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  1. Get in touch:
  2. L'Oreal sells The Body Shop to Brazilian firm
  3. FTSE 100 ends day down by 0.17% at 7,434.36
  4. IMF cuts US economic growth forecasts
  5. EU slaps Google with £2.1bn fine
  6. Bank of England makes banks put aside more money

Live Reporting

By Karen Hoggan

All times stated are UK

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That's it from us tonight. We'll be back again at 6am sharp tomorrow so do join us then.

The firm which led the Google complaint

BBC business presenter tweets

Wall Street ends lower

It's been a weak day on Wall Street with all three indexes finishing lower again.

The delay in the healthcare bill vote in the US Senate has rattled investors, who fear President Trump's plans for reform could be derailed.

Trump has said repeatedly he wants to repeal and replace Obamacare before moving on to other issues including tax reform.

The Dow Jones Industrial Average fell 98.89 points, or 0.46% to 21,310.66, the S&P 500 lost 19.69 points, or 0.81%, to 2,419.38 and the Nasdaq Composite dropped 100.53 points, or 1.61%, to 6,146.62.

What Janet Yellen told the BBC

Here's the Fed chair answering the BBC's questions

Federal Reserve chair Janet Yellen urges soft Brexit

Soft Brexit or hard Brexit?

If you're struggling to remember what the difference between a hard Brexit and soft Brexit is, then here's a handy reminder from BBC economics editor Kamal Ahmed.

What's the difference between a hard or soft Brexit?

Fed chair urges soft Brexit

Janet Yellen

US Federal Reserve Chair Janet Yellen has urged a "soft Brexit" for the UK.

In an interview with the BBC's economic editor Kamal Ahmed, Ms Yellen said maintaining "deep ties" between the UK and the EU was important:

"There are very deep ties between Britain and the European Union and that there will be a desire to make sure that the economic value of that remains to the maximum extent possible."

Me Yellen also warned there would be "a lot of uncertainty".

"That will affect households and business decisions as it unfolds so I’m not a prognosticator about where these discussions are going but they certainly will have a bearing on key economic decisions," she said.

Africa 'facing 50 million jobs shortfall by 2040'

Two men sitting on pavement looking for work

Parts of Africa could suffer a massive unemployment crisis by 2040, according to new research from the Tony Blair Institute.

"This would have serious implications: for the continent and its people, for the prosperity and stability of dozens of countries, and even for the global economy and security," the research found.

The labour force in sub-Saharan Africa will be 823m by 2040, up from 395m in 2015. However, total number of jobs is only expected to hit 773m, leaving 50m people without a job.

The report found that countries with high economic potential - such as Ghana, Kenya, Liberia, Malawi, Nigeria and Sierra Leone - were failing to achieve growth.

It called for governments to pursue "inclusive growth" strategies and said countries such as Botswana, Ethiopia and Mauritius had made significant progress because political leaders had worked alongside stakeholders and development partners.

'One fifth of holiday flights delayed'

Woman looking at destinations board at airport
Getty Images

One in five flights from the UK to popular holiday destinations are delayed by more than 30 minutes, a BBC analysis has found.

Some 38,000 out of 199,000 international flights that ran at least once a day departed late between June and September 2016.

Most were from London airports - Luton, Stansted, Gatwick and Heathrow.

The BBC analysed Civil Aviation Authority data from 25 airports.

The figures do not cover flights that were cancelled.

Read more here

Carpetright's investors see 'glass half full'

Like for like sales at stores that have been refurbished are up 5% - a very encouraging sign that the programme is working. Investors are seeing this as a glass half full. But doubts remain with the stock down a fifth since April. Carpetright has suffered a serious decline since last June as investors shy away from companies whose chief exposure is to UK consumers. Any turnaround has to be viewed in the context of a very tough market that might get tougher yet as inflation climbs and wages fail to keep pace.

Neil WilsonSenior market analyst, ETX Capital

Carpetright sales fall but shares soar

Interior of Carpetright store
Getty Images

Let's catch up with the position at the close of trade in London for one of the day's big movers.

Carpetright's shares closed up by 10.42% even though full-year pre-tax profits at the floor coverings specialist sank to £0.9m from £12.8m last year, with much of the fall due to the firm putting aside more money to cover onerous lease costs on loss-making stores.

But it said recent trading had been "encouraging" with UK like-for-like sales up 2% helped by its store refurbishment programme.

Cause for concern?

BBC technology correspondent tweets

Not in our lifetimes?

US Federal Reserve chair Janet Yellen said in London that that she does not believe that there will be a run on the banking system at least as long as she lives. Here's that quote in full.

