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Summary

  1. Barclays sets aside £750m after probes for foreign exchange manipulation
  2. Oil above $60 per barrel
  3. Construction sector improves in February

Live Reporting

By Tom Espiner

All times stated are UK

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Cheerio

Tom Espiner

Business reporter

That about wraps it up for today. We looked at Barclays, cars, and cats, among other subjects. We aim to cover a broad range of issues here. See you tomorrow for more live page fun.

Dilbert

More Dilbert. More examples of why using measurements as targets is an awfully bad idea. But more hilarity.

Markets update

The

FTSE 100 index at the close was down 51.51 at 6889.13. The
Dax closed down 130 points at 11280.36, and the
Cac 40 was down 48.07 at 4869.25.

  • On the FTSE 100 the top gainer was
    Tullow Oil after a rebound from a fall yesterday.
  • The top loser was
    Smith & Nephew after US firm Stryker announced a $2bn share buyback programme, making it increasingly unlikely it would consider a bid for the UK medical equipment firm.

Via Email

Barclays bonuses

Business live page reader Bob Gettka of Tullow Oil writes: "I guess I don't really get this. The CEO and exec committees are there first and foremost to create and protect shareholder value. As a substantial HSBC shareholder I have seen the share price decrease in the last year and the earnings per share decrease... Why should employees get bonuses if the shareholders do not?"

IAG Aer Lingus deal

Aer Lingus cabin crew
AFP

But Ryanair appears not to want its hand to be forced when it comes to Aer Lingus. Earlier today it asked the UK competition authority CMA to reconsider a 2013 decision ordering it to reduce its 30% stake in the airline.

IAG Aer Lingus deal

Aer Lingus planes
PA

British Airways owner IAG is in with a chance of

buying Ryanair's stake in Aer Lingus, Ryanair chief executive Michael O'Leary has said. "Our position is: our stake is available for sale, if someone comes up with the right offer that the board considers to be acceptable," he told reporters.

Nobel Peace Prize chair

Kaci Kullmann Five (right)
Getty Images

Kaci Kullmann Five, (right) a former leader of the Conservative Party, will take over from Thorbjoern Jagland as Nobel Peace Prize chair. Mr Jagland attracted some criticism after a 2010 award to Chinese dissident Liu Xiaobo which made relations between Oslo and Beijing a touch frosty.

Barclays and past conduct

BBC business editor Kamal Ahmed has said the past misconduct of Barclays staff

stalks the bank after Barclays
took a £750m provision for possible future fines for foreign exchange manipulation.

Nobel Peace Prize chair demoted

Thorbjoern Jagland
Getty Images

For the first time in its history, the committee that picks the Nobel Peace Prize has demoted its chairman. Thorbjoern Jagland, a former Norwegian prime minister and Labour Party member, was demoted to being a mere committee member after ring wing opponents gained a majority on the committee. Dynamite, as its inventor Alfred Nobel could have said.

US car sales

Ford F-150
Getty Images

Meanwhile, a lot of car makers saw increased US sales in February. General Motors' sales rose 4.2% compared with last year, and Nissan's sales were up 2.7%. Ford's US sales were down 1.9%, however, as dealers lacked the inventory to meet demand for the new F-150 pickup truck (pictured).

Cat economics

Cats crowd the harbour on Aoshima Island
Reuters

So what happens when the feline population of a small Japanese island explodes, outnumbering the human population by five to one, but runs out of rodents to keep them going? Well, the cats start to attract tourists... Watch

this short BBC video on Aoshima, which has been nicknamed "Cat Island".

Morrisons ex-tax head sentenced

Former group treasurer and head of tax at Morrisons, Paul Coyle, has been sentenced to 12 months imprisonment for insider dealing, the Financial Conduct Authority has said. Mr Coyle was also ordered to pay £15,000 towards prosecution costs and a confiscation order of £203,234, it added.

Via Email

Geneva Motor Show

Russell Hotten

Business reporter, BBC News

Bentley jacket
Bentley

Car shows are not just about cars. Oh no. The venerable Bentley is showcasing a new clothing range. Leather jackets for £3,500, cashmere scarves for £149, and ladies handbags for between £3,800 and £4,800. Still, if you can afford a Bentley, you can certainly afford a new handbag.

