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Summary

  1. Barclays trial set for January 2019
  2. Carillion chosen as an HS2 contractor
  3. EasyJet's Carolyn McCall joins ITV
  4. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Daniel Thomas

All times stated are UK

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Thanks for tuning into Business Live. We'll be back at 6am tomorrow.

13 reasons why Netflix has more subscribers

Scene from 13 Reasons Why
Netflix

New original shows including "13 Reasons Why" and the latest season of "House of Cards" helped Netflix add more viewers in the last quarter, the company said after the market closed.

It added 4.14 million subscribers internationally in the quarter ended June 30, compared with the average analyst estimate of 2.59 million.

The streaming giant, whose original shows also include "Orange is the New Black" and "The Crown", added 1.07 million subscribers in the United States, compared with analysts' average expectation of 631,000.

That resulted in higher than expected revenue of $2.79bn for the quarter.

US markets close higher

The Dow Jones index has ended the day 0.36% or 76.84 points higher at 21,629.93.

The Nasdaq was up 39.99 points or 0.64% at 6,314.43.

While the S&P 500 was 11.31 points up, a rise of 0.46%, at 2,459.14.

Amazon eyes meal-kit market

Man preparing meal
Thinkstock

Amazon has signalled it might enter the meal-kit market, after it registered a trademark for a possible service.

The move sent shares in Blue Apron, America's largest meal-kit business, down 11% and the firm's stock has dropped 35% since its IPO in June.

Investors are already worried about the impact of Amazon's planned $13.7bn acquisition of supermarket chain Whole Foods Market amid a fast-expanding meal-kit industry.

Amazon has not said exactly what it would do with Whole Foods' stores and other assets, but analysts and investors say the deal could upend the landscape for grocers, food delivery services and meal-kit companies.

Why your colleagues can't help stealing your ideas

Cartoon of an idea thief
Alamy

In a 2015 poll of 1,000 workers, one in five bosses admitted to regularly stealing their employees’ ideas.

Even worse, every single one had done so at least once. In all, nearly half of workers felt their ideas had been hijacked to make someone else look good.

Yet research suggests that in a surprising number of cases, your colleagues didn’t realise they were doing it.

Enter cryptomnesia, a little-known memory glitch which involves mistaking a memory for an original thought. It means, literally, hidden memory.

Read more

Tesla stock falls on Musk comments

Elon Musk, Tesla CEO
Getty Images

Shares in electric car-maker Tesla have slipped 2.4% after boss Elon Musk suggested that the stock was overpriced.

The firm's shares have surged 50% this year, but Mr Musk said on Monday this was too much.

"I've gone on the record several times that the stock price is higher than we have the right to deserve and that's for sure true based on where we are today," he said.

Mr Musk swiftly sought to clarify his comments, Tweeting that the stock was actually low based on the company's future's potential (see below).

View more on twitter

Walmart apologises for racist product description

Walmart sign
Getty Images

Walmart has apologised after a product description from a third-party seller used a racially offensive term on the retail giant's website.

The issue concerned a netting weave cap whose colour was described as “N**** Brown.”

It provoked a backlash on Twitter, with best-selling author Roxane Gay calling the use of words “so far past unacceptable”.

A Walmart spokeswoman apologised, telling The New York Post: “We are very sorry and appalled that this third party seller listed their item with this description on our online marketplace.

"It is a clear violation of our policy, and has been removed, and we are investigating the seller to determine how this could have happened.”

BNP Paribas fined for oversight failings

BNP Paribas sign
Getty Images

French bank BNP Paribas has been fined $246m for "unsafe and unsound" practices in its foreign exchange trading division.

The Federal Reserve found flaws in the bank's oversight controls, which meant it failed to detect traders' use of online chatrooms to discuss trading positions with competitors.

The fine is the latest crackdown on price-fixing across foreign exchange markets, after several banks pleaded guilty to conspiring to manipulate currency prices.

In January, the Fed permanently barred one of BNP Paribas' former traders, Jason Katz, from participating in the industry over manipulation of FX prices.

