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The FTSE 100 recovered most of its earlier losses to finish the day at 7,289.99, down just 1.44, or 0.02%.

The FTSE 250 ended the day at 19,774.92, down 144.15 or 0.72%.

Image source, Getty Images

Julia Jones has contacted Business Live from Greece where she's been since after the Thomas Cook collapse.

"After several hours at Skiathos airport where many passengers were left behind by the repatriation flights (planes not big enough), staff from Thomas Cook have turned up and turned chaos into order, taken our details and sorted accommodation," she reports.

"Stranded passengers had a whip round as we don't know if this team are being paid.

"Thank you to all who helped Bristol, Gatwick and Manchester passengers today, especially the TC team."

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In the latest in a long-running trademark battle between Beyonce and a wedding planner, the pop star has claimed her daughter Blue Ivy Carter is a "cultural icon", according to celebrity-mag The Blast., external

The two parties are fighting over the "Blue Ivy" name, with wedding planner Wendy Morales arguing that she got there first with the name.

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Grant Shapps' proposal to change how planes are used in airline insolvencies, could put aircraft, crew and passenger safety at risk, warned R3, the insolvency and restructuring trade body.

R3 President Duncan Swift said that, while the desire to ‘keep the fleet flying’ is understandable, there are practical reasons why this can be difficult to do when an airline is insolvent.

“During an airline or travel company insolvency, planes are vulnerable to being held hostage by overseas creditors and suppliers and other stakeholders, which puts aircraft, crew and passenger safety at risk. Using chartered flights avoids this scenario," he said.

“Changing the law in the UK won’t necessarily change the behaviour of creditors overseas. We’re yet to see a convincing solution to this potential problem.”

The US Dow Jones Index is up 0.56%, after climbing 155.98 to 26,962.04.

The S&P 500 is up 0.25%, after rising 7.56 to 2,974.42.

The Nasdaq is up 0.26%, rising 16.78 to 8,012.23.

Image source, PA Media

Earlier today Sainsbury's revealed a new five-year plan to turn around the business and cut costs.

It said 70 Argos shops will close and around 80 will open within its supermarkets. Up to 15 large supermarkets and as many as 40 convenience stores will also close, with 10 big stores and some 110 convenience stores opening.

Speaking to analysts following a store tour in Southampton earlier chief executive Mike Coupe was asked repeatedly how many staff would be affected by the changes, which stores are set to close, where the new sites could be located, or when workers would be informed if their store is safe.

He declined to comment, only saying "we think it's a good news story for our colleagues".

Finance chief Kevin O'Byrne said: "These are stores we don't see a long-term future for."

The company explained it reviews all properties every five years to identify which stores are underperforming, and acts accordingly.

However, sources said the decision on which stores has not been made and will close "over a period of time" during the next five years.

That Thomas Cook scam we reported earlier today has received some parliamentary time. Paula Sherriff, MP for Dewsbury, says constituents of hers have been approached - ones who have not booked a Thomas Cook holiday - by scammers pretending to be helping dole out refunds.

These fraudsters have been asking for credit card details - something not needed to deliver a refund, or something they would already have if they were legitimate.

Transport Secretary Grant Shapps called the scam "absolutely disgusting."

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The FTSE 100 remains in the red - it's down 0.46% at the moment - and there are few bright spots in the blue-chip index.

BAT is up 2.82%, Imperial Brands 2.3% and Sainsbury's - which announced some branch closures this morning - is up 2.25%.

TUI is leading the losers. It's down 4.52%, after gaining earlier in the week on the back of the Thomas Cook collapse.

Other firms with shares falling more than 3% are Aveva, Halma, Mondi and Melrose Industries.

Image source, Reuters

VW has confirmed that chief executive Herbert Diess and chairman Hans Dieter Poetsch will stay on at the troubled carmaker, despite being charged yesterday with market manipulation in connection with the diesel emissions scandal.

"The company has meticulously investigated this matter with the help of internal and external legal experts for almost four years. The result is clear: the allegations are groundless," the German company said in a statement to Bloomberg last night.

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eBay boss Devin Wenig is stepping down from the online auction firm.

