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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Pound jumps above $1.32 on rate hike indication
  3. BoE votes 6-3 to keep rates on hold
  4. UK public borrowing falls to £5bn
  5. Profits slump at Dixons Carphone

Live Reporting

By Tom Espiner

All times stated are UK

  1. Good night

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

  2. Hammond: Innovation and green finance key to post-Brexit London success

    To maintain London as a financial services "powerhouse" after Brexit, the UK needs to focus on innovation in technology and green finance, Chancellor Philip Hammond says in his Mansion House speech.

  3. Hammond on NHS funding

    This week Theresa May said the NHS would get a funding package worth £20bn per year over five years, partly funded by lower contributions to the EU.

    Chancellor Philip Hammond says in a speech at Mansion House: "So, as the Prime Minister said, taxpayers will have to contribute a bit more, in a fair and balanced way, to support the NHS we all use while delivering on our fiscal commitments."

  4. Hammond's Treasury 'not the enemy of Brexit'

    Philip Hammond

    Chancellor Philip Hammond is giving his annual speech to the City at Mansion House.

    He says that after Brexit, Britain can continue to be "a world leader in innovation" and London can continue to be "the world’s number one international financial services centre".

    How? By getting a good Brexit deal, and by "protect[ing] markets from uncertainty during the transition".

    He wants to maintain close trade links with the EU.

    "So as we leave the EU we need to forge a new relationship with our European neighbours that protects those patterns of trade; those business relationships that have been painstakingly built over decades that maintains low friction borders and open markets."

    "That does not make the Treasury, on my watch, “the enemy of Brexit”; rather, it makes it the champion of prosperity for the British people outside the EU, but working and trading closely with it," he says..

    View more on twitter
  5. First new all-electric mine dumps diesel; cuts costs, pollution

    Hundreds of feet below thick boreal forest blanketing the Canadian Shield, a squad of near-silent, battery-powered machines are tunneling toward gold in a multimillion-dollar mining experiment to ditch diesel.

    Goldcorp is building the world's first new all-electric mine, aiming to replace noisy, fume-belching equipment.

    This is being closely watched by a diesel-dependent industry.

    A rough-hewn tunnel, about 800 feet underground, seems an incongruous setting for revolutionary technology, but front-line workers call it a game changer.

    "It would be a challenge to go back," said jumbo drill operator Adam Ladouceur, noting the air quality and lack of noise at the Borden project, northwest of Toronto, is "amazing" compared to the 23 mines where he previously worked.

    Stung by a multi-year slump in commodity prices that began recovering in 2016, miners remain desperate to keep operating costs down.

    Going electric could slash energy expenses, while reducing greenhouse gas emissions.

    Borden will save about $9m annually on diesel, propane and electricity.

    Productivity gains are also possible, from equipment that can keep working while gas from dynamite blasting clears, for example.

  6. Wall Street edges down

    US stocks finished a little lower after the US Supreme Court let states collect sales tax from online retailers and amid continuing trade tensions between the US and China.

    The Dow Jones industrial average was down 0.8% at , at 24,462 points, the S&P 500 was down 10.8% at 2,748 points, and the Nasdaq Composite was down 0.9%, at 7,713.

  7. New York sues 3M over firefighting foam

    Firefighting foam in action

    New York has filed a lawsuit seeking to recoup more than $38m from 3M and five other companies to cover the cost of cleaning up environmental contamination caused by toxic chemicals in firefighting foam that they manufactured.

    Governor Andrew Cuomo and Attorney General Barbara Underwood said it was the first of its type by a US state.

  8. Lords approve UK Brexit law

    The Lords has approved Theresa May's Brexit bill, ending months of parliamentary debate over the legislation that will formally end the country's European Union membership.

    Lords approved the government's plan without a vote after a rebellion by those who wanted parliament to have a greater influence over the exit process was defeated in the Commons.

    The European Union (Withdrawal) Bill will now pass into law in the coming weeks when it is given 'Royal Assent' - a formality that does not involve further debate.

  9. Chanel reveals profits for first time

    Chanel logo

    Luxury fashion house Chanel has revealed its profit figures for the first time.

    The private French business, famous for its perfumes, jackets and handbags, says it made $1.79bn (£1.35bn) last year, up 18% on the year before, on sales up 11% at almost $10bn.

    Chanel said its motive for unveiling the figures was to show its strength.

    They confirm the label, one of the world's best-established and best-known, is among the world's biggest.