US allows 15,000 additional temporary work visas

Seafood harveting
Getty Images

Despite its fierce rhetoric on immigration, the US government has said it will allow 15,000 additional visas for temporary seasonal workers to help American businesses.

The Department of Homeland Security said that there were not enough qualified and willing US workers available to perform temporary non-agricultural work, and that firms could suffer irreparable harm.

The new visas cover work at seasonal resorts as well as in landscaping, seafood harvesting and processing.

"As a demonstration of the administration's commitment to supporting American businesses, DHS is providing this one-time increase to the congressionally set annual cap," said US Secretary of Homeland Security John Kelly.

Why China censors banned Winnie the Pooh

China president Xi Jinping and Japan's Prime Minister Shinzo Abe
WEIBO/AFP

The Chinese name for, and images of, the cartoon character Winnie the Pooh are being blocked on social media in China. But why?

In short, bloggers have been comparing the loveable bear to China's president.

When Xi Jinping and Japan's Prime Minister Shinzo Abe endured one of the more awkward handshakes in history netizens responded with Winnie the Pooh and Eeyore shaking hands.

Read more

Government urged to publish Toyota/ Brexit letter

Toyota cars
Getty Images

Two commons committees have urged the government to reveal what post-Brexit reassurances it offered Japanese carmaker Toyota before it made a £240m pound investment in its English car plant.

Last year, Toyota said it could delay a decision on whether to build its next-generation Auris model in Britain to see the outcome of Brexit negotiations - but having spoken with the government it reversed its position and upgraded the plant in March 2017.

On Friday, Reuters claimed Britain had helped to secure the investment with a letter reassuring the Japanese carmaker over future trading arrangements.

The business department has confirmed the existence of a letter but has refused to release it.

On Monday Nicky Morgan MP, the new head of the Treasury Select Committee, said: "To provide clarity to the public, as the assurances may cost the taxpayer money, and to other businesses, who are craving certainty to plan for Brexit, the letters should be published immediately."

Chair of the Business Select Committee, MP Rachel Reeves, echoed the comments, adding: "It is vital that the government is not seen to be cutting sweetheart deals or granting special favours that could undermine our negotiating position."

US stocks edge upwards

US trader
Getty Images

US stocks are slightly higher today, as investors gear up for a raft of earnings reports later this week.

A short while ago the Dow Jones index was up 0.1% at 21,659.43; the S&P 500 was 0.14% higher at 2,462.75; and the Nasdaq had climbed 0.17% to 6,323.35.

Goldman Sachs, Bank of America, Microsoft, Qualcomm and eBay are just a few of the companies scheduled to release quarterly results this week.

"Folks are waiting to see what earnings look like," Erick Ormsby, head of Alcosta Capital Management told CNBC. "They should be good. That should help support the market."

Kenyan opposition leader vows 'to empower farmers'

BBC World Service

Raila Odinga says his country "does not need to be starving"

If Raila Odinga is elected he promises to boost investment in opportunities for young people, stamp out corruption and encourage farmers to produce more food.

He told the BBC's Vivienne Nunis Kenya "does not need to be starving".

Frank Field - Brady 'heavily involved' in BHS crisis

Frank Field MP
Getty Images

As chair of the Work and Pensions Committee, Labour MP Frank Field was scathing about Sir Philip Green's handling of the sale of BHS.

Perhaps not surprisingly, he has reacted sceptically to the appointment of Baroness Brady as the new chair of Sir Philip's business empire - pointing out that she was a non-executive director at Taveta throughout the BHS crisis.

It is not surprising that Sir Philip Green has to use the House of Lords as a recruitment agency for his companies. Baroness Brady was heavily involved in Taveta during the dreadful shenanigans that led to the closure of BHS, 11,000 job losses and thousands of pensioners suffering a cut in their pension entitlement.

