President Trump has given his strongest hint yet that he will extend the deadline for a trade deal with China beyond 1 March.

Ryan Hass, a former China advisor to President Obama who is now with the Brookings Institution think tank in Washington DC, has been explaining why such an extension needs to happen to get a deal done

Image source, Getty Images

A study into 4G has indicated that the UK is one of a handful of European countries where download speeds fall below 20 megabits per second (Mbps) at the busiest times of day.

In the table of 77 countries, the UK ranked 35th, with 4G speeds ranging from 19.7Mbps to 34.9Mbps.

Most countries' 4G networks are busiest between 20:00 and 23:00, but UK consumers were most active at 17:00.

One expert said that the move to 5G should help speed fluctuations.

Daniel Gallas
BBC South America business correspondent

Image source, AFP

Brazil’s government is presenting its proposal to revamp the country’s pension system - which is widely seen as the most important reform in South America’s biggest economy. (The press conference is still taking place in Brasilia.)

The proposal includes a minimum retirement age of 65 for men and 62 for women. In the current system there are no age limits and some Brazilians can retire in their mid-50s.

Brazil’s government says new rules would create savings of more than $300bn in the coming ten years.

President Jair Bolsonaro met with Congress leaders to deliver a copy of the reforms. The proposals must be approved by both Houses of Congress.

Analysts say the country’s costly pension system has been hampering growth for years.

Brazil was one of the fastest emerging economies in the previous decade, but in the past five years it has experienced a severe recession and only modest recovery.

Image source, Getty Images

Brexit could dull the appeal of North Sea crude for South Korean buyers if an existing free trade agreement isn't rolled over, Bloomberg reports, external.

Business Secretary Greg Clark said on Tuesday that trade deals with Japan and South Korea would be unlikely before Brexit, the Japan Times reported, external.

If the deal isn't continued, that would mean a 3% import tariff on North Sea crude, reducing its allure for South Korean buyers.

Whatever happened to Brexiter Liam Fox's confident assertion in 2017 that the UK would replicate 40 EU trade agreements and have them ready for "one second after midnight in March 2019"?

Well, as of January 2019, the UK had yet to seal these fabled agreements.

Image source, Getty Images

Southwest Airlines says it expects a $60m hit from the US government shutdown.

That's more than the $10m to $15m it had previously expected.

The airline also cut its forecast for revenue per seat.

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Wall Street shares have opened flat for the second day in a row, as a raft of disappointing earnings results compounded investor worries about the US-China trade war.

The Dow Jones Industrial Average is just 12.7 points or 0.05% ahead to 25,904.03, led by Walmart, which has risen 2.2% to $102.20 after reporting better-than-expected revenue and earnings.

This offset falling stock prices on open from the likes of Walgreens Boots Alliance, Pfizer, Home Depot and Disney.

The S&P 500 is now 4.2 points or 0.2% higher to 2,779.76. Top of the winners is Devon Energy, which has jumped 10.6% to $31.31 after beating quarterly production estimates for shale oil, as well as forecasting a strong year ahead.

And finally, the tech-heavy Nasdaq is now 13 points or 0.2% up to 7,499.78. US automation design and engineering services firm Cadence Design Systems leads the winners, up 7% to $56.29 after reporting a 14% year-on-year revenue growth.

Medical and dental supplies firm Henry Schein, American Airlines, Tesla, Hasbro and Electronic Arts were some of the top losers on open.

Image source, Getty Images

Thanks Jill for this morning's live coverage of all things business.

Mary-Ann Russon with you until 21:30 for the rest of the day's news and views.

Today in London, a press conference was held ahead of the Premier Boxing Champions (PBC) and Poxon Sports undercard boxing event at the O2 on Saturday 23 February.

Here's Ricky Summers and Andre Sterling posing for a photo. The two boxers will be facing off in a final eliminator for the British light heavyweight title on Saturday.

Got a point of view? You can tweet me at @concertina226, external and @BBCBusiness, external.

Image source, Reuters

Tesla has told Reuters its general counsel Dane Butswinkas is leaving the electric carmaker.

He was hired two months ago and will be replaced by Jonathan Chang.

Image source, Garmin

Shares in Satnav maker Garmin are up at 11-year highs in pre-market trading in the US after it reported a 4% increase in total revenue to $932m in the fourth quarter.

“2018 was another remarkable year of revenue and operating income growth driven by strong performance in our aviation, marine, outdoor and fitness segments,” said Cliff Pemble, president and chief executive of Garmin.

