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  1. Get in touch:
  2. Second quarter GDP growth slows to 1.5%
  3. Uber boss to meet London transport chief
  4. Carillion warns of a slowdown in sales
  5. London house prices fall in September

Live Reporting

By Tom Espiner

All times stated are UK

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  1. Good night

    That's it for another Business Live page week. Please join us again on Monday from 06:00.

  2. Watch: Keeping an eye on AI

    Video content

    Video caption: The UN warns that robots could destabilise the world
  3. S&P and Nasdaq hit records after gains in financial and tech shares

    The S&P 500 and the Nasdaq hit record levels on Friday, the last trading day of the quarter, helped by gains in technology and financial stocks.

    Reports of President Donald Trump's meeting with former Federal Reserve Governor Kevin Warsh to discuss his potential nomination as Fed chairman was seen as a trigger for the rise in financial shares.

    "He's definitely more hawkish on the spectrum," said Gennadiy Goldberg, interest rates strategist at TD Securities in New York.

    The Dow Jones industrial average closed up 23.89 points, or 0.1%, at 22,405.09, the S&P 500 was up 9.3 points, or 0.37%, at 2,519.36 and the Nasdaq Composite was up 42.51 points, or 0.66%, at 6,495.96.

  4. Deutsche Bank in $190m currency-rigging settlement

    Deutsche Bank logo and statue

    Deutsche Bank agreed to pay $190m to settle US litigation accusing it of rigging prices in the roughly $5.1trn-per-day foreign exchange market.

    The German lender is the 15th of 16 banks to settle the private investor litigation, which has a total payout of $2.31bn.

    Only Credit Suisse Group has not settled.

  5. Anger as German ex-chancellor Schroeder heads up Rosneft board

    Gerhard Schroeder

    Former German Chancellor Gerhard Schroeder is facing a backlash after being elected chairman of the Russian state-controlled oil giant Rosneft.

    The appointment deepens his controversial links with Moscow. He has long been friends with Russian President Vladimir Putin.

    The West imposed sanctions on Rosneft after Russia annexed Crimea in 2014.

    The chair of the German parliament's foreign affairs committee said Mr Schroeder's move was "unbelievable".

    Read more here.

  6. When dough goes sour

    Two people working in bakery
    Image caption: Bakery47 closes for the last time on Sunday, despite huge success

    Most businesses are aimed at growth and success. But what if they weren't set up for that? What if you're successful, and then just walk away?

    When dough goes sour

    Two people working in bakery

    Most businesses are aimed at growth and success. But what if they weren't set up for that? What if you're successful, and then just walk away?

    Read more
  7. Volkswagen diesel emissions fixing bill hits $30bn


    The diesel emissions cheating scandal will cost Volkswagen an extra $3bn (€2.5bn), because engines are proving "far more technically complex and time consuming" to adapt the company said.

    The additional cost, for fixing engines in the United States, takes the total bill to $30bn.

    Two years after the problems first emerged, Volkswagen is still struggling to put the crisis behind it.

    Separately Munich prosecutors made an arrest in connection with the scandal.

    Read more here.

  8. Ex-New York brokerage exec avoids prison over pension bribes

    A former managing director at broker-dealer Sterne Agee was sentenced on Friday to six months' home confinement after she pleaded guilty to bribing a former portfolio manager at New York state's retirement fund in exchange for tens of millions of dollars' worth of business.

    Deborah Kelley, 59, was sentenced by US District Judge Paul Oetken in Manhattan, who also ordered her to pay a $50,000 fine and perform 1,000 hours of community service.

    Ms Kelley pleaded guilty in May, admitting that between 2014 and 2016, she paid bribes to Navnoor Kang, former director of fixed income and head of portfolio strategy at the Common Retirement Fund.

    Mr Oetken said that the bribes took the form of paying for two vacations for Kang and his girlfriend, and amounted to about $19,000.

    Prosecutors have said that Mr Kang reciprocated by steering state pension business to Kelley's firm - doing about $156m in trades with the firm in the fiscal year ending March 1, 2015, and about $179m in the fiscal year ending March 1, 2016.

    Ms Kelley received 35 to 40% of the hundreds of thousands of dollars in commissions the firm earned on those trades, according to prosecutors.

    Mr Kang was also charged with corruption. He pleaded not guilty in January.

  9. Supermarket chicken supplier 2 Sisters investigated


    The Food Standards Agency is investigating after reports of safety breaches at a factory owned by one of the UK's largest chicken suppliers.

    The Guardian and ITV News said workers at a 2 Sisters Food Group site in the West Midlands had changed slaughter dates to extend the shelf life of meat.

    Marks & Spencer, Aldi, Lidl and The Co-op have stopped taking chickens from the site while investigations continue.

