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  1. Government brings forward increase in state pension age
  2. FTSE 100 closes higher
  3. Morgan Stanley beats forecasts as profit and revenues rise
  4. Reckitt Benckiser sells its food business to US firm McCormick for $4bn
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Live Reporting

By Daniel Thomas

All times stated are UK

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  1. Good night

    That's all from the Business Live page for tonight. Join us again tomorrow from 06:00 for more business news and views.

  2. World faces 'plastic waste crisis'

    Plastic waste in a landfill

    Scientists in the United States have calculated that humanity has manufactured 8.3 billion tonnes of plastics since the 1950s - enough debris to cover an entire country the size of Argentina.

    The study found that the use of the synthetic material has been accelerating, and half the total has been made during the past thirteen years.

    The researchers say most plastics are used just once and then discarded (in landfills or the natural environment) - only 9% has been recycled.

    They warn that the waste could be with us for thousands of years, and that new solutions are urgently needed.

  3. S&P 500 and Nasdaq hit record highs

    The Nasdaq Composite and the S&P 500 hit record highs, powered by technology stocks and a more than 20% jump in Vertex Pharmaceuticals.

    Gains on the Dow were tempered by a sharp drop in IBM shares.

    The Dow Jones Industrial Average rose 66.02 points, or 0.31%, to 21,640.75, the S&P 500 gained 13.22 points, or 0.54%, rising to 2,473.83, and the Nasdaq Composite added 40.74 points, or 0.64%, up to 6,385.04.

  4. Regulators to scrutinise board of German Stock Exchange

    Deutsche Boerse boss, Carsten Kengeter

    German regulators will assess the suitability of Deutsche Boerse's management board after allegations of insider trading against the company's chief executive officer earlier this year.

    The regulator has the power to remove a board member it deems unfit.

    Earlier in 2017, police and prosecutors searched chief executive Carsten Kengeter's office and home amid concerns over Deutsche Boerse share purchases he made shortly before the announcement of merger talks with London Stock Exchange.

    Mr Kengeter has always denied the allegations and has Deutsche Boerse's backing.

    This week German prosecutors said they would drop their investigation into Mr Kengeter and ask Deutsche Boerse to pay 10.5m euros in fines to settle the claims.

  5. Nafta negotiations to begin next month

    Donald Trump, US president

    Negotiations on reworking the North American Free Trade Agreement (Nafta) will begin next month in Washington, US officials have said.

    It comes after Washington this week laid out its bargaining position, with a focus on reducing trade deficits with Mexico and Canada and pressing for other concessions.

    On the campaign trail, President Donald Trump called Nafta the "worst" trade pact ever signed by the US, but he has stopped short of exiting the deal.

    Analysts said the US' demands were workable, but that the timetable for negotiations was tight due to the Mexican and American political calendars.

  6. United airlines shares plummet

    A United airlines check in

    Shares in United Continental Holdings have fallen by as much as 5% after the airline forecast "disappointing" revenue per passenger figures for the third quarter.

    United, the third biggest airline in the US, said that passenger unit revenue - a key industry metric - would be flat versus a gain of 2.1% in the second quarter.

    It also warned that its operating costs, excluding fuel, had risen more than 3% thanks to an increase in payroll costs.

  7. US stocks climb

    US trader

    Wall Street stocks are still in positive territory after investors welcomed key data on the housing market and Morgan Stanley posted better-than-expected results.

    The S&P 500 has gained 0.4% and the Nasdaq is up 0.6%. The Dow has climbed 0.2%, held back by a 4% fall in IBM stock sparked by a weak set of quarterly results.

    Housing starts jumped 8.3% last month, hitting their highest level since February. Mortgage applications, meanwhile, rose 6.3%.

    Bank Morgan Stanley earlier said it had increased profits by 11% in the second quarter, with gains across its business.

  8. Demand for Irish passports climbs ahead of Brexit

    More than 500,000 new Irish passports have been issued so far this year, with almost a fifth going to UK residents amid a surge in demand sparked by the EU referendum.

    View more on twitter
  9. B&Q in payouts over bad paint smells

    B&Q store

    B&Q says it will compensate hundreds of people who experienced bad smells after painting their homes with Valspar paint that it sold them.

    Customers have likened the smell to cat urine and rotten animals. They say the smell gets stronger in hot weather and if the windows are open.

    Valspar says the problem is caused by an additive being removed from some of its paint. It has now re-added it.

    Valspar and B&Q say they will pay for the cost of redecoration.

