Live Blog

Apple Music
August 28, 2015, 8:33am

Apple executive Ian Rogers took his company and the music industry by surprise today, resigning just two months after the launch of Beats1 online radio, reports the Financial Times.

Rogers, who joined Apple a year ago, headed up development and strategy at Beats1, bringing in presenters like Ellie Goulding and Zane Lowe.

Apple has confirmed Rogers’ departure, but why the executive is resigning is unknown.

Music streaming has become a key growth area for Apple, as downloads are steadily declining and Apple takes up the fight with other providers like its main rival Spotify, and newcomers like Tidal.

Along with the radio Beats1, Apple also launched Apple Music, still in its free trial stage, in June.

Since its launch, 11m users have subscribed to the Apple Music service, compared to Spotify’s 75m users to date. 

There are reports of a fire at Bank station
August 28, 2015, 7:46am

Commuters faced travel chaos in the run-up to the bank holiday, after Bank and Monument stations were closed and several lines were disrupted after a fire alert.

Although the stations have now reopened, several lines, including the Waterloo and City line, were still disrupted.

Transport for London cannot give an estimate of when normal service will resume at this time:

Transport for London is accepting tickets on buses:

There are also reports of light flooding caused by the fire:

There are also severe delay on the Circle and Hammersmith and City lines, with parts of the lines suspended, due to emergency engineering work at Ladbroke Grove.

 

August 28, 2015, 7:00am

European markets are expected to open marginally up today, after gains in Asia and a strong finish by markets in the US, boosted by a positive revision of second quarter US gross domestic product.

The FTSE 100 is expected to open 7 points up at 6199, while the German Dax is called to rise 11 points on opening at 10,327 and the French Cac should open 7 points higher at 4665.

Markets across Europe closed higher yesterday on the back of rebounds in Asia, with investors’ nerves being soothed by Chinese markets making gains and the positive US data and. The FTSE closed 3.56 per cent higher at 6192.

Asian stocks all continued to rebound in morning and early afternoon trading, with the Shanghai Composite peaking as much as two per cent higher, while Japan’s Nikkei was up over three per cent and the Hang Seng was trading 0.5 per cent higher.

Investors will be looking to a slew of data coming out in Europe and the US, in particular UK gross domestic product.

Corporate news:

  • bwin.party reported total revenue of €296.5 (£216m) in the first half of 2015
  • French luxury group Hermès reported a profit rise of 16.9 per cent for the first half of the year
  • 888 Holdings reported revenue of $220m (£142.5m) for the first half of 2015

Economic data:

  • 09:30: UK: Q2 GDP
  • 09:30: UK: Q2 Total business investment
  • 09:30: UK: Index of services, July
  • 10:00: Greece: GDP
  • 10:00: EU: Business climate, August
  • 10:00: EU: Industrial confidence, August
  • 10:00: EU: Consumer confidence, August
  • 10:00: EU: Services sentiment, August
  • 10:00: EU: Economic sentiment indicator, August
  • 13:30: US: Personal consumption expenditure price index, July
  • 13:30: US: Personal income, July
Markets across Asia are trading up
August 28, 2015, 6:46am

A sea of red screens can be seen around Asia as markets continue to rise, including in China, building on positive performance yesterday and a strong finish by markets in the US.

The Shanghai Composite rose as much as two per cent in mid-morning trading, gaining on the 5.4 per cent it rose yesterday. Japan's Nikkei was trading over three per cent higher in early afternoon trade, while Hong Kong's Hang Seng was up 0.5 per cent.

 
"We should see more investor appetite for riskier assets today, given the positive leads from the overnight markets. However, the market may be wary of putting in sizable positions ahead of the weekend," Reuters reported Bernard Aw, market strategist at IG in Singapore, to have written in a note.
 
Markets were given a boost late on Thursday as the People's Bank of China announced it would purchase stocks and asked state-owned banks to purchase more yuan on its behalf. Meanwhile, US gross domestic product in the second quarter was revised up to 3.7 per cent, giving a boost to US markets.
 

Inflation data from Japan also showed the country was able to avoid slipping into deflation, which has further encouraged markets. Japan's retail trade also grew for a fourth consecutive month, increasing 1.6 per cent in July from a year earlier.

