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Live Reporting

Richard Anderson

All times stated are UK

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  1. Good night one and all

    That's all for tonight - the night the third Greek bailout was finally agreed after months of acrimonious and, at times, painful negotiations. Enjoy your weekend and we'll hopefully see you bright and early on Monday morning at 06.00.

  2. Apple 'further ahead' with self-driving car

    Technology giant Apple is building a self-driving car and "appears to be further along than many suspected", the Guardian reports. It is currently looking for secure locations to test the car in the San Francisco Bay area, the paper says.

  3. Debt sustainability key concern

    Mr Dijsselbloem says that debt sustainability is a problem that concerns the IMF, and one that has not yet been fully resolved: "The question is whether, in economic terms, Greece can - say over the next thirty years - service its debt. Analysis has been made by the commission. The ESM also has calculations on that, with the European Central Bank, and that debate will come back in October. We feel that debt sustainability is for a long period of time sustainable, and only in later years might there be a problem."

  4. Where is the IMF?

    The IMF have been rather conspicuous by their absence, and the assembled journalists want to know how closely they have been involved in the negotiations. Asked if the IMF will commit to the deal, Mr Dijsselbloem said: "[IMF head] Christine Lagarde was very firm on this. She cannot commit. It's a board decision and she will take it to the board in October. There are two conditions, specifically the number of reforms and, secondly, we have to have agreement on the level of sustainability."

    Mr Regling was a little more certain: "Our expectation is that the IMF will come in. We do not know exactly when, but they will come in."

  5. Improved relations

    Jeroen Dijsselbloem

    Mr Dijsselbloem (pictured earlier this afternoon above) also highlighted the improved relations between the two parties in recent weeks: "After the changes in the government and the crisis that we had, the co-operation with the changed Greek government has been very strong, very constructive, and very well organised." He also emphasised that depositors would not be involved in bailing out the Greek banks.

  6. Greece deal still needs member approval

    Klaus Regling, managing director of the European Stability Mechanism and sitting to Mr Dijsselbloem's left at the press conference, highlighted the fact that this deal still needed to be approved by member states. "This is not yet a done deal - we will have to go through the parliamentary process in several member countries," he said. However, this was unlikely to be a stumbling block, and the money would be released soon, he said: "The agreement in principle can be implemented and we aim to have the first disbursement very early on the 20th, that is Thursday."

  7. Greek economy 'on path to growth'

    More from Eurogroup head Jeroen Dijsselbloem, who is chairing the press conference: "[If] the agreement is implemented with determination - it always boils down to determination - it will put the Greek economy on the path to growth. He also talked about getting an "agreement at a political level in a good atmosphere. There are always disagreements but it was a good atmosphere."

  8. Greece bailout deal agreed

    The Eurogroup statement says: "New loans of up to €86bn will be made available over the next three years to Greece by the European Stability Mechanism (ESM)".

    President Jean-Claude Juncker said: "The past six months have been difficult. They have tested the patience of policy-makers and they have tested the patience of our citizens even more. Together, we have looked into the abyss. But today, I am glad to say that all sides have respected their commitments. Greece is living up to its ambitious reform commitments agreed on 13 July. And the other eurozone countries are delivering on their promise of continued solidarity made on the same day. The message of today's Eurogroup is loud and clear: on this basis, Greece is and will irreversibly remain a member of the euro area. And the European Commission will support Greece in developing a new and fair growth, jobs and investment perspective for its citizens."

  9. Ministers reach Greece agreement

    Eurogroup head Jeroen Dijsselbloem says the finance ministers have reached a positive conclusion. "All the hard work of last week has paid off," he said.

  10. Greece announcement imminent?

    The Eurogroup of finance ministers has called a press conference, which is due to start any minute...

  11. Big companies call for action on litter

    A number of businesses, including McDonald's and Wrigley, have written a joint letter to the Guardian calling on the UK government to tackle litter, which, the paper says, costs the taxpayer almost £1bn a year. The letter coincides with a new poll that suggests the public think littering is as bad as drink-driving, the paper claims.

