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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Tobacco stocks slump on FDA plan
  3. US economy grows at 2.6% in Q2
  4. BT's shares sink on profit drop
  5. Barclays sets aside extra £700m for PPI

Live Reporting

By Dearbail Jordan

All times stated are UK

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  1. Good night

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    That's it for another week with Business Live.

    Thank you for logging on. Have a great weekend and hope you can join us bright and early on Monday morning from 6.00am.

  2. Dow Jones closes at new high

    US stock market trader

    The blue-chip Dow Jones held on to slim gains to close at a third consecutive record on Friday.

    But the broader S&P 500 and the tech-based Nasdaq closed lower, ending a busy week of earnings results.

    The Dow added 0.2% to 21,830.31, while the S&P and Nasdaq were both down 0.1% to close at 2,472.09 and 6,374.68.

  3. Wells Fargo 'has a lot of explaining to do'

    Wells Fargo

    Wells Fargo is the US bank where thousands of its sales staff set up 2.1 million unauthorised bank accounts so they could hit their targets.

    It has now emerged that it had also wrongly charged customers for insurance on hundreds of thousands of thousands of car loans. It will now pay back $80m to these people.

    Its head of lending, Franklin Codel, told Reuters it started looking into the issue a year ago when it noticed a rise in complaints. It did not want to disclose the issue until it was ready to reimburse clients he said.

    Senator Sherrod Brown, a Democrat and leading member of the US Senate Banking Committee, said: "Wells Fargo has a lot of explaining to do, and we cannot let up until every single customer is made whole."

  4. Listen: All aboard the mail rail

    At the beginning of the 20th century, the British Post Office built an underground mail train line which, until recently, had been largely forgotten.

    The train is now a part of the London Postal Museum, which opens this week.

    The BBC's Richard Collings has been aboard.

    Video content

    This content only works in the UK.

  5. Rescue of the world's oldest bank is underway

    Monte dei Paschi

    The world's oldest bank is officially being rescued.

    On Friday, Italy issued a decree ordering the state recapitalisation of Monte dei Paschi di Siena.

    The rescue will consist of a new 4.5bn euros share issue as part of a debt for equity swap. Italy will also pump 3.85bn euros into the lender.

  6. American Airlines: We will stop Qatar US expansion

    American Airlines

    The chief executive of American Airlines has told CNBC that the business "will do everything we can to stop" Qatar Airways from expanding in the US.

    Last month, Qatar said it wanted to a stake of around 10% in American Airlines, and needs government approval to do so.

    Speaking as American Airlines published forecast-beating quarterly results, Doug Parker said: "It's not fair, and our job is to make sure that we point out that it's not fair and do everything we can to stop them from being able to expand into our markets and take away American jobs."

  7. BAT responds to US nicotine reduction plans

    Cigarettes

    British American Tobacco has responded to the US FDA announcement about its aim to reduce nicotine in cigarettes.

    It says it is "encouraged" by FDA commissioner Scott Gottlieb’s comments "recognising tobacco harm reduction policies and the continuum of risk for tobacco products".

    "These principles have long been the core of our efforts in leading the transformation of the tobacco industry." it says.

    BAT adds: “We believe future success will require transformative, innovative products and changing the conversation about tobacco harm reduction. Reynolds American Inc. and its operating companies have long been leading the transformation of the tobacco industry and will continue to do so.”

  8. Nano no more

    iPods

    Apple has announced plans to kill off the iPod nano and shuffle.

    They were the company's last two music players without the ability to run streaming service Apple Music and hadn't been upgraded for ages.

    The move is part what's been described as a "simplification" of the iPod range to leave just the Touch model.

    Read the full story here.

  9. Doves get a lift on US data

    While US GDP grew in the second quarter, data showed that wage growth decelerated.

    Commenting on what this means for the US Federal Reserve, interest rates and unwinding the country's massive stimulus programme, Alan Ruskin at Deutsche Bank, said: "Although growth is solid, the lack of wage pressure buys the Fed plenty of time, and works with a very 'gradual' tightening cycle.

    "There is more here for the Fed doves than the hawks."

  10. US shares lose momentum

    Stock market trader

    The Dow Jones Industrial Average has clawed back a little bit of ground and is now trading up 7.52 points at 21,804.07.

    But the S&P 500 is off 4.72 points at 2,470.70 and the Nasdaq is down 16.02 points at 6,366.17.

    Robert Pavlik, chief market strategist at Boston Private Wealth, says: "Investors are still feeling some weakness in the tech sector and that's weighing on the broader market.

    "I'm a bit concerned about some of the valuations, but I expect to see these stocks eventually climb higher as people look for growth. There are bound to be some bumps along the way."

  11. London markets close lower

    The FTSE 100 has closed down 79.40 points at 7,363.61.

    As our earlier post points out (at 4:30pm), tobacco stocks lead the fallers following the US FDA's plan to reduce nicotine in cigarettes.

    Friday's top riser at close was AstraZeneca, up 3% at £44.56. However, it wasn't enough to make up for the sharp fall on Thursday after it disclosed the failure of a treatment for lung cancer.

    The FTSE 250 finished 151.24 points down at 19,728.19.