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Live Reporting

By Mary-Ann Russon

All times stated are UK

  1. Good night

    BBC testcard

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

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

  2. Woodford to cut jobs following fund suspension

    Asset manager Neil Woodford

    British asset manager Woodford has announced that it is intending to cut staff at its headquarters in Oxford.

    There are currently 45 employees at this office but Woodford has not confirmed how many jobs are at stake.

    Woodford's largest fund suspended trading on 3 June, and withdrawals were frozen after rising numbers of investors asked for their money back.

    The Equity Income Fund is still locked, meaning investors still cannot access their money.

    At its peak, the Woodford Equity Income Fund managed £10.2bn worth of assets, such as local authority pension funds.

    However, far from uniquely, this was followed by struggles in the last couple of years.

    As a result, the fund has brought very little return for investors who have been in it throughout. Figures from FE Analytics show the fund has made a total return of 0.36% since its launch.

  3. Facebook, Instagram and WhatsApp hit by photo glitch

    Facebook logo on smartphone

    Some Facebook, Instagram and WhatsApp users cannot upload photos, videos and files.

    Facebook, which owns all three apps, said it was aware of the issue and was "working to get things back to normal as quickly as possible".

    The company's main social network, its two messaging apps and image-sharing site Instagram have billions of users.

    Rival platform Twitter also had issues, with some users not able to send direct messages or receive notifications.

  4. Boeing offer 'appears disingenous'

    Families crying at a mass funeral for the victims of the Ethiopian Airlines crash

    Earlier Boeing announced that it was giving $100m (£80m) to help families affected by the two crashes of the company's 737 Max planes in Indonesia and Ethiopia.

    But a law firm representing 23 families who lost loved ones in the Ethiopian Airlines crash say they are not interested in Boeing’s money at this stage.

    “This type of offer so early in the litigation process is unprecedented. Because there is still so much to learn about what occurred, it also appears to be disingenuous," said Robert A Clifford.

    "The fact is that what is foremost on the minds of these families is getting back the human remains from the crash site. To date that process has been torturously slow without a great deal of communication from Ethiopia. If Boeing really wanted to help, it would take all that money and devote it to accelerating the remains recovery/identification process for these families.

    “The families also want to see the necessary money spent on making the 737 Max 8 plane safe. If that means a complete redesign and recertification of the Max 8, so be it. Putting a mere few weeks into fixing a software system is not the answer."

  5. Thousands 'not showing up' for MOT tests

    A mechanic fixes a car

    More than 2,000 motorists across Northern Ireland failed to turn up for their MOT tests in June, despite public anger over test backlogs.

    There were 2,300 missed appointments last month, according to the Department for Infrastructure.

    At £30.50 per car per test, that is a potential loss to drivers of more than £70,000.

    It comes as some motorists argue that backlogs mean they cannot book a slot before their MOT certificate expires.

  6. Netflix announces UK operation at Shepperton

    Russell Crowe starred in the 2000 Ridley Scott movie, Gladiator

    Netflix has announced it's taking a long-term lease on Shepperton Film Studios near London.

    Its plan is to create a dedicated UK production hub, including 14 sound stages, workshops and office space at the site owned by the Pinewood Group.

    Major films including Gladiator, 2001: A Space Odyssey, and Mamma Mia!: Here We Go Again have used the facilities.

    Filming on Netflix's action film The Old Guard, starring Charlize Theron, is already underway at the studio.

  7. Wall Street closes higher

    Wall Street

    Wall Street stocks have ended at record highs on Wednesday - a few hours earlier than usual ahead of the Fourth of July Independence Day celebrations in the US tomorrow.

    US President Donald Trump has been particularly pleased about the markets on Twitter.

    The Dow Jones Industrial Average ended 248.6 points or 0.9% ahead to 26,966.00, led by consumer goods giant Procter & Gamble, which rose 2.3% to $114.08.

    The S&P 500 closed 22.8 points or 0.8% higher to 2,995.81. Top of the winners was cyber-security firm Symantec, which jumped 13.6% to $25.10 following media reports that US chipmaker Broadcom is in "advanced talks" to acquire Symantec.

    And finally, the tech-heavy Nasdaq finished 61.1 points or 0.8% up to 8,170.23. Symantec heads the winners, followed by Tesla, which climbed 4.6% to $234.90 after the electric car company reported a record second quarter for deliveries by sending out 95,200 vehicles.

  8. New Kop stand at heart of Wrexham master plan

    Racecourse ground, Wrexham

    A new conference venue and 5,000-seat Kop end stand at Wrexham's Racecourse football ground are at the centre of a new master plan unveiled for the town.

    A four-star hotel is also planned and Wrexham General railway station's role as a transport hub would be boosted.

    Wrexham council leader Mark Pritchard said the aim was to regenerate Mold Road, a major route into the town.

    The Welsh Government, football club and Glyndwr University all back the plan although funding has yet to be agreed.

  9. Festival changes policy following BBC coverage

    Janelle Monae on stage at Glastonbury 2019

    A disabled R&B fan has been guaranteed a seat to see one of her favourite acts after being warned she may have to stand.

    Virginie Assal had bought a seated ticket months ago to see Janelle Monae perform at Castlefield Bowl at the Manchester International Festival (MIF).

    But she found out a week ago her place had become "first come, first served".

