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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. GDP growth revised up to 0.2%
  3. Sterling jumps to $1.3153
  4. FTSE 100 rises close to 1%
  5. Steel merger nears
  6. BAE wins Australian warship contract

Live Reporting

By Tom Espiner

All times stated are UK

  1. Good night

    That's all for the weekend, readers. Do join us again on Monday from 06:00.

  2. Brexit: 'Last call' for deal, Donald Tusk warns UK

    Donald Tusk

    Donald Tusk has issued a "last call" to the UK to "lay the cards on the table" if a Brexit deal is to be done in time.

    The European Council president said the "most difficult" issues were unresolved and "quick progress" was needed if agreement was to be reached by October.

    Talks continue over the terms of the UK's withdrawal from the EU in March next year. What happens to the Irish border remains a sticking point.

    The UK says both sides want to see a "faster pace" in talks.

    Read more here.

  3. Wall Street closes higher

    Wall Street trader

    A surge in Nike's shares and a rally in bank stocks helped the Dow Jones Industrial Average and the S&P 500 close higher.

    The Dow Jones Industrial Average was up 56 points at 24,271.75.

    The S&P 500 was up 9 points at 2,725.55 and the tech-heavy Nasdaq was up 7 points at 7,510.30.

  4. UK cannabis tax revenue 'could exceed £1bn per year'

    Marijuana leaf

    Margaret Thatcher's favourite think tank, the Institute of Economic Affairs, earlier put out a press release extolling the economic benefits of legalising recreational cannabis use.

    The think tank, which has been criticised in the past for taking funding from tobacco companies, estimates that the black market in cannabis is worth £2.6bn per year.

    It says tax revenues "could exceed £1bn per year" if cannabis were legalised, and argues that high-strength "skunk" strains could be made safer, reducing mental health problems associated with its use.

    Chris Snowdon, head of lifestyle economics at the think tank, said:

    "It's high time for reform of cannabis policy in the UK. Canada and the USA are showing the way. Done properly, the legalisation of cannabis is a win-win-win: criminals lose a lucrative industry, consumers get a better, safer and cheaper product, and the burden on the general taxpayer is reduced."

    There's no mention in the press release of any potential extra burden on the NHS from treating lung diseases contracted by cannabis smokers, however...

  5. Fake bookings hit Singapore's Ryde Technologies

    Man driving

    Hundreds of fake accounts making have recently plagued Singapore-based firm Ryde Technologies, the company has said.

    In recent weeks, nearly 300 such accounts have made 2,000 bogus bookings, costing drivers $50,000 (£37,900).

    The start-up investigated the problem after drivers complained.

    Uber, which offers a similar service, has in the past reported cases of fake bookings in other countries.

  6. Hot weather 'puts strain on lettuces'

    Lettuces

    The hot weather has not only caused a spike in demand for lettuces as people make more salads, it is also playing havoc with salad growers' crops, the British Leafy Salad Growers industry body says.

    "In the last week alone a record 18 million lettuces have been sold. This is unprecedented. In the same week last year UK retailers were topping out at volumes of around 13 million heads of lettuce during this peak demand period for leafy salads."

    “While it is great news that sales are up around 40% across all retailers, that’s just half the story. The record temperatures have stopped the UK lettuce crop growing. When the mercury hits 30 degrees Celsius lettuces can’t grow."

  7. Trump 'suggested France leave the EU'

    Donald Trump

    US President Donald Trump suggested France leave the EU and enter into a bilateral trade agreement when he met French President Emmanuel Macron in April, the Washington Post reported earlier.

    News agency AFP said the tenor of the conversation "was confirmed by a diplomatic source".

  8. ZTE shakes up board

    ZTE Nubia Z9 Mini

    Chinese telecoms giant, ZTE, has announced a new management line-up, as part of a deal with the Trump administration to lift a crippling US ban on the company.

    It has a new chair and eight board members.

    ZTE - which makes smart phones and networking products - has suffered huge losses since Washington stopped it from buying American components in April; the United States said the firm had violated trade agreements by selling technology to Iran and North Korea.

    Despite the changes, ZTE's fate is unclear.

    US Congress members - including some in President Trump's own party - strongly oppose the deal; they say ZTE poses an economic and espionage threat to the US.

  9. Poundworld founder says rescue deal viable

    Poundworld

    The founder of Poundworld says he believes an eleventh hour rescue deal for the struggling retailer can still be made, despite it filing for administration earlier this month.

    Chris Edwards told Radio 5 Live that he’s hopeful of finding backing for a buyout that would keep 186 of the 355 Poundworld stores from closure, potentially saving the jobs of more than half its 5,100 staff.

    The private equity firm behind Poundworld, TPG Capital, says it has no plans to inject more cash into the business.

    Administrator Deloitte says it remains open to offers.

    Mr Edwards, who opened the first of what would become the Poundworld chain in Wakefield in 1975, before selling out three years ago, says the brand is viable.

    “What about Homes and Bargains? What about Wilkinsons? They are not single price but they are all discounters and they are all thriving.”

  10. Green loses injunction bid

    Philip Green

    A High Court judge has rejected a bid by Sir Philip Green to stop the publication of an accountancy watchdog report on a BHS audit.

    Earlier this month the Financial Reporting Council (FRC) handed a £10m fine to PwC for its 2014 audit of BHS, which was sold by the tycoon's Taveta Group for £1 ahead of its collapse in 2016.

    The FRC also sanctioned Steve Denison, the audit partner responsible, fined him £500,000 and banned him from performing audit work for 15 years.

    The body has not yet published its findings but can now do so after Mr Justice Nicklin refused to grant an injunction sought by Sir Philip's holding company Taveta Investments.

    The judge said Taveta had not demonstrated this was an "exceptional case" which required an injunction.