The US government has asked a court to extend the period that children who have entered America illegally can be detained, as part of an effort to stop them from being separated from their parents, after Donald Trump eased his “zero-tolerance” immigration policy in the face of intense criticism.

Wall Street analysts were mostly confident Intel could ride out a change of leadership after the US chipmaker on Thursday said its chief executive Brian Krzanich had been forced to resign following a past relationship with an employee that violated company policy.

Saudi Arabia hopes to attract more than $40bn in foreign investment inflows after MSCI added the kingdom to its emerging markets index as the country prepares to publicly list its state oil company Saudi Aramco, a senior official said.

Iran’s oil minister left a technical pre-Opec meeting early on Thursday saying talks with Saudi Arabia and Russia were not going well.

The Bank of Mexico on Thursday increased its key interest rate by 25 basis points to 7.75 per cent, the highest in more than nine years, as the peso weakened, inflation prospects worsened a touch and risks surrounding the future of Nafta hinted at more volatility to come.

The White House has begun preparations for a possible summit between US president Donald Trump and Russian president Vladimir Putin, a meeting the Kremlin has pursued since Mr Trump took office 17 months ago.

The Trump administration has outlined a proposal to reorganise the federal government, including merging two Cabinet agencies, the Department of Education and the Department of Labor.

Kroger posted upbeat quarterly earnings and lifted the lower end of its earnings outlook, prompting investors to cheer the grocer, which is investing in its online business to fend off competition from Amazon.

Ecommerce stocks took a knock on Thursday in a down day for Wall Street that had the Dow Jones Industrial Average on track for an eighth straight decline.

Christopher Kane looks set to become the latest designer to leave the stable of parent company Kering.

Premier Foods, maker of Mr Kipling cakes, said on Thursday that its second-biggest shareholder, activist group Oasis Management, intended to vote against the re-election of Gavin Darby as chief executive at next month’s annual meeting and “may encourage others to do the same.”

France’s Vincent Bolloré was dealt another blow on Thursday when Paris local authorities voted to end their partnership with Autolib’, the lossmaking electric car-sharing service that is operated by the billionaire industrialist’s family holding company.

Sir Philip Green is asking the High Court to grant an injunction preventing publication of a full report by the accountancy regulator into PwC’s audit of BHS.

Brick-and-mortar retailers secured a big win over online rivals on Thursday as the US Supreme Court overturned a ruling that had enabled many ecommerce retailers to avoid collecting sales tax from customers.

Transatlantic airline Virgin Atlantic said on Thursday its chief executive Craig Kreeger will retire at the end of the year, to be succeeded by the group’s current chief commercial officer, Shai Weiss.

Darden Restaurants on Thursday said its quarterly earnings topped estimates and sales jumped, signalling that Americans continued to dine out even as the company tries to wean itself off promotions.

France and Germany’s “historic” agreement to establish a eurozone budget has run into immediate opposition from hawkish governments that are sceptical of plans to create a fiscal capacity for the single currency area.

Canada’s Lithium Americas says its Nevada mine holds the largest known deposit of lithium suitable for batteries in the US.

Giuseppe Conte, Italy’s prime minister, declared that a controversial draft of an agreement between leading EU countries on migration had been “sidelined” after the new populist government in Rome had raised strident objections to key provisions.

Intel on Thursday said its chief executive Brian Krzanich had resigned following a relationship with an employee that the chipmaker said violated its non-fraternisation policy.

US industrial shares can’t catch a break.

Nato secretary general Jens Stoltenberg called on the UK to maintain its role as one of the world's biggest spenders on defence after Prime Minister Theresa May asked Gavin Williamson to explain what it means to be a tier one military power.

Martin Sorrell hit out at the “leak” that preceded his departure from WPP, in one of his first public appearances since he resigned from the advertising group in April.

Thursday’s leap in sterling goes to show that the decision by Bank of England chief economist to join those voting for a rise in rates has come as a surprise. Here is what strategists and economists had to say: