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Live Reporting

Dearbail Jordan

All times stated are UK

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  1. Good night!

    Test card F

    Thank you for joining us on Business Live today - that's all we have time for.

    Fear not, we are back on Friday at 0600 with all the breaking business and economics news. Do join us then!

  2. Blade Runner here we come...


    It won't be long until life is like the opening scenes of Blade Runner if a German company has its way.

    Lilium claims it has successfully tested a "flying taxi" and is now developing a five-seat version. 

    The firm, which is backed by investors including Skype co-founder Niklas Zennstrom, said the planned five-seater jet will be capable of vertical take-off and landing.

    In flight tests, a two-seat prototype executed manoeuvres that included a mid-air transition from hover mode - like a drone - to wing-borne flight - like a conventional aircraft. Clever, eh?

  3. BreakingWall Street rebounds

    Wall Street rallied on Thursday, with the Nasdaq closing at a new record, as a round of solid corporate results led by American Express pushed markets higher. 

    The Dow Jones Industrial Average rose almost 0.9% to 20,579 points, the S&P 500 gained 0.75% to 2,355.8 points and the Nasdaq Composite jumped 0.9% to 5,916.7 points. 

  4. US considering privatising infrastructure

    Gary Cohn

    Gary Cohn, Donald Trump's chief economic adviser, says that the administration is considering privatising some of the country's infrastructure.

    Mr Cohn told the IMF and World Bank spring meetings in Washington that the administration is thinking of bringing in private capital or privatising the infrastructure to avoid the Government becoming a "piggy bank".    

    He says there is a list, "not a complete list", of the infrastructure that can be managed by the private sector.

  5. Fox News counts the cost

    Bradd Jaffy, an editor at NBC Nightly News, has highlighted this gem from a New York Times report about Fox News.

    We wonder what shareholders in Twenty-First Century Fox might make of that...

    View more on twitter
  6. Carney: UK banks are 'well prepared' for election

    Mark Carney

    The Governor of the Bank of England says the UK's banks and financial institutions are all set for the upcoming election compared to the EU referendum.

    Mark Carney, who is attending the IMF and World Bank spring meetings in Washington says: "I would make a distinction between last year's referendum, which was a binary decision for which markets and institutions were potentially not prepared... and the normal political process, which is what we're seeing happening in the UK and for which institutions are well prepared."

  7. 'Painful' Brexit will deter copycats, claims Finland

    Petteri Orpo

    Brexit will be so painful it will put other countries off leaving the European Union, according to Finland's Finance Minister.

    Petteri Orpo tells Bloomberg: "“This divorce, after 40 years of marriage, is inevitably going to be so painful that no one will want to feel it for themselves.

    "I believe it’s going to be a precedent no one will want to follow.”

  8. Mnuchin: US tax reform will be sweeping

    Some more details on US Treasury Secretary Steve Mnuchin and his tax reform plans. 

    Mr Mnuchin said the Treasury was working on tax reform options "day and night". 

    He said: "It will be sweeping, it will be significant and it will create a lot of economic growth."

    Speaking on the sidelines of the IMF and World Bank spring meetings in Washington, Mr Mnuchin said tax changes will go ahead regardless of whether Donald Trump can push through his reform of the Affordable Care Act.

    "Whether health care gets done or health care doesn't get done, we're going to get tax reform done," he said.

  9. Philip Hammond 'to meet with Wall Street banks'

    UK Chancellor Philip Hammond is set to meet a number of Wall Street banks in New York before going to the IMF and World Bank spring meetings in Washington.

    PA is reporting that he will hold meetings with Morgan Stanley's chief executive James Gorman, and Goldman Sachs boss Lloyd Blankfein.

    Brexit, the upcoming election and the UK economy are set to top the agenda.

    And here is Mr Hammond being interviewed on Fox Business:

    View more on twitter
  10. Diageo to cut jobs in Scotland

    Diageo whisky

    Drinks giant Diageo has announced that it is cutting 100 jobs at its Scottish operation after reviewing its "spirits bottling footprint".

    Read the full story here.

  11. US will reveal tax reform plan 'very soon'

    Steve Mnuchin

    US Treasury Secretary Steve Mnuchin said he expects to unveil a tax reform plan "soon, very soon".

    Speaking to Reuters at the IMF and World Bank spring meetings in Washington, he added that he expects tax reform legislation to be passed by the end of the year.

  12. Tesla recalls cars over parking brake fault

    Tesla cars

    Shares in Tesla traded lower after the electric car maker said it was recalling 53,000 Model S and Model X vehicles.

    The company said it has discovered a potential issue with electric parking brakes on some cars. It said it is "able to begin replacing parts immediately and will have sufficient parts for all affected vehicles by October 2017".

  13. US steel stocks bounce

    US steel

    The Dow Jones Industrial Average extended its gains and is now up 174.16 points or 0.83% to 20,578.65.

    American Express continued to lead the risers, up 5.5% at $79.73. 

    Steel stocks were given a boost after Donald Trump launched an investigation into whether steel imports were a threat to national security. 

    Among the biggest risers are Steel Dynamics, up 4.28% to $34.10, AK Steel added 7.3% to $6.74 and Nucor rose 3.4% to $59.62.

    The S&P 500 rose 16.96 points to 2,355.13.

    The Nasdaq rose 52.92 points to 5,915.95.

  14. Nobody moves this man?

    Chris Johnston

    Business reporter

    Fox News HQ

    Bill O'Reilly will get a maximum of one year's salary after being sacked from Fox News, a source tells Reuters. 

    The cable news network has parted ways with its highest rated presenter after more than two decades following allegations of sexual harassment from numerous women. 

    CNN reported that Mr O'Reilly's recently signed new contract was worth about $25m a year.

    We presume Fox has now removed this poster for the O'Reilly Factor from its New York headquarters... 

  15. Steel probe 'nothing to do with China', says Trump

    Donald Trump (L) and Wilbur Ross
    Image caption: Donald Trump (L) and Wilbur Ross

    The US investigation into steel imports "has nothing to do with China" according to President Donald Trump. 

    Speaking earlier today, US Commerce Secretary Wilbur Ross, who is leading the probe, said Chinese steel exports have continued to rise "despite repeated Chinese claims that they were going to reduce their steel capacity when in fact they have been increasing it consistently ... It's a very serious impact on the domestic industry."

  16. Carney: Brexit could hinder progress on bank reforms

    Mark Carney

    The Governor of the Bank of England has warned that Brexit negotiations could undo measures taken to strengthen the global financial system following the banking crisis.

    Mark Carney told delegates at the IMF and World Bank spring meetings in Washington said Brexit was one of a number of risks that could damage trust and restrict trade leading to "fewer jobs, lower growth and higher domestic risks".

    He said: "There are, however, other nascent risks that, if left unchecked, could threaten the progress made, and ultimately undermine the G20's objective for strong, sustainable and balanced growth.

    "These risks include the impact of reform fatigue on implementation momentum, the outcome of Brexit negotiations, the need to complete Basel III, and the importance of finishing the job of ending too big to fail."

  17. Trump claims foreign steel may threaten security

    Donald Trump

    Donald Trump could restrict imports of foreign-made steel under the Trade Expansion Act of 1962.

    It allows the US to restrict imports for reasons of national security. It has been used in the past to curb oil imports.

    A research note from Height Securities, said: "Making the case that steel imports threaten national security may be a... high legal hurdle, although we suspect the Trump administration will argue the potential loss of domestic steel manufacturing capacity could hinder the ability to respond to urgent defense needs."