HS2: Timescale for high-speed route

If you're excited about the prospect of HS2, just a reminder of the time scale:

  • Bill for Phase 2b (the Yorkshire part) to be put before parliament in 2019
  • Royal assent 2022
  • Building starts 2023
  • Jump on a train 2033.

Is Brady up to the Arcadia challenge?

Karren Brady
Getty Images

Baroness Brady certainly has a big job on her hands at Taveta, the holding company behind Arcadia, which owns brands like Topshop and Dorothy Perkins.

She begins the role just a year after Sir Philip Green, who controls Taveta, saw his reputation damaged over the demise of the department store chain BHS.

Sir Philip owned BHS for 15 years, before selling the loss-making retailer to Dominic Chappell for one pound in 2015 - along with a huge hole in its pension fund.

Following an outcry, Sir Philip paid £363m to plug the gap, but some MPs still think he should be stripped of his knighthood.

Lord Anthony Grabiner - who Ms Brady has replaced - also took flak over the affair.

In a report into the collapse of BHS, MPs called him the “apogee of weak corporate governance” who was “content to provide a veneer of establishment credibility to the group while happily disengaging from the key decisions he had a responsibility to scrutinise”.

FTSE winners and losers

A stockbroker
Getty Images

As we reported, the FTSE 100 closed 25.7 points, or 0.35%, higher at 7,404.13.

Miners were among the best performers, as the price of copper rallied on positive news about the Chinese economy. Antofagasta gained 2.3% and Fresnillo jumped 2.1%.

Software company Micro Focus climbed 3.5% after analysts reiterated their "buy" rating on the company.

The smaller-cap FTSE 250 gained 0.6% to 19,520.59 with Carillion the best performer. Shares in the construction firm, which has faced serious financial difficulties, rose 19.2% after it said it had won a contract to work on HS2.

Grayling to address Commons after criticism

After anger over the transport secretary's decision not to give a statement to the Commons about the new HS2 routes, the minister will give an oral statement in parliament tonight, at 10pm.

View more on twitter

Where will HS2 go?

Department of Transport map showing the confirmed route
Department of Transport
Department of Transport map showing the confirmed route

Anger at lack of Commons statement on HS2

Susan Hulme

Parliamentary correspondent

Transport sec, Chris Grayling
Getty Images

There's been anger from Conservative and Labour MPs over Chris Grayling's failure to make a Commons statement on the routes for the second phase of HS2, due to be revealed today.

And the Speaker has suggested he would make the Transport Secretary answer questions "at some length" if Mr Grayling was forced to come to the Commons tomorrow.

The complaints were led by the former Labour leader, Ed Miliband, who said the information seemed likely to be "sneaked out" and called it a "gross discourtesy".

Michael Fabricant, a Conservative whose constituency is affected by the line, said it was "outrageous that this major item of public expenditure which is affecting my constituents and those of many others is not being reflected by a statement here today".

Ed Miliband calls HS2 decision 'perverse'

The former Labour leader is the MP for the people of Mexborough where the Shimmer housing estate is located.

He doesn't think much of today's decision:

View more on twitter

HS2: 16 new homes to be demolished

New homes in South Yorkshire will be demolished after the government confirmed the route of HS2.

Shimmer Estate
BBC

Sixteen properties on the Shimmer housing estate in Mexborough will be bulldozed to make way for the high-speed railway, the Department for Transport said.

Ministers have decided the line should serve the existing Sheffield city centre station after proposals to run trains to Meadowhall shopping centre were shelved.

Labour's Rotherham MP Sarah Champion said she was "furious" because South Yorkshire "won't get a proper stop".

HS2: Residents on threatened estate being told

The news about the route of the high-speed rail line through Yorkshire is beginning to spread.

Residents on the Shimmer estate in Mexborough, whose homes are threatened by the route, are now receiving letters through their doors telling them about today's announcement.

View more on twitter

The estate wasn't even finished being built when people found out the HS2 line could go through it.

Find out more about the problems people on the estate are facing here.

