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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. The pound has risen over $1.27
  3. CMA launches probe into online gambling
  4. EU hopes to capture euro clearing from the UK
  5. Toshiba's problems worsen

Live Reporting

By Simon Neville

All times stated are UK

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  1. 'Til next week

    That's all from the BBC's Business Live page for this week.

    Join us bright and early again on Monday morning when we're expecting more details on the government's plans for Brexit and MPs have scheduled a debate on the Grenfell Tower disaster.

    Good night.

  2. Generation game

    border wall

    Earlier this week President Trump came up with a plan to save Mexicans paying the full cost of the border wall which he still fully intends to have built, but which has proved a little tricky to get off the ground.

    Instead of the Mexicans footing the entire bill, they'll install solar panels along the wall, generating electricity and therefore cash.

    Well, journalists at Bloomberg appear to have had some time on their hands (quiet summer Friday?) and have calculated that panels tilted towards the sun along a 3,207km long wall would generate enough electricity for the wall to pay for itself by.... the year 2168.

    As they said "That's more than a few election cycles away".

  3. Markets close

    Stock market

    That's it.

    The US markets have shut for the week.

    As has been the mood for most of the day, all three major indexes remained quiet and obedient.

    There were a few wobbles over slightly weaker than expected manufacturing data, but the recovering oil price helped keep things steady.

    The Dow Jones was down 0.96 points or 0.01% at 21,396.3.

    The S&P 500 was up 3.81 or 0.16% at 2438.3.

    Nasdaq was up 28 or 0.46% at 6265.2.

  4. A little more would help

    Tesco

    Tesco has said it's putting up its hourly pay rate for shop staff. Not enough to start planning a blow-out shopping spree, but above the statutory minimum set out by the government.

    It amounts to a 10.5% rise over two years and will put Tesco workers on £8.42 an hour by November 2018.

    If you're looking for a checkout job, worth bearing in mind though that the budget supermarkets Aldi and Lidl are already paying more: £8.53 and £8.45 respectively.

    Plus Tesco are cutting back the premiums the pay for Sunday and bank holiday work.

  5. Syngenta's woes

    Corn

    Just heading back to the Syngenta story, which can trace its roots back to 2010.

    Back then the Swiss company starting selling a genetically modified corn in the US that was an insect-resistant strain called Agrisure Viptera.

    In 2013 it started selling a second strain called Agrisure Duracade, but the farmers claim that they were sold the strain without being told that China - a major purchaser of US corn - had not approved it.

    Syngenta deny the allegations.

    But the company will be hearing lots more about China - it is about to be taken over by ChemChina, as the country's leaders look to take greater control over its food supply to feed its ever-growing population.

  6. Healthcare insurers worried by Republican plans

    Obamacare sign

    Pharmaceutical companies may be seeing a boost to their share prices in the last two days, thanks to the unveiling of the Republican's new healthcare plans.

    But health insurers are less impressed, with the industry's largest lobbyist for the sector warning against the plans to scrap Obamacare.

    Kristine Grow, spokeswoman at America's Health Insurance Plans (AHIP) said: "We're worried about the burden it creates for the states."

    The group represents dozens of insurers who already offer Obamacare, but are worried by the consequences if it disappeared.

    Molina Healthcare, which has more than 1m customers in Obamacare plans, said the changes will lead healthy people to forgo coverage and lead to premiums rising.

  7. Syngenta sued for millions over GM seeds

    Syngenta sign

    A US court has ruled today that Swiss seed and pesticide firm Syngenta must pay up $217.7m to more than 7,000 farmers in Kansas over its decision to mass produce a genetically modified strain of corn before China approved importing it.

    The farmers said that they suffered tremendous losses after Chinese officials starting returning corn shipments in 2013.

    It is the first case of its type, but thousands of other corn producers and traders are also seeking damages over China's non-approval of Syngenta's corn seeds for importation.

    Lawyers for the farmers reckon Syngenta could end up having to pay out $5.77bn in lost revenues, but the company said it will appeal the verdict.

  8. US markets update

    Wall Street sign

    US markets are starting to edge up in afternoon trading.

    The Nasdaq is on course to record its first weekly gain in three week, thanks to strength in tech firms.

    Apple, Facebook and Microsoft all helped push up the index, as investors regained their nerve after fears over the past few weeks that the tech sector is overstretched.

    The S&P 500 and Dow Jones were also both up, with rises helped by the oil price recovery and cautious optimism among big pharma that the new Republican healthcare plans will benefit them.

