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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. British Steel to cut 400 jobs
  3. Russia raises interest rates
  4. Wetherspoons warns of rising costs
  5. Investec shares jump on spin-off plan
  6. Co-op reports strong food sales
  7. Church of England to keep Amazon shares

Live Reporting

By Daniel Thomas

All times stated are UK

  1. Good night

    That's it for another week on Business Live. We'll be back on Monday at 06:00 sharp - hope you'll join us then.

  2. Church of England keeps Amazon shares despite Welby criticism

    Archbishop Justin Welby

    The Church of England has said it will keep its shares in Amazon - a day after the Archbishop of Canterbury said the firm was "leeching off the taxpayer".

    The Church Times has revealed Amazon was among the 20 biggest global investments by the Church last year.

    A statement from the CofE said it considered the most effective way to seek change was to be "in the room with these companies" as a shareholder.

    Amazon has repeatedly said it pays all taxes required in the UK.

    Archbishop Justin Welby, in a speech to the Trades Union Congress on Wednesday, said: "When vast companies like Amazon and other online traders, the new industries, can get away with paying almost nothing in tax, there is something wrong with the tax system.

    "They don't pay a real living wage, so the taxpayer must support their workers with benefits."

  3. US stocks close flat

    US trader

    Wall Street has closed broadly flat following reports that US President Donald Trump has decided to impose another round of trade tariffs on China.

    The Dow Jones edged slightly higher on the day, closing up 8.68 points or 0.03% at 26,154.67.

    The brroader-based S&P 500 also gained marginally, rising 0.8 points or 0.03% to 2,904.98.

    However, the tech-focused Nasdaq closed slightly lower, shedding 3.67 points or 0.05% to 8,010.04.

  4. US retail sales growth slows

    Shoppers

    US retail sales recorded their smallest gain in six months in August as consumers cut back on purchases of cars and clothing.

    The Commerce Department said retail sales edged up 0.1% last month, the smallest rise since February.

    Despite the slowdown, consumer spending remains supported by a tightening labour market, which is steadily pushing up wages.

    Data for July was also revised higher, to show sales rising 0.7% instead of the previously reported 0.5% gain.

  5. Thousands gather to mourn Fiat Chrysler's Marchionne

    Sergio Marchionne

    The home of Fiat bid farewell on Friday to Sergio Marchionne, the late head of the Italian car giant and US Chrysler.

    The Italian-Canadian chief executive died in July, aged 66, after succumbing to complications from surgery, ending a 14-year career at the wheel of Fiat and later Fiat Chrysler Automobiles (FCA).

    On Friday, more than 2,000 people - including the public, FCA workers, politicians, and corporate executives - gathered in a packed Turin cathedral for a memorial service to honour the man.

    Pirelli boss Marco Tronchetti Provera and former Italian Prime Minister Matteo Renzi also attended.

    Marchionne achieved what many thought impossible, after overseeing the merger between the then-ailing Fiat with bankrupt US rival Chrysler.

    It is now the world's seventh-largest carmaker and is debt-free.

  6. FCA bans jailed trader from working in City

    Deutsche Bank

    Britain's Financial Conduct Authority has banned a jailed Deutsche Bank trader from working in the City.

    Mr Bittar was sentenced to five years and four months in March after pleading guilty for plotting to rig global Euribor interest rates.

    The FCA would have sought a financial penalty of £6.5m pounds but waived this as Mr Bittar had already returned over £3m.

    However, on Friday, Mark Steward, director of enforcement and market oversight at the FCA said: "As it is, we have prohibited him from performing any regulated function, reinforcing the message of the criminal court."

  7. US stocks turn negative on tariff rumours

    The main US share indexes have gone into reverse after reports Donald Trump has decided to move forward with a new round of trade tariffs on Chinese goods.

    After opening higher earlier, the Dow Jones, S&P 500 and Nasdaq indexes are all down by 0.2%.

  8. More China tariffs in the offing

    This photo taken on August 7, 2018 shows workers unloading bags of chemicals at a port in Zhangjiagang in China's eastern Jiangsu province

    US President Donald Trump has instructed staff to move forward with the next round of tariffs on Chinese goods, Bloomberg News is reporting.

    The outlet says a formal announcement has been delayed as the administration tweaks the final list of products.

