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  1. Get in touch:
  2. Sterling above $1.29
  3. Euro retreats from earlier highs
  4. Tesco to cut 1,200 head office jobs
  5. £700m rescue for Co-op Bank
  6. FCA cracks down on fund management fees

Live Reporting

By Karen Hoggan

All times stated are UK

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  1. Good night

    That's it for Wednesday's Business Live.

    Many thanks for staying with us.

    Please do join us again tomorrow morning from 6am for all the business news, analysis and reaction.

  2. Japanese airline forces disabled man to crawl aboard

    Vanilla Airlines plane

    Japan's Vanilla Air has apologised after a wheelchair user was forced to crawl up a set of stairs to the plane.

    Hideto Kijima had boarded with the help of friends on his outbound flight.

    But on the return leg from the island of Amami, airline employees told him that for safety reasons, he would not be allowed to board if he could not climb the stairs without assistance.

    In response, Mr Kijima left his wheelchair and pulled himself up the stairs with his arms.

    Read more here.

  3. Public sector pay cap under review, No 10 suggests

    NHS workers

    The limit on public sector salary rises could be reviewed, Downing Street has signalled, as a Labour attempt to scrap the 1% cap was defeated in Parliament.

    Two cabinet ministers have said the five-year cap may be reconsidered while the PM's spokesman suggested the autumn Budget could herald a change of course.

    Downing Street later sought to dampen down the speculation, insisting current government policy had not changed.

    And MPs rejected a Labour motion urging immediate change by a majority of 14.

    Read more here.

  4. Wall Street rebounds

    The S&P 500 finished higher as financial and tech stocks led a broad market rebound.

    The benchmark S&P had suffered its biggest one-day drop in about six weeks on Tuesday after a healthcare bill was delayed in the U.S. Senate.

    The Dow Jones Industrial Average rose 0.66% to 21,452.15, the S&P 500 gained 0.88%, rising to 2,440.58, and the Nasdaq Composite added 1.43%, moving up to 6,218.56.

  5. PayPal invests in online loans startup

    PayPal has invested in LendUp, a San Francisco-based startup that offers loans online to consumers who have been traditionally overlooked by banks because they are considered too risky.

    The firms did not disclose the terms of the deal.

  6. Brexit 'will blow hole in budget', EU commissioner warns

    Guenther Oettinger

    The UK's departure from the EU will leave a budget shortfall of at least €10bn (£8.8bn; $11.4bn), the budget commissioner has warned.

    Guenther Oettinger said the bloc must either spend less or find new money to fill the gap, equivalent to an estimated 16% of the entire budget.

    Among the options on the table could be less generous payments to farmers or a tax on financial transactions.

    "A big country, a net contributor is leaving," Mr Oettinger said.

    "That must have consequences."

    Read more here.

  7. EU extends Russia sanctions

    BBC World Service

    EU flags outside European Commission building

    The European Union has formally extended economic sanctions against Russia for a further six months, saying Moscow had failed to live up to its ceasefire commitments, reports BBC World Service.

    EU leaders approved the move last week, saying Russia had not halted its support for rebels in eastern Ukraine.

    The sanctions target Russia's finance, oil and defence sectors.

    Russia criticises the EU for supporting what it calls an illegitimate government in Kiev.

  8. Samsung to build new US plant

    Samsung logo with appliances at New Wine and Food Festival 2015

    South Korean electronics giant Samsung has agreed to open a $380m (£294m) home appliance manufacturing plant in South Carolina.

    The announcement comes amid fears that President Trump's protectionist policies are putting pressure on global companies to create jobs in the US.

    In its statement Samsung said the new plant in Newberry County, South Carolina, should create 954 local jobs by 2020.

    In February, when news of a potential plant, making the likes of washing machines, first emerged, Trump tweeted: "Thank you, @samsung! We would love to have you!"

  9. Wall Street on track for winning day

    Less than two hours ahead of the close the Dow Jones Industrial Average and S&P 500 are on track for their best one-day percentage gain in about two months, boosted by shares in financial firms.

    The Dow is at 21,469.07, a rise of 158 points or 0.74%, while the S&P is at 2,441.62, that's up 22 points or 0.92%.

