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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Profits up at Citigroup and JP Morgan
  3. Poundworld to close another 80 stores
  4. FTSE rises, but sterling slips
  5. Johnson & Johnson ordered to pay more than $4bn in damages over talc allegations

Live Reporting

By Mary-Ann Russon

All times stated are UK

  1. Good night

    BBC Testcard

    That's it for this week on Business Live - thanks for reading. We'll be back bright and early on Monday at 6am.

    Do join us then for all the latest news and views from the wonderful world of business.

  2. Wall Street ends higher

    Wall Street traders

    Wall Street indexes have ended the week on a positive note, as investors shrugged off President Trump's comments on Brexit, lower consumer confidence, and losses in some financial and technology stocks.

    The Dow Jones Industrial Average ended up 94.52 points, or 0.38%, to 25,019.41.

    The S&P 500 increased 3.02 points, or 0.11%, to 2,801.31 by the closing bell.

    And finally, the tech-heavy Nasdaq eked out a win,too, closing higher by 2.06 points, or 0.03%, to 7,825.98.

    .

  3. Glass Lewis backs Disney in 21st Century Fox battle

    Disney Mickey Mouse logo

    Prominent independent advisors Glass Lewis have recommended Disney's $71bn bid for 21st Century Fox, saying that the offer should be approved by shareholders, in a new report seen by Bloomberg.

    Glass Lewis says that the deal would give Fox investors a unique, prospectively far-reaching opportunity” to own part of a much bigger entertainment company, that would be better placed to compete in today's battle for eyeballs.

  4. Russians indicted over US election hack

    US Department of Justice Deputy Attorney General Rod Rosenstein

    The US Department of Justice has charged 12 Russian intelligence officers with hacking Democratic officials in the 2016 US elections.

    Deputy Attorney General Rod Rosenstein said the dozen accused used spear phishing emails and malicious software.

    He said the hackers also stole data on 500,000 voters from a state election board website.

    The indictment is part of the justice department inquiry into alleged Russian meddling in the US vote two years ago.

  5. This week on Tech Tent...

    Video content

    This content is currently not available

    The UK privacy watchdog levies the largest fine it can for the Cambridge Analytica affair. Frederike Kaltheuner from Privacy International tells BBC Tech Tent why she thinks the data misuse scandal is the tip of aniceberg.

    Plus, researchers at UCL warn of the potential for smart home devices to be used in domestic abuse. Dr Leonie Tanczer tells us why she's worried.

    And Rahul Tandon reports from Kolkata on the rush in India to use technology to track schoolchildren for safety reasons.

    Presented by Rory Cellan-Jones, with BBC tech reporter Chris Foxx, and special guest Annabelle Dickson, political correspondent for Politico Europe.

  6. Cisco shares plunge on Amazon announcement

    Cisco logo

    Shares in US telecoms and networking giant Cisco have plunged following a news report stating that Amazon is intending to start selling its own own network switches.

    Sources told news site The Information that Amazon Web Services wants to sell unbranded data centre switches to business customers.

    Shares in other enterprise IT equipment providers Juniper Networks and Arista Networks also fell on the news, due to fears Amazon could pose a threat to the whole sector.

    At the moment, Cisco is down 4.5% to $41.64, while Juniper Networks fell 2.2% to $27.88, and Arista Networks dropped 4.4% to $266.06.

  7. Bus firm Alexander Dennis reports fall in turnover

    Bus and coach builder Alexander Dennis

    Bus and coach builder Alexander Dennis (ADL) saw turnover fall by 4% to £577m last year as a slowdown in demand in its UK market put the brakes on sales.

    The firm reported UK vehicle sales fell by £52m to £304m in 2017 as "normalised levels of demand" returned.

    It said 2016 had been "exceptionally strong" as bus operators bought more new double deck vehicles to comply with disability discrimination legislation.

    Despite the lower turnover, pre-tax profits rose slightly to £24.4m.

  8. Three Lions breaks chart record

    David Baddiel (left) tweeted a photo of himself with Frank Skinner earlier this week
    Image caption: David Baddiel (left) tweeted a photo of himself with Frank Skinner earlier this week

    After a heart-breaking week for English football fans, Three Lions is number one on this week's official singles chart.

    It's the first time in chart history a song has scored four spells at number one with the same artist line-up.

    The original 1996 version had two one-week stints whilst the 1998 re-work had a three-week spell.

    With over 1.6 million copies sold since its release, the anthem is also one of the UK's best-selling singles ever.

  9. Embraer unions are against Boeing deal

    An illustration of two aeroplanes from Boeing and Embraer

    It seems that employees of Brazilian aerospace firm Embraer are not happy with the joint venture it announced with Boeing, which will give the US aerospace giant a controlling stake in Embraer's commercial aircraft arm.

    Embraer's unions say that they were unable to get a commitment from Embraer's chief executive Paulo Cesar de Souza e Silva that all existing employees' jobs would be protected, in a meeting held earlier today.

    As a result, Embraer's unions say they will now put pressure on the Brazilian government to prevent the deal from going forward.

  10. US lifts ban on ZTE products

    ZTE logo

    The US government has lifted a trade ban on ZTE, which means that American companies will once again be able to sell products to the Chinese smartphone maker.

    ZTE previously obtained products like software and processor chips from the US.

    In order to get the ban lifted, ZTE paid a $1bn penalty, and also agreed to place $400m in a separate bank account that would be held in the event of future violations.

