants the International Monetary Fund to participate in the package and has ruled out Finland agreement to cuts in Greece's debts.

  27. Lunchtime summary

    Here's what we know about the Greek bailout deal thus far:- Greece has agreed a bailout deal "in principle" with its creditors, the European Commission says.- The technical agreement now requires political approval.- Eurozone leaders will speak by phone and finance ministers will meet on Friday to discuss approving the deal.- Agreement was reached on a new independent privatisation fund, and how non-performing bank loans will be administered.

  28. Eurogroup to meet on Friday

    Spanish PM Rajoy

    Eurozone finance ministers are expected to meet on Friday to approve Greece's third bailout, Spanish prime minister Mariano Rajoy says. The Spanish parliament will probably vote on whether to approve the deal next week.

  29. Athens bourse up

    Athens Stock exchange

    Meanwhile, the Athens stock exchange is about 1.1% higher on Tuesday despite the falls on other European markets.

  30. Markets down despite Greek deal

    European stock markets are down after a surprise devaluation of the yuan affected key exporters to China such as car and luxury goods groups, offsetting news of a technical agreement to Greece's bailout deal. The FTSE 100 index fell 0.6% to 6,698 points, while Frankfurt's DAX 30 slid 1.2% to 11,462 points and the CAC 40 in Paris lost 1.1% to 5,137 points. Mike van Dulken, of Accendo Markets, said: "While markets normally welcome any form of China stimulus with open arms, today's move in the wake of truly awful weekend trade data is being interpreted as admission of growth slowing by even more than those rather questionable official statistics are to have us believe."

  31. Athens confirms bailout amount

    Greece's third bailout, whose technical details were agreed with international creditors on Tuesday, will total "around €85bn" over three years, the Greek government said. Athens has agreed to a long list of budgetary adjustments and reforms in exchange for the financing of "its loan repayments and the state's [domestic] payment arrears", the statement said.

  32. EC says Greek deal needs political approval

    Greek flag

    The European Commission says Greece has reached a technical agreement "in principle" with its international creditors on a third bailout, which now requires political approval. "What we have at the moment is a technical level agreement... and small details need to be finalised. What we don't have is a political agreement," spokeswoman Annika Breidthardt said after Greek officials in Athens announced a deal after marathon talks overnight.

  33. Greece wins €85bn bailout funds

    Greece has secured funding from the EU and IMF worth about €85bn over three years, a Greek finance ministry official said after Athens and its lenders clinched a bailout agreement. The official said Greek banks would get €10bn in recapitalisation funds "immediately" and would be recapitalised by the end of the year. The government rejected a proposal by its creditors to have distressed funds buy bad loans, he added.

  34. German business confidence falls again

    Angela Merkel visits a Sanofi factory

    German business sentiment has worsened for the fifth month as concerns over the global economy mount. Germany is a major exporter so if global economic growth prospects deteriorate, it follows that confidence also wanes. Germany's ZEW monthly survey showed economic sentiment fell to 25 points from 29.7 in July. There had been hopes that sentiment would improve as the Greek debt crisis eased, but there's no evidence of that happening yet. ZEW president Clemens Fuest said: "A substantial improvement of the economic situation in Germany over the medium term is improbable."

  35. Mortgage borrowers should prepare for rate rise now

    A row of houses are seen in London

    Borrowers must prepare now for a rise in interest rates, a charity says, with over a million homeowners never having experienced a Bank rate increase. Mark Carney, the Bank of England governor, last week said that a rise in the Bank Rate was "drawing closer". The Money Advice Trust said this offered only a "short window" for people to organise their finances. More than a million mortgage holders have only ever owned a home when rates were falling or frozen at 0.5%.

  36. Co-op Bank apologises for failings

    Co-op Bank chairman Dennis Holt has issued an apology to customers for the bank's failings following this morning's censure by regulators, while pointing out the bank is now a significantly stronger organisation that is under new leadership. He says: "The board fully accept the lessons that need to be learnt. It is important to remember these are not a reflection of how the bank is run today."

  37. The end of bank-bashing may be nigh

    A general view over the London skyline

    The Bank of England later this year will look at the "cumulative economic cost" of financial regulation brought in since the financial crisis. That is in response to changes to the remit of its Financial Policy Committee proposed by George Osborne in the July Budget. The Bank said it would look at "whether in aggregate" financial regulations and penalties have had "unintended undesirable effects". The announcement comes just hours after the Co-op Bank escaped a £120m fine for its conduct between 2009 and 2013. Could the era of big fines for wrongdoing in the City soon be over?

  38. How did the Co-Op Bank dodge a fine?

    Kamal Ahmed

    Business editor

    Eyebrows might well be raised this morning after the Bank of England’s Prudential Regulation Authority and the Financial Conduct Authority threw the kitchen sink at the Co-Op Bank for multiple failings but said, all things considered, it wouldn’t be fining the organisation.

    The language used by the PRA and the FCA about the chaos at the Co-Op Bank which almost forced a state-funded bailout could not be clearer. But, no fine, even though the PRA admitted that it could have levied a £120m penalty.

