That's all from the Business Live page. Join us again tomorrow from 06:00.

Car maker Ford is to renovate Michigan Central Station in Detroit and turn it into offices accommodating up to 5,000 technology staff and software engineers with a focus on self-driving vehicles.

In a speech the company's executive chairman, Bill Ford, said the station, which dates back to 1914, brought immigrants to Motor City during its most successful years, before closing in 1988 and falling into disrepair.

"This became a place where hope left, it became a symbol of the city's hard times" Mr Ford said. "We have big plans for this building."

Importers of Chinese aluminium into the US are to pay cash deposits on the US border, the US commerce department has announced, external.

The move comes as trade tensions increase between China and the US.

Image source, Getty Images

US stocks fell on Tuesday and the Dow Jones Industrial Average turned negative for the year as a sharp escalation in US-China trade dispute rattled the markets.

The Dow Jones Industrial Average was down 287.26 points or 1.15% at 24,700.21.

The S&P 500 ended the day at 2,761.00, a fall of 12.75 points or 0.46%.

And the Nasdaq finished at 7,725.58, a fall of 21.44 points or 0.28%.

Humphrey Cobbold, the boss of Pure Gym, talks about scrapping VAT on gym memberships to reduce the burden on the NHS, why landlords are reluctant to cut rents on the High Street, and how lunges are replacing running on treadmills.

Image source, Getty Images

Russia and Saudi Arabia are pushing Opec and its allies to raise oil output from July to meet growing demand and cover supply outages in Venezuela and Libya, despite opposition from several members of the producer group, including Iran.

"Oil demand usually grows at the steepest pace in the third quarter... We could face a deficit if we don't take measures," Russian Energy Minister Alexander Novak said. "In our view, this could lead to market overheating."

Mr Novak said Russia wanted Opec and non-Opec countries to raise output by 1.5 million barrels per day (bpd), effectively wiping out existing production cuts of 1.8 million bpd that have pushed up oil prices to $75 per barrel from as low as $27 in 2016.

Image source, Reuters

Slow, inflexible, forgetful, always off sick. Sound familiar? These are all misconceptions about older workers that Mercedes-Benz is trying to address.

The German car maker has come up with initiatives to try to challenge stereotypes about older workers.

These include an exhibition where visitors are asked to choose between the "young" or "old" door to enter. Many retired visitors, who still feel young, go in through the "young" door.

Inside you can take tests inside to measure memory, balance, ability to work in a team, grip tightness, how easily you can relax and how high you can jump.

Douglas Fraser
Scotland business & economy editor

Image source, Getty Images

Newly elected Malaysian Prime Minister, Mahathir Mohamad, has said that his predecessor, Najib Razak, was totally responsible for the state investment fund, 1MDB, that is missing billions of dollars.

Dr Mahathir said investigators had an almost perfect case against the principal suspects.

He said Mr Najib, his wife and others could soon face a range of charges, including embezzlement. They have repeatedly denied wrongdoing.

Image source, Getty Images

A number of tech-giant chief executives have spoken out against the Trump administration's policy of separating children from their asylum-seeker parents, including Tim Cook of Apple, who called them "inhumane".

Now Mark Zuckerberg of Facebook has chipped in.

"Organizations like Texas Civil Rights Project, external and RAICES, external are doing great work helping families at the US border get legal advice and translation services, as well as documenting what is happening on the ground to make sure these stories are shared. I've donated to them and I encourage you to as well. We need to stop this policy right now,” he said in a Facebook post, external.

Do you like strawberries? Well, they might just be more expensive this summer.

Industry body British Summer Fruits (BSF) says 61% of growers are having trouble recruiting workers and 63% have reported a drop in applications for seasonal work.

BSF chairman Nick Marston said: "British growers are dependent on seasonal agricultural workers from the EU... Any fall in home-grown production not only increases our dependence on imported fruit, but it will inevitably lead to significant price rises, too."

Image source, Getty Images

International Trade Secretary Liam Fox is to call on countries not to use trade tariffs as a first port of call as tensions between the US and China escalate.

Mr Fox, a leading Brexiteer, will tell a UK-China conference set up by the free-trade-promoting Centre for Policy Studies think tank that countries should collaborate through bodies such as the World Trade Organization:

"As China continues to astound the world with its economic progress, a newly global Britain will be ready to build a constructive partnership, working towards greater global prosperity and stability, and rooted in a rules-based international system that works for all our citizens."

Business Live wonders - is this really the way the world works now?

The Trump administration is blocking all new appointments to the WTO appeals court, Reuters reports, external.

"In blocking new appointments, the Trump White House is undermining a tribunal that enforces the rules of a trading system that has served WTO members well for over 20 years, and continue to be crucial to the group’s interests," the news agency said in the comment piece.

Image source, Thinkstock

Police have arrested 95 people across Europe as part of an operating targeting online fraud, including two people in the UK.

"Several of the fraudsters targeted during the operations were using social media to commit remote purchase fraud, with criminals offering goods to buyers for a heavily discounted price via social media and then using stolen card details to make the purchase. The buyers’ card details are then usually stolen and passed on to other fraudsters," the Dedicated Card and Payment Crime Unit (DCPCU) said in a statement.

Image source, Sky

Rupert Murdoch's Twenty-First Century Fox has answered remaining government doubts about the independence of Sky News if it buys all of its parent Sky, paving the way for a takeover battle over the pay-TV group.

UK Media Secretary Matt Hancock said Fox had secured a commitment from Disney to operate Sky News for 15 years rather than 10 years, an increase in the funds available for the channel to at least £100 m a year, and a pledge to retain its editorial independence.

He said the revised undertakings would "help to ensure that Sky News remains financially viable over the long term, free from any potential outside influence".

So is that the all-clear for the Disney deal? Not quite - US media giant has also thrown its hat in the ring, with higher offers for Sky.

Image source, Getty Images

France and Germany have agreed to set up a common budget for the eurozone, Chancellor Angela Merkel said Tuesday, announcing a key reform proposal to bolster the bloc.

The budget will be a "real budget with annual revenues and spending," said French President Emmanuel Macron after talks with the German leader, adding that Paris and Berlin hoped to have it in place by 2021.

Image source, Norwegian Air

Norwegian Air Shuttle is reaching a size at which it can be profitable, its founder and chief executive has said, while reiterating that he will not block a sale of the budget carrier if other shareholders want to sell it.

Both British Airways owner IAG and Lufthansa have been in contact with Norwegian over a possible deal.

Chief executive Bjorn Kjos said Norwegian was reaching the peak of its investment phase this summer and was ready to reap the benefits.

"We have reached the size that we need to facilitate what we would like to do. Now it's about refining the business," Mr Kjos told a conference of airports association ACI.

Dan Ivascyn, group chief investment officer at bond giant Pacific Investment Management Co, (Pimco) has said it is a "relatively dangerous environment for investors" because of political uncertainty making stretched market valuations more vulnerable.

"It's about trying to limit the downside when fear returns to the market and volatility rises," Mr Ivascyn said.

US stocks opened lower after President Donald Trump's latest threat to impose duties on additional Chinese goods heightened worries that tit-for-tat tariffs could spiral into a trade war.