  12. US to export oil to Mexico

    US oil well

    The US has decided to allow the export of oil to Mexico. The export licences will be issued by the end of this month, reports suggest. The US introduced an export ban as a result of the Arab oil embargo implemented by OPEC in the early 1970s, but since the discovery of shale oil and gas, the US's stance on exporting its energy resources has softened considerably.

  13. Zimbabwe 'prohibits arbitrary sackings'

    Zimbabwe has introduced a bill prohibiting arbitrary sackings, according to the AFP news agency. The bill says "no employer shall terminate a contract of employment on notice unless the employer and employee mutually agree in writing to the termination of the contract." Unions say 18,000 people have been laid-off following a Supreme Court ruling in July allowing employers to dismiss workers after giving three-months' notice, the agency says.

  14. 'Tremendous interest' in pursuing forex claims

    Simon Tulett

    Business Reporter

    One of the lawyers behind the $2bn US foreign exchange settlement says he has received a "tremendous amount of interest" from pension funds, central banks and other financial institutions in the UK and Europe about pursuing a similar claim. David Scott, from Scott and Scott Attorneys in New York, speaks to World Business Report on the BBC World Service.

  15. Hopes rising for Greek deal

    Wolfgang Schaeuble

    Germany is ready to give the go-ahead to the latest Greek bailout, the Financial Times says. There had been concerns that Europe's most powerful economy, and in particular its finance minister Wolfgang Schaeuble, would insist on further guarantees that might scupper an agreement today. Hopes that a deal will be done this evening appear to be rising.

  16. Dow Jones picking up

    Half way through the day's trading, the Dow Jones is back in positive territory, having recovered from a shaky start to rise 54 points to 17,463.

  17. Greece 'in line for €23bn initial payment'

    European officials are recommending that eurozone finance ministers agree to an initial tranche of €23bn ($25.6bn; £16.4bn) for Greece, reports Reuters. It has been told that the Euro Working Group has recommended an immediate payment of €13bn to cover debt repayments, and a further €10bn to help Greek banks.

  18. Lagarde to join Greece discussions

    Eurozone finance ministers deciding on a new bailout deal for Greece will be joined by International Monetary Fund head Christine Lagarde by telephone, the IMF has said.

  19. FTSE closes slightly lower

    London Stock Exchange

    The FTSE 100 has closed slightly lower on the final trading day of the week, down 17.59 points, or 0.3%, at 6,550.74. Commodities giant Glencore led the way down, closing 2.3% lower at the end of a week that has seen its shares fall more than 15% on fears of a Chinese slowdown. Travel group Tui was the biggest riser, up more than 4% after some brokers raised their target price for the shares. Elsewhere, Germany's Dax closed down 0.3%, while France's Cac 40 ended the day 0.6% lower.

  20. Coca-Cola 'funds new scientific body'

    People in front of a wall with Coca-Cola painted on it

    Coca-Cola has put together a new body "to emphasise exercise as the best way to control obesity and to play down the importance of cutting calories", the New York Times reports. "The new organisation, the non-profit Global Energy Balance Network," the editorial says, "is the latest effort to put a 'science based' gloss on industry positions". The scientists employed by the group say Coca-Cola will have no control over what they study.

  21. Diesel to fall further says RAC

    Diesel pump

    Motoring group the RAC has said it expects diesel prices to fall further: "We anticipate prices to come down by a few pence within the next fortnight". It goes on to highlight the benefits of recent price falls: "The effect on motorists' pockets has been dramatic. RAC Fuel Watch data shows that the cost of filling up an average diesel family car is now more than £4 cheaper than it was three months ago, and nearly £12 cheaper than a year ago."

  22. Aldi sets minimum milk price

    A cow

    Aldi has confirmed it is the latest supermarket chain to pledge to pay farmers a fair price for their milk - in this case at least 28 pence a litre, starting next week. The company said: "Aldi has wide-ranging, long-term commitments to British farming and this new price agreement is the latest example of our support for the sector." Asda made a similar announcement on Thursday, while Morrisons is introducing a new brand of milk of from which 10p extra will go to farmers. The National Farmers Union has said that Waitrose, Marks & Spencer, Tesco, Sainsbury's and the Co-op currently pay a price for milk which is above the cost of production.

