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Summary

  1. FTSE falls 0.5% to 6,859; pound at $1.30
  2. Brent crude rises 1.2% to $49.84 a barrel
  3. Cisco Systems plans to cut thousands of jobs: reports
  4. UK employment rate at a record high of 74.5%
  5. Robert De Niro gets planning approval for London hotel

Live Reporting

By Dan Macadam

All times stated are UK

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  1. Good night!

    That's it for another day of Business Live - thank you for reading. Join us again tomorrow from 06:00 when we'll get an idea of how the Brexit vote has affected the High Street; and then later on we'll have results from corporate titans Nestle and Walmart.

  2. Cisco shares dip in after-hours trading

    A bit more context to those Cisco job cuts. The network equipment giant had more than 70,000 employees as of April 30 and has already cut about 3,200 over the past two years - mostly due to restructuring.   

    Its shares were down 1.3% on the Nasdaq today, and have fallen a further 1% in after hours trading. It's still worth an impressive $154bn though.

  3. US stocks nudge higher

    Wall Street ended in positive territory - just - after being down for most of the day. Analysts said minutes from the Federal Reserve's July meeting, which struck a cautious note on interest rate rises, provided a late fillip to the stocks.

    At the closing bell, the Dow Jones Industrial Average had risen 22 points, or 0.1%, to 18,573.94 for the day. 

    The S&P 500 gained 4 points, or 0.2%, to 2,182.22, and the tech-heavy Nasdaq added 1.55 points, or 0.03% to 5,228.66. 

  4. BreakingCisco to cut up to 5,500 jobs

    Cisco

    US tech giant Cisco Systems is cutting about 7% of its global workforce, or up to 5,500 jobs, from the start of next year. Reports had suggested earlier in the day that Cisco could cut as many as 14,000 jobs worldwide.

    The move could affect workers in the UK given that the US company employs about 5,000 people in cities including London, Manchester and Edinburgh.  

    Cisco said it was taking the decisive move so it could reinvest in faster-growing areas such as security and cloud computing.  

    The company also reported a 3% rise in full-year revenue to $48.7bn and a 20% increase in net profit to $10.7bn.

  5. Night Tube hotspots

    Here's one for our readers in London. Retail Week has put together a graphic of where the trading hotspots will be when the Night Tube starts on Friday. 

    Perhaps surprisingly, Leicester Square and Piccadilly Circus top the list, even though they're not on the two lines that will offer night services at first - the Central and Victoria lines. The Northern and Piccadilly lines - which they are on - will follow in the Autumn.

    View more on twitter
  6. BreakingSage employee arrested

    Police have arrested an employee of UK software firm Sage at Heathrow Airport on suspicion of conspiracy to defraud. The woman was later released on bail. 

    It's in connection with an alleged fraud against the company. Earlier this week, Sage reported a major data breach, which may have compromised personal information for employees at 280 UK businesses.

  7. Brexit, China and SLOOS

    Wall Street Journal reporter Ben Leubsdorf picks out the other repeat mentions in the US Federal Reserve's minutes, including the term SLOOS. 

    It stands for the not-very-catchy Senior Loan Officer Opinion Survey on Bank Lending Practices, but is important because it suggests the Fed is starting to get concerned about tight lending conditions.

    View more on twitter
  8. Oil price surges close to $50 a barrel

    Oil pump

    Brent crude has continued its recent rally, pushing 1.2% higher today to $49.80 a barrel. It's the highest since the start of July - when Brent was above $50, before it tumbled to $42 on renewed fears of oversupply and slowing demand. 

    It's shot back up in the past seven days on reports that Saudi Arabia and other Opec countries are looking at ways of pushing up the oil price.

  9. Hosting Olympics 'feels like a pay rise'

    Rio 2016 logo

    The residents of Rio already have sun, Carnival and the world's most famous beaches to feel happy about. Now you can add the feelgood factor from hosting the Olympics, which economists believe is so strong it's like receiving a pay rise. 

    A study of the life satisfaction and happiness of Londoners during the 2012 Games showed the effect of hosting an Olympics was equivalent to moving from the bottom to the fourth income decile. 

