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Summary

  1. FTSE 100 trades above 7,500
  2. Pound dips against dollar and euro
  3. Nationwide profits fall on low rates
  4. RBS case adjourned for extra day

Live Reporting

By Dearbail Jordan

All times stated are UK

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  1. Good night

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    Thank you for following us on Business Live.

    We are back to tomorrow at 6.00am and look forward to you joining us then.

  2. Samsung 'eye security' fooled by photo

    Close up of eye

    Samsung's eye-scanning security technology, used on the new Galaxy S8 smartphone, has been fooled with a photograph and a contact lens.

    The iris-scanner can be used to unlock the phone simply by looking at it, which Samsung says provides "airtight security".

    But researchers at Chaos Computer Club had easily tricked the device with a picture of an eye, Motherboard said.

    Samsung told the BBC it was "aware of the issue". Read more here

  3. US shares ahead at close

    US stock market trader

    The three key US share indexes ended the day ahead on Tuesday.

    The Dow Jones closed at 20,937.91, up 43.08 points or 0.21%.

    The S&P 500 was at 2,398.42, that's a rise of 4.40 points or 0.18%.

    And the tech-heavy Nasdaq was at 6,138.71, up 5.09 points or 0.08%.

    Economic figures published earlier were weak but commentators said investors seemed relieved that President Donald Trump's first full budget plan didn't contain any big shocks.

    "There were no large surprises. The market is pleased with that," said Wade Balliet, chief investment strategist at Bank of the West.

  4. Just how serious is this for Fiat Chrysler?

    Theo Leggett

    BBC Business News Reporter

    Jeeps in a row

    It isn't into Volkswagen territory yet, even though the Department of Justice has accused it of using defeat devices.

    For a start, the number of vehicles is much smaller. But there's also the question of what is, and what isn't, a 'defeat device'.

    Volkswagen admitted it couldn't make its cars clean enough to pass emissions tests AND enable them to perform well on the road. So it decided to cheat - and deliberately designed a software tool to do just that.

    FCA has been accused of fitting software to its cars which wasn't disclosed to regulators, and which made emissions control systems perform in a different way on the road to how they worked in the laboratory.

    BUT - carmakers do use a variety of software to regulate emissions control systems, to ensure that they only work at the correct temperature, for example. Otherwise parts of the system can be damaged.

    Fiat Chrysler insists it didn't set out to cheat the testing process. It was not, it says, involved in any 'deliberate scheme'.

    Nevertheless, it was informed of the Environmental Protection Agency's concerns earlier this year - and asked to provide an explanation.

    It seems the authorities, so far at least, aren't satisfied with what they've heard

  5. Glasgow law firm calls in administrators

    Law books on shelves and one on desk

    Administrators have been called in following the collapse of a Glasgow law firm.

    Two lawyers and seven administrative staff at Hamilton Burns have been made redundant.

    A further four directors and three trainees are being transferred to two separate law firms, according to administrators from FRP Advisory.

    Hamilton Burns, which was formed in 2001, specialised in criminal, civil, immigration and matrimonial law.

    Joint administrator Tom MacLennan said: "Hamilton Burns WS Limited had been severely affected by a marked reduction in legal aid income and a significant decline in general practice fee income. Read more here

  6. Revenues up 35% for Peppa Pig owner

    Peppa Pig

    Entertainment One, the owner of Peppa Pig, has announced a 35% increase in revenue but reported pre-tax profits are down due to one off restructuring costs.

    Reported pre-tax profits dropped 22% to £37m after it renegotiated one of its main distribution agreements and re-shaped its film division.

    Revenue was up £1.08bn from £803m to the year 31st March 2017.

    Chairman Allan Leighton said it had been another "strong trading performance".

    Last week the company announced it was working on a new series of Peppa Pig.

    Revenues for its children's portfolio were up 33% to £89m driven by Peppa Pig which had a "stellar year" according to chief executive, Darren Throop

  7. Protesters target Amazon

    Amazon

    The annual general meeting at Amazon was a raucous affair on Tuesday.

    Protesters gathered outside the meeting in Seattle. Some took Amazon to task for continuing to advertise on right-wing website Breitbart and urged the business to "stop funding hate".

    While some pilots for airlines that have contracts with Prime Air asked for Amazon to support their fight for more pay.

  8. More job losses at Cathay Pacific?

    Cathay Pacific airport check-in counter

    Hong Kong airline Cathay Pacific will reportedly cut 800 jobs, 200 more than announced earlier in the week.

    The additional job losses will be from the juinor ranks, according to the South China Morning Post.

    The carrier is undergoing its biggest restructuring in 20 years as part of a three-year turnaround plan to return to profitability.

