Retail sales volumes, external surged 1.4% in July compared with June as UK shoppers shrugged off the shock Brexit vote, the ONS said.

More corporate news from Australia now and companies from China and Hong Kong have until today to convince the government to let them buy the country's largest electricity network - Ausgrid.

China's State Grid corporation and Cheung Kong Infrastructure of Hong Kong are after a controlling stake.

The Australian government blocked the deal in a preliminary decision last week, citing national security.

But as Phil Mercer reports from Sydney, protectionist politics may be at play.

Watch his report here.

Leisha Chi
Business reporter in Singapore

Image source, Mongol Bank

Mongolia's central bank has raised its main interest rate by an eye-watering 450 basis points to 15%.

It is an abrupt turnaround for policymakers, given they cut rates to 10.5% in May.

The Bank of Mongolia said the move is meant to defend its currency, which as we reported yesterday is on a record losing streak.

The central Asian country is in such an economic mess, it cannot even afford to pay two athletes who recently won medals at the Olympics. 

Mongolia is also slashing the president and prime minister's pay by 30%, the finance ministry said.

Image source, Reuters

More on Sir Philip Green (pictured) and BHS. Iain Wright, chairman of the Commons business select committee, says that progress on getting the retail tycoon to strike a deal on the BHS pension fund deficit has been "frustratingly slow". 

Although there is no specific timescale, the MP says Sir Philip is a dealmaker who can buy and sell companies in a weekend – and yet this saga has dragged on for months, if not years. 

The Topshop owner ignored the pension fund deficit when he owned BHS, Mr Wright tells Sky News. “If the will was there he would be able to sort this out,” he adds.

The BHS store in Hartlepool - Mr Wright's constituency - closed a couple of weeks ago, meaning that workers have lost their jobs. Many of those people would like a holiday - like Sir Philip is enjoying - but cannot afford one, the MP adds.

Mr Wright also called for a debate about the BHS collapse in the Commons when parliament resumes next month.

Shopping centre owner Capital & Regional , externalsays that the Brexit decision has not affected leasing demand from retail tenants. 

The asset manager, which owns centres in Blackburn, Camberley, Hemel Hempstead, Luton, Maidstone, Walthamstow and Wood Green, experienced "positive leasing momentum since the referendum", with 29 permanent new leases or renewals exchanged or completed since 24 June.

Capital & Regional said operating profit rose £1.9m to £13.7m for the six months to 30 June. 

Image source, Treasury Wine Estates

Annual profits at Australia's Treasury Wine Estates have more than doubled to A$179.4m (£106m) as Asia's young middle class drink more plonk.

Treasury - one of the world's biggest winemakers, owns brands including Penfolds and Wolf Blass. As economic growth has slowed in Asia, the company has focused on selling $10-plus bottles to millennial drinkers rather than flogging more expensive wine to older, wealthier customers.

Chief executive Michael Clarke says: "The millennial consumer tends to be a very good target for us. What we are finding is that a lot of those consumers are moving away from other beverages like beer, spirits and baijiu in China and moving to wine." 

Treasury shares soared 11.5% to $10.65 in Sydney today, bringing the rise this year to 28%.

Ben Le Brun, a Sydney-based analyst at OptionsXpress, comments: "We're dealing with a stock that already trades at a significant premium to the rest of the market. It's good foothold into Asia probably has to do with that good valuation."

Today business presenter Dominic O'Connell tweets:

Image source, Kingfisher

As trading gets underway for another day, the FTSE 100 is 0.4% higher at 6,884 points.

Shares in B&Q owner Kingfisher are down 1.3% at 353.8p - but are up 7% for the year. The company is worth almost £8bn by the way - nearly double the market cap of Sainsbury's, for example.

The mid-cap FTSE 250 is also higher, up 0.3% at 17,813 points.  

Image source, Sky News

Hell hath no fury like a billionaire retail tycoon disturbed on holiday, or so it seems.

Sky News had the temerity to track down Sir Philip Green on the Greek island of Ithaca, where reporter David Bowden confronted him on the harbourside close to where his £100m superyacht Lionheart was moored.

The reporter attempted to ask him why he was holidaying in luxury as the last BHS high street stores closed down - leaving workers facing a huge pension fund deficit. 

The Topshop tycoon also lunged at the camera operator before being heard to say: "That's going to go in the f****** sea.".  

