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Business news live - WeWork shelves $47bn IPO plans in latest sign a new tech bubble is about to burst

Ben Chapman
Reuters

WeWork has postponed its plans for a multi-billion dollar stock market flotation after investors balked at the loss-making office space firm's valuation.

WeWork slashed its price tag from $47bn (£38bn) to $20bn but still struggled to drum up interest - a further potential sign that investors are calling time on companies that offer plenty of hype but no track record of profits.

Elsewhere, oil prices are rising again as markets digest the potential impact of an attacks on a processing facility in Saudi Arabia.

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