    Read the full story here

  10. Keep calm and carry on

    Former Intel boss Brian Krzanich with US President Donald Trump
    Image caption: Happier times: Former Intel boss Brian Krzanich with US President Donald Trump

    Shareholders in Intel are a little piqued at today's news that its chief executive Brian Krzanich has resigned because of "violation of Intel's non-fraternisation policy".

    The chip-maker's shares are down 1.95% at $52.42.

    Still, Kevin Cassidy, an analyst at investment firm Stifel, says: "Although we respect Krzanich's efforts in redirecting Intel's strategy from a computer-centric to a data-centric company, we view Intel as a process-driven company with a deep bench of chief executive candidates that can continue to drive the corporate strategy."

  11. Midge burger anyone?

    Midge burger

    An Argyll hotelier has unveiled plans to serve burgers made with midges to his customers.

    David Keat, who owns the Brander Lodge Hotel near Oban, said he would harvest the blood-sucking insects from the hotel's midge exterminator machines.

    He said the burgers would be dipped in a coat of midges, like breadcrumbs, and a special secret ingredient added.

    The plans are due to be considered by Argyll Council's environmental health department.

    Read more here.

  12. 'Urgent action needed' over CO2 shortage

    Packs of fresh meat

    The food and drink industry is urging the government to take swift action amid a continuing shortage of CO2.

    Carbon dioxide is used in guns for killing farm animals and providing the fizz in carbonated drinks. CO2 is also used in certain medical procedures.

    The British Poultry Council said the shortage could have a "potentially huge effect" on food production.

    And the Food and Drink Federation said it would affect much of the "farm-to-fork supply chain".

  13. Settlement costs 'still too high for some EU workers'

    Not all business lobby groups are unequivocally welcoming the government saying its default position would be to grant, not refuse, settled status for EU workers.

    Mike Cherry of the Federation of Small Businesses says: "We welcome progress on the scheme made today.

    “It is imperative, however, that government ensures that the new scheme is affordable for all who wish to stay and work in the UK. Special attention will be needed for those on low incomes, including workers and the self-employed.

    “To avoid disruption, small firms need the application process to be as straightforward as possible so it doesn’t place disproportionate burdens on either workers or employer."

  14. US court backs states over web sales tax

    Some hands and a laptop

    The top court in the US has ruled that states can force online companies to collect sales tax from their customers.

    Previously, companies without a physical presence in a state were exempt from sales tax collection requirements.

    The Supreme Court said the physical presence rule was "unsound and incorrect".

    It ruled that the provision amounted to a "judicially created tax shelter" that put some companies at an advantage.

    Read more here.

  15. Premier Foods urges shareholders to vote for chief's re-election

    Premier Foods

    Mr Kipling owner Premier Foods has urged shareholders to vote for chief executive Gavin Darby's re-election at its Annual General Meeting, as its second largest shareholder Oasis Management plans to vote against.

    "The board strongly believes that Gavin Darby is the best person to lead the company and to execute the board's strategy", Premier Foods said.

    The meeting will be held on 18 July.

  16. BreakingDeutsche Telekom subsidiary plans to cut 10,000 jobs

    Deutsche Telekom subsidiary T-Systems is to cut 10,000 jobs in the next three years as it seeks €600m (£525m) in savings.

    Six thousand of the axed posts at the subsidiary T-Systems will be in Germany, a spokesman told AFP.

  17. Sorrell hits out at WPP

    Martin Sorrell

    Sir Martin Sorrell, the founder of WPP who quit in April, has hit out at the advertising giant over leaks to the press.

    The 73-year-old left the world's biggest advertising company over an allegation of personal misconduct which he has denied.

    Speaking at a packed event in Cannes, Sir Martin said he had asked the company to conduct an investigation over how news about the allegation had leaked to the Wall Street Journal.

    "The most damaging thing that happened during the course of those events... was the leak over the Easter weekend at the very top of the company, and which to my knowledge there has been no investigation whatsoever," he said.

    He noted that the company has since said that all employees are treated equally.

    "I would disagree violently with that premise, not all employees have been treated equally.

    "There has been no investigation to my knowledge of how, why and what the leak consisted of and I think that is a fundamental flaw," he said, adding that he had requested one.

  18. Virgin Atlantic announces new boss

    Planes

    More new bosses, this time at Virgin Atlantic. The airline has said that its current chief executive Craig Keeper will be jetting off to pastures new at the end of year, and will be replaced by chief commercial officer Shai Weiss.