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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Tesla shares drop 8.6%
  3. FTSE trading lower
  4. Turkish lira falls on the dollar
  5. Eurozone inflation hits 2.1%
  6. Six parties made offers for House of Fraser
  7. 16-year-old pleads guilty to hacking Apple

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 at 6am on Monday. Join us then for all the latest breaking news and analysis from the world of business.

  2. Wall Street ends higher

    Golden bull and little girl statues in Wall Street

    Shares on Wall Street have ended higher, following media reports that the US and China are planning talks to resolve their trade dispute in November.

    The Dow Jones Industrial Average closed 0.46% ahead at 29,665.32.

    The S&P 500 gained 0.33% to 2,850.13.

    And finally, the tech-heavy Nasdaq climbed 0.13% to 7,816.33.

  3. Turkey and US trade threats in pastor row

    Donald Trump and Recep Tayyip Erdogan in Brussels, July 2018
    Image caption: The pastor is only one of a number of issues dividing Mr Trump and Mr Erdogan

    Turkey has warned it will retaliate if the US imposes further sanctions over a detained US pastor as the row between the two Nato allies intensifies.

    Andrew Brunson has been held in Turkey for nearly two years over alleged links to political groups. On Friday, a court rejected another appeal to free him.

    President Donald Trump said the US was not going "to take it sitting down".

    Turkey's currency, the lira, has plummeted after the two nations imposed tariffs on one another's goods.

    The impact of the new tariffs on imported goods has prompted widespread selling in other emerging markets, sparking fears of a global crisis.

  4. Walmart files patent for VR shopping system

    Walmart logo

    American supermarket giant Walmart has filed patents for a futuristic-looking virtual reality shopping system.

    According to documents filed with the US Patent and Trademark Office, Walmart wants to patent the "virtual reality showroom system", where customers can don VR headsets and haptic sensor gloves, and use them to navigate a virtual version of the store.

    Walmart is quite keen on exploring new technologies and has previously filed patents where it describes using drones to retrieve packages from its warehouse area, or using drones to find an item for a customer in the store, and then provide navigations via a smartphone app to the customer.

  5. White House optimistic about Mexico trade deal

    Mexican Foreign Secretary Luis Videgaray Caso met with US Secretary of State Mike Pompeo on Thursday
    Image caption: Mexican Foreign Secretary Luis Videgaray Caso met with US Secretary of State Mike Pompeo on Thursday

    Mexican press has been saying over the last two days that trade relations between Mexico and the US might not be as bad as previously thought, and it seems that they are right.

    Kevin Hassett, chairman of the White House Council of Economics Advisers, has said in an interview on Fox Business Network that things are looking good.

    "I think that we're very, very close to a deal with Mexico," he said, although he added that there were still a few sticking points that needed to be ironed out.

  6. US and China keen to resolve dispute by November

    US and China flags

    The US and China are apparently actively working to end their on-going trade dispute by November, and are in fact planning for their leaders to meet soon.

    According to the Wall Street Journal, both countries are working to set up meetings between US President Donald Trump and Chinese President Xi Jinping at a summit next week.

    A nine-member delegation from Beijing, led by Vice Commerce Minister Wang Shouwen, meet with a team of US officials led by the Treasury undersecretary David Malpass on Wednesday and Thursday 22 and 23 August.

  7. BreakingGoldman Sachs faces probe from UK regulators

    Goldman Sachs

    Goldman Sachs is apparently facing a probe from British regulators over its Markets in Financial Instruments Directive (MiFID II) reporting practices - a new regulation in Europe introduced in January that requires finance firms to improve how they report their trading activities, and offer customers a range of different research before making decisions.

    Sources have told Bloomberg that a former Goldman Sachs employee sent a complaint to the Financial Conduct Authority earlier this year claiming that the bank's approach was to flood regulators with too much data and inaccurate information in breach of compliance guidelines.

  8. TiVo shares slide on Amazon annoucement

    TiVo

    Shares in popular American TV recording box maker TiVo have fallen following a report that internet giant Amazon is planning its own live TV recording box.

    TiVo shares are now down 3.33% to $12.32.

  9. Tesla shares still falling

    Tesla store logo

    Tesla shares are still falling, and are now down 8.6%.

    On top of Elon Musk's interview with the New York Times and the damning analysis from UBS saying that each Model 3 car is likely to lose $6,000 in higher costs for the powertrain, here is additional criticism from hedge fund manager Crispin Odey.

    According to Bloomberg, Mr Odey wrote in a note to investors: "Shorts like Tesla have been difficult to hold on to, however Tesla feels like it is entering the final stage of its life."

    He added that Mr Musk's behaviour could be compared to that of Donald Crowhurst, a British amateur sailor who set off on the Sunday Times' Golden Globe Race - a solo round-the-world yacht race - in 1968 to try to win the money to aid his failing business, and died a year later at sea.

  10. No deal papers 'should be neutral'

    A former Brexit minister says he hopes government technical documents on the impact of a “no deal” Brexit will be "presented in neutral terms".

    David Jones, who was a minister from 2016 until 2017 and campaigned for Brexit, added: "It’s a great shame that these documents have not been published sooner.”

    Video content

    Video caption: Tory MP David Jones says the no-deal Brexit documents should have been published earlier
  11. Boring Company asks for a tax break

    Boring Company

    Tech entrepreneur Elon Musk's third firm - Boring Company - which is focused on infrastructure and tunnel construction, has asked the US government for a tax break.