  23. And the biggest grossing superhero film of all time is....

    The Avengers actors ringing the opening bell at the NYSE

    The Washington Post has crunched the numbers on the biggest box office successes and the biggest flops from superhero films, pitting those based on Marvel comics against those from its great rival DC. The paper has adjusted the figures for inflation so they are comparable. And the winner is... The Avengers from 2012, which grossed $623.4m (£398.4m), followed by The Dark Knight from 2008, on $603bn. And the biggest flop? 1997's Steel, which grossed a paltry $3m. No, me neither - apparently it starred Judd Nelson and basketball legend Shaquille O'Neal.

  24. Sportech shares up on takeover offer

    Liverpool football team

    Another company whose shares are performing well is the UK's Sportech, which operates the football pools. Shares are up more than 10% in London after the group said it had received a takeover offer from Contagious Gaming. (And yes, I am a Liverpool supporter).

  25. JC Penney shares jump

    So how did JC Penney shares fair? We told you they'd rise and hey presto, a 9% jump! About 40 minutes into trading and they have risen 72 cents to $8.79 a share. See how easy this investing lark is?!

  26. Wall Street opens flat

    US traders

    Wall Street has opened almost unchanged, with the main Dow Jones Industrial Index down 12 points in early trading, at 17,395.83. Unsurprisingly there were no big movers, with energy giant Chevron the biggest riser, up 0.5%, and consumer products group Procter & Gamble the biggest loser, down 0.4%. The tech-heavy Nasdaq was also unchanged at 5,030.46.

  27. Cyprus economy continues to grow

    Cyprus continues to climb out of recession, according to government figures, AFP news agency reports. The island economy grew by 0.5% between April and June, the second straight quarter of growth following three years of slowdown.

  28. Sales improving at JC Penney

    JC Penney store

    US retailer JC Penney has reported stronger-than-expected sales for the second quarter, boosting overall revenue by almost 3% to $2.88bn (£1.84bn). This helped the department store narrow losses to $138m. Shares should open higher as a result when markets open in a few minutes. We'll let you know how they get on.

  29. Aldi milk price move

    dairy cows

    Following Asda's decision to pay dairy farmers 28p a litre for milk, Aldi plans to follow suit. Rob Harrison, NFU national dairy chairman, welcomed the move and said it would "continue conversations with Aldi as to its position on cheese and other dairy products".

  30. US oil price keeps falling

    Oil pump

    Oil is not having a good end to the week. After falling more than 3% on Thursday on news that stockpiles were up, US crude fell as low as $41.35 a barrel - its lowest since March 2009 - today before recovering to $42.13. Brent crude did better, trading steady at $49.21. Robin Bieber, of London brokerage PVM Oil Associates, said US oil - also called West Texas Intermediate (WTI) - had become somewhat dislocated from Brent. "The contracts are not all on the same technical page and this causes a lack of clarity," he said. "WTI could plunge but the rest hold steady."

  31. HBO snaps up Sesame Street

    Elmo and Rosita with Michelle Obama

    More evidence that content really is king in the media world. HBO has struck a deal with the producers of the US children's TV show Sesame Street to show new episodes for the next five years on the premium cable channel. Jeffrey Dunn, Sesame Workshop's chief executive, said the HBO deal will allow it to keep making the show and help children "grow smarter, stronger and kinder". The episodes will air on PBS, the public broadcaster, nine months later. Sesame Street has won more than 150 Emmy awards and is shown in 140 countries. Pictured is Michelle Obama with Sesame Street characters Elmo and Rosita.

  32. UK deflation warning

    Capital Economics warns that although consumer price inflation was probably steady at zero in July, the recent fall in oil prices suggests the UK is likely to suffer another bout of deflation before Christmas. "Meanwhile, domestic price pressures are still weak, suggesting that inflation will only strengthen gradually next year, enabling the MPC to raise interest rates at a very slow pace," the consultancy says.

  33. 'Flash crash' trader

    Navinder Singh Sarao

    While the 'flash crash' trader Navinder Singh Sarao could leave jail as soon as today following today's bail hearing. He will be required to remain at his parents' address in Hounslow, west London, each night, and is not allowed to travel internationally or use the internet. A full extradition hearing is scheduled to start on 24 September.

