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Live Reporting

By Dearbail Jordan and 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 06:00 on Monday.

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

  2. Wall Street trading higher

    Wall Street traders

    Wall Street shares have continued to trade higher.

    The Dow Jones Industrial Average is now 1.1% higher to 25,853.84, the S&P 500 is 1.4% ahead to 2,886.23, and the Nasdaq is up 1.5% to 7,885.52.

  3. Unite votes for industrial action at Diageo

    Scottish trade minister Ivan McKee visiting Diageo's Leven plant this week
    Image caption: Scottish trade minister Ivan McKee visiting Diageo's Leven plant this week

    Members of the Unite union who work for Scottish spirits maker Diago at its Leven, Cameron Bridge and Shieldhall plants have voted for industrial action, the union has announced.

    In July, Unite said its members voted by 95% to reject the company's "insulting" offer of a 2.5% pay increase.

    At the time, Diageo said it was open to continuing talks with both Unite and the GMB union to secure an "acceptable resolution".

    “Unite has received a clear and strong mandate for industrial action from our membership in Diageo’s largest distilling and bottling plants in Scotland. The recent announcement in July of an increase in pre-tax profits to £4.2bn alongside Diageo’s refusal to give a fair pay award has rightly infuriated the workers," said Unite regional industrial officer Bob MacGregor.

    "Unite would urge Diageo to get back round the negotiating table with a new offer which fairly rewards its workers who have earned these massive profits for the company. If they do not, then Diageo’s operations will needlessly grind to a halt in the coming weeks.”

  4. ATMs becomes latest tool for Hong Kong protesters

    Victoria Craig

    BBC business reporter

    An image being shared among Hong Kong protestors
    Image caption: An image being shared among Hong Kong protestors

    Participants in Hong Kong’s pro-democracy rallies are finding new ways to express their displeasure with China’s attempt to grab power back from the semi-autonomous city. This week, they’ve turned to ATMs.

    Messages with #816CashOut have been floating around social media and passed on through WhatsApp groups urged people to take money out of their account, put them in an offshore account or exchange their Hong Kong dollars for US dollars.

    One protestor who owns a business in Hong Kong, told the BBC’s US radio programme, Marketplace Morning Report, that he’s trying everything he can to get China’s attention.

    “Everyone knows the success of the movement is not relying on one group or one hero to do big things, but everyone doing little things to pressure the government…I’ve been to the cash machine today and was withdrawing money two days ago.”

    Hong Kong’s economy contracted 0.4% in the second quarter and a stimulus package was unveiled on Thursday.

  5. Could Trump actually buy Greenland?

    Greenland

    US President Donald Trump is said to have discussed the idea of purchasing Greenland, an autonomous Danish territory, during dinners and meetings with advisers.

    Apparently, such a transaction is unlikely to happen today, but back in 1800s and early 1900s, countries could acquire territory through business deals.

    However, law professor Joseph Blocher wrote in 2012 that the "market for sovereign territory seems to have dried up".

    "To be sure, there is still an active market for proprietary interests in public land... But borders - sovereign territory, rather than property - do not seem to be for sale."

    "Sovereign territory was bought and sold throughout much of American history... But no such market currently exists," he wrote in his paper Selling State Borders.

    As for Greenland itself, the territory has said that purchasing it would be out of the question.

  6. Jimmy Kimmel show fined $395,000 over presidential alert skit

    Presidential alert text message

    ABC talk show Jimmy Kimmel Live! has been fined $395,000 (£326,000) for mimicking a presidential emergency mobile alert on the programme, a US regulator has said.

    The show replicated the alert tone three times, which is illegal, during a sketch mocking the warning system.

    On the same day the programme aired, 3 October last year, the alert was officially tested nationwide.

    As part of the trial, more than 200 million US mobile phones received a test "Presidential Alert" notification.

  7. Wall Street opens higher

    Wall Street

    Wall Street shares have opened higher due to gains in technology stocks and China's plans to boost economic growth, as investor fears over an impending recession due to inverted bond yield curves eased.

    The Dow Jones Industrial Average is now 159.6 points or 0.6% ahead to 25,738.94, led by Caterpillar, which rose 2.2% to 117.8p. On Thursday, Stephens recommended to sell the stock, due to fears of a global economic slowdown.

    The S&P 500 is now 24.2 points or 0.9% up to 2,871.73. Top of the winners is chipmaker Nvidia, which climbed 7.8% to $160.33 after reporting second quarter revenues and profits that were better than analysts expected.

    And finally, the tech-heavy Nasdaq is now 84.4 points or 1% higher to 7,850.9. Nvidia heads the winners, followed by Micron Technology, which rose 2.9% to $43.48 after opening an expanded semiconductor chip plant in Singapore on Friday.

  8. US house construction fell in July

    Homes being built in California

    Latest figures from the US Commerce Department show that the number of houses under construction fell by 4% in July.

    There was a 17.2% drop in the construction of new flats, while the building of new single-family homes edged 1.3% higher.

    Although mortgage rates have been declining in the US this year, the stats seem to suggest that demand for new homes has decreased.

  9. When Leonardo DiCaprio got fired and Brad Pitt almost did

    Video content

    Video caption: Once Upon a Time In Hollywood: Leonardo Dicaprio and Brad Pitt share early career stories

    The latest film from Quentin Tarantino, Once Upon A Time In Hollywood, has two of the world's biggest male stars in lead roles - Leonardo DiCaprio and Brad Pitt.

    The film follows the close relationship between a struggling actor in 1960s Los Angeles and his stunt double.

