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. Henderson keeps fund suspension in placepublished at 16:26

    Amazon distribution centreImage source, Getty Images

    Henderson Global Investors has kept the gates shut on its £3.9bn property fund. It was one of several funds to stop investors pulling any more cash out of the property trust following the Brexit vote.

    In an update Henderson said, external it still doesn't have enough liquidity in the fund to allow customers to start withdrawals again, despite selling off several properties. One was this Amazon distribution centre in Peterborough, sold for more than £40m.

  2. Somalia hunts for fake-cash bank tellerpublished at 16:10 British Summer Time 25 August 2016

    Dollar billsImage source, Getty Images

    A cashier has gone missing along with more than $500,000 in cash, the governor of Somalia's Central Bank has said. Bashir Issa Ali said the cashier had been for some time exchanging real dollar notes for fake ones. 

    The central bank has faced numerous challenges in recent years. One governor resigned after weeks in the job saying the institution was too corrupt for her to manage. United Nations appointed experts have described the Somalia bank as a "slush fund" for political leaders.

  3. Investors 'sought safety after Brexit'published at 16:00 British Summer Time 25 August 2016

    Personal investors took a safety-first approach with their portfolios after the UK's vote to leave the EU, new figures show.

    Investors withdrew £1bn from investment funds in July, with some moving their money into fixed-income products, the Investment Association said, external.

    This withdrawal was not as dramatic as the amounts taken out in June, when the vote was taken. However, it was in marked contrast to July last year when investors added £3.7bn to their portfolios.

    Investors 'sought safety after Brexit'

    Personal investors took a safety-first approach with their portfolios after the UK's vote to leave the EU, new figures show.

    Read More
  4. Meet Mr Ashleypublished at 15:49 British Summer Time 25 August 2016

    Mike AshleyImage source, PA

    The BBC has heard back from a spokesman for Sports Direct founder Mike Ashley about a group of influential investors urging a review of the company. The spokesman sent a brief email which did not directly address that, but did talk about next month's Sports Direct open day...

    Quote Message

    Mike Ashley acknowledges the appreciation of his efforts in terms of hosting an open day. He looks forward to meeting everyone and answering all your questions

    Mike Ashley's spokesman

  5. Bumper bank holiday ahoypublished at 15:37 British Summer Time 25 August 2016

    Oxford StImage source, Getty Images

    Sticking with Britain's High Street, the number of shoppers out over the Bank Holiday weekend is expected to be 6.5% higher than last year. Sunny, dry weather and the weak pound could mean a bonanza for retailers, according to analysts at Springboard. 

    Saturday is expected to be particularly busy, with a predicted 7.2% increase in footfall compared with this time last year. The summer sunshine and an increase in both overseas and domestic tourists is behind the boost to shopper numbers.  

  6. Tiffany profits sparklepublished at 15:26 British Summer Time 25 August 2016

    A visitor takes a photograph of the 'Tiffany Diamond' on display at the Tiffany and Co jewellery store on on the Champs ElyseesImage source, Getty Images

    Luxury jeweller Tiffany has reported a boost, external to second quarter profits after price hikes and a drop in the cost of precious metals. 

    Tiffany's net income rose to $105.7m in the quarter to July 31 from $104.9m a year earlier.

    It's also just told investors of a boost to UK sales following the Brexit vote, suggesting that the fall in sterling has made London a more attractive shopping destination.  

    Tiffany shares are among the biggest risers on Wall Street - up more than 6% in early trading, valuing the company at $9.2bn.

  7. All eyes on Jackson Holepublished at 15:09

    Grand Teton National ParkImage source, Getty Images

    The great and the good from the world of central banking are starting to convene in Jackson Hole, Wyoming for the annual economic symposium.

    The event kicks off today, with Hillary Clinton among the speakers. The main event, though,  is tomorrow when markets will be reading between the lines of US Federal Reserve chair Janet Yellen's speech.  

    "Investors will hang on every word uttered by Janet Yellen," said Neil Wilson of ETX Capital. "The big question on the table is whether the Fed is ready to raise rates in September."

  8. US stocks edge downpublished at 14:55
    Breaking

    US stocks drifted down in the opening few minutes as traders remained cautious ahead of US Federal Reserve chair Janet Yellen's speech at a central banking summit tomorrow. 

    The Dow Jones was down 0.1% at 18,462. The broad-based S&P 500 slipped 0.1% to 2,173, while the tech-heavy Nasdaq gave up 0.1% at 5,210. 

  9. WhatsApp shake-up: Part 2published at 14:43 British Summer Time 25 August 2016

    A bit more on the biggest privacy shake-up from WhatsApp, external since it was acquired by Facebook for $19bn in 2014. 

    WhatsApp says it's going to start sharing users' phone numbers with the social network. That's going to help tackle spam and abuse, as well as offer people "better friend suggestions and more relevant ads" on Facebook, the company says.

    But Pamela Clark-Dickson, principal analyst at Ovum, says: "When WhatsApp was acquired by Facebook it was able to reassure users that it would remain independent.

    "Now it's giving Facebook phone numbers - some might say that's a betrayal of trust. In a small way, it has gone back on what it said it wouldn't do."

