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Summary

  1. William Hill shares soar after trading update
  2. Asda sales and profits fall
  3. Mondelez International appoints new chief executive
  4. BAE Systems reports solid results

Live Reporting

By Dearbail Jordan

All times stated are UK

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  1. Good night

    Test Card F

    Thank you for joining Business Live.

    Tomorrow is "Super Thursday" when the Bank of England announces it interest decision, releases the minutes of the monetary policy meeting and publishes its latest Inflation Report.

    Join us from 6.00am for a busy day of breaking news.

  2. Tesla sales up, but losses grow

    Tesla Model 3 car

    Electric-car maker Tesla Inc's quarterly sales more than doubled, driven by deliveries of its upmarket Model S sedans and sports utility vehicle Model X, results just out show.

    But the company's net loss grew to $336.4m (£254m) for the second quarter ended 30 June - up from $293.2m a year earlier.

  3. Record-breaking football transfer within week?

    BBC World Service

    Neymar

    An advisor to the football star, Neymar, says his record-breaking transfer from Barcelona to Paris Saint-Germain (PSG) could be completed by the end of the week, reports BBC World Service.

    Wagner Ribeiro said PSG would pay the $260m (£197m) buyout clause in the coming hours, and that the 25-year-old Brazilian forward could be presented in Paris as early as this weekend.

    PSG has Qatari backers, making them one of the few clubs that could afford a sum the owners think they need to pay if they're to win the European Champions League.

  4. Dow closes at record high

    Wall Street sign

    Dow Jones ended the day at a record 22,016.24, a rise of 52.32 points or 0.24%.

    It was pushed up by Apple's shares which closed 4.73% higher following the publication of its quarterly results after the close on Tuesday

    Meanwhile, the tech-heavy Nasdaq was flat at 6,362.65 - a rise of just 0.29 points - because of a weakness in other tech shares.

    The S&P 500 edged up by 1.22 points or 0.05% to 2,477.57

  5. Uber drivers accused of colluding over 'surge' pricing

    BBC Radio 5 live

    Uber app on phone

    Uber drivers in London and New York are being accused of finding secret ways to trick the app's algorithms and of organising mass 'switch offs' in a bid to force 'surge' pricing.

    Academics at Warwick Business School and New York University say they have found evidence that some drivers have 'developed practices to regain control, even gaming the system'.

    The team say they interviewed drivers on both sides of the Atlantic and analysed 1,012 blogs on the Uberpeople.com platform.

    One blog contributor is quoted in the study as saying: "Guys stay logged off until surge."

    A spokesperson for Uber says: "This behaviour is neither widespread nor permissible on the Uber app, and we have a number of technical safeguards in place to prevent it from happening."

  6. Environmentalists rubbish diesel plan

    Diesel fuel

    German car makers have struck a deal with the country's government to reduce emissions from diesel vehicles but environmentalists have slammed the proposal.

    Volkswagen, Daimler and Audi said they will install software on 5.2 million diesel cars to cut pollution.

    But the DUH environmental group said it was not enough. Its head Juergen Resch, said: "Today's summit is bad news for hundred of thousands of people who will get sick and 10,600 who will die prematurely due to NOx each year."

    It added that it will pursue court cases for diesel bans in 16 cities.

  7. PwC settle US civil claim

    Merrill Lynch

    PwC is to pay $1m to settle a civil complaint that claimed that the accountancy firm conducted a flawed audit into Merrill Lynch's compliance with federal brokerage customer protection rules.

    The Public Company Accounting Oversight Board said PwC was settling Wednesday's case without admitting or denying the allegations.

    A year ago the Securities and Exchange Commission ordered Bank of America's Merrill Lynch to pay $415m to settle charges it had put its brokerage clients' cash at risk in violation of customer protection rules.

  8. Game of Thrones unseen episode spoilers leaked

    The White Walkers
    Image caption: Out and about with the White Walkers

    A summary of an unseen Games of Thrones episode and copies of other HBO shows have been put online by a hacker group that breached the firm's network.

    The hackers uploaded a text file of the Games of Thrones instalment and an annotated video of the script.

    They also shared three episodes of popular HBO TV shows on a site created to host what they stole.

    Read the full story here.

  9. Dow back above 22,000 - but for how long?

    Stock market trader

    The Dow Jones Industrial Average has bobbed back above 22,000 again.

    It is up 42.80 points at 22,006.72.

    Jeff Kravetz, regional investment director at US Bank Wealth Management, says: "That Dow 22,000 mark, that is really a significant number, it is a milestone in the market. Pushing through that is tough, it takes more than one company to push us through, it really takes something kind of extraordinary.

    "What happens is when we reach these levels, like 21,000 or 22,000 on the Dow, there is a tendency for investors to take profits and pull back a little bit."

  10. EU steps up pressure on Venezuela

    Protester in Venezuela

    More news on the European Union's response to Venezuela's election.

    The EU said it would not recognise the election of a National Constituent Assembly and would step up pressure on President Nicolas Maduro.

    It stopped short of announcing sanctions against the country.

    America has frozen Mr Maduro's assets subject to US jurisdiction. It has also barred Americans from doing business with him but it has not stopped sales of oil to Venezuela.

    For more on the political crisis in Venezuela, click here.

  11. Fed member calls for rates hold

    James Bullard

    The chairman of the St. Louis Federal Reserve reckons the US central bank should not raise interest rates in the "near-term".

    James Bullard, who is currently not a member of the Federal Reserve's rate-setting Federal Open Market Committee, told Market News International: "Given the inflation outlook, which has deteriorated in 2017, I would not support further moves in the near term.

    "It's possible data will turn around, but we'll have to see. I think for now we should remain on pause."

  12. The squeezed middle

    All Nippon Airways

    Airline passengers would not pay more to avoid being sandwiched on the middle seat on a flight, according to a poll by Reuters/Ipsos.

    A survey of American travelers found that 83% said ticket prices is the priority and 60% said they would not shell out extra to avoid the deeply irritating middle seat.

    Wonder what British flyers would say...

  13. Oil prices gain

    Oil prices have reversed and are now trading upwards.

    Brent crude is up 0.6% at $52.09 a barrel while West Texas Intermediate is ahead 0.5% at $49.39.

  14. Tesla set to report loss

    Tesla car

    On Tuesday night, Apple was the company to watch in terms of its results. Tonight, it is the electric car maker Tesla.

    Its co-founder and chief executive Elon Musk has already put the wind up investors by warning that it might face "manufacturing hell" as it ramps up production of its new Model 3 car.

    On Wednesday evening, it will announce its second quarter results where it is expected to report a loss on revenues of around $2.51bn, according to CNBC.

  15. Dow Jones retreats below 22,000

    US stock market trader

    After a flurry of excitement, the US Dow Jones Industrial Average is back below 22,000 at 21,981.62.

    Mark Luschini, chief investment strategist at Janney Montgomery Scott, says: "Typically at those big round numbers the market seems to hesitate ... I'm looking at this as a situation where the underlying evidence as to why the stock market has responded well is the fertile climate for corporate profits which is likely to remain."

  16. FTSE finishes lower

    The FTSE 100 has closed down 12.23 points at 7,411.43.

    Standard Chartered led the biggest fallers, down 6.05% at 795p after the bank decided against restarting dividend payments despite strong interim profits.

    Insurance group Old Mutual was Wednesday's biggest riser, up 2.8% at 203p.

    The FTSE 250 finished down 22.19 points at 19,841.41.