Got a TV Licence?

You need one to watch live TV on any channel or device, and BBC programmes on iPlayer. It’s the law.

Find out more
I don’t have a TV Licence.

Summary

  1. Fed chief Janet Yellen cautious on US rates, Brexit
  2. RBS cuts 900 jobs in cost-cutting move
  3. My Local stores to go into administration

Live Reporting

By Rebecca Marston

All times stated are UK

Get involved

  1. US markets close

    Financial markets in the US have wrapped up for the day. 

    Not the most exciting day for US share traders. Flat at the start and glued to Janet Yellen's testimony - largely centred on the uncertain strength of US economic growth with external risk factors including energy prices, China growth and - yes - Brexit.

    The Dow Jones ended up 0.14% at 17,829.73 points. The Nasdaq was also up 0.14% and the S&P up by 0.27%. 

    The pound finished in the US down 0.35% at $1.4645, and against the euro the pound was up 0.17% at €1.301.

  2. Facebook scraps in-video links to other sites

    Mark Zuckerberg
  3. ECB will consider restoring Greece's access to cheap funding

    Reuters reports the European Central Bank will consider restoring Greek banks' access to its cheap funding operations, ECB President Mario Draghi told the European Parliament's economy committee on Tuesday. Sources with direct knowledge of the matter told Reuters earlier that a decision could come as soon as Wednesday, at the ECB's next Governing Council meeting, allowing banks to come off an expensive emergency lifeline after more than a year . Greek banks lost their access to the ECB's cheap funding mechanism early last year when Athens came to the brink of being ejected from the euro zone. 

    European flags and Greek flags
  4. TransferWise limits pound remittances this Thursday

    Timetable for transactions

    Peer-to-peer overseas money transfer service, writes:

    Quote Message: Hello, With the EU Referendum in the UK on Thursday 23rd June, exchange rates are likely to be volatile. We’ve been putting plans in place so that your transfers continue to be processed as smoothly as possible. So if it’s critical that you send money abroad this week, try to do it early Wednesday, or once the results are out. To protect our customers, TransferWise will limit GBP transfers later in the week: • From 7am (GMT+1) Thursday, you won’t be able to create new transfers from any currency to GBP. • From 6pm on Thursday, you won’t be able to create new transfers from GBP to other currencies. • If you create a GBP transfer and we don’t receive your payment for it by 8pm Thursday, it will be automatically cancelled. • Once the Referendum results are in, we’ll resume everything on Friday. Also, because the exchange rate is likely to be volatile, some transfers may take longer due to additional trading limits or possible delays in the UK banking system on Thursday or Friday. TransferWise was founded on fairness. That means doing the right thing, whatever the situation. Rest assured, we’re working hard to continue to offer the service you expect. Thanks, The TransferWise Team from TransferWise email
    TransferWise email
  5. RBS job cuts - more

  6. Rush to buy travel money ahead of referendum

    BBC personal finance correspondent Simon Gompertz writes:

    Pound coins

    Holidaymakers have heard both the speculation that the pound might drop after the EU vote and the news that it has risen so far this week and decided to hedge their bets.

  7. RBS cuts 900 jobs

    RBS building
  8. Union 'devastated' over My Local administration

    My Local stores chain going into administration

    Quote Message: My Local staff are devastated by the news that the company is going into administration. Having been sold by Morrisons last year, there was a mood of optimism that the new owners could turn around the business. We are talking with the company in a bid to save jobs and get the best deal for staff. In the meantime Usdaw is providing the support, advice and representation they need at this unsettling time." from Joanne McGuinness National Officer, Usdaw.
    Joanne McGuinnessNational Officer, Usdaw.
  9. My Local retail chain to go into administration

    My Local store

    PA reports that the owner of the My Local convenience store chain has announced its intention to put the firm into administration. Greybull Capital has lined up accountancy firm KPMG to act as administrator to its chain of more than 100 stores, which employ 2,300 people. My Local was sold to Greybull last year by supermarket Morrisons and has struggled to compete.

  10. Boeing close to Iran aircraft deal - report

    Boeing offices

    AP reports that aerospace giant Boeing says it has signed an agreement with Iran Air "expressing the airline's intent" to buy its aircraft. It sets up the biggest business deal between Iran and the US since the 1979 US Embassy takeover in Tehran.

    One Iranian official said the deal could involve 100 aircraft. Another says it could be worth $25bn. The actual value could be lower, however, since planemakers generally give the list price of aircraft rather than the value of the actual deal after discounts and incentives. A deal would need US government approval.

