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Live Reporting

By Dan Ascher

All times stated are UK

  1. Good night

    Off-air screen

    That's it for tonight on Business Live - thanks for reading. We'll be back bright and early at 06:00 tomorrow.

    Do join us then for all the latest breaking news and analysis.

  2. US markets close higher

    Shares in the US were trading higher as the closing bell rang on Wall Street, where traders are hoping the Federal Reserve will lay the groundwork for interest rate cuts in an announcement on Wednesday.

    The Dow Jones Industrial Average closed 23 points higher at 26,113. The tech-heavy Nasdaq gained 48 points to close at 7,845 and the S&P 500 was up 3 points at 2,890.

    Traders
  3. Boris Johnson plans HS2 review

    Boris Johnson

    Tory leadership hopeful, Boris Johnson, is planning an independent review of HS2 - the high-speed rail project linking London and the North - if he gets the keys to Number 10, according to the FT.

    Mr Johnson reportedly told a private meeting of Conservative constituency chairs that the cost of the £56bn project seemed to be “spiralling out of control”.

  4. Deutsche Bank to shrink US equities business

    Deutsche Bank sign

    Deutsche Bank is planning to dramatically scale back its US equities business to a skeleton operation, according to a Reuters report.

    The bank, which is Germany's biggest lender, considered leaving the American equities market altogether - but it decided to keep the unit to service corporate clients and the super wealthy.

    It is not known how many of the bank's 9,275 US staff will be affected by the decision, which is expected to be announced next month.

    Analysts at JP Morgan estimate that the unit loses between €200m and €300m (£179m-£268m) a year.

    Earlier, the FT reported that Deutsche planned to set up a €50bn 'bad bank' as part of a radical overhaul.

  5. New Patisserie Valerie owners put butter back in cakes

    Patisserie Valerie store

    Patisserie Valerie was in such dire straits that managers had ordered puff pastry be made from margarine rather than butter as a cost-cutting measure, its new owners have revealed.

    Causeway Capital bought the chain after it fell into administration following the discovery of a multi million-pound hole in its accounts.

    They plan to invest in the remaining 96 shops and boost online sales.

    Causeway also plans to revamp the menu and provide new uniforms for staff.

    Read more here.

  6. Deadline for claiming PPI compo is just weeks away

    Woman looks at form

    Have you claimed for being mis-sold PPI? Even if you haven't you can expect an increase in the number of annoying calls you get about claiming.

    That's because even though an eye-watering £35bn has been paid in compensation for mis-sold PPI so far, there is not long left to make a claim.

    UK banks and loan providers have been paying compensation, but they only have to consider claims made by 29 August.

    Read more here

  7. An electric Hummer?

    Hummer

    General Motors is reportedly considering reviving the Hummer, a gas-guzzling off-road vehicle that was designed for the military but adapted for the suburbs.

    However, according to a Bloomberg report, the revival - if it happens - would be electric.

    GM stopped making Hummers in 2009 after years of declining sales, partly driven by rising fuel costs.

    Bloomberg stressed that an electric Hummer was one of many ideas GM was considering and that it may never come to pass.

  8. Boeing: No plan to rebrand 737 Max

    737 Max

    Boeing has no plans to rename its 737 Max jet despite a news report that it was considering rebranding the plane following two fatal crashes.

    "Our immediate focus is the safe return of the Max to service and re-earning the trust of airlines and the traveling public," a spokesman said in a statement emailed to Reuters.

    "We remain open-minded to all input from customers and other stakeholders, but have no plans at this time to change the name of the 737 Max."

    Earlier, CNBC reported that a Boeing executive had suggested the firm was ready to look at changing the name, a move encouraged by US President Donald Trump.

  9. Buzzfeed staff stage walkout

    Buzzfeed screen

    Staff at BuzzFeed in the US are staging a strike to get the online news firm to recognise their union.

    Journalists in New York, Washington, Los Angeles and San Francisco walked out of their newsrooms on Monday afternoon, citing a list of gripes.

    "We have legitimate grievances about unfair pay disparities, mismanaged pivots and layoffs, weak benefits, skyrocketing health insurance costs, diversity, and more,” the BuzzFeed News Organizing Committee said.

    In January, BuzzFeed slashed 15% of jobs across the organisation amid tough trading conditions.

    It follows a similar strike at online peer Vox Media in June, which resulted in staff at that company winning union recognition.

