Good nightpublished at 21:32 Greenwich Mean Time 27 January 2017
Thank you for joining Business Live during another extraordinary week.
We'll be back bright and early at 6.00am on Monday morning.
Until then, have a lovely weekend.
Summary
FTSE 100 closes up, with Tesco's shares leading the pack
Tesco to buy food wholesaler Booker in £3.7bn deal
Theresa May to talk trade with Donald Trump
BT profits dive 37% after Italy woes
Get in touch: bizlivepage@bbc.co.uk
Good nightpublished at 21:32 Greenwich Mean Time 27 January 2017
GDP takes wind out of US stockspublished at 21:23 Greenwich Mean Time 27 January 2017
The Dow Jones industrial average gave up early gains to finish the day down 7.19 points.
However, the blue chip index of US stocks remained above the 20,000 mark at 20,093.72.
Lower than expected GDP growth for the fourth quarter dampened sentiment, after economic output rose by 1.9% against expectations of 2.2% growth.
The S&P 500 fell 1.99 points to 2,294.69 while the technology-heavy Nasdaq rose 5.61 points to 5,660.78.
Lockheed Martin responds to F-35 reviewpublished at 21:00 Greenwich Mean Time 27 January 2017
Quote MessageLockheed Martin stands ready to support Secretary Mattis’ review of the F-35 program and welcomes the appropriate focus on affordability and capability. We are confident such a thorough and objective analysis will show that only the F-35, with its advanced stealth and sensors, can meet the 21st century air superiority requirements of all of our military services. We also believe there are opportunities to continue to drive down program costs by using sound buying practices such as multi-year procurement that enable the Government to purchase thousands of critical components at an economic scale. With more than 200 aircraft delivered and initial operating capability declared by the U.S. Marine Corps and U.S. Air Force, we are confident that now is the right time to begin taking advantage of this and other proven smart buying strategies.
Lockheed Martin statement
Cost of new Air Force One costs under scrutinypublished at 21:00 Greenwich Mean Time 27 January 2017
Image source, ReutersThe new US Defense Secretary James Mattis has ordered cost-cutting reviews of two key Air Force aircraft programmes which were attacked by President Donald Trump last month for being too expensive.
The Lockheed Martin's F-35 fighter jet and Boeing's next generation of the Air Force One will come under scrutiny.
Last month Mr Trump tweeted that the new Air Force One was too expensive and added "Cancel order!''
Trump is a negotiator not a 'terminator'published at 20:51 Greenwich Mean Time 27 January 2017
Image source, Getty ImagesDonald Trump is a negotiator not a "terminator", according to one of the world's richest men.
Carlos Slim, the normally media-shy Mexican billionaire has popped his head above the parapet with some sage advice on dealing with the new US administration.
Mr Slim, the fourth wealthiest person on Earth according to Forbes, said that Mexico needed to unite and negotiate from a position of strength.
He said Mr Trump, who he called a "great negotiator," represented a major change in how politics will be conducted.
Mr Slim said he also expected President Trump's "hyperactivity" would cool down.
Zuckerberg: credit where credit's duepublished at 20:47 Greenwich Mean Time 27 January 2017
Dave Lee, BBC North America technology reporter writes
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End of twitter postWhy warehouses are the new officespublished at 20:31 Greenwich Mean Time 27 January 2017
More and more small businesses are working out of self-storage warehouses, but just what is the appeal?
Video journalist Dougal Shaw, external went to investigate.
Media caption, Why warehouses are the new offices
Zuckerberg drops forced land sale lawsuitpublished at 20:20 Greenwich Mean Time 27 January 2017
Image source, Getty ImagesMark Zuckerberg has dropped a lawsuit in Hawaii that would have compelled locals to sell inherited land to make way for the Facebook billionaire co-founder's private residence.
"We've heard from many in the community and learned more about the cultural and historical significance of this land," Zuckerberg wrote in a letter to a local newspaper on the island of Kauai.
A protest against the 700-acre development had been planned for Saturday.
Unions warn of Dounreay 'shutdown'published at 20:04 Greenwich Mean Time 27 January 2017
Image source, ThinkstockTrade unions have warned that the Dounreay nuclear site could be shut down within months because of a pay dispute.
Members of the GMB, Unite and Prospect unions rejected an offer from Dounreay Site Restoration Limited (DSRL) of a 1% increase in pay in October last year.
The unions said "crisis talks" with DSRL on Thursday ended without a resolution and a timetable for a ballot on industrial action was "imminent".
Dounreay, near Thurso in Caithness, is being decommissioned.
Built in the 1950s, it was an experimental nuclear power site. Read more here
Weetabix to be gobbled up?published at 19:45 Greenwich Mean Time 27 January 2017
Post Holdings, the third-biggest cereal company in the US, and the UK's Associated British Foods are among a group of four bidders interested in snapping up Weetabix, reports Reuters., external
It says sources think the 84-year-old business could fetch at least £1.5bn.
According to the report, Weetabix - which is owned by China's Bright Food - has also attracted interest from Cereal Partners Worldwide, a joint venture between Nestle and General Mills, and Italian pasta maker Barilla.
No revenge for Berniepublished at 19:26 Greenwich Mean Time 27 January 2017
Image source, Getty ImagesBernie Ecclestone may have been "deposed" as the boss of Formula One but that doesn't mean he's out for revenge.
The 86-year old, who is being replaced by Chase Carey, has ruled out setting up a rival to Formula One after Liberty Media completed its £6.4bn takeover of the sport.
In a statement to Reuters, Mr Ecclestone says: "I have built the championship over the last near 50 years, which is something I am proud of, and the last thing I want is to see it damaged."