BreakingFTSE 100 closes higher

The blue chip FTSE 100 has closed 0.35% higher at 7,404.13, lifted by mining stocks and the broadcaster ITV.

The FTSE 250 did even better, gaining 0.6% to 19,520.59.

HS2 routes confirmed

HS2 routes
Getty Images

The government has confirmed its new HS2 rail links.

The decision will mean new connections between Birmingham, Manchester, Liverpool, Leeds, Sheffield and the East Midlands – with all of them being linked to London by the line.

The government said the lines would bring a "massive economic boost" for the north and the Midlands by increasing productivity and creating new business opportunities.

"Today’s announcement will mean journeys from Birmingham to Manchester in 40 minutes – a trip that takes more than 80 minutes on services currently."

'First lady of football'

Karren Brady, entrepreneur
Getty Images

More on Karren Brady, who has just been appointed as chair of retail empire Taveta.

Baroness Brady, 48, has been a non-executive director of Taveta since 2010, and will assume the role of non-executive chairman with immediate effect.

She was made a Tory peer by David Cameron in 2014 and previously served as managing director of Brimingham City Football Club, then as vice chair at West Ham, earning the nickname 'The first lady of football'.

She is featured in the BBC One series The Apprentice as an aide to Lord Alan Sugar.

She was also Small Business Ambassador to the UK Government under David Cameron.

Air France to move forward with low-cost airline

Air France plane
Getty Images

Air France-KLM will move ahead with plans to launch a new low-cost airline this year after winning the backing of a major pilots' union.

The new service, Boost, will begin offering medium-range flights this autumn and a long-range service from mid-2018. The move is designed to help the firm compete with budget airlines and Gulf carriers.

Pilots, who were initially hostile to the plan, have now backed it, having received assurances on pay and conditions.

Apprentice star to chair Arcadia

Karren Brady
Getty Images

Karren Brady CBE, the current vice chair of West Ham United and a regular on The Apprentice, has been made chair of Sir Philip Green’s retail empire Taveta.

Taveta controls Arcadia, which in turn owns fashion chains including Topshop, Miss Selfridge and Dorothy Perkins and previously included BHS.

The firm is owned by Sir Philip Green’s Monaco-based wife Tina.

Ms Brady will replace Anthony Grabiner, who is stepping down with immediate effect.

Puma raises sales forecasts

Usain Bolt, Puma
Youtube

Puma says it has raised its sales and profits forecasts for 2017 after a strong second quarter.

The German sports goods firm now expects to increase sales by between 12% and 14% - up to twice as fast as last year.

It also lifted its operating profit outlook to between 205 and 215 million euros, up from previous guidance of between 185 and 200 million euros.

The firm enjoyed a strong 2016, securing high-profile sponsorships from the likes of the French football team and sprinter Usain Bolt.

Should workers say 'no' more often?

BBC World Service

Workers with their heads in their hands
Getty Images

Should workers say no to the boss more often?

"No is the new yes" in the workplace, according to commentator Lucy Kellaway.

It may seem negative, but refusing to work can create opportunities for others to look good.

Lucy also believes if enough people say no to pointless meetings then fewer will be scheduled.

Listen to World Business Report

Primark recalls mens' flip flops over chemical scare

Primark flip flops
Primark

Fashion chain Primark is recalling thousands of pairs of men’s flip flops over concerns they contain a dangerous chemical.

The chain said it was recalling three versions of the shoes in the Cedar Wood State range which were on sale until 2 June.

Several media outlets reported that the black, blue and khaki-coloured versions of the flip flops included in the recall may contain chrysene - a chemical that can cause cancer.

A spokesperson for Primark said that the company had stopped selling the shoes and that an investigation had been launched. Anyone who has bought the flip flops is being offered a full refund.

The firm said: "It has come to our attention that the footwear product detailed above does not meet the Primark usual high standards for chemical compliance.

"We have found levels of a restricted substance in the product in excess of the 1.0 mg/kg requirement"

It said the product was on sale in Primark stores from 4 January 2017 to the 2 June.

