James Davidson, co-founder of pet food company Tails.com, talks to Business Live - but his dog Monty steals the show.

Chris Johnston
Business reporter

Image source, PRS

Owners of Inverness pub the Tooth & Claw - James Carr and Paulina Matuszak - have won the Music Makeover competition run by PRS for Music. They win £10,000 to help revamp the pub into a live music venue as well as expert advice from producer Steve Levine. 

PRS for Music, external, which represents the rights of almost 120,000 songwriters, composers and music publishers in the UK, launched the competition six years ago to raise awareness of the importance of music to local businesses. 

Ms Matuszak says: “We want The Tooth & Claw to become a staple of the Inverness music scene and with this prize, that dream is becoming a reality.”

Guy Fletcher, PRS chairman and Music Makeover judge, says pubs are an essential component of the UK's popular music culture and help emerging musical talent to develop their skills.

BBC Business Live

US Federal Reserve chair Janet Yellen speaks at 15:00 on Friday. 

Economics correspondent Andrew Walker tells Business Live why markets still expect a US rate rise this year.  

Image source, SeeIbiza.com

Prince William, among others, has been known to enjoy a mud bath on an uninhabited island near Ibiza.

But the owners have said enough is enough, according to The Times.

The Cinnamond family reportedly want to sell Espalmador to the government of the Balearic Islands in the hope it will protect its fragile environment.

The family say the island is not equipped to deal with the large number of tourists it attracts and claims its beaches and dunes are being damaged.

Apparently one of its main attractions is taking a mud bath and then washing off the slime in the sea.

Stephen Evans
Korea correspondent

Image source, AP

Lotte, like other big South Korean companies, is owned and controlled primarily by one family. But the vice-chairman, Lee In-won, - now deceased - was a trusted outsider who had worked for the company for more than four decades. 

Before Mr Lee's death, South Korean prosecutors were investigating the source of hundreds of millions of dollars in family accounts. 

Lotte, like other giant South Korean conglomerates is a maze of companies, with exact ownership unclear. The allegation was that money moved invisibly - and illegally - between the 60 subsidiaries, and from company accounts to personal accounts of family members. 

The dead man was a loyal servant of the family and the company, privy to its secrets. South Koran media said he left a suicide note saying the chairman for whom he worked was innocent of wrong-doing. It is not clear where this leaves the investigation. 

Image source, Getty Images

The world's largest brewer, AB InBev, expects to cut about 3% of its total workforce once it completes its huge merger with SABMiller. 

The Belgian company has about 150,000 workers, while SABMiller has about 70,000. That means the number of jobs to go is about 6,600. 

The £79bn merger deal has been backed by SAB Miller's board but awaits approval from the company's shareholders. 

Image source, Tesco

Retail Week reports, external that Tesco is selling Euphorium Bakery chain just a year after taking full ownership.

The supermarket is flogging Euphorium’s four high-street stores and its Islington factory to casual dining operator Soho Coffee, which will retain the brand.

Tesco will return its 57 in-store bakeries and smaller sites inside its Express stores to its own branding.  

Samworth Brothers is buying Euphorium’s Weybridge factory.

Terms have not been disclosed.

Image source, Getty Images

Rolls-Royce shares are up 1% despite Japanese airline ANA starting to ground its Boeing 787 Dreamliners after finding problems with their Rolls-Royce engines. 

Nine domestic flights were cancelled on Friday, with more to come next month - though none on international routes. ANA has 50 Dreamliner jets. 

It has been repairing some of the 37 used on international routes since a problem with the engine was detected in Kuala Lumpur in February. 

Turbine blades are being replaced due to possible corrosion, though improved parts being developed by Rolls-Royce will not be ready until next year, so the planes will be rotated out of service again then. 