  9. Bankrupt Westinghouse secures funding

    A Westinghouse plant in the US
    Image caption: A Westinghouse plant in the US

    Westinghouse Electric, the bankrupt nuclear power company owned by Toshiba, has reached a deal to borrow $800m.

    The money will allow Westinghouse to complete a business plan by 27 July and move towards exiting bankruptcy.

    The company filed for bankruptcy in March following cost overruns at two nuclear plants in Georgia and South Carolina.

  10. Fiat Chrysler 'disappointed' at lawsuit

    Fiat Chrysler

    Fiat Chrysler Automobiles has responded to the US Department of Justice's civil lawsuit.

    The car maker says it has been working with the US Environmental Protection Agency and the California Air Resources Board "for many months", including extensive testing of the vehicles, to clarify issues related to the Company’s emissions control technology in model year 2014-2016 Jeep Grand Cherokee and Ram 1500 diesel vehicles.

    It says: "FCA US is currently reviewing the complaint, but is disappointed that the DOJ-ENRD has chosen to file this lawsuit. The company intends to defend itself vigorously, particularly against any claims that the company engaged in any deliberate scheme to install defeat devices to cheat US emissions tests."

    It adds: "Notwithstanding this lawsuit, the company remains committed to working cooperatively with EPA and CARB to resolve the agencies’ concerns quickly and amicably.

  11. Glencore approaches Bunge

    Bunge share price

    Shares in Bunge, a US-based agribusiness and food company, soared by 15.4% to $80.95 on Tuesday following a report by the Wall Street Journal that Swiss mining and commodity giant Glencore has made a takeover approach for the group.

    Check out Bunge's share price performance today.

  12. Markets set to go sideways

    US stock market traders

    Don't expects major movements on US stock indexes in the coming weeks.

    Lisa Kopp, head of traditional investments at US Bank Wealth Management, says: "We're likely to be in a sideways period in the market for the next few weeks as there are quite a bit of pieces of news the market is digesting, including geopolitical developments in Washington and globally."

    The Dow Jones Industrial average has edged a little higher, up 45.94 points at 20,940.77, but hasn't made that much progress from its opening price.

  13. Fiat Chrysler vehicles 'contained defeat devices'

    The US Department of Justice, on behalf of the Environmental Protection Agency, claims that Fiat Chrysler fitted nearly 104,000 Ram 1500 and Jeep Grand Cherokee vehicles (model years 2014 and 2016) with defeat devices.

    This allegedly meant that the vehicles could pass federal tests on the level of harmful emissions they produced. However, once on the road the emissions of harmful air pollutants was higher.

    Shares in Fiat Chrysler fell 2.9% to $10.44.

  14. BreakingUS files emissions complaint against Fiat Chrysler

    Fiat Chrysler car

    The US has filed a civil lawsuit against Fiat Chrysler over claims that 104,000 diesel vehicles contained "defeat" devices which cheated emissions testing.

  15. Update: FTSE closing prices

    The FTSE 100 closed down 11.05 points at 7485.29.

    The FTSE 250 ended Tuesday up 7.57 points at 19,920.12.

  16. US oil emergency sale 'will not impact prices'

    The Trump administration believes that a budget plan to sell off half of America's emergency oil stockpile will not impact prices.

    The US Strategic Petroleum Reserve (SPR) holds about 688m barrels of crude oil.

    The Trump budget proposes to start selling the oil from fiscal year 2018, which begins on 1 October and hopes to generate sales of $500m. This process would continue for nearly a decade.

    White House Budget Director Muck Mulvaney said on Tuesday: "If you do it slowly, if you telegraph it over the course of time, there's a way to do it without a dramatic impact on prices."

  17. Ecuador to back nine month oil cut extension

    Oil rig

    Ecuador will support a nine-month extension to oil production cuts.

    Oil minister Carlos Pérez said that Opec nations and other major producers will discuss a six or nine-month extension to the deal which began in January and will currently run out in June.

    He said: "Six and nine months are both proposals on the table ... we will support the majority, probably the nine months."

    Asked if deeper production cuts will be considered at an Opec meeting on Thursday, Mr Pérez said: "Not at this point, I don’t think so."

  18. London stocks close ahead

    The FTSE 100 finished Tuesday up 2.45 points at 7498.79.

    Babcock International led the risers, up 2.97% at 969.5p, ahead of the company's results on Wednesday.

    The FTSE 250 ended up 28.37 points at 19,940.92.

    The pound was up 0.02% against the dollar at $1.300.

    Brent crude is trading 0.16% up $54.03 a barrel.

    West Texas Intermediate is up 0.3% at $51.30 a barrel.