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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. FTSE 100 ends almost 1% lower
  3. Pound hovers above $1.30
  4. UK's budget surplus hits record of £14.9bn in January
  5. Purplebricks shares plummet
  6. Centrica warns over energy price cap
  7. Standard Chartered hit by £102m fine
  8. Heathrow: 'Best year ever'
  9. BAE Systems forecasts profits growth in 2019

Live Reporting

By Mary-Ann Russon

All times stated are UK

  1. Good night

    BBC testcard

    That's it for today on Business Live - thanks for reading. We'll be back bright and early at 06:00 on Friday.

    Do join us then for all the latest breaking news and analysis.

  2. Wall Street ends lower

    Wall Street trader

    Wall Street has ended lower after weak economic data dragged on the main share indexes, offsetting rising optimism about the chances of a US-China trade deal.

    The Dow Jones Industrial Average fell 103.13 points, or 0.4%, to 25,851.31 points, while the S&P 500 lost 9.69 points, or 0.35%, to 2,775.01.

    The Nasdaq Composite fell 29.36 points, or 0.39%, to 7,459.71.

  3. Domino's misses on profits

    Domino's Pizza

    Shares in Domino's Pizza have fallen 10% after the pizza delivery chain had its first profit miss in at least nine quarters.

    Growth in same-store sales at its US outlets rose by 2.6%, while franchises saw a 5.7% rise in sales, both well below analysts' expectations.

    Dominos said profits were hampered by technology investments, as well as weakness in some European and Pacific markets.

  4. Flybe asset sale completes

    Flybe aeroplane

    Troubled budget airline Flybe has completed the sale of its operations to Connect Airways - a consortium of airlines consisting of Virgin Atlantic, Stobart Air and Cyrus Capital.

    Flybe's operations were sold for £2.8m to the consortium. The cash will be used by Flybe, now a shell company, to run down the firm and pay off creditors.

    Connect Airways has also offered 1p a share for the shell company, which is a total value of £2.2m.

  5. Bowser claims the castle

    Nintendo America has announced that its new chief executive will be Doug Bowser, who coincidentally has the same surname as the villain in the Super Mario game franchise.

    Mr Bowser is currently head of sales and marketing at Nintendo America.

    Here's a video message from outgoing boss Reggie Fils-Aime.

    View more on twitter
  6. What's wrong with gas hobs?

    Gas hobs

    Gas hobs could become a thing of the past if recommendations from the Committee on Climate Change are implemented.

    Scientists believe these gases are contributing to global warming by increasing the temperature of the planet.

    This is a problem because the UK is committed to reducing greenhouse gas emissions by 80% by 2050 based on 1990 levels.

    To reduce these emissions the committee has said new-build homes should be banned from connecting to the gas grid.

    Instead of gas hobs these homes could be equipped with electric induction hobs and homes could be warmed using heat pumps.

    Read more here.