    What - could well be the question following today’s surprising announcement - would a bank have to do wrong if even in this instance a “public censure” is not backed up by a financial punishment?

  39. Prudential profits jump

    Prudential logo

    Prudential's first-half operating profit is up 17% to £1.88bn, boosted by strong performances across its Asian, US and UK life and asset management businesses. Profits from new life policies in Asia were up 30% to £664m, while the bottom line at its UK life business was 19% higher at £436m. Shares rose 0.5% to £15.13 in morning trading in London.

  40. Greek shares rise

    An electronic board showing share prices at the Stock Exchange in Athens,

    Greek shares are up as news of a potential third bailout deal emerged this morning, while Greece's borrowing costs have also fallen. The Athens stock market is 1.8% higher at 702.57 points and the Greek banking index - which accounts for a fifth of the stock market - has surged 6%. Shares in National Bank of Greece are up 6.6%, Greek two-year bond yields have fallen more than 4 percentage points to 15.27% , while 10-year yields have dropped about 70 basis points to roughly 10.50%. One note of caution: while Greece is saying the deal is done, there is no official word yet from the European Commission.

  41. China devalues yuan

    BBC Radio 4

    Chinese supermarket

    Economics editor Robert Peston tells Today that China's 1.9% devaluation of its currency overnight is arguably a bigger event for the global economy than agreement on a third Greek bailout because "it makes China's exports that much cheaper so they are effectively exporting deflation to the rest of the world". He adds: "That might give central bank policymakers pause for thought on when to raise interest rates."

  42. FTSE 100 falls

    London's FTSE 100 index has fallen by 0.6% to 6,696 points this morning, partly in response to China devaluing its currency in a bid to boost exports. That has created concern that China's economy might be slowing down more than thought. It's also going to push prices down in Europe, which neither the European Central Bank nor the Bank of England will be happy about. Inflation in the UK is sitting at zero and is about 0.3% in the eurozone. Apple's main microchip maker ARM Holdings is one of the winners today, up 0.5% at 957p. Might there be some early buying ahead of the reported launch of the Apple iPhone 7 - or is it the iPhone 6S? - next month?

  43. Northern rail spending 'paused'

    BBC News

    Patrick McLoughlin

    Transport secretary Patrick McLoughlin has been speaking to Ben Thompson on Breakfast. He says the government has "paused" its planned £38bn investment to improve rail links in the North of England while Peter Hendy, the new chairman of Network Rail, examines how to ensure taxpayers get the best value for their money. "We are seeing improved capacity... there is a huge amount of investment taking place," Mr McLoughlin says. "I want to see these improvements go ahead."

  44. 'Sea change' by China

    yuan notes

    China's move "signals a new government willingness'' to let the yuan decline, says USB economist Tao Wang. Beijing is likely to move cautiously, but market expectations of more depreciation could soon become entrenched and cause the currency to "depreciate quite quickly and significantly", she adds. That would represent a sea change in China's exchange rate policy, but help to support flagging economic growth, according to Ms Wang.

  45. Modi tweets Pichai

    How many new chief executives get congratulated by the prime minister of the country he or she was born in? Google's Sundar Pichai is one.

    View more on twitter
  46. Greek debt

    BBC Radio 4

    Pro-Euro demonstrators wave a Greek flag, right, and a European Union flag in front of the Tomb of the Unknown Soldier monument during a rally in Syntagma Square in Athens

    There is still no news on whether any of Greece's huge debts have been written off as part of the new bailout deal with its creditors. Economist Vicky Pryce tells Today there has "always been an understanding that without the debt being looked at the whole package wouldn't be sustainable". She believes that discussion about Greece's debt needs to be conducted: "The IMF needs to be brought in again; it can't until this is sorted out."

  47. Why China has devalued

    Economics editor Robert Peston has blogged on the Chinese devaluation.

    Quote Message: The People's Bank of China is saying that in weakening the yuan overnight it is also moving to a more market-determined exchange rate. And that may be so, in the sense that in recent weeks all the market pressure on the yuan has been downward - because of the unfortunate fact that the flaws in China's economy have become more and more conspicuous.
    yuan
  48. Ladbrokes loses £51.4m

    A Ladbrokes shop,

    Bookies Ladbrokes has slumped to a pre-tax loss of £51.4m for the six months to 30 June, compared with a profit of £27.7m a year ago. The bookmaker is buying rival Gala Coral to create the UK's largest high street bookmaker. Ladbrokes set aside £78.9m for what it called retail impairments and UK shop closures among other things. Chief executive Jim Mullen said: "Our first-half results reflect the challenge facing Ladbrokes. While we have some encouraging customer trends, we need to reset the business and invest. The results clearly show why we need to change and why we need to do so quickly."

  49. Car sales fall 7.1% in China

    Cars in Beijing

    More evidence of China's slowing economy comes today with the news that car sales in China fell 7.1% in July, compared with the same month last year, to 1.5m vehicles. That was the biggest decline since February 2013 and a much sharper fall than the 2.3% drop in June. Sales have now fallen for four consecutive months - the longest losing steak in at least five years. Still, it could be Greece, where car sales crashed by 23.9% in July.

