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Live Reporting

By Tom Espiner

All times stated are UK

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  1. Good night

    That's all for tonight from the Business Live page, folks. See you again tomorrow from 06:00.

  2. Tesla sees biggest loss to date

    Tesla car being charged

    Electric carmaker Tesla has notched up its biggest quarterly loss to date, sending its shares down more than 5% in after-hours trading.

    The company posted a net loss of $619m (£468m) in the three months to 30 September, up from $336m in the previous quarter.

    It also delayed its production target for its new Model 3 car. Tesla said it would now be producing 5,000 of the cars a week in early 2018, instead of December. It added that it had produced just 260 of the Model 3 cars in the third quarter, rather than the 1,500 it had planned to build.

  3. Apple drags down Nasdaq

    The Dow Jones and the S&P 500 have closed higher, but Apple dragged the Nasdaq lower. Shares in the cellphone giant, which have risen in recent days, fell ahead of the firm's release of its quarterly results on Thursday.

    The Dow Jones rose 57.7 points, or 0.25%, to 23,435, while the S&P 500 rose 4.1 points or 0.16% to 2,579.3. The technology-focused Nasdaq Composite slipped 11.14 points, or 0.17%, to 6,716.5.

  4. Oil lobby gushes over North Sea deals

    BP ETAP

    Oil lobby group Oil & Gas UK has hailed two offshore multi-billion pound deals, saying they are "hugely significant" and that they show there's life in the old North Sea dog yet.

    "Chrysaor’s $3.8bn acquisition of Shell assets represents almost 7% of the UK’s total North Sea oil and gas production while Ineos' $250m takeover of BP’s interests in the Forties Pipeline System represents the transport of up to 40% of our production last year," says Deirdre Michie, chief executive of the lobby group.

    "The deals are of strategic importance to maximising the recovery of the UK’s remaining hydrocarbon resource and the new business opportunities they will open up for the oil and gas supply chain will be very welcome in the current downturn."

  5. Donnie Jr gets flamed

    Donald Trump Jr attracted some scathing comments in response to this Halloween tweet yesterday:

    View more on twitter

    Many commenters focused on:

    • His inherited wealth: "Imagine being the son of Donald Trump and believing you earned your candy." "And at what point in your life did you realize you had to work for a living, otherwise you'll starve?"
    • His apparent misunderstanding of socialism: "You mean the candy that she got for free out of the goodness of strangers' hearts?"
    • The importance of sharing: "Imagine seeing your beautiful girl on Halloween & thinking: 'Ooh, I can use this to tweet about why sharing is bad'"
    • And his father's tax plans: "You need to take ALL of Chloe's candy and giving it to a kid w/ lots of candy to teach her about grandpa Donnie's give to the rich tax plan."
  6. Facebook stock at all time high

    Dave Lee

    North America technology reporter

    Facebook logo

    Facebook’s stock at an all time high after it beats analysts’ expectations on revenue in its Q3 earnings report.

    Shares are at $184.66 in after hours trading.

  7. Wall Street makes modest gains

    Wall Street held onto modest gains on Wednesday after the Federal Reserve kept interest rates unchanged, as major equity indexes hovered around record-high levels.

    The US central bank pointed to solid US economic growth and a strengthening labor market while downplaying the impact of recent hurricanes, a sign it is on track to lift borrowing costs again in December.

  8. BreakingFacebook net income jumps 79%

    Social media and advertising juggernaut Facebook has reported a 79% jump in third quarter net income to $4.7bn.

  9. Sir Michael Fallon resigns over behaviour claims

    Defence Secretary Sir Michael Fallon has resigned following allegations of past behaviour, the BBC has been told.

    He said his behaviour in the past may have "fallen short".

    Read more here.

  10. What is Facebook's responsibility?

    The House Intelligence Committee has started its grilling of the major tech firms over Russian online activities during the 2016 election.

    It is the third public hearing on the question in two days.

    Facebook, Twitter and Google have said they take the problem seriously, but where the firms' responsibilities lie is a matter of debate.

    Facebook's general counsel Colin Stretch said Facebook has a responsibility to making sure that content on its site is "authentic".

  11. Pressure on ministers over Brexit papers

    EU and Union flags

    Ministers have come under fresh pressure to release a series of Brexit impact studies, in a Commons debate.

    Some Conservative MPs joined Labour in calling for the 58 documents, which focus on different sectors of the economy, to be published.

