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Summary

  1. Brent crude falls 4% on oversupply fears
  2. Irish government undecided on Apple tax appeal
  3. FTSE 100 closes below 6,800 after mining losses
  4. French union challenges EDF's Hinkley Point decision
  5. Brazil President impeached in Senate vote

Live Reporting

By Dan Macadam

All times stated are UK

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  1. Good night!

    That's all for another day of Business Live - thanks for reading. We'll be back bright and early at 06:00 tomorrow - do join us then.   

  2. Wall Street loses ground again

    US stocks posted mild losses as Wall Street closed out its first losing month since February.

    Heavy falls in the oil price dragged down energy and commodity stocks. Distiller Brown-Forman, which makes Jack Daniels and Finlandia vodka, also fell after its results came up short of analysts' forecasts.

    The Dow Jones industrial average fell 53 points, or 0.3%, to 18,401. The S&P 500 index lost 5 points, or 0.2%, to 2,171. The Nasdaq edged down 9 points, or 0.2%, to 5,213.

  3. Rolls-Royce warns on UK defence investment

    Engine

    British engineering firm Rolls-Royce has hinted it could cut back on investment in the country if the government lets the defence industry "wither on the vine".

    In an interview with trade magazine, The Manufacturer, the Rolls-Royce boss Warren East warned of the impact from continued pressure on the UK defence budget.

    "If we don’t make sufficient profit on doing defence work then we are not going to invest in the skills necessary to deliver a good solution, and ultimately we’ll end up withdrawing from it," Mr East said. 

    "From a national point of view, you’d have to question whether we want our defence industry to wither on the vine. That’s not a good idea.”

  4. How much for a McDonald's tweet?

    Kanye West and Kim Kardashian

    Going back to the theme of celebrities being paid for social media posts, Kanye West has left marketers scratching their heads with a tweet about McDonald's. 

    The rapper - married to reality star Kim Kardashian - has tie-ups with Adidas and streaming site Tidal. 

    But he doesn't have any deals with the fast food chain, which makes this brief tweet to his 25.3 million followers more perplexing...

    View more on twitter
  5. The Pink 'Un arrives

    The Financial Times leads on plans from the Home Office ahead of Brexit to speed up applications for permanent residency from EU citizens living in the UK.

    View more on twitter
  6. Nigeria's economic woes deepen

    Nigeria is officially in recession as the country continues to suffer from the falling price of oil on global markets. World Business Report hears from those most affected in the country.  

    Video content

    Video caption: Nigeria is officially in recession as the country suffers from the falling oil price.
  7. US moves to block farm deal

    Zoe Thomas

    US business reporter

    John Deere sign

    The US Justice Department has filed a lawsuit to block farm equipment-maker Deere from purchasing Precision Planting, the equipment-making arm of agriculture giant Monsanto. 

    The Justice Department said the tie-up would give Deere control over 86% of the market and lead to higher prices for farmers. 

    Deere called the action "misguided" and said it would fight the lawsuit. 

    In February Deere purchased Monosem, which makes high-speed precision planters similar to the ones made by GM crop specialists Monsanto.

  8. US oil plants close ahead of tropical storm

    Worker fills sandbags

    The fall in the oil price comes despite the threat of a major tropical storm forcing oil plants to close in the US Gulf of Mexico.

    The US government said on Wednesday that an estimated 19.5% of the Gulf's crude production - or 312,280 barrels a day - has been shut due to the incoming Tropical Storm Hermine. 

    Operators who have pulled workers off platforms in the area included BP, Royal Dutch Shell, and BHP Billiton. 

    A state of emergency has been declared for most of Florida, where city workers (pictured) are helping residents prepare for the heavy rainfall. 

  9. Oil price tumbles

    Oil pump

    The oil price has fallen nearly 4% in trading - the third day in a row it's declined.

    Brent crude, the international benchmark, is currently down at $46.90 a barrel, a fall of more than 6% since the end of last week when it was around $50 a barrel. 

    The latest swing comes after US figures showed an unexpected rise in crude oil stocks. Investors are also concerned that talks between major oil exporters in September will not properly address concerns of oversupply in the market.

    Hopes of a deal to cap oil production had pumped the oil price up above $51 a barrel in mid-August.

  10. Spanish PM loses confidence vote

    Mariano Rajoy

    Spain's acting Prime Minister Mariano Rajoy has lost a parliamentary confidence vote after he failed to win enough support from the opposition. It brings Spain closer to a potential third election in a year. 

    View more on twitter
    View more on twitter
  11. Coke workers find cocaine

    Coca Cola cans

    Coca-Cola workers opened a delivery of fruit juice at their factory in southern France but found a huge stash of cocaine instead. 

