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Live Reporting

Dearbail Jordan

All times stated are UK

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  1. Good night

    Test card F

    Thank you for joining Business Live.

    We'll be back at 6.00am sharp with all the breaking business and economic news and analysis. 

  2. US markets close lower

    US shares closed lower after investors spent the day fretting about rising tensions between America and Russia.

    The Dow Jones shed 0.29%, the S&P 500 lost 0.38% and the Nasdaq fell 0.52%.

    Shares in United Airlines continued to tumble as boss Oscar Munoz refused to step down over the forcible removal of a passenger from a flight.

    The stock ended 1.10% lower. 

  3. Airbus boss looks forward

    Tom Enders

    The boss of aerospace giant Airbus has indicated that he is not planning on going anywhere soon.

    Chief executive Tom Enders told Reuters: "It is up to shareholders and the board to decide. I am 58 now and I am not close to retirement. Louis [Gallois] retired from the company aged 68, which is not my benchmark, but in 2019 I will only be 60."

    Airbus merged with its jet-making division and Fabrice Bregier, who runs that business was given the new role of group chief operating officer.

    Reuters reports that Mr Enders will let the board know around March next year what his plans are.

    He said: "It depends on many things. If it were boring then that would be a different story, but this company has plenty of challenges - sometimes more than I would like - and it is a fascinating one and I am still relatively young, but we will see. There is no need to take any decision on that now."

  4. Trump: China is not a currency manipulator

    Xi Jinping and Donald Trump
    Image caption: Chinese President Xi Jinping and US President Donald Trump

    In his interview with The Wall Street Journal, US President Donald Trump said: "I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting—that will hurt ultimately.

    "Look, there’s some very good things about a strong dollar, but usually speaking the best thing about it is that it sounds good.”

    But he said: "It’s very, very hard to compete when you have a strong dollar and other countries are devaluing their currency.”

    Mr Trump declined to name China as a currency manipulator, something he accused the world's second largest economy of in his presidential campaign.

    “They’re not currency manipulators,” he said.  

  5. BreakingTrump: dollar is too strong

    The US dollar has fallen against the Japanese yen and the Swiss franc after President Donald Trump said the greenback "is getting too strong".

    He also told The Wall Street Journal he would prefer the US Federal Reserve to keep interest rates low. 

  6. BreakingTrump undecided on re-nominating Yellen

    US President Donald Trump has told The Wall Street Journal that he 'likes and respects' Janet Yellen, chair of the US Federal Reserve, but is in-decided on re-nominating her when her term ends in February 2018.

  7. Tesla needs new blood to prevent 'dysfunction'

    Elon Musk

    Tesla needs to shake-up its board to prevent "possible dysfunctional group dynamics" according to a group of investors.

    They claim that the borard of the electric car-maker is largely unchanged since it floated in 2010. The group is led by Elon Musk, chairman, chief executive and product architect who holds a 22% stake in the business.

    In a letter the investors, who include Hermes EOS and the California State Teachers Retirement System, say Tesla needs to elect two new independent directors to the board.

    The letter says: "We expect that as companies make the transition to publicly-traded status, the governance structures and practices in place at the time of the IPO will evolve to align with the company's changing strategy.

    "However, Tesla's seven-member board is largely unchanged from its pre-IPO days."

  8. Not creepy at all

    The Whopper

    Burger King is launching a new TV advert which is designed to trigger Google's voice controlled speakers.

    In the advert, a Burger King worker asks: "OK Google. What is the Whopper burger."

    If there happens to be a Google Home device near a viewer's television, the advert will prompt it to read out the Wikipedia entry for the Whopper.

    George Orwell must be literally spinning in his grave.

  9. US stocks may be due for a 'breather'

    Stock market trader

    The Dow Jones Industrial Average pared back some losses as it prepared for the beginning of earnings season on Thursday when investment banks JP Morgan, Citigroup and Wells Fargo report quarterly results. 

    The index is trading 38.99 points lower at 20,612.31. The S&P 500 is down 6.16 points at 2,347.62.

    The Nasdaq fell 21.91 points to 5,844.86.  

    Josh Jalinski, president of Jalinski Advisory Group, said: "Technically, we are due for a breather and if the earnings season disappoints, it could provide the correction that we need."

  10. United 'threatened passenger with handcuffs'

    United Airlines chief executive Oscar Munoz has promised the company will not to drag any more passengers off its planes if they refuse to be "re-accomodated".