    Labour is seeking to use an arcane parliamentary procedure to force the government's hand.

    The government is not contesting the motion but says there is a "clear obligation" not to publish the papers.

    Read more here.

  12. High profile coin offering 'crashes 50%'

    Bancor protocol co-founder Eyal Hertzog
    Image caption: Bancor protocol co-founder Eyal Hertzog

    A high profile initial coin offering by Bancor is proving to be "a dud for investors" reports Bloomberg.

    After raising more than $153m in June, the startup has seen the value of its digital coins drop 56%, according to the article.

  13. Fed holds interest rates steady for now

    Janet Yellen

    The Federal Reserve said US economic activity remains "solid" despite recent hurricanes and voted to hold interest rates steady for now.

    The outcome of the US central bank's meeting in Washington was widely expected.

    The Fed has raised benchmark interest rates twice this year already, responding to signs of economic improvement.

    Analysts expect a third hike in December.

    Read more here.

  14. Facebook, Twitter and Google berated by senators on Russia

    Colin Stretch

    Russian operatives, likely working from St Petersburg, provoked angry Americans to take to the streets, a US Senate committee heard on Wednesday.

    The May 2016 protest, arranged by a group named Heart of Texas, was one example of Kremlin-backed efforts to destabilise the American electoral process.

    Lawyers for three technology companies - Facebook, Twitter and Google - were told they were grossly underestimating the scale of the problem.

    "You just don't get it," said California Senator Dianne Feinstein.

    "What we’re talking about is a cataclysmic change. What we’re talking about is the beginning of cyber-warfare."

    She added: "We are not going to go away, gentlemen. This is a very big deal."

    Read more here.

  15. Fed leaves rates unchanged

    The Federal Reserve has left interest rates unchanged but said economic growth was "solid," reflecting continued expectation for an interest-rate hike in December.

  16. Facebook shares Russia's propaganda reach on Instagram

    Colin Stretch

    Facebook said that about 20 million Americans may have seen Russian-backed content on Instagram as lawmakers questioned tech companies for a second day about Russia's use of social media to influence the 2016 US election.

    Facebook again received the bulk of scrutiny from lawmakers who expressed frustration with the world's largest social network because of its unique role in targeted marketing on the internet.

    Facebook General Counsel Colin Stretch told the committee that 16 million Americans may have been exposed to Russian information on its picture-sharing service Instagram beginning in October 2016.

    An additional four million may have seen such material on Instagram prior to October, though that data was less complete, Mr Stretch said.

  17. Thomson Reuters boss 'not satisfied' with results

    Thomson Reuters has reported revenue below investor expectations as financial services clients in Europe and Britain hold off on signing deals due to regulatory and political uncertainty.

    "We aren't satisfied with our top-line growth and we are addressing these issues by controlling everything that is within our control," chief executive Jim Smith told analysts on an earnings call.

  18. What are job prospects for Mexicans returning from US?

    Protests over DACA
    Image caption: There were protests over the threats to deport undocumented young migrants from the US

    Hundreds of thousands of Mexicans are deported to their home country each year from the United States.

    The Trump administration's pressure on undocumented young migrants - the so-called "Dreamers" - could mean many more coming home.

    But what are so many returning people going to do?

    Reyna del Rio, 29, who spent most of her childhood in South Carolina before returning to Mexico, initially worked in a call centre.

    But she is now part of a group of young deportees and voluntary returnees who are in the process of applying for English teaching positions through SEP.

    It's a project trying to make the most of their English language skills.

    For more than 600 new teaching jobs, the education ministry adapted the application process to encourage repatriated Mexicans.

    Read more of this story here.

  19. Tech firms 'should be treated in law like traditional media'

    In a hearing in front of the Senate intelligence committee, Facebook said the presidential campaigns of Donald Trump and Hillary Clinton spent $81m during the election - dwarfing spending they have traced to Russia.

    In questioning yesterday the firm said it did not have the ability to identify all of its advertisers.

    Republican Richard Burr reminded companies that they are bound by laws that restrict foreign money in US elections.

    "I hope that none of your platform is [conditioned] on not verifying where that money comes from," he said.

    Republican Senator John Cornyn also asked the companies to explain why they should not be treated legally like traditional media companies.

    Twitter's general counsel Sean Edgett said the difference is that on social media users, not the company, create the content, so tighter editorial controls raise free speech concerns.

    But Mr Cornyn told him: "That may well be a distinction that is lost on most of us."