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Summary

  1. FTSE 100 falls below 6,900 points
  2. Virgin Trains east coast strike suspended
  3. CPI inflation jumps 0.6% in July
  4. Rail fares rise 'twice as fast as wages'
  5. BT accuses internet rivals of 'Orwellian tactics'

Live Reporting

By Dan Macadam

All times stated are UK

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  1. Good night!

    That's all from Business Live for today - thanks for reading. We'll be back at 06:00 on Wednesday - hope you can join us then.

  2. Urban Outfitters's sales swagger

    Urban Outfitters sign

    Fashion retailer Urban Outfitters posted record sales of $891m in the second quarter - a 3% increase on a year ago and better than analysts had expected. Profits were also helped by fewer markdowns in its eponymous stores.

    Shares in Urban Outfitters have shot up 9% in after-hours trading.

  3. Wall Street dips from record highs

    Wall Street sign

    At the closing bell, all three US stock indexes were down on Tuesday, pulled lower by telecoms and utilities shares. Analysts pointed to comments from New York Federal Reserve Bank President William Dudley that a US interest rate hike was possible as early as next month.

    The Dow Jones industrial average fell 84 points to 18,552.02, the S&P 500 lost 12 points to 2,178.15 and the Nasdaq Composite dropped 35 points to 5,227.11. 

  4. Digging deep

    Australian mine

    Despite today's record loss for BHP Billiton, there's a quiet recovery underway for UK-listed mining giants, according to analysts. 

    Rival mining firm Anglo American was on the verge of dropping out of the FTSE 100 last year, as shares in commodity giants took a hit over concerns on the Chinese slowdown.  

    "There has been a dramatic turnaround in the industry since 2015," says Jeremy Wrathall, mining team leader at Investec. "It's now in relatively good shape whereas before we were seeing the likes of Anglo close to relegation."

    The recent fall in sterling has also boosted the FTSE's mining houses. "The sector is performing very well this year, they have 100% of revenues in US dollars so the weak pound has helped," says Tyler Broda, director of global mining research at RBC Capital Markets.

    The dividends they pay out also make them more attractive as interest rates remain at historic lows. "This is a notoriously volatile sector so it is high risk, but when the options are as dire as they are, mining comes into the view finder for those looking for a return," says Wrathall.

  5. Oil rallies above $49 a barrel

    Oil pump

    The oil price rally shows no signs of abating, rising 2% today to take Brent crude above $49 a barrel for the first time in more than a month. It's up by more than $5 since Thursday, as reports have swirled of a cap on output to ease the supply glut.

    The latest catalyst was a meeting between Russia and Opec nations, along with sources at the oil cartel speaking of Saudi Arabia's apparent desire for higher crude prices. US crude is also up 2% to $46.60 a barrel.

  6. Former Fox News chief 'advising Trump'

    Roger Ailes

    Roger Ailes, the long-time boss of Fox News who resigned amid accusations of sexual harassment, is now advising Donald Trump, according to CNN.

    The two are old friends and Mr Ailes is helping the Republican nominee with the upcoming presidential debates, although not in a formal role, CNN reports. 

    Mr Ailes stepped down from Fox News last month, saying he had become a "distraction" for the network.

  7. Superstar DJ, here we go

    Calvin Harris

    For the fourth year in a row, Calvin Harris is the highest earning DJ in the world. The Scottish-born DJ made $63m last year, according to Forbes.

    It helps that he's paid a reported $400,000 per gig in Las Vegas, and that he's forged a reputation as a super-producer. His latest song with Rihanna, This is what you came for, has an unbelievable 466 million views on Youtube in the last two months. 

  8. Ex-Goldman Sachs trader settles fraud case

    A former head mortgage trader for Goldman Sachs has been barred from the industry and agreed to pay $400,000 to settle charges that he repeatedly misled customers. 

    Edwin Chin generated extra revenue for the US bank by concealing the prices at which it had bought certain mortgages, the Securities and Exchange Commission said

    Mr Chin then resold the mortgages at higher prices to customers while Goldman pocketed the difference. He neither admitted to nor denied the findings, the SEC said. 

  9. Ride-sharing autonomous cars

  10. Ford's autonomous future

    BBC's Dave Lee reporting from Palo Alto on Ford's $150m investment (along with Baidu) in autonomous driving technology   

    View more on twitter
  11. Microsoft to use holograms in Windows update

    Microsoft has said it will be incorporating hologram into next year's update of Windows 10 meaning even fairly low-powered PCs will be able to use 2D and 3D apps on those things that look like big strap-on binoculars, and geeks call head-mounted displays.

    View more on twitter
  12. Running out of steam

    Press Association has put together this graphic of just how far you could get from London to Edinburgh for the price of a train ticket in 2006. Regulated rail fares will rise by a further 1.9% next year across the UK, meaning the same money will get you as far as Doncaster. How long before you'll have to get off at Peterborough....Stevenage...Finsbury Park? 

    View more on twitter
  13. Hef's $1m rent for Playboy Mansion

    Jump in rent for Playboy founder

    Hugh Hefner never personally owned the Playboy Mansion, but rented it off Playboy Enterprises, reportedly for just $100 a year. After today's $100m sale of the 20,000 square foot mansion, Business Insider claims his rent will jump to $1m a year. He should be able to find the cash. The 90 year old is said to be worth around $50m.

    View more on twitter
  14. EU mulls WhatsApp and Skype rule change

    WhatsApp

    The European Union is looking to subject internet services like WhatsApp and Skype to similar rules as traditional telecoms companies, a spokesman said.

    Next month EU regulators are set to recommend tighter privacy and security for the services. 

    European Commission spokesman Christian Wigand said: "The commission is analysing to what extent so-called over-the-top service providers (OTT) like WhatsApp and Skype are providing services that are equivalent to those provided by traditional telecoms operators."

  15. RMT: 'Significant progress' with Virgin Trains

    Virgin Trains

    The RMT trade union has confirmed it's suspended the strike on Virgin Trains' east coast line, saying the two sides have made "significant progress". 

    "Please note that this does not mean the dispute has been completely resolved," RMT said in a note to members. "It has allowed your union representatives to go back into talks with management and to extend the deadline for taking industrial action to a further 28 days."

    The 24-hour walk-outs had been planned for 19, 26 and 29 August.

  16. BreakingVirgin Trains strike 'suspended'

    A strike by Virgin Trains staff, due to start on Friday, has been postponed, the train company said.

    The RMT trade union had called three days of strikes on the east coast route, with the other two dates falling on the August Bank Holiday weekend.

    The union suspended the walk-outs after Virgin Trains gave assurances, including no compulsory redundancies, the company said.