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Summary

  1. Speedo and others end Ryan Lochte sponsorship
  2. Mining stocks lead FTSE 100 losses
  3. Pfizer in $14bn takeover for Medivation
  4. VW halts production at several plants amid supplier row
  5. Oil drops below $50 a barrel

Live Reporting

By Chris Johnston

All times stated are UK

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  1. Good night

    Chris Johnston

    Business reporter

    That's all we have time for today on Business Live - thanks for reading. We are back at 06:00 on Tuesday, so do join us then.

  2. Wall Street ends little changed

    US stock markets ended little changed as a drop in oil prices that weighed on the energy sector was offset by a strong showing from biotech shares. 

    Oil prices settled down more than 3%, after touching two-month highs last week, on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count. 

    The Dow Jones finished 23.15 points down, or 0.12%, at 18,529.42 points, while the S&P 500 lost 1.23 points, or 0.06%, to 2,182.64. The Nasdaq added 6.23 points, or 0.12%, to 5,244.60.

    Tech giant Apple was off 0.8%, the biggest drag on all three major indexes. 

  3. Wynn gambles on Macau

    The Wynn Palace resort

    US tycoon Steve Wynn has opened a $4bn mega-resort in Macau, complete with giant lake, musical fountains and cable cars.

    The Wynn Palace boasts 1,700 hotel rooms, 50 shops and 13 restaurants.

    It opens during a trying time for the gambling sector in Macau. A corruption crackdown by China's President Xi Jinping and a slowdown in the Chinese economy have impacted the market.

    Wynn said last week he was confident about the project: "My reality is the experience people get in this building -- when that is perfect, the money takes care of itself." 

    Will that be the case? Let's roll the dice.

  4. Renault emissions claims

    Renault Captur

    The Financial Times reports that a French government report omitted significant details about how diesel cars made by Renault were able to emit fewer deadly gases when subject to official emissions testing.

    The report, published last month, found some Renault models emitted dangerous nitrogen oxides respiratory diseases linked to early death, at nine to 11 times higher than EU limits.

    But according to the FT, three of the 17 members of the commission that prepared the report said it did not include the full details of their findings - including the fact that a nitrogen oxide “trap” in the Renault Captur (pictured) was much more active when the SUV model was prepared for emissions testing, but not in real world driving.

    Such discrepancies first tipped off American investigators that Volkswagen diesels had “defeat devices” that cheated US tests.

    The French government has a 20% stake in Renault.

  5. Nice work if you can get it

    Nick Denton

    The end is night for the news site Gawker after its parent company filed for bankruptcy. It recently lost a $140m privacy lawsuit brought by former wrestler Hulk Hogan that was paid for by Paypal co-founder Peter Thiel.

    US media company Univision bought Gawker Media for $135m (£103m) at a bankruptcy auction.

    The Wall Street Journal reports that Univision plans to pay its founder, Nick Denton (pictured), $16,666 a month for two years to stop him working for rival media groups.

    "The company insisted on the noncompete agreement with Mr Denton, who earned $500,000 a year at Gawker, as a condition of the sale," the Journal says.  

  6. Boeing 'cuts sales forecast'

    787 Dreamliners

    Boeing aims to sell 535 planes this year - a figure that is well below its official forecast of about 745 aircraft. The trade magazine report was based on an internal company forecast, but Boeing said it remained committed to "about 740 or 745" sales.

    New aircraft sales have slowed as airlines cut capacity amid weak global growth, while low oil prices prompt some carriers to keep older planes in the air rather than buying new fuel-efficient models. 

    Aviation Week said Boeing aims to book 88 orders apiece for its 777 and 787 widebody planes this year. It has sold 19 of its 787 Dreamliners and eight 777s, according to official figures. 

  7. Bank of America dodges fine

    A US appeals court will not reconsider its decision to overturn a $1.27bn (£966m) penalty against Bank of America and a jury verdict finding it liable for mortgage fraud leading up to the 2008 financial crisis. 

    The 2nd U.S. Circuit Court of Appeals in New York rejected a petition by Manhattan US Attorney Preet Bharara's office to have a three-judge panel rehear the case and give the government at least an opportunity to seek a new trial.

  8. Speedo: who owns what

    Ryan Lochte

    Just a quick masterclass on the ownership of Speedo. The brand is owned by a UK company called Pentland, which is also home to sports, outdoor and fashion brands such as Berghaus, Canterbury of New Zealand and Ellesse.

    It is also the majority owner of JD Sports, which has 800 stores across Europe.

    Pentland bought an 80% stake in Speedo (Europe) and acquired Speedo International and Speedo Australia back in 1990/91. (Speedo was, of course, founded in Sydney in 1910.)