    "You can well imagine the surprise," said a spokesman for Coca-Cola, adding that the workers alerted police and were ruled out as potential suspects. 

    Local newspaper Var-Matin said the haul weighed 370 kg (815 pounds) with a potential street value of around €50m (£42m).    

    The container came from Costa Rica and was opened in the factory in Signes, near the Mediterranean coast.

  12. Ryanair warns on profit impact from fare falls

    Theo Leggett

    BBC Business News Reporter

    Michael O'Leary

    Ryanair CEO Michael O’Leary has warned that a fall in ticket prices following the EU referendum vote could hurt the company’s profits. 

    He told a press conference in London that the airline had been able to stimulate demand over the summer by reducing prices by 9%, but was unsure what would happen later in the year. That made him “very cautious” about whether it would be able to meet its forecast for full year earnings of €1.38bn.

    "That's the impact of Brexit, we're cutting fares much more steeply than in the past," he said. "If the fares in the second half of the year fall by more than 10 or 12% then we'll have to revisit full-year guidance."

    He also suggested that the Brexit vote would have a significant impact on the airline’s plans to expand its capacity in the UK. He said it would grow by 6% in the 2017-18 financial year, about half the level previously expected.

  13. Government to 'push ahead' with Brexit

    Video content

    Video caption: Theresa May addresses cabinet at start of Brexit brainstorm meeting

    The government will trigger Brexit without Parliamentary approval, Downing Street says. 

    In a statement after Theresa May's cabinet gathered at Chequers, Number 10 said ministers agreed on the need for a "unique" deal for the UK. 

    Mrs May told cabinet colleagues to focus on the "opportunities" outside the EU as she reiterated there would be no second referendum. 

    The PM has said official talks with the rest of the EU will not begin this year.

  14. Celebrity YouTube promo fees average '$187,000'

    Kim Kardashian

    YouTube personalities charge an average of $187,500 (£143,000) for each sponsored video, a talent agency says.

    San Francisco based Captiv8 said internet "influencers" with a following of three to seven million people could also make $75,000 on average for a promotional post on Instagram.

    A native advert on Twitter cost about $30,000 on average, it added.

    The Advertising Standards Authority said these posts must be properly marked as advertisements.

  15. US appoints Puerto Rico debt board

    Zoe Thomas

    US business reporter

    Puerto Rico capital building

    The White House announced its selections for a seven-member board that will oversee Puerto Rico's efforts to come out of bankruptcy. 

    The board will oversee the negotiation between the US-territory and its creditors and help Puerto Rico's new economic policy. 

    Puerto Rico has close to $70bn (£53bn) in debt and in July defaulted on a $2bn payment. 

    A provision in US law prevented it from filing for bankruptcy the way other municipalities can, and earlier efforts to negotiate with creditors have failed. 

  16. Rousseff keeps political rights despite impeachment

    Daniel Gallas

    BBC South America business correspondent

    Brazil Senate

    Brazil’s Senate did not revoke President Dilma Rousseff’s political rights in a separate vote – minutes after Senators had decided to impeached her.

    Forty-two Senators voted in favour of revoking her rights to run for office again for the next eight years – 12 votes short of what was needed to approve the measure.

    Earlier, 61 Senators had approved her dismissal from office, under allegations she used illegal fiscal manoeuvres while in office.

    In the next few hours, acting President Michel Temer is expected to be sworn in as Brazil’s president.

  17. Irish independents key to Apple appeal decision

    Russell Padmore

    Business correspondent, BBC News

    Ireland’s coalition government is propped up by independent lawmakers and it is becoming common for the independent members in the cabinet to get together with their allied colleagues to assess matters for decision by the Cabinet.

    Of the opposition parties Sinn Fein does not want an appeal and wants to take Apple’s tax money, but Fianna Fail favours an appeal against the Commission’s ruling and the FF boys are keeping the Fine Gael led coalition in power, by abstaining on key votes.

    Taoiseach Enda Kenny will give the independents room to decide their position, because he needs to avoid stumbling on an issue that could put the government in danger of collapse.

  18. Apple ruling 'a watershed moment'

    Pierre Moscovici

    Pierre Moscovici, the European Commissioner for Economic Affairs, Taxation and Customs Union, has this to say about yesterday's ruling that Apple owes €13bn in unpaid taxes...

    Quote Message: The commission’s Apple decision is a watershed moment. It sends out the signal that the era of large-scale tax avoidance by multinationals in Europe has ended. There is no getting around our state-aid rules. The courageous decision by my colleague Margrethe Vestager goes hand-in-hand with my own work in closing those loopholes that can lead to corporate tax avoidance." from European Commissioner Pierre Moscovici
    European Commissioner Pierre Moscovici