The company said its chief executive is leaving the business as it pushes ahead with a strategic review.

Scott Schenkel, the company's chief financial officer, has been appointed as interim CEO, the company said.

Wenig, 52, has been under pressure from activist investor Paul Singer, who has been pushing the company to spin off some of its businesses, including StubHub and the Classifieds Group.

Commenting on the continued operations of Thomas Cook Germany, Transport Secretary Grant Shapps told the House of Commons:

Image source, Reuters

Stefanie Berk, head of Thomas Cook Germany, is optimistic the business will survive despite this morning's insolvency.

"We owe this to our long-standing customers, committed employees and other partners who have supported us so much over the years and in the last difficult weeks,” Berk said.

The business, which serves around three million customers a year, said it had filed for insolvency in an attempt to restructure the business in an orderly fashion and continue profitable operations.

“Intensive talks over the last two days with strategic and private equity investors have shown us that the German branches of former Thomas Cook with its brands Neckermann Reisen, Oeger Tours and Bucher Reisen have the chance to have a future,” it said in a statement.

Thomas Cook Austria, which belongs to the German unit, also filed for insolvency on Wednesday, with the aim of continuing in business.

Image source, Shepherd Neame

Pre-tax profits at Spitfire and Bishops Finger brewer Shepherd Neame tumbled to £3.5m in the year to 29 June from £12.1m the previous year.

Britain's oldest brewer saw its bottom line hit by one-off refinancing costs, as well as the end of contracts with grocery chain Lidl and Japanese brewing rival Asahi.

On an underlying basis, pre-tax profits edged 0.3% lower to £11.4m.

The group added it was "encouraged" by trading in the new financial year so far.

Mr Shapps tells MPs arrangements are in place to bring back 150,000 people, from 50 different countries and using 1,000 flights by the Civil Aviation Authority.

"Passengers should be able to complete their full holidays," he says.

A total of 16,500 passengers are being repatriated today on 70 flights, he says.

Transport Secretary Grant Shapps tell the House of Commons that new laws will be needed after the collapse of Thomas Cook so travel firms can be wound up in a more orderly fashion in future.

"It will require primary legislation and - dare I say - a new session of Parliament," he says.

After the government came in for criticism for not bailing out Thomas Cook, Grant Shapps tells MPs that the government decided spending £250m to rescue the travel company would "risk throwing good money after bad and still have to pay the cost of this repatriation".

He said the government would look to recover the £100m repatriation costs for taxpayers. "We will look to recover some of the cost from relevant credit and debit card providers and from travel insurers."

Grant Shapps reveals in the House of Commons that some 2,300 holidaymakers repatriated have had to come back to the wrong airport.

He said they had been given free onward travel.

On the decision to bring back Thomas Cook flight-only customers for free he said: "There would have been insufficient capacity for people to book flights independently... some people would have had to wait a week or more"

Image source, Getty Images

Meanwhile Transport Secretary Grant Shapps has been making a statement in the House of Commons about the government's role in the Thomas Cook collapse.

"Ultimately, Thomas Cook and its directors took the decision themselves," he tells MPs.

He added that Some 46,500 Thomas Cook passengers will have been repatriated by the end of today.

Image source, Shutterstock

In the House of Commons MPs have been discussing what Lib Dem MP Layla Moran says has been a "misuse of funds and conflict of interest".

She refers to a £100,000 cyber security grant given to Hacker House - a tech recruitment firm run by US businesswoman Jennifer Arcuri.

Newspaper reports suggested Ms Arcuri joined trade missions led by Mr Johnson when he was London Mayor and received thousands in other sponsorship grants.

But Labour's Tom Watson said it is "very hard to see how this firm filled the criteria for such grants", suggesting it has no employees in London. He asks whether any MPs lobbied for the firm to receive public money.

Responding for the government, Matt Warman said the Prime Minister had had no input into the award of public money to Ms Arcuri's business and all appropriate due diligence had been carried out by senior officials before the award.

"The Prime Minister has had no role whatsoever in this application."

The government, he adds, would co-operate with all inquiries into the matter, including one being undertaken by Sadiq Khan, Mr Johnson's successor as London mayor.