Yesterday markets across Europe also closed up, with the FTSE gaining £60bn in one day, having lose £72bn on Monday.

 

Brent Crude
August 27, 2015, 9:55pm
Oil prices went through their sharpest rise in six and a half years today, as the commodity benefited from recovering equity markets and reduced fears over China's economic slowdown.
 
 
US crude finished the day 10.3 per cent higher at $42.56 per barrel, resulting in its biggest one-day increase since March 2009, when it rose by 11.1 per cent.
 
Front-month Brent, the global benchmark, was also up 10 per cent at $47 per barrel - $4 higher than yesterday. 
 
 
The surge brought an end to a long streak of declines for the commodity, which has approximately halved in value over the last 12 months due to over-supply.
 
 
Today's performance also marks a dramatic reversal from earlier this week, when it fell below $38 per barrel in value – its lowest point since the financial crisis.
 
The sell-off resulted from Monday's 8.5 per cent drop on the Shanghai Composite Index. China is the world's second biggest oil consumer, so a significant economic slowdown would reduce demand and make the global oversupply even heavier. 
 
Today's swift recovery was driven by a revival of confidence among investors, whose fears that China's economic slowdown would have knock-on effects were assuaged by the country's commitment to stabilising its economy. 
 
On Tuesday, China's central bank announced it was cutting its key lending rate by 0.25 percentage points to 4.6 per cent in an effort to calm stocks.
 
This, combined with Fed policymaker William Dudley's strong indication yesterday that a US interest rise will not go ahead next month, has sent European and US markets surging.
 
News that Venezuela called for an emergency meeting of the Organization of the Petroleum Exporting Countries (Opec) also helped boost oil. The intransigence of some of the organisation's key members on the matter of reducing production was one of the main instigators for oil's long-term downfall that began last year. 
 
Algeria and Iran have also expressed a desire to discuss the possibility of crisis talks between the Opec countries.
 
Exhausted at work
August 27, 2015, 7:50pm
Most people in the UK feel burnt out by the pressures of work, according to figures seen by City A.M.
 
 
A report by recruitment company CareerBuilder found that on average, 66 per cent of people sometimes feel so exhausted by their job that they struggle to function properly. For an unfortunate one in 10, this feeling never goes away. 
 
“Burnout is natural and can happen to even the most dedicated workers at the best of employers,” said Scott Helmes, managing director of CareerBuilder UK. 
 
For most workers it’s a passing phase, but when employees start to feel as if they are burned out all the time, it can start to affect their work and in some cases, the business overall.

A love of work

While feeling burnt out is never a pleasant experience, it clearly doesn't change most people's overall perception of their job.
 
The survey, which involved 1,000 full-time and part-time workers across a range of sectors in the UK, also found that just seven per cent of people actively disliked or hated their work.
 
While there were plenty who felt half-hearted or were unsure, 43 per cent said they liked their job and a quarter went even further and said they loved their job.
August 27, 2015, 6:50pm

It's a dream come true for London's partygoers (or anyone who works late into the night for that matter) - but the Night Tube has become a nightmare.

The 24-hour Tube will no longer be hitting the tracks in two weeks' time when it was expected to, after Transport for London postponed its launch today. The organisation has now reverted to a less specific time frame of "autumn" for its debut.

Read more: Transport for London delays Night Tube's

The Night Tube has been knocked off course after Boris Johnson's plans failed to get Tube drivers on board - unions have been locked in a dispute with Tube bosses over the service since March, resulting in several strikes which brought the capital grinding to a halt

Here's how the Night Tube became derailed.

August 27, 2015, 6:27pm

Apple has revealed the date of an event where it's widely expected to unveil the latest generation of the iPhone, following the record-breaking success of the iPhone 6.

The California-based tech company has sent out an invitation to an event on 9 September, at the San Francisco Bill Graham Civic Auditorium, saying only "Hey Siri, give us a hint".

Apple traditionally launches new iPhones at this time of year - and it's expected the newest version will be the iPhone 6s and the larger iPhone 6s Plus.

Read more: What to expect from the new Apple iPhone

There are also likely to be updates to the operating system with iOS 9, and a second version of its WatchOS, as well as a potential announcement around Apple TV.