  7. Scottish budget plans passed by Holyrood

    Derek Mackay and Nicola Sturgeon struck a deal with the Scottish Greens to ensure their budget will pass The Scottish government's budget plans for the coming year have been formally approved by the Scottish Parliament.  The budget will widen the gap between how much income tax higher earners in Scotland pay compared to the rest of the UK.  But it will also provide extra funding for education, the health service and infrastructure.  MSPs voted by 66 to 58 to approve the plans, after the SNP government struck a deal with the Scottish Greens.  As part of the agreement, councils could be given new powers to introduce taxes on workplace car parking spaces and tourism - with the government also agreeing to increase core local government funding by £90m and to hold cross-party talks on replacing the council tax.  Will Scotland introduce a 'latte levy'? Will you have to pay to park at work? Look back on the debate and vote with Holyrood Live Local authorities will also be able to increase council tax by up to 4.79% rather than 3%, with the government also committing in principle to introducing a charge on disposable drinks cups - a so-called "latte levy".  The Scottish Conservatives are strongly opposed to the workplace parking tax, which the party has claimed will hit low-paid workers hardest.  And Scottish Labour has insisted that councils were still facing a real-terms cut in core funding, which will lead to cuts to local services.  How much income tax will you pay? Image caption Source: Fraser of Allander Institute When he first unveiled his budget proposals, Finance Secretary Derek Mackay confirmed he would not pass on a tax break for higher earners that was announced by UK Chancellor Philip Hammond in October.  Mr Mackay has done this by freezing the higher rate threshold at £43,430 in Scotland - while it will go up to £50,000 in the rest of the UK from April.  It means people earning £40,000 in Scotland will be £130 a year worse off than their equivalents elsewhere in the UK, increasing to a gap of nearly £500 a year for those on £45,000.  Will you be richer or poorer? Ask our budget calculator Scottish income tax: How it affects you The proposals also mean that everyone earning under £27,000 in Scotland - about 55% of taxpayers - will pay less income tax than those on the same salary elsewhere in the UK.  But they will only be a maximum of just over £20 a year better off, according to economists at the Fraser of Allander Institute.  Mr Mackay has also said everyone earning under about £124,000 in Scotland will pay less tax than they did last year.  What else is in the budget? Among Mr Mackay's key pledges in his £34bn budget are:  A real-terms increase in the education budget, including £180m to close the attainment gap An extra £730m for health and care services £5bn of infrastructure investment over the coming year, including £1.7bn for transport Read our full at-a-glance guide to the Scottish budget here.  Image caption Finance Secretary Derek Mackay has warned that a no-deal Brexit could force him to change his budget plans What does Mr Mackay say about his budget? The finance secretary said his budget "prepares our economy for the opportunity of the future, enables the transformation of essential public services, and builds a more inclusive and just society".  He has also insisted that "now is not the time to cut tax for the highest earners at the expense of our public services" - arguing that not passing on the tax break given to higher earners elsewhere in the UK will raise an additional £68m for Scottish public services.  But he has warned that he may have to change his budget plans if the UK leaves the EU on 29 March without a deal.  Brexit: A really simple guide Ahead of the budget vote, the Scottish government repeated its warnings about the potential impact of a no-deal Brexit on Scotland, which it has claimed could push the country's economy into recession.  In an analysis paper, it suggests Scotland's Gross Domestic Product (GDP) could fall by up to 7%. Trade with the EU could also be "significantly impaired", with a forecast for a potential drop in Scottish exports of between 10% and 20%.  Mr Mackay has previously said he may have to introduce new budget measures if the UK leaves the EU on 29 March without a deal in place.  The UK government has argued that the best way to avoid no-deal is for MPs to back the prime minister's proposed deal with the EU - which the SNP has voted against.  What about the opposition parties? The budget passed with the support of the Scottish Greens for the third year in a row.  The party says its agreement with the government "provides councils with longer-term stability through multi-year funding deals, greater autonomy with plans to devolve powers over local taxes, and a commitment to work on a replacement for the outdated and unfair council tax".  Co-convener Patrick Harvie said the budget was "not perfect", but had been improved by the deal with his party, and criticised other parties for not engaging constructively in talks.  However, the Scottish Conservatives have described the budget as a "triple tax bombshell" which will do nothing for the competitiveness of the Scottish economy.  Finance spokesman Murdo Fraser said it was an "omnishambles budget" which would see people pay more for fewer services.  The Tories have also accused Mr Mackay of breaking promises to voters not to bring in a tourist tax or raise council taxes by more than 3%.  Labour's James Kelly said the SNP was "kidding itself on" if it thought there wouldn't be cuts to council services, saying: "The reality of this budget it that you've got cuts, cuts and cuts all over the country."  And Scottish Lib Dem leader Willie Rennie said the Greens had been "bought very cheaply", and said his party could not back a budget which the government was using as a "stepping stone" to independence.  View comments585 Related Topics Scottish ParliamentScottish governmentScottish Budget Share this story About sharing Email Facebook Messenger Twitter Pinterest LinkedIn Scotland Boy, 16, guilty of Alesha rape and murder 21 February 2019  From the section Scotland Full article Boy, 16, guilty of Alesha rape and murder The killer caught by his mother's CCTV 21 February 2019 From the section Glasgow & West Scotland Full article The killer caught by his mother's CCTV Largest teaching union rejects pay offer 21 February 2019  From the section Scotland Full article Largest teaching union rejects pay offer Top Stories Boy, 16, guilty of Alesha rape and murder The body of six-year-old Alesha MacPhail was found on the Isle of Bute after she was reported missing by her family.  2 hours ago May reaches out to Remainer rebels 57 minutes ago Brexit: Japan trade deal will be late 8 minutes ago Features

