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Live Reporting

By Dearbail Jordan

All times stated are UK

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  1. Good night

    Test card F

    Thank you for joining Business Live.

    Friday promises to be another busy day with results from British Airways' owner IAG, BT and Barclays.

    Be sure to log on for all the breaking business and economics news.

  2. Amazon results

    Amazon

    The world's biggest online retailer issued quarterly results after the market closed showing:

    - A 77% fall in quarterly profit

    - Net income down at $197m

    - Net sales rose 24.8% to $37.96bn

    The company is investing heavily in areas such as video content and in fast-growing economies such as India. That's the explanation for the hit on profits.

  3. Markets close

    US stock market trader

    Tech stocks helped drag indexes lower over the course of Thursday with Twitter sharply down and Facebook and Amazon losing earlier gains.

    The Nasdaq was 44.94 points lower at 6,377.81.

    And while the Dow Jones index managed to end in positive territory, up 86.74 points or 0.4% at 21,797.75 the broader market was lower.

    The S&P 500 closed 2.41 points or 0.1% lower at 2,475.42.

  4. There's no escaping Ransomware

    Ransomware

    Cyber-thieves have made at least $25m (£19m) from ransomware in the last two years, suggests research by Google.

    The search giant created thousands of virtual victims of ransomware to expose the payment ecosystem surrounding the malware type.

    Most of the money was made in 2016 as gangs realised how lucrative it was, revealed a talk at Black Hat.

    Two types of ransomware made most of the money, it said, but other variants are starting to emerge.

    Read the full story here.

  5. Watch: Inside Facebook's chat room

    Facebook is developing a virtual-reality chat room, which it hopes will be the most "immersive" way for people to communicate online.

    Video content

    Video caption: Inside Facebook's virtual reality chat room
  6. "Too many unknowns" on US tax

    Here's what the chief Republican negotiators have to say on that decision to scrap the US border tax proposal: "While we have debated the pro-growth benefits of border adjustability, we appreciate that there are many unknowns associated with it and have decided to set this policy aside in order to advance tax reform."

  7. US scraps plan for border tax

    Mexico-US border

    The US has stepped back on proposals to introduce a border tax on items imported into the country.

    The move is part of a tax overhaul deal struck between congressional and administration negotiators.

    Companies such as retailers had lobbied against the plan.

  8. A little luxury lifts L’Oréal

    Lancome products

    Cosmetics giant L’Oréal reported a 7.1% rise in profit to 2.53bn euros for the first six months of its financial year on revenue up 4% at 13.41bn euros.

    Figures were boosted by the sale of The Body Shop for 1bn euros to Brazilian cosmetics group Natura.

    Sales were strong in its luxury division, which includes Lancome. Revenue grew by 15.4%.

  9. Wall street gives up gains

    The Dow Jones Industrial Average has trimmed earlier gains and is now trading 22.84points ahead at 21,733.85.

    The S&P 500 is now down, off 8.59 points at 2,469.24.

    Nasdaq has also turned negative and is down 57.68 at 6,365.07.

  10. Not there yet

    Oil rig

    While the oil price's upward path is encouraging, there is still some way to go before reaching recovery.

    The US Energy Information Administration reported a 7.2 million barrel fall in inventories in the week to 21 July, ahead of the 2.6 million barrels forecast.

    Stephen Brennock at PVM, says: "As encouraging as this may seem, the price recovery won't begin in earnest until evidence of US oil rebalancing is mirrored on a global scale."

  11. A year in the life of Amazon.com

    This graph shows just how Jeff Bezos has managed to overtake Bill Gates at the top of Forbes' rich list.

    Over the last year Amazon's shares have soared from around 750p to over 1057p today.

    Graph of Amazon.com share price
  12. UK talks trade with Mexico

    Mexican flag

    Britain has begun informal talks with Mexico about maintaining the countries' trade agreement after Brexit.

    International trade secretary Liam Fox said he and Mexican economy minister Ildefonso Guajardo have began a discussion to ensure "that the preferential agreements that the U.K. currently enjoys with Mexico remain in place."

    He also said that the UK government supports the "ambitious and speedy outcome" to the free trade talks between Mexico and the European Union, and will adapt the deal so it applies to Mexico-British trade post-Brexit.

    Last year, the UK was Mexico's fifth largest trade partner within the EU, with bilateral trade totaling $5.36bn.

  13. Results trump White House for equities

    Donald Trump

    US indexes are at record highs, but why?

    Craig Erlam, senior market analyst at Oanda says: "The earnings season has arguably taken on additional importance this quarter due to the inability of Donald Trump to, so far, deliver on the growth agenda that won him the White House back in November.

    "Even in the absence of tax cuts and fiscal stimulus, corporate America has continued to perform well, with companies exceeding expectations on both the top and bottom line."

  14. Equal pay adviser blames women for salary gap

    Emily Maitlis, Victoria Derbyshire, Sue Barker, Clare Balding, Fiona Bruce and Alex Jones were among BBC stars to sign a letter demanding the BBC take action over the gender pay gap
    Image caption: Emily Maitlis, Victoria Derbyshire, Sue Barker, Clare Balding, Fiona Bruce and Alex Jones were among BBC stars to sign a letter demanding the BBC take action over the gender pay gap

    Female staff at the BBC let the gender pay gap happen "because they weren't doing much about it", a government adviser on equal pay has said.

    Businessman Sir Philip Hampton told the Evening Standard newspaper in London that in contrast to men, he had "never, ever had a woman ask for a pay rise".

    BBC presenter Jane Garvey said he seemed "peculiarly out of touch".

    The corporation has faced criticism since it revealed last week that its top earners were largely men.

    Read the story here.

  15. Porsche will bear cost of Cayenne recall

    A Porsche Cayenne wheel

    Porsche will bear 100% of the recall of the 3-litre Cayenne cars, according to German transport minister Alexander Dobrindt, after it found illegal emissions controlling software in the vehicles.

    Porsche said it had discovered the software during an internal investigation, and that it had agreed to recall the vehicles to fix the problem.

    Mr Dobrindt said: "There is no explanation why this software was in this vehicle.

    "These vehicles are equipped with modern emissions controlling technology so we think these vehicles are technically able to stick to emissions limits and we therefore believe Porsche will quickly be in a position to bring the software into conformity."