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Live Reporting

Daniel Thomas

All times stated are UK

  1. Good night!

    That's all from Business Live for today - thanks for reading.

    We're back bright and early at 6am Friday so do join us then.

  2. Mail musings

    Telegraph deputy business editor Chris Williams has some thoughts on the editorial line that the Daily Mail will take under Georgie Greig's editorship.

    There has been no love lost between the Mail on Sunday editor and Paul Dacre, whom Mr Greig will replace, over the past six years.

    View more on twitter
  3. Nasdaq's winning streak ends

    US flag

    Nasdaq's three-day winning streak fizzled out on Thursday with a sell-off in big technology names, sending it 0.7% lower.

    The tech sector has outperformed the broader market over the last month or so and was primed for a pullback, analysts said.

    The S&P 500 dipped 0.1% to 2,770.3 points, but the Dow Jones Industrial Average climbed 0.4% to 25,241 points.

    McDonald's was the biggest gainer in the Dow, surging 4.4% after confirming a plan to cut an unspecified number of US jobs, helping the company towards a goal of saving $500m.

  4. Facebook's 'bug'

    More on the Facebook bug from its chief privacy officer Erin Egan:

    "We recently found a bug that automatically suggested posting publicly when some people were creating their Facebook posts. We have fixed this issue and starting today we are letting everyone affected know and asking them to review any posts they made during that time. To be clear, this bug did not impact anything people had posted before - and they could still choose their audience just as they always have. We'd like to apologise for this mistake."

  5. Union fights to save HoF warehouse jobs

    An HoF store

    The GMB Union says it will use "every last drop of effort" to save warehouse jobs set to go in House of Fraser's rescue plan.

    XPO Logistics, which runs a warehouse in Milton Keynes on the retailer's behalf, is shutting the site, putting the jobs of 325 staff and 100 agency worker at risk.

    Richard Owen, regional organiser for GMB, said: "Again, with no warning, a body blow has been delivered to Milton Keynes. More high quality, reasonably well-paid jobs have gone down the pan."

    Some 6,000 jobs in total are set to go in HoF's rescue plan.

  6. TSB chair has 'full confidence' in Paul Pester

    TSB's chairman has said he has full confidence in Dr Paul Pester after the Treasury Committee questioned whether he should be sacked.

    It concerned Dr Pester's handling of the bank's IT meltdown in April.

    Richard Meddings said: "We recognise that we still have areas where we need to improve performance for our customers and we do not underestimate these remaining issues.

    "The important point is that this progress has been achieved under the leadership of Paul Pester, who continues to have the full support of the TSB board.

    "In addition, the board of TSB believes that communications since the migration have been made in good faith, and based on the information available at the time."

  7. Bank of America in Brexit planning

    Bank of America

    Bank of America is planning to move even more jobs to Paris than initially thought due to Brexit, Reuters reports.

    The bank, which employs about 3,500 people in London, had already said it would shift some workers to Dublin and Paris.

    The figure in Paris may be about 400, rather than the 200 previously stated, Reuters said.

    The moves are set to occur next year, as the UK formally leaves the European Union.

  8. Who is 'Geordie' Greig?

    Geordie Greg

    The Mail's new editor 'Geordie' Greig is the son of the late Sir Carron Grieg and Monica Stourton. Members of his father's family have been royal courtiers for three generations.

    Mr Greig began his career in local journalism before joining the Daily Mail. Among other roles he was previously The Sunday Times literary editor and editor of Tatler magazine.

    His appointment as Mail editor is surprising as he is a remainer but will front a pro-Brexit newspaper.

    It is rumoured he and outgoing editor, Paul Dacre, do not see eye to eye.

  9. US stocks vacillate

    US traders

    Wall Street remains a mixed picture, with energy stocks up and tech stocks faltering.

    The Dow Jones is up 0.2% at 25,204.89, buoyed by shares in McDonald's, which jumped almost 4% after it announced a fresh wave of cost cutting.

    A jump in the price of oil lifted Exxon Mobil Corporation by 1.27% and Chevron by 3%.

    But the Nasdaq has shed 1% to 7,614.92 after a recent tech rally went into reverse.

    The S&P technology index fell 1.3%, led by heavyweights Microsoft and Facebook.

  10. 'Geordie' Grieg has been an 'outstanding' editor

    Geordie Greig's appointment as Daily Mail editor follows the announcement on Wednesday that Paul Dacre will leave the paper after more than 25 years.

    Mr Greig, who edits The Mail on Sunday, will take up the editorship of the Daily Mail when Mr Dacre steps back from day to day editing.

