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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Tesco shares fall despite higher sales and profits
  3. FTSE struggles in early trading
  4. Uber appoints two new directors
  5. Yahoo admits 3bn accounts breached in cyber attack

Live Reporting

By Tom Espiner

All times stated are UK

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  1. Good night

    That's all from the Business Live page for tonight. Please join us again tomorrow from 06:00am onwards.

  2. US markets close higher

    The Dow Jones Industrial Average closed 19.21 points higher at 22,660.88.

    The S&P 500 finished up 3.15 points at 2,537.72.

    The Nasdaq ended 2.91 points at 6,534.63.

  3. Solar soars

    Workers installing solar panels

    Solar power grew faster than any other source of fuel for the first time in 2016.

    And renewables accounted for almost two-thirds of net new power capacity around the world.

    That's according to an International Energy Agency report.

    Solar, powered by photovoltaics, grew by 50 percent, with almost half of new plants built in China it said.

    “What we are witnessing is the birth of a new era in solar PV,” said Fatih Birol, executive director of the IEA,

    “We expect that solar PV capacity growth will be higher than any other renewable technology through 2022.”

  4. 'Not scared of the dark'

    One of the winners of the Nobel prize for chemistry announced earlier today has a endearing approach to writing a resume, as online news site Quartz spotted.

    Jacques Dubochet's C.V. is full of quirky personal details like "1994: No longer scared of the dark, because the sun comes back; it was Copernicus who explained this."

    That and all the clever electron microscopy of course as well.

  5. Greg Clarke on the industrial strategy

    Video content

    Video caption: Greg Clarke talks about the industrial strategy
  6. Car finance not a cause for concern 'per se' says regulator

    Cars

    The UK's chief financial regulator has downplayed concerns over households' increased use of car loans.

    The Bank of England has previously warned that a rise in personal loans, including car finance products, could contribute to financial instability.

    But Andrew Bailey, head of the Financial Conduct Authority, said car loans were not "per se bad".

    However, overall levels of consumer indebtedness were worrying, he said.

    Read more here.

  7. Bank of England says Brexit transition deal needed by Christmas

    UK banks need a watertight Brexit transition deal by Christmas to avoid a potentially disorderly shift of people and operations to the European Union, a top Bank of England official says.

    BoE Deputy Governor Sam Woods said that while the British government wants a deal to bridge leaving the EU in March 2019 and the start of new trading terms, the EU's position was still unclear and the clock was ticking.

    "If we get to Christmas and the negotiations have not reached any agreement on this topic, diminishing marginal returns will kick in," Mr Woods told the annual City Banquet in London's "Square Mile" financial district.

  8. British Gas owner: 'Price caps are wrong'

    Following Theresa May's announcement of an energy price cap, Iain Conn, group chief executive of British Gas owner Centrica said:

    “We have heard the Prime Minister’s speech and will wait to see what the Draft Bill actually says...

    “We agree that some further structural change is required. However, we have also been clear that price caps are the wrong solution.

    "There is clear evidence that where they have been tried, they have been bad for customers. They limit choice, reduce competition, and prices tend to cluster around the cap."

    "The main problem with the market is the Standard Variable Tariff. Rather than cap them, which will keep standard tariffs going, our position has been that they should come to an end."

  9. Moneysavingexpert's Lewis: 'Winter is coming'

    Earlier, Prime Minister Theresa May announced of a draft bill which would give Ofgem power to impose a temporary energy price cap.

    Martin Lewis, founder of MoneySavingExpert.com, says:

    “It’s a national disgrace that a struggling 90 year-old granny pays substantially more to boil a kettle than an affluent web-savvy man like me...

    “Yet imposing a cap will take at least a year to come in, and to channel Game of Thrones, winter is coming. Right now someone on a big 6 standard tariff with typical usage pays £1,130 per year on average, the cheapest tariffs are £820 per year – same gas, same electricity, same safety.

    "So no-one should wait for the cap. Everyone should check if they're on the best deal now... Too many already choose between heating and eating."

  10. Wall Street climbs after Tillerson denies mulling resignation

    Wall Street has hit new record highs after US Secretary of State Rex Tillerson denied reports that he considered resigning in the summer.

    The S&P 500 and the Nasdaq reversed early losses following Mr Tillerson's comments, while the Dow extended gains.

    However, Mr Tillerson declined to directly address whether he had referred to the president as a "moron", as NBC News has reported.

  11. Soul-searching in Washington after Equifax

    Natalie Sherman

    New York business reporter

    Senator Mike Crapo
    Image caption: Senator Mike Crapo

    The massive hack at Equifax, in which hackers stole information from "potentially" 145.5 million Americans, is causing some soul-searching in Washington.

    The US has taken a relatively lax approach to digital privacy historically, with lawmakers hesitant to regulate dynamic internet industries.

    But during a second day of hearings about the Equifax breach, Republicans and Democrats in the Senate said the incident illustrates the need to take a broader look at the rules governing data collection - not just in the credit industry, but in others as well.

    "As Congress looks at this issue it seems to me that it should be obvious that we should look much more broadly ... to the data collection that is going on across our society," said Senator Mike Crapo, Republican of Idaho.

  12. UK 'could lose 67bn euro data market'

    Data centre

    The UK could lose out to the tune of 67bn euros (£60bn) per year if the government gets Brexit negotiations over data-market access wrong, a government-funded digital innovation group has warned.

    Bloomberg reports that the UK has the largest market for information - from retail data to mobile phone location data - but if this data can't flow freely between the EU and the UK, the UK could lose its market dominance, Digital Catapult warns.

  13. uSwitch boss: 'Price cap not the answer'

    Power station

    Richard Neudegg, Head of Regulation at uSwitch, says:

    "We have warned repeatedly that a widespread price cap will not improve the retail energy market as some think it will. All the evidence from previous interventions like this shows that it does not lead to long-term improvements for consumers.

    "Any government intervention must commit to helping competition work for everyone. The only way to keep energy companies in check is to maintain the pressure of competition on them to keep prices down for all their customers.

    “The government should instead push suppliers to proactively get their customers off expensive standard tariffs and set targets to encourage more customers to make a choice about their energy deal.

    "A price cap condemns energy customers to more of the same - it lets suppliers off the hook by encouraging consumers to stay put instead of voting with their feet.

  14. 'Why cap it when you can scrap it?'

    E.on has restated that from early 2018 its standard variable tariff will no longer be the default option for people coming to the end of an existing tariff.

    Michael Lewis, chief executive of E.on UK says:

    "As we have made clear, we believe for all customers standard variable tariffs have had their day... Therefore the question is: ‘Why cap it when you can scrap it?’

    "We will of course also look at the detail behind the comments made by the Prime Minister today but remain utterly convinced that increased engagement in the energy market is the best way forward for all customers and changes to make this a reality are already happening."