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  1. FTSE closes up for the fifth straight day
  2. Shares in Peppa Pig owner soar as it rejects ITV takeover offer
  3. Bank of England's bond-buying programme hits a snag
  4. UK economy worse off outside EU single market, says IFS
  5. Eurostar rail workers to strike for seven days

Live Reporting

By Karen Hoggan

All times stated are UK

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  1. Good night!

    That's all from Business Live for Wednesday - thanks for reading. We're back at 06:00 on Thursday - do join us then.

  2. Rihanna for Ocean's Eight


    Bit of fun to end the night with: Rihanna, Anne Hathaway and Helena Bonham Carter are in talks to join Sandra Bullock and Cate Blanchett in a female-driven spinoff of the Ocean's Eleven crime caper franchise, according to reports by Hollywood trade publications.

    Production of the Warner Bros movie, to be called Ocean's Eight, is expected to start in October, directed by Gary Ross, Deadline and Variety reported. 

    Warner Bros declined to comment.   

    News of the movie comes a month after the all-female remake of Ghostbusters starring Melissa McCarthy and Kristen Wiig.

  3. BreakingWall Street falls

    Not a great result for US markets today, with the Dow Jones Industrial Average ending 0.2% lower at 18,497 points, while the S&P 500 fell 0.3% to 2,175, while the Nasdaq shed 0.4% to 5,204 points.  

    Energy and banking shares were among the bigger losers, with ExxonMobil and Chevron down 2.6% and 1.1% respectively as oil prices fell.

    Bank of America lost 2.5% and Wells Fargo 1.6% as the market speculated the Federal Reserve would not raise interest rates this year. 

    Analysts said the market was also hit by profit taking after US stocks reached new records over the past three sessions. 

  4. China's football focus

    The prices being paid for Chinese football teams has been climbing amid China's plans to become a 'soccer powerhouse' and eventually host and win the World Cup.

    Forbes magazine has a ranking of the top 10 most valuable clubs.

    View more on twitter
  5. (Don't) hold my hand, says Sainsbury's

    Chris Johnston

    Business reporter

    Thomas Rees and Joshua Bradwell

    This story is currently the most popular on the BBC News website - and does not reflect well on Sainsbury's. 

    Thomas Rees and Joshua Bradwell were in a Sainsbury's store in Hackney, east London, on Monday night when a security guard told them another customer had complained about their "inappropriate" behaviour. What were they doing? Holding hands. 

    To make matters worse, Sainsbury's offered them a £10 voucher - and an apology. 

    Thomas has talked about the incident with Channel 4 News tonight:

    View more on twitter
    View more on twitter
  6. Thailand approves plans to track tourists' phones

    Group of young Thai people playing Pokemon Go in Bangkok

    Thailand is considering requiring tourists to use special Sim cards that would allow authorities to track their mobile phones even when they're turned off..

    The plans have been approved in principle by Thailand's telecommunications regulator, which denies it is an invasion of privacy.

    The body says the card is intended to catch those who overstay their visa, but it could also be used to find people who are on the run from police. 

    More than 19 million foreigners have visited Thailand this year, says Thailand's Tourism and Sports Ministry. Read more here

  7. KFC under pressure over antibiotics

    Exterior of KFC

    The company that owns Kentucky Fried Chicken is facing new calls to stop using poultry that has been treated with antibiotics.

    US consumer groups will deliver a petition signed by more than 350,000 people to Yum Brands on Wednesday.

    KFC has already promised to limit the use of human antibiotics in its chicken by next year.

    However, critics claim the policy effectively allows for routine use of antibiotics by its chicken suppliers. Read more here 

  8. Rail passengers demand recompense

    Southern Railway train

    Earlier we reported that the strike on the Southern rail network had been suspended to allow fresh talks in the row over the role of conductors.

    Well, train passengers are protesting at Victoria Station in central London this evening about the disruption to Southern Railway services.

    Quote Message: Passengers want to see compensation for all of the months of misery that we've endured. And we want to see a fares freeze. Next week the government will be announcing just how much fares will go up from January. And Southern Rail passengers will be absolutely outraged to be told that despite having 15% reduced service, if their fares go up as well. And finally we're calling on the government to really engage with passengers. We're tired of this being seen as an industrial dispute between the company and between the unions. And we really think that passengers voices need to be heard in this much, much more. from Lianna Etkend Campaign for Better Transport pressure group
    Lianna EtkendCampaign for Better Transport pressure group
  9. Ferrari recalls cars in China

    BBC World Service

    The Chinese state news agency says Ferrari is to recall more than 600 of its vehicles from China, due to defective airbags, BBC World Service reports. 

    The Chinese quality control agency said the gas generators inside the airbags could become damaged and cause flying debris, posing a safety risk to passengers.

    It said the problem affected airbags on two models of Ferrari - the Italia series and California-series - built between 2009 and 2011. 

    Earlier this month, Ferrari said its second-quarter profit beat expectations as supercar sales in China rose.

