Business news live: FTSE 100 reacts to new Trump tariff rates and Apple appeal €500m EU fine

One of the world’s biggest companies, Amazon, has asked some employees to volunteer their time during the busy period across Prime day sales, according to a report.

The Guardian say they have seen a staff memo asking for them to work Tuesday to Friday, with those from departments such as engineering or marketing asked to join in prepping groceries for deliveries.

An Amazon spokesperson it was “entirely optional, and it allows corporate employees to get closer to customers while enabling our store teams to focus on the work that’s most impactful.”

Apple say they will appeal a €500m (£431m) fine handed to them by the EU over rules within their app store.

The EU say the tech firm breached regulations by preventing app developers showing customers cheaper deals by buying outside the Apple app store environment.

For their part, Apple say say Brussels rules have made it “confusing” and say they have gone “far beyond” law requirements.

The app store and rules were redesigned and a new fee structure brought in for app developers.

New controversial trade tariffs announced earlier this year by Donald Trump for all nations exporting products to the US were due to come back into force this week. But that deadline has now been delayed — and there is suggestion it’s not really a deadline at all.

So what’s the state of play now and what comes next?

Despite those Asian nations being hit by tariff rates, stocks were broadly up overnight in stock markets, with Japan’s Nikkei 225, Hong Kong’s Hang Seng and the Shanghai Composite all ending the day’s trading in the green.

This morning in London, the FTSE 100 is…also up. But only just.

It’s fairly flat in early trading, up just 0.04 per cent, with France’s CAC 40 and Germany’s DAX largely following suit so far.

Here are the 14 nations who have been given new tariff rates, effective from 1 August, in order of highest to lowest:

Japan’s prime minister Shigeru Ishiba confirmed that his government would continue to hold talks with the US, seeking a better deal for both.

“It is deeply regrettable that the US government has announced a further increase in tariffs, in addition to the rates already imposed,” he said.

Despite President Trump announcing a delay to the tariffs deadline – now 1 August – 14 nations have now been sent letters detailing a new tariff rate for them.

Several Asian nations have been particularly hard-hit, with rates up to 40 per cent.

In terms of the most business activity with the US, Japan and South Korea are the two countries who between them account for 8.5 per cent of all US imports – they both have 25 per cent rates starting next month.

Good morning! Welcome back to The Independent’s live coverage of the business world – today’s focus will be very much on tariffs and the latest impacts there, but also we have stock market news, one British company going into administration and plenty more besides.