    But there's a catch. The effects are gone within a year, according to the report from the Centre for Economic Performance. When researchers went back to the respondents a year later, there was no lasting change in happiness.

  10. US stocks pare losses after Fed minutes

    Wall Street sign

    Wall Street's made back its losses from earlier in the day following the release of the US Federal Reserve minutes.

    Shortly before they came out, all three stock indexes were down slightly. Now the Dow Jones is up six points, while the S&P 500 and Nasdaq are flat on the day.

    The minutes from the Fed's meeting in July showed some members of the central bank pushing for an interest rate rise soon.

  11. Fed minutes show split on rate rise

    The minutes from the US Federal Reserve meeting also show how members are split on when the next interest rate rise should be. The central bank kept the rate at between 0.25% and 0.5% at the July meeting. 

    In the minutes, it reveals some members felt economic conditions would "soon warrant" a rate rise, while one member wanted to raise it at that meeting. Others felt it best to hold off until more economic data was available.

  12. Brexit mentioned 20 times in Fed minutes

    A quick skim of the Fed minutes shows the word Brexit repeatedly comes up. Twenty times to be precise. 

    However, the policymakers at the US central bank noted there had been a "prompt recovery in financial markets following the Brexit vote". They also said Brexit appeared likely to have "little effect on the US economic outlook in the near term".

  13. BreakingFed keeps 'options open' on rate rise

    US Federal Reserve

    The minutes are out from the US Federal Reserve's latest meeting. It shows that policymakers at the US central bank "judged it appropriate to continue to leave their policy options open" when they last met in July.

    Some members expected an interest rate increase would be needed soon, although there was general agreement that more data is needed before such a move.

  14. Wallet too fat for your pocket?

    Wallet with several £50 notes in it

    A new study has warned people not to put their wallet in their back pocket. Not because you might be pick-pocketed and not because you risk stretching the fabric.

    Instead, it is claimed, sitting on your bulging wads of cash, cards and receipts, could lead to chronic back pain. 

    You can read more about the study from Men's Health here.

  15. Tesla car catches fire during test drive

    A Tesla car

    Tesla is working with French authorities to find out why one of its electric cars burst into flames during a test drive.

    The four passengers were able to get out of the Model S 90D unharmed, Tesla said.

    The incident happened in the area of Biarritz and Bayonne, in the south west of the country.

    It comes about three years after the firm's shares dropped following other fires in its Model S cars.

    Footage of the incident was caught on camera by witnesses.

    Read the full article here.

  16. Pizza maker threatens job losses

    Ham pizza

    The Pizza Factory, which makes ready-made pizzas for UK supermarkets, is threatening to cut as many as 350 jobs, according to the Unite union.

    The production jobs at the Nottingham-based company are at risk because of the loss of a contract with Tesco, the trade union said.

    If the company pushes ahead with the job cuts, it would halve the Pizza Factory's workforce of about 600 staff. Unite said it would hold talks with the firm, owned by food company 2 Sisters, on Friday.

  17. US market update

    Pretty flat trading on Wall Street today - that might change after the Fed minutes, which are due out in about an hour. 

    Here's where they stood a short while ago:

    The Dow Jones is down 0.11% at 18,531.44

    The Nasdaq is lower by 0.17% at 5,218.48

    The S&P 500 has slipped 0.1% to 2,175.90 

  18. Barclay brothers rebuff Telegraph bidders

    Sir David and Frederick Barclay

    The Barclay brothers, who own the Daily Telegraph, have reportedly made it clear the newspaper is not for sale. Sir David and Frederick Barclay have received two expressions of interest for the UK's best-selling broadsheet in the last six months, according to the Financial Times.

    One approach was from the owner of London’s Evening Standard, Evgeny Lebedev. The other was from a consortium involving former Daily Express editor-in-chief Richard Addis.

    A spokesman for the Barclay brothers, who bought the Telegraph for £665m in 2004, said: “There are no plans to sell TMG or any part of it and there never have been.”