The Dow Jones Industrial Average fell 1%, the S&P 500 lost 0.6%, and the Nasdaq Composite was almost flat.
Fox extends Sky News guarantee
Getty ImagesCopyright: Getty Images
Rupert Murdoch's 21st Century Fox has extended extended a commitment to maintain a Sky-branded news service from at least five years to at least 10 as
part of Fox's bid to take full control of the satellite broadcaster.
The Murdoch-owned group tabled a series of measures in an attempt to guarantee the
editorial independence of Sky News earlier this month.
It followed concerns from the competition watchdog that a tie-up would
give Mr Murdoch too much control over UK media.
Bitcoin bounce
While Venezuela is busy trying to generate some cash with its new oil-based cryptocurrency, our old favourite - Bitcoin - has been quietly regaining some ground, as Recode notes:
US District Judge Richard Leon has denied AT&T's request for White House communications about its takeover of Time Warner.
AT&T had requested the records as part of its fight with the Justice Department, which sued to block the takeover last year, citing competition concerns.
Mr Leon said AT&T fell "far short" of making a compelling case that the lawsuit suggested it was being singled out for selective enforcement.
"History belies the notion that this action is the first and only time that the government has found an antitrust problem with a proposed vertical merger," he wrote.
AT&T has suggested that politics could play a role in the lawsuit, due to President Donald Trump's friction with CNN, the news channel owned by Time Warner.
Could Gatwick build Heathrow?
Victoria Fritz
BBC transport correspondent
Getty ImagesCopyright: Getty Images
It was an idea that was raised in this afternoon’s Transport
Select Committee hearing.
Part of the issue around proposed Heathrow expansion is the
cost.
Would greater competition in bidding stage reduce the estimated cost of
the project?
Gatwick management has the expertise to build terminals and
expand the associated services. Why not encourage them to bid for building
the new development at Heathrow?
Willie
Walsh welcomed the idea. All (IAG, Easyjet, Virgin Atlantic) confirmed that the
DFT/Secretary of State had not explored it as an option with them.
Top City regulator used tax break scheme
BBCCopyright: BBC
The incoming head of the financial industry regulator had to repay tax after using an unapproved tax break scheme.
Charles Randell, who becomes chair of the Financial Conduct Authority in April, told MPs he had made an "error of judgement" by putting money into Ingenious Film Partners 2.
The scheme makes use of tax breaks available to promote film productions.
Mr Randell paid into the scheme between 2006 and 2011.
Uber chief Dara Khosrowshahi predicts that flying taxis will be commercially viable within five to
10 years.
Khosrowshahi
was speaking earlier today at an investor forum in Tokyo.
Uber sees populous Japan as a potentially lucrative market and is pressing regulators to ease stringent rules governing the taxi industry.
The company struck a deal with NASA in November as part of its plans to roll out flying cars in cities around the world.
FSB: Small firms 'lack trust in lenders'
The mistreatment of customers at RBS' Global Restructuring Group and other financial scandals has led to "a lack of trust in major
lenders among small businesses" says Mike Cherry of the Federation of Small Businesses.
"Small firms want to see the
finance landscape change, with increased competition from challenger banks and
non-traditional lenders," he says.
Mr Cherry adds: "It’s hard to believe
that victims of GRG were left with nowhere to turn when they had their lives
destroyed a decade ago. But nothing in the FCA’s regulatory framework has
meaningfully changed since then. What’s more, its recommendations for giving
more firms access to the Financial Ombudsman are wafer thin."
Carl Icahn urges Xerox to sell itself to rivals
Getty ImagesCopyright: Getty Images
Xerox shareholders Carl
Icahn and Darwin Deason have said that the US company should
seek to sell itself to one of its rivals or a private equity
firm instead of being taken over by Fujifilm.
Xerox could combine with a competitor that is willing to pay a significant premium, the shareholders wrote in an open letter.
At the end of January Fujifilm said it was set to take over Xerox in a
$6.1bn deal and combine it into an existing joint
venture, Fuji Xerox.