    In a letter dated 31 July that has been published on the website of the US Office of Trade Representative, the Boring Company has asked the Trump administration for a 12-month-long exclusion on tariffs placed on goods being imported from China, pertaining specifically to tunnelling machine parts.

    The request says that if the Boring Company is not able to get the parts it needs from China, and if it needs to pay higher taxes on those parts, then there will be a delay of between one to two years on the completion of a tunnel on the East Coast that will enable hyperloop maglev trains to run.

    The Boring company added that the tariffs would also lead to job losses in the sector, and actually serve to increase the US' reliance on Chinese manufacturing.

  12. Tesla shares down

    Tesla

    Shares in electric car company Tesla have dropped following the publication of Elon Musk's tearful interview with the New York Times today, as well as UBS analysts' declaring that Tesla could lose $6,000 on every base model due to higher costs for the powertrain.

    In the NYT interview, apart from discussing why he sent out a tweet stating that he wanted to take Tesla private, Elon Musk said that he has been working 120-hour-long weeks and that he spent the full 24 hours of his birthday in June working.

    Tesla shares have fallen 7.6% to $309.86.

  13. Lack of film roles 'for older women'

    Emma Thompson

    British Oscar-winning actress Emma Thompson, 59, has spoken out about the lack of big screen acting roles available for older women.

    She is starring in a new film called The Children Act as a family court judge.

    "Men don't have any problem with that," she said at the premiere of the film.

    "It's something that hasn't yet properly changed.

    "We are seeing some really good and interesting new roles, so one's got to be hopeful," she added.

  14. London closes flat

    London Stock Exchange

    London shares have ended flat, as the pound slipped against the euro, despite a modest rise against the dollar.

    The FTSE 100 closed just 2.2 points or 0.03% down to 7,558.59. Top of the losers was Chilean copper miner Antofagasta, which fell 2% to 826p as the strengthening dollar continued to impact commodities stocks this week.

    The FTSE 250 ended 18 points or 0.09% lower to 20,444.36. Another mining firm Kaz Minerals topped the losers, dropping an epic 13.8% to 483p after Credit Suisse downgraded its stock from "outperform" to "neutral".

  15. US imposes sanctions in Myanmar

    Rohingya Muslims fleeing Myanmar

    The US Treasury Department has announced that it is imposing sanctions on two military divisions in Myanmar and four individuals in relation to human rights abuses caused by the Rohingya crisis.

    “Burmese security forces have engaged in violent campaigns against ethnic minority communities across Burma, including ethnic cleansing, massacres, sexual assault, extrajudicial killings, and other serious human rights abuses," said Sigal Mandelker, Treasury Under Secretary for Terrorism and Financial Intelligence.

    "Treasury is sanctioning units and leaders overseeing this horrific behavior as part of a broader US government strategy to hold accountable those responsible for such wide scale human suffering.”

    The sanctions mean that the Treasury has warned US banks and businesses not to do business with the sanctioned individuals, as part of its role to combat corruption and human rights abuse.

    The sanctions also act to freeze the overseas assets of the affected Myanmarese individuals and to ban them from travelling to the US.

  16. How much does House of Fraser owe?

    House of Fraser

    This morning, administrators EY published a huge long list of all the hundreds of suppliers that are still owed money by House of Fraser since it collapsed.

    Total liabilities stand at £753.6m, while unsecured non-preferential claims will be about £484m.

    Here is a list of some of the largest creditors:

    • British luxury fashion company Mulberry is owed £2,411,570.17
    • UK fashion retailer All Saints is owed £1,776,969.87
    • Italian luxury fashion house Giorgio Armani is owed £1,590,849.62
    • British women's clothing retailer Karen Millen is owed £957,320.10
    • UK luxury clothing retailer Jigsaw is owed £440,471.25
  17. Model 3 'could lose $6,000 a car'

    Chris Johnston

    Business reporter, BBC News

    Tesla Model 3

    Poor Elon Musk just can't catch a break today... First he gives a frankly bizarre interview to the New York Times in which he says he definitely wasn't high when he sent the "take-private" tweet earlier this month.

    Now analysts at UBS says its Model 3 will not have better profit margins than a conventional BMW - and the company could actually lose $6,000 on every base model due to higher costs for the powertrain.

    Tesla is banking on its Model 3 to ensure future profitability. The base model is $35,000, but buyers can upgrade to a $49,000 version that has a longer range battery and high-end trim.

    UBS said the powertrain - a component crucial to Model 3's architecture - cost $950 more than a previous forecast.

    "While Tesla's powertrain was better than peers in terms of cost per kWh and performance, their lead was not as large as we would have expected," analyst Colin Langan said in a research note titled "Is Tesla Revolutionary or Evolutionary?"

    "With these economics, we expect the $35k base Model 3 to lose about $6k/car."

  18. Campbell Soup 'taps Goldman Sachs'

    Campbells Soup

    Troubled firm Campbell Soup has allegedly hired Goldman Sachs to manage the sale of some of its business units, so that it can pay down existing debts, according to CNBC.

    Campbell Soup acquired pretzel maker Snyder's Lance in March at a cost of $6.1bn, which caused its debt to almost triple.

    Deloitte and investment bank Centerview Partners are already advising the troubled canned food company to try to work out what went wrong.

    Due to this news, which came out in the last hour, shares in Campbell Soup have slipped 1.8% to $41.26.