Would I say there will never, ever be another financial crisis? You know probably that would be going too far but I do think we're much safer and I hope that it will not be in our lifetimes and I don't believe it will be.

Janet YellenChair, Federal Reserve

Yellen: 'Never say never'

As we flagged up earlier (See post at 3pm) Federal Reserve chair Janet Yellen is speaking in London and the BBC's economics editor, Kamal Ahmed is there.

View more on twitter
View more on twitter
View more on twitter

Facebook hits 2 billion user mark

Facebook logo

Facebook has announced that it now has 2 billion active users every month.

In a statement the company said: "Each day, more than 175 million people share a Love reaction, and on average, over 800 million people like something on Facebook.

"More than one billion people use Groups every month," it added.

Loans: 'Consumer has responsibility as well'

Radio 4 PM

New figures from the Bank of England confirm a rapid increase in consumer credit, which is growing much faster than the economy itself.

The Bank has forced banks to find a further £11.4bn in the next 18 months to beef up their finances against the risk of bad loans.

Merryn Somerset Webb, editor of Moneyweek magazine, told Eddie Mair that the action "should also make the consumer stop and think".

She said "in the end [the Bank of England] will have to raise interest rates" but these are "small changes" which will not effect the average person who can afford their debt.

Shields Road, Byker trails retail rankings

And here are the UK's bottom 10 retail locations as ranked by property advisers Harper Dennis Hobbs:

  • Shields Road, Byker, Newcastle-upon-Tyne
  • Harrow Road, Paddington, London
  • Stretford, Greater Manchester
  • Tonypandy, Wales
  • Walton Road, Liverpool
  • Burnt Oak, north London
  • Gateshead
  • Kirkby, Merseyside
  • Selly Oak, Birmingham
  • Shettleston Road, Glasgow

Cyber attack: 'Companies should have put up patch'

Radio 4 PM

A former deputy director for Intelligence and Cyber Operations at GCHQ has said it is "extraordinary" that a number of large corporations "haven't put up-to-date patches into place" to protect themselves from the spread of a cyber-attack.

Brian Lord, who now runs the cyber security company PGI, told Eddie Mair that after the Wannacry attack last month a patch was created that "would have limited the spread of the new ransomware".

He said corporations "could have and should have" put patches into place.

Cambridge tops retail league table

More on the survey of the UK's best and worst places to set up shop.

Here's the list of the top 10 retail locations according to property advisers Harper Dennis Hobbs:

  • Cambridge
  • Westfield, London
  • Knightsbridge
  • Chelsea
  • Bluewater
  • Wimbledon Village
  • Richmond
  • Canary Wharf
  • Marlborough
  • Bath

Where are the UK's best and worst shopping locations?

Shields Road, Byker
Harper Dennis Hobbs

Shields Road in Byker, Newcastle-upon-Tyne (pictured) is the least attractive location to open a shop, according to a list ranking Britain's retail centres.

Property advisers, Harper Dennis Hobbs judged 1,000 shopping districts on how well the store mix suited local needs.

They also looked at vacancy rates and the numbers of "undesirable" shops such as pawnbrokers or betting shops.

Cambridge moved up this year's rankings and was rated the UK's most vibrant retail centre.

Read more here

IMF report 'uncomfortable reading' for White House?

Andrew Walker

World Service economics correspondent

US car worker on production line
Getty Images

The International Monetary Fund (IMF) has cuts its growth forecasts for the US economy due to uncertainty about White House policies (See post at 2.21pm).

It now expects growth of 2.1% in 2017 and 2018, against earlier estimates of 2.3% in 2017 and 2.5% in 2018.

The forecast is also below the 3% rate targeted by the White House.

The BBC World Service economics correspondent, Andrew Walker, has been poring over the findings:

"There are some features of this report that must make uncomfortable reading at the White House, suggestions of a struggle to agree policies and concerns about the impact on poorer Americans.

"The IMF’s forecasts were initially raised on the Trump administration’s desire to reform taxes and boost infrastructure.

"Now it’s a case of as you were, due to 'differences on a range of policies within the administration' and IMF doubts about whether the “proposed policy strategies are best suited to achieve their intended purpose”.

"And as for the current budget plan, the IMF’s economists say it seems to place a 'disproportionate share of the adjustment burden on low and middle-income households'".

Sainsbury's recalls Deli Fillers products over listeria scare

Sainsbury's has recalled 13 own brand sandwich fillers in various sizes after the food bug listeria was found in some of the products. The list includes:

Sainsbury's Cheese and Onion Deli Filler

Chicken and Sweetcorn Deli Filler

Chicken Tikka Deli Filler

Coronation Chicken Deli Filler

Egg and Bacon Deli Filler

Egg Mayo Deli Filler

Seafood Cocktail Deli Filler

Tuna and Sweetcorn Deli Filler.