The new iPhones are rumoured to come with an improved camera, longer battery life, Force Touch, bigger RAM and new colour options.

FTSE 100
August 27, 2015, 5:50pm
It's been a rollercoaster of a week for the FTSE 100. Having lost £72bn on Monday, won half of it back on Tuesday and then suffered losses again on Wednesday, the direction the blue-chip index would head in next seemed far from certain.
 
 
But it's been on a serious upward streak today, rising 3.6 per cent and gaining £60bn in the process, in its biggest one-day rise since October 2011.
 
The main winners were mining companies, with Anglo American, BHP Billiton and Antofagasta rising 9.3 per cent, 9.2 per cent and 8.9 per cent, respectively. 
 
The pharmaceutical sector also performed well, with shares in Shire and GSK each making gains of more than four per cent.
 
At the start of the week, the FTSE 100 fell victim to a global panic, after an 8.5 per cent decline on the Shanghai Composite index sent stocks across European and US markets tumbling.
 
The FTSE lost a total of 4.67 per cent of its value at the time, while on the continent the German Dax was down 4.6 per cent and the French Cac 40 fell 5.47 per cent. 
 
But China's decision the following morning to cut its benchmark interest rate revived some risk-taking among investors, resulting in one of the FTSE's best days in recent years
 
Global enthusiasm has also been encouraged by yesterday's suggestion from senior Fed policymaker Bill Dudley that US interest rates would not rise next month because of the risk of China's slowdown spilling into other economies. 
August 27, 2015, 5:19pm

The UK has traditionally been a nation of claret-lovers, dating as far back as the 12th century when Eleanor of Aquitaine married Henry Plantagenet. 

Eager to please his French subjects, King Henry II decreed that any ship sailing from Bordeaux would be exempt from export tax. 

By the 14th century, England, Scotland and Ireland were importing more than 25 per cent of Bordeaux’s wine. Even today, claret remains king in the UK.  

According to Liv-Ex, the online trading platform used by UK wine retailers, Bordeaux comprises 74 per cent of wines traded on average per month, down from 95 per cent during the heyday of 2010, but still far ahead of Tuscany and Burgundy, with only 7 per cent market share each. third wine from younger vines, meant more for consumption than for ageing, with a lower price tag to match.

In 1855, Napoleon demanded all Left Bank chateaux be ranked in preparation for the Paris Expo.  Five categories ensued, based solely on price. 

The First Growths, such as Latour and Margaux, commanded 3,000 Francs per barrelF and were considered the crème de la crème.  The Fifth Growths, such as Pontet Canet and Lynch Bages, commanded 1,400–1,600 Francs per barrel.

Around 160 years later, the classification is still in use with only three changes since its inception, the most notable of which was the promotion of Mouton Rothschild from Second to First Growth in 1973 after decades of lobbying from the owner, Baron Philippe de Rothschild. Right Bank wines were considered too rustic to be classified in 1855, and many of the now-coveted wines such as Le Pin did not exist at that time. 

Today the best-known Right Bank wines hail from St. Emilion and Pomerol.  The former was classified in 1955, with many factors besides price coming into play, resulting in just three categories: ‘A’, ‘B’ and ‘classified’. 

Until 2012, only two wines, Ausone and Pavie, were in Class A. Of course, all the other St. Emilion chateaux protested, and it was determined that St. Emilion should be reclassified each decade, although in 2006 the results were so controversial that the ranking Compared to other wine regions, Bordeaux is relatively easy to understand: you have one estate -- called a chateau -- producing one flagship wine made predominantly from Cabernet Sauvignon if situated in the western region (‘Left Bank’) or Merlot if from the eastern region (‘Right Bank’). 

The chateau may also produce a second or was declared invalid.  Pomerol, home of Petrus and Le Pin, has smartly refrained from any system of classification. 

While this may all sound terribly complicated and political, consider the English Premier League football, and the fact that you or someone you know can most likely recite which teams have been promoted and relegated since its inception, and how it makes no sense that a new team with no wins so far this year is guaranteed to earn at least £60m this season just for showing up.

It’s enough to make you want to drink, and hopefully Bordeaux 

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