    Ahead of its UK release this week, the pair sat down with BBC Breakfast's Charlie Stayt to discuss getting fired, and almost getting fired, during the early days of their careers.

  10. 'How I lost £25,000 when my cryptocurrency was stolen'

    Monty Munford

    It's bad enough realising that somebody's nicked £25,000 of your hard-earned cash. It's even worse when you realise there's little chance of getting it back.

    This is the story of how I got my fingers burned in the murky of world of cryptocurrency investment.

    Be warned.

    After a decade as a tech journalist, I liked to describe myself as a "lunchtime-adopter", somebody who acted faster than many, but would never be as smart as the early adopters.

    So it was with cryptocurrencies. I had heard about Bitcoin, but it was one of those technologies where I nodded my head sagely whenever I was in the same room with those talking about it.

  11. Google Play app store accused of anti-gay bias

    Google logo and app

    A popular gay social network has accused Google of discrimination after its app was removed from Google's Play store several times without warning.

    Hornet said Google often employed moderators in Malaysia, where same-sex relationships are illegal, to vet apps.

    A rival gay dating app told the BBC that it had also been blocked globally by moderators based in the country.

    Google said it did not comment on individual apps but denied that the company was anti-LGBT.

    Read more here

  12. European stocks in positive territory

    The FTSE 100 remains in positive territory - despite this morning's shaky start - and is up 0.58% at 7,107.76.

    Meanwhile, the FTSE 250 is ahead 0.36% at 18,707.89.

    France's CAC-40 index is trading 1% higher at 5,293.78 while in Germany the DAX is also 1% ahead at 11,527.57.

  13. 'I don't want to struggle with the mortgage'

    Ian Rutter

    Ian Rutter is a healthcare worker at a hospital in Harrogate, and he is very worried about the economic effects of Brexit.

    So much so, he has taken on more weekend agency work to set money aside, and has cut his spending.

    With the prospect of a no-deal Brexit and increased trade tensions with the US, along with recession warning signs in other economies, he believes the UK economy is "almost heading for the perfect storm".

    "Jacob Rees-Mogg [the Brexit-supporting leader of the House of Commons] has said we will be better off in 50 years time. I'll be dead in 50 years time, I'd rather be better off tomorrow," Mr Rutter says.

  14. Ryanair seeks injunction to stop pilots' strike

    Ryanair aeroplanes

    Ryanair is to go to the High Court to seek an injunction to prevent its Irish pilots from going on strike next week, according to RTE.

    About 180 Ryanair pilots based in Ireland are to strike on Thursday 22 and Friday 23 August.

    The move comes after 94% of members of the Irish Air Line Pilots' Association (IALPA) voted in favour of strike action earlier this month.

    Ms Justice Carmel Stewart will deal with Ryanair's application later today.

  15. PwC wins Northern Rock contract

    Northern Rock

    There's an interesting story in the Financial Times this morning about the fact that PwC has been awarded a £16.5m contract to manage the government's remaining assets in Northern Rock despite the accountancy firm being accused of complacency in its audits of the bank when it collapsed in 2007.

    PwC was criticised for failing to highlight the riskiness of Northern Rock's business model, the failure of which sparked the first run on a UK bank in 150 years and led to a government rescue.

  16. Oil prices climb on a 'bright spot' for the US

    Oil field

    Oil prices rose strongly on Friday after stronger retail sales during July salved concerns that the world's biggest economy is heading for a slowdown.

    Brent crude rose by 1.75% to $59.25 a barrel while West Texas Intermediate increased by 1.67% to $55.38.

    Data released on Thursday showed that retail sales rose by 0.7% last month.

    Jeffrey Halley, senior market analyst at OANDA, said: "The rebound has a corrective look about it on thin volumes, rather than a beachhead for an impending rebound."

    But he said: "Overall, US data continues to be a bright spot in a dark economic universe."

  17. British Steel workers 'must not be an afterthought'

    British Steel plant at Scunthorpe

    Ross Murdoch, national officer at GMB, the union for British Steel workers, warned the company's potential new owner - the Turkish army pension fund - that "dedicated and loyal workforce must not be an afterthought amidst all of the speculation".

    He said: "Our members are staring redundancy in the face as uncertainty continues to hang over the company.

    "“GMB looks forward to engaging with the new management as soon as it is established to ensure direct employment protection and decent terms and conditions for the workers who have been put in this position through no fault of their own."

  18. Have conventions become cool?

    BeautyCon Los Angeles 2019
    Image caption: BeautyCon Los Angeles 2019

    Instagram booths, endless glitter, top influencers and limited edition Air Jordans - welcome to the new era of conventions.

    Over the last decade they've become a big way of connecting enormous digital communities in real life.

    From sampling the latest make-up at Beautycon to buying the rarest trainers at SneakerCon, these meet-ups are getting bigger and bigger.

    And what might've started off in the US is spreading across the globe with big cities wanting to host their own versions of popular conventions.

  19. Kaz recovers to lead FTSE 250 risers

    Raw copper ore

    London stocks continue to trade higher after a technical glitch delayed the open.

    The FTSE 100 is 0.4% ahead at 7,093.98. Top of the risers is United Arab Emirates-based healthcare chain NMC Health, rising 2.5% to £18.56. Last week, the firm's share price slumped after it was mistakenly caught up in the fall-out of Muddy Waters' attack on litigation funder Burford Capital.

    The FTSE 250 is 0.3% up at 18,702.48, led by Kaz Minerals, which has jumped 6.2% to 444.3p.

    Yesterday, the miner reported a 19% drop in profits due to lowered copper prices.