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Live Reporting

Dearbail Jordan

All times stated are UK

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  1. Good night

    Test card f

    Thanks for joining Business Live on Wednesday.

    We'll be back on what is being called "super Thursday" because a huge number of companies are reporting their results. We'll bring you as many as humanly possible.

    See you then.

  2. Whitman move 'effective immediately'


    HP Inc has announced that Chip Bergh will replace Meg Whitman at the chairman of the business.

    Ms Whitman is stepping down from the HP board "effective immediately".

    Dion Weisler, president and chief executive of HP, said: “I will be forever grateful to Meg for her many contributions. She is a terrific friend and adviser and will remain so as we continue executing on our strategy of reinvention."

    Ms Whitman remains as president and chief executive of Hewlett Packard Enterprise Company.

    The business was split into HP Inc and Hewlett Packard Enterprise Company in 2014.

  3. Facbook profits jump 71%


    Profit at Facebook rose by 71% during the second quarter to $3.89bn

    Mobile ad revenue accounted for 87% of the company's total advertising revenue of $9.16bn, up from 84%.

    Analysts had expected total ad revenue of $9.02bn.

  4. BreakingFacebook beats sales forecasts

    Facebook has reported second quarter sales of $9.32bn, ahead of expectations of $9.20bn.

  5. BreakingMeg Whitman steps down from HP board

    Meg Whitman is stepping down as chairman of HP.

    More to follow

  6. US stock markets close at record highs

    The Dow Jones Industrial Average finished up 96.49 points at 21,709.92.

    The S&P is up 0.69 points at 2,477.82.

    The Nasdaq ended 10.57 points ahead at 6,422.75.

  7. Film trailers to appear on Google search results


    Google has confirmed that it is trialing videos that automatically start playing when they appear in its search results.

    The test comes at a time when its rival Apple is preparing to make it easier to prevent videos from self-starting within its web browser.

    Facebook has also faced criticism for recently automatically turning on sound for auto-play videos on its platform.

    Read the full story here.

  8. Brexit transition could last more than two years - Hammond

    Chancellor Philip Hammond has told Channel 4 News that the Brexit transition period cold last for more than two years.

    He said: "I have said that I think it is going to be more than months, it is going to be a couple of years, probably, something in that range."

    Asked whether it could be longer: "It possibly could. I think this is something we will want to discuss with our European Union partners."

  9. Whole Foods sales slide

    Whole Foods

    Whole Foods, the US company that Amazon is buying for $13.7bn, has reported its eighth consecutive quarter of falling like-for-like sales.

    Comparable revenue declined by 1.9%. Net profit also declined from $120m to $106m.

  10. Watch: Pay your fare with your face

    A facial recognition system designed to replace the need for tickets on trains is being tested in the UK.

    An early version that uses two near-infrared lights to help a single camera determine texture and orientation of each pixel it captures was shown to BBC Click.

    Video content

    Video caption: How your face could replace the need for ticket gates
  11. Coke Zero to be replaced in the US

    Coke Zero cans

    Coca-Cola says it is to replace Coke Zero in the US next month with a new sugar-free drink.

    The drink, Coca-Cola Zero Sugar, is already available in some countries in Europe, the Middle East, Africa and Latin America.

    The company adds that the look and taste of Coke Zero Sugar will be closer to the original Coca-Cola.

  12. VW: Cooperation has helped electric car industry

    Volkswagen, Audi, Mercedes and BMW logos

    More on those German car cartel claims by the EC.

    VW says: "Cooperation of this kind is particularly appropriate when it does not concern individual model specifications.

    "In the past, such cooperation existed in particular among car manufacturers on subjects and issues which did not involve competition-specific vehicle features and as such were not relevant for or restrictive to brand competition.

    "One example is the envisaged standardisation of charging connections for electric vehicles."

  13. Volkswagen: It's good to talk

    Volkswagen logo

    Volkswagen has issued a statement regarding claims by the European Commission that German car makers have been operating a cartel which discussed a wide range of issues surrounding vehicle development.

    While VW's board declined to comment on the specific claims, it said: "It is quite common for car manufacturers all over the world to engage in an exchange on technical issues in order to accelerate the pace and quality of innovations.

    "This brings benefits in many respects, not least for customers, because innovative solutions become available more quickly and at a lower price than costlier individual solutions."

  14. Gradual US interest rate rises on the way

    The US Fed also said in its statement on Wednesday: "The [Federal Open Market] committee expects that economic conditions will evolve in a manner that will warrant gradual increases in the federal funds rate."

  15. US Fed: market reaction

    The Dow Jones Industrial Average is trading up 97.68 points at 21,711.11.

    S&P 500 is up 1.86 points at 2,478.99.

    The Nasdaq is up 10.05 points at 6,422.22.

  16. Fed to unwind balance sheet 'relatively soon'

    The Fed also said in its statement that it expects to start unwinding its balance sheet "relatively soon".

    After pushing rates nearly to zero, the Fed pumped over $3 trillion into the economy in a bond-buying spree to further reduce rates. Its balance sheet has grown to $4.5tn.

  17. BreakingUS Fed holds interest rate

    The US Federal Reserve has held interest rates. It repeats guidance that it sees inflation rising to 2%.

  18. US Fed set to update market

    The US Federal Reserve is to make a statement on its latest monetary policy decision in a few minutes.