  34. New boss for Premier Farnell

    It's always a bit unfortunate for a chief executive when news of their departure prompts a rise in the shares. That's what has happened today after Premier Farnell dispensed with Laurence Bain, who had replaced Harriet Green in 2012 when she left for Thomas Cook. Chairman Val Gooding said: "The company's recent results have been disappointing and the board has concluded that the time is right for a change of leadership." Shares are up 1.6% at 136.7p, but are still down 22% for the year.

  35. Financial fraud warning

    Kevin Peachey

    Personal finance reporter, BBC News

    Cash

    Recent high-profile data breaches may be seized upon by con-artists, an industry body tackling fraud has warned. Con-artists may ring potential victims pretending to offer compensation for stolen security details. In fact, they are simply trying to steal bank details to drain accounts of money, Financial Fraud Action UK says.

  36. 'More constructive' talks

    In a more conciliatory note, the Netherlands' Jeroen Dijsselbloem also says that talks with Greece this summer have been far more constructive than in past months.

  37. Dijsselbloem warning

    Jeroen Dijsselbloem

    Dutch finance minister Jeroen Dijsselbloem says all of his fellow eurozone finance ministers must still agree on the Greek bailout. However, he warns that if Greece fails to implements measures as agreed, the programme would soon be stopped.

  38. Eurozone expands 0.3% in second quarter

    The economies of the 19 countries in the eurozone expanded by 0.3% for the three months to June, Eurostat said today - a slight slowdown from the 0.4% registered in the first quarter. Capital Economics comments: "Looking ahead, business surveys suggest that the eurozone economy will continue to expand, led by strong growth in Spain and a solid German economy. But they offer little hope that the recovery will gain pace. Indeed, we think it is more likely that growth in the region as a whole will slow further in the second half of the year."

  39. IMF on Greece

    The IMF says it will remain "closely engaged with the Greek government" in a statement issued today. "The Memorandum of Understanding that has been agreed between the authorities and the European partners is a very important step forward," says the Fund's Delia Velculescu.

  40. Tsipras prefers 'compromise over suicide'

    Greek parliament

    I have to admit Alexis Tsipras has a way with words. He told MPs during the bailout debate: "I prefer compromise to the heroic dance of Zalongo" - a reference to a notorious 19th-century mass suicide in northern Greece when a group of women and children jumped to their deaths rather than submit to the cruel Ottoman governor Ali Pasha. His government "had taken on the responsibility to continue the fight rather than commit suicide and then go running to other international forums saying it wasn't fair that we had to kill ourselves", the Greek PM added.

  41. Time for a break

    'Umbrellas' by Greek artist Georgios Zongolopoulos

    After all the rancour in the Greek parliament today, I think it's time to briefly pause and look at this lovely picture. The installation is called 'Umbrellas', by Greek artist Georgios Zongolopoulos, and can be found in Thessaloniki.

  42. Tsipras defiant

    Greek PM Alexis Tsipras told MPs during the bailout debate:

    Quote Message: I do not regret my decision to compromise. We are not exulting but we are also not mourning over this difficult agreement. I have my conscience clear that it is the best we could achieve under the current balance of power in Europe, under conditions of economic and financial asphyxiation imposed upon us."
    Alexis Tsipras
  43. Speaker's privilege

    Zoe Konstantopoulou

    So why did the debate in the Greek parliament drag on all night and into Friday morning? Speaker Zoe Konstantopoulou - one of the Syriza hardliners - rejected a request from Alexis Tsipras to speed things up. Instead, she raised a long series of procedural questions and objections that delayed a vote that was due to be held last night.

  44. Tsipras pays a heavy price

    The BBC's Paul Adams-Washington reports from Athens:

    Quote Message: After more than seven hours of often passionate, bad-tempered debate, all through the night the Greek Prime Minister, Alexis Tsipras, has got his way. The bailout bill has passed by a comfortable majority. Towards the end of the debate, Mr Tsipras defended what he called a painful but responsible decision. He said the country had no choice. This was not a triumph, he said, but nor was Greece in mourning. The bill may have passed, but Mr Tsipras has paid a heavy political price. Almost a third of his own Syriza party members voted against the bailout - even more than expected. They believe the prime minister has comprehensively betrayed election pledges to turn his back on austerity. In theory, Mr Tsipras has lost his parliamentary majority and his government is hanging by a thread. It's being reported that he will seek a vote of confidence next week, bringing the prospect of snap elections in the autumn that much closer. But for now, the scene is set for eurozone finance ministers, meeting in Brussels later in the day, to give the bailout their seal of approval."
    Alexis Tsipras
  45. Snap election?