In a statement the Food Standards Agency said: "If you have bought any of the... products do not eat it. Instead, return it to the store from where it was bought for a full refund.

Read the Food Standards Agency notice here

Royal remuneration

FTSE 100 edges down at close

London Stock Exchange sign
Getty Images

The FTSE 100 closed a shade lower on Tuesday - at 7,434.36, 12 points or 0.17% down.

All top five climbers were mining companies boosted by firmer prices for some commodities and oil, as well as positive figures on Chinese industrial profits.

Glencore was up by 3.1%, Anglo American 3.34% higher, Rio Tinto 3.22% higher, Antofagasta 3.2% up and BHP Billiton 2.28% up.

The biggest fall was seen by engineering firm GKN which shed 4.39%.

Savers face never-ending battle

Yellow piggy bank

Nine out of 10 easy access savings accounts pay interest of less than 1% - exposing a "fundamental flaw" in the market, Moneyfacts has said.

The financial information service said that there was a lack of competition among the biggest banks, which account for 70% of the market.

The cost of living is rising at 2.9% a year, so many savings rates are failing to keep pace.

Moneyfacts said people faced a "never-ending battle" for decent returns. Read more here

People are 'taking on more debt' just to live

The World at One

BBC Radio 4

Former pensions minister Baroness Altmann has voiced her concerns about rising consumer borrowing, as people struggle to afford everyday living by taking on more debt.

Her comments come as the Bank of England issue a report telling banks to put more money aside to cover the risk of bad debts.

Baroness Altmann told Radio 4's World at One that she was worried that we might be seeing the "excess borrowing and irresponsible lending which ultimately led to the (previous) crash".

Cyber-attack 'going that fast'

BBC News Channel

Some reaction now to the cyber-attack which is hitting companies around the world ...

It's thought the computers have been infected with ransomware, with demands for payment.

On the BBC News Channel one commentator compared today's events with the attack on the NHS last month.

The bit of software that's holding the computer to ransom is different. Instead of encrypting every single file it looks like it's encrypting the master record that tells you where your files are kept, which is just as devastating, but the way it's spreading is very similar. It started in Ukraine, there are banks in Russia, we've seen it go to Denmark, there's a shipping company Maersk has been affected. There's reports in Poland, some companies in Spain as well, so it's going that fast.

Alan WoodwardProfessor of cyber security, University of Surrey

Cyber-attack what do we know?

Screen message saying user has been hit by cyber-attack

The world's biggest advertising agency group WPP is among dozens of firms reporting problems with the cyber-attack.

Ukrainian firms, including the state power distributor and Kiev's main airport were among the first to report issues as well as the Ukrainian central bank, the aircraft manufacturer Antonov, and two postal services.

Reports also suggest that the Kiev metro system has stopped accepting payment cards while several chains of petrol stations have suspended operations.

Ukraine's deputy prime minister has tweeted a picture appearing to show government systems have been affected.

Russian oil producer Rosneft and Danish shipping company Maersk also say they face disruption, including its offices in the UK and Ireland.

Spanish media reports that the offices of large multinationals such as food giant Mondelez and legal firm DLA Piper have suffered attacks.

And French construction materials company St Gobain has said that it is also fallen victim.

'Sour mood' on US markets

Exterior of NYSE with people walking past
Getty Images

Some comment now how the markets have received the news that the IMF has cuts its forecasts for US economic growth (See post at 2:21pm).

The markets remained in a fairly sour mood this afternoon after the IMF poured cold water on Donald Trump’s economic plans. And though this didn’t have a huge impact on the US open, it did ensure that the Dow Jones couldn’t muster much energy after the bell, the index stranded at the 21,400 mark. As for the dollar, it remained at a loss against both the euro, where it was down 0.9%, and the pound, where it fell 0.4% – this was largely the case before the IMF report, however. Even news of an unexpected increase in US consumer confidence failed to make much difference to the US markets this afternoon.

Connor CampbellFinancial analyst, Spreadex

Your Brexit questions answered

Binoculars with Union Jack and EU flags

Over a year after the referendum in which Britain voted to leave the European Union, Theresa May has sought to clarify plans regarding the future of EU citizens living in the UK.

It is a subject which had attracted more questions than answers - hundreds were submitted to the BBC.

On Monday the government released a 15-page document outlining some of the detail of their plans.

