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Live Reporting

Dearbail Jordan

All times stated are UK

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  1. Good night

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    Thank you for joining Business Live.

    We will be back at 6.00am sharp on Thursday and look forward to bringing you all the breaking business and economic news throughout the day.

  2. Wall Street pares gains

    Wall Street sign

    US stocks finished almost flat for the day, having eased back following Donald Trump's difficulties with his business councils and the Federal Reserve's caution on US inflation.

    The Dow Jones Industrial Average rose 0.1% to 22,025, the S&P 500 also gained 0.1% to 2,467.37 and the Nasdaq Composite ended 0.2% higher at 6,345.11.

  3. What about the Infrastructure Council?

    Donald Trump at Trump Tower

    The two White House business councils disbanded today were seen as crucial for the president's relations with the biggest US businesses.

    But what about the Infrastructure Council which Donald Trump created last month and which met at Trump Tower yesterday (pictured)? The White House has told US reporters it has no update on that business committee.

    If you need a reminder of the two councils that have been disbanded, the Strategic and Policy Forum, which had 16 members when it was created last December, was designed to advise Trump on how government policy impacts economic growth, job creation and productivity.

    The White House American Manufacturing Council, which started in January with 25 CEOs of top U.S. companies, was designed to promote job growth in the US.

  4. How big of a deal is Trump business council decision?

    Anthony Zurcher

    BBC North America reporter

    President Trump with the Strategy and Policy Forum

    The calculus for business leaders working with the Trump administration has changed quickly.

    As more corporate chiefs headed to the exit, the riskier move - from a business as well as political perspective - became staying put.

    The president, despite further tweets and verbal swipes, was unable to staunch the bleeding. His rhetorical gymnastics on the Charlottesville situation only made matters worse.

    Is the collapse of the Trump regime's corporate entente a sign his fortunes are in a tailspin? Or is the man who ascended to the presidency without their help perfectly capable of staying there now that they've abandoned him?

  5. Watch: Forget the selfie, here comes the 'bothie'

    The latest Nokia smartphone aims to popularise the idea of filming "bothies".

    The device can capture video from both its front and rear-facing cameras at the same time, and broadcast the images side-by-side to YouTube and other livestreaming services.

    The BBC's technology correspondent Rory Cellan-Jones asked whether it is distinctive enough to stand out from other high-end rivals.

    Video content

    Video caption: Nokia 8 smartphone takes 'bothie' videos
  6. Dollar slips on Trump woes

    What reaction has there been on the US markets to the turmoil over Donald Trump's business councils?

    The dollar has slipped back after CEOs quit the two councils in their droves - and the president decided to disband them both.

    The dollar index fell 0.32%, although that might also be due to the US Federal Reserve's concerns over low inflation.

    US stocks, meanwhile, have pared earlier gains heading into the final hour before the closing bell.

  7. 'Not a business-friendly move'

    More comment on Donald Trump and his business councils.

    Blake Gwinn, US rates strategist at Natwest Markets, says: "He was elected partly because he is a business-friendly president. This is the flip side. It's a move away from that.

    "The disbanding of these groups doesn’t mean all that much, but the market is looking at it as not a business-friendly move."

  8. BreakingGeneral Motors is 'about unity and inclusion'

    Mary Barra
    Statement from Mary Barra
  9. JP Morgan Chase boss 'strongly' disagrees with Trump

    Jamie Dimon, the chairman and chief executive of JP Morgan Chase, says that he "strongly" disagrees with Donald Trump's reaction to the violence in Charlottesville.

    View more on twitter
  10. Trump still on the pulse of corporate life

    Brian Battle, director of trading at Performance Trust Capital Partners, reckons Donald Trump will still be on the pulse when it comes to knowing what chief executives are thinking.

    "Disbanding the CEO council won't diminish the President's ability to find out what the CEOs think," he says.

  11. What now for tax and infrastructure?

    Donald Trump

    Following the departures from Donald Trump's two business councils - and his decision to disband them both - some markets watchers are concerned about the president's ability to push through tax and infrastructure reforms.

    John Doyle, director of markets at Tempus Consulting, says: "This calls into question the ability of the Trump administration to get anything done in terms of tax and infrastructure reforms. It's another piece of evidence of the administration's mounting problems."