The activist investors had urged shareholders to vote against the deal.
RBS GRG report 'shines light on gruesome culture'
The publication of an FCA report into how RBS business unit GRG mistreated customers "shines a light on the gruesome culture within
GRG" says Laith Khalaf, a senior analyst at Hargreaves
Lansdown.
"It paints a very sorry picture of the excesses
of the banking industry during the financial crisis and in its aftermath," he says.
"Today the banking industry is more sober than it
was, and while misconduct still does occur, the most egregious transgressions
look to be in the rear view mirror."
If only we on the Business Live page could share his optimism...
Walmart shares are down almost 10% in trading in New York after the giant retailer's quarterly profit didn't meet analyst expectations.
Its online sales growth for the holiday season - still at 23% - slowed down as growth fueled by its acquisition of Jet.com lessened.
DHL apologises for chicken chaos
Getty ImagesCopyright: Getty Images
Delivery firm DHL says it "regrets the interruption of supply" of chicken to KFC, but has said it is "not the only party responsible for the supply chain", which includes its "partner QSL".
"The reasons for this unforeseen interruption of
this complex service are being worked on with a goal to return to normal
service levels as soon as possible.
"With the help of our partner QSL, we
are committed to step by step improvements to allow KFC to re-open its stores
over the coming days."
Hundreds of KFC outlets remain closed after chicken distribution problems.
Live Reporting
Tom Espiner
All times stated are UK
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Latest PostGood night!
That's all for tonight from Business Live - thanks for reading.
Do join us again tomorrow from 06:00.
Timing is everything
BBC political editor Laura Kuenssberg tweets:
Wall Street ends lower
A big slide in Walmart dragged Wall Street lower after the world's biggest retailer reported a lower-than-expected profit and asharp drop in online sales growth in the Christmas period.
Its shares slumped more than 10% in New York.
The Dow Jones Industrial Average fell 1%, the S&P 500 lost 0.6%, and the Nasdaq Composite was almost flat.
Fox extends Sky News guarantee
Rupert Murdoch's 21st Century Fox has extended extended a commitment to maintain a Sky-branded news service from at least five years to at least 10 as part of Fox's bid to take full control of the satellite broadcaster.
The Murdoch-owned group tabled a series of measures in an attempt to guarantee the editorial independence of Sky News earlier this month.
It followed concerns from the competition watchdog that a tie-up would give Mr Murdoch too much control over UK media.
Bitcoin bounce
While Venezuela is busy trying to generate some cash with its new oil-based cryptocurrency, our old favourite - Bitcoin - has been quietly regaining some ground, as Recode notes:
AT&T 'falls short'
Natalie Sherman
New York business reporter
US District Judge Richard Leon has denied AT&T's request for White House communications about its takeover of Time Warner.
AT&T had requested the records as part of its fight with the Justice Department, which sued to block the takeover last year, citing competition concerns.
Mr Leon said AT&T fell "far short" of making a compelling case that the lawsuit suggested it was being singled out for selective enforcement.
"History belies the notion that this action is the first and only time that the government has found an antitrust problem with a proposed vertical merger," he wrote.
AT&T has suggested that politics could play a role in the lawsuit, due to President Donald Trump's friction with CNN, the news channel owned by Time Warner.
Could Gatwick build Heathrow?
Victoria Fritz
BBC transport correspondent
It was an idea that was raised in this afternoon’s Transport Select Committee hearing.
Part of the issue around proposed Heathrow expansion is the cost.
Would greater competition in bidding stage reduce the estimated cost of the project?
Gatwick management has the expertise to build terminals and expand the associated services. Why not encourage them to bid for building the new development at Heathrow?
Willie Walsh welcomed the idea. All (IAG, Easyjet, Virgin Atlantic) confirmed that the DFT/Secretary of State had not explored it as an option with them.
Top City regulator used tax break scheme
The incoming head of the financial industry regulator had to repay tax after using an unapproved tax break scheme.