  11. Holiday money dealers struggle

    The head of travel money at the Post Office, Andrew Brown, says the number of people checking rates on its website has risen fourfold with many going on to buy: "At the moment we are seeing double digit or hundreds of per cent growth in sales online, so it's very different to what we've seen in the past. I've bought a little bit, some people will be doing the same, just to cover themselves in case of violent changes in the next few weeks." Euros, the most popular holiday currency, are brought in regularly by plane. Then it can take a couple of days to move the cash to foreign exchange outlets. So the Post Office has sent out an extra week's supply, to make sure its counters don't run out. A leading specialist provider, Caxton FX, said it was seeing the highest volume of business it had ever experienced and was struggling to cope with demand.  

  12. BHS: MPs write to Lady Green

    Committees write to Lady Green; publish further written evidence on sale and acquisition of BHS: The BIS and Work & Pensions Committees have published further written evidence, including a letter to Lady Green from committee members Iain Wright and Frank Field,asking for further details on the "complex web" of private businesses owned by the Green family and for an explanation of Sir Philip Green’s role in their operation. Iain Wright MP, Chair of the Business, Innovation and Skills Committee, said: 

    Quote Message: During the hearings of our BHS inquiries, a whole array of further questions have been raised about how a big high-street name with 11,000 staff was sold for a £1 to someone with no experience of retail. The evidence so far points to a complex and very opaque web of privately-owned family businesses which helped make the deal possible. These complicated arrangements make it very difficult to trace where all the funds have gone. We are keen to follow the money and look forward to Lady Green in her capacity as owner and ultimate beneficiary of these companies writing to us to explain some of these arrangements and to set out what income her businesses have received from BHS.
    Sir Philip and Lady Green
  13. Holiday money dealing dash

    It's not just the big investors taking positions on where the euro will go as a result of the referendum vote. Foreign currency providers are seeing a rush of customers buying holiday money in advance of the summer break, just in case the pound falls in value after the referendum. Some dealers are having to cope with their highest ever volume of business. The country's biggest provider of travel money, the Post Office, sold more currency before 9 o'clock this morning than in an entire day of normal trading.

    Post office shopper
  14. Investment firm triples staff to cope with Brexit dealings

    The UK's biggest fund supermarket Hargreaves Lansdown has tripled the number of dealing staff, hired more helpdesk personnel and extended its opening hours to help clients navigate the aftermath of Thursday's referendum on European Union membership. "A lot of this is just wait and see but we've put contingency plans in place; we've got extra people available for dealing and for the helpdesk. We've trebled our capacities," said Danny Cox, its  spokesman.

    Hargreaves Lansdown building
  15. Yellen: Brexit may prompt flight to safety

    Fed chief Janet Yellen in Congressional hearing on the consequences of Brexit: "I think the financial market reaction to the uncertainties that would be unleashed by that decision could result in a kind of risk-off sentiment, that we would see impacts on financial markets, that we might see flight to safety flows that could push up the dollar or other so-called safe-haven currencies. I don't want to overblow the likely impact but we are aware of them.. we will watch them and consider those impacts as we make future decisions on monetary policy. "I don't think that [a Brexit-induced U.S. recession] is the most likely case, but we just don't really know what will happen and we will have to watch very carefully."

  16. Post update

  17. London market close

    The 100 share index ended modestly higher. US and UK share markets were flat to negative around the time US Fed chief Janet Yellen started speaking. The upshot is that there's caution on raising rates but some commentators think it isn't so bad the Fed dare not move this year. The 100 index was up 0.64% at 6,242.44 - a rise of 38.44 points.

    The Dow Jones was up 0.31% at 17,860.44 points.

    The pound was flat in the end at $1.4685 and up 0.25% against the euro at €1.3024. 

  18. Fed 'could raise rates in September'

    Quote Message: All things considered, we expect the Fed to resume raising interest rates in September, by which time the weather-related slowdown in payroll employment growth should have been reversed. We anticipate a second hike this year in December. Beyond that we expect rising inflation to prompt a slightly more aggressive response from the Fed next year, with the fed funds rate reaching 1.88% by end-2017. from Paul Ashworth Chief Us Economist, Capital Economics
    Paul AshworthChief Us Economist, Capital Economics
  19. Fed rates comment

    Quote Message: "The Fed's normalization plan in raising interest rates is being met head on with an economic slowdown and collapsing long-term interest rates. The Fed is praying for the economy to buck the business cycle downturn that it is in." from James Abate chief investment officer at Centre Asset Management in New York
    James Abatechief investment officer at Centre Asset Management in New York
  20. 'Yellen in no hurry'

    Quote Message: Her comments reinforce the picture of a central bank in no hurry to take the next step to get interest rates back towards normal, higher levels from Andrew Walker BBC world economics correspondent
    Andrew WalkerBBC world economics correspondent