  50. Co-op Bank avoids £120m fine

    Co-op Bank

    The Co-op Bank has avoided a fine of about £120m for its failings between 2009 and 2013 because of its troubled finances. Andrew Bailey, the Bank of England's deputy governor and head of its Prudential Regulation Authority (PRA), said: "Co-op Bank's failings stand out both for the duration and seriousness of the risk management and control deficiencies uncovered. This was compounded by a lack of openness with their regulator. These were serious transgressions. The PRA has not levied a fine in this instance but, if any future enforcement investigation into Co-op Bank found serious and wide-ranging failings, this censure will be a relevant factor in determining the outcome."

  51. Google's Alphabet soup

    BBC Radio 4

    People are silhouetted as they pose with laptops in front of a screen projected with a Google logo

    "If anyone in Silicon Valley told you they saw this coming they'd be lying," BBC North America technology correspondent Dave Lee tells Today of Google's decision to create a parent company called Alphabet. He says it will "do the more outlandish things that Google has become known for", such as driverless cars and space travel. Investors were getting annoyed with Google for doing things without giving them any idea about cost. Alphabet "will concentrate on the things where Google is trying to predict the future", Lee adds.

  52. 'Small issues' left to resolve

    Euclid Tsakalotos

    Greek finance minister Euclid Tsakalotos says there are "two or three small issues" left to resolve with lenders after 18 hours of talks with European institutions and the International Monetary Fund in Athens. Greece needs a new bailout deal to keep afloat financially. Earlier, a senior Greek finance ministry official said the two sides had agreed on a wealth fund to handle privatisations, and how to address non-performing loans in its banking sector. Both issues had been key sticking points in negotiations. "Finally, we have white smoke," he said.

  53. NFU to meet supermarkets

    BBC Radio 4

    he dairy herd of farmer Mike Gorton make their way home for milking at his farm near Macclesfield in Cheshire

    Morrisons, Aldi, Lidl and Asda pay what farmers say is the lowest price for milk, meaning they are not able to cover their costs. Morrisons along with Asda has been at the sharp end of protests, BBC environment correspondent Claire Marshall tells Today. That's one of the reasons for the meeting between the National Farmers Union (NFU) and Morrisons today - but she says there's no guarantee that anything will be resolved.

  54. Greek deal

    The Kathimerini deputy editor tweets about Greek finance minister Euclid Tsakalotos's comments as he left the marathon talks in Athens:  

    View more on twitter
  55. Greek bailout deal

    BBC Radio 4

    Alexis Tsipras

    The interesting thing about the way Greeks voted in the July referendum was that they opposed austerity but wanted to keep the euro, economist Vicky Pryce also tells Today. "Greeks like [prime minister] Tspiras. And as much as they dislike austerity they would rather that he was the man delivering it," she says. "They like that fact that Tspiras stood up to the international creditors even if it bought the country to its knees."

  56. Greece 'needs a return to normality'

    BBC Radio 4

    A third bailout deal cannot come too soon for Greece, economist Vicky Pryce tells Today. "Greece has load of non-performing, loans there are still capital controls, there are loads of transactions that can't be done. Greece needs to return to normality," she says.

  57. BreakingGreece reaches bailout deal

    Greece and its international lenders have ended talks and reached a deal on a third bailout, a Greek finance ministry official says.

  58. Who is Sundar Pichai?

    Sundar Pichai

    Want to know more about Sundar Pichai, the 43-year-old Indian who is now running Google after the creation of Alphabet? Dave Lee has come to your rescue - read his profile here.

  59. Google's Alphabet soup

    Radio 5 live

    Sergey Brin

    Google surprised markets last night by announcing the creation of Alphabet - a new holding company that will own Google itself along with its other businesses. Dave Lee, the BBC's North America technology correspondent, tells Wake Up To Money that the surprise move will separate Google's "moonshot" ideas - such as driverless cars - from the core search engine business. These are expensive undertakings that may or may not produce any commercial return somewhere down the line but the things that co-founders Sergey Brin (pictured) and Larry Page want to focus on. Investors welcomed the move, sending Google shares up more than 6% in after-hours trading on Monday night.

  60. China devalues yuan

    Radio 5 live

    China has allowed its currency to devalue by almost 2% in a bid to help exporters, which have been hurt by the relentless rise in the yuan. Tom Stevenson, investment director of Fidelity Worldwide Investments, tells Wake Up To Money that markets have reacted negatively because the move "smacks of desperation" after the government's attempts to prop up the country's ailing stock markets. However, he adds it should make exports more competitive and aid the Chinese economy.

  61. Good morning!

    Hello and welcome to Business Live for Tuesday 11 August. It might be summer but there are some big business stories around today - China devalues its currency, Google has set up a holding company called Alphabet and farmers' leaders are meeting Morrisons to talk milk prices. Chris Johnston and Matthew West here to bring you all the details.