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Summary

  1. Deutsche Bank shares climb on lower fine hopes
  2. Cryan says 'hefty speculation' behind share price fall
  3. Asos workers 'treated like machines'
  4. UK GDP growth revised upwards
  5. BT warns that rates could push up bills

Live Reporting

By Dearbail Jordan

All times stated are UK

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  1. Goodnight

    Test Card F

    That's all from from the Business live page for today. Join us again at 6am on Monday.

  2. Pilots union upbeat on Monarch deal

    The British Airline Pilots' Association (BALPA) has welcomed the Civil Aviation Authority's decision to temporarily extend Monarch Airlines' ATOL licence.   

    Brian Strutton, general secretary of BALPA, said: "The uncertainty hanging over Monarch has been lifted which will be good news for the pilots, crew, staff and customers.

    "Although the Monarch licence has been extended temporarily for 12 days, my understanding is this will be sufficient to satisfy the regulator that long term funding is secure and details of this will emerge over the next few days."

  3. US shares rally on possible Deutsche deal

    US stocks ended the day 171 points ahead after fears over Deutsche Bank receded.

    The Dow Jones industrial average closed nearly 1% higher at 18,314.

    There was speculation on Friday that Deutsche Bank had negotiated a substantial cut to a $14bn fine handed down by US Department of Justice. The bank was fined for mis-selling mortgage-backed securities during the financial crisis. 

    Deutsche Bank's ability to pay the fine had caused considerable concern. However, Deutsche Bank's stock closed 13.7% higher.

    Nasdaq ended 55 points ahead at 5,324.

  4. CAA urges flyers to always seek ATOL

    Monarch Airlines

    The Civil Aviation Authority (CAA) also issued additional advice as it confirmed a deal to extend its Air Travel Organisers' Licensing (Atol) scheme for Monarch Airlines. 

    The scheme refunds customers if a travel firm collapses, and ensures they are not stranded. Without it, Monarch Airlines cannot sell package holidays.   

    It said: "The CAA always advises consumers to ensure they book ATOL-protected air holidays and consumers who choose to book an ATOL-protected flight or holiday with the company during this time will continue to be protected by the ATOL scheme.

    "During this period of extension, the CAA will continue to monitor the company."

  5. Monarch owners put up capital for extension

    The BBC understands that Greybull Capital, the investment company which owns Monarch Airlines, has put in some additional money which has given the Civil Aviation Authority the confidence to extend the company's ATOL licence  until 12 October.

    By that time Monarch Airlines has confidence that it can secure additional investment - the biggest in its 48 year history.

    It is believed that some of the money will be used to proceed with an order for 30 Boeing aircraft.

    There are more than 100,000 Monarch holiday makers overseas at the moment. 

  6. Monarch receives 'significant' investment

    Monarch Airlines has also announced it had "received significant further investment from shareholders and is close to announcing the largest investment in its 48-year history".  

    Monarch had been dogged by speculation that it was struggling in the face of terrorist incidents putting off tourists, the falling value of the pound and Brexit.

  7. BreakingCAA grants Monarch a stay on ATOL licence

    Monarch Airlines

    Monarch Airlines has won an extension to its ATOL licence which will allow the budget airline to keep selling package holidays.

    Monarch is part of the government-backed Atol scheme, which compensates travelers in full and ensures they are not stranded if a holiday company collapses.

    If the Civil Aviation Authority (CAA) had not extended the licence, Monarch would have been unable to sell package holidays.

    Andrew Swaffield, chief executive of The Monarch Group, said: "I am delighted that we have been able to come to an agreement with the CAA on the extension of Monarch's ATOL licence and am excited about the additional capital coming into the group which will help us fund our future growth.

    "I am immensely proud of the professionalism of the Monarch team."

  8. Fast return for Slowhand

    Gerhard Richter's 'Abstraktes Bild (809-)

    A good place to invest is in art and if you have a few million to spare you can make a big return - just like Eric Clapton.

    The legendary guitarist, who is nicknamed Slowhand, is set to sell Abstraktes Bild 809-2, a painting by German artist Gerhard Richter.

    Mr Clapton originally paid $3.4m for the painting which is now expected to fetch $20m when it is auctioned at Christie's in November.

