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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Wall Street flat on weak earnings
  3. Former Fiat Chrysler boss Sergio Marchionne dies
  4. ITV sales rise; to launch streaming service
  5. Ryanair to cut winter fleet and jobs
  6. European Commission to talk trade with Donald Trump
  7. Santander profits rise

Live Reporting

By Mary-Ann Russon

All times stated are UK

  1. Good night

    BBC test card

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

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

  2. Facebook's shares dive by 8.6% on results

    Facebook logo on smartphone

    Facebook's shares fell by 8.6% in after hours trading after it failed to meet analysts' estimates for monthly active users on Wednesday. The announcement comes months after after the social network was hit by a data scandal that affected millions of its users.

    The company said monthly active users rose to 2.23 billion, compared with estimates of 2.25 billion, according to Thomson Reuters.

    Net income attributable to Facebook shareholders rose to $5.11bn in the three months to the end of 30 June compared with $3.89bn for the same period last year.

    Total revenue rose 41.9 percent to $13.23bn.

  3. Trump's star destroyed with pick axe

    Video content

    Video caption: Donald Trump's Hollywood star destroyed with pick axe

    It's not the first time that the president's star has been vandalised.

  4. Wall Street up at close

    Bull and little girl statue

    Wall Street's key share indexes were all ahead at the close of trade, with investors turning in particular to technology stocks, which are seen as being less likely to be harmed by trade tensions.

    The Dow Jones Industrial Average ended the day at 25,414.17, a rise of 172 points or 0.68%.

    The S&P 500 closed up 22 points or 0.79% at 2,842.68.

    And finally, the tech-heavy Nasdaq was at 7,932.24, rise of 91 points or 1.17%.

  5. Cute home robot gets canned just before release

    Kuri robot

    A home robot that had a high profile at recent events has been cancelled before going on sale to the wider public.

    Kuri was designed to play with children, respond to voice commands and patrol properties while filming videos and taking photos.

    Its control app was released last month ahead of its anticipated launch, but its maker said parent company Bosch had decided it was "not a business fit".

    Other technology giants, however, continue to develop home robots, but reviews have criticised their limited capabilities and significant price tags.

    "We're in the stone age of the home robot market," said Ben Wood, from the tech consultancy CCS Insight.

  6. Senators propose bill to stop Trump's auto tariffs

    Cars

    US senators Doug Jones and Lamar Alexander have introduced legislation that would bar the Trump administration from imposing 25% tariffs on imported cars and parts until after the International Trade Commission has completed its study of the automobile industry.

    The senators said that the proposed auto tariffs would harm foreign automakers, which would lead to a $83bn rise vehicle costs, and cost hundreds of thousands of jobs.

    However, before the legislation is passed, it will require additional bipartisan support from Congress.

  7. Facebook plans office in China

    Mark Zuckerberg

    Facebook has secured a licence to set up an office in China in an apparent attempt to break into the lucrative market where its website is blocked.

    The firm said it would be an "innovation hub to support Chinese developers, innovators and start-ups".

    If the office opens, it would be the firm's first formal presence in China.

    However, the office's registration has since been removed from the Chinese government website, suggesting possible complications, the New York Times says.

  8. Coca-Cola to raise drink prices

    Coca-Cola bottles

    Coca-Cola has announced that it will be raising prices on its carbonated soda drinks in the US.

    The drinks maker reported that its pre-tax profits rose 10% to $2.8bn, from $2.6bn for the three months ended 29 June 2018, compared with the same period in the previous year.

    Coca-Cola's chief executive James Quincey said in an earnings call that the rise in drink prices was a result of rising costs, such as higher freight rates and rising metal prices following Trump's trade tariffs, according to the Wall Street Journal.

    “There is some broad-based push on input costs that have kind of come in and affected ours and many other industries as well,” said Mr Quincey.

  9. Trump wants to work it out

    President Trump and Jean-Claude Juncker

    US President Donald Trump has told reporters that he hopes to be able to strike a fair and reciprocal trade deal between the US and Europe.

    European Commission president Jean-Claude Juncker is visiting the White House in Washington DC today for talks.

    Mr Juncker told reporters that Europe and the US were allies and needed to work together.

    President Trump said: "It's a great honour to have President Jean-Claude Juncker from the European Union (here). He's a man that I've gotten to know very well. He's a very smart man and a very tough man, and he represents his people well and the countries well.

    "And we want to have a fair trade deal and we're looking to have a fair trade deal and hopefully we can work something out. Over the years, the United States has been losing hundreds of billions of dollars with the European Union and we just want it to be a level playing field for our farmers, our manufacturers, for everybody."

  10. Heinz baked beans TV advert banned yet again

    Heinz baked beans commercial

    A TV advert for Heinz baked beans has been banned for comparing its nutritional value to a protein shake.

    The commercial, seen in February, shows a woman implying a bowl of baked beans has as much protein, fibre and fat as her partner's drink.

    The Advertising Standards Authority (ASA) said its regulations do not allow claims that one food has "as much" of a nutrient or nutrients as another food.

    Heinz Foods said it was "disappointed" but would not run the ad again.

  11. Jobseekers 'more likely to deactivate Facebook'

    Social media interactions

    Being young, single or a jobseeker makes Facebook users more likely to have deactivated their accounts or at least considered it, a study suggests.

