Summary

  • Amazon launches review site on new and used cars

  • FTSE finishes lower, pulled down by pharma stocks

  • Entertainment One shares tumble after ITV abandons £1bn bid

  • UK car production 'booming': SMMT

  • WhatsApp to let companies message users

  1. Good night!published at 21:30

    That's all for another day of Business Live - thanks for reading. We are back as ever at 06:00 tomorrow - do join us then.

  2. US stocks in muted finishpublished at 21:23

    US shares finished slightly down on the day after having briefly pushed into positive territory. The main stock indexes were weighed down by healthcare shares as accusations of price-gouging by pharmaceutical firms continued to feature in the presidential election.

    Traders were also holding back ahead of Federal Reserve chair Janet Yellen's speech tomorrow, when they'll be looking for clues on a September rate rise.

    The Dow Jones fell 0.2% to 18,448, the S&P 500 dipped 0.1% to 2,172 and the Nasdaq also slid 0.1% to 5,212. 

  3. Wooden wonderpublished at 21:09

    Business Insider reports on the Toyota Setsuna - built from Japanese woodworking techniques and designed to age over the next 100 years. 

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  4. The Amazon effectpublished at 20:55

    TrueCar signImage source, Getty Images

    Often when Amazon parks its tanks in a new market, investors sell off shares in its soon-to-be rivals. It happened to Ocado when Amazon announced it would deliver groceries in the UK. 

    Now it's happening to TrueCar - a US price comparison website for used cars. Shares are down nearly 10% since Amazon launched its car review website.

    The drop is a direct reaction to Amazon Vehicles, according to RBC Capital Markets analyst Mark Mahaney. However, he notes the Amazon site is unlikely to materially affect TrueCar's business anytime soon.

  5. Meet the octobotpublished at 20:40

    Media caption,

    The octobot has the potential for complex function.

    For the first time, a soft robot has been built that moves on its own with no batteries or cables. 

    The "octopod" can't walk or swim, but it raises alternating sets of legs in a very slow, eight-legged can-can.

    It's built by Harvard University's School of Engineering and Applied Sciences (SEAS).

  6. Federer and Nadal team uppublished at 20:29

    Rafael Nadal, Rod Laver and Roger FedererImage source, Getty Images

    Roger Federer's management company is promoting a new tournament, billed as tennis' version of the Ryder Cup. It'll see teams from US and Europe competing against each other.

    But what's got tennis fans particularly excited is that Federer will team up with Rafael Nadal. Two of the greatest rivals in the game (with Nadal holding a 23-11 advantage), the Swiss and the Spaniard are set to play doubles together in the inaugural Laver Cup. 

  7. Tomorrow's FT todaypublished at 20:16

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  8. UberEats couriers plan pay protestpublished at 20:04 British Summer Time 25 August 2016

    London couriers for UberEats, the food delivery service launched by the taxi-hailing app company, are pushing ahead with a protest on Friday. They plan to demonstrate outside Uber's office for the London living wage of £9.40 an hour.

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  9. Running of the ballspublished at 19:46

    Business Insider reporter Christopher Woody tweets...

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  10. The Amazon Garagepublished at 19:31

    Amazon explains that its new car review website is an extension of the Amazon Automative store and Amazon Garage features on the US website. 

    More than 35 million people have uploaded details about their car to Amazon Garage, which enables users to view and find parts for their specific vehicle.

    Explaining the company's latest land grab, Adam Goetsch, director of automotive at Amazon.com, said: “Our goal is to support customers during one of the most important, research-intensive purchases in their lives by helping them make informed decisions every step of the way."

  11. Amazon fires up car review websitepublished at 19:16

    Amazon VehiclesImage source, Amazon

    Amazon famously started in Jeff Bezos' garage. More than 20 years later, the world's biggest online retailer is turning again to garages, but this time to the cars that its millions of users own. 

    The company has launched a car review site called Amazon Vehicles, offering research, reviews and other information on new and used cars on its US website. 

    It won't sell cars. But it does have car specifications, images, videos and customer reviews, as well as enabling customers to ask each other questions about cars. 

    The reviews also fit in with its Amazon Automotive store which sells car parts and accessories. 

  12. It's the economy, stupidpublished at 19:01 British Summer Time 25 August 2016

    BBC World tweets...