    According to Bloomberg he sold two other pieces by the artist in 2012 and 2013, for a combined $55.2 million.

  9. US energy industry adds more rigs

    Oil rig

    America's oil industry is slowly gathering pace. 

    New figures show that the number of rigs exploring for oil and natural gas in the US rose by 11 this week to 522.

    However, according to Baker Hughes, the oilfield services company, that compares to 809 active rigs a year ago. 

    Brent crude prices slipped back slightly to $49.15 a barrel but US oil rose to $48.08.

  10. Shut up!

    It is an age-old myth that the people who commute on London Underground are miserable and grumpy.

    Turns out, that myth is true and there is now a campaign group who wants chatty tube travelers to keep it buttoned. 

    View more on twitter
  11. BMW dreams of electric cars

    BMW i3

    BMW is to offer all electric versions of its next generation BMW X3 compact sport utility vehicle and electric Mini models so drivers can be flashy AND environmentally aware. 

    People will able to get their hands on an electric mini in around three years.

    BMW was one of the first movers into electric cars, when it launched its i3 battery-powered city car in 2013.

    Since then, however, the market has become crowded with rivals such as Daimler, Volkswagen and Tesla Motors.

  12. New build homes still covered by Help to Buy

    Today Programme

    BBC Radio 4

    Construction workers build new houses on a housing development in Middlewich

    Another scaling back of George Osborne's economic plan by the new administration - part of the Help to Buy scheme for for first-time house buying is to end.

    Paul Smee, director general of the Council of Mortgage Lenders, said the part of the scheme that is ending is mortgage guarantees on houses that already exist - not new build homes.

    "The equity loan scheme for new-build homes will continue," he says.

    So how important was the scheme to new buyers?

    "When it was first set up in 2013 it provided access to high loan-to-value mortgages at a time when the market wasn't delivering them in the right quantities," he adds.

  13. Mayor to investigate London property market - report

    South West London

    Is foreign investment distorting London's property market and driving prices higher?

    London's mayor Sadiq Khan wants to find out, and is launching an inquiry into the situation, according to the Guardian today.

    "It’s clear we need to better understand the different roles that overseas money plays in London’s housing market, the scale of what’s going on, and what action we can take to support development and help Londoners find a home,” Mr Khan told the Guardian.  

  14. Greece 'safe' from Deutsche Bank jitters

    Greece isn't worried about Deutsche Bank.

    Yannis Stournaras, governor of the Bank of Greece, said the banking systems in Greece and internationally were "safe".

    He said: "I am not worried. We have tools in our hands to protect ourselves from any unfavorable developments."

    Deutsche Bank was trading 14.2% ahead in the US as speculation circulated that it may have negotiated down a $14bn fine levied against the lender for mis-selling mortgage-backed bonds during the financial crisis.

  15. BP calls Deepwater Horizon film inaccurate

    Chief electronics technician on the Deepwater Horizon oil rig, Mike Williams (C), Mark Wahlberg (L) and US director Peter Berg

    BP is not happy with a new Hollywood movie about the fatal Deepwater Horizon oil rig disaster off the Gulf of Mexico in 2010. 

    The film called - surprise, surprise - Deepwater Horizon and starring Mark Wahlberg, is inaccurate according to BP's Geoff Morrell.

    He said: "The Deepwater Horizon movie is Hollywood's take on a tragic and complex accident. It is not an accurate portrayal of the events that led to the accident, our people, or the character of our company."

    The explosion cost 11 men their lives and unleashed millions of barrels of oil, leading to a massive clean-up operation.

    According to Mr Morrell, the film "ignores the conclusions reached by every official investigation: that the accident was the result of multiple errors made by a number of companies."

  16. Oil prices skirt $50 a barrel

    Oil tankers dock at a floating platform near the Iraqi port city of Al Faw

    Oil prices edged closer to $50 a barrel on Friday.

    Earlier this week, the Opec cartel of oil producing nations agreed to reduce output for the first time in eight years.

    While oil prices swung over concerns over whether the nations that are part of Opec could agree on which countries would reduce production and by how much, they eventually sustained an upwards trajectory. 

    Brent crude rose to $49.96 a barrel.