    Read the full story here.

  10. WhatsApp to allow company messagespublished at 14:29

    WhatsApp and Facebook appsImage source, AP

    WhatsApp, the hugely popular messaging app owned by Facebook, is going to allow companies to contact users directly, but promises it won't lead to a barrage of spam.

    The sort of messages it's envisioning are alerts about flight delays or bank balance updates. It will also allow appointment information, delivery notifications and some "marketing" messages.

    WhatsApp is going to test the new messaging features in the coming months, but promised in a blog post, external to avoid a "spammy experience" where people are inundated with ads.

  11. The Japanese firms hiring people to make staff crypublished at 14:15

    BBC World Service

    Woman crying

    Hopefully this is a good place to start in my quest to find entertaining business news. BBC World Service is reporting that Japanese companies are hiring people to help their staff bond through crying. 

    The sessions involve employees watching sad films while a male model wipes away their tears, all with the aim of helping the employees feel closer. The job title of the professional tear-wipers is "ikemeso danshi", which translates as "handsome weeping boy". 

    "Japanese are not used to crying in front of people. But once you cry in front of others, the environment will change, particularly in a business," one such weeping boy, Ryusei - who is in action above - tells the BBC.

    The idea is to show off your vulnerability - when others see that, it's supposed to bring people together so they work better as a team.

    You can read the full story here.

  12. Good afternoon!published at 14:01

    Dan Macadam
    BBC business reporter

    Thanks Chris and Tom for taking us through this morning. 

    It's pretty quiet out there - let's be honest - as we move through the dog days of summer. But I won't let that stop me as I scour the globe for all that's informative or entertaining in the world of business. 

    Any feedback or tip-offs, please get in touch at bizlivepage@bbc.co.uk.

  13. World's best burger?published at 13:44 British Summer Time 25 August 2016

    We thought this would be a good post to put out at lunchtime...

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  14. Lingerie launchpublished at 13:25

    Peter StringfellowImage source, PA
    Image caption,

    Peter Stringfellow at the opening of a club in Dublin in 2006

    We have the Evening Standard to thank for bringing us the news that strip joint, sorry, nightclub owner Peter Stringfellow has decided to launch a lingerie range, external, just in time for Christmas.

    The range will be sold online - and the 75-year-old may even open a store in central London too to sell clothing from other designers as well.

    Stringfellow tells the Standard: “People have seen the value of branding. Up until now, I haven’t really used Stringfellows as a brand name, so now I’m going to do that.”

    He is also selling Angels, the "gentlemen's club" in Soho to focus on the venue that bears his name. 

  15. H.Samuel owner sales slidepublished at 13:14

    A shopper walks by a Zales Jewelers store at the Serramonte Mall in Daly City, California.Image source, Getty Images

    H.Samuel owner Signet Jewelers has reported an unexpected 2.3% drop in like-for-like sales for the second quarter after weaker demand for its Sterling and Zale lines of jewelry.

    Analysts on average were expecting sales to increase 1%, according to research firm Consensus Metrix.

    That miss has sent shares down more than 12% in pre-market trading in New York, where Signet is listed.

  16. French fashion designer Sonia Rykiel diespublished at 13:03 British Summer Time 25 August 2016

    French fashion designer Sonia RykielImage source, Getty Images

    Tributes are pouring in for French fashion designer Sonia Rykiel, who has died aged 86 following a long battle with Parkinson's disease.

    Rykiel launched her fashion house during the Swinging Sixties and became known for creating chic, body-hugging dresses that used classic stripes and bright colours.

    Nicknamed the "Queen of Knitwear", her couture creations were worn by actresses including Brigitte Bardot and Audrey Hepburn.

    "She invented not just a style but an attitude, a way of living and being, and offered a freedom of movement," said French President Francois Hollande.

  17. FTSE updatepublished at 12:52

    The 14% slide in Entertainment One shares has dragged the FTSE 250 about 1% lower in afternoon trading to 17,840 points. The Peppa Pig owner is by far the biggest faller, while challenger banks Shawbrook and Aldermore are both up 9.6% and 5.6% respectively. 

    On the FTSE 100, meanwhile, Irish buildings supplies company CRH, external is the biggest riser after reporting a 35% rise in sales to €12.7bn for the first half, while Hikma Pharmaceuticals is the biggest loser thus far, down 4.3%.

  18. Britney and Robbie and Applepublished at 12:38

    Adam Sherwin, media correspondent at the i paper, tweets:

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  19. Book an Uberpublished at 12:26

    Uber will now allow customers in London to book journeys up to 30 days in advance.  

    That should annoy both black cabbies and minicab operators too - result! 

    Uber adds advance bookings in London

    Transport app Uber allows customers in London to book journeys up to 30 days in advance.

    Read More
  20. EOne shares sinkpublished at 12:15

    Peppa PigImage source, Getty Images

    ITV had offered 236p a share for Entertainment One, but the Canadian company was thought to be looking for closer to 300p a share.

    However, the stock is now trading at about 216p - 14% lower than yesterday's close - following ITV's decision to walk away.

    Will investors now regret that decision?