    The move follows the end of the review period and had been expected. Mr Trump said previously they would happen "soon".

    However, some in the administration are still trying to restart talks between the two economic giants to defuse the stand-off.

  9. FTSE 100 closes higher

    The London market ended the day higher at 7,304.04 points, a gain of 22.47 points.

    The top riser was travel agent TUI, which climbed 3.8%, followed by Burberry, up 3.4%, and Rolls Royce, 2.7% higher.

  10. Strawberry needle scare: Contamination affects six brands in Australia

    Strawberries

    Australians have been warned to cut fresh strawberries before biting into them after several people found sewing needles hidden inside the fruit.

    Contaminated punnets have been reported in supermarkets in the states of New South Wales, Queensland and Victoria.

    One man was taken to hospital after eating a strawberry with a needle inside. A nine-year old boy bit into a contaminated fruit but did not swallow.

    Several brands of strawberries have been withdrawn.

    Read more

  11. The next downturn is '2-3 years away'

    BBC business producer tweets...

    Ray Dalio is a big name in Wall St and the hedge fund manager has some gloomy predictions. He believes we haven't really learned our lessons from the 2008 financial crisis and told Talking Business that the next downturn is just two to three years away.

    View more on twitter
  12. Oil price slips

    Oil pump

    The price of oil has fallen for the second day running after jumping earlier this week.

    Fears US sanctions on Iran would squeeze global supply had pushed up prices in the first half of the week. But comments from US Energy Secretary Rick Perry praising Saudi Arabia and Russia for trying to prevent a global price spike capped the gains.

    Brent Crude fell by 2% a barrel on Thursday and is down 0.4% today.

  13. Damien Hirst to lay off 50 staff

    Damien Hirst

    Damien Hirst is making 50 staff at his company Science redundant across its London and Gloucestershire locations.

    A spokesman for the company told Press Association: "These changes are not driven by a need to reduce costs but by [Damian's] desire to cut the corporate elements of the business to get back to a simpler way of working focusing on his art."

    Sources close to the company said the redundancies would help to scale back some parts of the business but invest in others.

    Science is a holding company for all the ventures and projects related to Mr Hirst's artworks, including the Newport Street Gallery in Vauxhall.

    New research from Artnet showed on Wednesday that all but two of his 19 works resold publicly in the last decade have fallen in value.

  14. Arriva trains in U-turn over lost property policy

    Aviva trains

    Arriva Trains Wales has been forced into an embarrassing U-turn, after it emerged it was charging people who had lost their wallets 10% of the cash found to get their property back.

    Passenger Adam Howells raised the alarm on Twitter after the train firm made him pay the charge, plus a £2 refund fee.

    After a backlash the train company relented and it has now promised to change its rules, as well as refund Mr Howells.

    A spokeswoman said: “In this instance we are happy to refund the percentage that was charged to the customer who brought this to our attention.

    “We are happy to begin the process of reviewing the lost property policy with customer groups and rail industry regulatory bodies.”

    View more on twitter
  15. Can health services handle the Apple Watch?

    Dave Lee

    North America technology reporter

    Apple watch

    When Apple announced two major new healthcare features this week, it billed them both as terrific innovations that may well keep us alive.

    Later this year, its Watch will be able to automatically call emergency services if it detects you have suffered a fall and are no longer moving. And it will also let you know if you have heart problems and should perhaps visit your doctor as soon as possible.

    Other devices have offered similar functions in the past, albeit in less elegantly presented gadgets. But with an estimated 50 million Apple Watches out there already, there are concerns about the pressures it may bring to already-strained healthcare systems.

    The result may be even more calls to emergency services and, according to one of Britain’s leading surgeons, a new wave of technology-driven hypochondria.

    Read more

  16. YouTube nursery-rhyme channel with billions of views sold

    Little Baby Bum

    One of the most popular YouTube channels in the world, which features animated nursery rhymes, has been sold.

    Little Baby Bum was founded by a London-based couple in 2011 and has racked up 17.5 billion views in its time.

    It was bought by a firm called Moonbug for an undisclosed sum, asfirst reported by Bloomberg.

    Informed industry-watchers think the agency may well have paid several million pounds for the YouTube channel.

    Read more