    The company traces its origins back to the Liverpool Shoe Company, which was founded in 1932.

    In 2012, PVH bought Warnaco for about $3bn, giving it the rights to the Speedo brand in the Americas. 

    Got all that?

  9. Smooth effort

    They're dropping like flies: hair removal company Syneron-Candela is also ending its sponsorship with Ryan Loche. So no more ads like this one then:

    Ryan Lochte ad
  10. Lochte 'proud'

    Ryan Lochte has issued a brief statement through his PR firm on his long relationship with Speedo.

    Quote Message: I respect Speedo's decision and am grateful for the opportunities that our partnership has afforded me over the years. I am proud of the accomplishments that we have achieved together.''
  11. Paranoid Android

    Google is rolling out a new version of its Android operating system that allows mobile devices to run two apps simultaneously on the same screen.

    Technology correspondent Rory Cellan-Jones asks one of Google's senior engineers about the release.  

    Video content

    Video caption: Android 7.0 Nougat released by Google
  12. Speed(o) demon

    Here's a glimpse of happier days for Ryan Lochte and Speedo, whose sponsorship of the swimmer began back in 2006 and has been worth about $500,000 a year, according to some reports. However, the deal with the swimwear maker had been due to expire this year.

    Ryan Lochte
  13. Babs calls Tim

    Barbra Streisand

    If you're Barbra Streisand, you're used to getting your way - even if that involves having to call Tim Cook .

    Babs wasn't best pleased that Siri - Apple's virtual assistant - was pronouncing her surname incorrectly.

    "I called the head of Apple, Tim Cook, and he delightfully agreed to have Siri change the pronunciation of my name, finally," she told a US chat show.

    Streisand said the second syllable of her name should be pronounced with "a soft S, like sand on the beach".

    Siri  pronounces the singer's name as "StreiZAND". The next Apple update is due on 30 September.

    Read more here.

  14. BreakingRalph Lauren drops Lochte

    Ralph Lauren has just confirmed that it will not renew Ryan Lochte's contract.

    Its endorsement agreement was specifically in support of Rio 2016 Olympic Games, the fashion label said.  

  15. Check before you tap

    BBC Radio 4

    More than £9b was spent in the first half of 2016 using contactless cards. But Claer Barrett, personal finance editor of the Financial Times, tells BBC Radio 4's PM programme you could pay over the odds if you fail to check the amount before tapping.   

    Video content

    Video caption: Contactless customers urged to 'check' before they tap
  16. Better. Faster. But maybe not Smoother.

    Gentle ad with Ryan Lochte

    Syneron Candela - a hair removal company, by the way - is another sponsor of Ryan Lochte. It said yesterday that its sponsorship of the swimmer is an "ongoing investigation". 

    It added: "As such, we will reserve decisions until we have a more complete understanding of the situation." Syneron Candela had named Lochte as global brand ambassador for its Gentle laser hair removal business in April. 

    The swimmer's sponsors also include mattress maker Airweave and fashion label Ralph Lauren, which has removed any reference to the gold medalist from its website. All up his deals are worth about $1m, ESPN reported.

    Motokuni Takaoka, founder of Airweave, which signed Lochte in December, said last week: "We do not condone unlawful behavior and will continue to monitor the investigation closely."  

  17. Software fugitive to plead guilty

    The house on a golf estate in Windhoek, Namibia, where Jacob Alexander had been living
    Image caption: The house on a golf estate in Windhoek, Namibia, where Jacob Alexander had been living

    The chief of a US software company who fled to Africa a decade ago to avoid prosecution for a stock options scandal is returning to America to plead guilty in a fraud case. 

    Jacob "Kobi" Alexander, 64, the former chief executive of Comverse Technology, will enter the plea in federal court in Brooklyn on Wednesday to one count of backdating share options.

    Alexander has been in Namibia since being arrested there in September 2006 after a global manhunt. The Israeli-born Alexander was freed on bail the following month. 

    He had been fighting extradition to the United States, where he was indicted on 35 counts, including securities fraud, money laundering and obstruction.

    Alexander's case is one of the last remaining major criminal cases stemming from the dot-com bubble.

  18. Burberry signs Lily James

    Lily James

    Burberry has added another celebrity to its list of models: Lily James. The Downton Abbey and Pride and Prejudice and Zombies star fronts a new advertising campaign for fragrance "My Burberry Black".

    The FTSE 100 fashion company has previously cast Oscar winner Eddie Redmayne and Romeo Beckham, son of footballer David Beckham and designer Victoria Beckham, in its advertising.