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Political upheavals in Westminster have sent the pound down sharply against the dollar and euro today.
Asian and European stock markets are also down after US Democrats called for in impeachment inquiry into Donald Trump, deepening the uncertainty facing America's economy.
Welcome to The Independent's live coverage of economics and business events around the world.
Asian markets have fallen as political problems mounted in the World's largest economy. Democrats in the US House of Representatives moved closer to impeaching the president after speaker Nancy Pelosi vowed to move ahead “expeditiously” with proceedings.
China's main index fell 1 per cent on Wednesday while Hong Kong's Hang Seng was down 1.3 per cent on the back of fears that ongoing political ructions could dampen any hopes of ending a damaging trade war between the US and China.
Sainsbury's to shut stores but open more
Sainsbury's is to close 10 to 15 large supermarkets, 60 to 70 Argos stores and 30 to 40 convenience stores but open up new locations in a bid to cut costs.
Around 80 new Argos outlets will open within Sainsbury's, while the chain will add 10 new supermarkets and around 11 new smaller stores.
The supermarket chain has not revealed the locations of the closures which it will now communicate to staff.
Sainsbury's expects the changes to result in a one-off cost of up to £270m but deliver an ongoing profit boost of £20m a year.
The company also announced a 0.2 per cent fall in like-for-like sales in its second quarter which it blamed partly on "unseasonable weather".
Wrightbus on brink of administration with 1,500 jobs at stake
The maker of the new Routemaster double-decker bus is set to go into administration within a week, according to DUP MP Ian Paisley.
Northern Ireland's Wrightbus supplied the distinctive red buses when Boris Johnson's was mayor of London but his successor Sadiq Khan halted any further purchases in 2016.
The Routemasters - at £354,000 each - were deemed to be another of Boris Johnson's expensive vanity projects.
Wrightbus, which focuses on producing electric vehicles, has since struggled.
The DUP's Mr Paisley told the BBC: "Essentially from this point the administrator has a week to find a buyer."
Sainsbury's 'making progress'
Sainsbury's latest store plans show it has a lot of work to do, says Russ Mould, investment director at AJ Bell:
“The supermarket is making progress one small step at a time. Its latest results show an improvement with grocery and clothing sales, an intention to shift more Argos counters into Sainsbury’s stores, and a plan to tidy up the financial services arm. “Sainsbury’s turnaround is going to be like a juggernaut, taking a very long time to reposition the business in the right direction. “Retailing is about giving customers what they want, how they want and at the right price. Management also need to make sure the business is running efficiently both in terms of making a profit and customers have a smooth experience when doing their shopping."
Further £3bn needed to build over-budget Hinkley nuclear plant
The controversial Hinkley Point C nuclear plant under construction in Somerset will cost another £1.9 to £2.9bn to build after the latest round of cost overruns.
Hinkley has already been heavily criticised as an expensive addition to Britain's energy infrastructure.
Power from Hinkley, if and when it is finally built, will be more than double that of the latest round of offshore wind turbines.
Today, French energy giant EDF has said it will now cost between £21.5bn and £22.5bn to build.
However, costs to taxpayers will not increase, EDF said.
Banker at heart of €200bn money laundering case found dead
TALLINN, Estonia (AP) — Estonian police have found the body of the former head of Danske Bank in Estonia who was at the centre of a €200bn money laundering scandal and had disappeared two days ago.
Police said Aivar Rehe went missing Monday, fuelling speculation it might be related to the 2007-2015 money laundering scheme.
He was found Wednesday after a search involving dogs, drones and volunteers near his home in Tallinn.
Police said no third parties were suspected in Rehe's disappearance and suggested the possibility that he took his own life. No other details were available.
Rehe, who was head of Danske Bank in Estonia from 2006 to 2015, said in March he feels responsible but also believes Danske Bank's anti-money laundering mechanisms at that time were sufficient. He wasn't considered a suspect.
More on Wrightbus:
Wrightbus, the Northern Irish maker of the ‘Boris Bus’, is set to fall into administration, putting around 1,400 jobs at risk.
The firm built the New Routemaster buses, which appeared on London’s roads in 2012 in a flagship policy for then-mayor Boris Johnson. But further orders of the buses were cancelled in 2016 by Sadiq Khan who succeeded Mr Johnson as mayor.
An MP has told the BBC that the administration of Wrightbus – one of Northern Ireland’s largest employers – is now an “inevitability”. He understands the procedure will begin on Wednesday.
"Essentially, from this point the administrator has a week to find a buyer," said Ian Paisley, an MP from Norther Ireland’s DUP.
The firm’s workers will be told what its administration means for them, he noted, adding: "The supply chain workers also face troubling times.”
Online fashion retailer Boohoo delivers impressive results
Annual revenues at Boohoo have jumped a massive 43 per cent on last year to £565m while pre-tax profits surged 53 per cent to £60.7m.
The online fashion retailer, which owns Nast Gal and Pretty Little Thing, hailed "outstanding growth".
Revenue at Nast Gal rose by a massive 148 per cent on a year earlier.
European shares tumbling
The FTSE 100 has dropped 1 per cent this morning. while markets across Europe are also down.
Germany's DAX has shed 1.2 per cent and in Paris the CAC 40 is down 1.6 per cent.
Wrightbus falls into administration, putting 1,400 jobs at risk
The maker of the 'Boris Bus' has been put into administration, raising fears for hundreds of jobs.
The Northern Irish company is the last UK-owned bus manufacturer.
Unite union regional secretary Jackie Pollock said: "Ultimately if a solution based on a new buyer isn't found immediately, the government must intervene to save jobs and skills," he added.
"Just three months ago, Boris Johnson gave assurances that he 'will do everything we can to ensure the future of that great UK company', he has a chance today to do something decent."
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