Image source, AP

Benjamin Dousa, economist at Nordic corporate bank SEB, says we should not expect any "monetary bombs" from Janet Yellen later:

“The Federal Reserve’s annual symposium for central bankers in Jackson Hole started yesterday. This year much of the discussion will be focusing on rethinking old tools and maybe find new ones in the future. Even though these questions are interesting, markets will instead mainly be looking for new clues about Fed’s plans for monetary policy in the short term.

“After several Fed members (Fisher, Dudley, Williams, George) have given hawkish comments in recent days, expectations on Janet Yellen to deliver a clearer picture this afternoon have increased. But don’t expect too much. Yellen is not known to release any ‘monetary bombs’ and it has only happened once in the last ten years that the symposium has led to any dramatic market move." 

Pop princess Britney Spears releases her ninth album, Glory, today, which Vanity Fair calls a , external.

To mark the event she's done Carpool Karaoke with James Corden, external, who presents the Late Late Show on CBS. Sky viewers in the UK can also watch the show on demand via their telly boxes. 

Even if you're not a Britney fan, James Corden should make laugh at least once.   

BBC World

Image source, Getty Images

More on those revised GDP figures. Samuel Tombs, chief UK economist for Pantheon Macroeconomics, says the "deterioration of nearly every survey of economic activity" between the first and second quarter suggests economic growth will be revised down eventually. 

"Looking ahead, consumers might be able to maintain strong growth in their spending for another quarter, but when inflation picks up in earnest early next year and firms follow through on plans to freeze hiring, they will have to slow down. 

"Meanwhile, the slight rise in business investment in the second quarter provides little reassurance about the post-referendum outlook, since few businesses anticipated the Leave vote and surveys suggest firms are recoiling from major financial commitments in third quarter. As a result, we continue to see a high risk that the economy enters a mild recession over the coming quarters." 

BBC Radio 5 Live

Image source, PA

Baristas of the world relax! It seems that the quality of coffee, rather than the quantity, matters.  

Researchers in Edinburgh have found people with a particular DNA variation in a gene called PDSS2 tend to drink fewer cups of coffee. 

Nicola Pirastu of Edinburgh University's Usher Institue - a co-author of the report - tells 5 live: "If you have more of the gene in your body then you drink less coffee. People with this genetic make up drink one less coffee per day compared to other people who carry the other variant."

Those who have "the other variant"  break down caffeine more quickly and tend to need a bigger fix.

Dr Pirastu said it would appear consumption is pre-determined by our genes and it is less about taste and more about satisfying a caffeine craving.

In response to the WhatsApp advertising move, Peter Browne of Lowestoft emails: 

"I have a adopted a simple solution to this unwanted intrusion. The app has been deleted."

BBC Business Live

James Davidson, co-founder of pet food company Tails.com, talks to Business Live - but his dog Monty steals the show, giving presenter Aaron Heslehurst more than he bargains for. 

The UK economy expanded by 0.6% in the second quarter, in line with expectations. 

However, the data also showed that investment by businesses unexpectedly rose in the three months to June, compared with the previous three months. 

Today Programme
BBC Radio 4

Some of the best-known pieces of 20th century music were composed for stock libraries.

The library label KPM created theme tunes for programmes including Grandstand, Grange Hill and ITV's News At Ten.

Pete Cox, creative director of KPM for 30 years, and Alan Hakwshaw, a composer at the label in the 1970s, discuss the process of making a hit.

The Guardian, external and the FT both report that proposed European rules intended to shore up news publishers' collapsing revenues would give them more rights to demand payment from digital giants such as Google and Facebook in exchange for using their content.

However, the Silicon Valley investor Marc Andreesen is less impressed:

Image source, Bolivian Government

Some rather disturbing news from South America overnight: the Bolivian government says its deputy interior minister has been kidnapped and killed by striking miners.

Rodolfo Illanes and his bodyguard were seized on Thursday at a roadblock in Panduro, south of La Paz, official said.

Interior Minister Carlos Romero said "all indications" were that Mr Illanes had been murdered in a "cowardly and brutal" attack.

Two miners also died from gunshot wounds during clashes with police.

Read more here.