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Live Reporting

Dearbail Jordan

All times stated are UK

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  1. Good night

    Test Card F

    That's it for another day on Business Live.

    We look forward to you joining us again tomorrow from 6.00am onwards.

  2. US stocks end winning streak

    The Dow Jones industrial average ended a run of winners on Tuesday when it closed down 25.02 points at 20,812.24.

    The US stock index had closed at a record high over 12 successive days. However, that stopped on Tuesday as traders anxiously waited for US President Donald Trump to give his first address to Congress.

    It is hoped that he will flesh out his proposals on tax reform and infrastructure investment. 

    The Nasdaq close down 36.46 points at 20,812.24 and the S&P 500 fell 6.11 points at 2,363.64.

  3. Millennials reject traditional TV viewing

    Susan Wojcicki

    The chief executive of YouTube, which is owned by Google, said that people are not watching television in traditional way any more.

    Announcing plans to launch YouTube TV, Susan Wojcicki said: "There's no question that millennials love great TV content, but what we've seen is they don't want to watch it in the traditional setting." 

  4. YouTube TV to take on cable channels


    YouTube is launching its own streaming service which will allow customers to access 40 networks including broadcast channels and some cable channels.

    It will cost $35 a month and will launch in a few months.

  5. GM boss cautious over border tax plans

    Mary Barra and Donald Trump

    Mary Barra, chair and chief executive of General Motors, is in favour of corporate tax reform - as promised by Donald Trump - but says changes to border taxes need to done carefully.

    She said: "If not done very thoughtfully it could be problematic," she said, saying tax reform needs to avoid "unintended consequences."

    The planned border adjustment tax would impose a 20% tax on imported goods while providing write-offs for goods that are exported.

  6. Chancellor to speed up PI payment consultation

    Crash test dummy

    The Chancellor has met with representatives of the insurance industry following an outcry over  plans to change the way compensation is calculated  for people with long-term injuries.

    Philip Hammond held talks with Huw Evans, director general of the Association of British Insurers as well as the chief executives of Aviva, Direct Line, Admiral and RSA among others.

    In a joint statement, Mr Hammond and Mr Evans said: "Claimants must get the money they’re entitled to following an injury in order to support their future needs.

    “It is important that going forward, personal injury discount rates are set at a level that is fair to both claimants and consumers."

    They said: “The Government will progress urgently with a consultation on the framework for setting future rates, and bring forward any necessary legislation at an early stage.

    “The industry will contribute fully to the upcoming consultation, and the government will carefully consider all evidence and arguments submitted.”

  7. Amazon US outage hits businesses

    Amazon Web Services (AWS) is experiencing a major outage on the East Coast of America.

    AWS is the server space that Amazon rents out to other companies. 

    It is understood the issue has affected a number of internet services and media outlets.

    View more on twitter
  8. 'Wine to Italy; Farage to America'

    Boris Johnson

    The Foreign Secretary has been speaking to business leaders  at the British Chambers of Commerce about UK export successes.

    Boris Johnson lauded the sale of British cars worldwide, pineapple jam to America and (one of his favourites) boomerangs to Australia.

    But special words were saved for the former UKIP-leader-turned-Donald-Trump-wingman.

    "We do still export wine to Italy and, I’m delighted to say, Nigel Farage to America," Boris Johnson quipped.

  9. Apple bangs the drum for the US

    Tim Cook

    What is going on at Apple?

    The technology giant appears to be at pains to prove its commitment to US business. Is this in deference to President Trump's "America First" stance.

    Apple chief executive Tim Cook told shareholders today that the company spent $50bn last year with US suppliers.

    He said: "We're always looking for more ways to help our country. We know that Apple can only exist in the US."

    Mr Cook was one of a number of US tech chiefs who spoke out against Mr Trump's immigration. He also met with the then president-elect last December, after which he said: "Personally, I’ve never found being on the sideline a successful place to be. The way that you influence these issues is to be in the arena."  

  10. Green keeps promise to 'sort' BHS pension

    Simon Jack

    BBC Business Editor

    Sir Philip Green and Kate Moss

    Throughout, Sir Philip has promised to "sort", in his words, the BHS pension problem. Those close to him were confident he would make good on that and today he did improve the lot of the pensioners. 

    He has not enjoyed the last three years one bit and has not said anything publicly today. 

    Privately he says he wants to return to being a private businessman. In truth, he was never really that, he was not shy about living the high life quite publicly. 