    However, after the BBC reported her story on Tuesday, MIF apologised. It clarified that Ms Assal would be guaranteed a seat. It was sorry if the advice given was "at any point was confusing".

    Ms Assal received the reassuring news in an email on Tuesday evening from MIF's chief executive, John McGrath.

  10. London closes higher

    London Stock Exchange

    London shares have ended higher, boosted by positive US stocks, which are climbing despite weaker jobs data. The indexes also seem to have been unaffected by lower-than-expected services data for June.

    The FTSE 100 closed 50.1 points or 0.7% up to 7,609.32, led by bookmakers Flutter Entertainment, which has jumped 11.6% to £68.44 on speculation of a possible buyout.

    The FTSE 250 ended 131.5 points or 0.7% ahead to 19,790.83. Top of the winners is Sophos Group, which climbed 8.2% to 423.1p, after JP Morgan analysts upgraded its shares from a "neutral" rating to an "overweight" rating.

  11. BreakingBoeing gives $100m to help 737 Max victims

    Boeing logo

    Boeing has announced a multi-year payout of $100m to local governments and non-profit organisations helping families of the two fatal 737 Max crashes, which killed 346 people.

    The payout is is independent of lawsuits filed in the wake of the crashes, according to Boeing.

    "We at Boeing are sorry for the tragic loss of lives in both of these accidents and these lives lost will continue to weigh heavily on our hearts and on our minds for years to come," said Boeing's chairman, president and chief executive Dennis Muilenburg.

    "The families and loved ones of those on board have our deepest sympathies, and we hope this initial outreach can help bring them comfort.

    "We know every person who steps aboard one of our airplanes places their trust in us. We are focused on re-earning that trust and confidence from our customers and the flying public in the months ahead."

  12. Fashion designer-UAE sheikh dies at 39

    Sheikh Khalid bin Sultan Al Qasimi,

    A crown prince from the United Arab Emirates has died in London, the country's authorities have announced.

    Sheikh Khalid bin Sultan Al Qasimi, 39, died on Monday. London police say his death is being treated as unexplained.

    Son of the ruler of the emirate of Sharjah, he had worked as a designer at fashion label Qasimi.

  13. Bitcoin's global energy use 'equals Switzerland'

    Chart of country rankings

    Bitcoin uses as much energy as the whole of Switzerland,a new online tool from the University of Cambridge shows.

    The tool makes it easier to see how the crypto-currency network's energy usage compares with other entities.

    However, one expert argued that it was the crypto-currency's carbon footprint that really mattered.

    Currently, the tool estimates that Bitcoin is using around seven gigawatts of electricity, equal to 0.21% of the world's supply.


    Read full story here

  14. World's largest cannabis producer fires boss over losses

    Bruce Linton

    Canadian firm Canopy Growth Corp, the world's largest producer of cannabis and supplier of medical cannabis to the NHS, has fired one of its top bosses after complaints from its largest shareholder.

    Canopy's founder and co-chief executive Bruce Linton told CNBC that his role was "terminated" and he was given an exit package after the board of directors called a meeting .

    The termination is apparently linked to complaints by Canopy's largest shareholder beer, wine and spirits maker Constellation Brands over a series of losses - in the fourth quarter Canopy reported a net loss of $323m Canadian dollars (£196.5m) due to increased investments in expanding the business.

    In late May, Canopy announced that it was purchasing British beauty brand This Works for £43m in order to help it launch CBD-related projects in the UK.

    Mr Linton is credited with founding Canopy in 2013 and growing its customer base, with help from partnerships with celebrities like Snoop Dogg and Martha Stewart, as well as gaining investment from backers and taking the company public.

    His co-chief executive Mark Zekulin wioll remain as sole boss of the cannabis maker.

    Canopy's shares are now down 1.9% to $39.32.

  15. Tech giant chief doused with water

    Baidu co-founder Robin Li wet on-stage after the incident

    The chief executive of Chinese tech giant Baidu has been doused with water during a speech about artificial intelligence (AI).

    Robin Li, co-founder of the firm, was mid-presentation when a man walked on to the stage, grabbed his arm and emptied a bottle of water on his head.

    The incident happened at the Baidu Create 2019 conference in Beijing.

    Among the announcements was the news that the firm's smart speaker can now be activated without a "wake word".

  16. Wall Street opens slightly higher

    The New York Stock Exchange

    Wall Street has opened slightly higher, boosted by healthcare stocks, amidst bets that interest rates could be cut in the US due to continuing trade tensions.

    In early trade, the Dow Jones Industrial Average is 128.8 points or 0.5% up to 26,846.26.

    The S&P 500 is 8.7 points or 0.3% ahead to 2,973.01.

    And finally, the tech-heavy Nasdaq is 24.8 points or 0.3% higher to 8,133.87.

  17. Good afternoon

    Karolina Pliskova of the Czech Republic

    Thanks Bill and Dan for this morning's live coverage of all things business.

    Mary-Ann Russon with you until 21:30 for the rest of the day's news and views.

    Picture is Karolina Pliskova of the Czech Republic, playing a forehand in her Ladies' Singles second round match against Monica Puig of Puerto Rico during Day three of The Championships at Wimbledon in London.

    It has just been announced that Ms Pliskova has beat Ms Puig 0-6 4-6 and will go onto the third round.

    Got a point of view? You can tweet me at @concertina226 and @BBCBusiness.