    The paper's owner, Lord Rothermere, said: "Geordie has been an outstanding editor of The Mail on Sunday, and I am delighted that he will continue the high-quality journalism that Paul has made a hallmark of the Daily Mail.

    "I am also delighted that Ted Verity, who has been an exceptional deputy editor at the Daily Mail, is to become editor of The Mail on Sunday."

  11. New Mail editor revealed

    Geordie Greig will be the new editor of the Daily Mail, DMGT chairman Lord Rothermere has announced.

  12. Gucci will overtake Luis Vuitton, says boss

    Gucci models

    Fashion can be a catty business, and the claws were certainly out today.

    The head of Gucci, Marco Bizzarri, has told investors the Kering-owned brand is targeting €10bn of annual sales which would take it ahead of its rival Louis Vuitton.

    Mr Bizzarri, who, with designer Alessandro Michele, has staged a major turnaround at Gucci, said targets were not "unobtainable".

    As for overtaking Louis Vuitton, he said that if Gucci continued its current pace of growth, “the question is not if but when”.

    Gucci made about €6bn of sales in 2017.

  13. Sao Paulo drops 5%

    Daniel Gallas

    BBC South America business correspondent

    Sao Paulo

    Brazilian markets are having their worst day of the year with Sao Paulo’s main index dropping more than 5%.

    The dollar shot up 2.5% against the real – the highest rate since March 2016. Virtually all Brazilian blue chips are down, with Petrobras down 6.4%.

    Investors are worried about changes in Europe and the US that could see money fleeing from emerging markets to less risky places.

    Brazil has also been hit by a perfect storm of bad news recently: a truckers’ strike downgraded growth estimates for the economy, polls suggest nationalist candidates are ahead in presidential elections to be held in October, and market analysts say monetary authorities have lost confidence in navigating the current storms.

  14. Communications 'complacent and misleading'

    Dr Paul Pester, TSB boss
    Image caption: Dr Paul Pester, TSB boss

    Explaining the committee's findings, Mrs Morgan said:

    “Since the IT problems at TSB began, its public communications have often been complacent and misleading. This tone has been set from the top - by Paul Pester - and whether intentionally or not, he has not been straight with the [Treasury Committee] and TSB customers."

    She said statements from the doctor, such as "everything is running smoothly for the vast majority of our […] customers" and that "there will be no barriers to customers switching accounts", were examples of this.

  15. BreakingTreasury Committee has 'lost confidence' in TSB boss

    TSB logo

    TSB boss Paul Pester should step down over his handling of the bank's IT meltdown, the head of the Treasury Committee has said.

    In a letter to the bank's chair, on behalf of the committee, the Rt Hon. Nicky Morgan MP wrote: "The TSB board should give serious consideration as to whether Dr Pester’s position as chief executive of TSB is sustainable.

    "The committee has lost confidence in his ability to provide a full and frank assessment of the problems at TSB, and to deal with them in the best interests of its customers.

    "It is concerned that, if he continues in his position, this could damage trust not only in TSB, but in the retail banking sector as a whole."

    The introduction of a new IT system in April left thousands of TSB customers struggling to make transactions and see their balances.

  16. Price of oil climbs

    Oil production facility, Venezuela

    Oil prices have jumped due to concern about a steep drop in exports from Venezuela.

    The price of Brent crude is up 2.2% a barrel at $77.00.

    Venezuela is nearly a month behind delivering oil to customers from its main export terminals, raising doubts over global supply.

    The country is in the midst of an economic crisis and faces threats of US sanctions.

  17. RBS boss wants to buy back shares from government

    Ross McEwan, RBS boss

    Royal Bank of Scotland boss Ross McEwan has said the bank wants to buy back some of its own shares from the government, as long as it does not jeopardise the lender’s return to dividend payments.

    The government, which took over RBS when it bailed the bank out for £45.5bn during the financial crisis, sold another tranche of its shares this week.

    However, it incurred a £2.1bn loss as the stock sold at almost half the 502p initially paid.

    Commenting on future share sales, Mr McEwan said: “Yes we do want to participate, I think we’ve got plenty of capital."

  18. McDonald's planning jobs cuts

    McDonald's staff

    McDonald's is planning to cut jobs in the US as it targets $500m of cost savings annually.

    In a memo to employees, spokeswoman Terri Hickey said: "We are putting into place a new US field structure that will better support our franchisees and will ensure McDonald's continues on a path to being more dynamic, nimble and competitive."

    McDonald's is in the midst of a major turnaround plan, driven by waning consumer appetite for fast food.

    Shares in McDonald’s climbed 3.5% on news of the layoffs.