    The Nasdaq is up 1.23% or 76 points at 6,222.52 tech stocks make a come back.

  10. A shop by any other name...?

    Wimbledon Business Improvement District (BID) tweets

    Over the last couple of days we've brought you the story of the Tyneside shop which was forced to change its name from Singhsbury's after Sainsbury's threatened to take legal action. The owner responded by renaming the store Morrisinghs (See post at 7.04am).

    Well, in Wimbledon town centre there's been a bit of name tweaking going on as well.

    Supermarket chain Morrisons has changed the name of its branch to Murrisons ahead of the tennis championships which begin next week.

    View more on twitter
  11. Sugar plant cannabis smell investigated

    Medicinal cannabis at British Sugar plant in Norfolk

    A sugar producer is investigating whether its cannabis farm is responsible for a smell which has been baffling Norfolk residents for a week.

    British Sugar began growing a non‐psychoactive variety of cannabis at its Wissington plant this year for use in children's epilepsy medicine.

    Following its harvest, people began complaining about the smell of "weed", the Eastern Daily Press reported.

    The company said it is taking comments "seriously" and investigating.

    British Sugar began cultivating the cannabis - which produces the active medicinal chemical cannabidiol - after phasing out its tomato production at the site.

    The company finished harvesting it on Friday, a spokeswoman said. Read more here

  12. Under-screen fingerprint sensor unveiled


    Qualcomm has announced a fingerprint ID sensor designed to be fitted underneath smartphone and tablet screens.

    It said the component could also work with wet fingers or underwater and could be used to measure heart rates.

    The development paves the way for Android device-makers to be able to achieve sleeker designs.

    However, one expert said Apple could still beat Qualcomm to market with a rival screen-integrated sensor of its own.

    Fingerprint sensors are used to unlock devices without having to type in a code, to authenticate payments and to provide other identity checks. Read more here

  13. What did Mark Carney mean?

    Chief economic adviser to economic forecasting group, the EY Item Club, tweets

    More analysis now of the Bank of England governor's speech earlier today, as commentators examine what he really meant.

    View more on twitter
  14. Sterling holds onto gains

    Pound, euro and dollar notes

    Let's check in on the pound - and it's still ahead following those earlier comments by Mark Carney, which hinted at an interest rate rise if business investment and wages started to improve.

    The pound is 1% ahead against the dollar at $1.2943.

    Meanwhile, it's at 1.1379 euros, a rise of 0.66%.

  15. Schadenfreude?

    Wolfgang Schaeuble

    German Finance Minister Wolfgang Schaeuble has said he hopes the UK will come to realise that it made a mistake with Brexit.

    "I hope that the rest of Europe will do so well that the British realise at some point that they made a mistake," Schaeuble said in Berlin.

    "Whether two years will be sufficient I'm not sure," he added, in reference to the deadline for Britain's exit.

  16. FTSE 250 ends day lower

    On the FTSE 250 Stagecoach fell by 6.2% after it after it reported a plunge in annual profits.

    It said pre-tax profit fell from £104.4m to £17.9m.

    However, the biggest fall on the index was posted by Petra Diamonds - down by 8.73% after it warned that its full-year production will be between 8-9% below its forecast of 4.4 million carats.

    The FTSE 250 ended the day 0.26% or 50.45 points lower at 19,476.35.

  17. Companies in the news

    Let's see how shares in some of the companies in today's news have performed.

    Tesco finished 1.6% higher after it announced it was cutting 1,200 jobs at its head office in Hertfordshire. The company says it has to reduce costs in the face of tough market conditions.

    Following confirmation by City watchdog the Financial Conduct Authority that investors must be quoted an "all-in fee" to make charges more transparent, shares in investment firms have dropped.

    Hargreaves Lansdown fell by 2.3%, property investment and development company Segro was down 2.08% and Scottish Mortgage Investment Trust was down by 2.03%.

  18. FTSE falls as sterling rises

    London Stock Exchange sign

    In London the FTSE 100 share index closed down on Wednesday, as the pound jumped.

    It's dominated by export-led companies which benefit from a low pound.

    The FTSE 100 finished at 7,387.80, that's a fall of 46.56 points or 0.63%.