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Live Reporting

By Mary-Ann Russon

All times stated are UK

  1. Good night

    BBC testcard

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

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

  2. Union says BEIS contract workers to strike

    View more on twitter

    Contract workers at the Department for Business, Energy and Industrial Strategy (BEIS) are to strike on 15 July, according to the Public and Commercial Services union (PCS), which says they have vowed not to return to work until BEIS and the contractors improve pay and terms and conditions.

    They are demanding the London Living Wage – £10.55 an hour - working conditions equivalent to civil servants, and ultimately an end to the BEIS’s policy of outsourcing.

    It is an escalation of action that been taking place for six months, PCS said.

    The BBC spoke to strikers outside BEIS last month.

    A BEIS spokesperson said: "We value all of our staff at BEIS and our priority is to ensure they receive a fair wage for their hard work, whether directly employed or working for our contractors. This is why we ensured that our contractors aligned the pay of cleaning, catering, mail room and security staff to the median rates for those occupations as identified in the 2018 annual survey of hours and earnings.”

  3. Next PM urged to launch Saudi arms inquiry

    Theresa May meeting Crown Prince Mohammed bin Salman
    Image caption: Theresa May met Crown Prince Mohammed bin Salman at the G20 last week

    UK opposition leaders are calling on the next prime minister to launch an inquiry into the sale of arms to Saudi Arabia.

    In a letter to the two Tory contenders - Boris Johnson and Jeremy Hunt - the leaders accused the pair of a "lack of moral leadership" on the issue.

    It is signed by Labour's Jeremy Corbyn, the SNP's Ian Blackford, the Lib Dems' Sir Vince Cable, Plaid Cymru's Liz Saville Roberts and Green MP Caroline Lucas.

    Saudi Arabia is currently engaged in the war in Yemen.

  4. Well Fargo responds to Ireland penalty

    Wells Fargo

    Further to the news that US bank Wells Fargo has received the second largest fine that Ireland's Central Bank has ever handed out.

    Wells Fargo has issued the BBC with a statement: “WFBI takes its regulatory obligations seriously and we are committed to complying fully with regulatory requirements

    "These events concerned regulatory reporting and did not affect our customers. We have made significant improvements to our systems, processes and resources for regulatory reporting to the Central Bank of Ireland (CBI) since these events.

    "We have also integrated continuous review and improvement into how we operate to ensure that our regulatory reporting to the CBI continues to be complete, timely and accurate.”

  5. Jaguar XJ to go electric

    Video content

    Video caption: Jaguar's 50-year old XJ model to be electric-powered

    The Jaguar XJ is to become an electric-powered car - after 50 years running on petrol or diesel.

    Jaguar Land Rover is facing flagging sales and says going electric is vital to its recovery strategy.

  6. Welsh Water boss to retire

    water bottles

    Chris Jones, the chief executive of Dŵr Cymru Welsh Water, is retiring at the end of March 2020.

    He will be replaced by Peter Perry, currently managing director.

    Mr Jones, together with Nigel Annett, established Glas Cymru as a "not-for-profit" company in April 2000 with the sole purpose of acquiring Welsh Water.

  7. Scot accused of Nasdaq fraud loses extradition case

    James Craig

    A Scottish man wanted by US authorities over his alleged involvement in a £1.1m shares scam has lost his legal bid to avoid extradition.

    James Craig, 65, of Dunragit near Stranraer, is accused of using Twitter to distort prices on the Nasdaq exchange in January 2013.

    A sheriff has now ruled that it would be lawful to extradite him to the US.

    A Crown Office spokesman said the Scottish government now had two months to decide whether to authorise it.

  8. London ends lower

    London Stock Exchange

    London shares have ended lower, weighed down by a drop in homebuilder shares, as well as US employment data dashing hopes of the Federal Reserve cutting interest rates sharply.

    The FTSE 100 closed 50.4 points or 0.7% down to 7,553.14. Top of the losers was mining giant Rio Tinto, falling 3.8% to £47.23.

    The FTSE 250 ended 142.3 points or 0.7% lower to 19,655.27. Polymers specialist Victrex heads the losers, dropping 7.9% to £19.95 after Peel Hunt's analysts downgraded its stock to "hold".

  9. Trump still wants interest rates cut

    Donald Trump

    The US President Donald Trump has told reporters that he still wants the US Federal Reserve to lower interest rates, because he feels this would further boost the economy.

    President Trump has repeatedly criticised the central bank and its chairman Jerome Powell, asking that interest rates be kept low, after interest rates were raised four times since Mr Powell started in February 2018.

