That's all from a rather busy Business Live page for tonight. See you again tomorrow from 06:00.

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Shares in electric carmaker Tesla fell 6.8% to $299.26 in Thursday trading after it reported a third-quarter loss and a delay in production targets for its Model 3 vehicle on Wednesday evening.

Analysts at Cowen and Co, said: "Tesla needs to slow down and more narrowly focus its vision and come up for a breath of fresh air.

"[Chief executive] Elon Musk needs to stop over-promising and under-delivering."

The Dow Jones closed at a record high on Thursday after US President Donald Trump formally announced Federal Reserve governor Jerome Powell as his pick to lead the US central bank.

The Dow added 81.25 points to 23,516.26, while the S&P 500 rose 0.49 points to 2,579.85. The Nasdaq Composite dropped 1.59 points to 6,714.94.

Stocks have surged this year, a rally analysts say is due to strong global growth and healthy corporate earnings. Shareholders are also anticipating benefits from proposed changes to the US tax code, which would lower taxes for businesses.

Radio 4 PM

As you've read earlier, interest rates have risen for the first time in 10 years, going up from 0.25% to 0.5%. The governor of the Bank of England, Mark Carney, said the decision was taken to curb inflation and prevent incomes being squeezed.

Debt charities have been warning of the impact the rate rise could have on struggling families.

Mike O'Connor of Step Change, the biggest debt advice charity in the UK, says many people with mortgages are "just about getting by" and that the interest rate rise will "push some people a little bit under the water".

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Apple sold 46.7 million iPhones in the fourth quarter ended 30 September, above analysts' estimates of 46.4 million.

The company's net income rose to $10.71bn, or $2.07 per share, in the quarter, from $9.01bn, or $1.67 per share, a year earlier.

The company forecast first-quarter revenue of $84 billion to $87 billion. Analysts on average were expecting $84.18bn.

Apple declared a dividend of 63 cents.

Michelle Fleury
North America Business Correspondent

Wall Street stock indexes have closed flat after Jerome Powell was nominated as Fed chair.

The Dow Jones Industrial Average rose 81.25 points, or 0.35% to 23,515.3, the S&P 500 gained 0.49 points, or 0.02 percent, to 2,579.85 and the Nasdaq Composite dropped 1.59 points, or 0.02 percent, to 6,714.94.

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Here's what current Fed chair Janet Yellen has to say about the nominee to take over from her, external:

"I congratulate my colleague Jay Powell on his nomination to be Chairman of the Federal Reserve Board.

"Jay's long and distinguished career has been marked by dedicated public service and seriousness of purpose.

"I am confident in his deep commitment to carrying out the vital public mission of the Federal Reserve.

"I am committed to working with him to ensure a smooth transition."

Wall Street traders have reacted positively to the nomination of continuity candidate Jerome Powell as the new Fed chair - but not by much.

The Dow Jones is up 0.28% ate 23,500, the S&P 500 has climbed into positive territory after lagging, as has the Nasdaq.

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Mr Powell was appointed to the Fed board in 2012 by then-President Barack Obama.

He emerged as Mr Trump's choice from five possible nominees that included current chair Janet Yellen as well as others who would have represented a sharp change in monetary policy.

"He has proved to be a consensus builder for the sound monetary and financial policy that he believes in ... based on his record I am confident that Jay has the wisdom and leadership to guide our economy," Mr Trump said.

Mr Powell, a 64-year-old lawyer and former investment banker, has backed Ms Yellen's general direction on monetary policy and, in recent years, shared her concerns that weak inflation justified a continued cautious approach to raising interest rates.

Donald Trump'd decision on Jerome Powell as Fed chair needs to be confirmed by the US senate.

Mr Trump is the first president in more than forty years to fail to reappoint a Federal Reserve chair brought in by his predecessor.

Janet Yellen's term in office expires in February.

Mr Trump said she was a wonderful woman who had done a terrific job.

US President Donald Trump has been very praiseworthy of his Fed chair nominee Jay Powell.

"He's strong, he's committed, he's smart," Mr Trump said.

"There are few more important positions than this, believe me, in our government."

"Jay has earned the respect and admiration of his colleagues," Mr Trump adds.

Mr Powell said he "is both honoured and humbled" and then thanked his wife.

US President Donald Trump has nominated Fed insider Jerome Powell as next chair of the Federal Reserve.

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Goldman Sachs chief executive Lloyd Blankfein has said would not be "one bit disappointed" if President Donald Trump nominated Jerome Powell as the new Federal Reserve chair.

"His background is a terrific background - again a lot of government service, service in the Fed, service in the private sector," Mr Blankfein told Bloomberg TV.

"I think he is a very great, credible candidate. There were other credible candidates as well but I am not one bit disappointed if it turns out to be J. Powell."

The nomination of Jay Powell as Federal Reserve chair is expected to be confirmed by Donald Trump later today.

Kathleen Brooks of City Index says this is seen as "a continuity choice" because Mr Powell has been a member of the Federal Open Market Committee, external since 2012 "and he has always voted alongside Yellen."

"However, we should not get too complacent, as the chair position is not the only one up for grabs at the Fed," Ms Brooks says.

"There is still a vice chair that needs to be filled along with four other Fed seats, so Mr Trump and the Republicans could yet shake up the Fed.

"If Mr Trump decides to announce John Taylor as the vice chair then we could see expectations about the future direction of the Fed shift sharply.

"Based on his ‘Taylor rule’ interest rates should be much higher so Mr Taylor’s addition to the Fed would be a seen as a major changing of the guard even if he is only vice-chair."

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Away from UK rates, US president Donald Trump's tax reform plans have reached a milestone as Republicans unveiled long-awaited legislation to overhaul the tax code.

The bill called for slashing the corporate tax rate to 20% from 35%.

Tax rates on individuals and families will go down to four brackets from seven: 12%, 25%, 35% and a top rate of 39.6%.

The fall in the pound helped push up shares in the multinationals on the FTSE, which closed up 0.9% at at 7,555.32 points.

Laith Khalaf of Hargreaves Lansdown says:

"In theory an interest rate rise should be positive for the pound and the banking sector, and negative for gilts and the FTSE 100.

"Today the pound fell, as did Lloyds and RBS shares, while gilts and the broader Footsie rallied, turning the investment textbook on its head.

"This is largely because markets wanted more than a rate rise from the Bank of England today, and were pricing in a more hawkish stance on the future path of monetary policy.

"As things now stand, it looks like we’re only going to get two rate rises in the next three years."

The pound has been on a downward trajectory against the dollar since the interest rate announcement, and has now slipped about 1.5%.

Analysts have been saying the Bank has been "dovish" - that is, cautious - in its outlook for further rate rises, and investors were expecting a more "hawkish" stance.