Via Email

Beef ban

Simon Atkinson

Editor, India Business Report

In the hours since the Maharashtra state government banned beef there's been a run on the red meat and it's nowhere to be found in the Mumbai butcher's shops we've visited. Was quite looking forward to a last-gasp beef bourguignon. High steaks.

Fiat Chrysler US sales

Fiat logo
Getty Images

More news for car lovers. Fiat Chrysler says it saw a 5.6% US sales gain last month to report its best February in eight years. The company sold 163,586 cars and trucks, led by the Jeep brand, which saw a 21% sales increase.

Barclays results - boss's bonus

Mr Jenkins told the BBC that he only accepted 57% of the total amount on offer when he took his £1.1m bonus (so he could have had £1.9m, maths fans).

Barclays results - boss's bonus

Antony Jenkins
BBC

Barclays boss Antony Jenkins has explained to the BBC why he deserved his £1.1m bonus: "We made very significant progress on our capital position, on cost, on the performance of the business units themselves, and I think, not withstanding some of the conduct issues, it was appropriate to accept it."

Switchover

Tom Espiner

Business reporter

So that's goodbye from Howard Mustoe, and goodbye from Chris Johnston - more from Chris tomorrow morning. Expect a little more Barclays news to come, and perhaps more updates from the Geneva Motor Show.

Via Email

Russell Hotten

Business reporter, BBC News

Edag
BBC

The Geneva Motor Show is known for its wacky concept cars and renowned German auto engineering house Edag has brought along a 3D printed sports car. The shell is 52 bits covered in a skin, and ultra light. Those colours can change depending on your mood. "3D is the future," says marketing director Christoph Horvath. We shall see about that.

Barclays results

Jenkins
BBC

BBC Business Editor Kamal Ahmed has interviewed Barclays chief Antony Jenkins. He agrees with Chancellor George Osborne that those found guilty of manipulating markets should get a criminal sentence. "Having that criminal sanction would be helpful in ensuring the City of London delivers for all of its stakeholders." He added: "It's possible to get very angry about these matters, about what you see happening."

HSBC scandal

HSBC
Getty Images

HSBC chief executive Stuart Gulliver gets a second trip to Westminster on Monday now the Public Accounts Committee has decided to call him, independent non-executive director (and BBC chairman) Rona Fairhead, as well as Chris Meares - former general manager of HSBC's global private banking arm - to give evidence on Monday afternoon. The committee will also question HMRC official Edward Troup and former HMRC boss Dave Hartnett.

Oil prices

Oil flare
Getty Images

Brent crude is up $1.60 a barrel to $61.18 on the back of fighting in Libya, stronger stock markets and firm demand. The gap between Brent and US oil narrowed slightly as
West Texas Intermediate rose $1 to $50.59 a barrel.

Twitter results

Lilly Allen
Getty Images

Given our celebs' love of tweeting what they had for breakfast and other life-changing events, perhaps it's no surprise that Britain is Twitter's biggest market outside the US. Its UK revenues more than doubled last year to $140.3m (£91.3m), as the company strives to boost profits, the

Evening Standard reports. However, Twitter still made an annual loss of $577m. Fact of the Day: Lilly Allen (pictured) has more than 5m followers on Twitter.

Via Twitter

Treasury Committee

Mark Broad

Economics reporter, BBC News

Carney criticises Lord Grabiner's manner in evidence to Select Comm - Grabiner was author of the report into FX conduct of Bank of England.

Barclays results

Frances O'Grady
Getty Images

TUC general secretary Frances O'Grady is not impressed with Antony Jenkins' bumper pay package for 2014, particularly given the provisions it has made for potential fines. "It is hard to have a positive view of any organisation that pays its boss £5.5m in a single year - a sum that would take a full-time worker on the minimum wage 465 years to earn," she says.

Market update

After earlier gains, the

FTSE 100 share index in London fell 6.39 points to 6,934.25. In Frankfurt,
the Dax has followed the same pattern, down 7.4 points to 11,402.9. The Cac in Paris slipped just under 3 points to 4,914.4.

  • Barclays dips 3.3% after unveiling more provisions for PPI and rate-fixing investigations
  • Tullow Oil bounced back 4% after falling 7.7% yesterday on concerns that a boundary dispute between Ivory Coast and Ghana could delay a project off west Africa

Via Email

Fiat-Chrysler

Russell Hotten

Business reporter, BBC News

Sergio Marchionne
Getty Images

Fiat-Chrysler's boss thinks it is great that Google and Apple are moving into car technology - but it also makes him feel uncomfortable. Sergio Marchionne (pictured here with a Ferrari) said at the Geneva motor show that the industry needs "disruptive interlopers. It's a good thing. But when you're the guy whose life is being disrupted, it's not necessarily a good feeling."