  10. Asian tea craze helps Scottish ice cream firm to record sales

    Bubble tea

    A Scottish ice cream producer says its popularity in an East Asian drink is behind record sales of more than £15m.

    Mackie's of Scotland has seen growth of more than 100% in export sales to the region after its product became a popular ingredient in bubble tea.

    The sweet drink, which is mixed with tapicoa balls, is said to be a bit like an ice cream milkshake.

    Mackie's said its traditional ice cream, which has no vanilla, makes it perfect for the drink.

    Read more

  11. Labour says modified dryers should be recalled

    Labour has said the government should extend a proposed recall of Whirlpool tumble dryers to include machines that have already been modified to address safety concerns after a number of fires.

    "I am seriously concerned about the millions of modified Whirlpool products still in people's homes but whose owners have reported fires and faults despite the modifications," said shadow business minister Gill Furniss.

    Ms Furniss highlighted reports of owners of "fixed" tumble dryers saying these have "caught fire, produced smoke or the smell of burning".

    The government's business minister Kelly Tolhurst responded: "The protection of consumers, the safety of consumers and the safety of products placed on the market is of utmost importance to me and this government."

  12. Concerns over Whirlpool's 'straightness'

    Whirlpool logo

    MPs have been grilling the Business Minister, Kelly Tolhurst, over the government's planned recall of 500,000 faulty tumble dryers.

    Andy Slaughter MP raised concerns over the "straightness" of appliance maker Whirlpool.

    In 2016, a blaze destroyed a number of flats in a tower block in Mr Slaughter's Hammersmith constituency.

    He said Whirlpool had flouted the rules, adding: "Anything less than a recall now will be considered wholly inadequate."

  13. No change to Sotheby's strategy

    Patrick Drahi

    French telecoms billionaire, Patrick Drahi, has said he doesn't plan to sell any shares in his firm, Altice Europe, to fund a deal to buy auction house Sotheby's.

    "As the future owner, I have full confidence in Sotheby's management, and hence do not anticipate any change to the company's strategy," he said in a statement.

    "Management and their exceptional teams and talent around the world will continue to operate with my full support."

    "This investment will further demonstrate the anchoring of my family in the United States, a country where we have been very welcome since the successful acquisitions of Suddenlink in 2015, Cablevision in 2016 and just recently Cheddar," Mr Drahi added.

  14. KPMG to pay $50m penalty over exam fraud

    KPMG sign

    KPMG has agreed to pay a $50m penalty over allegations that some of its former staff used stolen data to alter audits and cheated on exams.

    The US markets regulator, the Securities and Exchange Commission, said the firm's accountants "engaged in shocking misconduct – literally stealing the exam" in a bid to hinder the accounting oversight board's ability to detect "audit deficiencies" at KPMG.

    KPMG admitted to the SEC's allegations and agreed to hire an independent consultant to look at the firm's ethics and integrity.

  15. Jet Airways unlikely to find a buyer

    The BBC's Sameer Hashmi reports

    Employees protest Jet Airways flight suspension
    Image caption: Last month, employees protested at a Mumbai airport over the airline's suspension of flights

    "After a prolonged struggle to revive the ailing airline, the lenders have run out of patience.

    Their decision to refer Jet Airways for insolvency is the final nail in its coffin.

    With liabilities of more than $4bn, the airline failed to attract any serious investors.

    Technically, it could still be sold to a new investor under the bankruptcy proceedings. However, given the size of its overall debt and liabilities, experts feel it's very unlikely to find any suitors.

    The bankruptcy proceeding will take time to complete, but the closure of Jet Airways marks a significant chapter in India's aviation history.

    During the course of its life it went on to become one of the most successful private carriers in the country. During its peak, Jet Airways used to operate on 600 domestic and 380 international routes with more 110 aircraft as part of its fleet."

    Read more here.

  16. US markets start the week with a gain

    Traders

    Shares in the US benefited from slight gains as markets opened this morning.

    The Dow Jones Industrial Average was trading up 17 points at 26,106. The tech-heavy Nasdaq gained 57 points to hit 7,854 in early morning trading and the S&P 500 added 6 points to trade at 2,893 first thing.

    Shares in Sotheby's were changing hands for $55.75, up 58%, after French businessman, Patrick Drahi, agreed to buy all the shares in the auction house for $57 each.