    Dow Jones is up 5.25 points to 21,402.54

    Nasdaq is up 29.74 points to 6,266.42

    S&P 500 is up 5.35 points to 2,439.85

  9. Bed Bath & Beyond: shares start to sink

    Bed Bath and Beyond store

    Turning to the US, and Bed Bath & Beyond has seen its share price hit a nine year low today.

    Shares are down $4.12, or 12.2%, to $29.62 after the retailer revealed a weak set of results, we were well below what the market had been expecting.

    The company said revenues in the first quarter remained flat at $2.74bn, short of an expected $50m boost, and earnings also under performed.

    Bosses blamed “softness” in in-store sales (they didn't get enough shoppers through the doors) and higher shipping costs, due to extra promotions.

  10. Brexit: big winners

    The best performing stocks this year have been materials companies, including miners who report in dollars and have benefitted from the weak pound, while the worst performers are telecoms and utilities, which tend to be solely focused on the UK.

    However, the really big winners have been the British government debt with yields (or the interest we pay to our creditors) dropping by a quarter over the past year.

    By comparison, German and U.S. equivalents have risen. "Gilts will outperform as growth will ultimately disappoint and increase the risk of a harder Brexit outcome," Morgan Stanley market strategist Andrew Sheets to Reuters.

  11. Brexit: the stock market a year on

    One year on from the Brexit vote, how has the stock market done?

    The main FTSE 100 index has risen impressively by 17% over the 12 months since Britain voted to leave the European Union.

    However, this has been driven almost exclusively by sterling's fall against the dollar.

    If you were to look at share price performance from a dollar viewpoint, they've actually underperformed every developed index in the world.

    FTSE 100 chart
  12. Corbyn: Teens should get £10 hourly wage

    Jeremy Corbyn

    Following on from Tesco raising its wages for shop floor workers, Jeremy Corbyn has weighed into the low pay debate.

    The Labour leader suggests his party's £10-an-hour living wage pledge should extend to 16-year-olds.

    Corbyn: Teens should get £10 hourly wage

    Jeremy Corbyn

    Leader suggests Labour's £10-an-hour living wage pledge should extend to 16-year-olds.

    Read more
    next
  13. Bank of England cleared in SFO probe

    Bank of England crest

    As the City heads home for the weekend, there will probably be some mighty sighs of relief at the Bank of England.

    Earlier this afternoon, the bank was told by the Serious Fraud Office that police have closed a probe into whether the BoE broke the law during the financial crisis.

    After two years, the SFO said there's "no evidence of criminality" in the unprecedented actions the bank took during the height of the financial crisis.

    They were looking to see whether the bank gave help to certain institutions to assist them in bidding for newly issued bank bonds.

  14. FTSE closes

    That's it for the week in London. The FTSE 100 index has closed for the day.

    The FTSE 100 closed down 15.16 points at 7,424.13.

    In a pretty lacklustre day, investors seemed content with shares bobbing along gently, with no real movement.

    It will be welcome news to some, as the sinking oil prices of recent days have hit markets hard.

  15. Mike Ashley sells his Rangers FC stake

    Protester at Rangers FC

    Mike Ashley, the owner of Sports Direct, has sold his entire stake in Rangers Football Club.

    The billionaire businessman offloaded the 9% to a consortium of supporter groups and a Hong Kong based investor.

    BBC Sport has all the details, and brings to an end one of the uglier business battles of recent times.

    Many supporters were angry with subsequent deals set up between Rangers and Mr Ashley's Sports Direct after the businessman bought his stake.

  16. How would you describe Trump's management style?

    If readers think Theresa May is getting a hard time from business leaders in the UK, spare a thought for President Donald Trump...

    A new survey for US network CNBC of chief financial officers across America asking what word best describes the president's management style has been revealed.

    It's not pretty.

    View more on twitter
  17. Tesco pay rise analysis

    Sticking with the pay rise to £8.42 an hour by November 2018 at Tesco for a moment.

    The generosity may not be quite what it seems.

    Tesco (and everyone else) must increase its minimum pay to £9 an hour by 2020 - because it will be the law (the national living wage rises to £9 an hour by then).

    What is laudable is, the supermarket appears to be starting the process earlier and quicker than rivals.

    But, by comparison, Aldi already pay staff at least £8.53 per hour, or £9.75 per hour for those in London.

  18. Tesco pay boost for shop staff

    Tesco store

    Tesco has announced a 10.5% payrise for its store staff this afternoon.

    It means hourly rates for staff will go from £7.62 to £8.42 by November 2018.

    The company claim "These increases, alongside Tesco’s benefits package which includes colleague bonus plan and pension, will take the average store colleague to an equivalent hourly rate of £9.52 by November 2018".

    (Although, we can't think of too many workers that think of their equivalent hourly rate including pension contributions).