    The Scottish government's budget plans for the coming year have been formally approved by the Scottish Parliament.

    The budget will widen the gap between how much income tax higher earners in Scotland pay compared to the rest of the UK.

    But it will also provide extra funding for education, the health service and infrastructure.

    MSPs voted by 66 to 58 to approve the plans, after the SNP governmentstruck a deal with the Scottish Greens.

  8. Ryanair and Wizzair fined over cabin bags

    People getting off a Ryanair aeroplane

    Ryanair and Wizzair have been fined €3m and €1m respectively by Italy's Competition Authority (ICA) over their cabin bag policies.

    Both budget airlines have a policy whereby small cabin bags can only be placed in the cabin free of charge if they can be stowed under the seat in front of the passenger.

    Any bigger bags weighing up to 10kg cost extra, for example upgrading one's plane ticket to a priority boarding pass.

    The ICA said that requiring customers to pay between €5-25 extra in order to bring cabin bags aboard was misleading and a "non-transparent" way to raise ticket prices.

    Ryanair has hit out against the decision, according to AFP, saying its policy was transparent and helped flight punctuality as it speeded up boarding.

  9. Tesla shares drop on Model 3 report

    Tesla Model 3

    Tesla shares have fallen 2.3% to $295.59, after US magazine Consumer Reports announced that it can no longer recommend the Model 3 automobile as a reliable product to buy.

    Consumer Reports said its members had several problems with the Model 3 - Tesla's latest car - which include issues with body hardware, paint, trim and the in-car electronics, especially the car's touch screen.

    The magazine said its own Model 3 test vehicle experienced problems too - in January the car developed developed a large crack in its massive rear window during a cold spell when it was parked outside.

  10. Japan trade deal will not be ready by deadline

    Trade Secretary Liam Fox

    The UK won't be able to roll over an EU trade deal with Japan in time for a no-deal Brexit, Trade Secretary Liam Fox has said.

    It was one of the most important EU trade deals the UK hoped to replicate ahead of the 29 March withdrawal date.

    The Department of International Trade also said that the EU's customs union deal with Turkey will not be ready.

    In 2017 Mr Fox said the UK would be able to replicate 40 EU free trade deals by Brexit day.Trade Secretary Liam Fox

  11. China's ambitions for a Greater Bay Area

    A woman holds her son as she looks at the national flag made up of 100,000 carnations at Wuling Square September 25, 2007 in Hangzhou, China.

    China's ambitious plan for a so-called Greater Bay Area is designed to spur the world's second largest economy by coordinating the development of Hong Kong, Macau and nine other cities in southern China.

    But the project faces lots of logistical problems and has sparked some concern about the "one country, two systems" framework which gives Hong Kong a high degree of freedom in political, economic and legal matters.

  12. Will it work out?

    James Green, a senior research fellow at Georgetown University's US-China Dialogue and until August 2018, the most senior US trade official at the embassy in Beijing, is concerned that the US-China trade war may not be over yet.

    View more on twitter
  13. Johnson & Johnson in US probe

    Johnson & Johnson Baby Powder

    More on Johnson & Johnson's talc baby powder woes.

    The inquiries by the Department of Justice and Securities and Exchange Commission follow news reports in December that said the firm had known about the risks for decades.

    The firm said the stories had included "inaccurate statements and also withheld crucial information that had already been made public in the litigation and in prior media reports".

