That is all from the Business Live page for today. We'll be back from 6am tomorrow. Have a good night.
- Bank of England cuts interest rates to 0.25%
- FTSE closes up by 1.59% in London
- Pound struggles, losing 1.4% against the dollar
- Carney warns banks must pass on rate cut
- Bank announces two new stimulus schemes
- Bank expects no growth in second half of 2016
Wall Street shares showed very little change at close on Thursday, ahead of Friday's US payrolls report.
The Dow Jones industrial average was down 3 points, the S&P 500 up half a point, and the Nasdaq Composite up 6.5 points.
- Copyright: BBC
- Copyright: Kellogg's
American cereal maker Kellogg's has seen its quarterly sales fall by 6.6%. The company blamed the recent volatility in Venezuela.
Demand for its breakfast foods and snacks dropped in both the US and Asia, although Pringles sales continued to grow.
Michael Hewson, chief market analyst at CMC markets tweets:
- Quote Message: "Today's decision to cut the base interest rate is both disappointing and ill-advised. The post-Brexit economic problems are down to consumer and business uncertainty and will not be solved by introducing monetary stimulus. By lowering interest rates, the Bank of England will distort the economy and potentially reduce growth. from Philip Booth Research director, Institute of Economic Affairs
- Quote Message: "The Bank of England has done the right thing in cutting rates and starting a large quantitative easing programme. The short-term risks of Brexit must not be compounded by tight money, and with inflation rates already near zero there is little risk of excess inflation. from Sam Bowman Executive director, Adam Smith Institute
Mark Urban, diplomatic editor at Newsnight, draws our attention to an exclusive by German newspaper Handelsblatt.
FT reporter notes a potential lack of detail in today's stimulus plan.
The World at One
BBC Radio 4
An interesting story from earlier in the day, looking at the thorny issue of why UK productivity is found wanting compared to other developed nations.
It seems issues of investment and skills are the key to improving UK productivity levels says the Federation of Small Businesses.National policy director Martin McTague spoke to James Robbins on the World at One soon after Theresa May hosted a meeting of small and medium sized companies in Downing Street at the same time that UK interest rates were being cut.
Nationwide Building Society tweets:
- Copyright: Facebook
More on the Facebook clickbait war.
The social network says it is updating its news feed algorithm to detect so-called "clickbait" headlines, by blacklisting the following:
- If the headline withholds information required to understand what the content of the article is
- If the headline exaggerates the article to create misleading expectations for the reader.
- “You’ll Never Believe Who Tripped and Fell on the Red Carpet…” withholds information required to understand the article (What happened? Who Tripped?)
- The headline “Apples Are Actually Bad For You?!” misleads the reader (apples are only bad for you if you eat too many every day).
US business reporterCopyright: Thinkstock
Ratings agency Fitch called the Bank of England's decision to cut rates "a proactive policy response to the EU referendum".
But it warned that the move was just a "cushion" that would not fully offset the economic impact of the UK's decision to leave the European Union.
"The referendum will take a significant toll on the economy despite sterling's fall potentially supporting exports," the agency wrote in a report.
Our personal finance correspondent tweets:
- Copyright: BBC
The UK interest rate cut has left Wall Street stocks decidedly unshaken.
US shares are barely changed in early afternoon trade in New York.
The Dow (see chart above) is up 3 points, the S&P 2 points, and Nasdaq 9 points.
- Copyright: AFPQuote Message: The widely expected interest rate cut by the Bank of England is unlikely to stimulate a flurry of retail spending. The impact on consumer confidence or spending could even be detrimental in the short term. With the immediate impact of the interest rate cut being a drop in the value of the pound this move is hardly likely to boost flagging consumer confidence, which is a major factor in driving spend. In addition, consumers will see returns on savings fall yet further. In theory, this is supposed to stimulate spend by making it less desirable to save, but there seems little evidence this has worked up to now. from Nivindya Sharma Senior Analyst at Verdict Retail
Referring to the rate cut, former business secretary Sir Vince Cable says: "Leaning too heavily on monetary policy is taking away from what the government should be doing in terms of the total budget, which is where the heavy lifting should be done."
- Copyright: Ford
Ford has recalled 830,000 cars in North America due to potentially faulty door latches.
In certain situations, the company says "the door may unlatch while driving". It adds that it has identified "one reported accident and one reported injury" related to the issue.
The models in question are:
- 2013-15 C-MAX
- 2013-15 Escape
- 2012-15 Focus
- 2015 Lincoln MKC
- 2015 Mustang
- 2014-16 Transit Connect