    Researchers from Lehigh University, Pennsylvania, looked at eight factors predicting whether people had left or thought about leaving Facebook.

    They also said that users who weighed more were more likely to have considered deactivating their accounts.

    Facebook has not yet responded to a request for comment.

  12. China says there will be 'no winner' in global trade war

    Presidents Xi and Ramaphosa

    China has told developing nations there would be no winner in a global trade war.

    Chinese President Xi Jinping called on Brazil, Russia, India, China and South Africa (BRICS) to reject protectionism.

    South African President Cyril Ramaphosa also warned of the impact that tariff threats by US President Donald Trump would have on developing countries.

    They were speaking at a three-day meeting of BRICS leaders in Johannesburg, South Africa.

  13. Google cars self-drive to supermarket

    A woman getting out of a car

    Google's sister-company Waymo has announced a trial in which its self-driving cars will ferry shoppers to and from a nearby Walmart store to pick up their groceries.

    For now, the pilot is being restricted to 400-plus members of its early rider programme in Phoenix, Arizona.

    However, it indicates how the tech giant thinks the autonomous vehicles could be deployed if and when they exit the experimental stage.

    One expert said cost would be key.

  14. Are you an elastic thinker?

    Rubber bands on lobster claws

    Unlike analytical thinkers who are driven by logic and sequence, flexible thinkers thrive in situations which involve breaking boundaries and trying new things.

    The idea of flexible thinking has, of course, been around for aeons but for author, physicist and screenwriter Leonard Mlodinow, it’s now prime time for people to harness the power of ‘elastic thinking’ to navigate an unstable world.

    Here's a real world business example: A rubber band company in the US continually invents and discovers new uses for its rubber bands, and keeps diversifying to new markets.

    Read more here.

  15. US carmakers hit by trade disputes

    Chevrolet cars

    Shares in two major carmakers tumbled after they warned that changes to trade policies were hurting performance.

    General Motors said it expected a hit of about $1bn (£760m) due largely to higher steel and aluminium prices caused by new US metals tariffs.

    Shares dropped by more than 7% after the firm revised its outlook.

    Fiat-Chrysler shares were about 15% lower, after it said sales in China had fallen as buyers postponed purchases in anticipation of lower tariffs.

    The warnings give an insight into how shifting trade policies are affecting carmakers and other manufacturers.

  16. London closes lower

    London Stock Exchange

    London shares have ended lower, as the market waited to see how trade talks between the US and the EU would go. US President Donald Trump's tweets about how China is targeting its farmers also made an impact.

    The FTSE 100 closed 50.8 points or 0.7% down to 7,658.26. The losers were led by Mexican mining firm Fresnillo, which dropped 7.3% to $10.25 after it cut its outlook for silver production due to lower ore grades and scarcity of water at its San Julian mine.

    The FTSE 250 ended 99.3 points or 0.5% lower to 20,753.60. Budget carrier Wizz Air tops the losers, plunging 8.5% to £32.56 after reporting a 14% drop in profits and slashing its full year growth target.

  17. Sales of new homes fell in June

    A family home under construction in Chicago

    Sales of new homes in the US fell to an eight-month low in June, according to latest figures from the US Department of Commerce.

    The falling prices point to a possible slump in the housing market.

    Sales of new single-family homes fell 5.3% from May to an annual rate of 631,000. Economists had expected a 0.6% increase instead.

    Meanwhile, the median price of a new house dropped 2.5% to $302,100, and the average price fell 0.5% to $363,300.

    Although the Trump administration's tax cuts may have benefited some corporations, they also reduced some deductions for local property taxes, which means that it is now more expensive to own a home.

  18. 'Be careful'

    Poor Returns infographic

    Earlier today, the Financial Conduct Authority (FCA) said that banks could be forced to set a minimum interest rate on their savings accounts.

    The FCA said it was concerned that savers who stay with the same bank or building society for a long time get poor returns on their money.

    However comparison site Money.co.uk is concerned that setting a basic savings rate could damage competition in the savings market.

    "The FCA should be careful about the unintended consequences of requiring banks to set their own 'basic savings rate', where customers would roll onto a set rate for example after a year," said Money.co.uk's editor in chief Hannah Maundrell.

    "If the options within a bank are limited, it could lull consumers into a false sense of security so they’re even less likely to switch and settle for accounts which aren’t paying them enough.

    "Regardless of whether this proposal is actually implemented or not, it’s important for people to shop around and move their savings to get the best return on their money. Loyalty doesn’t pay when it comes to savings."

  19. 'A real tragedy'

    Domenico Siniscalco, Italy's former finance minister who is now Italy country head at Morgan Stanley, said: “Sergio was a unique blend of a visionary and an executor. He combined a grand vision and the ability of getting things done. This is a real tragedy.”

    Sergio Marchionne

    Bill Ford, executive chairman of Ford Motor Co, said: “Sergio Marchionne was one of the most respected leaders in the industry whose creativity and bold determination helped to restore Chrysler to financial health and grow Fiat Chrysler into a profitable global automaker.

    "His extraordinary leadership, candor and passion for the industry will be missed by everyone who knew him. Our thoughts and prayers go out to his family at this difficult time.”