    As a result of the fines, the Chinese telecoms firm said in a filing to the Hong Kong stock exchange that it now expects to record a net loss in the first half of 2018.

  11. London closes slightly ahead

    London Stock Exchange

    London shares have closed slightly ahead, as gains in early trading were off-set by US President Trump's comments attacking British prime minister Theresa May's Brexit plans emerged.

    The FTSE 100 ended 10.5 points or 0.1% ahead to 7,661.87, led by British software firm Micro Focus, which rose 5% to £12.79.

    The FTSE 250 closed 33.4 points or 0.2% up to 20,813.12. The winners are led by recruitment firm Hays, which gained 8.6% to 207.6p after upgrading its profit forecast.

  12. FDA warns of international extortion scam

    Pills

    The US Food and Drug Administration (FDA) says that customers who try to purchase medicines online or over the phone have been receiving fake FDA warning letters instead of the medication they ordered.

    According to Bloomberg, the FDA has been notified of at least three dozen of these letters being sent out, featuring the official FDA logo and warning the consumer that they have violated several sections of the Federal Food, Drug and Cosmetic Act.

    The letters contain grammatical mistakes and "odd word choices", and victims were warned not to contact the seller to ask for the product they had purchased.

  13. Fed emphasizes strong economic growth

    Federal Reserve

    The Federal Reserve says that US economic growth has been solid in the first half of 2018, in its report to Congress.

    The American economy is being supported by solid economic growth abroad, past increases in household wealth, accommodating domestic financial conditions, and favourable customer and business sentiment, according to CNBC.

    The Fed still expects it will need to raise interest rates gradually, to aid economic expansion.

    It also said that Trump's tax cuts had boosted consumer spending.

  14. Facebook will not remove fake news

    3D printed Facebook logo

    Facebook says it will not remove fake news from its platform because it does not violate its community standards.

    The social network is currently running an advertising campaign in the UK that declares "fake news is not our friend".

    But it said publishers often had "very different points of view" and removing fabricated posts would be "contrary to the basic principles of free speech".

    Instead, it says posts that it deems to be fake news will be "demoted" in the news feed.

  15. US consumer confidence fell in July

    A person holding a Macy's shopping bag

    The University of Michigan has put out its Survey of Consumers, which shows that US consumer sentiment slipped in early July to 97.1, from 98.2 in June.

    However, consumer confidence remained almost equal to the average in the last 12 months and since the start of 2017.

    Survey respondents said they were most concerned about the decline in the future pace of economic growth, as well as a rise in inflation.

    There was also a rise in concerns about how the Trump administration's trade tariffs could negatively impact America's domestic economy.

  16. Heatwave threatens to cause shortage of peas

    Peas coming out of a pod

    UK pea growers are warning of shortages in supplies following the recent hot weather.

    Growers say the heat and lack of rain means peas are struggling to form in their pods and that crops will be 20-30% below normal levels.

    The pea crop is the latest casualty of the summer's unusual weather.

    Last month, lettuce growers warned of shortages. The UK is importing 30% of its lettuces, whereas normally it is self sufficient at this time of year.

  17. Brexit white paper welcomed – but 'more work to do'

    Millicent Cooke

    BBC News Online

    Brexit white paper

    The UK government has published its Brexit blueprint for the Channel Islands.

    The long-awaited white paper outlines plans for the UK’s future relations with the EU, including specific arrangements for Jersey and Guernsey.

    The White Paper suggests there will be:

    • Specific economic arrangements for the Channel Islands in relation to the Economic Partnership
    • Protection of the Common Travel Area arrangements between the UK, Ireland and the Crown Dependencies
    • Close monitoring of data protection polices in relation to the UK and the EU
    • Conservation and management of local fisheries

    Senior Channel Island politicians have welcomed the proposals.

  18. Papa John's to remove Schnatter's image

    Papa John's logo, featuring founder John Schnatter

    A Papa John’s spokesperson has confirmed to the BBC that the company will remove John Schnatter’s image from marketing material.

    Schnatter resigned as chairman of pizza chain’s board earlier this week amid reports that he had used the n-word in a conference call in May.

    Schnatter resigned from his role as chief executive last year amid backlash to his claim that pizza sales had declined due to NFL players kneeling in protest during the national anthem.

  19. Bank earning results drag down Wall Street

    George Washington Statue on Wall Street

    Wall Street shares are still mixed, and gains earlier on the S&P 500 index have now reversed due to losses in financial stocks.

    Wells Fargo has dropped 3.7% to $53.97 after its profits and revenues declined in the second quarter due to the fake accounts scandal.

    Citigroup is down 3% to $66.45, after its second-quarter revenue missed analysts' expectations.

    American Express has fallen 1.1% to $100.01, after announcing it had filed a patent for a proof-of-payment system based on blockchain technology.

    JPMorgan Chase has slipped 0.7% to $106.16.

    The bank reported higher profits that beat expectations, however, yesterday a JPMorgan whistleblower was awarded a record $30m by the Commodity Futures Trading Commission, for alerting US regulators to a mutual fund scam run by the bank in 2011.

  20. 'She will do very well'

    Donald Trump and Theresa May

    Donald Trump said Theresa May "will do very well" in Brexit negotiations.

    "I've been watching her over the last couple of days. She's a tough negotiator. She's a very very smart and determined person."

    He adds: "I would much rather have her as my friend than my enemy."