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Summary

  1. FTSE 100 swings between gains and losses
  2. UK construction activity hits seven-year low
  3. Three former Barclays employees found guilty of Libor rigging
  4. Sainsbury's to close Netto UK stores in August
  5. George Osborne plans to cut corporation tax below 15%

Live Reporting

By Dan Macadam

All times stated are UK

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  1. Good bye!

    And that's all there is for today. We're wrapping up the live page earlier than usual because Independence Day in the US means no trading on Wall Street. 

    Join us tomorrow for the Bank of England's financial stability report, as well as results from housebuilder Persimmon and June industry figures for the UK services sector.

  2. Osborne to meet bank chiefs on Tuesday

    Canary Wharf at night

    Chancellor George Osborne will meet the heads of major banks tomorrow to discuss how the country should respond to the Brexit vote.

    Mr Osborne told MPs he's spoken to various business leaders since the referendum, adding: "Tomorrow I am meeting the heads of some of the major banks as well to discuss how we proceed." 

    The chancellor said the Bank of England - due to give a report on the UK's financial stability tomorrow - had the tools it needed to act against the economic cycle and boost lending.  

  3. Standard Life suspends trading in property fund

    View more on twitter

    Investment firm Standard Life has released this statement:

    "Due to exceptional market circumstances, Standard Life Investments has taken the decision to suspend all trading in the Standard Life Investments UK Real Estate Fund (and its associated Feeder Funds) from 12:00 noon on 4 July 2016.  

    “The decision was taken following an increase in redemption requests as a result of uncertainty for the UK commercial real estate market following the EU referendum result. The suspension was requested to protect the interests of all investors in the fund and to avoid compromising investment returns from the range, mix and quality of assets within the portfolio."  

  4. BreakingFTSE 100 finishes lower

    The FTSE 100 has closed nearly 56 points, or 0.8%, lower at 6,522 points. It comes after an industry survey showed construction activity at a seven-year-low, raising concerns about the UK economy and hitting shares in property firms.

    British Land fell 7%, while house builders Persimmon, Barratt and Taylor Wimpey all dropped by more than 6%.

    Gold miner Fresnillo was the biggest winner, ahead of fellow commodity stocks Randgold and Glencore.

  5. Ask.fm sold by Tinder owners

    Ask.fm mobile app screenshots

    The Q&A-based social network Ask.fm is under new ownership, less than two years after it last changed hands. 

    IAC - the owner of the dating app Tinder - has sold the business to Silicon Valley-based asset fund Noosphere. 

    Ask.fm hit the news in 2013, when it was linked to the suicides of several teenagers.

    The social network says it has 150 million members who asked 18 billion questions over the past year.

    For the full story click here.

  6. Moneysupermarket shares plunge

    Moneysupermarket.com advert with "strutting man"

    Shares in price comparison website Moneysupermarket - known for its "strutting man" adverts (pictured) - are among the biggest losers on London markets as we head towards the closing bell.

    The FTSE 250 mid-cap firm is down 11% at around 244p - its lowest level in more than a year - after its shares were downgraded by analysts at Barclays.

    Barclays says the Brexit vote and possible recession will hurt the UK company. Moneysupermarket's shares are down by a third so far in 2016.

  7. Sucking robot arm wins Amazon challenge

    Team Delft's sucking robot arm

    A robotic arm that combines a suction cup, a "two-fingered" gripper and a 3D depth-sensing camera has won Amazon's latest warehouse bot competition. 

    Team Delft's machine triumphed over its rivals at both of the two tasks. 

    One involved selecting products from a container, picking them up and putting them on a shelf. The other was doing the actions in reverse. 

    "Our vision is humans and robots working shoulder to shoulder," said Tye Brady, chief technologist at Amazon Robotics.  

    For the full story click here.

  8. UK tax cuts 'not the first Brexit issue'

    France's economy minister has said that corporation tax isn't the issue he thinks the UK should work on first as part of Brexit.

    "What is really expected from the British government is announcements on the consequences they expect to draw from the vote of the British people," Emmanuel Macron said. "Personally, I don't get the impression that the first consequence is cutting taxes." 

    It follows Chancellor George Osborne's comments that he plans to lower the tax to below 15% to help prop up investment in the UK.