    "We intend to co-operate fully with these inquiries and will continue to defend the company in the talc-related litigation," Johnson & Johnson said.

  14. London mixed on close

    London Stock Exchange

    London shares have ended mixed, as British Gas-owner Centrica and BAE Systems dragged indexes down, compounded by weak economic data in Europe, and investor trade war fears.

    The FTSE 100 closed 61.2 points or 0.9% lower to 7,167.39. Top of the losers was Centrica, dropping 11.7% to 121.2p after it warned profits in 2019 would be hit by Ofgem's energy price cap.

    The FTSE 250 ended 34.9 points or 0.2% ahead to 19,236.88, led by Georgian TBC Bank Group, which rose 9.5% to £14.12 after reporting better-than-expected profits due to growth in lending.

  15. Huawei: 'like the Premier League without Man U'

    View more on twitter

    Remind you of this? The Chinese technology company has run advertisements in New Zealand saying "5G without Huawei is like rugby without New Zealand."

  16. Existing home sales fall again

    Building homes in California

    Existing home sales in the US have fallen by 1.2% in January to their lowest level in over three years, while house prices rose just 2.8% to $247,500, compared to the same period in the previous year.

    Existing home sales fell to 4.94 million units, below analysts' expectations of 5 million units.

    The US housing market has been affected by rising mortgage rates, as well as land and labour shortages, which has led to more expensive homes.

  17. President Trump urges 5G progress

    The next generation of mobile phone networks are know as 5G. The problem is that the Chinese company Huawei is a leading provider of the technology and the US, Australia and New Zealand have all blocked local firms from using Huawei.

    Today the President is urging US firms to raise their game.

    View more on twitter
    View more on twitter
  18. UK struggling to rollover trade deals

    UK container port

    The UK government has said it will not be able to replicate the European Union's trade deal with Japan or Turkey before 29 March.

    Efforts have been made to roll over 40 EU trade deals. Continuing such deals would smooth Brexit ,if the UK were to leave the EU without a transition deal.

    So far agreements to continue existing deals have been signed with Switzerland, Chile, the Faroe Islands, Eastern and Southern Africa, Israel and the Palestinian Authority.

    You can find out more here.

  19. Wall Street opens lower

    Wall Street traders

    Wall Street shares have opened lower, due to weak data showing that manufacturing shrunk in both Japan and Europe in February, as well as investor concerns about a continuing trade war between the US and China.

    The Dow Jones Industrial Average is 82.9 points or 0.3% down to 25,871.54. Top of the losers is Johnson & Johnson, which dipped 1.3% to $134.60 after revealing in a federal filing it was subpoenaed by the Department of Justice and the Securities and Exchange Commission over alleged concerns that its talc baby powder contains asbestos.

    The S&P 500 is now 9.6 points or 0.3% lower to 2,775.11. Energy technologies firm TechnipFMC leads the losers, falling 7% to $22.89 after taking a £1.3bn hit from its subsea business.

    And finally, the tech-heavy Nasdaq has slipped 40.6 points or 0.5% to 7,448.51. Heading the losers is Chinese internet firm Netease, sliding 5.6% to $219.50 after shares rose on Wednesday on the news it could be merging with Amazon's Chinese division.

  20. Greener Barclays?

    Barclays branch

    In Barclays' annual report, outgoing chairman John McFarlane also highlights the bank's policy on energy finance and climate change "as it is now a major consideration for boards".

    "It is a priority for us to contribute to society’s initiatives in limiting the impact of climate change. In doing so, we must recognise that for some time to come, renewable sources alone cannot meet global demand for energy," he says.

    He points to financing green and renewable energy sources, taking a "responsible and sustainable approach" to the financing of carbon intensive energy sources and reducing the carbon footprint of our own operations and supply chain.

    There needs to be a "balance between advancing tomorrow’s energy technologies and reducing our current exposure to carbon-intensive energy sources such as thermal coal, recognising current reliance on traditional energy sources is necessary until such time as new methods can replace them fully".