Sir Philip added: "Will you go away? Which bit are you not understanding? Go away. I'm going to call the police if you don't go away."

Watch the video here., external

Simon Falush
Business reporter

Royal London, external has reported bumper results for the second quarter with a 20% jump in operating profits, a rise in funds under management and soaring new business.

The insurer’s measure of operating profit - European embedded value - was up £23m at £138m.

New life and pensions business rose by a record 39% to £4.2bn, while funds under management rose 11% to £93.8bn.

The only vaguely negative note on the top line of the insurer's results was a decrease in the growth of workplace pensions.

BBC Radio 5 Live

Image source, Getty Images

Back to the sugar tax debate on Wake up to Money, and Dominic Watkins, a lawyer with the law firm DWF, which represents well-known food manufacturers and retailers, says in many cases food manufacturers and retailers aren't happy at the prospect of a  sugar tax because they feel it won't  work, it'll cost money and it'll cost jobs. 

He argues that the industry has been moving in the right direction.

"The level of sugar in drinks has gone down about 16% over the last four years and the industry's pledged to do another 20% in the next four years which is featuring in part of the government's obesity plan," he says.

"So we're seeing actually this slow change in consumer behaviour and consumer taste to support that and it will take time but paying more for the product isn't necessarily going to make that journey any faster," he adds.

Image source, Getty Images

The Co-operative Bank - which almost collapsed in 2013 after bad property loans contributed to a £1.5bn hole in its finances - said pre-tax losses narrowed to £177m for the first six months of 2016, compared with losses of £204.2m in the same period last year.

Operating profits came in at £17.1m compared with an operating loss of £26.2m last year.

The bank says a number of one-off items have contributed to this but "the underlying trends remain encouraging".

Chief executive officer Niall Booker said: "The performance of the overall business continues to reflect the impact of legacy issues. Furthermore, macroeconomic uncertainty and the interest rate outlook contribute to a more challenging environment for banks generally."

Today Programme
BBC Radio 4

Image source, Legal Ombudsman

Kathryn Stone, the new chief legal ombudsman, external, tells Today that lawyers need to do better at complaints handling – and indeed tell clients that they can go to the ombudsman.

"Lawyers provide a service and you have a right to complain if you’re not happy with it," she says.

Lawyers are required to tell clients about the ombudsman – and the body is reminding firms of that obligation.

So what the most common complaint handled by the ombudsman? Conveyancing, Ms Stone says.

Image source, Kingfisher

Kingfisher reports, external that like-for-like sales at B&Q stores rose 5.6% in the three months to 31 July, while Screwfix notched up a hefty 13.3% increase driven by "new and extended ranges and new outlets".

The UK - and Poland - helped the company to an overall 3% rise in like-for-like sales despite a 3.2% fall in France, where it owns the Castorama and Brico Dépôt DIY chains.

Véronique Laury, Kingfisher chief executive, says the Brexit vote has created uncertainty, "although there has been no clear evidence of an impact on demand so far on our businesses".

Image source, Getty Images

Nestle expects sales growth to improve for the rest of the year after price pressures weighed on the food giant's growth in the first half. 

The maker of Milo, Kitkat and Maggi noodles confirmed its full-year outlook, external after "organic" sales growth - adjusted for acquisitions, disposals and currency movements - slowed to 3.5% for the first half. That was lower than the 3.8% forecast by analysts.

Net profit fell to 4.1bn Swiss francs (£3.27bn) - lower than forecasts - largely due to tax adjustments. 

Faced with more demanding consumers asking for fresh, healthy products, makers of packaged foods are reformulating recipes, cutting sugar, salt and fat - or in Nestle's case seeking out higher-margin "premium" products and health foods.   

Wake up to Money's been discussing the sugar tax story and markets guest Jessica Ground, UK equities fund manager at Schroders, has this little factoid to throw into the mix. 

In the US sugar is labelled in 42 - yes 42 - different ways.

She advocates "cleaner" labelling to help consumers to understand what they're eating or drinking.

Image source, Getty Images

Melbourne has retained its crown as the world's most liveable city for a sixth straight year.

That's according to a ranking by the Economist Intelligence Unit, which surveys 140 countries each year.

Vienna, Vancouver, Toronto and Calgary rounded out the top five.

The place you'd least want to live in? Damascus, Syria.