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Live Reporting

Tom Espiner

All times stated are UK

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  1. Good night

    That's all from the Business Live page for tonight. Please join us again on Monday from 06:00.

  2. Where have all the peaches gone?

    Video content

    Video caption: A failed peach harvest devastates the US South

    Peaches are big business in South Carolina. But a failed harvest is having devastating consequences.

    Video filmed and edited by the BBC's Paul Blake.

  3. Coffee prices "vulnerable" to insect pest threat


    Coffee futures are "vulnerable to an upside run", thanks to the threat to Brazilian output from insect pests, according to analyst Judith Ganes-Chase of J Ganes Consulting.

    There is also some "some angst" about Vietnamese production.

    The outlook is being clouded by an outbreak of the coffee borer beetle, whose spread is being seen as encouraged by bans on the use of endosulfan, an insecticide being phased out worldwide because of its risks to human health.

    "If the situation is left to fester, it could potentially create havoc with the next crop," warned Ms Ganes-Chase.

  4. US stocks close higher after inflation data

    US stock indexes have closed higher breaking a three-day losing streak, as tepid inflation data brought back investors to riskier assets.

    This was despite heightened tensions between the US and North Korea.

    The Dow Jones Industrial Average was up 14.11 points, or 0.06%, at 21,858.32 and the S&P 500 was up 3.11 points, or 0.13%, at 2,441.32. The Nasdaq Composite was up 39.68 points, or 0.64%, at 6,256.56.

  5. Opening a box of wine this weekend?

    Wine shop

    Specialist magazines say demand is growing for wine boxes.

    Amazon say sales of its bag-in-box wines increased by 212% year-on-year during June and July.

    Its biggest sales were in Bristol, followed by Leeds and London.

    Waitrose has also launched a new bag-in-box range to meet demand.

  6. Monte dei Paschi reports 3.1bn euro loss

    Monte dei Paschi

    Monte dei Paschi di Siena reported a 3.1bn euro second-quarter loss after additional writedowns on bad loans Italy's fourth biggest bank is selling as part of its bailout by the state.

    After months of talks with European regulators, the bank completed an 8bn euro capital increase to strengthen its finances this week.

    This included a 3.85bn euro cash injection from the state, giving the government an initial stake of about 52.2% in the bank.

  7. Powerplays at Uber

    Three investors in Uber have demanded that one of Uber's biggest investor, Benchmark, step down from the board, Axios reports.

    This is after Benchmark on Thursday launched a lawsuit to try to remove Uber former chief executive Travis Kalanick from the board.

  8. SoundCloud lays off chief exec and receives new funding

    SoundCloud has received a "substantial" new round of investment, the company has said, insulating the popular online music streaming service from potentially running out of cash later this year, after laying off 40% of its staff in July.

    The investment amounted to around $170m as reported on Thursday by Axios, said Reuters.

    As part of the new investment, digital media veterans Kerry Trainor and Michael Weissman, respectively the former chief executive and chief operating officer of online video service Vimeo, will take the same roles at SoundCloud.

    SoundCloud founder and former chief executive Alexander Ljung has agreed to step aside to become chairman of the board.

  9. Could Sweden mediate in North Korea?

    According to Reuters, Sweden could be in a position to act as an intermediary in the crisis between the US and North Korea.

    While the US doesn't have any diplomatic relations in North Korea, Sweden has a long-standing "special relationship" with the country - although it still hasn't been paid for hundreds of Volvo saloons it imported into the communist country in the 1970s, Reuters says.

  10. FTSE 100 closes down as US and N Korea tensions continue

    The FTSE 100 share index has closed 1.14%, or 84.46 points down at 7,309.96 points.

    Heavyweight miners Antofagasta, Rio Tinto, BHP Billiton, Anglo American and Glencore all dropped between 3% to 4%, the biggest fallers on the index, as tensions between the US and North Korea hit riskier assets, including metals prices.

  11. Russia's GDP grows to 2.5%

    Russia factory

    The Russian economy grew 2.5% in the second quarter compared with the previous year, according to the Federal Statistics Service.

    This is its best annual rate since the third quarter of 2012.

    "Growth in both the construction and industrial sectors picked up sharply, while retail sales growth returned to positive territory. Agriculture was the only key sector to contract in the second quarter," said research firm Capital Economics.

  12. Wilko warns thousands of jobs at risk

    Wilko logo

    Wilko has entered redundancy consultation with nearly 4,000 staff, weeks after warning about a rise in costs after the pound's Brexit-induced collapse.

    Wilko will create 1,000 new senior supervisor roles will be created as part of the shake-up, as well as a "significant amount" of customer service roles.

    The move comes after Wilko posted an 80% plunge in pre-tax profits to £5.1m in the year to 28 January 28, with the firm pointing to "uncertain economic and geopolitical events", the collapse in sterling and the introduction of the national living wage.

  13. Wall Street opens higher after tepid inflation data

    US stock indexes opened higher for the first time in four days earlier after tepid data pointed to benign inflation.

    That could make the Federal Reserve cautious about raising rates again this year, even as concerns linger over rising tensions between the US and North Korea.

    The Dow Jones Industrial Average was up 30.58 points, or 0.14%, at 21,874.59, the S&P 500 was up 5.00 points, or 0.20%, at 2,443.07. The Nasdaq Composite was up 28.36 points, or 0.47%, at 6,246.36.

  14. Snap shares fail to crackle and pop

    Snap ghost toy by trading screen

    Shares in Snap, the firm behind Snapchat, are down more than 11% after the messaging app's daily active user growth missed expectations for the second quarter in a row.

    Snapchat's second-quarter daily active users rose 21% to 173 million from a year earlier, falling short of the 175.2 million expected by analysts.

  15. Steel unions welcome Tata pensions deal

    Unions reacted positively to Tata Steel signing documentation for a so-called regulated apportionment arrangement (RAA) to hive off the British Steel Pension Scheme.

    Community, Unite and GMB, said in a statement: "We welcome the RAA announcement which includes a commitment that Tata will stand behind a new scheme with reduced annual increases.

    "For over a year our members have feared for their security in retirement, and this announcement helps to bring that uncertainty to an end."

    When the RAA takes effect, workers will be able to join a new pension scheme which will have lower future annual increases for pensioners and deferred members.