BBC Reality Check has pored through the details and returned to your questions with some answers. Read more here

WPP hit by suspected cyber attack

WPP, the world's biggest advertising company says computer systems at several of its agencies have been targeted by a suspected cyber attack.

"IT systems in several WPP companies have been affected by a suspected cyber attack," the company says in a statement.

"We are assessing the situation, taking appropriate measures and will update as soon as possible."

WPP owns agencies including JWT, Ogilvy & Mather, Young & Rubicam and Grey.

Cash machine quiz: Test your knowledge

Graphic depiction of people standing in front of cash machine

The cash machine was first introduced to our streets 50 years ago.

On its golden jubilee, the BBC has put together a test for you find out how much you know about the ATM.

Take the test here

ATMs celebrate golden anniversary

BBC personal finance correspondent tweets

Wall Street opens lower

Wall Street sign
Getty Images

All three key US share indexes were down at the start of trade on Tuesday ahead of a speech by Federal Reserve chair Janet Yellen in London. Investors are hoping she;ll give some hints about future interest rate rises.

The Dow Jones was at 21,390.59, a fall of 19 points or 0.09%.

The S&P 500 was at 2,434.28, that's 5 points or 0.20% lower.

And the tech-heavy Nasdaq was at 6,213.07, down 34 points or -0.55%.

Listen: Google fine 'fantastic for consumers'

The World at One

BBC Radio 4

The CEO of price comparison site Kelkoo has said the decision by the European Commission to fine Google is "absolutely fantastic for consumers".

The Kelkoo Group gave evidence during the investigation into Google which ruled that the company had abused its power by promoting its own shopping comparison service at the top of search results.

Richard Stables told Martha Kearney that initially Google had a lot of search comparison sites at the top of listings, but "then they realised we were a threat to them" and they "provided their own price comparison site at the top and removed everyone else".

He added that because "Google is the market" they have a "responsibility under EU law to act in a particular way".

Where would the Google fine go?

Assuming Google eventually has to pay the record antitrust fine that has been imposed by the European Commission, where would it go?

The Business Live page is reliably informed that the fine would go into the general EU budget, and so would reduce the contributions made by member states.

Ukraine hit by major cyber-attack

Cyber attack mock-up
Getty Images

Kiev's main airport appears to have been among the victims of a major cyber-attack in Ukraine.

Operator Boryspil said that it could cause flights to be delayed.

Shipping company AP Moller-Maersk, oil producer Rosneft and a number of Ukraine's commercial banks also said they had been hit.

The unknown virus also appeared to be affecting some private companies, retailers and government systems.

Read more here.

Ukraine 'under cyber attack'

Various parts of Ukrainian infrastructure are reporting being hit by a major cyber attack.

Power companies, banks and government ministries are among those reporting either being targeted or experiencing problems with their computer systems.

A "spam attack" on Kiev's main airport could cause some flights to be delayed, the operator, Boryspil, said.

"In connection with the irregular situation, some flight delays are possible," Director Yevhen Dykhne said.

IMF cuts US growth forecasts

Stars and Stripes being cut with scissors
Getty Images

The International Monetary Fund (IMF) has cut its growth forecasts for the US economy to 2.1% in 2017 and 2018.

Back in April the IMF said it expected the world's biggest economy to grow by 2.3% this year and 2.5% next year, in part because of President Trump's planned tax cuts and spending hikes.

However, now the IMF says because of the lack of detail about the government's "still evolving policy plans" it has decided to remove the assumed stimulus from its forecasts.

The IMF also says "even with an ideal constellation of pro-growth policies, the potential growth dividend is likely to be less than that projected in the budget and will take longer to materialise".

Brazilian firm to buy The Body Shop

The Body Shop exterior
Getty Images

Brazilian cosmetics group Natura Cosmeticos has announced a deal to buy The Body Shop from L'Oreal for an undisclosed sum.

The deal still needs to be approved by Brazilian and US regulatory authorities.

Analysts estimate that The Body Shop has a market value of 1bn euros (£884m). Natura is Brazil’s largest cosmetics conglomerate.

Singhsbury's renamed Morrisinghs

Morrisinghs sign
Jel Singh Nagra

A shopkeeper who claimed he was threatened with legal action after calling his shop Singhsbury's has changed its name to Morrisinghs.

Jel Singh Nagra's shop did not have a name for five years after he said Sainsbury's complained.

He has now put up a new sign outside his store, naming it Morrisinghs, in a bid to put his village, West Allotment, North Tyneside, "on the map".

A spokesman for Morrisons said the supermarket "did not mind".

Read more here.