  10. Peugeot and Citroen UK price hike

    Chris Johnston

    Business reporter

    Peugeot 308

    Peugeot and Citroen owner PSA Group said it has raised prices in the UK to counter the weaker pound and protect profit margins following the Brexit vote.

    The French carmaker declined to give a detailed breakdown of the pricing changes, which include a 2.8% increase for the list price of a Peugeot 308 hatchback, according to Automotive News.

    PSA and rival Renault are among manufacturers that have warned of repercussions for sales and prices in the wake of the Brexit vote.

    Arndt Ellinghorst, an analyst with brokerage Evercore ISI, said PSA appeared to be "testing the water", with bigger UK price rises likely to follow across the industry: "The seemingly small move by PSA is clearly insufficient to offset the currency move."

  11. Cheaper groceries take bite out of Wendy's profits

    Staff member in kitchen in Wendy's

    Burger chain Wendy's has reported lower-than-expected sales as more consumers decided to eat at home.

    Sales at stores open for at least 15 months rose by 0.4%. Analysts had expected 1.9% growth.

    Lower food prices helped Wendy's cut costs, but cheaper groceries were also encouraging more people to cook.

    Profits for the second quarter fell $13.7m to $26.5m (£20.3m) compared with the same period last year. Read more here

  12. How to solve the Bank of England's problem

    Mark Carney

    Resolution's head of research and former Newsnight economics editor Duncan Weldon has put himself in governor Mark Carney's shoes and reckons he's got the solutions to the Bank of England's current bond woes. 

    Basically not enough people are willing to sell it the long dated bonds it needs to meet its economic stimulus target.

    His suggestions are: 

    1. The Bank should be buying more shorter term debt because it is more likely to find more willing sellers. And because that’s where it’ll have the most economic impact.

    2.  The Treasury should be borrowing more and spending more to support the economy. Issue more gilts and give the Bank something to buy.

    3. It should set up a well capitalised British Investment Bank with a mandate to fund infrastructure and loans to small and medium-sized businesses.

    Read more here.

  13. FTSE 100 closes at near 14 month high

    London Stock Exchange sign

    The FTSE 100 rose for the fifth straight day on Wednesday as stronger financial stocks offset weaker energy shares which fell in response to a fall in oil prices. 

    Insurer Prudential was up by 2.2% and that helped lift rivals including Legal & General and Admiral, with Admiral touching a record high. 

    Although Prudential reported lower first half profits, it said it was well placed to deliver both growth and cash. 

    Shares in BP and Royal Dutch Shell slipped on the back of weaker oil prices, which have been pushed down by a global oversupply. 

    The FTSE 100 closed at 6,866.42 - that's a rise of 15.12 points or 0.22%, talking it close to its highest level in 14 months.  

    The FTSE 250 ended up 12.28 points or 0.07% at 17,699.68.  

    The biggest riser on the 250 was G4S which jumped by 16.16% - its biggest daily gain since Sep[tember 2001, following strong first half result. The world's largest security firm also maintained its dividend.

    Also on the FTSE 250, Entertainment One, the owner of children's TV brand Peppa Pig, which has rejected a takeover bid from ITV shot up by 10.34%

  14. Hi-vis politics ...

    Former Chancellor of the Exchequer tweets

    The former Chancellor of the Exchequer George Osborne was frequently sent up for his fondness for being photographed on building sites wearing hi-vis gear. 

    But it seems he has a sense of humour about it, too.  

    View more on twitter
  15. Leaving EU 'only way to regain control over economic policy'

    EU flags and Union Jacks

    As we reported earlier, the UK could lose 4% of its economic output if it no longer has access to the EU single market, according to forecasters at the Institute for Fiscal Studies (IFS).

    They said the benefits of the current access - which allows UK companies to sell throughout the bloc without tariffs - outweigh the savings the UK will make from no longer contributing to the EU budget.

    "While leaving the EU will free the UK from having to make a budgetary contribution, loss of trade could depress tax receipts by a larger amount," the IFS report said.  

    The IFS, which receives some funding from the EU, warned before the referendum that a Brexit vote could result in an extra two years of austerity.

    But not everyone agrees ...

    Quote Message: The IFS analysis is a re-hash of the arguments made by the Remain side during its failed campaign. It ignores the costs of rising levels of regulation we would surely face if we remained within the single market, particularly on financial services with proposals such as the financial transactions tax. We would not have the necessary power to vote against these sorts of measures if we stay in. Leaving EU structures entirely is the only way that we can regain full control over economic policy. The IFS also - quite bizarrely - entirely ignores the vast opportunities leaving provides to abolish the EU’s common external tariff, which loads costs onto UK consumers and supply chains, to deregulate the economy and to use the saved gross contributions to the EU budget on the UK's own priorities. from Ryan Bourne Head of Public Policy, Institute of Economic Affairs and Economists for Brexit member
    Ryan BourneHead of Public Policy, Institute of Economic Affairs and Economists for Brexit member