Image source, Getty Images

Unite has called on Sports Direct to "confront endemic abuses" in its labour supply agencies, following a call from a City investor group for the retailer to conduct a full independent review of corporate governance.

Unite assistant general secretary Steve Turner said: "Sports Direct has achieved a rare feat in uniting the City, politicians and Unite in the need to address deep seated problems with its work practices and corporate governance.

"The only way the Sports Direct board will begin to restore confidence and bring stability to the retailer is by confronting the endemic abuses within its employment agencies by moving long standing agency workers onto direct, permanent contracts and weaning itself off zero hours contracts."

Catherine Snowdon
Business reporter

Image source, Getty Images

Well, when the crew steals it.

Indonesia's navy has located a tanker carrying almost $400,000 (£302,500) worth of diesel that was taken by its own crew last week due to a management dispute. 

The MT Vier Harmoni was initially feared to have been hijacked after setting sail from Malaysia, in waters that have suffered a string of pirate attacks. 

But the Indonesian navy said the captain had contacted the vessel's agent to say the crew were taking it, and its 900,000 litres of diesel, back to Batam island, just south of Singapore, due to an "internal management problem".  

The navy deployed ships and a helicopter to search for the tanker.

It was eventually found off West Kalimantan province, on the Indonesian part of Borneo island. 

Fancy a bit of light reading this morning? Then why not dive into this guest post on the Bank of England's website. 

David Halpern thinks it’s time to bring more realistic models of human behaviour into economic policy and regulation. We couldn't agree more.

Image source, PA

ITV has withdrawn its proposal to buy Entertainment One, the owner of childen's TV brand Peppa Pig.

"ITV continues to believe in the strategic logic and potential benefits of acquiring [Entertainment One] but has a clear view of the value of the business, recognising that this value would need to be verified by appropriate due diligence. It appears this value is different to the level at which the board of [Entertainment One] would currently engage in a more formal process," it said, external.

The Canada-based film distribution and TV production company rejected a takeover bid from ITV earlier this month saying the bid "fundamentally undervalues the company and its prospects".

Pharmaceutical firm shares are dragging on the FTSE 100, which is down around 0.34%.

Hikma Pharmaceuticals shares are trading down around 5.66%, and Shire stocks are down 4.16%.

Democratic presidential nominee Hillary Clinton had called for a lower price for Mylan NV's allergy drug EpiPen, which has become four times more expensive in the past decade.

"[This]... serves to strike fear into the hearts of healthcare groups and their investors everywhere," Mike van Dulken, head of research at Accendo Markets, said.

"The industry [is]... treading the fine line between balancing the costs of clinical success [and failure] with the economic laws of supply and demand." 

Image source, AFP

South African President Jacob Zuma has said he has full confidence in Finance Minister Pravin Gordhan, who is under police investigation over a suspected spy unit at the tax service.

Mr Zuma said he could not intervene in the investigation despite the negative impact the probe has had on the economy, according to a statement released by the presidency.

The rand, which had tumbled since Tuesday in response to the investigation, extended gains to 1.3% after Mr Zuma's statement.

Earlier, South Africa's main opposition party called for a parliamentary debate over what it called a "witch-hunt" against Mr Gordhan.

"I have today submitted an urgent request to the Speaker of the National Assembly ... on the Zuma-mandated witch-hunt against sitting Finance Minister Pravin Gordhan," Democratic Alliance leader Mmusi Maimane said.

Analysts have said Mr Gordhan has been a target of political pressure from a faction allied to Mr Zuma.

Image source, Getty Images

Gross mortgage lending of an estimated £21.4bn was 1% lower in July than last year, according to the Council of Mortgage Lenders (CML).

Its chief economist Bob Pannell said: "The subdued nature of property transactions and mortgage lending in July are consistent with a less positive backdrop for house purchase activity post-referendum."

BBC World

It's been a tough year for tour operators trying to provide holidays in Europe's traditional destinations following a growing number of security alerts.

Thomas Cook chief executive Peter Fankhauser tells the BBC how travel habits have changed - and says he did not expect a big impact on business from Brexit.

BBC Business Live

Central bankers gather this week for an annual meeting at Jackson Hole in Wyoming - but commentators do not expect any big revelations from US Federal Reserve chair Janet Yellen.

Analysts pick over her every word with a fine-tooth comb. So why are US interest rates so ... interesting?

Jane Foley of Rabobank tells Business Live: "What happens to the dollar then has big implications for what then happens to other central banks and other currencies. For instance, if the Fed were to signal they were going to raise interest rates, immediately you can see a negative signal to risky assets, emerging markets, equities etc. 

"But it would mean that it would be easier for the European Central Bank, the Bank of Japan, the Australians and New Zealand to actually see some more power given back to their monetary policy... [because] their currencies get weaker [against the dollar]."

Image source, Getty Images

Ifo said confidence among German business unexpectedly fell to 106.2 in August, down from 108.3 in July. Economists had forecast a reading of 108.5.  