Charles Randell, who becomes chair of the Financial Conduct Authority in April, told MPs he had made an "error of judgement" by putting money into Ingenious Film Partners 2.
The scheme makes use of tax breaks available to promote film productions.
Mr Randell paid into the scheme between 2006 and 2011.
Read more here.
Bus vs taxi...
FT European technology correspondent Aliya Ram tweets:
Venezuela launches cryptocurrency
Brexiters 'reckless' over peace process
Irish deputy PM criticises UK politicians for questioning the future of the Good Friday Agreement.
Brexiteers 'reckless' over peace process
Irish deputy PM criticises UK politicians for questioning the future of the Good Friday Agreement.
Read moreFlying taxis within five years?
Uber chief Dara Khosrowshahi predicts that flying taxis will be commercially viable within five to 10 years.
Khosrowshahi was speaking earlier today at an investor forum in Tokyo.
Uber sees populous Japan as a potentially lucrative market and is pressing regulators to ease stringent rules governing the taxi industry.
The company struck a deal with NASA in November as part of its plans to roll out flying cars in cities around the world.
FSB: Small firms 'lack trust in lenders'
The mistreatment of customers at RBS' Global Restructuring Group and other financial scandals has led to "a lack of trust in major lenders among small businesses" says Mike Cherry of the Federation of Small Businesses.
"Small firms want to see the finance landscape change, with increased competition from challenger banks and non-traditional lenders," he says.
Mr Cherry adds: "It’s hard to believe that victims of GRG were left with nowhere to turn when they had their lives destroyed a decade ago. But nothing in the FCA’s regulatory framework has meaningfully changed since then. What’s more, its recommendations for giving more firms access to the Financial Ombudsman are wafer thin."
Carl Icahn urges Xerox to sell itself to rivals
Xerox shareholders Carl Icahn and Darwin Deason have said that the US company should seek to sell itself to one of its rivals or a private equity firm instead of being taken over by Fujifilm.
Xerox could combine with a competitor that is willing to pay a significant premium, the shareholders wrote in an open letter.
At the end of January Fujifilm said it was set to take over Xerox in a $6.1bn deal and combine it into an existing joint venture, Fuji Xerox.
The activist investors had urged shareholders to vote against the deal.
RBS GRG report 'shines light on gruesome culture'
The publication of an FCA report into how RBS business unit GRG mistreated customers "shines a light on the gruesome culture within GRG" says Laith Khalaf, a senior analyst at Hargreaves Lansdown.
"It paints a very sorry picture of the excesses of the banking industry during the financial crisis and in its aftermath," he says.
"Today the banking industry is more sober than it was, and while misconduct still does occur, the most egregious transgressions look to be in the rear view mirror."
If only we on the Business Live page could share his optimism...
Embattled Qualcomm ups bid for NXP
One's in fashion
Her Maj has popped along to London fashion week today, as Press Association reporter Catherine Wylie tweets:
What a Mad Max Britain would look like
Brexit Secretary David Davis mentioned Mad Max in a Brexit speech and people have run with it.
What a Mad Max Britain would look like
Brexit Secretary David Davis mentioned Mad Max in a Brexit speech and people have run with it.
Read moreWalmart shares plunge after profits disappoint
Walmart shares are down almost 10% in trading in New York after the giant retailer's quarterly profit didn't meet analyst expectations.
Its online sales growth for the holiday season - still at 23% - slowed down as growth fueled by its acquisition of Jet.com lessened.
DHL apologises for chicken chaos
Delivery firm DHL says it "regrets the interruption of supply" of chicken to KFC, but has said it is "not the only party responsible for the supply chain", which includes its "partner QSL".
"The reasons for this unforeseen interruption of this complex service are being worked on with a goal to return to normal service levels as soon as possible.
"With the help of our partner QSL, we are committed to step by step improvements to allow KFC to re-open its stores over the coming days."
Hundreds of KFC outlets remain closed after chicken distribution problems.