  9. Football an economic activity?

    Gareth Bale scores for Real Madrid

    We reported earlier that seven leading football clubs in Spain - including Gareth Bale's Real Madrid - have been ordered to repay millions of dollars of state aid or assistance. 

    The European Commission determined the clubs had breached European laws by benefiting from government help through preferential loans and deals on tax and property. 

    Ricardo Cardoso, a spokesman for the EU Commission, had this to say:

    Quote Message: The important point I should highlight is that professional sport is an economic activity, I mean football clubs carry out lots of activities, namely marketing, merchandising, TV broadcasting, we're all watching football games for the past few days, transfers of players, and like any other economic activity, EU stated rules apply and ensure that public funding doesn't distort competition between the clubs and protects the level playing field for the majority of clubs which are not benefiting from subsidies from Ricardo Cardoso European Commission
    Ricardo CardosoEuropean Commission
  10. 'Clear benefits' to LSE merger

    Earlier shareholders in the London Stock Exchange approved its merger with Germany's Deutsche Boerse. 

    Professor John Colley, of Warwick Business School, gave this reaction to the PA news agency: "Brexit has undoubtedly clouded the future for the stock exchange link-up and raised concerns for employees, regulatory authorities, politicians and LSE shareholders. For shareholders, though, there are still clear benefits. 

    They "retain a strong position in the EU territories, while Deutsche Boerse shareholders benefit from a greater global presence. Deutsche Boerse would also be well positioned to provide the various markets that the EU may require to be operated within the eurozone such as Euro trading. Their link with the LSE will be invaluable in facilitating this transfer of skills, expertise and people."

  11. FTSE extends losses

    The FTSE 100 is extending losses this afternoon - dragged down by housebuilders.

    At around 1500 BST it was down 0.73% at 6529.51.

    Shares in British Land were down more than 7% while Land Securities was down 6.5%.

    "Investors appear to have shunned UK growth and property funds in the run up to the referendum, and indeed beyond," says Laith Khalef from Hargreaves Lansdown.

    "Property funds in particular could be in for a bumpy ride, given the price adjustments we have already seen as a result of the difficulty in valuing properties since the Brexit vote."

  12. Line share sale

    Line messaging app logo

    Line - that's the messaging system that's very popular in Asia - is preparing for a share sale. It could be the biggest in the tech sector this year.

    The Wall Street Journal says it will be a litmus test of investor appetite for tech stocks.

  13. Flybe tax cut call

    The boss of the airline Flybe has called for the government to cut flight taxes by half, in the wake of the "serious and lasting damage" caused by Brexit.

    In a letter to George Osborne, chief executive Saad Hammad has said Air Passenger Duty (APD) should be slashed by 50% and funded by a tax hike at the UK's major international airports. 

    Mr Hammad said the turmoil in the financial markets and the threat of an economic slowdown meant the cost of the levy was now a "critical issue". He said the APD was stymieing growth and had a "stranglehold" on regional economies. 

  14. RBS boss: Brexit a 'real hit'

    RBS chief executive Ross McEwan

    Ross McEwan, the chief executive of RBS, has said the Brexit vote has “been a real hit to the bank” and will affect the government's sale of its remaining shares in the bank.

    “This will be a setback, let’s be honest. I think at least a couple of years it will be pushed back,” he told LBC radio.

    “We have been knocked around by interest rates being lower for longer. Therefore investors are saying your returns are not going to be good.”

    He predicted that UK economic growth would decline to 1.6% in 2016 & 0.8% in 2017.  

    “Unfortunately the consequences are that people stop making investments when there is uncertainty.”

  15. US markets closed

    A reminder that there's no trading on US stock markets today while the country celebrates Independence Day.

  16. Five now convicted of Libor rigging

    Tom Hayes

    Today's jury verdict takes the total convictions from the Serious Fraud Office's Libor investigations to five. 

    Tom Hayes (pictured) was convicted in August 2015 and is serving an 11 year prison sentence. In May 2016 it was revealed former Barclays employee Peter Johnson had pleaded guilty.

    Six other defendants were acquitted in January of helping Mr Hayes rig the key financial rate. 

    A total of 19 individuals have been charged so far.

    Meanwhile, the SFO’s Libor investigation continues - six individuals await trial for the alleged manipulation of Euribor, the European version of Libor, on 4 September 2017.