Image source, Getty Images

UBS says it will appeal against that ruling by a French court, mentioned earlier.

A French court has ordered the bank to pay €3.7bn (£3.2bn) over money laundering offences.

"UBS strongly disagrees with the verdict. The bank has consistently contested any criminal wrongdoing in this case throughout the investigation and during the trial. The conviction is not supported by any concrete evidence, but instead is based on the unfounded allegations of former employees who were not even heard at the trial," the bank said.

Shares in the Swiss bank are down almost 3%.

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Lloyds Banking Group reported its results earlier, and plans to return £4bn to shareholders through dividends and buying back shares.

John Moore, senior investment manager at Brewin Dolphin, said: "The bank is awash with surplus capital and some of that will be returned to shareholders through a more ambitious share buyback scheme of up to £1.75 bn and a 5% hike in its dividend".

"Lloyds is in a good position, but the question remains ‘what’s next?’ for the bank. With PPI [payment protection insurance] complaints diminishing and costs coming down ahead of expectations, Lloyds could soon have capital coming out of its ears looking for a useful purpose.”

Image source, Getty Images

Swiss bank UBS has been fined €3.7bn (£3.2bn) in a French court.

The court has been found the Swiss bank criminally responsible for money laundering.

Reuters reported earlier that a decision was due on whether the Swiss bank helped French clients evade taxes between 2004 and 2012 and launder the proceeds.

According to Reuters, UBS denies any wrongdoing and the case could drag on for years if appealed by either side.

Image source, Getty Images

Falling charges for compensation for payment protection insurance misselling are behind the jump in profits at Lloyds Banking Group, according to Laith Khalaf, senior analyst, at Hargreaves Lansdown.

"That means more cash can flow through to shareholders, which is precisely what we’re seeing with an increased dividend and share buyback programme to boot," he said.

However, the share price is around the same level as when António Horta-Osório became chief executive in 2011, Mr Khalaf said, during which time the bank has swing from a loss to a profit.

"That’s because Lloyds is indelibly plugged into the UK economy, and the shadow cast by Brexit means the bank’s shares are left out in the cold," he said.

The shares are up 4% today, at around 60p.

Image source, Pantheon

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, reckons the CBI industrial trends survey is "misleadingly strong".

The pick-up in orders in February to its 2018 average level suggests that the recent downturn in manufacturing output is just a blip.

But, he said: "We doubt it is giving an accurate steer at present. Manufacturers are asked to report whether orders are above or below 'normal' levels, meaning that the survey tends to be slow to reflect downturns that begin after extended periods of growth".

Full-year results from Lloyds Banking Group include £600m being set aside for legal actions and other regulatory matters.

Among the extra items it lists: £151m for handling arrears management fees, £45m for packaged bank accounts and £15m for compensating customers of the Reading branch of HBOS.

Image source, Getty Images

Unite national officer for the food industry Sue Pollard has responded to the competition authority findings on the Sainsbury's and Asda tie-up.

"At a time of growing uncertainty about food security and rising prices, the government should have intervened and thoroughly examined how this potential merger will affect the food supply chain across the UK. Its failure to do so is a complete abdication of its responsibility," she said.“Unite has sought assurances from Sainsbury’s on jobs and stores, but any promises that are secured will become meaningless if the CMA orders the sale of stores and distribution centres. Such a decision risks being the worst of all possible worlds."

The union has 12,000 members at both supermarkets.

The pound dipped against the dollar after three Conservative MPs resigned from the party.

It is still above $1.30 but down around 0.4% on the day.

The three - Anna Soubry, Sarah Wollaston and Heidi Allen - wrote to Theresa May, saying: "We find it unconscionable that a party, once trusted on the economy, more than any other, is now recklessly marching the country to the cliff edge of no deal."

The Prime Minister said she was "saddened".

There's a story here.

Image source, Reuters

Shares in Morrisons and Tesco fell after the CMA's announcement about its views on the Sainsbury-Asda deal. Why?

Laith Khalaf, senior analyst at Hargreaves Lansdown, said: "Sainsbury shares have fallen significantly as hopes for the merger have collapsed. It’s an ill wind indeed which blows no-one any good, but that seems to be the order of the day in the supermarket sector, with Tesco and Morrison selling off too.

"This suggests the market is concerned Walmart may now seek to sell off Asda to another party, and there may not even be the silver lining of some shops being sold off to soften the blow."

Morrisons is still down, although Tesco has recovered its losses.