    A senior official from Greece's conservative opposition party New Democracy says it will not support the government of Alexis Tsipras in a confidence vote. Given the number of Syriza MPs that either voted against the bailout or abstained - 43 - that means Greece could be heading for a snap election after the confidence vote, which is expected to be held next week.

  46. Confidence vote

    A government official says Alexis Tsipras will hold a confidence vote after 20 August when the debt repayment to the European Central Bank falls due.

  47. Opposition support aids Tsipras

    Euclid Tsakalotos and Giorgos Stathakis

    Thanks to support from opposition MPs, Alexis Tsipras easily managed to cross the 151-vote threshold in the 300-seat chamber to pass the bill approving the bailout. Voting is still continuing. Pictured is finance minister Euclid Tsakalotos (left) and economy minister Giorgos Stathakis.

  48. Bridge finance provision

    The European Commission has made provisions for a further €6bn in bridge financing for Greece in case the planned third bailout for Athens is not ready as quickly as hoped, according to an EU paper seen by Reuters. About €4.4bn should be used to make debt repayments to the International Monetary Fund and the European Central Bank, while €1.67bn should be used to exempt non-eurozone countries from liability. Eurozone finance ministers meet later today in Brussels to discuss the third bailout.

  49. BreakingGreek bailout vote

    The Greek government secures enough votes to pass the bailout agreement in parliament, Reuters reports.

  50. Syriza dissenter

    Panagiotis Lafazanis

    Ahead of the imminent vote in the Greek parliament, prominent Syriza MP Panagiotis Lafazanis told party leader Alexis Tsipras: "I feel ashamed for you. We no longer have a democracy ... but a eurozone dictatorship."

  51. German economy grows 0.4%

    After the disappointment of the French GDP figure, Germany has come to the rescue with a 0.4% expansion for the second quarter, compared with the first three months of the year. That was slightly lower than some economists had expected, however. The figure is 1.6% higher than the same quarter in 2014.

  52. Greek debate

    More from Alexis Tsipras as Greek MPs continue to debate the latest bailout deal (it's been a long night in Athens it seems). He tells them a bridge loan for Greece would mean a return to financial crisis without an end and that the bailout agreement is a necessary choice for the country.

  53. French economy slows

    Paris

    Economic growth in France flatlined in the second quarter, with a 0% reading, as investment declined, according to official figures. That was despite a 0.7% expansion in the first three months of the year, revised up from an initial figure of 0.6%. However, finance minister Michel Sapin said that the eurozone's second-biggest economy was still on course for 1% growth for 2015.

  54. Greek debate

    Alexis Tspiras

    Greek Prime Minister Alexis Tsipras tells MPs he does not regret deciding to compromise with the country's international creditors.

  55. 'Shark nearest the boat'

    BBC Radio 4

    Federal Reserve

    Ewen Cameron Watt, chief investment strategist at BlackRock, tells Today that the controversy over China's decision to let the yuan depreciate this week has been overblown given that the currency has appreciated by about 25% over past five to six years. In his view, "the shark nearest the boat is now the Federal Reserve". He believes the US central bank will raise interest rates next month by 0.25 percentage points.

  56. Greek bailout vote

    BBC Radio 4

    Raoul Ruparel, co-director of Open Europe, tells Today he thinks there could be a split in Syriza following Friday's vote on the latest bailout deal. That could put the more radical MPs outside the party. He says the deal emphasises the need for debt relief for Greece. Most countries now accept some relief is needed and the key question remains whether the IMF will be involved in the third bailout. Can a "coalition of the willing" force Germany to accept debt relief for Greece? Mr Ruparel is not so sure: "Germany might rather take a loss now rather than keep pouring money into Greece later."

  57. Good morning!

    We've made it to Friday and yes it's the middle of August - but it's been a surprisingly busy week of news thus far. What does the day have in store for us? Stay with us on Business Live to find out.