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Summary

  1. Bank votes 6-2 to hold interest rates
  2. Bank downgrades UK growth forecast to 1.7%
  3. Bosses' fall in pay 'limited and late'
  4. Next store sales fall but online shopping up

Live Reporting

By Dearbail Jordan

All times stated are UK

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  1. Good night

    Test card F

    That's it for a busy Thursday.

    Business Live will be back on Friday at 6.00am - we look forward to you joining us for all the breaking business news.

  2. Viacom sales and profits rise

    One last company result for the day.

    Viacom, which owns MTV, Comedy Central and Paramount, has reported a rise in revenue to $3.36bn from $3.11bn for the quarter to the end of June.

    Profit grew to $683m from $432m.

  3. Dow Jones closes at record high

    US stock market

    The Dow Jones Industrial Average has closed at a record high of 22,024.19 after rising by 7.95 points.

    The S&P 500 finished down 5.48 points at 2,472.09.

    The Nasdaq ended Thursday down 22.30 points at 6,340.34.

  4. Elon Musk's next race

    Nevermind Tesla's Model 3 sedan. Elon Musk's other business SpaceX is looking towards an altogether different frontier...

    View more on twitter
  5. Toyota 'may buy stake in Mazda'

    Toyota

    Reports emerging out of Japan suggest that Toyota may take a 5% stake in rival Mazda, according to the Nikkei newspaper.

    Toyota and Mazda are already planning to build a factory together. In a response to the newspaper, Toyota said the two businesses have been exploring collaborations under a 2015 agreement.

    It said: "We intend to submit a proposal to our board of directors today regarding the partnership with Mazda, however, we would like to refrain from providing further comment at this time."

  6. Sotheby's shares slide on falling profit

    Sotheby's

    Sotheby's shares fell sharply on Thursday after reporting a slide in second quarter profits.

    The auctioneer said income fell 14% to $76.9m despite a 5% rise in revenue to $314.9m.

    Shares in the company fell by 7.68% to $51.48.

  7. America's 'Goldilocks' economy

    What do analysts make of the US stock markets' performance?

    Phil Blancato, chief executive of Ladenburg Thalmann Asset Management, has an interesting point of view.

    "Earnings are supporting this market and consumers are supporting it from a macroeconomic standpoint.

    "This is a Goldilocks economy, good enough to push the market higher, no bubbles in sight."

  8. Tesla shares jump on electric future

    Tesla Model 3

    Investors sent shares in US electric car-maker Tesla up by 6.72% to $347.80 following better than expected second quarter results.

    The figures, which were announced on Wednesday night after the stock markets closed, fueled hopes that the company's new Model 3 car will prove a hit with drivers.

    Tesla, which was $3bn in cash, said it has received around 1,800 reservations per day for the sedan since its launch last week.

  9. Cyber-security hero arrested

    Marcus Hutchins

    The British cyber-security researcher who was praised for stalling the worldwide WannaCry cyber-attack has been arrested in Las Vegas.

    The NHS was among organisations in more than 100 countries affected by the ransomware, which struck in 12 May.

    Marcus Hutchins, 23, (pictured) was thrust into the limelight after he stopped the malware from spreading.

    Read the developing story here.

  10. Oil prices slide

    Oil is trading down on Thursday.

    Brent crude is off 0.3% at $52.20 a barrel and West Texas Intermediate is down 0.8% at $49.18.

    Gene McGillian, director of market research at Tradition Energy, said: "The market needs continuing signs of improvement in the inventory picture to really drive the prices higher."

  11. Oysters from a vending machine? Yes please!

    Oysters

    It could really only happen in France - a vending machine selling oysters.

    You get a range of quantities, types and sizes 24 hours a day, seven days a week all in a machine you might have imagined sold fizzy drinks.

    One stocked by oyster farmer Tony Berthelot on the Ile de Re island, off France's western coast, has glass panels so you can see what you're buying. Pop in a bank card, open the door and take your choice.

    The machines are refrigerated, since most seafood has a tendency to get a bit whiffy when kept in the open.

    One enthusiast told Reuters: "We can come at midnight if we want, if we have a craving for oysters. It's excellent; they're really fresh."

  12. Watch: Full steam ahead

    Hyperloop One has carried out its latest test of a futuristic high-speed transport system in the Nevada desert.

    The creators hope to carry passengers at speeds of up to 650mph in vacuum propelled pods.

    Video content

    Video caption: Hyperloop: Passenger pod tested successfully
  13. UK financial sector could thrive post-Brexit, says Carney

    Bank of England governor Mark Carney

    The governor of the Bank of England believes that the UK's financial sector could double in size in the next 25 years but only if the government holds fast and does not water down regulation following Brexit.

    In an interview with The Guardian to mark the 10 year anniversary of the global financial crisis in August 2007, he predicts that the financial industry could grow to be 20 times as big as GDP.

    He told The Guardian: "We have a view… that post-Brexit the level of regulation will be at least as high as it currently is and that’s a level that in many cases substantially exceeds international norms.

    "If the UK financial system thrives in a post-Brexit world, which is the plan, it will not be 10 times GDP, it will be 15 to 20 times GDP in another quarter of century because we will keep our market share of cross-border capital flows. Well then you really have to hold your nerve and keep the focus.”

  14. Dow Jones touches new record

    The US Dow Jones Industrial Average is trading at a new high on Thursday.

    After reversing earlier losses, it is now up 13.39 points at 22,029.63.

    Elsewhere, the S&P 500 is down 5.68 points at 2,471.89 and the Nasdaq is off 13.51points at 6,349.13.

  15. Eisner buys Pompey

    Portsmouth supporter
    Image caption: "We've been bought!"

    If you can't afford to buy a footballer - buy a football club instead.

    As expected, Michael Eisner, the former chief executive of Disney, has paid £5.67m for Pompey - Portsmouth FC. A pittance compared with Neymar's recent and record transfer fee.

    Mr Eisner, who Forbes magazine reckons is worth roughly $1bn told the Financial Times back in March that he had fallen in love with soccer, as he calls it, after watching Arsenal play.

    Pompey has had a chequered career of late. It won the FA Cup in 2008, but then became the first team in Premier League history to enter administration in 2010, re-emerging only to go back into administration in 2012. It then came back a year later in League Two and has since been under fan ownership.

  16. A sense of foreboding

    US employment sign

    Sentiment about US non-farms payroll data, due out on Friday, is not particularly upbeat.

    On Thursday, the Institute for Supply Management non-manufacturing index showed that activity fell to a reading of 53.9 in July from 57.4 in June.

    Joe Manimbo, senior market analyst at Western Union Business Solutions, says: "With services growth slowing more than expected, it suggests a greater chance of payrolls disappointing tomorrow.

    "That would raise the bar to the Fed raising rates and keep the dollar biased downward."