    Read more

  10. Virgin complaint bans Sky broadband ad

    The banned Sky advert

    Sky has had another TV broadband advert banned by the Advertising Standards Authority (ASA) following a complaint from rival Virgin Media.

    The advert featured the cast of The Secret Life of Pets, with one dog becoming frustrated with its broadband connectivity.

    Virgin Media challenged a claim in the ad that Sky broadband was "super reliable".

    The ASA drew on data from Ofcom to uphold the complaint.

    Read more

  11. Morgan Stanley to increase EU presence after Brexit

    Morgan Stanley logo

    Morgan Stanley will add headcount to “all of” its EU operations in the aftermath of Brexit, chief financial officer John Pruzan has told the Financial Times.

    “As you can imagine we’re well advanced in our planning, we have an extensive network in the EU 27… we’ve got a bunch of options, the base case is that all of those offices will be larger,” he said.

    Pruzan said Morgan Stanley had no plans for an imminent announcement on its Brexit strategy.

    However, a source told the paper the bank would mainly send London-based staff to Frankfurt, Paris and Dublin in the wake of Brexit.

  12. Rabobank traders see Libor convictions quashed

    Rabobank logo

    A US appeals court has overturned the convictions of two former Rabobank traders accused of manipulating the Libor rate.

    Anthony Allen and Anthony Conti, both from Britain, were convicted of fixing Libor - the rate at which banks lend to each other - by a federal jury in New York in 2015.

    However, lawyers for the pair argued prosecutors had taken documents out of context and that cooperating witnesses lied about their clients’ role in the scheme in the hope of getting lenient sentences.

  13. Unite extends BA strike

    BA plane

    The union Unite said some British Airways cabin crew would strike for a further 14 days as part of an ongoing dispute over pay.

    The additional industrial action extends a previously announced walkout which began on Wednesday and means that British Airways "mixed fleet" cabin crew will effectively be on strike for the next four weeks.

    A BA spokesman told the BBC the action would not affect flights.

  14. Chipotle to reopen restaurant after food poisoning scare

    Chipotle restaurant

    Mexican food chain Chipotle says it will reopen a US restaurant on Wednesday, two days after it was closed due to a food poisoning scare.

    Shares in the firm fell more than 4% on Tuesday after Chipotle reported the closure and are 0.4% lower today.

    It follows a spate of food poisoning outbreaks across the chain in 2015 which caused its stock to plummet.

    About 13 people became sick last week, according to Reuters, with Chipotle linking the incidents to the vomiting bug novovirus.

  15. FTSE 100 closes higher

    Exterior of London Stock Exchange

    The FTSE 100 has closed 0.6% higher at 7,430.91 points.

    Top of the stocks was accounting software firm Sage, up 2.7%, followed by housebuilders Barratt and Persimmon, both 2.4% higher.

    Shares in Reckitt Benckiser gained 1.6% after the company announced plans to sell its US food business for $4.2bn.

    The fund generated from the deal will be used to reduce the company’s debt.

  16. Pension move 'creates uncertainty'

    The government’s decision to bring forward state pension age changes creates "further uncertainty" for those planning for retirement, says David Newman at Close Brothers:

    Quote Message: State support is being withdrawn from future retirees at an increasing rate and this move will add further unwanted uncertainty. It’s vital that savers understand at what age state support will now kick in given changes over recent years, so that they can plan ahead.
  17. Despacito 'most streamed music track of all time'


    Catchy summer dance song "Despacito" is the most streamed music track of all time, having chalked up 4.6 billion plays across leading platforms, according to Universal Music.

    The song, first released in January in Spanish by Puerto Rican singer Luis Fonsi and rapper Daddy Yankee and then in a remixed version featuring Justin Bieber, has topped charts in 35 countries around the world and dominated radio play.

    Its 4.6 billion streams surpasses the record set by Mr Bieber with his 2015 single "Sorry", and makes it the most successful Spanish-language pop song of all time.

    If you haven't heard it click here - but beware, it's an earworm...

  18. Former Burberry exec to head Topshop


    Former Burberry executive Paul Price has been appointed to run Topshop, the most valuable part of Sir Philip Green’s Arcadia retail empire.

    Mr Price, who oversaw accessories and clothing at Burberry, joins as Sir Philip seeks to shake up his top team following a 7% fall in UK sales last year.

    Karren Brady, the Apprentice star and football executive, was made chair of Arcadia on Monday, replacing Lord Grabiner QC, who had been highly criticised by MPs during last year's BHS scandal.

    Revenues at Topshop fell nearly 2% in the year to August 2016, with international sales down 6%, despite the firm expanding into new markets such as China.