Klaus Wohlrabe, an economist at the Munich-based Ifo economic institute, blamed the Brexit for the hit to German business morale. 

Orders in the chemicals and car industries were particularly subdued, he said.    

"Brexit has had a stronger effect now. Export expectations in the chemicals sector have fallen significantly due to Britain," Mr Wohlrabe added.

Image source, Getty Images

A body that represents the UK brick industry (yes, there is one) is not very happy about a report from the National Association of Estate Agents claiming a massive shortage of bricks is pushing up house prices.

The Brick Development Association said that the report was "out of date and and unhelpful" because it used data from April 2015.

It added: "The brick industry would like to make it completely clear that brick production has risen significantly over the last two years."  

Its chief executive Andrew Eagles said: "This is a lazy analysis... We can report with absolute authority that there is no shortage."

Image source, Getty Images

Sterling is down a touch at $1.3219 but remains on track for a weekly gain of about 1.5% against the dollar. 

The pound is also on track for its best week in six weeks against the euro despite falling 0.2% to 85.32 pence.

Short positions on sterling reached a record high in the week to 16 August and traders said many speculators had this week been unwinding bets and booking profits, which had helped lift the currency.

"The pound continues to trade on a firmer footing, in the near-term supported by the easing of initial Brexit fears as the UK economy appears to be holding up better than expected," said Bank of Tokyo-Mitsubishi currency strategist Lee Hardman. 

BBC World Service

Research from Oxford University suggests those who sing together work better together. That's prompted many people to set up their own choirs in the office. We meet some of them in London to find out if they're feeling the benefits.

Image source, Cairn Homes

Irish housebuilder Cairn Homes is back in the black with a pre-tax profit before exceptionals of €500,000 (£400,000) for the six months to 30 June - better than the loss of €1m for the same period last year. 

Chief executive Michael Stanley said: "We are building new homes on five sites, with a further five developments commencing within the next 12 months. By mid-2017, we will support over 1,000 construction jobs, including apprentices, leveraging the substantial economies that that we will benefit from as a home-builder of significant scale."

BBC Business Live

Social media companies are "consciously failing" to combat groups using their services to promote extremism, the Home Affairs Select Committee said earlier.

Firms including Facebook, Twitter and Google, which owns YouTube, must show "a greater sense of responsibility", it has said.

Keith Vaz, the Labour MP who chairs the committee, says:

Image source, PA

More on Sports Direct: the embattled retailer has decided to hold an 'open day', external to coincide with its annual meeting at Shirebrook in Derbyshire on 7 September.

"The purpose of the Open Day is to enable the Board to engage with as many people as possible in an open discussion about the business," it explains. 

Independent retail analyst Nick Bubb comments: “It remains to be seen how 'open' Sports Direct will be at its ‘open day’ on 7 September, but management have clearly calculated that the company’s reputation is so low that it can only get better, despite the constant risk that [founder] Mike Ashley says something stupid.”

Image source, Getty Images

Following the SMMT's very healthy car production figures out today, Stuart Apperley of Lloyds Bank Commercial Banking says that consumer demand for cars is "cooling", but that the industry is better able to cope with fluctuations.

"In the past the sector suffered from being over-stocked, which meant a dip in consumer demand would see production volumes taking a big hit. Today manufacturing output is much more closely aligned to demand, and so we wouldn’t expect to see any dramatic falls in production," he says.

“Equally there is still strong demand from abroad for marquee British car brands. With markets such as China reporting inventory levels at an 11-month low in July and a buoyant 23% rise in car sales, we’d expect exports to remain healthy."    

5 live presenter Adam Parsons has been talking to the boss of John Laing about its results.

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A City investor body is calling on Sports Direct to announce a "wide-reaching independent review of the entire governance practices" at its annual meeting on 7 September.

Sports Direct and its founder Mike Ashley (pictured) have been under scrutiny by MPs, who are investigating its employment practices.

Now the Investor Forum says it has taken the "highly unusual" step of making public its concerns, external.

"In prior situations we have always managed to work privately with companies to create effective long term solutions... We do not take this step lightly," said Andy Griffiths, executive director of the Investor Forum.

The group wants a review of corporate governance, board oversight, potential conflicts of interest, employment practices, acquisition strategy and due diligence, and oversight of supplier relationships and store portfolio management.

The annual meeting will be open to the public for the first time - but you'll have to trek to Shirebrook in Derbyshire for the privilege.

Image source, STV

Good news today for STV - the ITV broadcaster in Scotland - whose half-year pre-tax profits, external are up 50% to £10.2m on revenues 5% higher at £56.2m.

The company also makes shows including Antiques Road Trip. Chief executive Rob Woodward said STV Productions has delivered an "improved performance, with a stream of new commissions announced this year".

It's been less rosy for shares in STV, which have sunk more than a quarter this year, leaving the company worth just £145m. However, the stock is up 4.7% today at 383.75p.