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Live Reporting

Mary-Ann Russon

All times stated are UK

  1. Good night

    BBC testcard

    That's it for today on Business Live - thanks for reading. We'll be back bright and early at 06:00 on Friday.

    Do join us then for all the latest breaking news and analysis from the business world.

  2. Wall Street closes lower

    Bull and little girl sculptures in Wall Street

    Wall Street stocks finished solidly lower after the Trump administration announced tariffs on steel and aluminum imports from Europe, Canada and Mexico, deepening fears of a trade war.

    At the closing bell, the Dow Jones was down 1% to 24,416.3 points. The broad-based S&P 500 shed 0.7% to close at 2,705.2, while the tech-rich Nasdaq fell 0.3% to 7,442.1.

  3. Chelsea put stadium plans on hold

    Stamford Bridge stadium

    Chelsea's Russian billionaire owner Roman Abramovich has put the club's stadium plans on hold after delays to the renewal of his UK visa.

    The estimated cost for a new 60,000 seat Stamford Bridge has increased to £1bn after delays, which included a dispute with a local family.

    Abramovich is unwilling to invest in a major project in a country where he is not allowed work.

    The 51-year-old's UK investor visa expired some weeks ago.

  4. Canada's counter tariffs

    Heinz and Kraft mayonnaise bottles

    Canada has announced that it will impose retaliatory tariffs on imports of various steel and aluminium products from the US, as well as a wide range of non-metal items, to the tune of $16.6bn Canadian dollars.

    The tariffs will be placed on a wide range of food products, including:

    Yogurt, coffee, mayonnaise, tomato ketchup, chocolate, maple sugar, strawberry jam, soy sauce, chocolate, liquorice, orange juice, vegetables, prepared meals and preserved meats and soups.

    Tariffs are also being imposed on regular household and beauty items and electrical appliances, including:

    Dishwasher detergent, after-shave, hair gel, plastic rubbish bags, soaps, any kind of glue, toilet items made from plastic, plywood, paper and cardboard, beer kegs, mattresses, bedding, washing machines, combined fridge freezers, sleeping bags, playing cards, felt tipped and ball point pens.

  5. Northern and GTR trains hit by timetable 'shambles'

    A Northern train on a track

    Two troubled rail operators were responsible for almost 1,000 late or cancelled trains in just one day - with more services still being axed.

    Customers are continuing to express anger amid disruption on Northern and Govia Thameslink Railway (GTR) routes.

    Greater Manchester Mayor Andy Burnham said Northern's "freefall" had shown "no signs of slowing down".

    Northern and GTR said they were urgently working on "comprehensive plans" to improve services.

  6. 'These tariffs are totally unacceptable'

    Canadian Prime Minister Justin Trudeau

    Canada is to retaliate against the steel and aluminium tariffs being imposed by the US, Canadian Prime Minister Justin Trudeau has told a press conference.

    "The United States has a US$2bn surplus in steel trade with Canada – and Canada buys more American steel than any other country in the world, half of US steel exports," he said, emphasizing that Canada had been America's "steadfast ally" for 150 years.

    "Canada is a secure supplier of aluminum and steel to the US defence industry, putting aluminum in American planes and steel in American tanks. That Canada could be considered a national security threat to the United States is inconceivable.

    "Americans remain our partners, friends, and allies. This is not about the American people. We have to believe that at some point their common sense will prevail."

  7. Dudley man in flat cap told to leave Tesco over hat rule

    Graham Cattermole, wearing a flat cap

    A man was asked to leave a Tesco Express for wearing a flat cap.

    Graham Cattermole was told by a security guard to remove it in a "no hoodies or crash helmets policy" at the store in Upper Gornal, West Midlands,as the Dudley News reported.

    The 64-year-old - who had just set foot through the door - refused and left without buying his weekly shopping with wife Christine, 61, on Tuesday.

  8. Withings to return after Nokia sell-off

    Withings makes connected devices such as watches and weighing scales

    Nokia is to sell its health division back to the founder of Withings, a company it acquired in 2016.

    The Withings brand name is set to return following the sale, reversing the Finnish company's decision to axe it.

    The business was founded in 2008 and makes connected health devices such as watches and weighing scales.

    The sale to company founder Eric Carreel for an undisclosed sum comes after poor earnings for Nokia Health.

  9. Tata Steel calls for 'protection measures'

    Tata Steel's plant in Port Talbot

    Tata Steel has urged the EU to take in response to a US decision to impose a 25% tariff on European steel.

    The US said the tariffs on imports from the EU, Mexico and Canada will start at midnight.

    The tariffs will impact directly on Port Talbot as around 10% of Tata Steel Europe's exports go to the US.

    Liberty Steel's Welsh plants including Newport will not be affected, but it could hit parts of its UK operations.

  10. Barclays to tighten lending to Brexit-affected UK economy

    Simon Jack

    BBC Business Editor

    Barclays boss Jes Staley

    Barclays is tightening its lending criteria to a UK economy that is lagging behind the rest of the world.

    Chief executive Jes Staley says Brexit uncertainty was helping to stunt economic growth and that was something the bank could not ignore.