    But what about handcuffing them?

    The Los Angeles Times is reporting that Geoff Fearns who paid for a first class ticket between Hawaii and California, was asked to leave the plane because a "more important" passenger needed the seat.

    Like Dr Dao, Mr Fearns refused. 

    "I was already in the seat. And now they were telling me I had no choice. They said they’d put me in cuffs if they had to.”  

    Mr Fearns was eventually placed in an economy seat - between a bickering married couple.

    You can read the whole sorry tale - and about United Airlines's offer of compensation - here.

  11. GM stands ground in investor spat

    General Motors

    Activist investors are de rigueur at the moment.

    Elliott Advisors is locked in a battle with Anglo-Australian miner BHP Billiton over a restructure. It is also calling for Dulux paint-owner Akzo Nobel to oust its chairman so takeover talks with US rival PPG can proceed. 

    In the US, General Motors is sparring with hedge fund Greenlight Capital which has nominated three directors to the car-maker's board and claimed it has mispresented to credit rating agencies a plan to split the company's shares into two classes.

    Greenlight claims GM has no interest "in performing an objective analysis" of the proposal.

    GM said: "The rating agencies' public statements issued regarding the Greenlight proposal clearly indicate that they understood the idea in all its facets, and would represent a credit negative if implemented. Any suggestion to the contrary is baseless and irresponsible."

  12. Tesco tops FTSE fallers


    Tesco ended Wednesday as the biggest faller on the FTSE 100, down 5.73% at 184.4p.

    The supermarket group beat operating profit forecasts but investors had hoped to see more growth in margins which narrowed at an international and group level.

    Engine-maker Rolls-Royce led the risers, up 2.47% at 830.5p.

    Strong quarterly figures propelled recruitment company Pagegroup to the top of the FTSE 250. Its shares rose 7.1% to 475.40p. 

  13. Spooked US stock markets trade downwards

    The Dow Jones Industrial Average is down 92.60 points at 20,558.70 amid fraught relations between the US and Syria, Russia and North Korea.

    US President Donald Trump and his Russian counterpart Vladimir Putin have traded barbs over America's decision to bomb Syria. However, Mr Putin has decided to go ahead with a meeting with US Secretary of State Rex Tillerson. The two know each other well from Mr Tillerson's time as chief executive of US oil giant ExxonMobil.

    Mr Trump also stepped up his rhetoric on Twitter against North Korea. 

    Mary Anne Hurley, vice president of fixed income at D.A. Davidson, said: "The geopolitical tension has not escalated but it's not going away either."

    The S&P 500 is down 9.86 points at 2,343.92.

    The Nasdaq is down 31.34 points at 5,835.44.

    View more on twitter
  14. Trump: healthcare first, then taxes

    In between United Airlines, Syria, Russia and "Holocaust centres", an interview that Donald Trump did with Fox Business slipped through the cracks. but it is worth noting.

    Commenting on when his administration will start its much-vaunted tax reforms, the US President said: "We're going to have a phenominal tax reform but I have to do healthcare first, I want to do it first to really do it right."

    Asked if he has to repeal and reform healthcare before tax, Mr Trump replied "yes".

    "...because I'm saving a tremendous amount, hundreds and hundreds of millions of dollars we're saving on healthcare. So we're going to have a much better plan than Obamacare which is failing. Even now as I came in here they're saying payments have to be made that weren't scheduled to be made on Obamacare. If you don't make them, it fails. You know, it's just a mess. Obamacare is a total mess.

    Donald Trump

    "So we're saving tremendous amounts of money on healthcare when we get this done, number one. And most importantly, actually, we are going to have great healthcare and all of that saving goes into the tax. If you don't do that you can't put any of the savings into the tax cuts and tax reforms."

    Will Mr Trump stick to the August deadline for tax reform suggested by his Treasury Secretary Steven Mnuchin?

    He said: "I don't want to put deadlines. Healthcare is going to happen, at some point. Now, if it doesn't happen fast enough, I'll start the taxes but the tax reform and the tax cuts are better if I can do healthcare first."

  15. FTSE indexes diverge at close

    The FTSE 100 finished Wednesday down 16.51 points at 7,348.99.

    The FTSE 250 ended 117.42 points ahead at 19,423.94.

    Full report to follow.