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Live Reporting

Dearbail Jordan

All times stated are UK

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  1. And on that note...

    Test card F

    Good night and thank you very much for joining Business Live.

    We will have the full story up on the BBC website soon about the decision to drop the US President's Advisory Council on Infrastructure. Do check back at

    Business Live is back on Friday at 6.00am. See you then.

  2. White House confirms infrastructure council is axed

    A White House official has told The Wall Street Journal that "the President's Advisory Council on Infrastructure, which was still being formed, will not move forward".

  3. BreakingTrump 'drops infrastructure council plan'

    Bloomberg is reporting that US President Donald Trump is dropping plans to form an infrastructure advisory council.

    More to follow...

  4. US stock markets plunge at close

    The Dow Jones Industrial Average has closed 272.70 points, or 1.24%, lower at 21,752.17 in the worst day of trading since 17 May.

    The S&P 500 finished 38.00 points, or 1.54%, down at 2,430.11.

    The Nasdaq ended nearly 2% down at 6,221.91 after shedding 6,221.91 points.

  5. US policymaker urges caution on rate rise

    Robert Kaplan

    The president of Federal Reserve Bank of Dallas said that the US central bank had to "be careful" in its next move on monetary policy.

    There has been an expectation that the US Federal Reserve may lift interest one more time this year but at a speech and press conference in Texas on Thursday, Robert Kaplan said: "We have to be careful in our further moves."

    In minutes from the Federal Open Market Committee's July meeting released on Wednesday, members expressed concern about weak inflation growth.

    The Fed's inflation target is 2% but Mr Kaplan said:"I don't need to see that we're going to meet that target in the near-term.. I just want to see evidence, or belief, that we're going to meet that target in the medium term."

  6. No risers for the Dow Jones as stocks slump

    There are literally no share prices rising on the Dow Jones Industrial Average now. It is down 203.53 points at 21,821.34.

    The biggest faller is the retailer Walmart which said it could miss forecasts of the current quarter.

    The S&P 500 is off 29.43 points at 2,438.68 and the Nasdaq is down 97.98 points at 6,247.12.

  7. Mylan reaches US deal over the EpiPen

    Mylan chief executive Heather Bresch

    Pharmaceuticals group Mylan has finalised a $465m settlement with the US Justice Department over claims that it overcharged the American government for its EpiPen emergency allergy treatment.

    Mylan has not admitted any wrongdoing in relation to claims that it misclassfied the EpiPen as a generic rather than a branded product to reduce the rebates it paid.

    Mylan chief executive Heather Bresch said: "Bringing closure to this matter is the right course of action for Mylan and our stakeholders to allow us to move forward."

  8. EY boss 'disappointed' in Trump protest reaction

    EY boss Mark Weinberger (C) flanked by White House senior counselor for economic initiatives Dina Powell (L) and Ivanka Trump (R)
    Image caption: EY boss Mark Weinberger (C) flanked by White House senior counselor for economic initiatives, Dina Powell (L) and Ivanka Trump (R)

    Mark Weinberger, the global chairman and chief executive of accountancy firm EY, has spoken to staff about the "balancing act" of being a member of Donald Trump's now disbanded Strategic and Policy Forum.

    The Wall Street Journal reports that Mr Weinberger sent a memo out to EY on Wednesday evening, stating: "I have been trying to balance the tremendous contribution our great organisation can make against the appearance that our engagement on these issues is seen as tacit approval of unrelated policies and statements being made.”

    He said: "Groups who stand for bigotry and hate have no place in our society and should consistently be denounced, forcibly and loudly, without equivocation.”

    In comments echoing those of JP Morgan Chase boss Jamie Dimon, Mr Weinberger added: “I was also disappointed by President Trump’s reaction to these events. I believe leaders should unite rather than divide people.”

  9. US stock markets extend losses

    Wall Street stock market trader

    The Dow Jones Industrial Average is now down 180.37 points at 21,844.50.

    The S&P 500 has fallen further and is now off 25.56 points at 2,442.55.

    The Nasdaq is also trading lower, down 85.79 points at 6,257.86.

    Investors are facing a number of factors: the US Fed's concerns that inflation will remain weak; the attacks in Barcelona; Donald Trump's ability to push through tax and infrastructure and tax reforms as well as the US Treasury's borrowing capacity, also known as the debt ceiling.

    Peter Costa, president of Empire Executions, said: "There's a lot of little things weighing on people's minds and it makes for a quicker decision to get out."

    He added: "People are becoming a little more skeptical about market valuations. Even though the economy is doing fairly well and you've a host of positives, people get a little nervous when you get close to long-term highs."

  10. YouTube TV targets half of US homes

    Golden State vs Cleveland Cavs

    YouTube is upping the ante with US cable networks as it expands its TV subscription service to cover half of US households.

    The $35-a-month subscription - not to be confused with YouTube's free service - carries more than 40 channels, including many of the country's biggest networks.

    It's now rolling it out to another 14 US cities and has plans to add another 17 cities later this year.

  11. Three: roaming problems fixed

    Three holiday campaign

    Roaming services have now been fixed after some customers on Three said they couldn't make calls or send texts in certain European countries.

    Three apologised for the issue, which had lasted since yesterday.

    "The issue with our roaming partners which was affecting roaming service in France, Portugal and Luxembourg has now been fixed," Three said in a statement.

  12. Where are the Wall Street winners?

    A sign of how US stocks are faring today comes on the Dow Jones index of leading shares. There are only two stocks in positive territory - McDonald's and household goods giant Procter & Gamble.

    Both companies have seen their shares rise strongly in recent weeks - with P&G (which owns brands including Ariel and Gilette) hitting a year-high yesterday - on rising investor confidence.

    Among the big losers on the Dow Jones index is Wal-Mart after the world's largest retailer reported a fall in profit margins.

    Dow Jones winners and losers
  13. US jobless benefits claims fall

    US unemployment

    The number of Americans filing for unemployment benefits has fallen to a six month low, according to government figures.

    Claims fell by 12,000 to 232,000 for the week to 12 August. The number has been below 128 weeks.

    Dana Peterson, an economist at Citigroup, said: "Today's data were constructive towards our expectation of another robust rise in real GDP growth in the third quarter and further labor market improvement.

    "The readings support our conjecture that low inflation notwithstanding, the conditions for the Fed to announce balance sheet unwind are ripe."

  14. Oil draw down lifts prices

    Oil field in California

    Oil prices have risen further after new data revealed that there had been a big draw down of crude at the major US storage hub at Cushing in Oklahoma.

    Traders, citing information from energy industry information provider Genscape, say that crude inventories fell by more than one million barrels for the week to 15 August.

    Brent crude prices rose by 1.1% to $50.80 a barrel. West Texas Intermediate is ahead 0.4% at $46.98 a barrel.

  15. Listen: The secret of Alibaba's success

    Duncan Clark, author of "Alibaba: The House That Jack Ma Built," tells the BBC's World Business Report how the Chinese e-commerce giant is conquering the globe following its strong first quarter sales.

    Video content

    Video caption: The Asian e-commerce giant's shares have risen 81% this year