    Andrew Frankel, co-president of Stuart Frankel & Co, says: "The market should definitely care about Trump and these industry defections, and yet every day I come to trade, the overall tape appears averse to what goes on in DC and all its negativity."

  12. US Fed concerned about inflation

    Minutes from the US Fed Federal Open Market Committee shows that members are concerned about the rate on inflation.

    "Many participants ... saw some likelihood that inflation might remain below 2 percent for longer than they currently expected, and several indicated that the risks to the inflation outlook could be tilted to the downside."

    Voting members of the committee agreed to monitor inflation closely "in light of their concern about the recent slowing," according to the minutes.

  13. Meanwhile, two days ago...

    Here's what GE said on Monday:

    "GE has no tolerance for hate, bigotry or racism, and we strongly condemn the violent extremism in Charlottesville over the weekend. GE is a proudly inclusive company with employees who represent all religions, nationalities, sexual orientations and races.

    "With more than 100,000 employees in the United States, it is important for GE to participate in the discussion on how to drive growth and productivity in the U.S., therefore, Jeff Immelt will remain on the Presidential Committee on American Manufacturing while he is the Chairman of GE."

  14. GE chairman quit council 'this morning'

    GE chairman Jeff Immelt

    General Electric chairman Jeff Immelt, a member of Donald Trump's manufacturing council, has just released a statement:

    "The President’s statements yesterday were deeply troubling.

    "There would be no GE without people of all races, religions, genders, and sexual orientations. GE has no tolerance for hate, bigotry, racism, and the white supremacist extremism that the country witnessed in Charlottesville last weekend.

    "I joined the President’s committee on manufacturing because engagement with government on economic policy is very important for GE, our employees, and partners. As a company that exports over $20bn of American made goods to the world, I believe we are best served when we constructively engage with leaders in the United States and around the world. The committee I joined had the intention to foster policies that promote American manufacturing and growth.

    " However, given the ongoing tone of the discussion, I no longer feel that this council can accomplish these goals. Therefore, I notified members of the council this morning that I could no longer serve on the President’s committee on American Manufacturing."

  15. Meanwhile in other news

    The US Federal Reserve is about to release the minutes from its July interest rate setting meeting.

    Stay tuned.

  16. 24 hours ago...

    Donald Trump and Johnson & Johnson's Alex Gorsky
    Image caption: Donald Trump and Johnson & Johnson's Alex Gorsky

    On Tuesday, Johnson & Johnson's chief executive Alex Gorsky, said that he would stay on the White House Manufacturing Advisory Council.

    Here's what he said then: "At Johnson & Johnson we are deeply saddened by the horrific events that occurred in Charlottesville this past weekend. Intolerance, racism, and violence have no place in our society.

    Several members have made the decision to leave President Trump’s White House Manufacturing Advisory Council, and I respect their decision as a matter of personal conscience.

    Given the events of the past few days, I can understand the concerns—even the fear—that some people have expressed. These are difficult days for everyone.

    In the end, I have concluded that Johnson & Johnson has a responsibility to remain engaged, not as a way to support any specific political agenda, but as a way to represent the values of our credo as crucial public policy is discussed and developed."

    He added: "Ours is an important voice on healthcare, one that global leaders at every level, in and out of government, need to hear. If we aren’t in the room advocating for global health as a top priority, if we aren’t there standing up for our belief in diversity and inclusion, or if we fail to speak out when the situation demands it, then we have abdicated our credo responsibility. We must engage if we hope to change the world and those who lead it."

  17. BreakingTwo more bosses quit Trump's disbanded councils

    Two more chief executives have announced they are leaving Donald Trump's business councils - Johnson & Johnson chief executive Alex Gorsky and United Technologies chairman and chief executive Greg Hayes.

    Their announcements came after the US president's tweet that he is disbanding both his manufacturing council and the strategy & policy forum.

    View more on twitter
  18. US markets trim gains

    The Dow Jones Industrial Average has trimmed gains and is now up 26.75 points at 22,025.74.

    The S&P 500 is up 3.34 points at 2,467.95.

    The Nasdaq is now ahead 11.71 points at 6,344.64.