He added: "The new owner of the company will be able to carry out the administration of the company in a different way to the way I had, which was to produce financial results for the shareholders, the normal actions of a chief executive.
"This, I have done for the different shareholders over the last years and also when I owned 100% of the company. I would have loved the luxury of what Chase Carey, the chief executive, is able to do."
North America's biggest diamondpublished at 19:13 Greenwich Mean Time 27 January 2017
Africa is home to the world’s largest diamonds - but advances in mining technology are enabling other regions of the world to get in on the act.
Most recently, Canada unearthed the biggest diamond ever found in North America - the Foxfire.
It has spent the last couple of months on display at the Smithsonian’s National Museum of Natural History in Washington.
The BBC's Jane O’Brien went to see it.
Media caption, Uncovering the secrets of North America's largest diamond
Residency application wording 'clarified'published at 18:59 Greenwich Mean Time 27 January 2017
More on the claim that some academics were "being told to "make arrangements to leave" the UK.
And the Home Office also said it had "clarified" the wording of refusal letters for permanent residency applications in order to make it clear that nobody with the legal right to remain in the country needed to leave.
But, the Home Office added, if an individual had no legal basis to stay in the United Kingdom, then they should make arrangements to leave.
Some EU academics 'being told to leave UK'published at 18:43 Greenwich Mean Time 27 January 2017
Some EU academics who have applied for permanent residency in the UK in the wake of the Brexit vote are being told to make arrangements to leave the UK by the Home Office, according to academic Colin Talbot., external
The Home Office said:In response the Home Office issued this statement: "This Government has been clear, that we want to protect the status of EU nationals already living here and the only circumstances in which that wouldn't be possible is if British citizens' rights in European member states were not protected in return.
"The rights of EU nationals living in the UK remains unchanged while we are a member of the European Union. EU nationals do not require any additional documents to prove their status."
US economic growth slower than expectedpublished at 18:28 Greenwich Mean Time 27 January 2017
Image source, Getty ImagesThe US economy grew at an annual pace of 1.9% in the fourth quarter of last year, according to official figures.
That was slower than the 2.2% growth rate economists had been expecting and below third quarter growth of 3.5%.
For the year, GDP rose by 1.6%, the slowest since 2011 and down on 2015 when the world's largest economy expanded by 2.6%.
President Donald Trump has promised to lift GDP growth to 4%, through tax cuts and infrastructure spending. Read more here
Wall Street updatepublished at 18:09 Greenwich Mean Time 27 January 2017
Image source, Getty ImagesLet's check in on how US shares are doing - and the three main indexes are down a shade.
The Dow Jones is at 20,079.94, that's down 21 points or 0.10%.
The S&P 500 is at 2,293.07, a fall of 4 points or 0.16%.
And the Nasdaq is at 5,654.17, a fall of 1 point or 0.02%.
The muted performance is being attributed to lacklustre company results and disappointing US GDP figures (see earlier post).
Oil giant Chevron's shares have fallen by 2%, after its quarterly profit fell short of analysts' expectations.
Microsoft's have risen by 2.1% and Intel has gone up by 1.8% after the two companies reported quarterly results ahead of expectations after the close on Thursday.
But Google's parent Alphabet - which also reported on Thursday - was down 0.4% after its fourth-quarter profit below came in below analysts' estimates.
Colgate-Palmolive has fallen 6.8% after the toothpaste to detergents firm reported fourth-quarter sales that were below expectations.
France bans unlimited soda refillspublished at 17:56 Greenwich Mean Time 27 January 2017
Image source, Getty ImagesRestaurants and other spaces catering to the public in France have been banned from offering unlimited sugary drinks in an effort to reduce obesity.
It is now illegal to sell unlimited soft drinks at a fixed price or offer them unlimited for free.
The number of overweight or obese people in France is below the EU average but is on the rise, external.
The World Health Organization (WHO) recommends taxing sugary drinks, linking them to obesity and diabetes.
Self-service "soda fountains" have long been a feature of family restaurants and cafes in some countries like the UK, where a soft drinks tax will be introduced next year.
Total tackling gas well leakpublished at 17:39 Greenwich Mean Time 27 January 2017
Image source, TotalOil giant Total is tackling a leak below the seabed which happened while drilling a gas well in the North Sea.
The company said there had been an "unexpected flow" about 4km below the seabed into the well being drilled from the Elgin B platform.
Total said the incident was "under full control at the surface" and that it was under "continuous review".
A company spokesman said part of the well may need to be plugged and abandoned.
Some like it hotpublished at 17:19 Greenwich Mean Time 27 January 2017
BBC World ServiceMeet Leah Chase, a 94-year old creole chef.
As the Food Chain programme on BBC World Service found out, she’s cooked for civil rights activists, Michael Jackson and two US presidents.
And she told Barack Obama, "Mr President, you don’t put hot sauce in my gumbo!"
Media caption, Leah Chase, 94-year old chef, told Obama that her creole classic needed no added extras.
EU too tardy over trade?published at 16:55 Greenwich Mean Time 27 January 2017
BBC World ServiceGermany has called on the European Union to speed up the negotiation of trade deals with a dozen countries, most of them in Asia, in response to the protectionist approach outlined by President Trump, reports BBC World Service.
In a paper presented to EU finance ministers - and seen by the BBC - in Brussels, Germany argues that Mr Trump's presidency and the departure of Britain from the Union pose risks for the world economy.
In his first week in office, the President has already signed an order withdrawing the United States from the proposed Trans-Pacific Partnership - and made clear he plans to renegotiate the North American Free Trade Agreement.