Australian rates

Sydney
Getty Images

The Reserve Bank of Australia left interest rates unchanged at 2.25% today after cutting by a quarter of a point in January for the first time in 18 months. Further easing remains on the cards to help drive down the Aussie dollar and drive growth. Greg Gibbs, an RBS analyst, said "unusually clear guidance" meant the RBA is keen to keep a lid on the dollar.

Via Email

Geneva motor show

Russell Hotten

Business reporter

Aston Martin unveils plans to broaden its range of cars to attract younger and female buyers. New sports cars, a four-seater - and a small SUV - are all in the pipeline. The British carmaker may be synonymous with James Bond, but its buyers are frequently middle-aged enthusiasts. "The brand has to be relevant," says boss Andy Palmer. "Less dependent on a narrow portfolio and one type of customer."

Treasury Committee

Carney
BBC

Mr Habgood says he never thought that the terms of reference for Lord Grabiner's inquiry were restrictive. Mr Carney agrees that the barrister was able to investigate freely and had unlimited resources to do so.

Treasury Committee

The Bank's internal investigation, led by barrister Lord Grabiner, began in March 2014 following allegations that a senior member of staff had been told of "attempts to move" the foreign exchange market. It resulted in the Bank's chief foreign currency exchange dealer,

Martin Mallett, being dismissed in November. Mr Carney told MPs that Mr Mallett was aware of possible misconduct into the forex market but failed to share that information with his superiors: "He did not escalate these issues."

M&A statistics

The Office for National Statistics says the number of mergers and acquisitions involving UK companies fell to the lowest figure since 1987 last year. "The downward trend of domestic M&A may be a result of UK political instability as UK businesses experienced uncertainties about the outcome of the Scottish referendum, held in September 2014, and the impending general election," the ONS said.

Treasury Committee

Bank of England governor Mark Carney and chairman of its court, Anthony Habgood, are giving evidence to MPs on the Treasury committee about the Bank's own foreign exchange market investigation. Labour MP John Mann asks how deeply ingrained the concept of a "nod and a wink culture" is at the Bank. Mr Habgood admits there is a need to professionalise the working practices.

Beef ban

Via Email

Simon Atkinson

Editor, India Business Report

Water buffalo
Getty Images

Bad news for beef farmers - and for those who like a burger. Cows are holy to Hindus - slaughtering the animals was already illegal. But in Maharashtra state, that ban has now been extended to bulls and bullocks. The beef industry here says thousands of jobs in will be lost. Water buffalo (like the pair above) survive though - or rather - don't …. so the beef substitute will still be available.

China trade

Radio 5 live

Shoes
Getty Images

Parcelforce Worldwide's ales and marketing director, Helen Wylde, was on 5 live earlier talking about sales to China from the UK. Baby milk, children's clothing, shoes, toys, educational books from Britain all sell well in China. The most odd? Bicycles. Chinese buyers like trusted brands.

Construction data

Pinnacle
Getty Images

The purchasing managers' index for the construction sector rose 1 point to 60.1 in February, defying expectations for a fall as growth picked up across the housing, commercial and civil engineering sectors. Tim Moore, senior economist at Markit, says some construction companies think the general election outcome could prove a "temporary bump in the road" for new work.

Paddy Power results

World Cup
Getty Images

It's a lucky day for

Paddy Power investors after the company said it will return €392m cash to shareholders after failing to find any potential bid targets. Operating profit jumped by a better than expected 19% to €163.8m for 2014, helped by last summer's World Cup, which was won by Germany.

Via Email

Barclays results

Chirantan Barua

Bernstein Research

Dividends were held flat for the fourth quarter at 3.5p as compared to last year and came in lower than consensus at 3.7p. Non-progressive nature will be taken as marginally negative and also highlights that the bank's key focus continues to be capital build.

Business Matters

World Service

Royal Enfield
Getty Images

Can India's cities become cleaner and greener? Business Matters on the World Service is live from Chennai all week. In the first programme Fergus Nicoll asks whether the infrastructure is fit for purpose - and visits an Indian success story with its roots in Britain: Royal Enfield motorcycles. Listen

here.