    2 Sisters said it viewed the allegations "extremely seriously".

    Read more here.

  10. US Senate panel unveils budget plan paving way for Trump tax cuts

    A US Senate panel has taken President Donald Trump's proposed tax overhaul a step forward with a budget plan for the coming fiscal year that acknowledges lost revenues from tax cuts.

    The budget resolution released by the Republican-controlled Senate Budget Committee would pave the way for Republicans to avoid potential Democratic procedural moves to block it.

  11. Juncker reiterates online tax plan

    Jean-Claude Juncker

    European Commission President Jean-Claude Juncker has reiterated that the will propose new rules next year to ensure that companies trading online pay their fair share of tax.

    Mr Juncker told a news conference in Tallinn, Estonia:

    "We are of the opinion that in the digital sector, tax has to be paid where it is due, be it online or be it offline. This will have to be done and the Commission will propose next year new rules on fair and effective taxation that provides legal certainty and a level playing field for all."

    Fine words indeed.

    Lest we forget, Mr Juncker was prime minister of Luxembourg during the time the duchy offered very favourable tax arrangements to some of the world's biggest companies - including Apple, Ikea, and Pepsi - which were exposed in the Luxleaks scandal.

  12. Ryanair rerouting policy 'convoluted' says Which?

    Ryanair has said it met a demand by Britain's aviation regulator to fully inform customers affected by flight cancellations of their rights before a Friday deadline.

    But Alex Neill of consumer group Which? said:

    "Ryanair’s response may get close to complying with the regulations, but it still smacks of a lingering reluctance to do the right thing by its customers.

    "Its convoluted four-step rerouting policy means passengers face a potential minefield trying to get to their destination when their flight is cancelled.

    “The CAA now needs to watch Ryanair like a hawk. It must take firm action if the airline is found to be failing the hundreds of thousands of passengers who have been caught up in this mess."

  13. CAA reponse to Ryanair changes to website

    Ryanair has agreed to implement measures to ensure all passengers affected by recent flight cancellations are "fully aware" of their "rights and entitlements".

    The UK's Civil Aviation Authority has accused the Dublin-based carrier of "not complying with the law" over its handling of the fiasco.

    Andrew Haines, CAA Chief Executive said: "We can confirm we have received correspondence from Ryanair late this afternoon.

    "Our job is to protect passengers' rights and ensure that all airlines operating in the UK are fully compliant with important consumer laws.

    "Where we find that an airline is systematically flouting these rules, we will not hesitate to take action, to minimise the harm and detriment caused to passengers, as we have done with Ryanair in recent days. It appears that Ryanair has now capitulated. We will review their position in detail and monitor this situation to ensure that passengers get what they are entitled to in practice.

    "We are consistent in this approach, and in the last six years the CAA has secured 22 legal undertakings from airlines and other travel companies on a range of issues to protect consumers.

    "Furthermore, as part of our ongoing work to protect consumers, earlier this month we wrote to over 30 airlines seeking confirmation that they too are complying with the re-routing elements of EC261 legislation."

  14. Could wood pulp make cars lighter and more efficient?

    Replica Citroen C2V

    Car parts of the future could be made out of a surprising material. Wood.

    Researchers in Japan are working to create a strong material out of wood pulp that could replace steel parts in vehicles within a decade.

    Work is also charging ahead in the country to develop plastics that can withstand high temperatures, to replace metal for parts near the engine.

    These innovations are part of a wider industry push to make cars lighter.

    Read more here.

  15. Nearly 200 MPs want energy price cap

    Video content

    Video caption: Penrose on MPs calling for Ofgem to cut energy prices
  16. Ryanair sets out refund options

    Ryanair plane

    Ryanair has emailed customers affected by its flight cancellations in September and October, giving rerouting or refund options.

    The Civil Aviation Authority threatened Ryanair with legal action on Wednesday for "persistently misleading" passengers about their rights following thousands of flight cancellations.

  17. Trump promises 'massive tax cut' for business

    Donald Trump is giving a speech in Washington on his tax reform plans.

    "America is winning again, and America is being respected again - on every front, in every way," he says

    He said he was ending the "war on coal", and said he had approved pipelines and reversed the EPA "intrusion into your business and into your lives."

    He then warmed to his main theme, saying he wanted to reform the "outdated, complex and extremely burdensone tax code".

    "Our current tax code punishes companies for doing business in the US" and encourages them to leave, he says.

  18. Germany's acting finance minister named

    Peter Altmaier

    Chancellor Angela Merkel's chief of staff Peter Altmaier will become acting finance minister when Wolfgang Schaeuble leaves office, according to Sueddeutsche Zeitung.

    Mr Schaeuble agreed on Wednesday to become parliament president to clear the way for someone from another party to take his job.