    Mr Trump called for the Fed to restart quantitative easing (QE), a practice where a central bank pumps money into the economy through buying assets such as government bonds.

    QE was launched in the US in 2008 amid the financial downturn and the great recession. The Fed stopped it in 2014 and is running down the assets it bought during that time.

  10. Trump's 1775 'airport' takeover error mocked

    President Donald Trump and first lady Melania Trump take the stage on July 04, 2019 in Washington.

    A speech by the president of the United States will always get attention, especially on 4 July.

    But Donald Trump's 2019 address to mark America's Independence Day has been flying around on social media more than usual.

    During the address in Washington DC, Mr Trump suggested the Continental Army "took over the airports" during the revolutionary war against Britain in the late 18th Century.

    It's not clear exactly what Mr Trump was referring to.The first successful plane to take flight was the Wright Flyer, in the US, in 1903 - more than 100 years later.

  11. Wall Street now lower

    New York Stock Exchange

    Wall Street stocks have opened lower and are still heading downwards, after strong jobs data dashed hopes that the US Federal Reserve could cut interest rates later this month.

    The Dow Jones Industrial Average is now 155.3 points or 0.6% lower to 26,810.74. Top of the losers is Intel, falling 2% to $47.51, despite a survey showing it is gaining CPU market share from rival AMD.

    The S&P 500 is now 18.2 points or 0.6% down to 2,977.82. Video game giant Electronic Arts heads the losers, dropping 5.8% to $92.47.

    And finally, the tech-heavy Nasdaq has fallen 63.3 points or 0.8% to 8,107.19. The losers are topped by Electronic Arts, followed by another big video game maker Activision Blizzard, which is down 3.2% to $47.10.

  12. JLR: SMMT calls for giga-scale battery production

    workers at a Juguar Land Rover factory
    Quote Message: Today’s news is a huge boost for the UK motor industry and reaffirms Britain’s potential to become a global leader in zero emission technologies. To realise this, however, we need the right conditions to encourage more manufacturers to invest, innovate and sell competitively, including massive infrastructure investment and long-term support and incentives for consumers. When it comes to automotive supply, distance matters and securing significant giga-scale battery production here in the UK will be essential to future-proof this sector from Mike Hawes chief executive, Society of Motor Manufacturers and Traders (SMMT)
    Mike Haweschief executive, Society of Motor Manufacturers and Traders (SMMT)
  13. Bids made on British Steel

    British Steel smelting worker

    British Steel's future is still hanging in the balance as the Official Receiver mulls over around 10 offers for all or part of the troubled business.

    The Receiver has issued a statement: “I am encouraged by the level of interest shown in purchasing British Steel. After reviewing all the bids received I am now in further discussions with the potential buyers who have made the most viable offers for the business.

    "Due to the complicated nature of the business I expect any potential sale will take time to deliver. While these commercial negotiations continue British Steel continues to trade and supply its customers as normal.”

    British Steel was placed in compulsory liquidation in May. The firm's owner, Greybull Capital, failed to secure financial support from the government after claiming it faced a number of Brexit-related issues.

    Network Rail has bid to buy part of British Steel - division responsible for the welding, finishing and storing of rails for the UK's train network.

  14. Good afternoon

    Wahab Riaz of Pakistan and Tamim Iqbal of Bangladesh speak during the Group Stage match of the ICC Cricket World Cup 2019 in London

    Thanks Jill and Dearbail 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.

    Pictured today are Wahab Riaz of Pakistan and Tamim Iqbal of Bangladesh, during the Group Stage match of the ICC Cricket World Cup 2019 in London.

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

  15. Investors breathe a sigh of relief...for now

    Richard Flynn, UK managing director at Charles Schwab, says that while the better than expected US job figures will cool fears of a recession, he says: "Investors still face uncertainty around slowing global economic growth and an ongoing US-China trade war, despite assurances at the G20 that talks would resume."

    He says: “Equity markets may have breathed a sigh of relief for now, but this is by no means the end of the trade war drama.

    "A highly anticipated interest rate cut later this month could result in a welcome spike in borrowing and business investment, but the burning question is whether the Fed has sufficient ammunition to offset a slowdown, if and when it arrives.”

  16. BreakingUS adds more jobs than expected in June

    Jobs sign

    US companies created 224,000 new jobs in June according to the US Bureau of Labor Statistics, ahead of forecasts for 160,000.

    It compares to the 75,000 new jobs created in May.

    The unemployment rate for last month remained at 3.7%.

    However, average earnings rose by 0.2% month-on-month compared to expectations for a 0.3% rise.