    Speaking exclusively to the BBC he said "we have to be mindful of weaknesses in the economy and we have protect the integrity of the bank".

    That meant tightening some lending criteria, "just to be prudent".

  11. Goldman Sachs employee charged with insider trading

    Goldman Sachs logo

    A vice president at Goldman Sachs has been charged with insider trading by US federal prosecutors.

    Prosecutors allege that Woojae Jung, 37, used confidential information he learned through his work for the bank to make $140,000 in illegal trades using a brokerage account in the name of a friend living in South Korea.

    A Goldman Sachs spokesperson said the bank is aware of the situation regarding its employee and is cooperating with the authorities on the matter.

  12. Titcomb decision a 'disappointment'

    Lesley Titcomb

    Tom McPhail, head of policy at Hargreaves Lansdown, says Pensions Regulator chief Lesley Titcomb’s decision not to seek to further her contract beyond the original four-year term will be a disappointment to many in the industry.

    "The Regulator has successfully overseen the roll out of the auto-enrolment programme. She has also managed the difficult challenge of Defined Benefit pension governance and funding, adopting a progressively more proactive, interventionist and robust approach to scheme sponsors and trustees.

    She has been criticised in some quarters for not being more proactive in high profile scheme problems such as BHS, and Carillion in spite of the fact the problems predate her tenure in the office. The government will need to find a strong replacement as there is still a lot of work to be done."

  13. Sheen calls for affordable credit action

    Michael Sheen

    Actor and campaigner Michael Sheen has founded an initiative aimed at providing alternatives to high-cost lending.

    He says there needs to be greater awareness of how to access more affordable credit companies.

    "These companies are out there but we've got to do better at signposting and directing people towards them so, and make sure that they have the level and fairer playing field to be able to compete against these other companies and that's really, really important.

    "I welcome the fact that the FCA is looking at bringing a cap in on rent-to-own in 2019, they're looking at April in 2019. So we've got to work now to make sure that those alternatives are there so that, that cap can do its work."

  14. London shares close flat

    London Stock Exchange

    London shares have closed flat, as cooling investor fears about the political crisis in Italy were off-set by President Trump saying it would impose trade tariffs on the European Union, Mexico and Canada.

    The FTSE 100 ended 11.4 points or 0.2% lower to 7,678.20. Top of the losers was housebuilder Taylor Wimpey, which slipped 5.5% to £1.90 on the news it was launching a children's book.

    Meanwhile, the FTSE 250 closed up 23.6 points or 0.1% ahead to 2,846.26.

    FirstGroup fell 19% to 89.8p after reporting a £327m loss and its chief executive resigning, and Card Factory slipped 9.2% to 198.3p on the news its quarterly sales fell by 0.4% like-for-like.

  15. Wall Street heads lower

    Wall Street traders

    Wall Street has not reacted well to President Trump's decision to impose tariffs on imports of steel and aluminium from the European Union, Canada and Mexico.

    The Dow Jones Industrial Average has dropped 247 points or 1% to 24,420.81. Drug maker Procter & Gamble leads the losers, falling 2.2% to $73.28.

    The S&P 500 is down 12 points or 0.5% to 2,711.24, with the losers still led by discount retailer Dollar Tree, which is now down 12% to $84.82.

    And finally, the Nasdaq is flat, just 3.5 points or 0.05% ahead to 7,466.41. Analogue Devices, up 2.8% to $97.59, and Google's parent company Alphabet, up 2.4% to $1,103.30, head the pack.

  16. 'There are no winners in a trade war'

    A steel mill in Germany

    Ben Digby, international director of the CBI, which speaks on behalf of UK businesses, fears that Trump's tariffs will have a serious impact on the global market.

    “Overproduction can distort the global market and erode the level playing field that business depends on to stay competitive," he said.

    "These tariffs could lead to a protectionist domino effect, damaging firms, employees and consumers in the USA, UK and many other trading partners."

    The UK is the largest foreign investor in America, and British companies support over one million jobs across the US, and the CBI has urged the EU not to escalate the situation further in its response.

    "We must work with the USA to find a way out of this current scenario that preserves our economic links, and we will continue working urgently with the US administration to protect British trade, jobs and growth," said Mr Digby.

  17. Labour: 'Catastrophic blow'

    Steel furnace

    Labour's shadow steel minister, Gill Furniss, said the tariffs were a "catastrophic blow" for workers and the industry.

    The Sheffield Brightside and Hillsborough MP said: "A trade war is not the answer to the serious issue of global overcapacity that is affecting steel producers. Trump's tariffs are a recipe for disaster - everybody will lose out.

    "The government has a lot of questions to answer. It must urgently come before Parliament with a clear strategy on what action it will take to support the sector and to avert a national disaster."

  18. European markets tank on tariffs announcement

    German Stock Exchange in Frankfurt

    The European markets have reacted badly to the Trump administration's announcement that it will impose steel and aluminium tariffs on the European Union, Canada and Mexico.

    The DAX in Frankfurt has dropped 160.6 points or 1.3% to 12,623.30 and the EuroStoxx 50 has fallen 42.7 points or 1.2% to 3,397.25.