    According to the Sunday Times Rich List this sum represents just over 10% of his net worth. 

    His reputation and his knighthood were probably worth that to him. Whether he can hang on to either is still not - in his words - "sorted".

    Read Simon's blog.

  11. Hammond may switch Bank inflation measure

    Philip Hammond

    The Chancellor may use next week's Budget to announce a change to the measure of inflation that the Bank of England uses for its 2% target. 

    Investment bank Goldman Sachs is claiming that Philip Hammond will switch to a figure that includes housing costs.

    CPIH - the consumer prices index plus owner-occupiers’ housing costs - will become the Office for National Statistic's preferred measure from 21 March.

    Goldman Sachs economist Andrew Benito, who previously worked at the Bank of England, said in a note to clients that it was “more likely than not” that Mr Hammond would announce the change next week.

    The Bank of England has used the CPI rate for its 2% since 2003 .

    Mr Hammond will announce the Budget on 8 March.  

  12. US markets want 'meat on the bones'

    Dow Jones market trader

    America's leading stock index sunk lower on Tuesday , down 46.58 points at 20,790.86, as markets waited for US President Donald Trump to set out his budget proposal in his first address to Congress since taking office. 

    Mr Trump has promised tax reform, investment in infrastructure and a rise in defence spending.

    "What we're looking for tonight is just more meat on those bones," Mark Spellman, portfolio manager at Alpine Funds told Reuters.

    "We've gotten these generalities and we're trying to figure out how things are going to be constructed."

  13. BHS settlement is 'peanuts' to Sir Philip

    Rebecca Long-Bailey

    Labour's Shadow Business Secretary is no so enamoured with the Pension Regulator's £363m pension settlement with Sir Philip Green.

    Rebecca Long-Bailey said: "The 20,000 members of BHS's troubled pension scheme will no doubt be relieved to see almost a year of uncertainty come one step closer to resolution. But this deal falls far short of justice being done.

    "The £363 million contribution - a capitulation to months of pressure, despite his claim that it is voluntary - is peanuts to billionaire Sir Philip, yet will leave an outstanding hole of £200m in the pension scheme." 

  14. BHS: a good deal for pensioners?


    Former BHS employee Lin Macmillan, who set up the Sell the yachts, pay the pensions" campaign after the department store chain collapsed, said she was cautiously optimistic about today's pension settlement.

    She said "We are pleased that after many months resolution has been reached, although it does appear that BHS pensioners will not be quite as well off as they might have been.  I would like to thank everyone who participated in and contributed to our campaign."

  15. Engineering shares power ahead


    The FTSE 100 closed 27.32 points higher at 7,280.32.

    Engineering groups were the day's winners following a proposal by US President Donald Trump to increase military spending by 10% .

    The risers were led by engineering support and outsourcing group Babcock International whose shares jumped 7.1% to 948.50p on promises to meet its full-year targets amid strong order intake. The company's biggest client is the US Ministry of Defence.

    GKN's shares also ended strongly, up 4.9% at 359.90p. The engineering group said both its aerospace division and its automotive engineering Driveline power transmission business outperformed competitors last year and had won new business.

    St James's Place was the biggest faller, down 3% at £10.55, after costs rose and the wealth manager said its chief executive David Bellamy would step down at the end of the year.

  16. Starbucks now slates Italy launch for 2018

    starbucks drinks

    Starbucks boss, Howard Schultz, has been getting a lot of attention today after he told AP that Starbucks is at last planning to open an outlet in the home of fantastic coffee shops, Italy.

    He made much of how he was originally inspired to start up the now ubiquitous chain at least in part by the coffee bars he visited in Milan 35 years ago. 

    "I am so respectful of the Italian coffee heritage and the Italian culture, and I think we had to earn that respect, opportunity, and I think over the years we got to the point that we are now ready to come," he said.

    He says the new outlet should be ready by early 2018.

    On the other hand this time last year he said they'd be opening a Starbucks in Milan around now.

  17. BHS pension deal: why so long?

    Sir Philip Green

    Steve Webb, the former pensions minister who is now director of policy at insurer Royal London, said Sir Philip Green could have spared staff "many months of misery and uncertainty if he had stumped up the cash willingly, rather than only after many months of protracted negotiations". 

    While Labour MP David Winnick, said: "The very fact that Green has made this offer is the result of parliamentary and public pressure.

    "It is most unlikely it would have been the case otherwise. It will now be up to those who have been adversely affected, and their representatives, to decide on the offer."