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  2. US stock markets edge lower
  3. FTSE 100 down 0.2%, sterling at $1.29
  4. Annual profits and sales slip at Sainsbury's
  5. Adam Crozier quits as ITV chief

Live Reporting

By Dearbail Jordan

All times stated are UK

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  1. Good night

    Test card f

    Thank you for joining us for another non-stop day here on Business Live.

    We'll be back at 6.00am on Thursday with all the breaking business and economics news.

  2. Zuckerberg: we had a good start to 2017

    Mark Zuckerberg

    Facebook also reported a strong rise in first quarter profit, which rose to $3bn compared to $1.7bn last year.

    Chief executive Mark Zuckerberg said: "We had a good start to 2017. We're continuing to build tools to support a strong global community."

  3. Facebook monthly users rise

    Facebook also reported that the number of monthly active users (MAU) rose to 1.94bn in the first three months of the year, a 17% rise on last year. 

    Analysts had expected the social media company to report 1.91 MAUs.

  4. BreakingFacebook revenue soars

    Facebook's first quarter revenue hit $8bn, ahead of an estimated $7.38bn and above last year's $5.2bn.

  5. Facebook: what to look out for


    Facebook is set to announce first quarter results shortly.

    Investors will be looking for improvements on the $5.3bn revenue it reported in the first three months of 2016 when profit hit $1.5bn.

    The number of daily active users rose to 1.09bn and mobile daily active users hit 989m.

  6. US stock markets close

    The Dow Jones Industrial Average has closed 5.95 points higher at 20,955.84.

    The S&P 500 has ended Wednesday down 3.22 points at 2,387.95.

    The Nasdaq has finished 22.82 points lower at 6,072.55.

  7. Markets stagnant on Fed decision

    US stock markets remained nonplussed at the US Fed's interest rate decision

    The Dow Jones Industrial Average gave up momentary gains to edge lower to 20,949.59.

    The S&P 500 fell 4.46 points to 2,386.71.

    The Nasdaq traded 32.24 points lower at 6,063.13.

    Jim O'Sullivan, chief US economist at High Frequency Economics, said: "In short, more evidence that the underlying trend in growth is not suddenly slowing, as suggested by the GDP data. If anything, the trend appears to be up, not down."

  8. Happy together?

    Is it possible to strike a Brexit deal that will please the UK and the EU?

    US economist Irwin Stelzer (@IrwinStelzer) of the Hudson Institute in Washington doesn't think so.

    Video content

    Video caption: The 'Brexit divorce bill' is the latest sticking point for both sides.
  9. Reading between the lines

    The US Federal Reserve building
    Image caption: The US Federal Reserve building

    It is only an hour since the US Federal Reserve announced its decision to hold interest rates and everyone is already fixated on June.

    Ryan Sweet, senior economist at Moody's Analytics, said: "The Fed is communicating its mantra of gradual rate hikes. The next time they will likely raise rates would be June."

    Meanwhile, Lou Brien, a market strategist at DRW Trading, said: "The Fed doesn't need the economy to excel from where it is now in order to raise rates further.

    "They want to move the rate higher than where it is given the current conditions, and I don't think they want to take that anticipation off the table just because we've had some slowing data." 

  10. Rate rises 'still on the table'

    The US Federal Reserve is not worried about the disappointing GDP growth in the first quarter.

    Heidi Learner, chief economist at Savills Studley, said: "They went out of their way to emphasize this is not something they see persisting and pretty much says to me that their two rate hikes are still on the table for the balance of the year."

  11. Wheeling out the big guns

    US Federal Reserve chairwoman Janet Yellen
    Image caption: US Federal Reserve chairwoman Janet Yellen

    June is now the focus for investors.

    Commenting on the US Fed, Neil Wilson, senior market analyst at ETX Capital, said: "If the Fed really is to hike in June, and market pricing suggests it is, we can expect various Fed officials to get wheeled out over the coming weeks to start talking up the prospect in order to smooth the path for the hike.

    "The Fed is doing a very good job of pre-warning the markets under [Janet] Yellen and they will have to talk up the growth prospects and show that the Q1 number was indeed transitory."

  12. Fed expects 'transitory' slowdown

    The US central bank said in its statement following the meeting of the rate-setting Federal Open Market Committee: 

    Quote Message: The Committee views the slowing in growth during the first quarter as likely to be transitory and continues to expect that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace, labor market conditions will strengthen somewhat further, and inflation will stabilize around 2% over the medium term.
  13. US stock markets shrug off Fed decision

    The Dow Jones Industrial Average rose marginally, up 2.29 points at 20,952.18, after the US Federal Reserve held interest rates.

    The S&P 500 remained down, off 4.05 points at 2,387.12.

    The Nasdaq also continued to decline, down 23.44 points at 6,071.92.

  14. Fed sees softness in US economy

    The US Federal Reserve said in its statement, following its decision to keep interest rates on hold, that the employment market continues to strengthen "even as growth in economic activity slowed".

    US GDP grew at a disappointing 0.7% in the first quarter.

    It added: "Household spending rose only modestly, but the fundamentals underpinning the continued growth of consumption remained solid."

  15. BreakingUS Fed keeps rates on hold

    The US Federal Reserve has kept rates on hold at between 0.75% to 1%.

  16. Baby, you can't drive my car

    Uber driverless car

    Uber is heading back to court today to contest a lawsuit which potentially threatens the future of its self-driving car business.

    Waymo, the driverless car divison owned by Alphabet Inc which also controls Google, has accused former employee Anthony Levandowski who now works at Uber of taking technical secrets to help his new employer.

    If it is proven that Mr Levandowski and Uber conspired in taking the information, that could have dire consequences for Uber

    Arun Sundararajan, a professor at New York University, tells Reuters:   "If Google can't launch their self-driving car for 10 years instead of five, this will be a little blip in Google's multibillion-dollar revenue. Uber is the one that really depends on it."

  17. It's all about June

    Janet Yellen

    US stock markets are little moved ahead of the Federal Reserve's latest interest rate decision. 

    The Dow Jones is down 0.1%, the S&P 500 has dropped 0.3% and the Nasdaq has fallen 0.5%. 

    Investors expect the US central bank to leave interest rates unchanged this evening.

    But they'll look for signs that Janet Yellen and the other Fed policy makers may hike them in June. Traders are currently pricing in a 70% chance of a hike next month. 

  18. No lift off for SpaceX shares

    SpaceX rocket takes off

    SpaceX, the rocket company owned by Tesla billionaire Elon Musk, has no plans at the moment to list its shares on the stock market, according to Reuters.

    Rumours had circulated that SpaceX was preparing for a stock listing, but president Gwynne Shotwell said in an email that was "not true." 

    Mr Musk will be busy later. Tesla is reporting first-quarter results after the bell, fresh from overtaking Ford and General Motors as the most valuable US car maker.