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  13. 'Central banks own $25 tr assets'published at 18:43 British Summer Time 25 August 2016

    As bankers meet at Jackson Hole, Zero Hedge tweets...

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  14. The Rock grabs a major piece of the actionpublished at 18:23 British Summer Time 25 August 2016

    Dwane JohnsonImage source, Getty Images

    Former pro-wrestler and action movie star Dwayne "the Rock" Johnson has been named highest-paid actor by Forbes magazine.

    The publication said he had to grapple with an income of $64.5m between June 2015 and June 2016.

    He elbowed out Jackie Chan, who was in second place with $61m, and Matt Damon, who earned $55m.

    The rest of the top five on the list included Tom Cruise with $53m, and Johnny Depp with $48m.

  15. 'End of an era'published at 18:02 British Summer Time 25 August 2016

    BHS storeImage source, PA

    Collapsed department store BHS is now into its final few days. Some shops may still be trading come Sunday, but in most cases the closing down sales will be coming to an end and the doors shutting for the final time.

    Shopworker union Usdaw said "this weekend marks the end of an era, but the saga at BHS continues". The trade union called on Sir Philip Green to offer jobs to BHS staff elsewhere in his Arcadia retail empire and to "sort out" the BHS pension scheme.  

  16. Peppa Pig owner stuffedpublished at 17:45

    Peppa PigImage source, PA

    Peppa Pig owner Entertainment One finished as the biggest faller on London's FTSE 250 after ITV called off its £1bn takeover bid.

    Shares fell more than 14% to 215.10p - well below the 236p a share ITV had been willing to pay. 

    "ITV just wasn’t prepared to fatten up its bid for Entertainment One," said ETX Capital's Neil Wilson. EOne's investors may be hoping for another suitor, but any bidders will likely need to pay a hefty premium, he said.

  17. French wine doesn't weather the stormpublished at 17:31

    French vineyardImage source, AFP

    Frosty weather in spring and a summer heatwave is likely to result in French wine production being down 10% this year, officials say.

    In the Champagne region, the harvest is expected to be down by about a third. Prices will rise, although one French wine trader said the Brexit effect would be a greater inflationary pressure for UK buyers.

    Bad weather takes toll on French wine

    French wine production is likely to be 10% lower this year than in 2015 because of a spring frost and a heatwave now.

    Read More
  18. Tim Bell resigns as PR firm chairpublished at 17:16

    Lord Tim Bell

    Lord Tim Bell - a former spin chief for Margaret Thatcher - has stepped down as chairman of PR firm Bell Pottinger. 

    Lord Bell, who has called himself an unreconstituted Thatcherite and advised controversial figures such as former Chilean dictator General Pinochet, has stepped down from the business he started nearly 30 years ago with immediate effect.  

    "Lord Bell has decided he would like to step back from the day-to-day running of the business, but not to retire and from next year he will continue to provide his personal advice to clients through a new business, which he will be forming," Bell Pottinger said.

  19. Clinton keeps up pressure on Epipen makerpublished at 17:02

    Hillary ClintonImage source, AP

    Speaking of the Epipen row in the US, the embattled manufacturer Mylan has come under renewed pressure from Democratic presidential candidate Hillary Clinton.

    She criticised a move by Mylan earlier today to expand discount programmes, external for its Epipen allergy treatment. The discounts were welcome but "insufficient", because it won't lower the overall price of the Epipens, Clinton's spokesperson said. 

    It's been reported the price of a two-dose package increased to $600 from about $100 nine years ago.

  20. Pharma firms drag down FTSEpublished at 16:45
    Breaking

    Shire tabletsImage source, Reuters

    The FTSE 100 finished 19 points lower at 6,816.90 points, with healthcare firms among the biggest fallers. Hikma Pharmaceuticals took the heaviest hit on the blue chip index, falling 3.8%, while drug maker Shire fell 2.5%.

    The roots of the sell-off are on the other side of the Atlantic, where a controversy about price hikes on Epipens has hit US pharmaceutical shares.  

    "European healthcare stocks have been caught in the storm of a US biotech sell-off," said Jasper Lawler of CMC Markets. "Another attack on price gauging in the industry from presidential hopeful Hillary Clinton puts pricing power in the industry at risk."