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Summary

  1. OECD says Brexit likely to hit GDP and employment
  2. Primark sales rose 7% in 40 weeks to 18 June
  3. M&S clothing sales fall 8.9% in first quarter
  4. Sports Direct annual profits fall to £275m

Live Reporting

By Tom Espiner

All times stated are UK

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  1. Good night

    That wraps it up for the Business live page for another day. Join us again from 06:00 tomorrow for more business news.

  2. Coinbase receives $10.5m investment from Bank of Tokyo and Sozo Ventures

    Bitcoin exchange Coinbase has received a $10.5m investment from Bank of Tokyo Mitsubishi UFJ, the bank's Mitsubishi UFJ Capital unit and Sozo Ventures, Coinbase said.

    The investment was part of a strategic partnership with the Japanese companies involving the bitcoin firm's long-term expansion, it said.

    Investors in the San Francisco-based firm include the New York Stock Exchange and Y Combinator.

  3. Wall Street closes lower after oil price drop

    Wall Street stocks mainly closed lower after a drop in oil prices dragged down energy shares, while utilities reversed recent gains.

    Oil prices fell more than $2 a barrel, wiping out early gains after the US government reported a weekly crude draw that was within analysts' forecasts, while market optimists expected larger declines.

    The Dow Jones industrial average was down 22.74 points, or 0.13%, at 17,895.88, the S&P 500 had lost 1.87 points, or 0.09%, falling to 2,097.85, and the Nasdaq Composite had risen 17.65 points, or 0.36%, finishing at 4,876.81.

  4. Interns 'face lousy job prospects'

    Unpaid interns are far less likely to be offered a job after their internship ends than paid interns, according to CNN Money.

    "Unpaid interns received full-time job offers about 44% of the time. Paid interns were offered jobs 72% of the time," the article said, quoting a survey by the National Association of Colleges and Employers.

  5. Osborne meets Chinese officials in post-Brexit trade push

    British Chancellor George Osborne

    Chancellor George Osborne has met senior Chinese officials in London to discuss trade following Britain's vote to leave the European Union, Reuters reports.

    Following the meeting between Osborne, Chinese Ambassador Liu Xiaoming and other senior Chinese officials, there had been "productive discussions on investment, financial services, and fostering stronger trading ties" post-Brexit, the news agency reported.

  6. VW fix for Audi Q5 'does not cut emissions' says EU consumer group

    The logo of German car maker Volkswagen

    Volkswagen's technical fix for its Audi A5 did not reduce emissions in a test, a European consumer group has said.

    VW has argued the fix for vehicles affected by its emissions test cheating scandal would make them compliant with EU regulations, avoiding the need to compensate owners.

    The carmaker has agreed to pay out up to $15.3bn in the US to settle claims. 

    The test of the Audi Q5 by the Italian consumer group Altroconsumo found that the fix was "not reliable", European Consumer Organisation (BEUC) said.

  7. Market update

    A quick check on the US markets - it's a choppy session - they started out higher but then turned lower.

    The Dow Jones has lost 0.3% to trade around 17,865.44

    The Nasdaq was up, then down and now is up again by 0.16% to 4,866.82

    And the S&P 500 is down 0.16% to 2,096.43

  8. Female representation on boards

    The government is urging the UK’s biggest public companies to boost female representation in senior roles by the end of the decade, the Independent reports.

    That follows a report showing that the number of female appointments on boards in the UK has fallen to a five-year low.  

    Ministers are calling on FTSE 350 businesses to ensure a third of boardrooms seats are filled with women by 2020, the paper says. 

  9. Buffett Gates bromance continues

    Yesterday we brought you the musings of the billionaire Bill Gates on his friendship with the just as rich investor Warren Buffett.

    Gates revealed that Buffett eats oreos for breakfast and that his mother had to persuade him to meet Buffett because he assumed they wouldn't get on.

    Now the Sage of Omaha has responded in kind:

    View more on twitter
  10. Pound plunge 'not over yet'

    City experts are predicting there's further to fall for the pound, Bloomberg reports.

    Goldman and Citigroup are forecasting it will fall to $1.20, on expectations of a rate cut from the Bank of England. Deutsche Bank goes further - predicting a fall to $1.15 by the end of the year.

    Sterling is already at levels not seen since 1985 - when Live Aid was big and Madonna was singing Get Into the Groove.

  11. Volkswagen to pay $86m in penalties to California over emissions

    Volkswagen logos

    Volkswagen AG will pay an additional $86 million in penalties to California over its emissions scandal, state Attorney General Kamala Harris said.

    The payment comes on top of the settlement of about $15bn between Volkswagen and U.S. officials announced last week, Ms Harris said. 

  12. Pound falls back below $1.30

    Sterling has slipped back down below $1.30, having briefly rallied. It has been battered by uncertainty following the UK's vote to leave the European Union.

    A number of banks are now forecasting a fall to the low $1.20s and other analysts expect eventual parity with the euro, compared with current levels of around 85 pence.

  13. OECD: Brexit likely to hit GDP and employment

    Britain's decision to leave the EU could result in a 3% loss in GDP by the end of the decade and is likely to hit employment, a leading economic think tank has said.

    The Organisation for Economic Co-operation and Development (OECD) also cautioned that a decline in foreign direct investment resulting from Brexit could worsen UK productivity.

    The OECD said that the result of the June 23 referendum on EU membership represented "a cloud" over the UK's strong performance on job creation since the crash of 2008. 

    In its annual Employment Outlook report, it said:

    "The UK's short-term labour market prospects are likely to be negatively affected by the recent referendum decision to leave the EU.

    "OECD estimates suggest that Brexit could cut real GDP growth by 0.5 percentage points in both 2017 and 2018, and that by 2020 the cumulated loss in GDP could be 3%.

    "Brexit therefore represents a cloud over the UK's recent ability to create jobs."

  14. EU member states 'support increase in anti-dumping steel duties'

    Member states of the European Union have supported European Commission proposals to increase dumping duties on imports of Chinese and Russian cold rolled coil steel, according to industry publication Platts.

    "Duties will be set at 19.8% for the Angang group, and 22.1% for Shougang Group and all other Chinese suppliers... [From Russia] Severstal’s material will face a duty of 34.1% while NLMK and all other Russian exporters [apart from MMK] will be subject to a 36.1% tariff," the article said.   

  15. Crude oil prices fall after less-than-expected US stockpile decline

    An oil pump works at dawn in the Permian Basin oil field in the oil town of Andrews, Texas.

    Oil prices have fallen after the Energy Information Administration (EIA) said US crude stockpiles fell 2.2 million barrels for the week ending 1 July.

    The EIA's figure came in far less than the 6.7 million-barrel draw reported by trade group the American Petroleum Institute on Wednesday.

    Brent crude is down 1.5% at $48.05 per barrel, and US crude is down 1.6% at $46.65 per barrel.