Libor should be replaced - Carney

BoE governor, Mark Carney
Getty Images

The Libor rate - which sets how much it costs banks to borrow from each other - should be replaced, the Bank of England governor has said.

Mark Carney said the London Interbank Offered Rate - which has been manipulated in the past - should in future be based on actual market transactions and not banks' judgements.

To date, banks have been fined more than £6bn for allowing Libor submitters to be influenced by requests from traders or bosses to take into account the bank's commercial interests, such as trading positions.

And last year four former Barclays traders were jailed after being convicted of rigging the Libor rate.

In the minutes of a meeting released on Monday, Mr Carney said that Libor rate submissions from banks were now much tighter.

But he said a situation where "a judgement-based benchmark underpinned an estimated $350 trillion-worth of contracts was not desirable" and that a "fully transaction-based" approach was needed.

FTSE 100 still positive

London City trader
Getty Images

The FTSE 100 is still up, helped by strong performances from miners and the broadcaster ITV.

The index is trading 20.65 points, or 0.3%, higher at 7,399.04.

Miners Anglo American, Glencore and Antofagasta all posted gains of more than 2%, after metals prices rose on an upbeat second quarter report for China's economy and a weaker dollar.

ITV is up 1.5% after it announced it had appointed the boss of EasyJet, Carolyn McCall, as its new chief executive.

Air Canada Rouge flight 'suffered puncture on take-off'

More news on that incident at Gatwick.

The Daily Mail has reported that an airliner is circling in the sky above Gatwick Airport after reportedly bursting a tyre during take-off.

The Air Canada Rouge Boeing 767 flight RV1925 was forced to return to the airport after the incident early this afternoon.

Gatwick warns of delays after tyre-burst

Gatwick Airport
Getty Images

London Gatwick airport briefly closed a runway on Monday after a plane's tyre burst, a spokesman for the airport said.

The runway has reopened, however the airport has warned of minor delays for some flights.

Oil heads north and south

US oil rig
Getty Images

Oil prices remain volatile and, on Monday, were heading in two different directions

Brent crude rose 1.1% to $48.93 a barrel. However, West Texas Intermediate was 0.1% lower at $46.50 a barrel.

On Friday, data revealed that the US industry had added just two rigs to production.

Carsten Fritsch, analyst at Commerzbank, said: "The most pronounced inventory reduction in the US in 10 months and the resulting decline in US crude oil stocks to below the 500 million-barrel mark in the last reporting week have clearly prompted a shift in sentiment.

"The oil rig count only rose by two - yet prices would have responded negatively to this just a few weeks ago."

Core eurozone inflation grows

ECB president Mario Draghi
Getty Images

Headline eurozone inflation is slowing but the core figure is continuing to grow.

Eurostat announced that inflation rose 1.3% year on year in June, down from 1.4% in previous month and 1.9% in April.

However, the core measure of price growth, which strips unprocessed food and energy and is closely watched by the European Central Bank (ECB), rose to 1.2% from 1% in May.

The ECB will announce its latest monetary policy decision on Thursday when markets closely listen to president Mario Draghi's speech.

Three-year Brexit transition 'necessary'

Simon Jack

BBC Business Editor

So awkward

We've all endured those awkward silences in text conversations. To help signpost them, Susan Burtner from Tennessee wanted to create an emoji.

She spoke to BBC Business Daily about how she created the cricket and had it accepted by the official emoji council. Not sure if using it makes the conversation more or less awkward though...

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ITV leads FTSE gains

Love Island contestants
ITV

ITV is still leading the way on the FTSE - rising 2.6% - after announcing EasyJet's Carolyn McCall will take over as chief executive at the start of next year.

The broadcaster, which has scored a summer hit with reality show Love Island (pictured), has seen its shares rise 2.6% on news of the new boss.

"She is seen as being very good with people, at building a strong management team around her and at the ability to 'work the room'," analysts at Liberum said.

The FTSE 100 index is up 40 points, or 0.5%, to 7,419 points.